Tuesday, 27 March 2018

Best General Insurance Companies in 2018

Insurance falls under two categories- Life and General. General insurance insures anything other than risk to a person’s life and is also talked about as ‘non-life insurance policy’. This includes a person’s health, car and motor vehicles, buildings, accident and hospitalization expenses, goods in transit or stored in warehouse and any financial legal liability.

Insurance covers can be obtained by paying premiums either on monthly or yearly basis. This premium goes into the pool of net premiums paid by other policyholders who have the same insurance service.

General Insurance Plans Are Categorised As

Health, Travel, Motor, Home, Marine and Commercial insurance.

Health Insurance: This includes treatment, hospitalization expenses of an individual or family. It covers critical illness insurance also.

Travel Insurance: This covers for losses that can affect the normal travel plan of an individual, family or student.

Motor Insurance: This insurance covers damages to motor vehicles, repair or replacement expenses.

Home Insurance:  The repair or replacement expenses of a fixed structure or building as well of the contents inside the building
Marine Insurance:  Damages to or loss of cargo and carrier.

Commercial Insurance:  Financial liabilities that might take place in normal business functions.

The Best General Insurance Companies in 2018 Include

New India Assurance
This company was started by Sir Dorabji Tata in the year 1919. The headquarters of the company is in Mumbai, Maharashtra. It has been a reliable general insurance company since then. The company offers many insurance covers like marine, jewellery, aviation etc. They have good operating performance and a stronghold on the capital position. NIA is a leader amongst insurance companies both in India and abroad.

National Insurance India
This company was founded in 1906 and has its headquarters in Kolkata, West Bengal. This is the oldest general insurance company in the country. Their efforts include providing protection to urban household and also cater to the rural businessmen by safeguarding their business from natural disasters. This company won the Best Auto Insurer Award.

The Oriental Insurance
The Oriental Insurance company with its head office in Delhi has insurance covers for rural as well as urban clients. The organisations covered include small, medium and large scale ones. Their portfolio includes special covers for chemical, petrochemical, steel and power plants etc. They have 1900 offices and the annual premium garnered in the year 2015 -16 was Rs 8611 crores.

United India Insurance                                                 
The company was nationalised in 1972 and has around 19000 employees in its 1340 offices all over India. The general insurance company founded in 1938 provides insurance covers to its customers. The clients include the humble farmer insuring for his cart to huge corporations like GMR Hyderabad International Airport, ONGC, and TTD etc. The corporate office is in Chennai, in the state of Tamil Nadu.

Bajaj Allianz General Insurance
Bajaj Allianz based in Pune Maharashtra, is an economical and strong insurance provider in the industry. Bajaj Finserv and Allainz SE jointly incorporated the company around eleven years ago. They have a specialized travel insurance package which is well known as Bharti Pravasi Bima Yojana. The insurance schemes of the company have IRDA certification.

ICICI Lombard
This company is a giant in India’s private sector related to accounting, finance and insurance. There are ninety offices all over India. ICICI Bank and the Canadian firm Fairfax Financial Holdings Limited entered into a joint venture. They offer a good claim ratio on insurance covers that include health care, automobile insurance, personal protection and business protection. This general insurance company has its headquarters in Mumbai, Maharashtra.

TATA AIG Insurance
The company has its headquarters in Mumbai, Maharashtra. The company joined the American International Group (AIG) in 2001 and entered the insurance sector. The company has basic and general insurance plans and apart from these general insurances the organization has a ‘Private Client Group (PCG)’ facility for royal families and artist entrepreneurs. This specifically insures for fine art pieces, valuables and art collections.

HDFC General Insurance
The products of this Mumbai, Maharashtra based company include insurance cover for motor, health, corporate, home and SMEs. This company is an extension of HDFC Ergo that took over and merged with L & T general Insurance in 2016. The company has earned a good name both within the country and beyond.

Reliance General Insurance
The company has its headquarters in Mumbai, Maharashtra. The company is a private insurance company and is a part of the Reliance Group. The distribution network has more than 129 branches and around 24,500 intermediaries.

IFFCO TOKIO was formed after merging Tokio Marine, Indian Famers Fertilizers Co-operative, and Japan’s major Fire Insurance company Nichido Fire Group. This general insurance company has its corporate office in Gurgaon, Haryana. The company offers the regular services like health, motor, travel, home and also Speciality Insurance Services like Fine Arts Insurance, Multi Modal Transport (MTO) Insurance, Credit Insurance, Comprehensive General Liability Insurance and Technology Insurance.

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