It is a system by which the losses suffered by a few are spread over
many, exposed to similar risks. Insurance is a protection against financial
loss arising on the happening of an unexpected event.
It is a hedge against the occurrence of unforeseen incidents. Insurance products
help you in not only mitigating risks but also helps you by providing a financial
cushion against adverse financial burdens suffered.
Accidents... illness... fire... financial securities are the things you'd like to
worry about any time. General Insurance provides you the much-needed protection
against such unforeseen events. Unlike Life Insurance, General Insurance is
not meant to offer returns but is a protection against contingencies. Under certain
Acts of Parliament, some types of insurance like Motor Insurance and Public
Liability Insurance have been made compulsory.