Living is a dangerous endeavour. It is very exciting and exhilarating because of this. Unexpected events, though, might drastically hurt your future and you. Because tangible assets are susceptible to destruction, it is vital to maintain their economic worth. Products for general insurance are bought for this reason because they provide protection against unforeseen occurrences like asset loss and damage. Similar to life insurance, general insurance products have a cost in the form of premiums.
Contracts for insurance that do not come under the category of life insurance are referred to as general insurance. A general insurance policy is bought to cover objects or assets that, if destroyed, would cost the owner money. In addition to protecting assets, general insurance plans also cover financial losses brought on by certain dangers.
In this blog post, we’ll look at the top 10 general insurance companies in India as well as all the important aspects of general insurance.
Meaning of General Insurance
With general insurance, we can protect our homes, cars, and other valuable possessions from both major and minor financial risks, such as theft, car accidents, travel mishaps, and even the costs of legal action taken against us. By choosing the right type of policy with the features we need, we can also choose the risks we wish to cover.
India’s Top General Insurance Companies
Now that we have a better knowledge of this financial instrument, let’s evaluate the best Indian General Insurance Companies.
|Sr. No.||Insurance Company|
|1.||Aditya Birla General Insurance Company|
|2.||Bajaj Allianz General Insurance Company|
|3.||Bharti AXA General Insurance Company|
|4.||Digit General Insurance Company|
|5.||Cholamandalam MS General Insurance Company|
Considerations Before Purchasing General Insurance
Here, in order to learn more about general insurance, we will pay particular attention to its essential components:
- Affordable Premiums: One aspect that both general insurance and life insurance have in common is the cost of the premiums. For a little annual premium payment, term insurance plans—which are technically under the category of life insurance—offer you financial stability in the case of an unexpected death. Similar to how insurance for your car, home, or against fire protects your assets from economic risk or setbacks before they happen at very low costs called premiums, it also offers protection against both. The good news is that you can obtain Insurance to cover any losses by paying very little money, despite the fact that assets created during your lifetime are priceless and expensive.
- Simple to Buy Any Type of Insurance: In the present world, one of the most important characteristics of insurance is that buying it online is just as easy and convenient as buying clothing, furniture, or shoes. Any type of insurance may be purchased in one of two ways. First, dealing with a broker or agent is necessary when buying insurance offline. Second, making a few quick clicks on the website of the insurance provider or a partner is all it takes to buy insurance online. There are several calculators online that may be used to check Insurance advantages and make an online purchase. Typically, online plans are between 5% and 30% less expensive than offline or retail plans.
- Damage Protection: If you are responsible for any harm you do to another person’s property, car, goods, or services, insurance coverage can easily assist you in covering any charges or financial losses. The sole important component of general insurance is the expense of restoring damaged property belonging to you and third parties. If you choose to file a lawsuit for additional damages, it typically always pays the legal fees.
- Complete Protection: You can add comprehensive coverage to your insurance policy to pay for damages in addition to repairs for your assets in the event of a fire, theft, natural disaster, and more. This is one of the most crucial aspects of general insurance that many people overlook because they perceive it as optional. General Insurance mostly provides modest asset protection. Comprehensive coverage gives you a wide range of advanced coverage for insurable assets, but it may cost more in premiums.
Overview of the Top Listed General Insurance Companies in India
- Aditya Birla General Insurance Company
Parent Company – Aditya Birla Capital
Aditya Birla Insurance Brokers Limited (ABIBL), one of India’s top composite insurance brokers, was founded in 2001 and was granted a licence by the Insurance Regulatory and Development Authority of India (IRDAI) in 2003. Aditya Birla Capital Ltd. (ABCL), a joint venture between the Aditya Birla Group and MMI Holdings of South Africa, is the parent company of ABIBL. The General Insurance Company specialises in providing incorporated Insurance broking and advisory services to businesses and individuals through Retail Solutions and Corporate Solutions.
In addition, ABIBL offers insurance firms alternative reinsurance options and maintains strong connections with local and foreign insurers operating in South Asia, the Middle East, and SouthEast Asia. The firm provides a wide range of insurance products, such as those for health, vehicle, and travel insurance.
- Bajaj Allianz General Insurance Company
Parent Company – Allianz SE & Bajaj Finserv
The Bajaj Allianz General Insurance Company Limited is jointly owned by Bajaj Finserv Limited and Allianz SE, who each own 74% and 26%, respectively. The business, which has its headquarters in Pune, has helped millions of individuals, groups, and corporations manage risks by offering tailored solutions throughout India’s numerous insurance sectors. These include insurance for internet safety, car insurance, house insurance, and health insurance. Some people in India consider the firm to be the greatest general insurance company since it is committed to providing you with services that are clearly and “caringly yours,” as well as ones that provide you with the highest degree of assurance and continuity.
You can prevent your health and your hard-earned money from being wasted on needless medical expenses with the aid of Bajaj Allianz General Insurance. With a variety of features and settings that you may customise to your requirements, it offers a wide range of affordable health insurance plans for you and your family. Bajaj Allianz health insurance policies include coverage for severe diseases, maternity, and accident-related medical expenses in addition to exams and consultations. Overall, the health insurance plans from Bajaj Allianz General Insurance provide enough coverage, guaranteeing that they are enough for you and your loved ones.
- Bharti AXA General Insurance Company
Parent Company – ICICI Lombard
Bharti AXA General Insurance Company Limited, which is now ICICI Lombard, started its operations in 2008 with the goal of offering General Insurance products to retail and commercial customers. With 135 locations across India, the insurer is well-represented there and offers insurance support for health and critical illness, vehicle and two-wheelers, personal and family travel, property and business, and crop insurance. Bharti AXA General Insurance (now ICICI Lombard) has received praise for its innovative insurance solutions and unmatched, caring services over the years. To offer families and individuals medical coverage, it offers a variety of health insurance products.
The company’s unwavering efforts have been recognised and honoured with numerous awards, including the Best Use of Technology Award by Assocham 2020, the Customer Service Excellence Award at the BFSI Awards 2019, the Claims Service of The Year Award at the BFSI Awards 2018, and many others.
- Digit General Insurance Company
Parent Company – Go Digit Infoworks Services Private Limited
Go Digit General Insurance, a well-known non-life general insurer in India, is backed by Fairfax Financial Holdings Limited, a prominent diversified financial services firm with headquarters in Canada and activities in over 30 countries. The Top Indian Start-ups award was given to the 2016-founded Digit General Insurance in both 2018 and 2019. The insurer has received the distinction of 2019 Asia’s General Insurance Company of the Year. Through its internet platform, the insurer offers a range of general insurance products, including coverage for shops, vehicles, motorcycles, companies, and homes as well as health, home, and commercial insurance.
Digit General Insurance Company strives to make purchasing health insurance as easy as possible for you. It achieves this by providing simple products in one of the most promising subsectors of the market, namely health insurance. By providing reasonably priced health Insurance plans, Digit Health Insurance plans protect you and your family from having to use up all of your funds on medical costs in the case of an emergency. In conclusion, the company is dedicated to provide simple, individualised health insurance solutions to customers of all age groups.
- Cholamandalam MS General Insurance Company
Parent Company – Murugappa Group, Mitsui Sumitomo Insurance Group & TI Financial Holdings Limited
The Murugappa Group, an Indian conglomerate, and Mitsui Sumitomo Insurance Group, a Japanese insurance firm, joined forces to form Cholamandalam MS General Insurance Business Limited, popularly known as Chola MS, an Indian general insurance company. The company’s “T3” slogan, which forms its basis, focuses on three essential elements: trust, transparency, and technology.
The General Insurance Company offers a wide range of insurance services and products, including property insurance, property and casualty insurance, engineering insurance, marine insurance, and rural insurance for both businesses and private individuals.
In conclusion, general insurance provides financial support in the case of an unpleasant, unplanned incident and asset loss. Before buying the General Insurance, make sure you have read the fine print and understand what it covers. Once you’ve made a decision, submitting an online general insurance application is easy.
Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.