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Types of General Insurance

Types of General Insurance

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In today's fast-paced world, insurance has become a necessity. It protects individuals and businesses from significant financial losses due to accidents, natural disasters, theft, fire and more.

But how many types of general insurance are there? Keep reading to learn about different kinds of general insurance in India. Let us look at how they can protect you from financial challenges.

Health Insurance Travel Insurance Motor Insurance SMEs Insurance
Motor Insurance

General Insurance Meaning and Types: What is General Insurance?

Insurance is divided into two major categories: Life Insurance and General Insurance.

Most of us are already familiar with life insurance. It offers financial compensation in the event of a policyholder's death.

General insurance offers coverage for various non-life risks. It provides financial security against potential risks and losses of your insured assets. These risks or assets can be your health, vehicle, home, travel and so on.

Hence, general insurance is divided into multiple categories. These include health insurance, motor insurance, travel insurance, business insurance and more.

Working of General Insurance

Here is how Reliance General Insurance works:

Buy Policy

Purchase a suitable insurance policy to cover your assets or non-life risks.

Pay Premium

Pay a specified premium to maintain your coverage.

File Claim

Raise a claim after facing an unforeseen loss/damage.

File Claim

Get reimbursed or settle your claims cashlessly at the network facilities of insurance companies.

Different Types of General Insurance

Types of General Insurance in India Popular Sub-categories Details
Health Insurance
  • Individual Health Insurance
  • Family Health Insurance
  • Critical Illness Insurance
  • Personal Accident insurance
 It covers expenses arising due to unforeseen health emergencies, illness and injuries.
Motor Insurance
  • Third-party Insurance
  • Own-Damage Insurance
  • Comprehensive Insurance
 It covers the expenses resulting from any loss or damages incurred to or due to the insured motor vehicle.
Travel Insurance
  • Single-trip Insurance
  • Annual Multi-trip Insurance
  • Senior Citizen Travel Insurance
  • Student Travel Insurance
 It covers unplanned travel expenses such as medical emergencies, trip cancellations, baggage loss, loss of belongings, etc.
Home Insurance
  • Theft Insurance
  • Fire Insurance
 It covers expenses resulting from damages or loss to the insured home due to natural calamities, fire, theft and other events.
Business Insurance
  • Marine Insurance
  • Crop Insurance
  • Fire Insurance
  • Burglary Insurance
  • Liability Insurance
 It covers a wide range of financial risks to a business or organisation.

Health Insurance

What is Health Insurance?

Health insurance is a type of general insurance that covers expenses resulting from various medical emergencies. These include emergency hospitalisation, accidental injuries, health check-ups, pre and post hospitalisation and more.

You can either claim cashless facilities or get your healthcare invoices reimbursed by Reliance General Insurance.

Types of Health Insurance

Type of Insurance Details Key Features and Highlights
Individual Health Insurance This plan is designed for a single person. It offers coverage for various medical emergencies such as hospitalisation, daycare procedures, in-patient/outpatient care, etc.
  • Available for individuals.
  • Covers unforeseen medical expenses.
  • Can be customised using add-ons.
Family Health Insurance It is designed to meet the coverage requirements of a family. Such health insurance plans can cover multiple family members under a single policy.
  • Covers the entire family under a single policy.
  • Customisable plans.
  • Lower premiums than individual health insurance
Senior Citizen Health Insurance It offers specialised coverage for elderly people. Such plans often come with unique benefits like domiciliary hospitalisation, wellness programs and preventative care.
  • Offers dedicated coverage for older adults.
  • May cover pre-existing conditions.
  • Higher premiums due to increased risk profile.
Critical Illness Health Insurance It is designed to cover a wide-range of life-threatening diseases such as cancer, cardiac disease, kidney failure, etc. It offers a lump-sum payout soon after a covered critical illness is diagnosed.
  • Offers lump sum payouts.
  • Covers pre-defined critical diseases.
  • Can be purchased as an add-on with existing health insurance policy.
Group Health Insurance It offers financial coverage to a group or organisation. Multiple members of a common group can be covered under a single policy.
  • Covers the entire group or team under one plan.
  • Cost-effective premiums.
  • Shared coverage and benefits.
International Health Insurance It covers the hospitalisation expenses resulting from a treatment received abroad. Such plans are designed to offer worldwide medical coverage and benefits.
  • Offers worldwide coverage.
  • Recommended for expats and frequent travellers.

What is Covered/ Not Covered in Health Insurance?

Common Inclusions Common Exclusions
Emergency hospitalisation. Self-inflicted injuries/accidents.
Daycare procedures. Dental procedures.
In-patient and outpatient care. Cosmetic procedures.
Pre-existing diseases (after serving the given waiting period) Treatment outside India (except for international health insurance plans)

Motor Insurance

What is Motor Insurance?

Motor insurance allows you to insure your vehicle against potential damages, theft, and third-party liabilities.

Motor insurance plans in India cover financial loss due to events such as natural disasters, man-made damages, theft, accidents and more.

After facing a covered incident, you can claim your motor insurance policy to cover repair or replacement costs, medical expenses, or third-party liabilities depending on the policy coverage.

Types of Plans Under Motor Insurance

Car Insurance Provides financial protection for damages to your car due to accidents, theft or natural calamities.

Covers own damage and third-party liability. Offers add-ons like zero depreciation and roadside assistance.

Ensures peace of mind by covering repair costs and legal liabilities. Offers cashless services at network garages.
Bike Insurance Provides coverage for damages to your two-wheeler due to accidents, theft or natural disasters.

Includes third-party liability and own damage cover. Includes add-ons like personal accident cover and roadside assistance.

Protects against unexpected repair costs and legal liabilities. Offers cashless claims at network garages.
Scooter Insurance Offers financial protection for your scooter against accidents, theft and damages.

Covers own damage and third-party liability. Provides add-ons like zero depreciation and engine protection.

Safeguards against repair costs and legal liabilities, ensuring a smooth and worry-free ride
Commercial Vehicle Insurance Protects commercial vehicles like trucks, buses and taxis against damages, accidents and liabilities.

Covers own damage, third-party liability and goods in transit. Offers add-ons like engine protection.

Minimises financial losses for businesses by covering repair costs and legal liabilities, ensuring business continuity.

Types of Coverages Under Motor Insurance

Type of Insurance Details Key Features and Highlights
Third-Party Motor Insurance It offers coverage for third-party damages caused by your insured vehicle. As per Motor Vehicles Act, it is a compulsory insurance policy for every motor vehicle owner in the country.
  • Compulsory requirements from every vehicle owner.
  • Covers injuries, damages and death of third-party.
  • Low premiums.
Own Damage Motor Insurance It is designed to cover damages only to the insured vehicle. It does not cover any third-party damages or injuries.
  • Covers damages to own vehicle.
  • Customisable with the help of add-ons.
  • Cost-effective premiums.
Comprehensive Motor Insurance It offers coverage for both third-party damages and own-damages suffered by your insured vehicle. It is highly customisable and provides comprehensive financial protection.
  • Covers third-party injuries, damages and death.
  • Covers damages to own vehicle.
  • Customisable with the help of add-ons.

What is Covered/ Not Covered in Motor Insurance?

Common Inclusions* Common Exclusions
Damage due to natural and man-made disasters. Damage due to war or related risks.
Theft Regular wear and tear of the insured vehicle.
Damage to a third party or property. Damage due to self-negligence.
Damage during transit by air, rail or road. Damage due to violation of laws, i.e drunk driving, overspeeding, overloading, etc.

*For comprehensive motor insurance policy.

Travel Insurance

What is Travel Insurance?

Travel insurance covers the unforeseen expenses and risks that may arise during your trip.

Travel insurance plans cover common scenarios, including trip cancellations, flight delays, baggage loss, passport loss, loss of belongings, theft, medical emergencies and more.

Travel insurance also provides emergency assistance during your stay in a foreign country.

Types of Travel Insurance

Type of Insurance Details Key Features and Highlights
Individual Travel Insurance It covers the unforeseen trip expenses of a single person.
  • Covers a single traveller.
  • Offers coverage for trip cancellations, baggage loss, medical emergencies and other
Family Travel Insurance It can be purchased to cover multiple family members travelling together under a single plan. The coverage and benefits of such plans are shared among the insured members.
  • Covers multiple members under the same plan.
  • Offers great value for money.
Student Travel Insurance It is specially designed for students travelling overseas. Having this insurance makes studying abroad much safer.
  • Tailored for students.
  • Offers student-specific coverage for events like sponsor loss, study interruption, etc.
Senior Citizen Travel Insurance It is designed keeping in mind the unique needs of elderly persons travelling abroad. In addition to the standard coverage, it offers individuals added coverage to protect themselves from financial emergencies.
  • Suitable for individuals above 60 years of age.
  • Includes unique benefits like medical evacuation, compassionate visit, transportation of mortal remains, etc.
Schengen Travel Insurance As the name suggests, it is designed for individuals visiting Schengen countries. It offers benefits such as cashless hospitalisation, emergency financial assistance, etc., alongside the standard trip coverage.
  • Compulsory for visiting Schengen countries.
  • Offers up to €30,000 medical coverage.
  • Includes medical emergencies, baggage loss and other standard benefits.
Asia Travel Insurance It is designed for individuals visiting Asian countries such as Japan, Thailand, Sri Lanka, etc. Similar to other travel insurance plans, it also covers various risks such as trip cancellations, medical emergencies, loss of belongings and more.
  • Tailored for individuals travelling to Asian countries.
  • Covers medical emergencies, delays and trip cancellations.
  • Customisable plans.
Single-trip Travel Insurance This type of plan covers you for a single overseas trip. Simply put, it offers the standard coverage for a one-time journey to a foreign country.
  • Covers only one trip.
  • Low-premiums.
  • Ideal for occasional visitors.
Annual Multi-trip Travel Insurance This type of plan comes with a validity of 12 months. It offers coverage for multiple trips taken during the policy period.
  • Covers multiple-trip during policy year.
  • Offers excellent value for money.
  • Recommended for frequent overseas travellers.

What is Covered/ Not Covered in Travel Insurance?

Common Inclusions Common Exclusions
Trip cancellation, trip delays Pre-existing health conditions that are not declared.
Loss of baggage and personal belongings Self-inflicted injuries.
Medical emergencies Damage outside the covered geographic area.
Theft and third-party damages Damage due to war or related risks.

SMEs Insurance or Business Insurance

What is SME Insurance?

Business insurance is like a financial risk-management or mitigation tool for business owners. It offers coverage for a broad range of risks and potential losses that can impact your business operations.

From natural disasters and fire to theft and man-made damages, business insurance covers a wide range of risks. In addition, these types of insurance plans are highly customisable. You can tailor them as per your unique risks and requirements.

Types of SME Insurance

Type of Insurance Details Key Features and Highlights
Fire Insurance It offers coverage for damages arising due to fire, explosion or related accidents. It covers the cost of repair/replacement of the damaged property or goods due to fire.
  • Covers damage/loss due to fire and explosions.
  • Covers self-ignition.
  • It may also cover damage due to natural disasters.
Marine Cargo Insurance It covers various losses/damages resulting from the transit of insured goods via road, rail, air or waterways. It offers protection against natural/man-made disasters, theft and various sea-related risks.
  • Covers loss/damage due to sea-risks (sinking, storms, etc.)
  • Covers damage durCovers theft of insured ing transit via air, road and railways.
  • cargo.
Shopkeepers Package Insurance It is designed for small to medium shop owners. It covers the commercial property (shop or store) and goods from a range of mishaps.
  • Covers property damage/loss due to natural disasters, fire, theft, etc.
  • It may also cover damages against electrical & mechanical breakdowns, money insurance and others.

What is Covered/ Not Covered in SME insurance?

Common Inclusions Common Exclusions
Property damage/loss caused by natural calamities, fire, man-made disasters, etc. Intentional damage by the business owner.
Coverage for business interruption Damage/loss due to legal regulations.
Accidental injuries/death of workers and employees. Damage/loss due to war and nuclear risks.
Coverage for stock/products. Regular maintenance work.

Difference Between General Insurance and Life Insurance

Parameters General Insurance Life Insurance
Purpose It offers financial coverage to various assets and unforeseen circumstances such as property, health, vehicles, travel, etc. It offers financial benefits to the nominees after the death of the insured person.
Policy Duration Usually, shorter policy tenures ranging between 1 to 5 years. Longer policy term, usually for a lifetime.
Types The general insurance policy types include health insurance, motor insurance, travel insurance, business insurance, etc. Types include: Term life, Unit-Linked Investment Plan (ULIP), whole life insurance, etc.
Premium Cost Premium cost is relatively lower. It is calculated based on the risk exposure of the asset to be insured. Premiums can be higher depending on the policyholder's age and health status, among other factors.
Payouts The claim amount is reimbursed or settled cashlessly in the occurrence of a covered scenario. Sum assured is paid after the policyholder's death or maturity of the policy, whichever is earlier.
Renewability Yearly or multi-yearly Lifetime
Tax Benefits Tax benefits on health insurance u/s 80D of the Income Tax Act of India. Offers tax benefits u/s 80C of the Income Tax Act of India.

Benefits of General Insurance

Financial Protection

General insurance protects you from unplanned financial losses and damages due to accidents, medical emergencies, theft, natural disasters and more.

Asset Protection

General insurance can protect your assets from a wide range of damages arising due to several unforeseen events. It allows you to recover your financial losses and bring the insured assets back to their normal state.

Coverage for Third-party Damages

In addition to the insured individual or asset, general insurance also takes care of any third-party damages or losses. It helps you compensate the victim party and move swiftly through the legal procedures.

Peace of Mind

Most important of all, general insurance provides you with the peace of mind knowing that your valuable assets are safe and financially secure.

Tax Benefits

In addition to financial security, general insurance also helps you increase your tax savings. By purchasing health insurance for yourself or your family, you can claim tax deductions under section 80D of the Indian Income Tax Act.

Benefits of Choosing Reliance General Insurance

Trust Wide Range of Products High Claim Settlement Ratio Commendable Network
Over 5 crore policyholders^

Over 1.26 crore claims settled##		 Over 100 insurance product offering 100% claim settled# 127 branches

11,000+ network garages

10,000+ network hospitals

^Data is for FY22

##Number of claims paid from FY15 to FY23 across all line of businesses

##This is the overall claim settlement ratio for FY 2023-24

Other benefits

How to Buy General Insurance Online at Reliance General Insurance?

  • Step 1: Visit our website and go to "Explore Products".
  • Step 2: Select your desired general insurance type. For example: Health, Travel, Motor or SMEs insurance.
  • Step 3: Enter a few details along with your mobile to receive a quote. Click "View Prices".
  • Step 4: If you are satisfied with the received quote, select a suitable plan and modify it using available add-ons.
  • Step 5: Apply the available discounts and make the premium payment online.

Alternatively, you can also purchase a suitable Reliance general insurance policy via the Self-i app.

Buy, Renew, Claim Instantly Using Reliance Self-i App
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Frequently Asked Questions

  • Is it mandatory to buy motor insurance for your vehicle?

    Yes, under Indian Motor Laws, it is mandatory to purchase at least a third-party motor insurance policy for your vehicle.

  • What are general insurance products?

    General insurance products are insurance plans designed to protect your assets or life risks from unforeseen financial risks.

  • How many categories of general insurance are there?

    Health insurance, travel insurance, motor insurance and SME insurance are the most common types of general insurance.

  • Is general insurance more important than life insurance?

    Both general insurance and life insurance are equally important. While general insurance protects your health and valuable assets, life insurance ensures the financial safety of loved ones after the unforeseen demise of a policyholder.

  • How many kinds of general insurance are offered by Reliance General Insurance?

    Reliance General Insurance offers health insurance, travel insurance, motor insurance, and SME insurance.

  • Who should buy health insurance?

    Every individual, regardless of their age, gender or fitness level, should purchase health insurance. It is a necessary financial tool that helps you access high-quality treatment without draining your finances.

  • What does a standard health insurance plan cover?

    Standard health insurance covers emergency medical care, pre- and post-hospitalisation, in-patient and outpatient care, annual check-ups, ambulance charges, pharmacy expenses and more.

  • I am healthy and fit. Do I still need health insurance?

    Yes. Health insurance is necessary regardless of your health and fitness status. It protects you from a wide range of unforeseen events that can result in heavy financial losses.

  • How many kinds of health insurance policies are there?

    Multiple types of health insurance plans are designed to meet unique needs. These include individual and family health insurance, critical illness insurance, senior citizen health insurance and more.

  • Who should buy travel insurance?

    Anyone who is travelling outside the country for tourism, business or any other purpose should consider buying travel insurance.

  • Is travel insurance mandatory for overseas travel?

    Travel insurance is a compulsory requirement for various countries, including Schengen Nations, UAE, Russia, and more.

    Even if it is not a mandatory requirement, travel insurance is recommended for every traveller to ensure financial security overseas.

  • How many people can I insure with an individual travel insurance plan?

    Individual travel insurance plans, as the name suggests, only cover a single person. If you want to insure multiple members of your family under one plan, you can purchase a family travel insurance plan.

  • What is the cost of travel insurance?

    The cost of travel insurance is determined based on factors such as your travel destination, type of policy, and stay duration. Get your quote today to estimate the travel insurance premium cost.

  • Is motor insurance mandatory?

    Yes. Motor insurance is compulsory in India. Every vehicle owner must carry at least third-party insurance with personal accident cover.

  • How many types of motor insurance plans are there?

    There are three main types of motor insurance plans: own-damage insurance, third-party insurance, and comprehensive insurance. At Reliance General Insurance, we also offer other valuable plans, such as Pay-As-You-Drive insurance and standalone Short-term Insurance.

  • Does motor insurance compensate if a vehicle gets stolen?

    Yes. Motor insurance plans cover theft of the insured vehicle. If your vehicle gets stolen, you can claim up to its current market value.

  • Who should purchase SME insurance?

    SME insurance is designed for small, medium and large businesses. Anyone, from a small shopkeeper to an established business owner, can purchase SME insurance to protect their assets or business from unforeseen risks.

  • Is business insurance expensive?

    Business insurance plans often come at higher premiums because of the broad coverage they provide. While you have to pay higher premiums, you can also claim a higher amount in case of any damage or loss.

  • How many types of business insurance plans are there?

    There are many types of business insurance plans available in India. The most popular ones include marine insurance, fire insurance, theft or burglary insurance, shopkeeper insurance and so on.

Type of General Insurance

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