General Insurance Company in India

General Insurance Company in India

General insurance policies are taken to cover non-living objects such as goods and assets in case any damaged take place, the owner has to bear the financial losses. But if your assets are covered under the general insurance policies, then without any problem you easily can get the value of your assets. For example, motor insurance provides third party insurance to your car, fire insurance cover the damages happened due to fire, health insurance policy offer coverage to your health.

Why General Insurance Policies are Important?

Every asset has some financial value like if you have a car, home, jewellery or company asset, it has some value. If any damage takes place with your asset or stolen, there would be a financial loss. Sometimes these financial losses might threaten your stability. General insurance policies help you to compensate for these financial losses and make you calm. This is the reason, the general insurance policies may play an important role here.

General insurance Penetration in India Year 2019, By Product

In the fiscal year 2019, health insurance had a 25% share, Motor third party has a 22% share, the crop had a 20% share, Motor (own damage) had a 16% share and fire had an 8% share in the overall product mix. Report prepared by Statista.com.

Types of General Insurance Policies

Different types of coverage option provided by general insurance. It provides types of plans and these plans further divided into sub-variants. Let’s understand all these plans and their variants in brief.

Health Insurance:

Health insurance provides coverage to the health-related issues, cover the medical expenses, hospitalization expenses incurred. Health insurance plans help you to handle medical crisis and make you relief from money exhausted expenses. And it is further divided into the sub-category.

Indemnity Health Plans:

An indemnity health plan is one where the health insurance company cover the actual cost incurred as expenses during hospitalisation. Indemnity health plans would pay the hospital bills incurred under the policy after the submission of adequate medical bills and other proof as well. it is further divided into two types.

1. Individual health insurance plan  – It covers a single person
2. Family Floater Health Insurance Plan – This plan covers all the family member under the same plan. Family floater health plan generally covers the policyholder, policyholder children, wife and dependent parents. The provided sum insured shared between them equally.

Fixed Benefit Health Plans

Fixed benefit plans are those which provide fixed benefits to the policyholder during raising a claim for a specific medical condition. Lumpsum amount is paid to the policyholder irrespective of the actual medical costs. Again it is further divided into following variants-

1. Personal Accident Plan–  This plan covers accidental uncertainty. If the policyholder suffers death or disability due to accident.
2. Critical Illness Plan– Every health insurance company have a pre-defined list of critical illnesses and major surgical procedures. If the policyholder suffers from any illness which comes under the covered illnesses, then the company pays him or her a lump sum amount irrespective of the actual cost of treatment.
3. Hospital Daily Cash Benefit Plans– It covers the only hospitalization expenses, if the policyholder hospitalized for more than 24 hours then the health insurance company pays daily cash benefits to him or her.

 Senior Citizen Health Insurance Plan

Senior citizen plans are specifically designed for individuals aged 60 or plus. These insurance plans are indemnity oriented health plans to cover old aged people. It helps the senior citizen to get better treatment in their old age without depending on others.

Specific Disease Plans

Specific disease plans are those, that are specifically designed to cover the specific illnesses such as cardiac, diabetes, dengue and maternity. It is good to have such plans to protect your finance

Health insurance acts as an additional source of money and helps you to stay ahead of uncertainty. Before going to buy any health insurance plans from any health company must read the factors as we discussed in the previous article.

Motor Insurance

 List of General Insurance Company in India

S.No.	Insurance Company	Web Address	Communication Channel
1	Acko General Insurance Ltd.	www.acko.com	Phone: 022 62672525
2	Aditya Birla Health Insurance Co. Ltd.	adityabirlahealthinsurance.com	Phone: +91 22 6279 9500
3	Agriculture Insurance Company of India Ltd.	www.aicofindia.com	Phone: 011-24600444
4	HDFC ERGO Health Insurance Limited (Formerly Apollo Munich Health Insurance Company Limited)	www.hdfcergohealth.com	Tel. No.: +91-124-4584333 Fax No.: +91-124-4584111 Email id: care@hdfcergohealth.com
5	Bajaj Allianz General Insurance Co. Ltd	www.bajajallianz.com	Phone: 020-66026666 Fax: 020-66026667
6	Bharti AXA General Insurance Co. Ltd.	www.bharti-axagi.co.in	Phone: 022 49181569
7	Cholamandalam MS General Insurance Co. Ltd.	www.cholainsurance.com	Phone: 044-30445400 Fax: 044- 30445550
8	Manipal Cigna Health Insurance Company Limited	www.manipalcigna.com	Phone : +91 22 6170 3600
9	Navi General Insurance Ltd.	www.cocogeneralinsurance.com	Phone : +91(22) 40018100
10	Edelweiss General Insurance Co. Ltd.	www.edelweissinsurance.com	Phone: +91 (22) 2286 4400
11	ECGC Ltd.	www.ecgc.in	Phone :022-66590500/0510 Fax: 022-66590517
12	Future Generali India Insurance Co. Ltd.	www.general.futuregenerali.in	Phone: +91 22 4097 6666 / 40976980
13	Go Digit General Insurance Ltd	www.godigit.com	Phone: 020 6749 5454 Fax: 020 6747 5400
14	HDFC ERGO General Insurance Co.Ltd.	www.hdfcergo.com	Phone: +91 22-66383600 Fax No.: +91 22-66383699
15	ICICI LOMBARD General Insurance Co. Ltd.	www.icicilombard.com	Phone: 1800 2666 Fax: 022 - 61961323
16	IFFCO TOKIO General Insurance Co. Ltd.	www.iffcotokio.co.in	Phone: 0124-2850100 Fax: +91-0124-2577923,2577924
17	Kotak Mahindra General Insurance Co. Ltd.	www.kotakgeneralinsurance.com	Phone: 022 66056825 Fax: 022 28401823
18	Liberty General Insurance Ltd.	www.libertyinsurance.in	Fax: 022-67001606
19	Magma HDI General Insurance Co. Ltd.	www.magma-hdi.co.in	Phone: 022- 67284800
20	Max Bupa Health Insurance Co. Ltd	www.maxbupa.com	Phone: 011-3090 2000 Fax : 011-3090 2010
21	National Insurance Co. Ltd.	https://nationalinsurance.nic.co.in	Phone: 033 22831705 Fax: 033 22831740
22	Raheja QBE General Insurance Co. Ltd.	www.Rahejaqbe.com	Phone: 022- 4231 3888 Fax : 022-4231 3777
23	Reliance General Insurance Co.Ltd	www.reliancegeneral.co.in	Phone: 022-33031000 Fax : 022-33034662
24	Reliance Health Insurance Ltd.	www.reliancehealthinsurance.com	Phone: 022 3342 6868
25	Care Health Insurance Ltd(formerly known as Religare Health Insurance Co. Ltd.)	www.careinsurance.com	Phone: Tel: 0124 - 6141810 Fax: 0124 - 6141894
26	Royal Sundaram General Insurance Co. Ltd.	www.royalsundaram.in	Phone: 044-7117 7117
27	SBI General Insurance Co. Ltd.	www.sbigeneral.in	Phone : 022 4241 2003 Fax: 022 4241 2071
28	Shriram General Insurance Co. Ltd.	www.shriramgi.com	Phone: +91-141-3928400, 3951111 Fax : +91-141-2770692/93,
29	Star Health & Allied Insurance Co.Ltd.	www.starhealth.in	Phone: 044-2828 8802 (D) Telefax:044-2826 0062 / Fax:044-2828 8888
30	Tata AIG General Insurance Co. Ltd.	www.tataaig.com	Phone: 022 – 66699697
31	The New India Assurance Co. Ltd	www.newindia.co.in	Phone: 022-22708100 Fax: 022-22700470
32	The Oriental Insurance Co. Ltd.	www.orientalinsurance.org.in	Phone: 011-2326 5024, 2327 9221
33	United India Insurance Co. Ltd.	www.uiic.co.in	Phone: 044-28520958/28525275
34	Universal Sompo General Insurance Co. Ltd.	www.universalsompo.com	Phone: 022-29211800 Fax: 022 29211844

source:https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo264&mid=3.2.10