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General Insurance 64638 views September 7, 2019
Insurance is a product which helps you in case of emergencies by providing financial aid. They are basically safety nets that you purchase to protect yourself, your objects, or your family during the times of genuine needs or emergencies, with a specified premium. Let us now look at different types of insurances.
Insurance can be broadly classified into two types:-
Life Insurance as the name suggests covers human life and compensates in case of premature death during the term of the plan. General insurance plans, on the other hand, cover assets or specified events and pay compensation if you suffer from a covered financial loss.
General insurance policies are commonly of the following types –
Retail Plans are mostly:-
Commercial plans are:-
There are a lot of general private insurance companies in India which are operating the market. Some companies are owned by the Government of India while some companies are privately owned. Given below is the list of top general insurance companies in the current Indian insurance market. You can buy different types of general insurance policies from these companies.
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This multinational Company is solely owned by the government and is the biggest in the public sector market. They offer a plethora of insurance products at extremely competitive rates. Headquartered in Mumbai they operate in 22 different countries.
National Insurance Company was set up in the year 1906. It is based in Kolkata. This Company is one of the oldest General Insurance Company in India. It has been recognized as one of the top premium brands in India by Economic Times. It is again a public sector Company, wholly under the government.
Oriental Insurance is one of the most customer-friendly Company. It is also one of the foremost contenders in the public sector industry for General Insurance. The Oriental Insurance is a multinational Company from New Delhi and has 31 regional offices and over 1800 branches in the nation.
Bajaj Allianz, a name too common, is known for being one of the most ‘financially robust insurers’ in the General Insurance market. They are consistently growing (a growth margin of 17% from the last fiscal year).
Reliance General Insurance Company has a considerable footprint across the nation with over 12000 intermediary offices, 139 main offices, and online facilities. It was formed during the year 2000. They have unquestionably risen to a great status in the last nineteen years.
This company is a joint venture between these two companies- TATA Group and American International Group (AIG). TATA AIG Company Lt. successfully completed 18 years in the service. It is evolving steadily to become a preferred General Insurance Company.
Next on the list is another Company that was incorporated as a joint venture between Indian Farmers Fertilizer Cooperative (IFFCO) and Tokio Marine Group from Japan. It is well known for its comprehensive policies and has a standing presence in rural areas.
Last on the list is a Company that has had a dominating presence in the general insurance market, that is United India Insurance
There are many other companies that provide general insurance apart from the aforementioned. Some of them are:
General Insurance products such as health insurance, car insurance and others come with a specified sum insured amount up to which you will get covered. Health insurance covers expenses incurred during, before and after hospitalization up to the sum insured amount intimated to you at inception. Similarly, car insurance covers the losses incurred due to accidents. It also covers injuries caused to you or the third party due to accidents. For all these insurances, you need to pay the premium to the general insurance company on a specified date. Health insurance premiums are calculated based on your age, sum insured, overall health conditions, etc. Whereas car insurance premiums are decided based on the Insured Declared Value of the vehicle, the car model, etc.
Understand the different types of general insurance policies sold in the market to find out which policies you need. Once you know the policy that you require, compare the available plans of the different insurance companies. The above-mentioned companies are some of the best general insurance companies which you can choose for fulfilling your insurance requirements.
There are multiple varieties of insurance plans under the general insurance category and most plans, especially the commercial ones can be customized according to the needs as there are various combinations are available for the same!
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