General Insurance 64638 views September 7, 2019

General Insurance Companies in India

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.

Health Insurance

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Insurance can be broadly classified into two types:-

  1. Life Insurance
  2. General Insurance

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:-

  1. Health Insurance
  2. Home Insurance- both structure and contents
  3. Travel Insurance
  4. Motor Insurance

Commercial plans are:-

  1. Fire Insurance
  2. Marine insurance
  3. Other Commercial Insurance Plans- the most popular ones
  4. Workmen Compensation
  5. Directors and officers liability Insurance
  6. Professional indemnity insurance
  7. Group Medical Insurance

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.

List of General Insurance Companies in India 2021

New India Assurance

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.

  1. New India Assurance Company Limited has a stable ‘AAA’ rating from CRISIL (Credit Rating Information Services of India Limited) which is a great sign for a company’s ability to execute customer claims.
  2. The incurred claim ratios of the Company are up to 85.66% and the grievances solved is as high as 99.94% for the year 2017-18
  3. Moreover, the Company is easily accessible as its branches are spread across India (over 1600 offices just in India). Thus it ensures prompt services.

National Insurance

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.

  1. They have a network with over 6000 hospitals and are acclaimed to have a remarkable claim ratio.
  2. Incurred claims ratio of National Insurance Company Limited is 114.24% for the year 2017-18
  3. Grievances solved ratio though lesser than the previous Company of about 97.07% for the year 2017-18 is still higher than the rest.

Oriental Insurance

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.

  1. Their coverage is much wider than most Insurance companies.
  2. There are different policies for the rural and urban population to better cater to the myriad of needs of the evolving demographics.
  3. The Oriental Insurance Company Limited’s customer loyalty value is rather strong as they have a low claim rejection ratio.
  4. Various capping limits are provided that help deducts on the premium that’s to be paid.

Bajaj Allianz General Insurance

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).

  1. They have an iAAA rating from ICRA (the second-largest credit rating agency in India after CRISIL) for 13 consecutive years. It means that the company is fundamentally strong in its game and has a high claim paid ratio.
  2. They provide excellent customer-oriented services.
  3. Their Operational Risk Management process is ISO certified signifying proactive management of risks.
  4. Bajaj Allianz has convenient AI portals to better embrace the increasing automation and digitization. Their industry-first initiatives like cashless claim settlement, in-house health management (HAT), etc. is also commendable.

Reliance General Insurance

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.

  1. Their claim ratio was as high as 106.54% for health insurance and motor insurance claim of 81.47% for last year’s term.
  2. They have a platter of personalized policies for the benefit of the customers. It is innovative and attractive, for instance, ‘India’s first over-the-counter health and home insurance policies’.

TATA AIG General Insurance

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.

  1. TATA AIG has great expertise in offering innovative solutions, policies, customer service and ‘seamless claims process management’.
  2. A comprehensive range of general insurances for liabilities, accidents, travel, Marine cargo, rural-agricultural insurance etc. is provided.
  3. They have a remarkable asset base and are stretched across India with over 200 offices. TATA AIG has 22,000+ licensed agents and 390+ licensed brokers signifying their strong distribution channel network.

IFFCO Tokio General Insurance

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.

  1. This company is the first General Insurance Company to underwrite mega policies for a fertilizer company and an automobile company.
  2. They provide an all-risk cover, as their outflow of the premium is enhanced due to international policy rates.
  3. IFFCO Tokio is acclaimed for the policies it provides apart from the conventional ones which are niche-specific.

United India Insurance

Last on the list is a Company that has had a dominating presence in the general insurance market, that is United India Insurance

  1. The multitude of policies offered gives enough options to choose from for the right fit as per one’s requirements.
  2. They have a lot of “claim-free year” benefits like the no-claim bonus of 3%, offer to free medical check-ups, etc.
  3. Their policies are designed for a wide span of coverage.

There are many other companies that provide general insurance apart from the aforementioned. Some of them are:

  1. Future Generali India Insurance
  2. HDFC ERGO General Insurance
  3. Cholamandalam MS General Insurance
  4. ICICI Lombard General Insurance
  5. Royal Sundaram General Insurance
  6. SBI General Insurance
  7. Shriram General Insurance

Things to Keep in Mind When Picking Different General Insurance Plans

Health Insurance

  1. Have individual health insurance even if it is covered by your company
  2. Lifetime renewability service
  3. Check for minimum waiting periods and minimum or no sub-limits
  4. Buy it during earlier stages of life

Motor Insurance

  1. Look for the claim settlement ratio
  2. Be informed of the premium price, coverage, and their correlation
  3. Add-on services
  4. Keep an eye out for the IDV (Insured Declared Value)

Fire Insurance

  1. Pick that which provides High Deductible
  2. Look out for Exclusions
  3. Put up fire preventive measures and compare the reductions in premiums
  4. Choose one with a wider coverage

Travel Insurance

  1. Select the best policy, based on destination and needs
  2. Add on benefits are to be considered
  3. Inclusive medical insurance
  4. Timely service and claims reimbursement

Home Insurance

  1. Based on your requirement choose from Replacement Cost/ Actual Cash Value
  2. Keep an eye for discounts and benefits
  3. No Claim Discount ratio
  4. Check for adequate coverage.

Sum Insured and Premium for General Insurance Plans

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.

How to Buy an Insurance Policy in India from the Best General Insurance Company?

  1. One has to compare the variety of policies offered from the different competent insurance company and decide on which one to pick.
  2. There are different insurances for different requirements. Buy a policy which suits your coverage requirements.
  3. Money is a necessary factor; your budget hence is of incredible importance when deciding the coverage amount and so that the premium can be afforded.
  4. Do thorough research on the final choices of the company on the basis of the incurred claims, claim settlement ratio, and coverage. Check the premium quotes of the above-mentioned general insurance companies.
  5. You could look for other similar customers for reviews if your family members or friends are of a company’s customer pool; ask them for their opinions and suggestions.
  6. Get all of your necessary medical tests done; update your fire, vehicle, home and travel precautionary steps for lesser premium rates.

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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