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Non - Insurance Policy, Benefit, Eligibility and Documentation

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Fincrif India

Aug 16

05:56 AM

Non-life insurance is defined as a type of coverage that pays claims for losses resulting from certain financial occurrences on behalf of the insured. Other names for non-life insurance include casualty, general, and property.

Non - Insurance Policy 


Life and non-life insurance are both available in India. General insurance is very well-liked since these contracts offer financial compensation for losses. These losses may result from a number of events, including errors brought on by accidents, illnesses, fire, natural disasters, or human error, etc.


What is a Non-Life Insurance Policy?  


Non-life insurance is defined as a type of coverage that pays claims for losses resulting from certain financial occurrences on behalf of the insured. Other names for non-life insurance include casualty, general, and property. It is any insurance that isn't connected to life insurance, according to one definition. A non-life insurance coverage will protect your assets, legal liabilities, and people. 



Feature of Non-Life Insurance Policy 


Features of non-life insurance policies include:


  • The policy's stipulated sum insured represents the insurer's maximum liability for claims during the policy period. The amount of the available insurance coverage may be specified by the insurer.

  • Most non-life insurance plans have a one-year policy length, which is a short duration. Depending on the insurance kind, the period may be longer.

  • In order for the insurance company to issue the coverage, the premium must first be paid. In accordance with the type of coverage necessary, the company evaluates the risk when it receives an application for insurance.For instance, before a health insurance policy is provided, the insured's age, medical history, and present health state will be considered.

  • The insurance provider never covers a claim entirely. A tiny portion of the cost, known as the deductible, must be covered by the policyholder.

  • A policyholder is given a discount known as a "No Claim Bonus" if no claims are filed under a general insurance policy. This is an ongoing, escalating discount on the policy's premium that will continue until it reaches a particular amount.



Benefit of Non-Life Insurance Policy 


Having non-life insurance has the following advantages:


  • When you have health insurance, you are given financial support in the event of an emergency.

  • A third-party auto insurance policy must be purchased by law. When property or human life is damaged, it can handle the compensation that must be given to the third party.

  • Residential property owned by the policyholder is protected by home insurance from a variety of unforeseeable events, such as fire, burglary, riots, and natural disasters. 

  • Children and senior persons are both covered by insurance under travel insurance policies. These are useful while dealing with problems in a foreign country such as lost luggage, accidents, lost documents, etc.

  • Businesses that use commercial insurance plans like shopkeepers' insurance, property insurance, and employee benefits insurance gain from these.


Eligibility Criteria of Non-Life Insurance Policy 


A non-life insurance policy applicant should have a few pieces of information on hand, including their name, identification, address, and ownership documentation for the asset they wish to insure. After deciding on an appropriate insurance provider, the applicant should approach the insurer and submit an application or proposal for purchasing an insurance policy. 



Documents Required for Non-Life Insurance Policy 


When making a claim under a non-life insurance policy, the following collection of paperwork is typically needed:


  • Proposal document

  • Aged proof

  • Evidence of your address

  • Both a medical checkup report for insurance purposes and the vehicle's registration certificate. 

  • Evidence of income

  • A vehicle's invoice


Policies of non-life available in India:

India offers the following categories of non-life insurance policies:


  • Marine insurance

  • Home insurance

  • Travel insurance

  • Health Insurance 

  • Motor insurance

  • Commercial insurance


Step-by-Step Process to Renew Non-Life Insurance Online:

Selecting an appropriate insurance provider, then going to their website or mobile application, is how one renews non-life insurance online. Keep in mind that each insurance provider may make minor adjustments to its renewal procedure. To renew an insurance policy online, follow these general steps:


Step 1: Start by logging into your account.


Step 2: Choose an insurance plan that has recently or permanently expired.


Step 3: Pick the needed insurance and press "renew" 


Step 4: Examine the insurance policy's exclusions and inclusions as well as terms and 

             conditions. The small print should also be read.


Step 5: The policy will be sent to your registered email address after you complete .Make 

             payment.  



Conclusion 


When catastrophe strikes, a non-life insurance policy can prove to be the only thing keeping you alive. The extent of its impact, nevertheless, will be determined by the scope of your coverage. In light of this, you must select the non-life insurance plan that is ideal for you.









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