General Insurance Companies in India

Due to the unpredictability of life, one must always be prepared to face surprises, both good and bad. While the pleasant surprises are easier to handle, emergencies can be tough on you and your family without proper contingencies.

Thankfully, insurance companies offer financial assistance in almost all kinds of emergencies, provided you avail such coverage beforehand.

Insurance in India is divided into two parts – life insurance and non-life insurance. These latter policies are classified as general insurance plans, which comprise several different types of coverage.

While not every single individual requires all types of general insurance policies, owning the essential ones is highly recommended.

What is a General Insurance Company?

A general insurance company is an enterprise, which creates, markets and supports the various non-life insurance types to customers. Policyholders must pay the premium for a general insurance plan to such a company.

In return, these companies offer a financial benefit to these individuals when certain pre-requisite conditions are met.

These conditions differ based on the kind of general insurance policy one chooses. The most common types of general insurance include the following:

Health insurance
Motor Insurance (for Car, Bike & Commercial Vehicles)
Travel insurance
Insurance for consumer durable products
Commercial insurance
Property Insurance (for Home, Shop, Building etc.)
Agriculture insurance

Each of these general insurance types is necessary for certain situations. Still, not everyone requires each one of them, barring health insurance.

Medical insurance is one of the most important insurance coverage that one should pick, regardless of their age, health condition and other factors.

List of General Insurance Companies in India

Company name	Founding year	Headquarter location
National Insurance Co. Ltd.	1906	Kolkata
Go Digit General Insurance Ltd.	2016	Bengaluru
Bajaj Allianz General Insurance Co. Ltd.	2001	Pune
Cholamandalam MS General Insurance Co. Ltd.	2001	Chennai
Bharti AXA General Insurance Co. Ltd.	2008	Mumbai
HDFC ERGO General Insurance Co. Ltd.	2002	Mumbai
Future Generali India Insurance Co. Ltd.	2007	Mumbai
The New India Assurance Co. Ltd.	1919	Mumbai
Iffco Tokio General Insurance Co. Ltd.	2000	Gurugram
Reliance General Insurance Co. Ltd.	2000	Mumbai
Royal Sundaram General Insurance Co. Ltd.	2001	Chennai
The Oriental Insurance Co. Ltd.	1947	New Delhi
Tata AIG General Insurance Co. Ltd.	2001	Mumbai
SBI General Insurance Co. Ltd.	2009	Mumbai
Acko General Insurance Ltd.	2016	Mumbai
Navi General Insurance Ltd.	2016	Mumbai
Edelweiss General Insurance Co. Ltd.	2016	Mumbai
ICICI Lombard General Insurance Co. Ltd.	2001	Mumbai
Kotak Mahindra General Insurance Co. Ltd.	2015	Mumbai
Liberty General Insurance Ltd.	2013	Mumbai
Magma HDI General Insurance Co. Ltd.	2009	Kolkata
Raheja QBE General Insurance Co. Ltd.	2007	Mumbai
Shriram General Insurance Co. Ltd.	2006	Jaipur
United India Insurance Co. Ltd.	1938	Chennai
Universal Sompo General Insurance Co. Ltd.	2007	Mumbai
Agriculture Insurance Company of India Ltd.	2002	New Delhi
Aditya Birla Health Insurance Co. Ltd.	2015	Mumbai
Manipal Cigna Health Insurance Company Limited	2012	Mumbai
ECGC Ltd.	1957	Mumbai
Max Bupa Health Insurance Co. Ltd	2008	New Delhi
Care Health Insurance Ltd	2012	Gurgaon
Star Health & Allied Insurance Co. Ltd.	2006	Chennai

Frequently Asked Questions

✓ What are the general insurance policies?

All forms of insurance plans, apart from life insurance, are categorised as general insurance plans. For instance, if you are buying a new vehicle, a policy to safeguard your financial interest in the same is a form of general insurance. However, this particular type of general insurance is known as motor insurance.

✓ What is the difference between general and life insurance?

Life insurance is a policy, which offers a death benefit to the covered policyholder. Thus, after the death of the insured individual, a life insurance policy offers financial compensation to the insured person’s family members. However, general insurance policies do not offer any death benefits. Instead, the insured policyholder of such plans can claim compensation when certain conditions are met.

✓ How can you pick a reliable general insurance provider?

You would need to consider several factors before picking an insurance company that is most suitable for your needs.

The first thing to verify is the reputation of the brand, which one can glean from ratings on Facebook and Google.

Next, assessing the claim settlement ratio should help you understand how easily one can acquire compensation from the company in times of need.

Lastly, the premiums for policies on offer should also influence your decision regarding the ideal insurance provider.