Non-Life Insurance

What is Non-Life Insurance?

Non-life insurance, also known as general insurance, refers to insurance policies that cover risks other than life. These policies provide financial protection against losses or damages to assets such as property, vehicles, health, and liability. Unlike life insurance, which pays out a sum upon the death of the insured or after a set period, non-life insurance covers specific events or incidents, such as accidents, theft, natural disasters, or medical emergencies.

In this article, we will discuss what a non-life insurance policy is, along with its features and benefits.

Features of Non-Life Insurance

• Non-life insurance policies are generally valid for one year. However, for policies like health insurance, the tenure can go up to 3 years.
• Non-life insurance would not cover the entire cost of damage to the entity. It will only cover a fixed proportion of the loss. The remaining portion would be paid by the policyholders themselves.
• The policyholder will have to pay the full premium amount before the issuance of the policy.
• In case the policyholder doesn’t raise any claim during previous years, they will be awarded a discount called No Claim Bonus, which refers to an additional discount on premiums that will increase up to a certain limit.

Types of Non-Life Insurance Policies

Non-life insurance policies are classified into two different categories: individual or group non-life insurance policies.

Examples of Non-Life Insurance Companies

Non-life insurance companies, or general insurance companies, offer various insurance plans that assist policyholders in case of any loss such as fire, burglary, or theft of their assets.

Here is a list of some non-life/general insurance companies in India:

• Bajaj Allianz General Insurance
  Bajaj Allianz General Insurance is a joint venture between Allianz SE and Bajaj Finserv. It started its operations as a general insurance company in the year 2001. Bajaj Allianz General Insurance Company is the first company in the segment to introduce a Telematic device, which is to be installed in vehicles to determine usage.
• Bharti AXA General Insurance
  Bharti AXA General Insurance is a joint venture between Bharti AXA Enterprises (India) and AXA Group (France). It started its business as a general insurance company in the year 2006. Bharti AXA General Insurance offers insurance for all segments such as vehicle insurance, travel insurance, health insurance, and crop insurance.
• Digit General Insurance
  Digit General Insurance, or Go-Digit Insurance, India’s latest conglomerate non-life insurance company, was founded in 2016. It is also the first digital insurer in India. Digit General Insurance offers various non-life insurance services such as motor, health, home, travel, mobile, jewelry, etc.
• Edelweiss General Insurance
  Edelweiss General Insurance, or Zuno General Insurance, started its operations in 2008. It won the General Insurance of the Year award in 2016. Edelweiss General Insurance offers a range of insurance products such as home insurance, car insurance, travel insurance, etc.
• Aditya Birla General Insurance
  Aditya Birla General Insurance is a joint venture between Aditya Birla Group (India) and MMI Group of Insurance (Africa). It started its operations as a general insurance company in the year 2001. Aditya Birla General Insurance offers various general insurance plans such as Motor, Health, and travel insurance.

Differences Between Life Insurance and Non-Life Insurance

For your reference, we have made a quick comparison between life insurance and non-life insurance:

How to Buy a Non-Life Insurance Policy from PolicyX.com?

Following are the steps to buy non-life insurance, such as health insurance, from PolicyX.com:

1. Visit the official website of PolicyX.com.
2. Click on the ‘Buy Now’ button in the top right corner.
3. Click on the health plan options from the main page.
4. Choose the plan as per your preference.
5. Click on ‘Buy Now’ and fill in the mandatory details such as Name, contact number, and email ID.
6. Make payment and download the premium receipt.

Documents Required to Claim a Non-Life Insurance Policy

In case of any unforeseen event, you need to file a claim with the insurer company for claiming the financial loss. The insurance company carefully examines the incident reported by you to understand the event better. Once the examination stage is completed, the insurer company will ask you to present the following documents for claim processing:

• Age Proof
• Address Proof
• Proposal form
• Medical examination
• Income Proof
• Invoice of asset

For more information, you can visit our article on claim assistance.

Final Words

Whether you are planning your next international holiday or just bought your new dream car, to enjoy every little moment, you might need to live stress-free. For that, you can purchase non-life insurance to protect yourself from any financial burden. In case you are planning to buy non-life insurance, such as health insurance for yourself, you can visit PolicyX.com. Our trusted financial advisors work 24/7 to resolve every possible query and provide you with the best general insurance plan.