Insurance plans are now an integral part of our financial planning. By taking various insurance plans, we are insuring the happiness of your family. Apart from life insurance, there are general insurance or non-life insurance policies to protect your property from fire, theft, manmade crimes or natural calamities. Personal insurance policies are primarily required to cover accidents and medical expenses. Liability insurance is designed to cover legal liabilities and maintains your financial stability simultaneously.
Here we are going to take a look at some of the top rated general insurance providers approved by IRDA.
New India Assurance Company Limited
The company was founded by Sir Dorabjit Tata and incorporated in the year 1919. New India Assurance Company Limited is wholly owned by the government of India. It is the largest general insurance company of India in terms of the gross premium collection including the foreign operations. The company has a huge network of 1600+ offices across the country.
National Insurance Company Limited
National Insurance Company Limited was formed in 1906 but it was nationalized in 1972. It is one of the oldest general insurance providers of the country. Operated and regulated by Government of India, the company gained trust of million with their versatile range of general insurance plans. It is the only PSU in the area of non-life insurance companies. Impressive claim settlement rate of the company is the key factor behind their grand success.
This general insurance company was founded in the year 1947. In its initial years, the Oriental Insurance Company Ltd. was a subsidiary of Life Insurance Corporation of India from 1956 to 1973. In 2003, the Government of India acquired 100% shares of the company from General Insurance Corporation of India. Oriental Insurance has a strong base all over India through a vast network of 1800+ offices and more than 14000 employees.
United India Insurance Co. Ltd.
The United India Insurance Co. Ltd. is solely owned by the Government of India. This company started its operation in 1938 and till date it is serving the country with its useful and effective general insurance plans. The company has more than 2046 operational branches scattered all over India. It offers faster and convenient claim processing because of its 18000+ employees. Thanks to its strong customer base all over Asia, it has gathered gross premium of approximately 9709 crores in the financial year 2013-2014.
Tata AIG General Insurance Company Ltd.
Founded in 2001, Tata AIG General Insurance Company has climbed up the ladder leaving behind many other companies. Key factor behind growth of the company is the wide range of innovative insurance policies. Recently Tata AIG General Insurance Company launched a strategic initiative called “Go Digital” that simplifies the process of policy sales, renewal and claim settlement.
L&T General Insurance
L&T General Insurance Company Limited commonly known as L&T Insurance operates under complete undertaking of Larsen & Toubro Limited. The Company was founded by two engineeres Soren Kristian Tuobro and Henning Holck-Larsen in 1938. Both of the founders were of Danish origin. It is the largest general insurance company in India in private sector. In 2009, the company was listed in the Forbes “World’s most Reputable Companies” and in 2012 it was awarded with Golden Peacock National Quality Award on leadership and quality governance.
Agricultural Insurance Company of India Ltd.Founded in 2002, Agricultural Insurance Company is the largest crop insurer of India. It comes with several crop insurance policies that cover all major cereals, many annual commercial/horticulture crops and oilseed crops under the National Agricultural Insurance Scheme (NAIS). It also offers Weather Based Crop Insurance Scheme (WBCIS) as a part of government crop insurance scheme.