Getting insured for a healthy and safe future is a must for everyone. It is not just you and your family who needs insurance but also your favourite vehicle, Smartphone device or may be your pets that need equal life cover. If you are looking for best General Insurance Companies operating in India then you have landed on the right post.
By checking their years of services, performance, consumer base and honest reviews from policy holders we are here with the list of Top 10. If you are waiting what India prefers then let us begin in the descending order.
We have done a proper research on the internet while preparing these rankings. As the title of this post suggests, this post has a list of best general insurance companies in India in 2020. These companies offering Insurance products for steel, aviation, auto, Corporate, agriculture, power, home, travel, chemical, and energy sector.
Table of Contents
- 10. IFFCO-Tokio General Insurance Company Limited
- 9. Agriculture Insurance Company of India Limited
- 8. Reliance General Insurance Company Limited
- 7. Tata AIG General Insurance Company Limited
- 6. Bajaj Allianz General Insurance Company Limited
- 5. ICICI Lombard General Insurance Company Limited
- 4. United India Insurance Company Limited
- 3. The Oriental Insurance Company Limited
- 2. National Insurance Company Limited
- 1. New India Assurance Company Limited
10. IFFCO-Tokio General Insurance Company Limited
Established in 2000, IFFCO-Tokio General Insurance Company Limited is a joint venture in the insurance market of India between Indian Farmers Fertilizer Co-operative (IFFCO) and Tokio Marine and Nichido Fire Group and. The headquarters of IFFCO-Tokio General Insurance Company are situated in Gurgaon Haryana and the company offers a wide range of products like Personal Accident Insurance, Motor insurance, Household insurance, Travel Insurance etc.
9. Agriculture Insurance Company of India Limited
As the name of the company suggests, Agriculture Insurance Company (AIC) offers output based and weather-based crop insurance packages in India. AIC is a Public Sector Insurance Company and established in the year 2002. The company offers various packages and plans for the betterment of farmers under the guidance of Government of India.
If you are related to Agriculture and willing to get protection for your crop against diseases, pests, storms, drought and other natural calamities then AIC is the best option for you. The company got 9th spot on the list of Best General Insurance Companies in India.
8. Reliance General Insurance Company Limited
Another successful venture of Reliance group i.e. The Reliance General Insurance Company Limited (RGICL) is an insurance company of India which offers its insurance cover to Small medium enterprises, various corporate and also for its individual clients. Rated among the best 10 general assurance companies in India, This private limited company was incorporated in 2000. The company offers a number of covers which includes student travel, motor/ automobile, health services, travel insurance etc. and various other customized products. On this list of Top 10 Best General Insurance Companies in India, the company is in the 8th spot.
7. Tata AIG General Insurance Company Limited
TATA is the brand which has entered in the every segment of Indian market. From Salt to automobiles it has been doing great. The insurance sector is not any exceptional as Tata is equally successful here too. Tata AIG General Insurance Company Limited is the joint venture of the American International Group, Inc or AIG for short and 100% Indian the Tata Group. The company began its operations in India in 2001. Tata AIG has insurance packages for both corporate as well as the common individuals. The company provides insurance includes Health based Insurance, Home Insurance, Motor Insurance Travelling Insurance Lifestyle Insurance, and more.
6. Bajaj Allianz General Insurance Company Limited
Bajaj is the brand of automobile sector and Bajaj Allianz is a joint venture of two huge groups. These groups are Bajaj Finserv Limited and Allianz SE. This international private limited, insurance company was founded in the year of 2001 and in just 16 years the company made it among the top 10 insurance companies in India. Bajaj Allianz is known for its variety of insurance schemes which includes Travel Insurance, Home Insurance, Motor Insurance, Health Insurance, Marine Insurance etc. As of now, the company is headquartered in Pune. And this strong performance and huge clientele made Bajaj Allianz General Insurance Company Limited on the 6th spot on the list of Top 10 Best General Insurance Companies in India.
5. ICICI Lombard General Insurance Company Limited
A joint venture of ICICI Bank Limited, India’s and Canada-based Fairfax Financial Holdings Limited, ICICI Lombard General Insurance Company Limited is among the biggest players in the Insurance market right now. The company is known for offering policy insurance and renewal options easily through its website. With the launch of assurance products in the Indian markets including Two Wheeler Insurance, Car & Automobile Insurance, Health based Insurance, International Travelling Insurance, Travel Insurance for Overseas Student, Home Insurance etc. made this company grow stronger than its competitors. Its great services and Variety of packages made ICICI Lombard General Insurance Company Limited on the 5th spot on the list of Top 10 Best General Insurance Companies in India.
4. United India Insurance Company Limited
If you are from South India then you probably heard about this insurance company. UIICL or United India Insurance Company Limited was established in the year of 1938. The company later got permissions which were necessary to work on a National level. UIICL is now one of the big names of Insurance markets providing insurance covers to a large number of its clients from various from rural, urban and commercial sector. The company is handling insurance covers for projects like Hyderabad International Airport, the PSU-ONGC, the famous Tirumala-Tirupati Devasthanam etc. The UIICL or United India Insurance Company Limited is on the 4th spot on the list of Top 10 Best General Insurance Companies in India.
3. The Oriental Insurance Company Limited
This company shares the same year of establishment, the year when India got its Independence. The Corporate office of OICL or Oriental Insurance Company Limited is located in New Delhi, India. Since its existence, the company has made a strong growth and counted as one of the top leaders of the Insurance market. OICL is an expert in providing cover for chemical plants, petrochemical and power plants steel and other projects and also meets the insurance cover needs of the urban and rural population. A wide consumer base and its policies for every sector have placed The Oriental Insurance Company Limited on the 3rd spot on the list of Top 10 Best General Insurance Companies in India.
2. National Insurance Company Limited
When we are talking about Insurance giants then we can’t miss this company. NICL or Corporate National Insurance Company Limited operates from Kolkata, West Bengal. This company was established in 1906 and hence considered as one of the oldest insurers in India. The company is known for providing huge covers for the National and international projects going on in the country. From Nuclear plants to agricultural insurance the company has insurance products/ policies and services for all. This is the reason we placed this PSU on the 2nd spot on the list of Top 10 Best General Insurance Companies in India.
1. New India Assurance Company Limited
The number one on our list of top 10 is New India Assurance Company Limited(NIACL). The Corporate office of this insurance company is located at Mumbai, Maharashtra. Since its establishment in 1919, the company is which is a Government owned general Insurance company is releasing a variety of insurance policies. A wide network of offices and worldwide presence of this company have made it international. NIACL offers a number of general insurance products/ policies and services in cover for Petrochemical industries and refineries, power & steel plants, satellites, oil & energy industries, aviation industries, SMEs and almost all the projects which are happening in the commercial sector.
There are many other players too in the insurance sector and if you are having an Insurance cover then cheers up. If you are still thinking to have one then you better hurry as you can’t predict future but you can plan for the unwanted changes which may occur and your family will get the best economical help.