List of General Insurance Companies in India

Explore the list of General Insurance Companies in India, their benefits, types and more.
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3 min
26-February-2024

General Insurance companies play a crucial role in protecting individuals, businesses, and assets from various risks. With the increasing awareness of insurance, the demand for general insurance policies in India has increased significantly. In this article, we will discuss the top general insurance companies in India and the benefits of general insurance policies.

What is a General Insurance Company?

A general insurance company specialises in offering non-life insurance policies that protect individuals and businesses against financial losses due to unforeseen events such as accidents, natural disasters, theft, or liability claims. These companies provide a wide range of insurance products tailored to meet diverse needs and risks.

Types of general insurance policies in India

Discussed below are a few types of general insurance policies:

  • Motor insurance: Covers vehicles against damages, theft, and third-party liabilities.
  • Health insurance: Provides coverage for medical expenses arising from illnesses, accidents, hospitalizations, and surgeries.
  • Home insurance: Protects homes and belongings from damages due to fire, theft, natural calamities, and other perils.
  • Travel insurance: Offers coverage for trip cancellations, medical emergencies, lost baggage, and other travel-related risks.
  • Commercial insurance: Includes policies such as property insurance, liability insurance, marine insurance, and business interruption insurance for businesses.

Read more: Key Difference Between Life Insurance vs General Insurance

List of General Insurance Companies in India

Discussed below are a few General Insurance companies in India:

Insurance company

Claim settlement ratio

Bajaj Allianz General Insurance

96.85%

ICICI Lombard General Insurance

97.10%

HDFC ERGO General Insurance

99.87%

Aditya Birla Health Insurance

93.70%

New India Assurance Company Limited

92.93%

United India Health Insurance 

97.25%

National Insurance Company Limited

86.28%.

SBI General Insurance

92.00%

Tata AIG General Insurance

86.50%
  • New India Assurance Company Limited
    Established in 1919, New India Assurance is one of the oldest and largest general insurance companies in India. It offers a wide range of insurance products, including motor, health, travel, and commercial insurance.
  • United India Insurance Company Limited
    United India Insurance is another prominent player in the Indian insurance market, providing comprehensive coverage across various sectors such as motor, health, and property insurance.
  • National Insurance Company Limited
    With a strong presence across the country, National Insurance Company offers a diverse range of insurance solutions catering to individual and corporate needs.
  • Bajaj Allianz General Insurance Company Limited
    Bajaj Allianz General Insurance is a joint venture between Bajaj Finserv Limited and Allianz SE, one of the world's largest insurance companies. It offers a comprehensive portfolio of insurance products, including motor, health, travel, and home insurance.
  • SBI General Insurance
    Established in 2010, SBI General Insurance is a collaboration between two financial powerhouses. This insurer provides a variety of insurance offerings in both commercial and retail sectors, boasting competitive premiums. It stands as one of the well-regarded insurance firms in India.
  • TATA AIG General Insurance
    It was established in 2001 and has since emerged as one of the leading insurance enterprises in India. Renowned for its offerings in motor, health, and travel insurance, Tata AIG also extends its services to the Private Client Group.
  • Aditya Birla General Insurance
    Aditya Birla General Insurance offers insurance products aimed at providing optimal protection at affordable rates. Prioritising customer satisfaction, the company tailors its plans to meet individual requirements. Additionally, it guarantees hassle-free experiences and delivers intelligent insurance solutions.
  • HDFC ERGO General Insurance
    HDFC ERGO General Insurance, formed through collaboration with HDFC and ERGO International AG, now operates as a subsidiary of HDFC Bank Limited. It offers a comprehensive range of insurance products including motor, health, travel, home, and corporate insurance, backed by a wide distribution network and round-the-clock customer support.
  • ICICI Lombard General Insurance
    ICICI Lombard, a premier private general insurance company, provides a diverse array of products via various channels, encompassing motor, health, crop, fire, personal accident, marine, engineering, and liability insurance.

Benefits of general insurance policies in India

These general insurance policies come with multiple benefits, including:

  • Financial protection: General insurance policies provide financial security by covering the cost of damages or losses incurred due to unforeseen events.
  • Risk management: Insurance helps individuals and businesses mitigate risks by transferring them to the insurance company.
  • Legal compliance: Certain types of insurance, such as motor insurance, are mandatory by law, ensuring compliance with legal requirements.
  • Customised coverage: General insurance policies can be tailored to meet specific needs and requirements, providing flexibility and choice to policyholders.

Tax benefits with general insurance policies

  • Section 80D deductions: Premiums paid towards health insurance policies qualify for tax deductions under Section 80D of the Income Tax Act. The maximum deduction allowed is Rs. 25,000 for individuals and Rs. 50,000 for senior citizens.
  • Section 80C deductions: Premiums paid towards certain types of general insurance policies, such as home insurance with a component of life insurance, may qualify for deductions under Section 80C of the Income Tax Act, subject to the overall limit of Rs. 1.5 lakh.

Read more:Tax Benefits on Health Insurance

In conclusion, general insurance companies in India play a pivotal role in providing protection and financial security against various risks and uncertainties. By offering a diverse range of insurance products tailored to meet individual and business needs, these companies ensure peace of mind and stability for their policyholders. With tax benefits available on premiums paid towards certain policies, investing in general insurance is not only a prudent financial decision but also a means of safeguarding one's future against unforeseen contingencies.

Frequently asked questions

How to choose the right general insurance company in India?

While selecting a general insurance company in India, one should consider factors such as the company's reputation, customer service, policy coverage, and premium cost. It is recommended to compare the policies offered by different insurance companies before making a final decision.

What are the benefits of purchasing a general insurance policy from top insurance companies in India?

Purchasing a general insurance policy from top insurance companies in India provides various benefits, such as financial protection against unforeseen events, peace of mind, customisable policy options, and tax benefits. Moreover, the top general insurance companies in India offer excellent customer service and are known for their prompt claim settlements.

How to buy a general insurance policy in India?

One can buy a general insurance policy in India either online or offline. The online method involves visiting the insurance company's website, selecting the desired policy, entering personal and policy details, and making payment online.

Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.