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Arix Capital Limited > General Insurance

General Insurance

You can get almost anything and everything insured.

You can get almost anything and everything insured. But there are five key types available:

1. Health Insurance :

This type of general insurance covers the cost of medical care. It pays for or reimburses the amount you pay towards the treatment of any injury or illness.

It usually covers:

  • Hospitalisation
  • The treatment of critical illnesses
  • Medical bills prior to or post hospitalisation
  • Day care procedures like Cataract operations

You can also opt for add-on benefits like:

  • Maternity cover: Your health insurance covers you for the costs related to childbirth. This includes pre-delivery check-ups, hospitalisation during delivery, and post-natal care.
  • Pre-existing diseases cover: Your health insurance takes care of the treatment of diseases you may have before buying the health insurance policy.
  • Accident cover: Your health insurance can pay for the medical treatment of injuries caused due to accidents and mishaps.

 Your health insurance can also help you save tax. Your premium payment can reduce your taxable income.

2. Motor Insurance

Motor insurance is for your car or bike what health insurance is for your health.

It is a general insurance cover that offers financial protection to your vehicles from loss due to accidents, damage, theft, fire or natural calamities

You can also get motor insurance for your commercial vehicles.

In India, you cannot drive or ride without motor insurance.

Let’s look at the two key types:

A) Car Insurance

It’s precious—your car. You paid lakhs of rupees to buy that beauty. Even a single scratch can be painful, forget about bigger damages.

Car insurance can reduce this pain for a few thousand rupees.

How it works:
General Insurance

What the insurer will pay for depends on the type of car insurance plan you purchase

B) Two-wheeler Insurance

This is your bike’s guardian angel. It’s similar to Car insurance.

You cannot ride a bike or scooter in India without insurance.

How it works:

3. Travel insurance

A travel insurance compensates you or pays for any financial liabilities arising out of medical and non-medical emergencies during your travel abroad or within the country.

There are two types of Travel Insurance.

Single Trip Policy

It covers you during a trip that lasts under 180 days.

Annual Multi Trip

It covers you during a trip that lasts under 180 days.

What all does travel insurance usually cover?
  • Loss of baggage
  • Emergency medical expenses
  • Hijacking
  • Delayed flights
  • Accidental death
4. Home Insurance

Home insurance is a cover that pays or compensates you for damage to your home due to natural calamities, man-made disasters or other threats.

It covers liabilities due to fire, burglary, theft, flood, earthquakes, and sabotage. It not only offers financial protection to your home, but also takes care of the valuables inside the property.

5. Fire Insurance

Fire insurance pays or compensates for the damages caused to your property or goods due to fire.

It covers the replacement, reconstruction or repair expenses of the insured property as well as the surrounding structures.

It also covers the damages caused to a third-party property due to fire.

In addition to these, it takes care of the expenses of those whose livelihood has been affected due to fire.

Types of fire insurance

Some of the common types are:

Valued policy

The insurer firsts value the property and then undertakes to pay compensation up to that value in the case of loss or damage.

Floating policy

It covers the damages to properties lying at different places.

Comprehensive policy

This is known as an all-in-one policy. It has a wide coverage and includes damages due to fire, theft, burglary, etc.

Specific policy

This covers you for a specific amount which is less than the real value of the property.

How to buy Insurance?

You can buy in 4 simple steps:

Step 1:
  • Understand the covers you need based on personal requirements.
  • Get all the important details. For example, in the case of motor insurance get details such as the manufacturing date of the vehicle, engine specifications, etc. For health insurance, check whether you need insurance for self or the entire family.
  • This initial assessment will help you get an idea about the coverage that you need.
Step 2:
  • Compare the benefits offered.
  • Check the add-ons offered
  • Don’t forget to read the exclusions
  • What’s the sum assured?
  • Are there any extra services offered
Step 3:
  • Select the plan that best suits your requirements.
  • Reach out to the company offering the plan.
Step 4:
  • Fill in the application and pay the premium.
  • You can do it online on the insurer’s website.
  • You can also buy from a broker or the dealership.
Selling insurance as a career

When it comes to earning, everybody wants to earn as much as possible. That is why you put in extra hours, look for other sources of income and toil hard to make that extra buck. After all, money helps in making life comfortable, doesn’t it? Have you considered insurance as a source of earning money?

Selling insurance is quite a lucrative career. It offers unlimited possibilities for you to earn money. With a career in insurance you can –

Earn an unlimited amount of income

  • Be the boss of your own venture
  • Work at flexible timings

That is why insurance sales is favoured by many and those who pursue not only make money, they also build a name for themselves in the insurance industry. Do you understand the earning potential in insurance sales? Many of you don’t. So, here is a complete guide to help you understand how you can make money by selling insurance –

Levels of earning in insurance:

When you sell insurance policies, you earn money in three levels or ways. These include the following

  • First year commissions The first level to earn money is the first year commission payable on all insurance policies you sell. Whether you sell life insurance policies or general insurance ones, you would earn a first year insurance commission on the premium you bring in.
  • Renewal commissionsIf you thought insurance policies promised only a first year commission, you are wrong. Every year when your customers renew their policies and pay the renewal premium, you also earn renewal insurance commission. This commission is also calculated on the renewal premium. The concept of renewal commission is specifically relevant in case of life insurance policies which run for a specific tenure.

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