About Insurance Companies in India

The main purpose of insurance is to secure individuals financially against uncertainties of life. Thus, insurance policies are important for handling the unforeseen situations and risks in life that might occur suddenly. With insurance by your side, an individual can have peace of mind in terms of health, finances, family security and more. However, to enjoy the coverage and benefits of insurance, the insured or the policyholder is required to pay a certain amount of money known as premium.

Over the years, the awareness about insurance policies and insurance providers in the country has increased and the insurance sector has seen massive growth. Further, the emergence of the Covid-19 pandemic in the last few years has made people realize the importance of having insurance even more. Also, the high claim ratio offered by different insurance companies have encouraged more and more people to choose insurance as a tool to support their life and health to the maximum.

Right now, there are numerous insurers in the list of insurance companies in India including general insurance companies and life insurance companies offering many policies and related benefits to allow people enough protection or coverage as per their budget.

When it comes to different insurance providers, there is a difference between life insurance and general insurance companies and there are different types of insurance companies offering different insurance policies. Let us learn about different types of insurance companies and insurance plans in detail.

List of insurance Companies in India

  • Aditya Birla
     
  • Aegon
     
  • Bajaj Allianz
     
  • Bharti AXA
     
  • Canara HSBC OBC
     
  • Edelweiss Tokio
     
  • Exide
     
  • Future Generali
     
  • HDFC
     
  • ICICI Prudential
     
  • Kotak Mahindra
     
  • PNB Metlife India Insurance
     
  • Reliance Nippon
     
  • Tata AIA
     
  • Bajaj Allianz
     
  • Cholamandalam MS
     
  • Digit
     
  • New India Assurance
     
  • Reliance
     
  • SBI
     
  • Liberty
     
  • Tata AIG
     
  • Universal Sompo
     
  • HDFC
     
  • ICICI Lombard
     
  • Royal Sundaram
     
  • Aditya Birla
     
  • Care Health
     
  • Bajaj Allianz
     
  • Cholamandalam
     
  • Digit
     
  • Kotak Mahindra
     
  • Niva Bupa
     
  • New India Assurance
     
  • Star Health
     
  • IFFCO Tokio
     
  • Magma HDI
     
  • Manipal Cigna
     
  • Edelweiss
     
  • Liberty
     
  • ICICI Lombard
     

What Are the Types of General Insurance Policies?

What is life insurance?

Life Insurance is a type of insurance which cover the nominee of the insured financially by paying them death benefit in the event of the death of the insured person or in some cases after a particular period of time as per the terms and conditions of the policy. So, a term life insurance policy is one whereby the insured person secures the life of their family members financially by paying a certain premium amount to receive death benefit for the nominee of the policyholder if he/she dies suddenly during the tenure of the life insurance policy. So, this is like a contract between the policyholder and the insurance company. Here, the policyholder pays a premium to allow their nominee to receive compensation after the death of the policyholder. Some policies also allow the insured to receive compensation if he/she outlives the policy duration. There are over 24 life insurance companies offering best life insurance policies in India. Life Insurance Corporation or LIC is the only public sector life insurance company in India, while the rest are all private insurance companies offering different types of life insurance cover.

What is General Insurance?

A General Insurance is the one which does not fall under the realm of life insurance. General insurance companies in India offer a range of insurances in different fields and different products other than life insurance. The various types of General insurance products/policies available are:

  • Motor insurance
  • Health insurance
  • Home insurance
  • Marine insurance
  • Travel insurance, etc.

With the help of a general insurance policy, the insured individuals can get coverage or compensation for the damages incurred in a particular field of insurance that the policy is offering protection for. Unlike in life insurance, the duration of general insurance doesn’t extend for a lifetime. Further, most products of general insurance companies are available with yearly contracts where the insured needs to renew the policy annually, while there are other plans that may be for short as well as long duration.

What is Health Insurance?

A Health Insurance is a health plan which provides financial security to individuals in terms of health by covering them against incurred healthcare costs. With a health insurance plan the insured can get coverage against health treatment costs as well as surgical costs that the insured incurs for getting hospitalized for various illnesses or accidental injury.

No one can predict the future and what lies ahead, especially in terms of one’s health. An unforeseen situation of health crisis or accidental health injury might trap anyone at any time. Thus, having health security in the form of the best health insurance is very important. Further, with the rising cost of health care it is pertinent for everyone to have a comprehensive health insurance policy to fight medical emergencies. Also, the policyholder can buy additional riders with health insurance policies that augment the benefits received from various insurances.

There are several health Insurance plans offered by various best health insurance companies in India to cover people against medical emergencies. These companies make it affordable for people to fulfill health care requirements without incurring a heavy expenditure. Best health insurance in India comes with features such as:

  • Cashless facilities at network hospitals
  • Pre, post hospitalization costs
  • Ambulance charges
  • Daily cash allowance etc.

Different types of best health insurance plans in India are:

  • Individual plan
  • Health insurance plans for family or Family floater plan
  • Comprehensive health insurance
  • Maternity insurance etc.

  • Aditya Birla Health Insurance
  • Care Health Insurance
  • Bajaj Allianz Health Insurance
  • Bharti AXA Health Insurance
  • Cholamandalam Health Insurance
  • Digit Health Insurance
  • Kotak Mahindra Health Insurance
  • Niva Bupa Health Insurance
  • New India Assurance Health Insurance
  • Star Health Insurance
  • IFFCO Tokio Health Insurance
  • Magma HDI Health Insurance
  • Max Bupa Health Insurance
  • Manipal Cigna Health Insurance
  • Edelweiss Health Insurance
  • Liberty Health Insurance
  • ICICI Lombard Health Insurance
  • Go Digit Health Insurance
  • Cholamandalam MS Health Insurance

What is Car Insurance?

Car insurance plans are the ones that cover vehicles against damages of different kinds as well as against losses, theft, etc. that a car owner has to incur during any kind of road emergencies. A car insurance can be a third-party insurance that covers against the third-part damages or it might be a comprehensive insurance plan that covers against third-party as well as other damages caused to your own car including man-made damages and damages caused by natural calamities.

The third-party insurance covers the basic third-party damages and it is compulsory to have a third-party insurance under the Motor Vehicle Act of India. Buy car insurance online to cover injuries and damages of third party people or property. This policy cover against death of third-party person that was caused due to the involvement of your car in an accident. There are other car insurance plans such as comprehensive car insurance plan and standalone own-damage car insurance plans which covers for your own car damages, including man -made and natural damages, along with bodily injury, loss and theft of car and so on.

Car insurance policy can be bought online. Car insurance online offers various advantages including cashless garages, roadside assistance, towing assistance and personal accident cover among others. Compare car insurance online before you decide to buy the most suitable plan for your requirement.

  • IFFCO Tokio Car Insurance
  • Royal Sundaram Car Insurance
  • The Oriental Insurance Car Insurance
  • HDFC ERGO Car Insurance
  • Universal Sompo Car Insurance
  • Tata AIG Car Insurance
  • The New India Assurance Car Insurance
  • SBI General Car Insurance
  • Bajaj Allianz Car Insurance
  • Future Generali India Car Insurance
  • Bharti AXA Car Insurance
  • ICICI Lombard Car Insurance
  • Liberty Car Insurance
  • Cholamandalam MS Car Insurance
  • National Insurance Car Insurance
  • Edelweiss Car Insurance
  • Reliance General Car Insurance
  • Acko General Car Insurance
  • United India Car Insurance
  • Kotak Mahindra Car Insurance
  • Go Digit Car Insurance
  • Magma HDI Car Insurance
  • Shriram General Car Insurance
  • Navi Car Insurance

What is Bike Insurance ?

Bike insurance or a two-wheeler insurance is an obligatory insurance policy in India that all two-wheeler owners must have so that they can ride their bikes without any hassle across India. This is an ideal insurance policy that safeguards a bike owner against financial losses incurred because of any unfortunate or unforeseen situation such as road accident or collision etc.

The Indian Motor Vehicle Act makes it mandatory for each and every two-wheeler owner to have a third party bike cover on their two-wheeler. The bike insurance policy falls under the category of general insurance and it helps to cover bikes against damages caused by accidents.

An active two wheeler insurance can protect you from any serious injury or damage caused to the rider or the two-wheeler. There are authorized insurance providers offering two wheeler insurances or bike insurance online in India.

Currently, there are over 25 general insurance companies offering best bike insurance plans to bike owners in India. All these insurers offer unique features and benefits depending on the needs and pocket or budget of the insurance seeker. The different kinds of bike insurances available are, third-party bike insurance, which is compulsory, Comprehensive bike insurance, and standalone own-damage bike insurance. It is important to compare bike insurance policies to buy the best policy as per your requirement.

  • IFFCO Tokio Two Wheeler Insurance
  • Royal Sundaram Two Wheeler Insurance
  • The Oriental Insurance Company
  • HDFC ERGO Two Wheeler Insurance
  • Universal Sompo Two Wheeler Insurance
  • Tata AIG Two Wheeler Insurance
  • The New India Assurance
  • SBI General Two Wheeler Insurance
  • Bajaj Allianz Two Wheeler Insurance
  • Future Generali India Two Wheeler Insurance
  • Bharti AXA Two Wheeler Insurance
  • ICICI Lombard Two Wheeler Insurance
  • Liberty Two Wheeler Insurance
  • Cholamandalam MS Two Wheeler Insurance
  • National Insurance Company
  • Edelweiss Two Wheeler Insurance
  • Reliance Two Wheeler Insurance
  • Acko Two Wheeler Insurance
  • United India Two Wheeler Insurance
  • Kotak Mahindra Two Wheeler Insurance
  • Go Digit Two Wheeler Insurance
  • Magma HDI Two Wheeler Insurance
  • Shriram Two Wheeler Insurance
  • Navi Two Wheeler Insurance

Difference Between Various Insurance Plans (Life insurance and General Insurance)

Feature Life Insurance General Insurance
Description Life Insurance is an insurance which pays a certain amount of money to the insured or his/her nominee as death benefit if the insured person dies as per the terms and conditions of the policy General Insurances are the ones which do not fall under the realm of life insurance. A general insurance company offers a range of insurances such as Motor insurance, Health insurance, Home insurance, Marine insurance and Travel insurance, etc.
Tenure of Policy This is a long term policy This is a short term policy
Claim It is available as death benefit It is available as compensation for damages, losses, and repairs
Premium To be paid all through the year Paid once a year in lump-sum amount
Insurance or Investment plan Life insurances are termed as investment These are not investment, only reimburses for damages

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