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Types of General Insurance in India

What is General Insurance?

What are the Different Types of General Insurance in India?

Almost everything under the Sun that you can call an asset can be insured. However, in India, General Insurance is majorly classified into the following types:

Types Examples
Health Insurance Individual health insurance, family floater health insurance, senior citizens health insurance, etc.
Motor Insurance Car insurance, two-wheeler insurance and commercial vehicle insurance
Travel Insurance Domestic travel insurance, international travel insurance, student travel insurance, etc.
Property Insurance Shop insurance, home insurance, burglary insurance, etc.
Commercial Insurance Liability insurance, marine cargo insurance, engineering insurance, etc.
Asset Insurance Mobile phone insurance, TV insurance, jewellery insurance, etc.
Pet Insurance Dog insurance and cat insurance
Bite-Sized Insurance Online fraud protection insurance, cab ride insurance, backpack insurance, etc.

Types Of General Insurance

How Does General Insurance Work in India?

Why Do You Need General Insurance?

Why is IRDAI Making Insurance Mandatory?

List of General Insurance Companies in India

Here is a list of the top general insurance companies in India:

Name of the Company Headquarters Location IRDA Registration Number Founding Year
National Insurance Co. Ltd. Kolkata 58 1906
The New India Assurance Co. Ltd. Mumbai 190 1919
United India Insurance Co. Ltd. Chennai 545 1938
The Oriental Insurance Co. Ltd. New Delhi 556 1947
ECGC Ltd. Mumbai 124 1957
Reliance General Insurance Co. Ltd. Mumbai 103 2000
Iffco Tokio General Insurance Co. Ltd. Gurugram 106 2000
Tata AIG General Insurance Co. Ltd. Mumbai 108 2001
Cholamandalam MS General Insurance Co. Ltd. Chennai 123 2001
Bajaj Allianz General Insurance Co. Ltd. Pune 113 2001
Royal Sundaram General Insurance Co. Ltd. Chennai 102 2001
ICICI Lombard General Insurance Co. Ltd. Mumbai 115 2001
HDFC ERGO General Insurance Co. Ltd. Mumbai 146 2002
Agriculture Insurance Company of India Ltd. New Delhi 126 2002
Star Health & Allied Insurance Co. Ltd. Chennai 129 2006
Shriram General Insurance Co. Ltd. Jaipur 137 2006
Universal Sompo General Insurance Co. Ltd. Mumbai 134 2007
Raheja QBE General Insurance Co. Ltd. Mumbai 141 2007
Future Generali India Insurance Co. Ltd. Mumbai 132 2007
Max Bupa Health Insurance Co. Ltd New Delhi 145 2008
Bharti AXA General Insurance Co. Ltd. Mumbai 139 2008
SBI General Insurance Co. Ltd. Mumbai 144 2009
Magma HDI General Insurance Co. Ltd. Kolkata 149 2009
Manipal Cigna Health Insurance Company Limited Mumbai 151 2012
Care Health Insurance Ltd Gurgaon 148 2012
Liberty General Insurance Ltd. Mumbai 150 2013
Aditya Birla Health Insurance Co. Ltd. Mumbai 153 2015
Kotak Mahindra General Insurance Co. Ltd. Mumbai 152 2015
Go Digit General Insurance Ltd. Bengaluru 158 2016
Zuno General Insurance Ltd. (previously known as Edelweiss General Insurance) Mumbai 159 2016
Navi General Insurance Ltd. Mumbai 155 2016
Acko General Insurance Ltd. Mumbai 157 2016

Difference Between General and Life Insurance

Listed below are the major differences between General Insurance and Life Insurance:

Parameter General Insurance Life Insurance
Applicability of claim In case of loss due to fire or any other peril, the insurance company will pay the claim amount after the deductible (as applicable). The reimbursement under the life insurance is made either at the time of maturity or death.
Amount of Reimbursement General Insurance works as per the policy limits and conditions. The Life Insurance Policy is an investment policy which is paid on maturity of the policy.
Functional Period General Insurance policies are issued for a period of 1 year. Life Insurance policies are issued for lifetime or till the policy matures.
Payment of Premium Under General Insurance policies, the premium will be paid for one year till the renewal of the policy. Under Life Insurance policies, the premium will be paid for the total term of the policy.
Insurable Interest Under a General Insurance Policy, the insurable interest of the policyholder should be present at the time of renewal and loss. Under a Life Insurance policy, the individual who has the insurable interest should always be present.

Now that you have a clear idea of the types of general insurance, you can choose a policy that best suits your requirements. However, please ensure to research details like the policy coverage, terms and conditions, premium amount, etc., before making your pick.  

FAQs about Types of General Insurance