No one can predict what lies ahead. All we can do is to be prepared for any uncertainties life might throw at us. For most of us, insurance signifies the best mode of future-readiness. General insurance—widely understood as non-life insurance—includes health and motor insurance, home insurance, and even travel insurance. This blog post will educate you about some niche areas in general insurance, complete with information about the top 10 general insurance companies in India.
Meaning of general insurance
General insurance refers to all insurance products other than life insurance. Individuals or organizations purchase general insurance to cover the cost of treating diseases and to pay for damages in case the motor vehicle meets with an accident. Here, the insured has to pay the premium for the insurance for the coverage period, just like life insurance. General insurance offers protection for various personal assets such as homes, vehicles, and other valuables. It offers protection against natural disasters, theft, accidents, and even the cost of legal actions depending on the type of general insurance product the insured chooses to buy.
Top general insurance companies in India
There are several general insurance companies in India. Out of them, we have handpicked the best 10 general insurance companies for you.
| S.No. | Insurance Company |
| 1. | Aditya Birla General Insurance Company |
| 2. | Bajaj Allianz General Insurance Company |
| 3. | Acko General Insurance Limited |
| 4. | HDFC Ergo General Insurance Co. Ltd |
| 5. | Cholamandalam MS General Insurance Company |
| 6. | Digit General Insurance Company |
| 7. | Edelweiss General Insurance Company |
| 8. | Future Generali General Insurance Company |
| 9. | IFFCO Tokio General Insurance Company |
| 10. | Kotak Mahindra General Insurance Company |
Factors to consider before investing in general insurance
Before learning about the top 10 general insurance companies in India, you need to consider several factors. Some of these are:
Affordable premium
The premiums of both life and general insurance are nominal with respect to the amount of coverage offered. The insured person has to pay the premiums on either a quarterly or yearly basis, as per the insurance contract.
Ease of purchase
Purchasing general insurance is very simple. You can either take the offline mode through a broker or policy agent to sign up. However, the online option has made it even more easier wherein you can enroll with just a few clicks on the website or app of your preferred insurance provider.
Damage protection
The sole purpose behind having general insurance is to reduce your financial losses or physical damages to your vehicle or property.
Complete protection
Most individuals overlook this factor due to higher premiums, but the complete protection option of general insurance can provide all-around coverage to your insurable assets.
Top listed general insurance companies in India: An overview
Now that you have an idea of the factors that complement general insurance, it is time to reflect on the top general insurance companies in India.
Aditya Birla General Insurance Company
The Aditya Birla Insurance Brokers Limited (ABIBL) was established in the year 2001. It was a joint venture between the Aditya Birla Group and the MMI Holdings Group of South Africa. The company provides insurance broking and advisory services and also provides reinsurance to other insurance companies. It has a presence in South Asia, South East Asia, and the Middle East.
Bajaj Allianz General Insurance Company
Bajaj Allianz, one of the top 10 general insurance companies in India, is jointly owned by Bajaj Finserv Limited and Allianz SE. They provide insurance coverage for health, home, vehicles, and even for online safety.
Acko General Insurance Ltd.
Acko General Insurance, a private sector general insurance company, was established in November 2016. Acko offers car and bike insurance, travel insurance, and health insurance.
HDFC Ergo General Insurance Co. Ltd
HDFC Ergo is joint venture between HDFC and ERGO International AG. Apart from car insurance, bike insurance, health insurance, and travel insurance, the insurance provider also offers home insurance and cyber insurance.
Cholamandalam MS General Insurance Company
The general insurance company is a joint venture between the Murugappa Group of India and the Mitsui Sumitomo Insurance Group of Japan. The company provides diverse insurance products such as property and casualty insurance, marine insurance, engineering insurance, and rural insurance.
Digit General Insurance Company
The Digit General Insurance Company, a non-life insurance company, is a subsidiary of Go Digit Infoworks Services Private Limited. It is also backed by Canada-based financial services company Fairfax Financial Holdings Limited. Established in 2016, it provides digital insurance services in sectors including home insurance, shop insurance, vehicle insurance and commercial insurance.
Edelweiss General Insurance Company
The company started its journey in the non-life insurance industry in 2016. This is a part of the wider Edelweiss Financial Services Limited. Edelweiss provides insurance services for a wide range of products including homes, health care, automobiles, two-wheelers as well as fire and engineering hazards.
Future Generali General Insurance Company
Future Generali is one of the top 10 general insurance companies in India, founded in 2007 under the joint partnership of the Future Group, a reputed retail company in India and global insurer Generali. The company mainly provides commercial, retail, and rural insurance solutions and products.
IFFCO-Tokio General Insurance Company
The company was established in 2000 jointly by the Indian Farmers Fertiliser Cooperative Limited, a large fertilizer maker and the Tokio Marine Group of Japan. IFFCO owns 51% shares of the company, while Tokio Marine Group owns its 49% shares.
Kotak Mahindra General Insurance Company
Kotak Mahindra General Insurance is a non-life insurance company owned by Kotak Mahindra Bank Ltd. It was founded in 2014, which received the IRDAI approval in 2015. The company provides insurance policies on health, motor, home and commercial instruments.
Conclusion
To conclude, general insurance is the financial aid that the insured person can claim for damages from unforeseen events that cause damage or loss to his/her personal assets. Assets can range from cars, two-wheelers and shops to homes, or any other valuable asset. The top 10 general insurance companies in India are known for providing excellent consultation, policies, and timely compensation for your financial loss. Visit the online portal of these firms to choose your insurance policy after reading the terms and conditions carefully.
