When it comes to choosing insurance policies for us, there is no doubt that we have a plethora of options. Insurance is something that almost every one of us will require at some point in time. Buying insurance is safe. In other words, buying insurance works as a protection for you and your family for times of emergencies.
There are two types of insurances. They are:
- Life Insurance
- General Insurance
Life Insurance covers human life for untimely or premature deaths, accidental deaths. On the other hand, General Insurance companies in India will cover certain events in your life. Here are the types of General Insurance policies:
The retails plans are:
- Health Insurance
- Travel Insurance
- Home Insurance (both contents and structure)
- Motor Insurance
The commercial plans are:
- Fire Insurance
- Workmen Compensation
- marine Insurance
- Directors and officers liability Insurance
- Group Medical Insurance
- Professional Indemnity Insurance
- Group Medical Insurance
Since there are so many General Insurance companies in India at present, it will be difficult for you to choose the best one. However, we are going to make things easier for you. In this blog, we will share the top 10 General Insurance companies in India.
The 10 best General Insurance companies in India
|SL No.||Name||Founded In||Headquartered In||Sector|
|1.||National India Assurance Company Limited||1919||Mumbai||Public|
|2.||National Insurance Company Limited||1906||Kolkata||Public|
|3.||Oriental Insurance Company Limited||1947||Delhi||Public|
|4.||Bajaj Allianz General Insurance Company||2001||Pune||Private|
|5.||Reliance General Insurance Company Limited||2000||Mumbai||Private|
|6.||TATA AIG General Insurance Company Ltd.||2001||Mumbai||Private|
|7.||IFFCO Tokio General Insurance Company Ltd.||2000||Gurugram||Private|
|8.||United India Insurance Company||1938||Chennai||Public|
|9.||Future General Insurance Company||2007||Mumbai||Private|
|10.||HDFC ERGO General Insurance Co. Ltd||2002||Mumbai||Private|
1. National India Assurance Company Limited
This is a multinational government organization and at present, it is the biggest one in the market. They offer a wide array of insurance policies at very affordable rates. This is the best option for any common person looking for General Insurance companies in India. The following are the highlights of this company:
- The company is rated as a “AAA” company from CRISIL (Credit Rating Information Services of India Limited). This is a great sign for a company to be capable of delivering customer claims.
- The incurred claim ratios are up to 85.66% with 99.94% grievance solving capability.
- Since the branches of this company are spread across India with more than 1600 offices, it is easy to get in touch with them.
2. National Insurance Company Limited
This company was set up in Kolkata in 1906. This is one of the oldest General Insurance companies in India. The highlights of this company are as follows:
- Covers a network of more than 6000 hospitals with a remarkable claims ratio
- The incurred claims ratio is 114.24% for 2017-18
- This company has a grievance solving ratio of 97.07% which is higher than most of the General Insurance companies in India.
3. Oriental Insurance Company Limited
This is known as the most customer-friendly company. Also, this organization is popular to be one of the foremost General Insurance companies in India in the public sector. With 31 regional offices and more than 1800 branches, this is one of the most popular General Insurance companies in India. Its highlights are:
- It covers much more than other existing General Insurance companies in India.
- Segregated rural and urban insurance policies to optimally comply with the evolving demographics.
- The company has a high customer loyalty value because the claim rejection ratio is low.
- There are different capping limits offered in the insurance policies that help in deducting the premiums to be paid.
4. Bajaj Allianz General Insurance Company
This is a very common name amongst the General Insurance companies in India. It is a consistently growing company in the General Insurance sector with a growth margin of 17%. Its features are:
- ICRA recognized this company as an iAAA-rated organization for 13 consecutive years. This means that the company has got a high claim-clearance ratio.
- Excellent customer services
- The Operational Risk Management process is ISO certified that signifies proactive risk management
- Bajaj Allianz comes with an easy AI portal to utilize the digital features and automation facilities. The company started the initiative of industry-first through cashless claim settlement, in-house health management, and more.
5. Reliance General Insurance Company Limited
The General Insurance Company in India has got footprints all over India with more than 12000 intermediary offices, online facilities, and 139 main branches. It was set up in 2000 and in the last 20 years, it has become one of the prominent General Insurance companies in India.
- The claim ratio of this company is 106.54% for health insurance and the motor insurance claim is 81.47%.
- They offer customized insurance policies to help their customers.
- They are the first to start an innovative “over the counter” home and health insurance policies in India.
6. TATA AIG General Insurance Company Ltd.
This is a joint venture of the American International Group (AIG) and TATA Group. In the last 18 years, it has shown steady growth and became a very popular General Insurance company in India.
- TATA AIG specializes in delivering innovative solutions, customer services, policies, and ensures easy claims process management.
- The company offers a wide array of General Insurance solutions for accidents, liabilities, travel, Marine Cargo, rural-agricultural insurance, and more.
- The company has a great asset base and it is present throughout India with more than 200 offices.
- TATA AIG comprises more than 22000 licensed agents along with 390+ licensed brokers. This indicates how strong their network is.
7. IFFCO Tokio General Insurance Company Ltd.
This organization is a joint venture of the Tokio Marine Group of Japan and the Indian Farmer Fertilizer Co-operative. This is a preferred General Insurance company in India with a strong online presence in rural areas.
- This is the first General Insurance Company to offer mega policies for an automobile organization and a fertilizer company.
- It offers all-round risk coverage because the outflow of the premium is increased with international policy rates.
- IFFCO Tokio has been recognized for the unique niche-specific policies it offers along with the conventional ones.
8. United India Insurance Company
United India Insurance Company has established dominance in the General Insurance sector of India because of the following features:
- A wide range of policies with enough customizable options to cope with multiple requirements
- The company offers a lot of “claim-free-year” benefits that include a no-claim bonus of 3%, free medical checkups and more
- The policies cover a wide array of features
9. Future General Insurance Company
Established in 2007, Future General Insurance is a renowned General Insurance Company that deals in products like motor insurance, health insurance, travel insurance, home insurance, and more.
- Covers a wide array of insurance policies for individuals of all ages.
- With more than 1800 employees and 12Lakh policies, the company has established itself as a credible organization across India.
10. HDFC ERGO General Insurance Co. Ltd
Being a leading provider of General Insurance in India, this is one of the oldest of the organizations. The company has won a wide array of awards and accolades.
- 85% of motor insurance claims are settled and 53% of the health insurance claims are settled
- A strong online presence with a fast and responsive website and mobile application
- A wide array of customized insurance plans