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Buy Non-Life Insurance Policy in India

Insurance is a financial service that protects from financial losses. It is typically purchased by an individual or a group of individuals to protect them from the risk of a certain event. Insurance is becoming more and more popular as people understand the importance of protecting themselves against unexpected events. In addition, insurance can also be used as a tool to save money and make sure that you have enough funds for your retirement.

Non-Life Insurance Policy image

Insurance is a contract between an insured individual or a group of individuals and an insurer, which stipulates that the insurer will compensate the insured in the event of a certain loss. In exchange for this compensation, the insured agrees to make regular payments to the insurer over time.

Insurance is a financial instrument that protects against the loss of income and assets due to risk. It is designed to protect against the risk of financial loss for which there is no immediate remedy. In case of an accident or a natural disaster, insurance will help you to recover from the damage. If your income falls below a certain level, you can get social security benefits and unemployment compensation. It also helps in protecting your family from losing any member because of death or injury.

What is Non-Life Insurance?

Non-life insurance is a type of general insurance that protects you against non-life events like property damage, personal injury, and natural disasters. Non-Life Insurance is a type of insurance that does not cover the risk of death. It also covers damages like medical bills, lost wages, and disability. Many non-life insurance alternatives offer more value than a standard policy.

Non-life insurance is a type of insurance that provides coverage for events that happen during the policyholder's life. The need for non-life insurance in India is increasing as people are living longer than ever before. The need to protect their financial future has led to a rise in this type of insurance. “Non-life insurance is often seen as an alternative to term life or whole life policies because of its lower premiums.”

Types of Non-Life Insurance Policy:

Non-life insurance is any type of insurance other than life insurance. While life insurance is broken down into permanent and term life policies, non-life insurance includes many types of other insurance policies. Non-life insurance may cover people, property, or legal liabilities. Types of non-life insurance include:

  • Motor insurance
    • Car Insurance
    • Two-Wheeler Insurance
    • Commercial Vehicle Insurance
  • Health insurance
  • Travel insurance
  • Accident insurance
  • Disaster insurance (fire, flood, earthquake, etc.)
  • Credit insurance
  • Property insurance
  • Mortgage insurance

Why Need Non-Life Insurance Policy?

Non-life insurance policies are often overlooked by people who are not looking for specific coverage. However, they protect against the unexpected and can be used as an investment in the future.

Life insurance policies protect against premature death. They also offer a lump sum payment to help with medical expenses or funeral costs. Non-life insurance offers other benefits like disability and long-term care coverage as well as income replacement for those who have lost their job due to critical illness or injury.

In India, there is a huge demand for non-life insurance policies mostly because the country has one of the highest life expectancy rates in the world. The need for a non-life insurance policy in India is because many people tend to forget about their financial obligations. The government has made it mandatory for all citizens to have a non-life insurance policy as part of its welfare scheme.

How Non-Life Insurance Policy Works?

Non-life insurance is a type of insurance that does not cover the cost of death. It is also known as life insurance without death benefits. Non-life insurances are usually bought by individuals who do not have any dependents and want to protect themselves from financial risks in case they die but still want to enjoy their lives with peace of mind.

Non-life insurers provide policies that are designed to help people reduce their financial risks in case they die or become disabled and unable to work for an extended period.

Non-life insurance companies offer different protections for their customers, so it is important to comparison shop for the best plan. PolicyBachat calculator tool will provide you with information on the overall popularity of companies and how much they charge. In the last year, non-life insurance company ratings have risen. Several companies offer these ratings which help individuals and organizations to choose a company that is right for them.

Benefits of Non-Life Insurance Policy:

  • Purchasing a third-party car insurance policy is required by law. It can handle the payment of compensation to a third party in the event of property or death.
  • Health insurance provides financial assistance in the event of a medical emergency.
  • Some travel insurance plans offer includes coverage for senior persons and children. These can assist with difficulties such as lost luggage, accidents, and lost documents while traveling in a foreign country.
  • Home insurance protects the policyholder’s home against a variety of unanticipated events such as fire, burglary, natural disasters, riots, and so on.
  • Businesses benefit from commercial insurance products such as employee benefits insurance, shopkeepers insurance, property and marine insurance, and so on.

Features of Non-Life Insurance Policy:

  • Non-life insurance policies typically have a one-year policy length. Depending on the type of insurance, the period may be longer.
  • If no claims are filed under a general insurance policy, the policyholder receives a No Claim Bonus discount. This is a liberal discount on the policy’s premium that increases until it reaches a particular amount.
  • The sum insured is the amount specified in the policy that represents the insurer’s maximum liability for claims during the policy period. The available amount of sum insured may be specified by the insurer.
  • The policy premium is paid before the insurance company issues the policy. When a company receives an insurance application, they evaluate the risk involved based on the type of coverage necessary. When it comes to health insurance, for example, a person’s age, medical history, and current medical status will all be considered before a policy is provided.
  • The insurance company does not bear the full cost of each claim. The policyholder is responsible for a tiny portion of the cost, which is referred to as a deductible.

What is covered in Non-Life Insurance Policy?

  • It offers financial cover for assets such as home, health, travel, vehicle, etc.
  • Motor Insurance policies are Third-party Liabilities, Own Damage (Comprehensive policy), and a Personal Accident Cover.
  • Under Health Insurance Hospitalization Costs, the cost of minor surgeries, ambulance charges, etc. is included. The inclusions of your insurance policy will be mentioned in the policy document.

What is not covered in Non-Life Insurance Policy?

  • Raising a claim when the policy is not active,
  • Representing false or fraudulent information,
  • Producing fake documents,
  • Not raising a claim within the stipulated time, and
  • Not following the claim process diligently.

What is the difference between Life Insurance and Non-Life Insurance Policy?

The difference between life and non-life insurance is defined below in the table. A life insurance plan is a type of insurance that protects against the risk of death. Non-life insurance, on the other hand, is a type of insurance that provides coverage for different types of risks. Life insurance is typically used to protect against the risk of death, while non-life insurance covers other risks such as property damage and medical expenses.

Non-life insurance includes health, property, and auto coverage. Life insurance includes life and endowment policies, which protect against death. Life insurance is also known as an "annual renewable life" policy or "term life" policy because it only lasts for one year.

Are Non-Life Insurance and General Insurance are same?

Yes, general insurance isn’t different from non-life insurance; they’re both pretty much the same. People, legal responsibilities, and property are all covered under general insurance, often known as non-life insurance.

Life vs Non-life Insurance Comparison Life Insurance Non-Life Insurance
Definition Life Insurance: A form of financial security that pays out a lump sum amount in case of death or terminal illness before the insured person has reached retirement age. Life insurance provides a lump sum amount of sum assured at the time of maturity or in case of death of the policyholder. Non-life insurance is a type of insurance that provides coverage for other things. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset.
Policy Period Long-Term Policy Period that requires paying premiums for several years Short-Term Policy Period which needs to be renewed every year
Claim Payment Is payable in case of the death of the policyholder during the policy term or on policy maturity. Reimbursed during an eventuality
Policy Nature Life insurance is acknowledged as an investment, and it is not a contract of indemnity. Whereas non-life insurance can be termed as indemnity’s contract.
Premiums Depends upon the amount of sum assured offered by the insurance policy. Depends upon the value of the insured asset.
Benefits The insured person receives the benefits of the insurance coverage. The insured person and the other people insured under the policy get the benefits of the insurance coverage.
Savings Yes No
Coverages It offers financial cover for the life of the insured person. It offers financial cover for assets such as home, health, travel, vehicle, etc.

How to Buy Non-Life Insurance Policy Online in India?

At PolicyBachat we cater unbiased comparison of quotes, 24*7 customer assistance team your motive is to give our customers the right quotes with compare car insurance rates online.

  • Go to compare car insurance quotes online at PolicyBachat.com
  • Fill in the required details.
  • Click on the “START SAVING MONEY”.
  • Premiums with different insurance companies are displayed with low premiums
  • Select required Add-ons/Riders and discounts, or you can Edit Policy Details as per your requirement
  • Purchase best Non-Life Insurance Policy using online payment
  • If any queries are raised call: 1800–123–4003.

How to Renew Non-Life Insurance Online?

Non-life insurance can be renewed online by visiting the website PolicyBachat first and then selecting a suitable insurance company. It’s worth noting that each insurance company’s renewal process may differ slightly. The following is a step-by-step guide to renewing an insurance policy online:

Step 1: log in to PolicyBachat.

Step 2: Choose a policy that is about to expire or has already expired.

Step 3: Select the coverage you require and click “Renew.”

Step 4: Read the insurance policy’s inclusions and exclusions, as well as the terms and conditions. Also, make sure to read the small print.

Step 5: Pay for the policy and receive it at your registered email address.

Non-Life Insurance Claim Settlement Process:

The claim application will be reviewed by the insurance provider, and an investigation will be launched into the incident. They may request more documentation and evidence of the incident, such as an accident claim, to better grasp the situation. Once all of the steps have been completed, the insurance provider will settle the claim according to the terms and conditions of the policy.

For Motor:

Cashless Claim: When you repair your car at an insurer-authorised garage, you have entered a cashless claim settlement process. In this process, the policyholder does not have to pay any money to the garage authorized by the insurer for the repair, and the insurer directly makes the payment.

Process:
  • Intimate claim with the insurer
  • Assessment of Damage Sustained
  • Towing and Repair of Car
  • Claim settlement.

Reimbursement Claim: If you repair your car at a garage/workshop outside the authorized network of the insurer, in that case, you will have to make a reimbursement claim. Initially, the policyholder makes the payment for the repair cost at the garage and then gets the repair cost reimbursed later from the insurer. The insurer reimburses the claim amount to the policyholder after factoring in the applicable deductible which might be compulsory or voluntary.

Process:
  • Claim Intimation
  • Survey and Inspection
  • Towing and Repairs
  • Final Reimbursement.

For Health:

Cashless Claim Settlement Method: When you get medical treatment at a network hospital with your health insurance, then you can attain a cashless claim. As per the Cashless Claim Settlement Procedure, you need not pay anything to the hospital for the treatment and medical services. The insurer directly pays to the hospital subject to the amount of the claim. You will need to pay only in case of co-payments or a sub-limit clause that you have chosen during the plan purchase.

Process:
  • Find the network hospitals
  • Intimate the insurer
  • Complete the documentation process
  • Claim settlement
  • Pay the bills.

Reimbursement Claim Settlement Method: If you get treatment at a hospital outside the network of the insurer, you set foot in a Reimbursement Claim Settlement Procedure. As per this process, you have to pay for the treatment at the hospital and get it reimbursed later on from the insurance provider subject to the amount of the claim. The insurer is liable to pay the entire amount of the claim after considering all the voluntary or compulsory sub-limits, deductibles, etc. opted by you at the time of purchasing the policyholder.

Process:
  • Intimate the insurer
  • Complete the documentation process
  • Payment of bills
  • Claim settlement

Documents Required for Claiming Process:

To claim a non-life insurance policy, you’ll usually need the following documents:

  • Proposal form
  • Age proof
  • Address proof
  • Medical examination report for health and RC book of the vehicle for the motor insurance.
  • Income proof
  • Invoice of the vehicle or Policy.

Top 10 Non-Life Insurance Companies in India:

Non-Life Insurance Companies Products Coverages
Bajaj Allianz Non-Life Insurance
  • Car
  • Bike Insurance
  • Health
  • Travel
  • Home
  • Commercial/
  • Comprehensive coverage
  • 2/3 years of own damage motor insurance
  • No claim bonus protection
  • Family Floater
  • Inflation protection
  • 6000+ Network Garages
  • 6500+ Network Hospitals
United India Non-Life Insurance
  • Motor
  • Health
  • Personal Accident
  • Overseas Travel
  • Home
  • Package & Liability Only Policy
  • 50% discount on the OD premium on the vehicle specially designed.
  • 2000+ Network garages
  • 1567+ Network Hospitals
New India Assurance Non-Life Insurance
  • Motor
  • Travel
  • Health
  • Marine
  • Liability and Package Covers medicals
  • Cashless Hospitalization
  • 3000+ Network garages
  • 1500+ Network Hospitals
HDFC ERGO Non-Life Insurance
  • Car
  • Two-Wheeler
  • Health
  • Travel
  • Commercial Vehicle
  • Cyber
  • Home
  • Comprehensive Insurance cover
  • 50% discount on the OD premium on the vehicle specially designed.
  • Third-Party Cover
  • Stand Alone Own Damage Cover
  • Brand New Bike Coverages
  • 6000+ Network garages
  • 10000 Network Hospitals
Bharti AXA Non-Life Insurance
  • Car
  • Two-Wheeler
  • Health
  • Cyber
  • Comprehensive Insurance cover
  • Personal Accident Cover for Rs.15 lakhs
  • Loss or Damage due to Natural disasters, and manmade calamities.
Oriental Non-Life Insurance
  • Motor
  • Health
  • Travel
  • Personal Accident
  • Fire
  • Accidental Loss of or damage to the Vehicle Liability to third parties,
  • Personal accident covers to owner-driver.
  • 2000+ Network Garages
  • 4300+ Network Hospitals
Tata AIG Non-Life Insurance
  • Car
  • Bike
  • Health
  • Travel
  • Third Party Motor Insurance Damage Cover
  • Own Damage Cover
  • No Claim Bonus
  • 5400+ Network Garages
  • 7200+ Network Hospitals
IFFCO Tokio Non-Life Insurance
  • Car
  • Bike
  • Health
  • Travel
  • Third Party Damage Cover
  • Own Damage Cover
  • Up to 50% No Claim Bonus Cover
  • 6200+ Network Garages
  • 7200+ Network Hospitals
Reliance Non-Life Insurance
  • Car
  • Bike
  • Family Health
  • Commercial Vehicle
  • Workmen’s Compensation
  • Comprehensive Cover
  • Third Party Damage Cover
  • Own Damage Cover
  • Up to 50% No Claim Bonus Cover
  • 4300+ Network Garages
  • 5000+ Network Hospitals

FAQs of Non-Life Insurance Policy:

What is Non-Participating Life Insurance?

Non-participating life insurance is a type of life insurance that does not require the policyholder to make any payments. Non-participating life insurance policies are one of the more popular types of life insurance that exist. They offer protection for your loved ones without requiring you to make any payments.

What is Participating Life Insurance?

Participating life insurance is a type of life insurance that allows the policyholder to contribute to the cost of their death and not pay for it out of pocket. The main benefit of participating in life insurance is that it allows those with limited resources to cover their death costs without having to worry about how they will be able to afford them in the future.

Is Non-life insurance firms register a 7% rise in gross premium at Rs 18,953 cr this Year?

The gross direct premium underwritten by non-life insurance companies grew by 7.3 percent to Rs 18,953.09 crore in December 2021, data from IRDAI. The non-life insurance companies had underwritten gross premium valuing at Rs 17,662.32 crore in December 2020. In a break-up, the 24 general insurance companies had registered a gross premium of Rs 16,109.62 crore in December 2021, up by 4.2 percent from Rs 15,463.51 crore in the year-ago period, by IRDAI.

Is Rise in Covid-19 cases leaves Non-Life Insurers on Tenderness?

Non-life insurers are bracing for a likely impact of the rise in Covid-19 cases in the country over the past few weeks. This comes as hospitalizations have started increasing, although marginally, thus reversing the declining trend seen post the second wave. Insurance experts have pointed out that the increase in hospitalization has already started reflecting on their claims figure, thus raising concerns for the health insurers, going forward.

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