Top 10 Best General Insurance Companies in India 2018
Over the decades, the number of general insurance companies have witnessed a huge surge. Therefore, one is often left in the whirlwind with the following question- Which policy of which insurance company is most suitable for my needs?
Well, hopefully, your dilemmas will meet a solution, once you have finished reading this blog. And for the same reason, I have put together a list of top 10 GIC in India. Here, it goes.
10. IFFCO-Tokio General Insurance Limited
IFFCO-Tokio General Insurance Limited is a joint venture between the Indian Farmers Fertilizers Co-operative(IFFCO) and its associates and Tokio Marine and Nichido Fire Group( the largest listed insurance group of Japan) . They offer personalized service, customized covers and a wide array of non-life insurance products – from motor to travel, from household to personal accident.
9. Agricultural Insurance Company Of India Ltd.
As the name suggests, Agricultural Insurance Company is the largest crop insurer in India. They cover all major cereals and oilseed crops and various annual commercial/horticulture crops under the National Agricultural Insurance Scheme(NAIS). They are also an implementing agency for “Weather Based Crop Insurance Scheme”(WBCIS), a government crop insurance scheme. They have a country wide network of 17 regional offices at state capitals.
8. Reliance General Insurance
One of the leading general insurance companies of India, Reliance General insurance has 139 offices and more than 12,000 intermediaries across India. Owing to their widespread reach, they have a huge customer base which includes many corporations.
Read Also : Top 10 Best Insurance Companies in India 2016
7. Tata AIG General Insurance Company Ltd.
Tata AIG General Insurance has made a mark in the insurance industry by launching several innovative policies. Recently, they have launched a strategic initiative called “Go Digital” that facilitate the process of sales, till policy insurance.
6. United India Insurance Co. Ltd.
Wholly owned by the government of India, United India Insurance Co. Ltd. has more than 2046 offices and a workforce of over 18,000 employees. Their various policies include motor, shopkeeper, householder, and overseas travel. This insurance company collected gross premium of 9709 crores as of financial year 2013-14 due to its widespread customer base across all of Asia.
5. ICICI Lombard General Life Insurance
A joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited, the company provides general insurance, reinsurance, insurance claims management and investment management. The company has issued 13.87 million policies and settled over 3.41 million claims as on 31st March,2015.
4. Bajaj Allianz General Insurance
Bajaj Allianz General Insurance is one of the most confided and fastest growing GIC of India. Various general insurance at Bajaj Allianz General insurance includes car, travel, two wheeler and health insurance. It is the only private insurer to cross the Rs 100 crore mark in profit before tax in the last two years.
3. Oriental Insurance
The Oriental Insurance Company Ltd was a subsidiary of Life Insurance Corporation of India from 1956 to 1973. The Central government, in 2003, acquired all the shares of the company from General Insurance Corporation of India. They have over 1800+ operational centers with a total strength of 14000+ employees.
2. National Insurance Company Limited
Nationalized in 1972, National Insurance Company Limited is one of the oldest general insurance company of India. Headquartered in Kolkata, owned and operated by the government of India, they are the only PSU non life insurer. They have a wide range of coverage policies which targets every sector.
1. New India Assurance Company Limited
Founded by Sir Dorabjit Tata, The New India Assurance Co. Ltd is wholly owned by the government of India. On the basis of the gross premium collection inclusive of foreign operations, it is the largest general insurance company of India. The company has a huge network of 1600 offices and 19000 employees.