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General Insurance Companies in India – Which Health Insurance Provider (United,National,ICIC Lombard etc.) to Buy the Best Health Policy from

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General Insurance covers all the non-life insurance types such as Motor Insurance,Health Insurance,Calamity Insurance,House Insurance etc.The biggest money earner for General Insurance Companies is Health Insurance and its associated policies like Disability Insurance etc.Having health insurance is important for several reasons. Uninsured people receive less medical care and less timely care, they have worse health outcomes, and lack of insurance is a fiscal burden for them and their families. Health insurance insurance against the risk of incurring medical expenses. By estimating the overall risk of health care expenses, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.

The insurance industry will continue to outpace the rapid economic growth to reach $350-400 billion in premium income by 2020, making India amongst the top three life insurance markets and top 15 non-life insurance markets by the year, a study said. The total penetration of insurance (premium as percentage of GDP) has increased from 2.3 per cent in 2001 to 5.2 per cent in 2011. In addition, there has been a vast increase in the coverage of insurance.This progress has been aided by the dramatic shift in the availability of products, for example: better term, ULIPs, whole life, maximum NAV guarantee, auto assistance, auto pay per km insurance, disease management and wellness. The general insurance premiums account to 0.65% of India’s GDP making Insurance a national matter, in which general insurance is yet a booming sector with huge possibilities for different global companies.

Here is a list of General Insurance companies operating in India – both Government & Private:

Government Health Insurance Companies in India

Government General Insurance Companies are the best ones to take health insurance policies because of a simple fact that do not cheat and harass you like the private insurance companies whose only aim is to earn a quick profit.Given the pathetic system of contract enforcement in India this become especially important as legal cases can go remain stuck in the justice system for years.Just like LIC is the best life insurance company in India because of the TRUST factor so are the Four government health insurance companies because of their government ownership and lack of overarching profit motive.

  1. United India Insurance Company ltd. – General Insurance Business in India was nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations of 5 Foreign Insurers, besides General Insurance operations of southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited. After Nationalization United India has grown by leaps and bounds. United India has been in the forefront of designing and implementing complex covers to large customers, as in cases of ONGC Ltd , GMR- Hyderabad International Airport Ltd, Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam etc.
  2. The Oriental Insurance Company Ltd.– The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business.  In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government. The Company is a pioneer in laying down systems for smooth and orderly conduct of the business.  The company has developed various types of insurance covers to cater to the needs of both the urban and rural population of India. From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2008-09 the figure stood at a mammoth Rs. 4077.90 crores.
  3. National Insurance – Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India which is fully owned by the Government of India. National Insurance Company Ltd. is one of the leading public sector insurance companies of India, carrying out non life insurance business. It is the second largest non life insurer in India having a large market presence in Northern and Eastern India. The products cater to the diverse insurance requirements of its 14 million policyholders. The Company is privileged to cater its services to almost every sector or industry in the Indian Economy viz. Banking, Telecom, Aviation, Shipping, Information Technology, Power, Oil & Energy, Agronomy, Plantations, Foreign Trade, Healthcare, Tea, Automobile, Education, Environment, Space Research etc.
  4. The New India Assurance Co. Ltd. – is a leading global insurance group, with offices and branches throughout India and various countries abroad. There are policies to cover all types of vehicles plying on public roads such as Scooters &Motorcycle, Private cars, all types of commercial vehicles, Motor Trade (vehicles in show rooms and garages). Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for Rs.7.5 lacs under Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor Cycles. The policy also pays for towing charges from the place of accident to the workshop. This policy covers loss or damage to the insured vehicle and its accessories due to fire, self-ignition, burglary, earthquake, flood, inundation, cyclone or while in transit.

Private Health Insurance Companies in India

  1. TATA AIG – Tata AIG General Insurance Company Limited is a joint venture company, formed by the Tata Group and American International Group, Inc. The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 percent. Tata AIG General Insurance Company, which started its operations in India in 2001, provides insurance solutions to individuals and corporates. It offers a complete range of general insurance products including insurance for automobile, home, personal accident, travel, energy, marine, property and casualty as well as several specialized financial lines.
  2. ICICI Lombard – It is the largest private sector general insurance company in India ICICI Lombard GIC Ltd. is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank and Fairfax Financial Holdings Limited,a Canada based USD 30 billion diversified financial services company..The company has a  Gross Written Premium over Rs.3,694.80 crore as of March 2010. The company issued over 44 lakh policies and settled over 62 lakh claims.
  3. Bajaj Allianz – Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. It is also present in the Life Insurance Vertical. Bajaj Allianz has made a profit before tax of Rs. 180 crores and has become the only private insurer to cross the Rs.100 crore mark in profit before tax in the last four years. As a registered Indian Insurance Company and a capital base of Rs. 110 crores, the company is fully licensed to underwrite all lines of general insurance business.
  4. Chola MS – Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between the USD 3 billion Murugappa Group, one of India’s leading business conglomerates and Mitsui Sumitomo Insurance Company Limited, which is part of the Mitsui Sumitomo Insurance Group of Japan, the largest General Insurance Company in Japan.
  5. IIFCO TOKIO –  It is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group, the largest listed insurance group in Japan. From a modest Rs 213 Crores of GWP (Gross Written Premium) in 2001-02, it has achieved an impressive Rs 1639.5 Crores in 2009-10, thereby becoming one of India’s leading private players. It is the first company in India to underwrite mega policies for a fertilizer and an automobile company. It offers various policies covering Health, Travel, Car, Retail etc.The company is one of te the best private general insurance companies in India
  6. HSBC India – The Hongkong & Shanghai Banking Corporation is 150 years old in India. In India, the Bank offers a comprehensive suite of world-class products and services to its corporate and commercial clients like Commercial Banking, Asset Management,HSBC Global Resourcing, Insurance etc.
  7. Reliance General Insurance Ltd. – Reliance General Insurance is one of India’s leading private general insurance companies with over 94 customized insurance products catering to the corporate, SME and individual customers.It is India’s first insurance company to be awarded the ISO 9001:2000 certification across all functions, processes, products and locations pan-India. The product basket includes fire, engineering, liability, marine, travel and other types of insurance, for organizational risk management.
  8. Apollo DKV Insurance Company – It was established as a joint venture between the Apollo Hospitals Group and DKV (Germany-based private health insurance company), one of the top five private health insurers in the world. The venture has been aimed at capturing the booming health insurance market in India as well as at bringing quality health insurance services within the reach of each and every individual. Apollo DKV Insurance also offers products for corporates. Along with health, personal accident and travel policies, Apollo DKV Insurance also plans to roll out out-patient care, long-term care and disease management solution.
  9. HDFC ERGO General Insurance Company Limited – It is a joint venture of HDFC Limited (74%) & ERGO International AG, primary insurance unit of the Munich Re group, Germany (26%). The various plans & products offered are Motor Insurance, Home Insurance, Health Insurance, Travel Insurance, Personal Accident Insurance, Commercial Insurance & Rural Insurance Services.
  10. Royal Sundaram Alliance Insurance Company Limited – It established in the year 2001, as a 74:26 joint venture between Sundaram Finance Ltd India and Royal & Sun Alliance PLC London. It provides a wide range of products for Individual like Accident, Car,Health Shield, Home & Travel Shield; Business needs Office Shield, Marine Insurance, insurance against Theft/Burglary, Standard Fire and Special Perils, Consequential Loss (Fire).
  11. Shriram General Insurance Co. Ltd. –  It is a joint venture between Shriram Group of India and SANLAM Limited of South Africa. The company was established with a paid up capital or Rs. 105 Crores, and offers General Insurance products and services to its customers. Shriram Group is one of the best known corporate houses of India, active in financial sector offering diversified services. It offers a wide range of insurance products falling under 4 categories – The Motor, Fire, Engineering & Liability category.
  12. Universal Sompo General Insurance Co. Ltd.-  It is a Public-Private Partnership Joint Venture between Allahabad Bank, Sompo Japan Insurance Inc., Dabur Investments, Karnataka Bank and Indian Overseas Bank.  Its insurance products can generally be classified in Retail and Commercial categories, which include customized packages for Personal Accident and Disability, Home, Property, Motor Vehicles, Health etc. The company also provides specialized packages for Small and Medium Enterprises (SMEs) and Corporates such as Operational Insurance, Project Insurance, Liability and Employee Benefit.

Abhishek Shah

2 Responses so far | Have Your Say!

  1. Narendra J

    How one can get the insurance for central government vehicle ?