India’s general and life insurance market is set for exponential growth, driven by regulatory support (Vision “Insurance for All by 2047“), increasing awareness about the importance of insurance and financial risk management, rapid urbanisation, a growing aspirational middle class, strong economic growth fueled by domestic demand, and the entry of both national and international corporations offering diverse general insurance products.
Facts, Stats, and Future: Indian Insurance Market (General and Life)
- Non-life insurers—including standalone health insurers, specialised insurers, and general insurers—achieved a 16.4% increase in gross direct premiums.
- Gross premiums written by non-life insurers totalled US$10.95 billion in FY24.
- In FY2023, insurance premium penetration in India stood at 4% of GDP, with life insurance contributing 3% and non-life insurance accounting for 1%.
- The private sector’s share in the general and health insurance market rose from 48.03% in FY20 to 62.5% in FY23.
- As per S&P Global Market Intelligence, India ranked as the second-largest Insurtech market in Asia-Pacific, capturing 35% of the US$3.66 billion in Insurtech-related venture capital investments. (Source: IBEF)
- The Union Budget 2025 proposed raising the FDI sectoral cap in the insurance industry from 74% to 100%, applicable to companies that reinvest the entire premium within India.
The general insurance sector is growing in India. However, why should you take it? Which company offers the best general insurance policies, categories to be covered, and more? Let’s explore your queries one by one in the following sections.
What is General Insurance?
General or non-life insurance offers broad protection against a range of risks unrelated to death. It acts as a financial shield for your tangible assets, such as your house and car, covering potential losses from theft, accidents, and fire. Beyond physical possessions, general insurance can also encompass health-related costs and legal responsibilities, providing a comprehensive safety net against various unforeseen perils and their financial consequences.
Types of General Insurance
Home Insurance
A proper home insurance policy secures your valuable home. Home and household insurance safeguard your house and its contents. Essentially, a home insurance policy covers man-made and natural circumstances that may damage or cause loss.
Inclusions
- Home insurance covers the physical structure, including the walls, roof, plumbing, kitchen appliances, electrical wiring, and other permanent fixtures.
- Detached properties like garage, fences, shades, etc
- Damages caused by natural calamities
- Damages due to man-made events like riots, arsons, strikes, explosions, etc
- Personal belongings and valuables
- Some specific policies cover loss of rental income or arrange alternate accommodation if your house becomes inhabitable due to any covered events.
Exclusions
- It includes the house’s value and excludes the land on which your house sits.
- Common exclusions: wear & tear, loss due to war, or the loss of cash
Discuss all exclusions and inclusions with your insurance advisor before signing insurance papers to avoid any challenges during claims.
Motor Insurance
Motor insurance covers your vehicle against damage, accidents, vandalism, theft, etc. It comes in two forms: third-party and comprehensive. When your vehicle causes an accident, third-party insurance takes care of the harm caused to a third party. However, note that it does not cover any of your vehicle’s damages. Also, the Motor Vehicles Act of 1988 mandates third-party motor insurance.
A comprehensive insurance policy safeguards your vehicle against fire, earthquake, theft, impact damage, etc. Additionally, it covers any third-party liability in the case of third-party property damage, bodily injury, or death.
Inclusions
- Third-party bodily injuries
- Third-party death
- Third-party property damages
- Natural calamities
- Man-made disasters
- Vehicle theft
- Personal accident
- Fire and Accidents
Exclusions
- Damages under intoxication
- Driving without a valid driving license
- Claim on a lapsed policy
- Damages outside India
- Gradual deterioration over time
- Mechanical or electrical breakdown
- Tyres and tubes (Covers only in the event of accidents)
Types of Motor Insurance
- Comprehensive Motor Insurance
- Third-Party Motor Insurance
Travel Insurance
A travel insurance policy safeguards you when you travel domestically or internationally and suffer losses because of baggage loss, trip cancellation, or flight delays. It may also offer you cashless hospitalisation if you are hospitalised while travelling.
Inclusions
- Loss of baggage and personal documents
- Loss of passport
- Emergency medical expenses
- Repatriation of human remains
- Hospital cash allowance
- Accidental death or permanent total disability
- Hijack distress allowance
- Compassionate visit of relatives
- Personal liabilities, in case of damage or injury to third party
- Delayed trip and missed flight connection
Exclusions
- Pre-existing illnesses or conditions
- Mental health issues or suicide attempts
- Routine dental checkups
- Travelling for medical treatment
- Pregnancy and childbirth complications
- Adventure sports & activities
- Natural disasters occurring during the policy period
- Lack of proper documentation
- Bad weather conditions
- Claims beyond the policy coverage
Types of Travel Insurance
- Student Travel Insurance
- Domestic Travel Insurance
- Family Travel Insurance
- Senior Citizen Travel Insurance
- Group Travel Insurance
- International Travel Insurance (Schengen Travel Insurance and Asia Travel Insurance)
Health Insurance
Health insurance is a vital tool for risk mitigation and helps you deal with medical emergencies. A health insurance plan covers hospitalisation expenses up to the sum insured. When it comes to health insurance, one can opt for a standalone health policy or a family floater plan that offers coverage for all family members.
Inclusions
- Pre and Post Hospitalisation
- Day Care Treatment
- Annual Health Checkups
- Cashless Admission Facility
- Reimbursement of Medical Expenses
Exclusions
- Pre-existing diseases and conditions
- Cosmetic surgery
- Dental care
- Diagnostic charges
- Specific diseases like STD, joint disorders, hernia, etc.,
- Alternative treatments (Ayurvedic, Homeopathy, Naturopathy, Unani, etc)
Types of Health Insurance
- Mediclaim Insurance
- Personal Accident Insurance
- Individual Health Insurance
- Family Floater Health Insurance
- Group Health Insurance
- Senior Citizen Health Insurance
- Maternity Insurance
- Critical Illness Insurance
- Top-up Health Insurance
Top 10 General Insurance Companies in India 2025
Aditya Birla General Insurance Company
Parent Company – Aditya Birla Capital
Aditya Birla Insurance Brokers Limited (ABIBL), established in 2001 and licensed by IRDAI in 2003, is India’s top composite Insurance broker. Aditya Birla Capital Ltd. (ABCL) is ABIBL’s parent company. The General Insurance company offers incorporated Insurance broking and advisory services to businesses and individuals through Retail and Corporate Solutions.
ABIBL also provides reinsurance to insurers and has relationships with domestic and international insurers in South Asia, the Middle East, and Southeast Asia. It offers travel, health, and auto insurance products.
Bajaj Allianz General Insurance Company
Parent Company – Allianz SE & Bajaj Finserv
Bajaj Allianz General Insurance Company Limited is jointly owned by Bajaj Finserv Limited (74%) and Allianz SE (26%). Headquartered in Pune, it provides personalised solutions across India’s Insurance sectors, including health, auto, home, and online safety insurance. The business aims to provide high-quality care services with high assurance and continuity.
Bajaj Allianz General Insurance helps protect health and finances from medical expenses, offering reasonably priced health Insurance plans with customisable features. Their health Insurance covers checkups, consultations, critical illnesses, maternity, and accident-related costs, providing sufficient coverage.
Bharti AXA General Insurance Company
Parent Company – ICICI Lombard
Bharti AXA General Insurance Company Limited (now ICICI Lombard) began operations in 2008, providing General Insurance products to retail and business clients. With 135 branches, it offers Insurance assistance for health and critical illness, motor and two-wheelers, personal and family travel, property and business, and crop insurance.
Over the years, it has been recognised for its Insurance solutions and services, offering various health Insurance products for individuals and families. The company has received awards like the Best Use of Technology Award by Assocham 2020 and the Customer Service Excellence Award at the BFSI Awards 2019.
Care Health General Insurance Company
Parent Company – Religare Enterprise
Care Health Insurance (previously Religare Health Insurance) is a standalone health Insurance provider for individuals, families, and businesses, with partners including Reliance Enterprises Limited, Corporation Bank, and Union Bank of India.
The company focuses on applying technology for products, services, and customer support. Care Health Insurance offers retail products like Critical Illness Cover, Personal Accident Cover, Top-up Cover, Maternity Cover, and Group Health Cover and Group Personal Accident Cover for businesses.
Cholamandalam MS General Insurance Company
Parent Company – Murugappa Group, Mitsui Sumitomo Insurance Group & TI Financial Holdings Limited
Cholamandalam MS General Insurance Company Limited (Chola MS) operates on the “T3” motto: trust, transparency, and technology. It offers a diverse portfolio of Insurance products and services for individuals and businesses, including property, casualty, engineering, marine, and rural Insurance.
Digit General Insurance Company
Parent Company – Go Digit Infoworks Services Private Limited
Go Digit General Insurance, supported by Fairfax Financial Holdings Limited, is a non-life general insurer founded in India in 2016. It received the Top Indian Start-ups award in 2018 and 2019 and was named 2019 Asia’s General Insurance Company of the Year. The insurer provides various General Insurance products through its digital platform, including health, home, commercial, shop, car, bike, and business insurance.
Digit General Insurance aims to simplify Health Insurance by offering straightforward policies. Digit Health Insurance plans offer affordable coverage to protect savings from medical expenses, providing stress-free and customised health Insurance solutions for all age groups.
Edelweiss General Insurance Company
Edelweiss General Insurance Company, founded in 2016, is a division of Edelweiss Financial Services Limited. It aims to provide customers with a range of Insurance products for automobiles, two-wheelers, health care, homes, businesses, fire, and engineering hazards designed to meet customer needs with quick solutions.
Future Generali General Insurance Company
Parent Company – Assicurazioni Generali, Future Group & Generali Participations Netherlands N.V.
Future Generali India Insurance Company Limited is a joint venture between Future Group and Generali, founded in 2007. The company aims to provide retail, personal, commercial, and rural Insurance products and solutions to manage risks. By integrating international expertise, Future Generali India offers services to its clients and is known for keeping its word and valuing relationships.
IFFCO Tokio General Insurance Company
Parent Company – Indian Farmers Fertilizer Cooperative
IFFCO Tokio General Insurance Company Limited was formed in 2000 as a joint venture between Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Tokio Marine Group. IFFCO owns 51%, and Tokio Marine Group owns 49%. The company’s mission is to lead the Insurance market through customer satisfaction, fair activities, open communication, and quick action. It aims to be a well-known brand that achieves its goals and gains the confidence of various stakeholders.
Kotak Mahindra General Insurance Company
Parent Company – Kotak Mahindra Bank
Kotak Mahindra General Insurance, wholly owned by Kotak Mahindra Bank Ltd., was founded in 2014 and received IRDAI approval in 2015. Created to serve India’s non-life Insurance industry, it has expanded to 13 branches nationwide and is considered a top insurance claim settlement company.
Kotak Mahindra General Insurance plans to focus on specialised products, technology, and digital infrastructure, offering motor, health, home, and commercial insurance to diverse customer segments with excellent service and innovative solutions.
Conclusion
General Insurance covers costs from unexpected, unfortunate events and asset losses. Before buying, carefully read the policy to understand its coverage. Then, applying for General Insurance online is straightforward.
