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General Insurance Definition

General insurance covers insurance of property against fire, burglary, theft; personal insurance covering health, travel and accidents; and liability insurance covering legal liabilities. This category of insurance virtually covers all forms of insurance except life. Other covers may include insurance against errors and omissions for professionals, credit insurance etc. Common forms of general insurance are motor, fire, home, marine, health, travel, accident and other miscellaneous forms of non-life insurance.

Unlike life insurance policies, the tenure of general insurance policies is normally not that of a lifetime. The usual term lasts for the duration of a particular economic activity or for a given period of time. Most general insurance products are annual contracts. There are however, a few products which have a long term.

Types of General Insurance:

Motor Insurance

Motor insurance covers all damages and liability to a vehicle against various on-road and off-road emergencies. A comprehensive policy even secures against damage caused by natural and man-made calamities, including acts of terrorism.

Motor insurance offers protection to the vehicle owner against:

  • Damage to the vehicle
  • It also pays for any third party liability determined by law against the owner of the vehicle

Motor insurance is mandatory in India as per the Motor Vehicles Act, 1988 and needs to be renewed every year. Driving a motor vehicle without insurance in a public place is a punishable offence.

In fact, third party insurance is a statutory requirement in our country i.e. the owner of the vehicle is legally liable for any injury or damage caused to a third party life or property, by or arising out of the use of the vehicle in a public place.

A comprehensive motor insurance policy would include personal accident and liability only policy (third party insurance) in addition to own damage cover (damage to owner’s vehicle) in one policy.

Common motor insurance categories include:

  • Car Insurance
  • Two Wheeler Insurance
  • Commercial Vehicle Insurance

Some attractive benefits of motor insurance include roadside assistance, cashless servicing at nation-wide network of workshops and garages, personal accident cover, towing assistance.

Health Insurance

Health care costs are increasing every year. Sedentary lifestyle and stress at work negatively affect the health and can result in a critical illness or medical emergency. Such a scenario is sure to adversely affect one financially, due to the massive outlay of money on medical expenditure. A health insurance policy is the only way to mitigate the financial risks, apart from leading a healthy lifestyle. Health insurance guarantees peace of mind in times of crisis, and helps secure own health and that of one’s family.

Health insurance covers the medical and surgical expenses of the insured individual due to hospitalisation from an illness. Additional riders enhance the benefits and scope of the cover.

Health insurance often includes cashless facility at empanelled hospitals, pre and post hospitalisation expenses, ambulance charges, daily cash allowance etc.

Common types of health insurance policies include:

  • Individual Policy
  • Family Floater Policy
  • Surgery Cover
  • Comprehensive Health Insurance

Travel Insurance

International travel, whether on vacation or business, can turn into a nightmare if one experiences contingencies like loss of baggage, loss of passport, delay in flight, medical emergency etc. Such eventualities will surely take the fun away from travelling.

Travel insurance, also referred to as visitor insurance, covers one against unseen medical and non-medical emergencies during overseas travel, ensuring a worry-free travel experience. It protects the insured against misfortunes while travelling. Backed up by travel insurance, the whole experience is like no other.

Different types of travel insurance policies include:

  • Individual Travel Policy
  • Family Travel Policy
  • Student Travel Insurance
  • Senior Citizens Travel Policy

In addition to the above, some insurance companies offer special plans like a corporate travel policy or comprehensive policy for travel to special destinations like Asia and/or Europe.

Home Insurance

Home is often the most treasured possession of an individual and also the largest financial investments one makes in life. Safeguarding the physical structure and contents of home seems like a logical thing to do.

Home insurance protects the house and/or the contents in it, depending on the scope of insurance policy opted for. It secures the home against natural calamities and man-made disasters and threats. Home insurance provides protection against risks and damages from fire, burglary, theft, flood, earthquakes etc. covering the physical asset (building structure) and valuables (contents) in it.

Home insurance ensures that one’s hard-earned savings are utilised to meet important needs instead of using them for rebuilding the house if some harm was to come to it.

Marine Insurance

Business involves the import and export of goods, within national borders and across international borders. Movement of goods is fraught with risk of mishaps which can result in damage and/or destruction of shipments. This leads to substantial financial losses for both the importers as well as the exporters.

Marine cargo insurance covers goods, freight, cargo and other interests against loss or damage during transit by rail, road, sea and/or air. Shipments are protected from the time the goods leave the seller’s warehouse till they reach the buyer’s warehouse. Marine cargo insurance offers complete financial protection during transit of goods and compensates in the event of any loss suffered.

The party responsible for insuring the goods is determined by the sales contract. Marine cargo insurance policy can be taken by buyers, sellers, import/export merchants, buying agents, contractors, banks etc. The policy usually covers the cargo, but can also be extended to cover the interest of a third party post transfer of ownership as determined by terms of sale.

Common types of policies:

  • Open Cover
  • Open Policy
  • Specific Voyage Policy
  • Annual Policy

The hull of a ship or boat can be insured under marine hull insurance.

Rural Insurance

Insurance solutions to meet the needs of agriculture and rural businesses form part of rural insurance. IRDA has stipulated annual targets for insurers to provide insurance to the rural and social sector.

As per these regulations, insurers are required to meet year-wise targets:

  • In percentage terms of policies underwritten and percentage of total gross premium income by general insurers under rural obligation
  • In terms of the number of lives under social obligation

Commercial Insurance

Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations. Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport and logistics sectors. It covers small and medium scale enterprises, large corporations as well as multinational companies.

Common types of commercial insurance:

  • Property Insurance
  • Marine Insurance
  • Liability Insurance
  • Financial Lines Insurance
  • Engineering Insurance
  • Energy Insurance
  • Employee Benefits Insurance
  • International Insurance Solutions

Other Types of General Insurance:

  • Property Insurance
  • Personal Accident
  • Householder
  • Shopkeeper
  • Corporate Insurance
  • Commercial Insurance
  • Fire Insurance
  • Crop Insurance

Loan Against Property

You strive to seize every opportunity and often lack of funds becomes a hindrance in achieving your goals. With Loan Against Property (LAP) from Sai Preets Capital Services Group you can raise funds easily against your residential property.

Your home builds value both emotionally and economically with time. With Sai Preets Capital Services Group Loan Against Property you can leverage the economic worth of your home while continuing to enjoy occupancy of the same, so that you get immediate finance to meet a variety of personal and business needs. You can apply individually or jointly for a Loan Against Property. All owners of the property will have to be co-applicants. However, all co-applicants need not be co-owners. Generally co-applicants are close family members.

  • Loan tenure upto 15 years

  • Loans ranging from Rs 5 lakhs to Rs 30 lakhs

  • Attractive interest rates

  • Flexible repayment options

  • LAP has benefits over an unsecured loan/ bank loan in terms lower rate of interest, lower fees and higher tenure which helps minimize the monthly outflow for the customer

  • Loan provided against residential/ commercial property

  • Income-based product offering (Gross Receipt Product, Gross Margin Product, Banking Based Product etc)


Project Loan

Emerging as well as established firms require funds for their new projects. Hence, corporate and individuals consider Project Financing discipline to suffice the requirements. This includes understanding the foundation of project financing, preparation of financial plan, assessment of the risks attached to the project, strategize the financing mix, and raise the funds.

Project finance is a facility acquired or arranged for a particular project for different industries such as a manufacturing, Automobile, Railways, Power Sector, construction, real estate, etc., which is paid back from the cash-flow of that project. Project finance is a term which used in industrial, long-term infrastructure projects and public services based upon the projected cash flows of the project rather than the balance sheets of its sponsors. Project finance is a method of raising long-term debt financing for major projects through Financial Engineering, based on lending against the cash flow generated by the project alone.

Sai Preets Capital Services Group offers an array of products to the target customer segments to meet their specific financial needs for project financing.

  • Short-term Loans (upto 2 years) for different short term requirements including bridge loan, Corporate Loan etc.

  • Medium-term Loans (more than 2 - 8 years) for business expansion, technology up-gradation, R&D expenditure, implementing early retirement scheme, Corporate Loan, supplementing working capital and repaying high cost debt .

  • Long-term Loans (more than 8 - 15 years) - Project Finance for new industrial/ infrastructure projects Takeout Finance, acquisition financing (as per extant RBI guidelines / Board approved policy), Corporate Loan, Securitisation of debt.


Takeover Loan

Loan Takeover and Top Ups: When a borrower shifts his loan account from one lender to another it is called the Loan Takeover of the Principal Outstanding, and if he wishes to avail extra funds; for any sort of improvement on the property or for a personal purpose such a loan is said to be a top up loan on a property.

With Sai Preets Capital Services you can get you a higher loan amount for your business or personal needs with the benefit of lower EMI. With easy documentation, speedy approvals and flexible repayment options, getting a loan couldn't get easier. Reducing interest rate and raising additional loan are 2 biggest reasons why one would want to shift to Sai Preets Capital Services. Any type of Home Loan / Loan Against Property can be re-financed by Sai Preets Capital Services Group at better terms and with additional finance.


Business Loan

A business loan is an amount of money that you can have access to in times of meeting the startup expenses at the time of starting a new business or for the expansion purposes of your existing business. Be it funding for existing business, maintaining inventory, boosting production or buying machinery. In a nutshell, a business loan is a debt that the borrowing company is obligated to repay in accordance with the loan’s terms and conditions. 

Looking for a business loan, overdraft, line of credit, all at perfect interest rates? Come to Sai Preets Capital Services because here we understand that time is money and thus provide you with the best tailor-made business loans at easy interest rates to give your business the much-needed boost. At Sai Preets Capital Services we make sure that all our loans provided to you are transparent and secured in nature.

We have a diligent team of experts to provide loans, suiting your exact requirements in the shortest possible time. We follow a simplistic approach that comprises easy documentation processes and instant services coupled with other unmatched benefits.

Visit Sai Preets Capital Services for hassle-free services. We work with a strong belief to enhance and expand your business operations. Our top-most priority is to help your business become the best among all with the right loans injected at the very right time.

So what are you waiting for? Let’s make your business even much better. Let’s take it to another level! 


Home Loan

A home loan is an amount of money that any bank or an NBFC gives to an individual at a certain rate of interest, which s/he can pay on EMI basis. This loan can be used to purchase a house that’s already constructed, under construction, or has been approved for construction in the coming future. Home loans are available on all approved properties irrespective of their size or location.

In return, the bank or the money lending company keeps the property of the borrower, which can be either commercial or personal in nature, as a security. The lender is legally authorized to recover the loan amount by selling the property in question, in case the borrower fails to pay the dues on time.

At Sai Preets Capital Services, we offer home loans in the most secured manner and in the shortest amount of time. We provide home loans at the best rate of interest with least formalities required to save your precious time. The interest rates provided at Firnway are both fixed and floating in nature, which you can avail basis your preference.

Since our inception, we have continuously strived to understand our customers, strengthened our relations with them, and delivered the best to meet their ever-changing needs. Our services are available 24x7 backed by an efficient team of professionals who make sure that the entire loan processing takes place without any hindrances.

Please visit our website for other details regarding the different types of loans we provide at Sai Preets Capital Services.