Typically, a General Insurance is the insurance that is not determined to be life insurance. It is insurance for precious items other than our life and health. The different forms of general insurance are fire, marine, motor, accident and other miscellaneous non life insurance.The real assets are susceptible to damages and a need to protect the economic value of the assets is needed. For this purpose, general insurance products are bought as they provide protection against uncertain occurrence like damage and loss of the asset. The tenure of the general insurance policies is normally for short duration unlike life insurance policies.
Security is a priority
ICICI Lombard Home Insurance Policy | ||||||||
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Structure | The structure of home is insured on the reconstruction value and not on its market value. | |||||||
Built Up Area(Sq.Ft) | 1500 | |||||||
Construction Rate(Rs./per Sq.Ft.) | 1000/sq feet | |||||||
Sum Insured | 1500000 | |||||||
Contents | The contents are assesed on the market value of the objects. | |||||||
Jewellery/Precious Items/Furniture | Upto 25% of total content | |||||||
Sum Insured | Upto 25% of total content or Rs.1 Lakh |