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General Insurance Plans

A general insurance secures your valuable possessions from any unforeseeable mishaps. Be it your home, vehicle or jewellery or any other assets, a general insurance ensures that they are always safe and protected from any natural disasters, theft or accidents. Depending upon the asset you need insured, there are several types of general insurance available in the market provided by both banks, NBFCs and independent insurance companies.

General Insurance Overview

General insurance shields certain aspects that are valuable to you. It involves vehicles, valuables and homes subjected to any risks.

General insurance safeguards things from flood, earthquake, fire, storm, theft, accidents or any other mishaps.

Concept of General Insurance

The concept behind general insurance is to help individuals in bearing all their financial losses on an asset. Any risk imposed by diseases, natural calamities, medical emergencies and accidents can be protected under the umbrella of general insurance.

List of General Insurance Companies in India

Here is the list of general insurance companies in India. You can choose any of the general insurance corporations that suits you best.

Best General Insurance Companies in India

Acko General Insurance HDFC ERGO General Insurance New India General Insurance
Aditya Birla General Insurance ICICI Lombard General Insurance Oriental General Insurance
Bajaj Allianz General Insurance IFFCO Tokio General Insurance Raheja QBE General Insurance
Bharti AXA General Insurance Kotak General Insurance Reliance General Insurance
Cholamandalam General Insurance Liberty General Insurance Royal Sundaram General Insurance
Digit General Insurance Magma General Insurance SBI General Insurance
Edelweiss General Insurance National General Insurance Shriram General Insurance
Future Generali General Insurance Navi General Insurance Tata AIG General Insurance
United India General Insurance Universal Sompo General Insurance

Out of all the companies, there are some of the top general insurance companies in India. You can compare these general insurance companies and choose the best general insurance company in India. The best will be the one that caters to all your insurance needs.

Types of General Insurance Policies

The best general insurance products are as follows:

Motor Insurance

Motor insurance is available for two-wheelers, cars, and commercial vehicles. The advantages are cashless garages, roadside assistance and personal accident cover. Motor insurance includes a third-party insurance policy and a comprehensive insurance policy.

Health Insurance

Health insurance covers the cost of healthcare and surgical costs for you. The health insurance includes cashless facilities, pre and post hospitalization costs, ambulance charges, everyday cash and so on.

Travel Insurance

Travel insurance covers all medical and non-medical issues. It protects the insured person against all mishaps during travelling.

Home Insurance

The home insurance guards the house and its contents. It all depends on the insurance plan you choose. Further, it ensures coverage against man-made disasters, natural calamities and other related threats.

Mobile Insurance

This general insurance type is created to reimburse for mobile repairs. The mobile insurance is reasonable and easily available. The best part is you can buy mobile insurance for both new and old mobile phones.

Rural Insurance

It helps in meeting the requirements of rural business and agriculture. Also, IRDA has pre-defined the annual targets for all the insurance companies to provide insurance to all the social and rural sectors.

Marine Insurance

Shipping businesses do the import and export of goods, through national and international borders. But sometimes, accidents can damage the shipments and cause financial losses. Marine cargo insurance covers goods, freight and cargo against every loss during the transit.

Commercial Insurance

This general insurance types include solutions for small, medium and large industries that may run out of business operations. It includes construction, aviation, automotive, foods and beverages, chemicals, oil and gas,  power, telecom, pharmaceuticals, technology, textiles, transport, logistics, and so on. 

Tax Benefits from General Insurance

Under general insurance, only health insurance plans offer tax benefits. According to Section 80D of the Income Tax Act 1961, the premium amount paid for the health insurance policy is eligible for tax deduction from your income.

Here is the table representing the tax deduction on the Health General Insurance Plan in India.

Members

Maximum Deduction

Self, Spouse and Dependent Children Rs 25,000
Self, spouse, dependent children Parents below 60 years of age up to Rs 50,000
Self, spouse, dependent children Parents above 60 years of age up to Rs.75, 000
Self (above 60 years of age) but paying for self, spouse, dependent children and dependent parents (above 60 years). Rs 1,00,000

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FAQs

What are the 4 types of general insurance?

The types of general insurance enclose motor insurance, health insurance, home insurance, and travel insurance.

What does general insurance meaning?

Any insurance that does not fall under the bounds of life insurance is called general insurance. The various forms of general insurance are fire, motor, accident, marine, and other forms of non-life insurance.

What are the 7 main types of insurance?

The 7 primary types of Insurance are life insurance, personal insurance, property insurance, marine insurance, fire insurance, liability insurance and guarantee insurance.

What does a general insurance policy cover?

The general insurance policy covers your home, travel, vehicle and health (non-life assets) from man-made disasters and natural disasters ( fire, floods), accidents and robbery.