Third-party insurance is a statutory requirement in our country i.e. Driving a motor vehicle without insurance in a public place is a punishable offense. Motor insurance is mandatory in India as per the Motor Vehicles Act, 1988, and needs to be renewed every year. It also pays for any third-party liability determined by law against the owner of the vehicle.Motor insurance offers protection to the vehicle owner against: A comprehensive policy even secures against damage caused by natural and man-made calamities, including acts of terrorism. Motor insurance is one of those types of general insurance policies that cover all damages and liability to a vehicle against various on-road and off-road emergencies. Types of General Insurance Policies: Motor Insurance Ltd.ĭisclaimer : *Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer. (Formerly known as Max Bupa Health Insurance) Care Health Insurance (formerly Religare Health Insurance).Export Credit Guarantee Corporation of India Ltd.Royal Sundaram General Insurance Co.Ltd.Cholamandalam MS General Insurance Co.Ltd.Bajaj Allianz General Insurance Co.Ltd.So, in general, insurance policy the insurable interest of the insured has to be present while the policy is renewed. This time the policy was renewed by Ruchi, not Pankaj. Ruchi renewed this car insurance policy as the vehicle will be in use. However, he sold his car one year later to Ruchi.
Pankaj has insured his car with a car insurance policy. In life insurance, the policyholder who has the insurable interest has to present. Pankaj has taken a term insurance policy and at the time of the contract, he has to be present. The general insurance policy work according to the limits and conditions of the policy. The bumper repair charges were Rs.15, 000 and her insurance provider will pay off this amount after deducting the deductibles. Her car got damaged in an accident and its bumper came off. Proto got the insurance of her car for Rs.5lakhs. In this way, a life insurance plan is an investment plan that pays upon policy maturity. After completing these 10 years, she received Rs.50 lakhs. The total period for which she has to pay the premium was ten years.
Priti chooses to purchase a life insurance plan of Rs.50 lakhs. So, the general insurance plans are purchased for one year. Rajat purchased a comprehensive car insurance policy for his car. A life insurance plan is issued for the lifetime of the policyholder or until the maturity period. Rajat purchased an endowment plan which will pay some amount upon maturity or his family members will get money if he dies. In case of loss due to fire, the insurance provider will pay the amount of claim after the deductibles (as applicable). 1 Crore and the premium that he has to pay was Rs. A took a Fire Insurance plan for his company. So, the reimbursement in a life insurance plan is made either at the time of death or maturity. After giving approximately 10 installments, Mr.
A took a life insurance policy of Rs.1 Crore for which he has to pay Rs.20, 000 annually as premium for 50 years. Difference between Life Insurance and General Insurance In this way, a general insurance policy for a car fulfilled your requirement of financial help in case of car damage due to an accident. The amount that you have paid for repairing your car can be reimbursed under a comprehensive car insurance policy. A car insurance plan in such a case plays a key role. Now you require approximately Rs.7500 to fix the bumper and Rs.2000 for dent repair. Your car's bumper comes out and it gets a dent. Suppose you are driving back home after completing a stressful day at work and suddenly another car hits your car from behind. The Requirement of General Insurance Policy
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