A variety of general insurance plans are included in a general insurance policy, which is a non-life insurance product. Automobiles, mediclaim, homeowner’s insurance, marine, travel, and other types of general insurance are widespread in India. According to the loss sustained as a result of a specific financial occurrence, the policy offers money to the policyholder. Insurance that is not designated as life insurance is referred to as general insurance.
General insurance policies often do not have a lifetime tenure, unlike life insurance policies. The typical term lasts for the length of a specific economic activity or a specific timeframe. Annual contracts are the norm for general insurance products. However, there are some products that are long-lasting.