Insurance nowadays is very important and is equally benefitting. General Insurance gives you the total coverage from any damage suffered by the object covered under protection.
Insurance protection is beneficial in the sense that the damage sufferer is given the entire mentioned amount after the insurance is claimed. Insurance is easy to obtain as it demands only a chosen amount for as the premium. Payment of premium can be paid as selected by the person opting it. The premium depends upon the amount of insurance it is chosen. Insurance is of a different type depending upon the purpose. It includes health insurance, Life insurance, property insurance, fire insurance, car insurance and much more.
Here are the top 10 best General Insurance companies in India in 2017-2018
Table of Page Contents
- 10. TATA AIG General Insurance Company Limited
- 9. Max Life Insurance Company Limited
- 8. Reliance General Insurance Company
- 7. Oriental Insurance Company Limited
- 6. ICICI Lombard General Insurance
- 5. Bajaj Allianz General Insurance Company
- 4. United India Insurance Company
- 3. L&T General Insurance Company
- 2. National Insurance Company
- 1. New India Assurance Company
10. TATA AIG General Insurance Company Limited
This general insurance company is looked after by the TATA group. Tata AIG Insurance is a partnership between the American International Group and TATA. It was established in the year 2001 with its headquarters in Mumbai. TATA being the controller operations, it holds 74% stakes in the company and the AIG has 26% of its shares. It presents a wide range of insurance options like home, accident, vehicle, marine, travel, personal, etc. Various modes are there for reaching the policy makers like brokers, banks, digital marketing as well as through agents.
9. Max Life Insurance Company Limited
Max Life Insurance Company not only provides you with life insurance policies but also gives you other insurance options. It is a General Insurance company established in 2000. It has its nerve center in New Delhi. The company is a part of the Max Financial Services Limited. Analijit Singh was the person behind the foundation of this firm. The Max Finance has a joint partnership with the Mitsui Sumitomo Insurance Company of Japan. Today Max Life Insurance has more than 3,000,000 customers in the nation. In 2016, Max Life announced a partnership with the HDFC Bank as well.
8. Reliance General Insurance Company
Reliance General Insurance Company, as the name suggests is a private Insurance company owned by the Reliance Group. It was established in 2000 by Anil Ambani. The insurance has 125 arms and not less than 15,500 immediacies. The Reliance General Insurance Company was granted the license by Insurance Regulatory Development Authority in 2000. The company is headed by Rakesh Jain, chief executive officer. Reliance General Insurance Company provides the people with insurance policies for vehicle, house, accidents, health and much more.
7. Oriental Insurance Company Limited
This is a public sector undertaking that provides insurance facility to the people. The company has its headquarters in Mumbai. It was established in the year 1947. Apart from operating within the country, it also operates in abroad countries like Dubai, Nepal and many other. The company has 1800 offices spread wide across the country. The company offers to the general public more than 160 types of shares. The company has a global income of more than Rs.10900 crores. The company was a part of the General Insurance Corporation of India till 2003 after which it was separated.
6. ICICI Lombard General Insurance
The ICICI Lombard is a private limited company established in the year 2001 with it nerve center in Mumbai. The company not only provides general insurance but also insurance claims, reinsurance, and investment management. The company is the result of a joint venture between the Fairfax Financial Holdings Limited and ICICI Bank. ICICI Bank holds the major number of shares, 65% while the Toronto based company holds 35%. The estimated premium of the firm in the year 2017 is nearly Rs.110 billion.
5. Bajaj Allianz General Insurance Company
This is a private company trading on general insurance. It was founded in 2001 with its main building in Pune. The company is a partnership between Bajaj Finserv Limited and Allianz SE. The Insurance Regulatory and Development Authority (IRDA) provided the license to the Bajaj Allianz General Insurance Company in 2001. THe company is headed by Tapan Singhel. The revenue earned by the company for the financial year 2015-2016 was nearly Rs. 55 billion.
4. United India Insurance Company
This insurance company is owned by the government and it was formed before the Independence in 1938. It has its headquarters in Chennai. Earlier it was a part of the General Insurance Corporation of India but after the IRDA act of 1999, it got separated from the parent organization. It is available in more than 2132 locations in India and has more than 15000 employees. It is a collaboration of 12 Indian insurance firms, five foreign insurers, and our co-operative insurance companies.
3. L&T General Insurance Company
The next in our list is the L&T General Insurance company. The L&T stands for Larsen & Toubro which is a multinational company excelling in construction, technology, and Insurance. It is a public company established in the year 1938 with its headquarters in Mumbai. It provides a wide range of general insurance options starting directly from health, life, care, pension, retirement, theft and much more.
2. National Insurance Company
National Insurance Company is a government aided insurance company with the headquarters in Kolkata. The program was formed in 1906 during the British regime. Until the year 1972, it was a subsidiary of General Insurance Corporation and gained full autonomy afterward. The National Insurance Company also serves in Nepal. The company had a significant employment base of over 16000 and an annual revenue of Rs 90 billion. The National Insurance Company provides policies in health, life, property, and auto insurance coverage.
1. New India Assurance Company
Topping our list of top 10 general insurance companies in India is New India Assurance Company. This is also a company which is owned by the government and came into existence in the year 1919. It has its headquarters located in Mumbai. It was a part of the General Insurance Corporation of India but after the reconciliation of the IRDA act, it got sovereignty. It is inarguably the largest Insurance Company in India. It is headed by G. Srinivasan, the chairperson of the company. It has 31 regional centers, 6 corporate sectors, 27 Direct agent centers, 578 branches and 1239 micro offices in the nation. It has a strong employee base to cater the needs of millions in this country.
These are the top 10 general insurance companies of India you would like to choose between. They offer friendly service, prompt assistance, and customer satisfaction is their primary aim.