SUGANJALI ENTERPRISES is into Insurance sector, is the oldest amongst the National Insurance Companies in the Non-Life Insurance sector in Kerala. We cater all the aspects of Insurance both Personal as well as Corporate Insurance coverage.
TYPES OF INSURANCE BUSINESS ARE :-
* Life Insurance or Personal Insurance.
* Marine Insurance.
* Fire Insurance.
* Liability Insurance.
* Guarantee Insurance.
* Social Insurance.
These are explained below.
Life Insurance is different from other insurance in the sense that, here, the subject matter of insurance is the life of a human being.
The insurer will pay the fixed amount of insurance at the time of death or at the expiry of a certain period.
At present, life insurance enjoys maximum scope because life is the most important property of an individual.
Each and every person requires insurance.
This insurance provides protection to the family at the premature death or gives an adequate amount at the old age when earning capacities are reduced.
Under personal insurance, a payment is made at the accident.
The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or the expiry of a period.
General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance.
Fire and Marine Insurances are strictly called Property Insurance. Motor, Theft, Fidelity and Machine Insurances include the extent of liability insurance to a certain extent.
Under the property insurance property of person/persons are insured against a certain specified risk. The risk may be fire or marine perils, theft of property or goods damage to property at the accident.
Marine insurance provides Protection against the loss of marine perils.
The Marine perils are :-
Collision with a rock or
Ship, attacks by enemies,
fire and captured by
Pirates etc…. these perils
cause damage,destruction or disappearance of the ship and cargo and non-payment of freight So, marine insurance insures ship (Hull), cargo and freight.
Previously only certain nominal risks were insured but now the scope of marine insurance had been divided into two parts; Ocean Marine Insurance and Inland Marine Insurance.
The former insures only the marine perils while the latter covers inland perils which may arise with the delivery of cargo (gods) from the go-down of the insured and may extend up to the receipt of the cargo by the buyer (importer) at his go down
Fire insurance covers the risk of fire
In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.
With the help of fire insurance, the losses arising due to fire are compensated and the society is not losing much.
The individual is preferred from such losses and his property or business or industry will remain approximately in the same position in which it was before the loss.
The fire insurance does not protect only losses but it provides certain consequential losses also war risk, turmoil, riots, etc. can be insured under this insurance, too.
The social insurance is to provide protection to the weaker sections of the society who are unable to pay the premium for adequate insurance.
Pension plans, disability benefits, unemployment benefits, sickness insurance, and industrial insurance are the various forms of social insurance.
Insurance can be classified into 4 categories from the risk point of view.
The personal insurance includes insurance of human life which may suffer a loss due to death, accident, and disease
Therefore, personal insurance is further sub-classified into life insurance, personal accident insurance, and health insurance.
The property of an individual and of the society is insured against loss of fire and marine perils, the crop is insured against an unexpected decline in deduction, unexpected death of the animals engaged in business, break-down of machines and theft of the property and goods.
The guarantee insurance covers the loss arising due to dishonesty, disappearance, and disloyalty of the employees or second party. The party must be a party to the contract.
His failure causes loss to the first party.
For example, in export insurance, the insurer will compensate the loss at the failure of the importers to pay the amount of debt.
Other Forms of Insurance
Besides the property and liability insurances, there are other insurances that are included in general insurance.
The examples of such insurances are export-credit insurances, State employees’ insurance, etc. whereby the insurer guarantees to pay a certain amount at certain events.
This insurance is extending rapidly these days.
The property, goods, machine, Furniture, automobiles, valuable articles, etc. can be insured against the damage or destruction due to accident or disappearance due to theft.
There are different forms of insurances for each type of the said property whereby not only property insurance exists but liability insurance and personal injuries are also the insurer.
The personal Insurance includes- Motor, Household, Travel, Personal Accident, Fire Insurance etc……. Also the corporate is full fledged into Property, Marine Cargo, Group Life, etc……So SUGANJALI ENTERPRISES is a one stop solution for all Insurance related tasks for corporate as well as personal Insurance.
Motor Insurance :- SUGANJALI ENTERPRISES brings a comprehensive package Policy for your car which covers loss or damage to the vehicle insured, Personal Accident and Third Party Liability. Our Motor policy provide cover :Accident Collision or overturning Fire, external explosion, self-ignition or lightning Flood, storm, tempest and cyclone Burglary or theft Malicious act by any Third Party Types of Covers Available
Compulsory Insurance -Covers loss of life or bodily injury to Third Party and damage to their property Compulsory Insurance with PA – In addition to 1 above, covers loss of life or bodily injury to the driver and passengers of the insured vehicle Compulsory Insurance with natural calamities – In addition to 1 above, covers damage to insured vehicle against Storm, Tempest, Flood & Cyclone Compulsory Insurance with PA & natural calamities – Covers 1, 2 and 3 above Compulsory Insurance with Fire, Theft, Burglary & Malicious damage – In addition to 1 above, covers insured vehicle against fire, theft, burglary and malicious damage only when the vehicle is not being used while the insured is on travel. Comprehensive Insurance – Covers all of the above as well as damage to insured vehicle due to accident, collision, overturning etc…..