Different Types of General Insurance Policies

General insurance covers financial losses from accidents, disasters, and theft. It includes travel, home, motor, car, commercial, and health insurance, providing protection for assets and medical expenses during the policy period.
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Different Types of General Insurance Policies
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3 min
31-March-2025

General insurance policies provide financial protection against various unforeseen emergencies and contingencies. These policies offer coverage for non-life assets like health, vehicles, homes, travel, and more. Whether you're looking to safeguard your savings from medical emergencies or protect your valuable assets, there's a policy tailored for every need.

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What is general insurance?

General insurance provides financial protection against unexpected losses that are not related to life coverage. It includes policies like health, motor, home, travel, and business insurance, covering risks such as accidents, theft, natural disasters, and medical emergencies. This ensures financial security by compensating for damages or losses incurred.

Health insurance

Health insurance policies provide financial support to policyholders to cover various medical expenses. Comprehensive health insurance, top-up coverage, and add-on covers are the primary types of health insurance coverage.

  • Comprehensive health insurance covers hospitalisation expenses, ambulance charges, surgical procedures, and pre/post-hospitalisation expenses.
  • Top-up coverage offers the option to increase your existing health cover in case it is exhausted.
  • Add-on covers provide extra protection for specific illnesses.

Different types of health insurance policies

You get different types of health insurance policies designed specifically for individual needs.

Individual health insurance

Individual health insurance policies offer coverage for an individual's medical needs. It helps cover hospitalisation expenses, surgical procedures, and pre-and post-hospitalisation expenses. The coverage depends on the type of policy chosen, and policyholders can opt for additional coverage through add-on covers.

Family health insurance

Family health insurance policies are designed to cover the medical needs of the entire family. It is a cost-efficient way to secure the family health insurance needs of all family members under one policy. It offers coverage for hospitalisation expenses, surgical procedures, pre-and post-hospitalisation expenses, etc.

Senior citizen health insurance

Senior citizen health insurance policies offer coverage to individuals aged 60 or above. Senior citizen health insurance provide additional coverage for age-related conditions, pre-existing medical conditions, and more. The policy also helps cover hospitalisation expenses, surgical procedures, pre-and post-hospitalisation expenses, etc.

Parents health insurance

Parents health insurance provides medical coverage to parents of policyholders. It ensures that your parents have access to quality healthcare without putting financial pressure on the family. With rising medical costs, securing their health is a thoughtful and practical step.

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Maternity health insurance

Maternity health insurance policies provide coverage for medical expenses incurred during pregnancy and childbirth. It includes expenses like regular checkups, hospitalisation charges, delivery charges, and more.

Personal accident insurance

Personal accident insurance offers coverage for accidental injuries and disabilities. It provides financial support to policyholders in case of partial or permanent disability, accidental deaths, and more.

Critical illness insurance

Critical illnesses insurance, provides financial support to policyholders in case of critical illnesses like cancer, heart attacks, kidney failures, etc. It offers coverage for the hospitalisation and treatment expenses of these conditions.

Motor insurance

Motor insurance provides coverage to policyholders in case of damages caused to their vehicle or a third party. There are primarily three kinds of motor insurance coverage.

  • Comprehensive insurance covers damages to the policyholder’s vehicle as well as third-party damages.
  • Third-party insurance offers coverage to the policyholder against damages caused to third-party vehicles or property.
  • Own damage insurance covers the policyholder against damages caused to the insured vehicle due to natural or man-made calamities.

Different types of motor insurance policies

You can choose from the following types of motor insurance, each offering varying levels of coverage to suit your needs and budget.

Car insurance

Car insurance policies are designed to cover damages to cars caused by natural calamities, accidents, and thefts. The policies offer comprehensive coverage for damages caused to the policyholder's car as well as third-party damages. Car insurance policies come with add-on covers like zero-depreciation cover, engine protector, etc. You can compare and buy car insurance policies online.

Two-wheeler insurance

Two-wheeler insurance policies offer financial support in case of damages caused to the policyholder's two-wheeler due to accidents or theft. You get comprehensive bike insurance and a third-party bike insurance policy. You can choose from the types of bike insurance to get coverages as per your requirement and budget. Compare bike insurance policies online to get better coverages.

Commercial vehicle insurance

Commercial vehicle insurance policies offer financial support against damages caused to commercial vehicles due to accidents, theft, and natural calamities. This type of motor insurance policy covers vehicles used for commercial purposes like trucks, buses, and other commercial vehicles.

Home insurance

A home insurance policy provides coverage for the policyholder's home and its contents. You get coverage against damages incurred from natural disasters like earthquakes, floods, and fires. Coverage also includes losses for household contents like furniture, appliances, etc.

Travel insurance

Travel insurance covers policyholders against any financial losses incurred while travelling. Get coverage for medical expenses, trip cancellations or interruptions, loss of baggage, and accidental coverage.

There are different types of travel insurance policies that cater to the needs of different types of travellers. You can buy domestic travel insurance or international travel insurance as per your requirement.

How does general insurance work in India?

A general insurance policy types cover financial risks related to health, vehicles, property, travel, and businesses. In India, policyholders pay a premium, which insurers pool to compensate for covered losses. If an insured event occurs, the insurer processes the claim and provides financial support based on the policy terms, reducing the burden of unexpected expenses.

Why do you need general insurance?

General insurance offers financial protection against unforeseen losses like medical emergencies, vehicle damage, property theft, or travel risks. It ensures peace of mind by covering expenses that could otherwise lead to significant financial strain. Additionally, some policies, like health and motor insurance, are mandatory in India. Investing in the right insurance plan safeguards your assets and provides tax benefits under applicable laws.

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Why is IRDAI implementing compulsory insurance?

The Insurance Regulatory and Development Authority of India (IRDAI) enforces compulsory insurance to enhance financial security and reduce economic losses. Mandatory policies, such as third-party motor insurance and health coverage, ensure broader risk protection for individuals and businesses. This initiative helps prevent financial hardships due to unforeseen events, promotes social welfare, and strengthens India's insurance sector by increasing accessibility and awareness.

General insurance policies are essential as they provide a safety net for policyholders and ensure financial protection against unforeseen circumstances. It is crucial to consider various factors like coverage, premiums, add-ons, and exclusions when selecting a policy to ensure comprehensive and effective coverage. Choosing the right policy for different types of general insurance will give policyholders peace of mind and safeguard their assets.

Frequently asked questions

What is the general insurance meaning and types?

General insurance meaning and types refer to policies that protect against financial losses from health issues, vehicle damage, property loss, travel risks, and business liabilities, ensuring security against unexpected events. 

How many types of general insurance are there?

There are several types of general insurance, including health, motor, home, travel, fire, marine, and commercial insurance, each designed to cover specific risks and financial losses.

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What are the 7 principles of general insurance?

The seven principles of general insurance include utmost good faith, insurable interest, indemnity, contribution, subrogation, proximate cause, and loss minimization, ensuring fair and transparent claim settlements.

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*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

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