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General Insurance

What is Insurance Premium?

Leaving with family for a weekend getaway? Just think of all the assets you possess like your home, car, jewellery and other valuables. What if you lose all of it due to some fire, theft or a natural calamity? It would be all gone even before you might think about saving it. Safety is the prime concern and avoiding any mess falls as the next. At times, you might end up facing some unexpected losses for which you were completely unaware. What then? Do you definitely look for some security system? Or just leave things on destiny? Well! Nothing would work except a security system that backs us. In other words, we need an insurance cover.

“To insure is to protect and indemnify. It does not mean Prevention of loss”.

Insurance premium is a specified amount stipulated by the insurance company, which the insured individual should periodically pay to maintain the actual coverage of insurance.

As a process, insurance companies examine the type of coverage, the likelihood of a claim being made, the area where the policyholder lives, his employment, his habits (smoking for instance), his medical condition (diabetes, heart ailments) among other factors.

  • A policy or agreement between the policyholder and the insurer which is considered only after realization of the premium.
  • The premium is paid by the insurer who has a financial interest in the asset covered.
  • The insurer will protect the insured from the financial liability in case of loss.
Why do we need General Insurance?

Imagine you're driving back home in your car and suddenly, a taxi hits you from behind. Your car has a dent and its bumper has come off too. Now you need about Rs. 2000/- for the dent and Rs.7500/- for the bumper to be able to fix it all.

Let's Simplify

The Health Insurance cover from Digit offers protection for the medical expenses incurred due to hospitalization caused because of an accident or illnesses. Although every policy is different, based on who it’s being purchased for, it mainly covers:

  • Accidental Hospitalization (pre & post)
  • Accidental illness and hospitalization
  • Daycare procedures
  • Psychiatric Support
  • Annual Health Checkups
  • Daily Hospital Cash

Travel Insurance covers your financial liability, if any, when you travel within or beyond the Indian boundaries. The financial liability may arise due to medical or non-medical emergencies.
The duration of the travel for one time can be 180 days at the maximum. The policyholder can take more than one trip in a year. Your Travel Insurance will cover:

  • Loss of Baggage
  • Loss of Passport
  • Hijacking
  • Medical Emergencies
  • Delayed Flights
  • Accidental Deaths
  • Adventure Sports

A Motor Insurance Policy is mandatory to be able to drive legally in India. Broadly there are two types a) Third-Party Liability b) Comprehensive Package Policy.
A Third-Party Policy covers for losses faced in a situation where your vehicle damages any third-party such as a public property, person or third-party vehicle. The same is the minimum requirement to be able to drive legally in India, as stated by the Motor Vehicles Act.
A Comprehensive Package Policy covers both third-party damages and liabilities and damages/losses caused to you and your own vehicle. The losses may arise due to an accident, theft, fire, natural calamities, and others.

  • Tyre Protect Cover
  • Zero Depreciation Cover
  • Return to Invoice
  • Engine and Gearbox Protection
  • Breakdown Assistance Cover

You build your home with your toil and hard earned money. Everything you buy is a priceless possession for you and hence it needs to be protected. A Home Insurance Policy protects your valuable and other assets. It is a comprehensive package policy that covers all valuables.

The lines of insurance that affects the business operations in the real terms are categorized under the Commercial Lines of Insurance. Type of the insurance covers that one can buy may include:

  • Property Insurance
  • Engineering Insurance
  • Liability Insurance
  • Marine Insurance
  • Employees Benefit Insurance
  • Business Interruption

Simple as it reads. A mobile insurance protects the phone from accidental damage. Under the mobile protection cover, Digit Insurance compensates for repair of accidental screen damage to your phone. The buyers can have mobile insurance for both an old or new phone. A very affordable insurance protection for the most expensive phones you buy.

Not just the cars and two wheelers, people are now passionate for expensive bicycles also. Call it a fashion or change of lifestyle, Bicycle Insurance is another sought product these days. Digit Insurance offers cover against Personal Accident, Theft, Accidental Damage, and Hospital woes.
“Insurance is to manage Cash Flow after a loss occurs”.

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About Decipher

Mr. Yogesh Thaker is a professional Life insurance & Health Insurance Consultant associated with India's #1 Life Insurer i.e. LIC OF INDIA since 2000 having an experience of 20 years.




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