General Insurance Companies offer protection against the risks associated with factors other than life. These non-life related insurance categories broadly include motor, health, home, personal accident travel, etc. The Indian market comprising of youth in the majority is one of the most untapped markets in this sector. With rising income levels, demands for homes, motors, vacation trips, etc are rising. General Insurance Companies in India increased awareness of insurance associated with health, Vehicle, and Travel.
The list of General Insurance Companies in India
With aggressive govt policies related to foreign trade coming in, most of the market researchers foresee the FDI levels in this sector to go beyond the current 26%. As a result, most of the General Insurance Companies in India have recognized this opportunity beforehand and have introduced attractive features in their policies to attract customers.
New India Assurance Company Limited
It is the largest general insurance company of India on the basis of gross premium collected including its overseas operation. The gross written premium for the FY 2017-18 is Rs. 26554 Crores. New India Assurance Company Limited is a public sector company. Dorabji Tata originally formed it in 1919. It was nationalised in 1973. The company was headquartered in Mumbai. It is operating in almost 28 countries with more than 1500 branches. It provides products to cover risks associated with various industrial segments like aviation, oil, and energy, jewelry, petrochemicals, etc. In our list, it comes first in Top 10 General Insurance Companies in India. You can purchase any plan of this company by Online and Offline and New India Assurance Policy Renewal is also very simple.
CEO: Atul Sahai
Cus Care: 1800 209 1415
National Insurance Company Limited
With its headquarters in Kolkata, National Insurance was established in 1906. In 1972 it became a subsidiary of the Govt owned General Insurance Co of India. Then, again in 2002, it became one of the independent public sector General Insurance Companies in India. Besides providing cover against various risks in the banking, telecom IT Power foreign trade healthcare automobile space research etc, it provides protection against natural calamities for Algeria and rural business. It is the first company that has signed the MoU for Aayushmaan Bharat 2018 PM Jan Arogya Yojna, for a period of three years. In the same year in Feb, the Govt also announced the merger of Oriental Insurance and United India Insurance Co. Ltd.
CEO: Tajinder Mukherjee
Cus Care: 1800 200 7710
HDFC ERGO General Insurance Co. Ltd
This company was formed in 2002 as a joint venture between HDFC Ltd and a German company ERGO International AG. The firm operates in more than 100 cities with approx. 127 branches. Crisil has rated it as AAA. HDFC ERGO General Insurance Co. Ltd is a public limited company. It has products under the category of retail & rural segments. Motor, health, travel, home and personal accident insurance plans come under the retail segment. In the Rural category, they offer plans like Gramin Suraksha Bima, Parivar Suraksha Bima, Crop, Cattle and weather insurance. In 2017, it was merged with the buyout of L&T General Insurance.
CEO: Ritesh Kumar
Cus Care: 022 6234 6234
Bajaj Allianz General Insurance Company Limited
It is a Pvt Ltd Co., registered under IRDA in 2001 as a joint venture between Bajaj Finserv Limited and a German company named Allianz SE. Its headquarters is in Pune and has more than 200 offices in India. It is unique in operating 30 all-women branches. The company offers products in motor, travel, home, and marine insurance through health insurance dominates its product lines.
CEO: Tapan Singhel
Cus Care: 1800 209 5858
United India Insurance Company Limited
Earlier it was a subsidiary of General Insurance Company in India until 1999 when GIC became a Re-insurance Co. Being the largest general insurance company, United India has been the forerunner in designing and executing difficult covers to big customers like Mumbai International Airport, ONGC Ltd etc. It has reached the rural masses to cover their health hazards through the Universal Health Insurance program of Govt of India. It has about 2248 offices all over India and the headquarter is in Chennai.
CEO: Shri Girish Radhakrishnan
Cus Care: 1-800-425-33333
ICICI Lombard General Insurance Company Limited
Founded in 2001, it is a joint venture between ICICI Bank and Toronto based Fairfax Financials. It is the biggest amongst the Pvt sector general insurance companies in India, with a market share of about 16.8%. In 2018, there was a growth of 32.5% in the policy volumes when compared to 2017. It offers products to cover risks associated with health, motor, home, travel, crop/weather, liability, property, marine and specialty lines. The gross written premium for 2018 is Rs.126 bn. The company has about 253 offices to cater to its customers’ requirements.
CEO: Bhargav Dasgupta
Cus Care: 1800-2666
The Oriental Insurance Company Limited
This was incorporated as a full-fledged Govt non-life insurance company in 1947. In 1956 Oriental Insurance became a part of LIC and the same continued till 1973. Then it became a part of GIC Again in 2003. It started functionally independently like General Insurance Companies in India when GIC de-linked it. Headquarter The Oriental Insurance Company Limited is in New Delhi. The company offers more than 170 products in its insurance business. It also has branches in Nepal, Kuwait, and Dubai besides the 1800 branches in India. Now, the Govt has plans to merge it with ‘National Insurance Company.
CEO: A V Girija Kumar
Headquarters: New Delhi
Cus Care: 1800-118-485
Royal Sundaram General Insurance
Among all the private sector general insurance companies in India, it became to be licensed in Oct 2000. Initially, it was a joint venture between Sundaram Finance and UK based Royal & Sun Alliance Insurance Plc. In 2015, it became Royal Sundaram when it acquired the 26% equity from its partner Royal & Sun. It offers products in categories of Car insurance, Health Insurance, Two Wheeler Insurance, Travel Insurance & Accident Insurance.
CEO: Venkatesu Brahmanism
Cus Care: 1860 425 0000
TATA AIG General Insurance Company Limited
It began its operation in 2001 when Tata Group joined with the American International Group (AIG). It provides flagship products like motor, home, personal accident, travel, energy, property, marine. But distinguishes itself in providing specialized services through PCG (Pvt Client Group) feature to the Royal Families and likewise. Headquarter of TATA AIG is in Mumbai. The Customer can easily purchase insurance products through its various distribution channels like banks, brokers, agents, telemarketing, digital marketing, events and promos or online. Being the best General Insurance Companies in India it has more than 160 branches in Pan India.
CEO: Neelesh Garg
Cus Care: 1800 266 7780
Cholamandalam MS General Insurance
Known and awarded for best in time Claim Settlement, this company came into existence in 2001 as a joint venture between Murugappa Group and Japanese Mitsui Sumitomo Insurance Group. The Gross Written Premium of Rs. 31,333 mn in March 2017, boosted by 2.76% over 2016. They offer insurance products related to motor, home, personal accident, travel, energy, property, marine. Besides, the company has also started with the Chola MS Risk Services by which they offer comprehensive risk managing and engineering solutions in health, safety, environment, and insurance sector.
CEO: Mr. Arun Agarwal
Cus Care: 1800-200-5544
Types of General Insurance Companies in India
Below we have mentioned the different types of general insurance plans offered by general insurance companies of India
Health Insurance Companies
A health insurance is a type of general insurance which gives coverage against the medical cost like pre and post hospitalization cost. Different health insurance company covers different medical expenses, but there are some common medical expenses which covers by most of them:
- Accidental coverage
- Regular health checkups
- Annual health checkups
- Psychiatric support
- Delivery cases
Motor insurance covers you and your vehicle against all damage that happens due to accidents/ natural calamities/ theft. Right from the damaging cost to hospitalization cost, it will cover every expense. Most of the motor or car insurance companies cover:
- Damage caused in the accident
- It provides medical expenses to the survivor in case of an accident.
- Loss caused by the vehicle theft.
- Covers maintenance charges.
- Damage caused by natural calamities
A travel insurance is a type of general insurance which covers all the unexpected casualties that happen while traveling. Like medical coverage, luggage theft, and last minute trip cancellation charge. In the market, there are different type of Travel Insurance available such as:
- Solo Trip insurance Plan
- Family Travel Insurance Plan
- Student’s travel insurance plan
- Senior Citizen Travel Insurance Plan
Commercial insurance is a type of business insurance that gives you coverage against financial loss in the business. It offers to commercial entities such as businessmen, factories, shopping complex, etc. and provides financial coverage for any unwanted circumstances in the business.
Home insurance is a type of general insurance that gives your coverage against the loss of value due to theft, natural calamities, and fire. Almost all general insurance companies in India offer this plan at an affordable premium.
How to Choose the Best General Insurance Company?
There are plenty of general insurance companies in India. It is tough to choose an ideal one which offers you impressive features at an affordable premium. Below we have mentioned the steps to find the best general insurance company.
- Starts by asking yourself what type of general insurance plan you need and how much you can afford.
- Once you know the general insurance plan, find out which general insurance company is giving you more features in less premium.
- You can read the reviews of the general insurance companies online to check the authenticity and customers’ satisfaction.
- Choose the company that offers an effective general insurance plan and flexibility in paying a premium and also has great credibility in the market.