The various types of insurance that do not fall in the category of life insurance are called non-life insurance or general insurance. It is very different from life insurance. General insurance usually refers to the insurance of your automobile, house, property, health, vacation and business, to name a few.
It is common to suffer from various types of diseases and at times, it is possible that we end up paying a hefty amount as hospital bill for the treatment. These are the times when the health insurance we purchase will bail us out of any dire situation. To fight the unpredictability of life, one needs to insure house, automobiles and other valuables. Thorough knowledge and understanding of various plans can help us compare and buy the best suited general insurance plan for ourselves.
With the help of a general insurance policy, you can overcome the following risks due to:
- Natural calamities that can make someone lose house or property
- Damage caused by human, including break-ins, robbery, deliberate destruction of property
- Any outbreak of epidemic or disease
- Any trouble or inconvenience faced during your trip to a dream destination or time-bound travel
- Accidents or any unfortunate and untimely death
How Does General Insurance Work?
The policyholder would need to make sure that he/she maintains financial stability throughout the policy tenure. When the policyholder avails a general insurance policy, he/she would have to pay regular premiums throughout the tenure. The insurer offers funds in case the insured gets involved in any kind of accident or mishaps.
Here is the list of General Insurance Companies operating in India with their claim percentage.
|Sr.No||Claim Percentage||Company Name|
|1.||91.26||New India Assurance|
|2.||92.23||Reliance General Insurance|
|3.||75.01||SBI General Insurance Company Ltd.|
|4.||112.11||Oriental Insurance Company|
|5.||72.32||Tata AIG General Insurance|
|6.||107.06||United India Insurance|
|7.||102.57||Shriram General Insurance Company Ltd|
|8.||70.91||Universal Sompo General Insurance|
|9.||72.32||TATA AIG General Insurance|
|10.||54.99||Apollo Munich Insurance|
|11.||76.90||HDFC ERGO General Insurance|
|12.||51.96||Max Bupa General Insurance|
|13.||97.25||National Insurance Company Limited|
|14.||76.88||Bharti AXA General Insurance|
|15.||——||Agriculture Insurance Company of India|
|16.||78.50||Bajaj Allianz General Income|
|17.||79.14||Liberty General Insurance|
|18.||68.97||Raheja QBE General Insurance Company Ltd- Raheja QBE|
|19.||60.51||Star Health and Allied Insurance|
|20.||78.13||Royal Sundaram General Insurance Co. Limited|
|21.||50.52||Religare Health Insurance|
|22.||—–||ECGC (Export Credit Guarantee Corporation of India)|
|23.||48.14||Cigna TTK Health Insurance Company Ltd.- Cigna TTk|
|24.||77.31||Future Generali India Insurance Company Ltd|
|25.||40.07||Cholamandalam MS General Insurance|
|26.||81.96||IFFCO Tokio General Insurance Company Limited|
TYPES OF GENERAL INSURANCE
- This insurance offers coverage to the insured in case of road accidents.
- It can be further divided into three variants i.e.
- It further rolls out option like comprehensive insurance- an amalgamation of several insurance policies into one.
General Insurance Companies can be classified on the basis of the sector.
|Private Companies||Government Companies||Others- Specialised|
|1. Universal Sompo General Insurance Co. Ltd.|
2. Star Health and Allied Insurance Co. Ltd.
3. SBI General Insurance Co. Ltd.
4. Shriram General Insurance Co. Ltd.
5. Tata AIG General Insurance Co. Ltd.
6. Religare Health Insurance Co. Ltd.
7. Raheja QBE General Insurance Co. Ltd.
8. Max Bupa Health Insurance Co. Ltd.
9. Reliance General Insurance Co. Ltd.
10. Magma HDI General Insurance Co. Ltd.
11. Royal Sundaram Alliance Insurance Co. Ltd.
12. Cigna TTK Health Insurance Co. Ltd.
13. IFFCO Tokio General Insurance Co. Ltd.
14. Future Generali India Insurance Co. Ltd.
15. Kotak Mahindra Genral Insurance Co. Ltd.
16. HDFC ERGO General Insurance Co. Ltd.
17. Apollo Munich Health Insurance Co. Ltd.
18. Bharti AXA General Insurance Co. Ltd.
19. Cholamandalam MS General Insurance Co. Ltd.
20. Bajaj Allianz General Insurance Co. Ltd.
|1. United India Insurance Co. Ltd|
2. The New India Assurance Co. Ltd
3. National Insurance Co. Ltd.
4. Agriculture Insurance Co. Of India Ltd.
5. The Oriental Insurance Co. Ltd.
|1. General Insurance Corporation of India|
2. ECGC Ltd. (Export Credit Guarantee Corporation of India Ltd.)
- Increasing population leading to intense competition to stand out is taking a toll on our health and lifestyle. Seldom outbreak of epidemic like Ebola or H1N1. Added stress to it is the skyrocketing expenses to meet the health attention required.
- A person is not only responsible for his/her health but also for the health of his/her family members. Therefore, the insurance helps manage hospitalization and treatment expenses at the time of health emergency.
- It offers a wide variety of plans, focusing on both individual and the family.
- It also provides tax benefits
Read more : Health Insurance
- When a person plans a travel, certain aspects like weather, flight cancellation, delays or any medical emergency is beyond one’s control.
- Various Insurance plans are available in this section, targeting various needs. They can be for
- Solo Travellers
- Family Travel
- Senior Citizens’ Travel
- Students’ Travel
Read more : Travel Insurance
- Owning a house is a symbol of legacy or immortality; the person goes but leaves behind his house as a relic and the house serves as a patrimony for the next generation.
- It is essential to avert any harm coming its way or have the capacity to compensate if any tragedy occurs like theft, earthquake
Read more : Home Insurance
- Business and jobs take you places as well as your products, even across the ocean. The products have to overcome fluctuating topographical boundaries to reach their destination.
- This obviously involves risks of damage, loss or theft.
- Hence, this insurance is of utmost importance to keep the business safe.
OTHER TYPES OF INSURANCE
- Commercial Insurance
- Property Insurance
- Liability Insurance
- Corporate Insurance
- Fire Insurance
- Crop Insurance
GENERAL INSURANCE COMPANY IN INDIA AND ITS POLICIES
- FALLING UNDER PUBLIC SECTOR
- Agriculture Insurance Company Of India Limited
- National Agricultural Insurance Scheme
- Varsha Bima (Insurance against Monsoon)
- Bio-Energy Insurance
- Nation Insurance Company Limited
- Automobile Insurance
- National Parivar Mediclaim
- Individual Personal Accident
- Gramin Suraksha Bima Policy
- New India Assurance Company Limited
- Householder Policy
- Griha Suvidha Policy
- Banker’s Indemnity Policy
- Burglary Policy
Some GENERAL INSURANCE COMPANIES UNDER PRIVATE SECTOR
BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED
- Policies included are Bajaj Allianz Personal Guard Plan
- Bajaj Allianz Extra Care
- Bajaj Allianz Health Care
- Bajaj Allianz Car Insurance Policy
- Bajaj Allianz Travel Companion Plan
APOLLO MUNICH HEALTH INSURANCE COMPANY LIMITED
- Apollo Munich Easy Health
- Easy Travel – Family
- Apollo Easy Travel Individual
BHARTI AXA GENERAL INSURANCE COMPANY LIMITED
- Bharti AXA SmartHealth Critical Illness
- Bharti AXA Car Insurance Policy
- Bharti AXA SmartPlan Housholder’s Package Policy
- Bharti AXA SmartTraveller Student Travel Insurance Plan
HDFC ERGO GENERAL INSURANCE COMPANY LIMITED
- HDFC ERGO Health Suraksha
- HDFC ERGO Private Car Insurance
- HDFC ERGO Standard Fire and Special Perils Insurance
- HDFC ERGO Student Suraksha Travel Insurance Plan
- HDFC ERGO Property and Misc Insurance
- HDFC ERGO Cattle Insurance
- Why should I avail a general insurance?
General insurance offers insurance cover for you and your belongings, helping you save a lot of money during mishaps and accidents.
- What is the difference between general insurance and life insurance?
General insurance covers the insured as well as specific belongings of the insured, life insurance offers coverage for the life of the insured.
- Is health insurance included in general insurance?
Yes, health insurance policies fall under the category of personal insurance which is included in general insurance.