Non Life Insurance , overview and types

Non Life Insurance , overview and types

1. NON - LIFE INSURANCE Overview of Types, Coverage, and Related Insurance Policies

2. Definition Health insurance is a contract that provides financial coverage for medical and surgical expenses incurred by the insured individual .

3. Main Types of Health Insurance 1. Individual Health Plan – Covers one person’s medical expenses up to the sum insured. 2. Family Floater Plan – Covers multiple family members under one policy. 3. Critical Illness Plan – Lump-sum payout upon diagnosis of predefined illnesses. 4. Mediclaim/Hospitalization Plan – Covers in-patient hospital expenses. 5. Senior Citizen Plan – Designed for individuals above 60 years. 6. Maternity/Newborn Plan – Covers expenses related to pregnancy and childbirth.

4. Key Coverage and Benefits • Hospitalization Expenses: Covers room rent, doctor fees, and surgery costs. • Pre- and Post-Hospitalization: Covers diagnostic tests and follow-up visits. • Daycare Procedures: For treatments requiring less than 24 hours of hospitalization. • Cashless Facility: Direct settlement at network hospitals. • Lifetime Renewability: Ensures continuous health coverage.

5. Motor Vehicle Insurance Two types of motor insurance: 1. Third-Party Liability – Mandatory, covers damage to third party. 2 . Comprehensive Insurance – Covers own vehicle + third-party liabilities. Add-ons include: • Zero Depreciation • Engine Protection • Roadside Assistance • Consumables Cover

6. Home Insurance Provides protection for property and belongings. Coverage includes: • Dwelling Structure • Other Structures (sheds, garages) • Personal Property • Loss of Use/Additional Living Expenses • Personal Liability Common Exclusions: Floods, earthquakes, wear and tear, pest infestation, war/nuclear damage.

7. Commercial Liability Insurance Protects businesses against financial losses from legal liabilities. Types include: • General Liability (CGL) – Bodily injury/property damage to third party. • Professional Liability (E&O) – Errors or omissions in professional service. • Directors & Officers (D&O) – Wrongful acts by corporate managers. • Commercial Auto – Business-owned vehicle liabilities. • Cyber Liability – Losses from data breaches or cyberattacks.