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Top Reasons Why You Should Buy General Insurance in India

Insurance plans in India can be broadly classified into two types:

  • Life Insurance
  • General Insurance

The classification is quite simple to understand. Life Insurance is the insurance plan you buy to insure your life. You get the amount you paid as the premium in case of your untimely or unexpected demise.

Any other insurance plan you buy apart from Life Insurance comes under General Insurance. By definition, General Insurance is the type of insurance that covers any kind of loss except death.

Some of the common types of General Insurance plans we can avail in our country are:

  • Health Insurance
  • Motor Insurance
  • Travel Insurance
  • Home Insurance
  • Crop Insurance
  • Commercial Insurance

Both the Life & General (non-life) insurance companies come under the regulation of IRDAI (Insurance Regulatory and Development Authority of India).

There are around 57 insurance providers in India, 24 provide Life insurance while 33 offer General insurance plans.

Among the 33 General insurance companies, we have four public, six stand-alone health insurers, 21 private sector companies, and two specialized insurance providers.

The detailed list is given below.

Public Sector General Insurance Companies

NAME OF THE INSURANCE PROVIDER

YEAR ESTABLISHED

National Insurance

1906

The New India Assurance

1919

United India Insurance

1938

The Oriental Insurance

1947

Stand-alone Health Insurer Companies

NAME OF THE INSURANCE PROVIDER

YEAR ESTABLISHED

Star Health & Allied Insurance

2006

Religare Health Insurance Company Limited

2015

Apollo Munich Health Insurance

2007

Max Bupa Health Insurance Company

2008

Aditya Birla Health Insurance Company

2016

Manipal Cigna Health Insurance

2018

Private Sector General Insurance Companies

NAME OF THE INSURANCE PROVIDER

YEAR ESTABLISHED

Reliance General Insurance

2000

Iffco Tokio General Insurance

2000

Bajaj Allianz General Insurance

2001

Cholamandalam MS General Insurance

2001

ICICI Lombard General Insurance

2001

Royal Sundaram General Insurance

2001

TATA AIG General Insurance

2001

HDFC ERGO General Insurance

2002

Shriram General Insurance

2006

Future Generali General Insurance

2007

Raheja QBE General Insurance

2007

Universal Sompo General Insurance

2007

Bharti AXA General Insurance

2008

Magma HDI General Insurance

2008

SBI General Insurance

2009

Liberty General Insurance

2013

Kotak Mahindra General Insurance

2015

Acko General Insurance

2016

Edelweiss General Insurance

2016

Go Digit General Insurance

2016

DHFL General Insurance

2017

Specialized Insurance Companies

NAME OF THE INSURANCE PROVIDER

YEAR ESTABLISHED

General Insurance Company of India (GIC)

1972

Export Credit Guarantee Corporation of India (ECGC)

1957

*GIC is the only reinsurer in India (insurer of insurance companies)

In today’s world, the chance of an individual meeting with death is much less than falling ill, meeting with an accident or losing something valuable.  That is the reason why General Insurance should take precedence and be on the top of your list.

Life Insurance pays the amount for which you have insured your life. But a lost life cannot be replaced. It is more of a supportive type of insurance. Whereas, General insurance will let you buy back or repair things that have been damaged or lost and restore your health.

Let us see some of the events General Insurance can protect you from:

  • Health - Expected or unexpected events. Hospitalization and outpatient treatment.
  • Accidents - Damage to person or vehicle
  • Theft - You lost certain things due to theft or robbery
  • Earthquakes - An unexpected event that can incur substantial losses
  • Fire Accidents - Happen now and then due to some reason or the other. Sometime, damages may be significant.
  • Storms, Floods, and Cyclones - Can result in a collapsed building or damaged vehicle or loss of cattle
  • Expenses on legal actions
  • Third-party insurance - damage to the third party involved is covered to a certain extent

Other Reasons to Choose General Insurance

With many options to choose from and different companies offering different benefits and flexible opportunities and plans, one can handpick the policy that best suits him/her.

Premiums are not very high for the general insurance plans in India. Most of the plans can be bought for below Rs. 10000 and any damage incurred to you would cost more than that. Even though in most of the cases, the insurance policy may not cover the entire damage or loss, but it can offset and reduce the burden to your pocket.

The Indian General Insurance industry is ranked 18th among 88 nations, which is healthy and is dominated by public sector companies.

Motor and Health insurance comprise nearly 70% of the Indian insurance industry.

Safety and Trustworthiness

The entire insurance industry in India (life, health, general) is watched over and tightly regulated by the IRDAI, which came into being in the year 1999.  IRDAI is an autonomous body that does regular inspections, enquires, audits, etc. An IRDAI certification is what you need to look for when buying a general insurance policy.

The website of the IRDAI is a useful resource and will guide you well if you are looking where to start. It has all the information on different insurance companies, different types of insurance and an FAQ section as well.

IRDAI also receives complaints and grievances from the customers and acts accordingly. In case you have a suggestion, complaint or a grievance, you can easily solve it.