The basic requirement to safeguard the economic value of the assets is necessary because tangible assets are vulnerable to damage.
General Insurance products are purchased for this purpose because they offer protection against unforeseen contingencies like asset damage and loss. General Insurance products cost money in the form of premiums, just like life insurance.
General Insurance refers to Insurance contracts that do not fall under the category of life insurance. A General Insurance policy is purchased to protect assets or goods that, if damaged, would result in financial loss for the owner. General Insurance policies also cover monetary losses brought on by particular perils in addition to covering assets.
We will examine all the crucial facets of General Insurance in this blog post, along with the top 10 General Insurance Companies in India.
Table of Contents
What is General Insurance in India?
General Insurance enables us to shield our homes, cars, and other valuable possessions from the financial effects of both major and minor risks, including theft, car accidents, travel mishaps, and even the costs of legal action brought against us. By selecting the appropriate type of policy with the characteristics we require; we can select the threats we wish to cover.
In an era where uncertainties loom large, securing your assets and mitigating risks through robust insurance is not just a wise choice; it’s a necessity. As you embark on the journey to select the best general insurance company in India, it’s crucial to make an informed decision. Here’s a comprehensive guide to the top general insurance companies in India that stand out in 2024.
What Are The Types of General Insurance Available in India?
Understanding the types of general insurance available is vital for tailoring coverage to your specific needs. In India, prominent types of general insurance include:
- Health Insurance: Safeguard your well-being with comprehensive health insurance plans.
- Motor Insurance: Protect your vehicle against accidents, theft, and third-party liabilities.
- Home Insurance: Secure your home and its contents from unforeseen damages.
- Travel Insurance: Ensure a worry-free journey with coverage for medical emergencies, trip cancellations, and more.
- Commercial Insurance: Businesses can mitigate risks with coverage for property, liability, and other business-specific needs
Top General Insurance Companies in India – 2024
Now, let’s explore the standout general insurance providers in India that have consistently earned trust and accolades:
No. | Insurance Company |
1. | United India Insurance Company |
2. | HDFC Ergo General Insurance Company |
3. | Bajaj Allianz General Insurance Company |
4. | ICICI Lombard General Insurance Company |
5. | Cholamandalam MS General Insurance Company |
6. | Digit General Insurance Company |
7. | Edelweiss General Insurance Company |
8. | Future Generali General Insurance Company |
9. | IFFCO Tokio General Insurance Company |
10. | Kotak Mahindra General Insurance Company |
Top Listed General Insurance Companies in India: An Overview
1. United India Insurance Company (UIIC)
UIIC is one of the completely owned public sector general insurance companies by the Government of India, is the second largest general insurance company of India on the basis of the gross premium of mammoth Rs. 16,000+ Crores.
United India Insurance Company Limited was formed into a company on 18th February 1938. In the year of 1972, the United India Insurance was nationalized. United India Insurance Company (UIIC) was formerly a subsidiary of the General Insurance Corporation of India (GIC).
As per IRDA Act 1999 when GIC turned into a reinsurance company, its four subsidiaries namely National Insurance, New India Assurance, Oriental Insurance and United India Insurance got autonomy. The formation of United India Insurance Company Limited was the result of joining together 5 foreign insurance companies, 12 Indian Insurance Companies, 4 cooperative insurance societies and southern region general insurance operations of LIC India.
United India Insurance Company has been rated ‘AAA/Stable’ by CRISIL.
2. HDFC Ergo General Insurance Company
HDFC ERGO General Insurance Company Limited is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The retail sector includes various products like health insurance, vehicle insurance, travel insurance, home insurance, personal accident insurance and cyber insurance.
The Corporate sector includes products like liability, marine and property insurance. Rural sector products include rainfall index insurance, Pradhan Mantri Fasal Bima Yojna, and cattle insurance policy.
HDFC Ltd. And ERGO International AG formed a joint venture firm named HDFC ERGO General Insurance Company Limited. ERGO became a 49% stakeholder in the Company in 2015. In June 2019, HDFC announced plans to acquire 51.2 per cent stake in Apollo Munich Health Insurance and later merged it with its general insurance arm, HDFC ERGO.
In 2020, HDFC Ergo Health Insurance (earlier known as Apollo Munich Health Insurance) merged with the company after the receipt of final approval from the Insurance Regulatory and Development Authority of India (IRDAI) making it the second-largest private insurer in the accident and health insurance business. With this merger, the company’s product suite expanded to over 50 in this segment.
In May 2021, Housing Development Finance Corporation (HDFC), had entered into a share purchase agreement for the sale of 44,12,000 equity shares of Rs. 10 each, representing 0.62% of the issued and paid-up share capital of HDFC ERGO, in accordance with the direction of Reserve Bank of India to reduce its shareholding in the latter to 50% or below, and subsequent to this HDFC ERGO would cease to be a subsidiary company of HDFC.
3. Bajaj Allianz General Insurance Company
Jointly owned by Bajaj FinServ Limited and Allianz SE, who each own 74% and 26%, respectively, is the Bajaj Allianz General Insurance Company Limited. With its headquarters in Pune, the organization has enabled millions of people, groups, and organizations to manage risks by providing personalized solutions across India’s various Insurance sectors. These cover things like health insurance, automobile insurance, home insurance, and Insurance for online safety.
The business is dedicated to giving you services that are clearly and “caringly yours,” as well as ones that offer you the highest level of assurance and continuity, and thus, it is also regarded as the best General Insurance company in India by some citizens.
With the help of Bajaj Allianz General Insurance, you can protect both your health and your hard-earned money from being wasted on unnecessary medical expenses. It provides a wide selection of reasonably priced health Insurance plans for you and your family, with a number of features and options that you can tailor to your needs.
You can obtain coverage from Bajaj Allianz health Insurance plans not only for checkups and consultations but also for critical illnesses, maternity, and accident-related medical costs. Overall, Bajaj Allianz General Insurance’s Health Insurance plans offer sufficient coverage, ensuring that they are enough for you and your loved ones.
4. ICICI Lombard General Insurance Company Limited
(Merged entity of Bharti AXA General Insurance Company)
In order to provide General Insurance products to retail and business clients, Bharti AXA General Insurance Company Limited which is now ICICI Lombard began operations in 2008. The insurer has a significant presence in India thanks to its 135 branches, where it provides Insurance assistance for health and critical illness, motor and two-wheelers, personal and family travel, property and business, and crop insurance.
Over the years, Bharti AXA General Insurance (now ICICI Lombard) has won praise for its cutting-edge Insurance solutions and unmatched, compassionate services. It offers a variety of health Insurance products to provide families and individuals with medical coverage.
5. Cholamandalam MS General Insurance Company
Parent Company – Murugappa Group, Mitsui Sumitomo Insurance Group & TI Financial Holdings Limited
The Murugappa Group, an Indian conglomerate, and Mitsui Sumitomo Insurance Group, a Japanese Insurance company, formed a joint venture to create Cholamandalam MS General Insurance Company Limited, also known as Chola MS, an Indian General Insurance company. Trust, transparency, and technology are the three key components of the company’s “T3” motto, which serves as its foundation.
The General Insurance company has a diverse portfolio of Insurance products and services for various categories, including property insurance, property and casualty insurance, engineering insurance, marine insurance, and rural Insurance for both private individuals and businesses.
6. Digit General Insurance Company
Parent Company – Go Digit Infoworks Services Private Limited
Go Digit General Insurance, a well-known non-life General insurer in India is supported by Fairfax Financial Holdings Limited, a renowned diversified financial services company with headquarters in Canada and operations in over 30 nations.
Digit General Insurance, which was founded in 2016, has won the Top Indian Start-ups award for both 2018 and 2019. Additionally, the insurer was named 2019 Asia’s General Insurance Company of the Year.
The insurer provides a variety of General Insurance products through its digital platform, including health insurance, home insurance, commercial insurance, shop insurance, and Insurance for cars, bikes, businesses, and shops.
Health Insurance is something that Digit General Insurance Company wants to make as simple as possible for you. It does this by offering straightforward policies in one of the industry’s most promising subsectors, namely health insurance.
Digit Health Insurance plans shield you and your family from having to spend all of your savings on medical expenses in the event of an emergency by offering affordable health Insurance plans. In conclusion, the business is committed to providing people of all age groups with stress-free, straightforward, and customized health Insurance solutions.
7. Edelweiss General Insurance Company
The Edelweiss General Insurance Company was founded in 2016 to enter the non-life Insurance market. It is a division of Edelweiss Financial Services Limited, which entered the Insurance business with the goal of providing customers with a wide range of Insurance products, including those for automobiles, two-wheelers, health care, homes, and businesses, as well as for fire and engineering hazards.
The Insurance policies falling under these categories are made to meet customer needs and provide quick, easy fixes.
8. Future Generali General Insurance Company
Parent Company – Assicurazioni Generali, Future Group & Generali Participations Netherlands N.V.
Founded in 1871, Generali is a global Insurance group that is proudly listed among the 60 largest companies in the world, according to the Fortune Global 500 Ranking released in 2017. Future Generali India Insurance Company Limited is a joint venture between Future Group, a game-changing and well-known name in retail trade in India, and Generali. This
General Insurance company has attained the capability to transform into a Total Insurance Solutions Company by firmly establishing its credentials and effectively utilizing the skill sets of its JV partners.
The company was founded in 2007 with the goal of providing individuals and businesses with retail, personal, commercial, and rural Insurance products and solutions to help them manage risks.
By integrating its international Insurance expertise into a premium selection of Generali Group and Future Group products, Future Generali India has been providing excellent service to its esteemed clients. The General Insurance company has a reputation for keeping its word, valuing its staff, and upholding connections.
9. IFFCO Tokio General Insurance Company
Parent Company – Indian Farmers Fertilizer Cooperative
The Indian Farmers Fertiliser Cooperative Limited (IFFCO), the largest fertilizer producer in the world, and Tokio Marine Group, one of the biggest Insurance groups in Japan, formed IFFCO Tokio General Insurance Company Limited as a joint venture in the year 2000. The General Insurance company is 51% owned by IFFCO, and Tokio Marine Group owns the remaining 49%.
With a mission to lead the Insurance market by ensuring customer satisfaction through fair activities, open communication, and quick action, IFFCO Tokio General Insurance is committed to being an insurance company and a well-known brand that consistently achieves its performance and delivery goals.
The company wants to gain the confidence of Indian citizens, business organizations, corporations, cooperatives, and foreign investors.
10. Kotak Mahindra General Insurance Company
Parent Company – Kotak Mahindra Bank
The largest bank in India, Kotak Mahindra Bank Ltd., wholly owns Kotak Mahindra General Insurance. The General Insurance company was founded in 2014, but the Insurance Regulatory and Development Authority of India (IRDAI) granted permission for it to start doing Insurance business in 2015.
It was created to provide services to India’s expanding non-life Insurance industry. Since its founding, the company has expanded to 13 branches across India, giving it a national presence. It is additionally regarded as one of the top insurance claim settlement companies in India.
To stand out in the General Insurance market, Kotak Mahindra General Insurance plans to concentrate on specialized Insurance products, cutting-edge technology, and digital infrastructure.
By offering a variety of non-life Insurance products like motor, health, home, and commercial insurance, the General Insurance company is committed to serving ever-diversifying customer segments and geographic areas. The company’s success is largely attributable to its excellent customer service, high-quality products, and creative solutions.
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Factors to Consider Before Choosing a General Insurance in India
Here, we will pay close attention to the key elements of General Insurance so that we can learn enough about it:
1. Inexpensive Premiums
The affordability of both General Insurance and Life Insurance is one of their shared characteristics. Term Insurance Plans actually fall under the umbrella of life Insurance and provide you with financial security in the event of an untimely demise in exchange for a minimal annual premium payment.
Similar to how Insurance for your car, home, or against fire protects your assets from economic risk or setbacks before they happen at very low costs called premiums. Assets created during your lifetime are priceless and expensive, but the good news is that you can get Insurance to cover any losses by paying very little money.
2. Simple to Purchase Any Type of Insurance
There are two ways to purchase any kind of insurance.
- First, purchasing Insurance offline entails working with a broker or representative.
- Second, purchasing Insurance online entails making a few simple clicks on the website of the Insurance provider or a partner.
To check Insurance benefits and make an online purchase, there are numerous calculators available online. Online plans typically cost between 5% and 30% less than offline or retail plans.
3. Damage Protection
Insurance coverage can conveniently help you to make up for any costs or financial losses if you are accountable for any harm you cause to someone else’s property, vehicle, goods, or services. The cost of repairing your and other parties’ damaged assets is the only significant aspect of General insurance. In most cases, it always pays the legal costs if you decide to sue for more damages.
4. Complete Protection
One of the most important aspects of General Insurance that many people overlook because they view it as optional because comprehensive coverage pays for damages in addition to repairs for your assets in the event of a fire, thievery, natural disaster, and more, you can add it to your insurance policy.
For the most part, General Insurance offers minimal asset protection. Although comprehensive coverage may result in a higher premium, it also offers you a wide range of advanced coverage for insurable assets.
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In summary, General Insurance helps pay for costs in the event of an unanticipated, unfortunate event and asset loss. You must carefully read the documents and confirm what the General Insurance covers before you purchase it. Once you have made a choice, applying for General Insurance online is simple
General Insurance indeed plays a crucial role in protecting individuals and businesses from financial losses due to unforeseen events. It’s essential to understand the key aspects of General Insurance and choose policies that suit your needs. The list of top General Insurance companies in India you provided also offers a good starting point for individuals looking to explore their options.
