General Insurance

A General insurance policy is a non-life insurance product that includes a range of general insurance policies. Common forms of general insurance in India are automobiles, mediclaim, homeowner’s insurance, marine, travel, and others. The policy offers payment to the policyholder based on the loss incurred from a specific financial event. General insurance is insurance that is not categorized under life insurance.

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      Unlike life insurance policies, the tenure of general insurance policies is normally not that of a lifetime. The usual term lasts for the duration of a particular economic activity or a given period. Most general insurance products are annual contracts. There are, however, a few products, which have a long term.

      The Concept of General Insurance

      The concept of insurance applies to a large group of people that may suffer the same issue in the same region or condition. The money that is collected as the premium can be considered as a pool and when one encounters some loss, he/she is paid from this pool.

      Still, confused about what is a general insurance policy and general insurance meaning? If yes, then go through the following example, suppose your family member suffered a heart attack and he/she requires a transplant on an immediate basis. At the same time, you have to pay the fees of your daughter's first year of college. Now you have huge expenses to meet consecutively and both the issues have the same priority. In this stressful time, the health insurance policy for your family can share your burden and you can pay the fees of your daughter from your savings without any worry. In this way, general insurance in India works as your savior.

      The Requirement of General Insurance Policy

      Suppose you are driving back home after completing a stressful day at work and suddenly another car hits your car from behind. Your car's bumper comes out and it gets a dent. Now you require approximately Rs.7500 to fix the bumper and Rs.2000 for dent repair. A car insurance plan in such a case plays a key role. The amount that you have paid for repairing your car can be reimbursed under a comprehensive car insurance policy. In this way, a general insurance policy for a car fulfilled your requirement of financial help in case of car damage due to an accident.

      Difference between Life Insurance and General Insurance

       

      Life Insurance

      General Insurance

      Claim Applicability

      Mr. A took a life insurance policy of Rs.1 Crore for which he has to pay Rs.20, 000 annually as premium for 50 years. After giving approximately 10 installments, Mr. A died due to an on-road accident. Mr. A’s family got Rs. 1 Crore. So, the reimbursement in a life insurance plan is made either at the time of death or maturity.

      Mr. A took a Fire Insurance plan for his company. The sum insured for this plan is Rs. 1 Crore and the premium that he has to pay was Rs. 10 lakhs. In case of loss due to fire, the insurance provider will pay the amount of claim after the deductibles (as applicable).

      Functional Period

      Rajat purchased an endowment plan which will pay some amount upon maturity or his family members will get money if he dies. A life insurance plan is issued for the lifetime of the policyholder or until the maturity period.

      Rajat purchased a comprehensive car insurance policy for his car. He purchased this plan on 02. March.2019 and will be expired on 01. March.2020, after a year. So, the general insurance plans are purchased for one year.

      Reimbursement Amount

      Priti chooses to purchase a life insurance plan of Rs.50 lakhs. The total period for which she has to pay the premium was ten years. After completing these 10 years, she received Rs.50 lakhs. In this way, a life insurance plan is an investment plan that pays upon policy maturity.

      Proto got the insurance of her car for Rs.5lakhs. Her car got damaged in an accident and its bumper came off. The bumper repair charges were Rs.15, 000 and her insurance provider will pay off this amount after deducting the deductibles. The general insurance policy work according to the limits and conditions of the policy.

      Insurable interest

      Pankaj has taken a term insurance policy and at the time of the contract, he has to be present. In life insurance, the policyholder who has the insurable interest has to present.

      Pankaj has insured his car with a car insurance policy. However, he sold his car one year later to Ruchi. Ruchi renewed this car insurance policy as the vehicle will be in use. This time the policy was renewed by Ruchi, not Pankaj. So, in general, insurance policy the insurable interest of the insured has to be present while the policy is renewed.

      List of General Insurance Companies in India

      The list of insurance companies is as follows:

      Public Sector Private Sector
      • National Insurance Company Limited
      • New India Assurance Company Limited
      • Oriental Insurance Company Limited
      • United India Insurance Company Limited
      • Bajaj Allianz General Insurance Co.Ltd.
      • Bharti AXA General Insurance Co.Ltd.
      • Cholamandalam MS General Insurance Co.Ltd
      • Edelweiss General Insurance Co. Ltd.
      • Future Generali India Insurance Co. Ltd.
      • Go Digit General Insurance Co. Ltd.
      • IFFCO Tokio General Insurance Co. Ltd.
      • Kotak Mahindra General Insurance Co. Ltd.
      • Liberty General Insurance Co. Ltd.
      • Magma HDI General Insurance Co. Ltd.
      • Navi General Insurance
      • Raheja QBE General Insurance Co. Ltd.
      • Reliance General Insurance Co. Ltd.
      • Royal Sundaram General Insurance Co.Ltd.
      • SBI General Insurance Co. Ltd.
      • Shriram General Insurance Co. Ltd.
      • TATA AIG General Insurance Co. Ltd.
      • Universal Sompo General Insurance Co. Ltd.

      Specialized Insurers*

      • Agriculture Insurance Co. of India Ltd.
      • Export Credit Guarantee Corporation of India Ltd

       

      Standalone Health Insurers*

       

      • Aditya Birla Health Insurance Co. Ltd.
      • Care Health Insurance (formerly Religare Health Insurance)
      • ManipalCigna Health Insurance Co. Ltd
      • Niva Bupa Health Insurance Co. Ltd. (Formerly known as Max Bupa Health Insurance)
      • Star Health and Allied Insurance Co. Ltd.

      Disclaimer : *Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

      Non-Life Insurance Industry - Business Figures

      Gross Direct Premium Income Underwritten for and up to March 2016 (Rs. in crore)

      Gross Direct Premium Income in India General And Health Insurers (Rs. in crore)

      Insurer

      2017-18

      2018-19

      Public Sector Insurers

      67,794.23

      12.58%

      68,658.85

      1.28%

      Private Sector Insurers

      65,419.82

      21.59%

      81,287.15

      24.25%

      Standalone Health Insurers

      8,314.28

      41.93%

      11,354.03

      36.56%

      Specialized Insurers

      9,133.81

      10.75%

      8,148.42

      -10.79%

      Total

      1,50,662.13

      17.59%

      1,69,448.46

      12.47%

      Note: Figure in percentage development over the earlier year. Reclassification/Regrouping in the earlier year's figures, assuming any, by the safety net provider has not been thought of.

      Types of General Insurance Policies:

      Motor Insurance

      Motor insurance is one of those types of general insurance policies that cover all damages and liability to a vehicle against various on-road and off-road emergencies. A comprehensive policy even secures against damage caused by natural and man-made calamities, including acts of terrorism.

      Motor insurance offers protection to the vehicle owner against:

      • Damage to the vehicle
      • It also pays for any third-party liability determined by law against the owner of the vehicle

      Motor insurance is mandatory in India as per the Motor Vehicles Act, 1988, and needs to be renewed every year. Driving a motor vehicle without insurance in a public place is a punishable offense.

      Third-party insurance is a statutory requirement in our country i.e. the owner of the vehicle is legally liable for any injury or damage caused to a third party life or property, by or arising out of the use of the vehicle in a public place.

      A comprehensive motor insurance policy would include a personal accident and liability only policy (third party insurance) in addition to own damage cover (damage to the owner's vehicle) in one policy.

      Common motor insurance categories include:

      Some attractive benefits of motor insurance include roadside assistance, cashless servicing at the nation-wide network of workshops and garages, personal accident cover, towing assistance.

      Health Insurance

      Health care costs are increasing every year. A sedentary lifestyle and stress at work negatively affect health and can result in a critical illness or medical emergency. Such a scenario is sure to adversely affect one financially, due to the massive outlay of money on medical expenditure. A health insurance policy is the only way to mitigate financial risks, apart from leading a healthy lifestyle. Health insurance guarantees peace of mind in times of crisis and helps secure their health and that of one's family.

      Health insurance covers the medical and surgical expenses of the insured individual due to hospitalization from an illness. Additional riders enhance the benefits and scope of the cover.

      Health insurance often includes cashless facility at impaneled hospitals, pre and post hospitalization expenses, ambulance charges, daily cash allowance, etc.

      Common types of health insurance policies include:

      • Individual Policy
      • Family Floater Policy
      • Surgery Cover
      • Comprehensive Health Insurance

      Travel Insurance

      International travel, whether on vacation or business, can turn into a nightmare if one experiences contingencies like loss of baggage, loss of passport, delay in the flight, medical emergency, etc. Such eventualities will surely take the fun away from traveling.

      Travel insurance also referred to as visitor insurance, covers one against unseen medical and non-medical emergencies during overseas travel, ensuring a worry-free travel experience. It protects the insured against misfortunes while traveling. Backed up by travel insurance, the whole experience is like no other.

      Different types of travel insurance policies include:

      • Individual Travel Policy
      • Family Travel Policy
      • Student Travel Insurance
      • Senior Citizens Travel Policy

      In addition to the above, some insurance companies offer special plans like a corporate travel policy or comprehensive policy for travel to special destinations like Asia and/or Europe.

      Home Insurance

      Home is often the most treasured possession of an individual and also the largest financial investments one makes in life. Safeguarding the physical structure and contents of the home seems like a logical thing to do.

      Home insurance protects the house and/or the contents in it, depending on the scope of insurance policy opted for. It secures the home against natural calamities and man-made disasters and threats. Home insurance protects against risks and damages from fire, burglary, theft, flood, earthquakes, etc. covering the physical asset (building structure) and valuables (contents) in it.

      Home insurance ensures that one's hard-earned savings are utilized to meet important needs instead of using them for rebuilding the house if some harm was to come to it.

      Marine Insurance

      Business involves the import and export of goods, within national borders, and across international borders. Movement of goods is fraught with the risk of mishaps, which can result in damage and/or destruction of shipments. This leads to substantial financial losses for both the importers as well as the exporters.

      Marine cargo insurance covers goods, freight, cargo, and other interests against loss or damage during transit by rail, road, sea, and/or air. Shipments are protected from the time the goods leave the seller's warehouse until they reach the buyer's warehouse. Marine cargo insurance offers complete financial protection during transit of goods and compensates in the event of any loss suffered.

      The party is responsible for ensuring the goods are determined by the sales contract. Marine cargo insurance policy can be taken by buyers, sellers, import/export merchants, buying agents, contractors, banks, etc. This type of general insurance policy usually covers the cargo, but can also be extended to cover the interest of a third-party post transfer of ownership as determined by terms of sale.

      Common types of policies:

      • Open Cover
      • Open Policy
      • Specific Voyage Policy
      • Annual Policy

      The hull of a ship or boat can be insured under marine hull insurance.

      Rural Insurance

      Insurance solutions to meet the needs of agriculture and rural businesses form part of rural insurance. IRDA has stipulated annual targets for insurers to provide insurance to the rural and social sectors.

      As per these regulations, insurers are required to meet year-wise targets:

      • In percentage terms of policies underwritten and percentage of total gross premium income by general insurers under rural obligation
      • In terms of the number of lives under social obligation

      Mobile Insurance

      As the name of this general insurance policy says, a mobile insurance plan safeguards your phone from accidental damages. In the mobile insurance policy, the insurance company compensates for the repair of your mobile's screen damaged in an accident. The mobile buyers have the freedom to purchase a mobile insurance plan for both new and old mobiles. Mobile insurance is one of those types of general insurance in India that are very affordable as compared to your expensive phones.

      Bicycle Insurance

      It is not just the two-wheelers and cars; people are these days as well as passionate about expensive bicycles. You can either call it a lifestyle change or fashion, the bicycle is another most wanted product of current time. Many insurance providers offer cover for personal accidents, accidental damage, theft, and even hospitalization with a bicycle insurance policy.

      Commercial Insurance

      Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations. Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport, and logistics sectors. It covers small and medium scale enterprises, large corporations as well as multinational companies.

      Common types of commercial insurance:

      • Property Insurance
      • Marine Insurance
      • Liability Insurance
      • Financial Lines Insurance
      • Engineering Insurance
      • Energy Insurance
      • Employee Benefits Insurance
      • International Insurance Solutions

      Other Types of General Insurance:

      • Property Insurance
      • Personal Accident
      • Householder
      • Shopkeeper
      • Corporate Insurance
      • Commercial Insurance
      • Fire Insurance
      • Crop Insurance

      General Insurance Companies in India - Public Sector:

      Agriculture Insurance Company of India Limited (AIC)

      Agriculture Insurance Co. of India was formed on December 20, 2002, on an order of the Government of India, and started its operations from April 1, 2003. The company was been formed to cater to the needs of the agriculture sector and allied activities, and cater especially to the farming community. Agriculture Insurance Co. has 6 promoters including General Insurance Corporation (35%), National Bank for Agriculture And Rural Development (30%), National Insurance Company Limited (8.75%), The New India Assurance Company Limited (8.75%), The Oriental Insurance Company Limited (8.75%) and United India Insurance Company Limited (8.75%).

      The products include:

      • National Agricultural Insurance Scheme
      • National Crop Insurance Programme (NCIP)
      • Bio-Fuel Tree/Plant Insurance
      • Varsha Bima (Rainfall Insurance)
      • Weather Insurance (RABI)

      National Insurance Company Limited

      National Insurance Company is one of the oldest general insurance companies in India, having been formed in erstwhile Calcutta on December 5, 1906. It was later nationalized to form National Insurance Company Limited. The company has been a pioneer and has many firsts to its credit, including the introduction of insurance product customization for corporate and rural markets. It is also the first Indian insurance company to have entered into strategic alliances with automobile manufacturers such as Maruti Suzuki and Hero Motors. NIC has also spearheaded bancassurance in the country in partnership with some of the country's largest banks. The company has been given high credit ratings, which demonstrate its strong investment performance in the list of insurance companies.

      The products include:

      Motor Insurance:

      • Private Car Insurance Policy
      • Motor Cycle Insurance Policy

      Health Insurance:

      • Overseas Mediclaim Business and Holiday
      • Overseas Mediclaim Employment and Studies
      • National Parivar Mediclaim
      • National Parivar Mediclaim Plus

      Personal Insurance:

      • Individual Personal Accident
      • Janata Personal Accident
      • National Hero Accident Suraksha Policy
      • Householders Insurance

      Rural Insurance:

      • Gramin Suswasthya Microinsurance Policy
      • Gramin Suraksha Bima Policy

      Industrial Risk Insurance:

      • Machinery Insurance
      • Contractor All Risk
      • Electronic Equipment Insurance

      Commercial Risk Insurance:

      • Marine Insurance - Specific Policy
      • Standard Fire and Special Perils
      • Shopkeepers Insurance
      • Marine Insurance - Marine Cargo Special Declaration Policy
      • Credit Insurance

      New India Assurance Company Limited

      New India Assurance Company was formed as a part of the Tata business empire on July 23, 1919. It was later nationalized in 1973 and is currently one of the largest general insurance players in the country. In the list of general insurance companies in India, it is the first to reach a gross premium of Rs. 16050 crores. The New India Assurance Co. Ltd. has global re-insurance facilities and a significant international presence across 28 countries.

      The products include:

      Personal Insurance

      Commercial Insurance

      Industrial Insurance

      Liability Insurance

      Social Insurance

      • New India Floater Mediclaim Policy
      • Householder’s Policy
      • Group Mediclaim Policy
      • Griha Suvidha Policy
      • Shopkeeper’s Policy
      • Jewelers Block Policy
      • Bankers Indemnity Policy
      • Marine Cargo Policy
      • Fire Policy
      • Burglary Policy
      • Machinery Breakdown Policy
      • Electronic Equipment Policy
      • Public Liability Policy
      • Products Liability Policy
      • Professional Indemnity Policy
      • Directors and Officers Liability Policy
      • Universal Health Insurance Scheme for APL families
      • Jan Arogya Bima Policy
      • Janata Personal Accident Insurance
      • Swavlamban

      Oriental Insurance Company Limited

      The Oriental Insurance Co. specializes in formulating special covers for large industrial projects. This insurance company in India is pioneered laying down systems for smooth conduct of business. All shares of The Oriental Insurance Co. Ltd. are held by the Indian central government. Headquartered in Delhi, it has 31 regional offices and employs over 14,000 people.

      The products include:

      Motor Policies:

      • Private Car Package Policy
      • Two-Wheeler Package Policy
      • Commercial Vehicle Package Policy

      Health Insurance:

      • Individual Mediclaim
      • Happy Family Floater
      • Overseas Mediclaim
      • Group Mediclaim

      Personal Accident:

      • Bhavishya Arogya
      • Nagrik Suraksha Policy
      • Gramin Accident Insurance
      • Janata Personal Accident Policy

      Professionals:

      • Banker’s Indemnity Insurance Policy
      • Directors and Officers Liability Policy
      • Sports Insurance Policy
      • Stock Brokers Indemnity Insurance Policy

      Business Office/Traders/Multi Perils:

      • Burglary Policy
      • Electronic Equipment Insurance Policy
      • Third-Party (Lift) Insurance Policy
      • Travel Agent Policy (Guarantee)

      Engineering/Industry:

      • Engineering Insurance
      • Boiler Explosion Insurance
      • Product Liability Policy
      • Standard Fire and Special Perils Policy (Material Damage)

      Motor Vehicle - Private/Commercial:

      • Motor Cycle Policy - Act Liability
      • Motor Cycle Package Policy
      • Private Car Package Policy
      • Commercial Vehicle - Goods Carrying Act Liability

      Agriculture/Sericulture/Poultry:

      • Aquaculture (Shrimp/Prawn) Insurance Policy
      • Poultry Insurance
      • Honey Bee Insurance Scheme
      • Sericulture (Silkworm) Insurance
      • Animal Driven Cart/Tanga Insurance

      Animals/Birds:

      • Cattle Insurance
      • Calf/Heifers Rearing Insurance Scheme
      • Sheep And Goat Insurance
      • Pig Insurance

      Aviation:

      • Aircraft Spares Insurance Policy
      • Aircraft Hull/Liability Insurance Policy
      • Aviation Fuelling/Refuelling Liability Insurance Policy
      • Aviation Group Loss of Licence Insurance

      Marine:

      • Marine Insurance - Sailing Vessels
      • Marine Hull Policy
      • Hull Deductible Insurance Policy
      • Marine Insurance Policy (Ocean Voyage)

      United India Insurance Company Limited

      United India Insurance Company is one of India's leading non-life insurance companies and was formed through a merger of more than 20 companies during the nationalization of the insurance sector in 1972. Headquartered in Chennai, the company today boasts of 1340 offices and over 18,000 employees servicing the length and breadth of the country. Its customer base includes everyone from large corporations to the rural agricultural population.

      The products of this general insurance company in India include:

      Health Insurance:

      • United India Individual Health Insurance Platinum Policy
      • United India Individual Health Insurance Gold Policy
      • United India Senior Citizens Health Insurance
      • United India Insurance Family Medicare Policy

      Motor Insurance:

      • United India Private Car Package Policy
      • United India Two-Wheeler Package Policy

      Travel Insurance Plan:

      • United India Overseas Mediclaim Policy

      General Insurance Companies in India - Private Sector

      Aditya Birla Health Insurance Co. Ltd.

      The product includes:

      Health Insurance

      • Activ Health Platinum
      • Activ Assure Diamond
      • Activ Care
      • Activ Secure
      • Group Health Secure

      Bajaj Allianz General Insurance Company Limited

      The products include:

      Health Insurance:

      • Bajaj Allianz Personal Guard Plan
      • Bajaj Allianz Extra Care
      • Bajaj Allianz Health EnSure
      • Bajaj Allianz Critical Illness

      Motor Insurance:

      • Bajaj Allianz Car Insurance Policy
      • Bajaj Allianz Two-Wheeler Insurance

      Travel Insurance:

      • Bajaj Allianz Corporate Travel Plan
      • Bajaj Allianz Student Travel Insurance Plan
      • Bajaj Allianz Travel Elite Plan
      • Bajaj Allianz Travel Companion Plan

      Home Insurance:

      • My Home Insurance
      • House Holders Package Policy
      • Easy House Holders Package Policy

      Bharti AXA General Insurance Company Limited

      The products include:

      Health Insurance:

      • Bharti AXA SmartHealth Essential Insurance
      • Bharti AXA SmartIndividual Personal Accident Insurance Plan
      • Bharti AXA SmartHealth Critical Illness
      • Bharti AXA SmartHealth Insurance

      Motor Insurance:

      • Bharti AXA Car Insurance Policy
      • Bharti AXA Two-Wheeler Insurance

      Home Insurance:

      • Bharti AXA SmartPlan Householder's Package Policy

      Travel Insurance:

      • Bharti AXA SmartTraveller Student Travel Insurance Plan
      • Bharti AXA SmartTraveller Travel Insurance Plan

      Care Health Insurance (formerly Religare Health Insurance)

      The products include:

      Health Insurance:

      • Care Health Care (formerly known as Religare Care)
      • Care Health Care Freedom (formerly known as Religare Care Freedom)
      • Care Health Joy (formerly known as Religare Joy)
      • Care Health Enhance (formerly known as Religare Enhance)

      Travel Insurance:

      • Care Health Explore (formerly known as Religare Explore)
      • Care Health Student Explore (formerly known as Religare Student Explore)

      Fixed Benefit Insurance:

      • Care Health Assure (formerly known as Religare Assure)
      • Care Health Secure (formerly known as Religare Secure)

      Cholamandalam MS General Insurance Company Limited

      The products include:

      Health Insurance:

      • Chola MS Individual Health Insurance
      • Chola MS Family Health Insurance
      • Chola MS Individual Healthline Plan

      Car Insurance:

      • Chola Protect Car Insurance

      Travel Insurance:

      • Chola MS Student Travel Protection Plan
      • Chola MS Overseas Travel Protection Policy

      Home Insurance:

      • Chola MS Home Insurance Policy

      Edelweiss General Insurance Co. Ltd.

      The products include:

      • Motor Insurance
      • Health Insurance
      • Travel Insurance
      • Others

      Future Generali India Insurance Company Limited

      The products include:

      Health Insurance:

      • Future Hospicash
      • Future Criticare
      • Future Health Suraksha - Family Floater
      • Future Health Suraksha - Individual

      Motor Insurance:

      • Future Generali Private Car Insurance
      • Future Generali Two Wheeler Insurance

      Home Insurance:

      • Future Generali Home Suraksha

      Travel Insurance:

      • Future Travel Suraksha
      • Future Student Suraksha
      • Future Travel Suraksha - Schengen Travel

      Go Digit General Insurance Co. Ltd.

      The products include:

      Motor Insurance

      • Car Insurance
      • Bike/ Two-Wheeler Insurance
      • Cab Insurance
      • Taci/ Cab Insurance
      • Truck Insurance
      • Auto-rickshaw Insurance

      Health Insurance

      • Health Insurance for Individuals
      • Health Insurance for Families
      • Health Insurance for Senior Citizens
      • Corporate Health Insurance

      Others

      • Shop Insurance
      • Home Insurance
      • Flight Delay

      IFFCO-Tokio General Insurance Company Limited

      The products include:

      Health Insurance:

      • IFFCO Tokio Health Protector Policy
      • IFFCO Tokio Individual Medishield Policy
      • IFFCO Tokio Swasthya Kavach Family Health
      • IFFCO Tokio Critical Illness Insurance

      Motor Insurance:

      • IFFCO Tokio Car Insurance Policy
      • IFFCO Tokio Two-wheeler Insurance

      Home Insurance:

      • IFFCO Tokio Home Suvidha Policy
      • IFFCO Tokio Home Family Protector Policy

      Travel Insurance:

      • IFFCO Tokio Travel Protector

      Other Insurance:

      • Trade Protector Policy
      • Trade Suvidha Policy

      Kotak Mahindra General Insurance Company Limited

      The products include:

      Health Insurance:

      • Kotak Health Care - Excel
      • Kotak Health Care - Premium

      Motor Insurance:

      • Kotak Car Secure
      • Goods Carrying Vehicle
      • Miscellaneous Vehicle

      Liberty General Insurance Co. Ltd.

      The products include:

      Personal Insurance

      • Health Insurance
      • Private Car Insurance
      • Two-Wheeler Insurance

      Corporate Solutions

      • Engineering
      • Property
      • Employee Benefit
      • Liabilities Insurance
      • Fleet Insurance

      Magma HDI General Insurance Co. Ltd.

      The products of this general insurance company in India include:

      Motor Insurance:

      • Private Car Insurance Package
      • Two-Wheeler Insurance Package
      • Commercial Comprehensive Insurance Package
      • Tractor Package
      • Motor Act Only Policy
      • Motor Trade Insurance Package
      • Motor Trade Internal Risk Insurance

      Liability Insurance:

      • Public Liability Insurance Act
      • Public Liability Non - Industrial Insurance
      • Public Liability Industrial Insurance
      • Product Liability Insurance
      • Errors And Omissions Insurance Policy
      • Directors & Officers Liability Policy
      • Clinical Trials Liability Policy

      Fire Insurance:

      • Standard Fire and Special Perils Insurance Policy
      • Fire Loss of Profits Insurance Policy
      • Industrial All Risk Insurance

      Engineering Insurance:

      • Machinery Breakdown Insurance
      • Boiler & Pressure Plant Insurance
      • Machinery Loss Of Profits Insurance Policy
      • Electronic Equipment Insurance
      • Contractor's Plant And Machinery Insurance
      • Erection All Risk Insurance
      • Contractor's All Risks Insurance

      ManipalCigna Health Insurance Company Limited

      The products include:

      Health Insurance:

      • ManipalCigna ProHealth Cash
      • ManipalCigna Lifestyle Protection Accident Care Plan
      • ManipalCigna ProHealth Insurance Plan
      • ManipalCigna Lifestyle Protection-Critical Care Plan

      Niva Bupa Health Insurance (Formerly known as Max Bupa Health Insurance) Company Limited

      Its Products Include:

      Health Insurance:

      • Niva Bupa (Formerly known as Max Bupa) Health Assurance Plan
      • Niva Bupa (Formerly known as Max Bupa) Heartbeat - Family Floater
      • Niva Bupa (Formerly known as Max Bupa) Heartbeat - Family First
      • Niva Bupa (Formerly known as Max Bupa) Heartbeat – Individual

      Navi General Insurance

      The products include:

      • Motor Insurance
      • Home Insurance
      • Arogya Sanjeevani Policy
      • Travel Insurance
      • Health Insurance

      Raheja QBE General Insurance Co. Ltd.

      The products include:

      Personal:

      • Accident Personal Cover
      • Cattle Insurance
      • Domestic Property Policy
      • Health Insurance

      Corporate:

      • Accident Corporate
      • Commercial Packages
      • Commercial Property
      • Construction & Engineering
      • General Liability
      • Marine
      • Motor
      • Professional Liability
      • Workers Compensation
      • Miscellaneous

      Reliance General Insurance Company Limited

      The products include:

      Health Insurance:

      • Reliance HealthGain Policy
      • Reliance Critical Illness Policy
      • Reliance HealthWise Policy

      Motor Insurance:

      • Reliance Private Car Insurance
      • Reliance Two Wheeler Insurance

      Home Insurance:

      • Reliance Householder's Package Policy

      Travel Insurance:

      • Reliance Travel Care Policy
      • Reliance Student Travel Insurance
      • Reliance Annual Multi-trip Travel Insurance Plan
      • Reliance Senior Citizens Travel Insurance

      Corporate Insurance:

      • Fire Insurance
      • Engineering Insurance
      • Marine Insurance
      • Liability Insurance

      SME Insurance:

      • Burglary & Housebreaking
      • Fire Insurance
      • Package Insurance
      • Group Mediclaim Insurance

      Royal Sundaram General Insurance Company Limited

      The products include:

      Health Insurance:

      • Royal Sundaram Family Good Health Insurance Plan
      • Royal Sundaram Lifeline Health Insurance Plan
      • Royal Sundaram Family Health Insurance
      • Royal Sundaram Health Shield

      Motor Insurance:

      • Royal Sundaram Car Shield
      • Royal Sundaram Two Wheeler Package Insurance
      • Royal Sundaram Commercial Vehicle Insurance

      Home Insurance:

      • Royal Sundaram Home Content
      • Royal Sundaram Home Shield

      Travel Insurance:

      • Royal Sundaram Overseas Travel Insurance Plan

      Business Solutions:

      • Marine Insurance
      • Engineering Insurance
      • Industrial All Risks
      • Office Shield

      Employee Solutions:

      • Farmers Insurance
      • Livestock Insurance
      • Pumps Insurance
      • Rural Micro Enterprise Shield

      Social Sector:

      • Royal Sundaram Shakthi Health Shield
      • Royal Sundaram Shakthi Security Shield

      SBI General Insurance Company Limited

      The products include:

      Health Insurance:

      • SBI General's Hospital Daily Cash Insurance Policy
      • SBI General's Critical Illness Insurance Policy
      • SBI General's Health Insurance Policy - Retail
      • SBI General's Arogya Premier Policy

      Motor Insurance:

      • SBI General's Private Car Insurance Policy - Package
      • SBI General's Two Wheeler Package Policy

      Home Insurance:

      • SBI General's Long Term Home Insurance Policy

      Travel Insurance:

      • SBI General's Travel Insurance Policy

      Shriram General Insurance Co. Ltd.

      The products include:

      Motor Insurance:

      Fire insurance:

      • Standard Fire & Special Perils Policy
      • Industrial All Risk Policy
      • Fire Loss of Profit Policy

      Engineering Insurance:

      • Contractors All Risk Insurance Policy
      • Erection All Risk Insurance Policy
      • Electronic Equipment Insurance Policy
      • Machinery Breakdown Insurance Policy
      • Contractor’s Plant and Machinery Insurance
      • Boiler & Pressure Plant Insurance Policy

      Marine Insurance:

      Liability Insurance:

      • Professional Indemnity - For Doctors and Other Than Doctors
      • Commercial General Liability
      • Error & Omissions - For Medical Establishments
      • Product Liability
      • Public Liability - Non-Industrial
      • Public Liability - Act
      • Workman Compensation Insurance

      Star Health & Allied Health Insurance Co. Ltd.

      The products include:

      Health:

      • Family Health Optima Insurance Plan
      • Star Comprehensive Insurance Policy
      • Senior Citizens Red Carpet Health Insurance Policy
      • Medi-Classic Insurance Policy (Individual)

      Travel:

      • Star Travel Protect Insurance Policy
      • Star Corporate Travel Protect Insurance Policy
      • Star Student Travel Protect Insurance Policy
      • Star Family Travel Protect Insurance Policy

      Personal Accident:

      • Accident Care Individual Insurance Policy
      • Student Care
      • Janatha Personal Accident Group

      Tata AIG General Insurance Co. Ltd.

      Its Products Include:

      Motor:

      • Auto Secure-Private Car Package Policy
      • Auto Secure-Two Wheeler Package Policy
      • Auto Secure-Commercial Vehicle Package Policy

      Travel:

      • Travel Guard
      • Student Guard- Overseas Health Insurance Plan
      • Asia Travel Guard Policy
      • Domestic Travel Guard Policy

      Health:

      • MediPrime
      • Wellsurance Executive Policy
      • Wellsurance Family Policy
      • Wellsurance Woman Policy
      • Critical Illness
      • Individual Accident and Sickness Hospital Cash Policy
      • MediPlus
      • MediSenior
      • MediRaksha
      • Group Accident and Sickness Hospital Cash Policy

      Personal Accident:

      • Accident Guard Policy
      • Injury Guard Pol
      • Secured Future Plan
      • Secured Income High Policy
      • Maha Raksha Personal Injury Policy

      Home:

      • Instachoice Home Insurance
      • Home Secure Supreme
      • Home Coupon
      • Standard Fire and Special Perils

      Business:

      • Small Business Insurance
      • Corporate Insurance
      • Rural Insurance

      Universal Sompo General Insurance Co. Ltd.

      The products include:

      Motor

      • Private Car Insurance
      • Two Wheeler Insurance Policy

      Health

      • Complete Health Care Insurance
      • Senior Citizen Health Insurance Policy
      • Saral Suraksha Bima
      • Sampoorna Swasthya Kavach
      • Aapat Suraksha Bima Policy

      Travel

      • Overseas Travel Insurance

      Personal Accident

      • Individual Personal Accident Policy

      Home

      • Householder's Insurance Policy

      Claim Process for General Insurance

      Every insurance company presents its prominent facet while selling a plan but it is the Claim Settlement that decides how good the company is. As a buyer, you should ideally look for 3 factors while making a purchase -

      • Claim settlement ratio - The number of claims settled by the company to the total number of claims filed in a financial year.
      • Incurred claim ratio - The total amount spent on claims to the total amount earned as a premium by the insurance company in a financial year.
      • Claim settlement turnaround time - It signifies the period between the filing of a claim and settling of a claim. In other words, it is the time taken by the insurance company to settle a claim.

      Tax Benefits via General Insurance

      Of all the forms of general insurance, only Health Insurance comes with tax benefits. As per Section 80D of the income tax act 1961, the premium paid for a health insurance plan qualifies for tax deduction from your total income. The upper limit for this deductible amount is Rs 15,000 and is extendible up to Rs 20,000 for senior citizens. So, if you pay the premium both for yourself and your parents, a maximum of Rs 35,000 will qualify for tax deduction from your total income.

      *Tax benefit is subject to changes in tax laws

      Disclaimer : *Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

      General Insurance - Latest News

      • IRDA Asks Insurers for Views on COVID-19 Vaccine Coverage

        The Insurance Regulatory & Developmental Authority (IRDA) of India has asked insurance companies offering health insurance to express their views on covering the cost of COVID-19 vaccine under their existing health plans.

        According to a health insurance executive, the IRDA has sent a communication to general insurance companies and standalone health insurance companies in the first week of January 2021. The Insurance Regulator asked if the COVID-19 vaccine was covered under existing health plans and if yes, then how was it covered.

        The executive also said that the General Insurance Council has opposed the move to cover the vaccine cost in existing health plans. It was added that the move is expected to result in misuse and abuse of health insurance policies and will put a financial burden on the insurers.

        However, the executive clarified that the IRDA has not issued any advisory to cover the cost of COVID-19 vaccine as yet.

        Since health insurance plans are indemnity-based, the insured can claim the cost of the vaccine if he/ she is hospitalized for at least 24 hours and is granted the COVID-19 vaccine. The vaccine cost can also be covered if the policy covers OPD expenses.

      • Insurers to Provide Standard products for fire, allied peril from April 1: IRDAI

        Starting from April 1, 2021, all the general insurance companies dealing in fire and allied-perils insurance business will now have to offer three standard products designed by the IRDAI. These products will cover the risks of dwellings, small and micro enterprises.

        It is made mandatory by the Insurance Regulatory and Development Authority of India to provide Bharat Sookshma Udyam Suraksha, Bharat Griha Raksha, and Bharat Laghu Udyam Suraksha policies from April 1, 2021.

        The first product Bharat Griha Raksha policy will cover home building and its contents covering perils related to riots, strike, fire, natural catastrophes, and terrorism. In addition to home building, this policy automatically covers general home contents. No declaration is required and the insurer will pay 20% of the sum insured for the building up to the limit of Rs 10 lakh. The policyholder can also opt for a higher insured amount for general contents upon declaration of the details.

        The second product Bharat Sookshma Udyam Suraksha will cover enterprises for risk value up to Rs 5 Crore. And the third product Bharat Laghu Udyam Suraksha is also for enterprises with enhanced risk cover from Rs 5 Crore to Rs 50 Crore. Both these policies will be useful in ensuring financial cover to the MSMEs.

        The new products have been designed with customer-friendly features with simple language in the policy wordings. Insurance providers would be allowed to file additional benefits apart from the basic cover, optional cover, in-built cover, if any, and standard add-ons that these retail products already include.

        IRDAI issued these guidelines replacing the Standard Fire and Special Perils (SFSP) policy under the former All India Fire Tariff (AIFT) 2001 with the three standard products.


      • SBI Health Insurance to Be Sold on WhatsApp Soon

        Popular messaging application WhatsApp will soon sell affordable health insurance plans offered by SBI General Insurance Company. The Facebook-owned company will start selling SBI health insurance plans on its application by year-end.

        In a bid to provide better access to financial solutions, WhatsApp will offer ‘WhatsApp Payment’ feature to all its users across the country. The Company recently said that it expects to ease the process of buying ‘affordable sachet-sized’ health insurance policy on its application with WhatsApp payment feature.

        WhatsApp payment has been designed on Unified Payment Interface (UPI) system of National Payments Corporation of India (NPCI). The feature was approved to go live in November 2020 on a peer-to-peer (P2P) basis.

        At present, there are about 20 million WhatsApp payment users in India in collaboration with banking partners including ICICI Bank, State Bank of India, HDFC Bank and AXIS Bank.

        Currently, WhatsApp has is used by more than 400 million users in India. The Company said that its primary focus is to provide simple, secure, private and reliable experience to people to stay connected.

        The Company plans to further scale and digitise small businesses of India to allow people to connect and buy from them. It also plans to build digital payments for underserved users across all segments.

      • General Insurers Records Revenue Growth in June Quarter: Report

        General insurance companies in India witnessed revenue growth during the COVID-19 pandemic as per the audit results for their June quarter, a report stated.

        The report ‘Impact of the pandemic on Indian Corporate’ compiled by Ernst & Young India analyzed the June quarter audit results of top 200 BSE listed companies.

        According to the EY report, two out of three general insurance companies saw an increase in profit after tax due to a growth in their net written premium. This is because of a rise in premium for health, crop and fire insurance sector.

        The growth of insurance companies comes at a time when top companies in India saw a fall of 30 per cent in its revenue for the quarter ending in June 2020 owing to the ongoing COVID-19 pandemic.

        However, a fall in premium has been reported in the motor insurance sector due to lower sale of new vehicles during the pandemic. Moreover, the state-owned general insurers had reported a huge profit in the quarter ending March 2020, which could not be maintained due to the country’s economic slowdown.

        Life insurance companies also saw a growth in revenue due to an increase in renewal premiums. However, the insurers also suffered a loss in new business premiums, except for protection insurance products.

      • No Need to Issue Physical Policy Documents: IRDAI to General Insurers

        In the wake of the CoVID-19 pandemic, the Indian Insurance Regulator has directed all general insurance companies to no longer issue hard copies of proposal forms and policy documents while enrolling new customers. The new rule will be applicable until March 2021.

        In a circular issued on Thursday, the Insurance Regulatory & Development Authority of India allowed general insurers to send a copy of the proposal form and the policy document digitally. It also allowed them to capture electronic signatures of their new customers instead of wet signatures while issuing non-life insurance policies, such as motor, health, fire, etc as well as package policies.

        However, the new guidelines are only applicable for the issuance of miscellaneous policies to individuals with a sum insured of Rs 5 crore or less. Besides, the insurers will also have to follow a set procedure laid down by the Insurance Regulator.

        The move has been welcomed by general insurance providers in India. According to Gurdeep Singh Batra of Bajaj Allianz General Insurance, the new guideline is a positive step considering the challenges faced in issuing physical proposal forms or policy documents amidst the current pandemic.

        He added that the new guidelines will lead to faster policy issuance as the turnaround time will improve. It will also secure the policy documents electronically with the insurer and the policyholder.

        The insurance companies also believe that this digitization of the policy issuance process will lead to greater insurance penetration and cover more people under the insurance umbrella.

        The current regulation comes at the footsteps of relaxed norms issued in August 2020 for life insurance companies in India that no longer mandates them to issue physical documents while onboarding new customers.

      • IRDAI asks Health and General Insurance Companies to launch more COVID-19 Specific Products

        Amid the ongoing COVID-19 two specific insurance products namely Corona Rakshak and Corona Kavach health plans have seen an upsurge in demand from the policyholders. These two products were launched in July, since then nearly 15 lakh people have got insured under these two coronavirus specific health plans. The Insurance Regulatory and

        Development Authority of India (IRDAI) has opened windows for Insurers under their Sandbox Project to focus on products which will deal with current pandemic.

        IRDAI had allowed insurers to launch Corona Kavach health insurance policy, which is an indemnity based health plan covering all the hospitalisation expenses related to the novel coronavirus. The policy ensures that the hospitalisation expenses are compensated up to the sum insured amount that ranges from Rs 50,000 to Rs 5 lakh.

        Corona Rakshak is another fixed benefit coronavirus health plan that covers people diagnosed with Covid-19 that requires hospitalization for a minimum of 3 days then the insurer pays a fixed amount. The sum insured amount ranges from Rs 50,000 to Rs 2.5 lakh.

        In both the plan the policy tenure options are 3.5 months, 6.5 months and 9.5 months with a waiting period of only 15 days. Lately, IRDAI also invited applications for second cohort of the Regulatory Sandbox. And the applications can be submitted from September 15, 2020 to October 14, 2020. The idea is to encourage the introduction of innovative insurance products and to increase the insurance penetration in India that stands at only 3.76% percent at present in comparison to 7% of the world average.

      • IRDAI Going to Allow Insurers to Use Video-Based Mode of Authentication

        The Insurance Regulatory and Development Authority of India (IRDAI) is soon going to allow the video-based mode of authentication to the insurance companies for a careful examination of the credentials of their customers.

        In a letter to all the insurance providers, the IRDAI has provided the details of the specifications that are required for such a video-based process of identification. For simplifying this KYC process, it is advisable to provide leverage to different electronic platforms for making it customer-friendly and creating the ease to do business as well. IRDAI mentioned all this in the letter that it sent on 24th August.

        Therefore, the insurance providers can use the 'VBIP', which is a Video-Based Identification Process as an electronic medium for enhancing the simplicity of doing KYC as per this letter.

        This move comes at the time when the insurance regulators across the globe are easing up the process of compliance because of the ongoing COVID – 19 pandemic for minimizing the physical contact as per the new social and hygiene protocols. The Insurance Regulatory has as well relaxed the norms for the insurers as they now can take web signatures from their customers for all the new insurance plans.

        This process is set to be based on consent, wherein an officer of the insurance company will be supervising the authentication. This officer will have to capture a live photograph and the customer's geotagging. In addition to this, for the identification of the customer either OTP or UIDAI database method will be used.

        According to this letter, the permission of using video KYC is given to both life and general insurance providers.

        The CBO of Life Insurance, Policybazaar.com, Santosh Agarwal said that the main objective of this kind of video-based KYC identification is to get the customer registered with the least paperwork and in minimum time. Moreover, the cost of the KYC process will also come down by 90% when the insurance companies will use a video-based process for KYC.

      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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