What is Insurance ?

Insurance policies provide protection against the various types of uncertainties that can occur in the life of an individual or assets. For example, if you are having health insurance that can help you cover up for the expenses paid for any diseases, while an accident insurance can help you in getting cover for any kind of accidents that may occur.

There are various types of insurance in the market based of nature, duration, coverage and the presence of a large number of insurance companies. For example, Life Insurance, Car Insurance, Health Insurance, Two-Wheeler Insurance, Home Insurance, fire insurance, marine insurance, and Travel Insurance, etc.

The types of Insurance:

Basically, the insurance are two types as mentioned below :

1. Life Insurance

2. General Insurance (which includes fire insurance, health insurance and marine insurance)

What is Life Insurance ?

Life insurance is a type of insurance policy in which the insurance company insuring the life of the policyholder for a premium that is paid on a daily / monthly / quarterly / yearly basis.

The type of Life Insurance

The five main types of life insurance are term life, whole life, universal life, variable life, and final expense coverage, also known as burial insurance.

The different types of life insurance plans and their features and benefits :

1. Term Insurance Plans. …
2. ULIPs – Unit Linked Insurance Plans. …
3. Endowment Insurance Plans. …
4. Money Back Insurance Plans. …
5. Whole Life Insurance Plans. …
6. Child Insurance Plans. …
7. Retirement Insurance Plans.

What is General Insurance ?

General Insurance is related to all other aspects of human life apart from the life aspect. It includes health insurance, motor insurance, fire insurance, marine insurance and other types of insurance such as cattle insurance, sport insurance, crop insurance, etc.

The type of General Insurance

A general insurance policy pays for the losses that are incurred by the insured during the period of the policy. Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

Difference Between Life Insurance and General Insurance

The distinction between life insurance and general insurance below:

Factors	Life Insurance	General Insurance
Definition	The policy covers an individual’s life for which a policyholder pays a regular premium for a specific time. Upon the death of the insured or maturity of the policy tenure, the money is paid out to the nominee.	All the insurance plans which do not come under life insurance plans are general insurance plans. For example, vehicle insurance, non-life accidental insurance, fire insurance, etc.
Policy Tenure	long-term	short term
Insurance Claim	The sum insured is paid as death benefit in case of demise of insured or upon the maturity of life insurance policy.	Payment is paid to the policyholder as a reimbursement for the damage of an insured object or person.
Investment or Insurance	Can be considered as an investment.	Not a form of investment as it only reimburses the damage of the insured object or person.
Premium	Premiums are supposed to be paid throughout the year.	Premiums can be paid at once in lump-sum amount.

List of life insurance companies in India:

1. Aditya Birla Sun Life Insurance
2. Aegon Life Insurance
3. Aviva Life Insurance
4. Bajaj Allianz Life Insurance
5. Canara HSBC Life Insurance
6. Edelweiss Tokio Life Insurance
7. HDFC Life Insurance
8. ICICI Prudential Life Insurance
9. IndiaFirst Life Insurance
10. Kotak Mahindra Life Insurance
11. Max Life Insurance
12. PNB MetLife India Insurance
13. SBI Life Insurance
14. Tata AIA Life Insurance
15. LIC of India (Life Insurance Corporation)

List of general insurance companies in India

1. Aditya Birla General Insurance
2. Bajaj Allianz General Insurance
3. Bharti AXA General Insurance
4. Cholamandalam MS General Insurance
5. Digit General Insurance
6. Edelweiss General Insurance
7. Future Generali General Insurance
8. IFFCO Tokio General Insurance
9. Kotak Mahindra General Insurance
10. Liberty General Insurance
11. National General Insurance
12. Navi General Insurance
13. New India Assurance General Insurance
14. Oriental General Insurance
15. Raheja QBE General Insurance
16. Reliance General Insurance
17. SBI General Insurance
18. Shriram General Insurance
19. Tata AIG General Insurance
20. United India General Insurance
21. Universal Sompo General Insurance

FAQ’s

Q 1.     How many life insurance companies are in India?

Ans: There are a total of 25 life insurance companies in India, according to the IRDAI report of the financial year 2021-22.

Q 2.     Is LIC a government company?

Ans: Yes, LIC ((Life Insurance Corporation) is a government-owned insurance company.

Q 3.     How many branches of LIC in India?

Ans: LIC has 2048 computerized branch offices with PAN India network, as well as 1572 satellite offices.

Q 4.     What are life insurance companies in India?

Ans: Life insurance companies in India are financial institutions that offer life insurance policies, providing financial protection to policyholders and their beneficiaries in case of the insured’s death.

Q 5.     Best Life Insurance Companies in India ?

1. Max Life Insurance Company
2. AEGON Life Insurance Company
3. Bharti AXA Life Insurance Company
4. Bajaj Allianz Life Insurance Company
5. HDFC Life Insurance Company
6. Life Insurance Company (LIC)
7. Pramerica Life Insurance Company
8. Exide Life Insurance Company
9. Kotak Mahindra Life Insurance Company
10. Reliance Nippon Life Insurance Company

Q 6.     Best Car Insurance Companies in India ?

Car insurance company name (in alphabetic order)     

1. ACKO General Insurance Ltd.      
2. Bajaj Allianz General Insurance Co. Ltd.
3. Cholamandalam MS General Insurance Co. Ltd.
4. Future Generali India Insurance Co. Ltd.
5. Go Digit General Insurance Ltd.   
6. HDFC ERGO General Insurance Co. Ltd.          
7. ICICI LOMBARD General Insurance Co. Ltd.    
8. IFFCO TOKIO General Insurance Co. Ltd.         
9. Kotak Mahindra General Insurance Co. Ltd.      
10. Liberty General Insurance Ltd.
11. Magma HDI General Insurance Co. Ltd. 
12. National Insurance Co. Ltd.           
13. Navi General Insurance Ltd.          
14. Raheja QBE General Insurance Co. Ltd.
15. Reliance General Insurance Co. Ltd.       
16. Royal Sundaram General Insurance Co. Ltd.    
17. SBI General Insurance Co. Ltd.    
18. Shriram General Insurance Co. Ltd.
19. Tata AIG General Insurance Co. Ltd.       
20. The New India Assurance Co. Ltd.           
21. The Oriental Insurance Co. Ltd.    
22. United India Insurance Co. Ltd.    
23. Universal Sompo General Insurance Co. Ltd.    
24. Zuno General Insurance Limited (Formerly Edelweiss General Insurance Co. Ltd.)           

Q 7.     Best / lowest Bike Insurance policy provider ?

1. Bajaj Allianz
2. Zuno
3. Chola MS General Insurance
4. United India Insurance
5. National Insurance
6. Acko General Insurance
7. TATA AIG

Q 8.     Best / lowest Car Insurance policy provider ?:

1. SHRIRAM
2. RAHEJA QBE
3. SBI General Insurance
4. Oriental Insurance
5. National Insurance
6. United India Insurance
7. HDFC ERGO
8. IFFCO-TOKIO General Insurance
9. Digit
10. Universal Sompo General Insurance
11. Future General Total Insurance Solutions
12. Zuno (Formerly Edelweiss GI)
13. Bajaj Allianz
14. The New India Assurance Co. Ltd
15. Lotak General Insurance
16. United India Insurance

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