As a matter of fact, we tend to value the things that are around us. These valuable things may include your home, your vehicle, or maybe other valuables like gold or money. It may also include your health, money lending, professional or personal casualties etc. which does not involve anything related to death.
Such above-mentioned valuables are certainly in need to total protection. This job is thoroughly performed by the General Insurance Policies or Non-life Insurance Policies which help you safeguard the health of yours and your family’s as well as the things around that you value a lot.
Not to mention that there is a huge financial risk associated with the things around you. Providing them a financial protection against storm, fire, earthquake, flood, theft, car accidents and other travel accidents etc. is extremely important. General Insurance Companies basically provide you with a plethora of choices from which you can choose the plan as per your requirements. General Insurance Company basically offers the financial protection through their products against the impact of these aforementioned man-made and natural calamities.
General Insurance Policy also takes care of the expenses spent on the legal actions. To cut a long story short, you have the alternative to pick and choose the right type of coverage by opting for the right type of general insurance policy as per your requirements. Keep in mind that the tenure for a general insurance policy is mostly yearly contracts and it doesn’t have any similarity with the life insurance plans in terms of tenure.
In a country like India, there is a plethora of General Insurance Companies. Find out some details in brief about all the general insurance companies in India below.
Apollo Hospitals in India are well-known for their superior medical practices. They have established themselves as a reputed brand throughout all these years now. In the month of August in 2007, Apollo Hospitals associated with Munich Health which is an internationally recognized insurance brand. Presently, Apollo Munich Health Insurance is seen as one of the most reliable and preferential health insurance companies in India.
Aditya Birla Health Insurance Co. Ltd is the result of a partnership between Aditya Birla Group and MMI Holding Limited. This joint business enterprise aims to provide families and individuals a healthier and happier life. The motive of Aditya Birla Health Insurance Co. Ltd. is to encourage families to prioritize and purchase health insurance policies.
Acko General Insurance
Acko General Insurance Company was founded in November 2016 in India. It is a private sector general insurance company. In September 2017, Acko General Insurance received its license from the Insurance Regulatory and Development Authority of India (IRDAI). Acko General Insurance basically follows an online-led model. This is why the company operates through the digital platform.
ATo talk about the year 2018, Acko General Insurance raised $42 million in funding from investors like Accel Partners, Amazon, Catamaran Ventures, SAIF Partners etc. The products on offer by Acko General Insurance include in-trip domestic insurance, motor insurance and mobile insurance.
Agriculture Insurance Company of India Limited
Agriculture Insurance Company of India Limited is one of the reputed general insurance companies in the country. The company was established on 20th December 2002 under the Indian Companies Act, 1956. Agriculture Insurance Company of India Limited was incorporated with an objective to meet the unique requirements of the farmers and to build up a maintainable actuarial management.
Bharti AXA General Insurance Company Limited was established in 2008. It is a joint business enterprise between The Bharti Enterprises, one of India Leading Business Houses and the AXA, a French Multinational Insurance Firm. The Bharti group holds 51% share in this joint venture while AXA Group holds 49% of the company stake.
In a small stretch of just 11 years, the Bharti AXA General Insurance Company Ltd. has extended its horizons in both General Insurance Products and Life Insurance Category. Bharti AXA General Insurance has an enormous network and well-organized insurance distributors who are well trained and equipped to offer best quality financial services and insurance solutions all type of customers in India.
Bajaj Allianz General Insurance Company Limited is basically a joint business enterprise between Allianz SE, world's foremost insurance company and Bajaj Finserv Limited, an Indian financial services company. The company has capital of Rs. 110 crore. Bajaj Finserv Limited holds 74% of the company stake while 26% of the company shares are held by the Allianz SE. They began their operations in the year 2001. In present, Bajaj Allianz General Insurance has range of products on offer for both individuals and corporate sector. The company has received iAAA rating from ICRA, a credit rating agency, for 10 consecutive years.
Cigna TTK Health Insurance Company Limited is a collaboration between a leading US based health services provider, Cigna Corporation and TTK group of India. Cigna TTK began its operations in the year 2014. The company has its headquarters in Mumbai. As a provider or health insurance across 15 cities of the country Cigna TTK Health Insurance Co. Ltd has a pan India presence. A first-of-its-kind product – Cigna Global Health Product (CGHP) was launched by Cigna TTK Health Insurance Co. Ltd shortly after establishment in 2014. The company has won trusts of numerous customers because of its tailor-made plans.
Chola MS General Insurance Co. Ltd. has its headquarters in Chennai. Chola MS is one of the leading general insurance companies in the country. Cholamandalam MS was incorporated about 14 years ago, in the year 2005. The company values transparency, truth and technology in terms of forming the foundation of the multi-faceted general insurance company.
Chola MS has several products on offer like business protection solutions, different types of general insurance etc. Cholamandalam health insurance is exceedingly well-liked amongst their customer base owing to their high level of customer satisfaction through innovative vision and optimized operational processes. Cholamandalam Health Insurance has PAN-India presence with over 90 centers and an agent strong network 7000.
Export Credit Guarantee Corporation of India Ltd
Export Credit Guarantee Corporation of India or the ECGC Limited was established in the year 1957. It is a completely Government of India owned general insurance company. The ECGC Limited was incorporated with an objective to promote exports from India and by this means offering Credit Risk Insurance and various other related services for exports. On the whole, Export Credit Guarantee Corporation of India is an export promotion organization.
IFFCO Tokio General Insurance Company Limited was founded in the year 2000. It is one of the most renowned general insurance companies in India. IFFCO Tokio is basically a joint business enterprise between IFFCO and associates and Tokio Marine & Nichido Fire Insurance Co. Ltd. based in Japan.
Indian Farmers Fertilizer Co-operative (IFFCO) is one of the major co-operative fertilizer manufacturers in the world. IFFCO was established in the year 1967. The company made its place in the agricultural perpendicular by constantly optimizing their marketing practices at the same time as delivering the best products. For over 140 years, Tokio Marine & Nichido Fire Insurance Co. Ltd. has been providing insurance in Japan and this makes them the oldest insurance providers.
HDFC ERGO General Insurance Company is basically a joint business enterprise HDFC, one of the most respected financial institutions providing housing finance and ERGO International AG, a Germany-based company. HDFC ERGO General Insurance Company has a variety of products on offer like motor insurance, health insurance, travel insurance etc. and much more. HDFC ERGO is one of the leaders in the private sector general insurance providers in the country. The company has received the prestigious iAAA rating by ICRA, a credit rating company, to indicate the company’s high claim settlement ratio. The company is ISO certified.
Future Generali India Insurance Company Limited is basically joint venture between Future Group and the Generali Group. The company was incorporated in 2006. Future General offers wide-ranging easy solutions for the financial protection of the customers with an extensive range of effective insurance products. Future Generali insurance plans provide you with the freedom to lead your life stress-free a sense of security. Moreover, the company offers customized plans as per your requirement.
Liberty General Insurance Co. Ltd
Liberty General Insurance Co. Ltd joint business collaboration between Liberty Citystate Holdings PTE Ltd., a US based Group Company known as Liberty Mutual Group, which is a leading global property and casualty group, Enam Securities, a privately managed and owned business firm that makes long-term investments in listed companies, and also backs entrepreneurs building valuable private companies and an industrial conglomerate, DP Jindal Group. The company commenced its operations in 2013.
Max Bupa Health Insurance Company Ltd., chiefly known as Max Bupa, is basically a joint business enterprise between Max India Limited and Bupa, a pioneer in healthcare services from UK. The Max India Group is considered to be a precursor in the Indian health and insurance division.
Their range of the company includes hospitals, life insurance, and health related clinical research. Conversely, Bupa has over 11.3 million customers across 190 countries and boasts of over 6 decades experience in the healthcare industry. Max Bupa health insurance aims to become the most preferred health insurance company in India by being dedicated and loyal to their valued customers.
Magma HDI General Insurance Co. Ltd
Magma HDI General Insurance Co. Ltd is a joint venture between the Magma Fincorp Ltd, Kolkata and HDI Global SE Germany. The prime objective of the company is to become one of the most responsible and vibrant general insurance companies in India. Magma HDI aims to fulfill the ambitions of all their stakeholders. The company wants to offer exceptional and first-rate services to their esteemed customers.
The Oriental Insurance Company Limited (OICL) was established in the year 1947. It is an entirely government of India owned subsidiary. The prime intention to shape Oriental Insurance was to supply for the requirement of General Insurance for all the segments in the Indian market. Oriental Insurance Company started with a modest beginning with a first year premium of 99,946 in 1950. And since then the company has led the way to a range of general insurance products in India. Oriental Insurance and has earned a considerable status in the Indian Insurance industry for its methodical and smooth achievements of the general insurance business.
National Insurance Company Limited (NICL) is the oldest providers of general insurance solutions in India. The company was established in the year 1906 and is renowned for achieving noteworthy milestones. The company has achieved a considerable reputation by launching corporate and rural insurance products. NICL has first-class deals on offer for online insurance products. This company offers a wide range of products and effective services associated with the insurance sector.
New India Assurance Co. Ltd was founded by Sir Dorabji Tata in the year 1919. In present, the New India Assurance Company is an entirely Government of India owned multinational general insurance company. New India Assurance operates in 28 countries across the globe and the company has it’s headquarter in Mumbai, India.
CRISIL, a global rating agency has conferred an AAA/Stable rating to New India Assurance. Such rating of is a reflection of the company’s financial solubility and stability, which sequentially proves the strength and ability of the company to fulfill their customer’s claims. Furthermore, New India Assurance is the only direct general insurance provider in India that has been rated A - (Excellent - Stable outlook) by AM Best, a U.S.-based credit rating agency.
Religare Health Insurance Company Limited is basically the product of a leading financial services company joining hands with two reputed public sector banks. Religare Health Insurance Company Limited established as a business enterprise between Religare Enterprises Limited, Union Bank of India and Corporation Bank.
There’s no need for an introduction for Religare Enterprises Limited. Religare Health Insurance Co. Ltd. focuses chiefly on health insurance products. Religare also provides travel insurance policies. Religare Health Insurance Company is endorsed by the founders of very well-known healthcare companies – SRL Diagnostics and Fortis Healthcare.
Kotak Mahindra General Insurance Co. Ltd is basically a subsidiary of Kotak Mahindra Bank which serves the requirements of their customers with their mounting non-life insurance needs. The prime focus of the Kotak Mahindra general Insurance is to provide outstanding customer service and best quality insurance products with innovation. The company aims to provide different types of customers.
Reliance General Insurance Company Limited an essential part of Reliance Capital. Reliance Capital has expanded its business in insurance of all kinds, mutual funds, commercial finance, asset management and various other financial services. Reliance Life has a massive diversity of life insurance plans that offers custom-made plans as per the customer's individual requirements.
Raheja QBE General Insurance Company is basically a joint business enterprise between the Prism Cement Limited of Rajan Raheja Group & QBE Holdings Pty Limited of Australia. Raheja QBE General Insurance Company is one of the famous general insurance companies in India. It was founded by Rajan Raheja Group which is one of the vibrant business groups in India. Raheja QBE is well-known for its unique insurance products.
Royal Sundaram General Insurance Co. Ltd was previously recognized as Royal Sundaram Alliance Insurance Company Limited. The company provides the best in class comprehensive general insurance solutions. Royal Sundaram General Insurance also provides ground-breaking insurance solutions to a range of categories like the individuals, families and businesses. The company offers diverse general insurance products and services like health, personal accident, car, two wheeler, home and travel insurance.
Shriram General Insurance Co. Ltd ()
Shriram General Insurance Co. Ltd is basically a joint business enterprise between Shriram Capital Ltd and Sanlam Limited. Shriram General Insurance Co. Ltd has been rewarded with “Excellence in Growth Award” in 2011 and 2012 respectively. The major objective of Shriram General Insurance is to serve a large group of “Aam Admi” with their multiplicity of products.
SBI General Insurance Co. Ltd is basically a joint venture between State Bank of India and BNP Paribas S.A., a French international banking group. SBI General Insurance was established in the year 2001. The company offers a number of different general insurance products as per customer’s requirements. SBI General Insurance is renowned for offering versatile products.
Universal Sompo General Insurance Company Limited is a joint venture between three public sector Indian banks namely Allahabad Bank, Indian Overseas Bank, Karnataka Bank; a leading Indian FMCG company, Dabur India Limited and Sompo Japan Nipponkoa, a private Japanese insurance company. Allahabad Bank holds 30% of the strake while Indian Overseas Bank & Karnataka Bank hold a share of 19% and 15% respectively in the company. Dabur India Limited holds 10% of the company stake and the rest 26% of stake is held by Sompo Japan Nipponkoa. Universal Sompo General Insurance Company Limited has a number of effective individual and commercial general insurance products on offer for its customers.
Star Health & Allied Insurance Company Limited is a famous insurance company since it’s a standalone health insurance company in India. The company was established in the year2006. Ever since the company was formed, Star Health and Allied Insurance Co. Ltd has been providing effective health insurance, personal accident and travel insurance plans. The company was awarded as the Best Health Insurance in 2015. Star Health has set high standard as a health insurer in India. Being the first standalone health insurance company in India, Star Health has thousands of network hospitals. The company also takes pride in providing an exceptional claim settlement to their customers.
United India Insurance Company Limited (UICL) one of the oldest general insurance companies in India. The company was established in 1938. Later, United India was merged with 12 Indian Insurance Companies – 4 Cooperative Insurance Societies and Indian operations of 5 Foreign Insurers, a part from General Insurance operations of southern region of LIC India. United India has notables clients like GMR –Hyderabad International Airport Ltd, ONGC Ltd, Mumbai International Airport Ltd etc.
Tata AIG General Insurance Company Limited was established on January 22, 2001. It is basically a joint business enterprise between Tata Group, the largest conglomerates of India and the American International Group (AIG), an international insurance company with its presence in more than 100 countries internationally. Since the year 2001, Tata AIG General Insurance has made it an objective to provide effective and affordable insurance products so that the customers can meet their unique requirement. Tata AIG was awarded as the “General Insurer Claims Team of the Year” by Claims Awards Asia in 2013. Tata AIG General Insurance also provides consumer and commercial general insurance policies.
- Star Health Insurance
- National Insurance Company Limited
- Bajaj Allianz General Insurance Company Limited
- United India Insurance Company Limited
- Oriental Insurance Company Limited
- HDFC ERGO General Insurance Co. Ltd
- SBI General Insurance Company Limited
- Star Health and Allied Insurance Co Ltd
- Bharti AXA General Insurance Company Limited
- National Two Wheeler Insurance
- New India Two Wheeler Insurance
- United India Two Wheeler Insurance
- Oriental Two Wheeler Insurance
- HDFC Ergo Two Wheeler Insurance
- Bajaj Allianz Two Wheeler Insurance
- SBI Two Wheeler Insurance
- Iffco Tokio Two Wheeler Insurance
- Reliance Two Wheeler Insurance
- Bharti AXA Two Wheeler Insurance