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. 

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.