India General Insurance

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About General Insurance

In India general insurance, health insurance is the biggest component. However, the term general insurance also includes other forms of non life insurance such as homeowners and automobile policies.
In these policies the insured or the nominated dependents or beneficiaries are provided financial benefits in case something unfortunate happens or at the end of a stipulated period of time.

Types of general insurance in India

In India, general insurance products can be categorized into two major classes – personal lines and commercial lines products. They may be enumerated as below:

Personal lines

The personal line products are created so that they may be marketed in large numbers. Examples of such policies are the private car insurance policies, household or home-owners policies, creditor insurance, and pet insurance among others.

Commercial lines

The commercial line products are created primarily for smaller business entities that have been registered in a legal way. Some examples of these policies are employers’ liability, product liability, public liability, and commercial fleet insurance.

There are several organizations that deal in commercial insurance plans that are fairly detailed in nature and cater to the requirements of a diverse range of clientele including shops, hotels, and restaurants.

Advantages of General insurance

The benefits of a general insurance policy may be enumerated as below:
  • Health and medical insurance policies take care of the costs of medical treatments
  • Pet insurance policies are necessary for taking care of important costs associated with the pets
  • Accident insurance policies are helpful when it comes to costs associated with accidents
  • Home insurance policies help in securing the home against various forms of dangers like fires and natural calamities
  • Motor vehicle insurance plans account for the expenses incurred in repairing a vehicle damaged in an accident
  • Unemployment insurance comes in handy in case the insured loses his or her job
  • Travel insurance plans help to deal with costs resulting out of unfortunate and serious situations while traveling outside the country
  • Personal liability policies take care of any issues arising while doing one’s job

Top General Insurance Policies in India

Bajaj Allianz General Insurance

The Car Insurance policy of Bajaj Allianz General Insurance provides the insurer cashless settlement facilities at more than 15 hundred preferred workshops and problem free claims settlement as well. It provides round the clock claims support and a convenient and simple procedure to purchase the policy on the internet.

The CashRich retirement plan provides a collected composite reversionary bonus and cash back benefit, which is 5 percent of the sum assured. The plan also provides a terminal bonus. The Family Floater Health Guard Plan provides coverage for the medical costs incurred by the insured and their family members when they are hospitalized.

It provides cashless facility at more than 3058 hospitals across the country and covers pre and post hospitalizations expenses as well. The plan also takes care of emergency ambulance fees but only till specified limits. It also does not impose any sub limits for hospitalization and room rent costs.

ICICI Lombard General Insurance

The Complete Health Insurance plan of ICICI Lombard provides policyowners the opportunity to select their health cover, premium, and the add-on benefits. The program also offers lifetime renewability benefits.

The Travel Insurance – Senior Citizens helps the policy owners ensure proper health coverage for their parents when they are traveling outside country. The policy does not require medical check-ups till 85 years. The policy does not require any documentation and the policy is issued quickly as well.

New India Assurance

The Standard Fire and Special Perils Policy of New India Assurance provides coverage for all land based immovable and movable properties but not the land’s cost. Special kinds of plans have been created for shares, building, machinery and plant while focusing on the property’s nature, basis of indemnification, and necessities of the proposer. Long term policies are also provided for houses with proper discounts in premium.

The policy can be increased to cover some specific extra costs and perils in exchange of additional premium. Special perils can also be removed and the premium rates can be reduced in these cases. The policy also provides discounts on premium in case the claims experience with a particular customer is good. The policy also applies a singular rate for a particular risk for all the properties located in a manufacturing or industrial complex.

The Householder’s Policy offers a combination of several polices that are normally taken by homeowners and is thus suited to satisfy their insurance related necessities. The policy also offers discounts but that is available under special conditions.

The Motor Policy covers the following kinds of automobiles operating on the public roads:
  • Motorcycles and scooters
  • All kinds of commercial vehicles
  • Private cars
  • Vehicles in garages and showrooms
Two types of covers are provided in the program:
  • Package policies: these cover the damages and losses sustained by a vehicle as well as any third party liability.
  • Liability only policies: these plans provide coverage for third party liabilities for death or bodily injury as well as property damage. These also include personal accident coverage facilities for driver-owners as well.
No claim discounts are also provided when the policies are renewed and the discount depends on the amount of years without claims and the kind of vehicle.

The Overseas Mediclaim Policy is provided to corporate officials who travel on a frequent basis. Its premium has to be paid in INR and the claims are settled outside the country in an international currency.

The Contractor’s All Risk Policy is primarily meant for financial security for contractors working in the civil engineering sector in case of a mishap suffered by the particular project. After the policy crosses the 12 month mark the insured can pay the premium in quarterly installments.

The Shopkeeper’s Policy is a package offer that has been specially created to cater to smaller shop owners. Discounts in premiums are also provided but under special circumstances. A shopkeeper can take one policy each for different shops located in separate locations and having individual accounts.

Oriental Insurance

The Motor Insurance policy of Oriental Insurance provides coverage for compensation and legal liability in case an insured automobile is stolen or involved in an accident. The plan also provides round the clock on the road assistance for free.

Reliance General Insurance

The Motor Insurance policy of Reliance General Insurance offers lower premiums and quick settlement of claims along with cashless facility at 2100 garages. The Health Insurance plan offers cashless benefits at more than 4 thousand hospitals and does not call for medical tests till the proposer is 45 years or more.

It also does not have any limits regarding room rates. The Travel Insurance policy provides coverage till a maximum of 180 days and covers loss of passport and baggage. It also offers dental care and personal accident benefits.

Following are the other leading general insurance products available in India:

Insurer Product
Tata AIG General Insurance Tata AIG Motor Insurance
Tata AIG Travel Insurance
Tata AIG Wellsurance Family
United India Insurance Overseas Travel Policy
Health Insurance Policy
Personal Accident Policy
Motor Policy (2 Wheeler & Private Car)
Cholamandalam MS General Insurance Chola MS Family Healthline
Chola MS Student Travel
Chola MS Private Car
HDFC ERGO General Insurance Travel Insurance
HDFC ERGO Health Suraksha
Star Health Insurance Senior Citizen Health Insurance
Family Health Optima
Star Comprehensive Insurance Policy
Apollo Munich Health Insurance Optima Senior
Future Generali India Insurance Future Generali Health Suraksha
Universal Sompo General Insurance Motor Private Car
Aapat Suraksha
Individual Health/Personal Accident
Shopkeepers, Home(Householder’s) & Office Package Policies
Fire & Allied Perils
Cattle Policy and Farmers’ Package
Shriram General Insurance Fire Insurance
Motor Insurance
Engineering Insurance
Liability Insurance
Shopkeepers Insurance
Bharti AXA General Insurance Bharti AXA Car Insurance
Max Bupa Health Insurance Health Assurance
L&T Insurance Medisure Prime Insurance

Last Updated on 10/12/2012