Third Party Insurance

Learning More About Third Party Insurance In India

Interested in learning more about third party insurance options in India?  Let’s break it down, looking specifically at the mandatory third party motor insurance drivers that many of the top insurance companies in India provide.

What Is ‘Third Party Insurance?’

Let’s begin by breaking down what is legally meant by third party insurance so that you have the right idea moving forward.  Third party insurance is insurance that is provided by a party outside of the individual filing the claim or the individual receiving the filed claim.  It is often seen as a form of safeguard to ensure that relationships business or otherwise are properly protected financially.  You should know that there are situations in India where third party insurance is required.  For example, if you own or operate a vehicle, you are required to have third party insurance in order to operate that vehicle.  This is laid out in the Indian Motor Act.  There are other forms of third party insurance you may want to consider, even when it is not mandatory.  In the end, the point of third party insurance is to mitigate your risk.

Who Provides Third Party Insurance In India?

Because so many people in India are looking for motor insurance, let’s take a moment to review the best providers of third party insurance in the country.

1.  Tata AIG General Insurance

Providing a range of third party insurance options, Tata AIG General Insurance is a popular choice for auto insurance in India as well.  Along with a range of services offered to its clientele, Tata AIG General Insurance goes above and beyond for helping people get back on their feet after a motor accident.  This includes settling claims within 7 days, warranty for accident repairs lasting upwards of 6 months, and car pickup that is free of cost.

2.  Royal Sundaram General Insurance

Another general insurance provider, Royal Sundaram was the first to collaborate directly with banks to sell retail insurance policies.  In addition to providing drivers with 24×7 support for their third party motor insurance, Royal Sundaram also puts managers in charge of fixing road mishaps and getting the client through the long and often complex process.

3.  Bajaj Allianz General Insurance

Winning awards after award for superior service, Bajaj Allianz General Insurance does a great job with its third party insurance options for individuals.  Their motor insurance options reflect this.  With a whole host of services that put other insurance providers to shame, Bajaj Allianz General Insurance has managed to make an impressive name for itself.

Should I Consider Third Party Insurance?

In situations where it is mandatory, third party insurance provides both protection financially and protection from the law.  Risking a lack of insurance means risking possible actions taken against you.  In addition, for other forms of third party insurance not having to do with vehicles, understand that every additional level of insurance you take out will protect you financially if and when something goes wrong.

There is no price worth not paying for peace of mind.

Phone Insurance

Phone Insurance In India

Having an expensive smart phone means being able to do a lot while you are on the go.  The only problem is that you are not the only person impressed by your phone.  Thefts for smart phones in India, as well as the rest of the world continue to go up as reliance on these devices increase.

In India, only around 2% of smart phones are ever returned or found for their owners.  The other 98% of smart phone owners are out of luck.  Along with straight up theft, ransoming is not uncommon.

While the majority of smart phone thefts occur when the smart phone is left out in a public place (around 44%), there are still more than 10% of thefts that occur directly from assault or pickpocketing.

Even if you go out of your way to protect your phone, there is a very real chance that it may be stolen.  So, what can you do to protect yourself and your information?

Let’s take a moment to look out counter theft options as well as phone insurance plans provided by some of the top insurance companies in India so you have a better sense of what your options are.

Proactive Steps

There is not much you can do once your phone is stolen.  However, you can be proactive about your approach towards keeping your information safe by taking preventative steps and getting phone insurance.

The first thing you will want to do is make sure you have a means of destroying the phone remotely.  This can be either through an app you install yourself on the phone or directly through your carrier.  Destroying the phone remotely means that any person who stole it does not have access to your information.

They cannot hold it for ransom, or otherwise try to take information from you.  Instead, you deny them use of the phone, making their theft completely pointless.

The second thing you will want to do is to get phone insurance for your device.  In India, there are many private insurance companies that will provide you insurance for your phone  It is important to carefully read through the fine print on what they will cover, as well as the reviews left by past clients.  Having phone insurance is impractical if the company providing the insurance refuses to pay out on claims.

Putting It All Together

Will you require phone insurance?  Answering this question depends on how heavily you rely on your phone and the quality/cost of it.

For those with more expensive models, then insurance is crucial. With all things relating to insurance, doing a cost benefit analysis is crucial  If it turns out that getting insurance will save you more in the long run, then by all means consider getting it.

Home Loan Insurance

Home Loan Insurance

Every year homes are lost to natural disasters, accidents, and mishaps.  Whether a storm destroys a community or a freak fire results in the loss of your home, having coverage is essential.  For many, knowing the top insurance companies in India with insurance coverage for their home is critical as their coverage begins and ends with the basics of homeowners insurance.

Despite this insurance however, there may be holes where individuals and families may find themselves liable.  In particular, if something happens to the individual taking out the loan, then problems can result including the loss of the residency.

Let’s take a moment to review the home loan insurance in India to provide you a better understanding of its purpose and function in your life.

What Is The Purpose Of Home Loan Insurance?

The majority of individuals who purchase a home do not have the capital on hand to pay for the home outright.  Instead, individuals put down a deposit, and then pay the remainder over time using a specially designed loan frequently referred to as a mortgage.

The individual who is taking out the loan signs a contract, where they are responsible for paying back the money or risk losing the property to the provider.  The majority of the time, the individual will pay back the loan as stated in the contract.  However, complications can occur if the individual who took out the loan dies.  This is where home loan insurance comes in.

Home loan insurance covers the person taking out the home loan.  If the person happens to pass away, then the home loan insurance will cover the costs of the home.  The amount the home loan insurance will cover (whether full or partial) is dependent upon the contract the individual signs with the insurance provider.

Check the top insurance companies in India for affordable home loan insurance rates.

Who Should I Consider Home Loan Insurance?

The home and property have a great deal of financial worth.  A financial tool wielded by the homeowner, a home can be your greatest asset.  However, it is dependent on you paying off the mortgage and creditors.  You should consider home loan insurance if you have friends or family who you want the property to pass on to.

Without home loan insurance, your loved ones will be responsible for continuing payments.  They may not be able to do this.  Home loan insurance, like life insurance, is a safety measure to protect those you love the most.  While we do not like thinking about our own death, it is important to makes plans that safeguard those you are responsible for.

Rates for home loan insurance will depend a lot and the top insurance companies in India will all provide different rates based on your credit history, the size of your mortgage, and the nature of the property you own.

Typically, you go about collecting quotes before settling on a provider.  Once settled, you sign a contract that stipulates payment for a period of time and lays out the conditions of the contract.

Third Party Car Insurance

Third Party Car Insurance In India

Curious about the requirements necessary for driving in India?  Wondering what insurance provisions exists and whether or not driving in the country requires insurance?

Let’s take a moment to review these questions and provide information on third party car insurance offered by the top insurance companies in India so that you can get the right third party car insurance for you.

Third Party Car Insurance & India

Every hour, more than 14 people die due to traffic fatalities in India.  Often involving cars, buses, trucks, and motorcycles, these are but a fraction of the total accidents that occur on the roadways of India.  With any highly populated country, maintaining some semblance of order and financial restitution is a necessity in order to allow people to live their lives and recover in case of an accident.

India requires that every legal driver have a form of third party car insurance.  These requirements are put into place to ensure that every driver has the financial means to pay if they are found at fault.  Laid out clearly in the Indian Motor Act, you will need to find third party car insurance if you want to drive in the country.

Depending on the make, model, and overall wealth of your vehicle, you may also want to consider additional insurance on top of any plan you end up getting.  So, what are some solid choices for third party auto insurance in the country?

Below are three recognized names in the industry with generally positive track records.

Third Party Car Insurance Options

1.  Bajaj Allianz General Insurance

With many awards under its belt, Bajaj Allianz General Insurance does a great job with its auto insurance options.  Their motor insurance options include a wide range of services that help motorists get back on their feet.  Offering comparable rates and working with individuals when they need assistance the most, Bajaj Allianz General Insurance is definitely worth considering.

2.  Royal Sundaram General Insurance

Royal Sundaram collaborates directly with banks to provide a wide range of general insurance policies, including third party car insurance.  In addition to providing drivers with 24×7 support for their third party motor insurance, Royal Sundaram also puts managers in charge of fixing road mishaps and getting the client through the long and often complex process.

3.  Tata AIG General Insurance

Tata AIG General Insurance is a popular choice for auto insurance because it goes above and beyond helping people get back on their feet after a motor accident.  This includes settling claims within 7 days, warranty for accident repairs lasting upwards of 6 months, and car pickup that is free of cost.

Getting Third Party Insurance For Vehicles In India

The best way to get a competitive deal on your auto insurance is to call up various places and request quotes.  They will get back to you with their price, and you can compare it to the competition.

Be sure to read reviews on insurance companies left by other former clients to see how their services and the company react to having to pay out for claims.

Fire Insurance

A Quick Guide To Fire Insurance In India

Every country has its own unique set of laws and codes written on how insurance is supposed to operate.  With regulations on individual and group insurance plans, companies are left to comply with these rules and ensure that the coverage they offer is provided if and when the time comes.

Often separating good businesses from bad ones, knowing the top insurance companies in India is critical if you want the peace of mind that comes with the security of having your possessions covered against the threat of the unknown.

In India, a form of insurance that many people consider for their home is fire insurance.  How is fire insurance approached in relation to home insurance?

Let’s take a moment to go through this quick guide to fire insurance in India so that you have a better idea of what your options are.

Fire Insurance In India

In India, fire insurance businesses are regulated by Tariff known as the All India Fire Tariff.  The Tariff is specifically responsible for laying out the rules and regulations regarding fire insurance and the coverage of fire related damages to homes and properties.  This includes the conditions of the fire policy, rates, and coverage.  Also known as the Standard Fire and Special Perils Policy, it provides the following coverage.

It protects offices, hospitals, shops, and dwellings.  In addition, it also protects against industrial manufacturing risks that may develop including accessories and machinery.  Tanks and farm/gas holders for a myriad of uses is also covered, as well as outside the primary dwelling storage facilities, like say a barn.

What Things Does Fire Insurance In India Cover?

Fire insurance in India covers a general fire (not caused by you), lightening, explosions, implosions, damage from aircraft, damage from rioting, terrorism, fires caused by storms and severe weather, fires from impact damage and things like landslides, bush fires, and missile firing operations gone wrong.

You should be aware that there are specific things that the insurance for fire in India does not cover.  If you need one of these things covered ,then you should be looking for a specialty insurance provider.  The list of things not included in insurance are fire damages caused by overrunning machines, damage caused by items in cold storage that warm up, fire damage caused by nuclear activity, and damage caused by civil war, kindred perils, or war in general.

Finding The Right Insurance And Claims

If you are interested in having homeowners insurance that protects against fires, then a policy will be necessary.  With the range of coverage offered, the majority of issues faced by homeowners are covered.  If and when something happens, you are instructed to contact your Indian fire insurance provider and make them aware of the situation.  They will send a person to the scene to see what the cause of the fire is and determine whether or not there is coverage able to be offered as it relates to the policy you have.

Top Insurance Companies In India

Top Insurance Companies In India

Interested in learning more about the top insurance companies in India?  Whether you are considering public sector or private, there are countless options to choose from.

Ranging in coverage type, fees, policies, and directives regarding what you want insured, finding the right company is critical to getting the coverage you need.  With that in mind, below are 10 of the top insurance companies in India for you to consider.

Rated against one another and international standards, these insurance companies manage to come out as pack leaders.


1. The Life Insurance Corporation Of India

Also known as LIC, the Life Insurance Corporation of India is the largest life insurance provider in the country.  This includes more than 12 million individuals who are policyholders.  At this point, LIC has offered more than 120 million policies.  Unlike some of the private options listed below, LIC is owned by the government.  Typically, LIC orients itself towards group insurance plans.  In addition, it takes on pension plans as well as life insurance plans for individuals.

One reason why LIC is on the top of our list is because it is comprised of countless subsidies that expand insurance coverage to a range of places and types.  This includes far reaching insurance like their ‘Life Insurance Corporation of India International,’ as well as local operations like ‘LIC Housing Finance.’

Another reason why LIC is at the top of this list is because it has remained relatively adaptable to the markets as they change.  Utilizing information technology to better predict and interpret data regarding insurance rates and policies, LIC has been at it for more than 50 years, putting it at an advantage compared to other insurance companies in the country.

For individuals, LIC is among the top insurance companies in India because it offers a lot of training and rewards for sales agents.  With a lot of independence in working as well as mobility within the company, it is no wonder so many individuals both use and want to work for LIC.


2. The Tata AIG General Insurance

To a greater degree than LIC, Tata AIG General treats its employees like valued assets of the company.  There are many more provisions put in place for the health of their employees than most other Indian businesses.  Taking pride in what they can provide for those who work for the company, Tata AIG General Insurance has used their dynamic workforce to bring in new talent, and continues to expand across India.

Tata AIG General Insurance, as its name would imply, is a general insurance provider.  Along with having one of the finest workforces in the country, Tata AIG General Insurance has also expanded considerably in the past few decades, recently making its way to the number 5 position among top insurance companies.  Matching the expansion is an ever increasing range of benefits for their employees, including opportunities to expand within the company.

Fundamental to how Tata AIG General Insurance operates, employees can do performance evaluations, work to create a balance in their lives between work and life, go through HR initiatives, are trained continuously throughout their employment, and are put within a position where there are strong ties between managers and employees.

While all of this may not change the quality of the insurance provided, it does offer an interesting look into a company that values its employees.  Valuing their employees, Tata AIG General Insurance also shows a strong commitment to valuing their customers as well.  A rare commodity in the insurance industry, Tata AIG General Insurance manages to maintain higher than average ratings for performance.


3. The New India Assurance

While some of the leading insurance companies in India are highly specialized, others manage to branch out and pioneer new forms of insurance.  This is where New India Assurance comes in.  Along with providing typical forms of insurance, New India Assurance rose in popularity and recognition after providing insurance for things as seemingly esoteric as satellites.

New India Assurance also spread out, maintaining offices throughout India and the rest of the world.  With considerable more reach than the competition, New India Assurance remains one of the top names in Indian insurance companies.

How does New India Assurance treat its employees?  While it is hard to match Tata AIG General Insurance, New India Assurance does provide resources and opportunities in all 1000+ offices in India as well as in the rest of the world.  With a strong skill level among its employees, New India Assurance is constantly recruiting talent for their offices across the globe.

In the end, New India Assurance is worth investigating if for no other reason but that they are so accessible.


4. The ICICI Lombard General Insurance

Another top company for Insurance in India, ICICI Lombard General Insurance is among the largest privately held insurance companies in the country.  It provides an extensive range of insurance options for clients and groups.  This includes and is not limited to things like general insurance, the management of insurance claims, reinsurance, and investment management.

Being the first to receive the ISO 9001:2000 recognition, ICICI Lombard General Insurance has expanded greatly in the past decade, quickly making its way onto the list of top Indian insurance companies.  While not the biggest, it does have a AAA rating, which alone indicates that this insurance company is trustworthy and careful with how it manages money.

Beyond paying out claims and being generally well regarded, ICICI Lombard General Insurance was also a trail blazer in terms of having digital copies be signed online instead of in person.  Representing an expanding array of services that improve over time, ICICI remains a dynamic company worth considering and definitely worthy on this list of top 10 India insurance companies.


5. Birla Sun Life Insurance

Birla Sun Life insurance is a staple of the India life insurance industry.  Helping to add to the growth of the life insurance sector, Birla Sun Life insurance ha grown through its contributions, becoming one of the leading private life insurance companies.  Birla Sun Life Insurance provides life insurance to both individuals as well as groups and companies.

Helping to keep their business relevant verses the ever expanding competition, Birla Sun Life Insurance has managed to provide new and necessary financial services in India, like business continuity plans.  Another example of a service they provide is the Unit Linked Life Insurance plan.

With a strong emphasis placed on the value and importance of Indian business, Birla Sun Life Insurance has managed to approach the world of insurance from the angle of support, passion, and commitment.  This makes them both a top insurance company in India and a notice on our list of 10.


6. HDFC Standard Life Insurance

Known as HDFC Life for short, HDFC Standard Life Insurance deals in a wide range of insurance types.  Offering a broad array of services, it is among the leading names in private insurance providers because it provides both specially tailored individual insurance plans as well as institutional and group insurance plans as well.

With an admirable financial capability, HDFC Life Insurance has the ability to see their long-term investments through, providing plenty of backing if things go belly up.

While not as expansive as say the New India Assurance, HDFC Life manages to still maintain a large presence in the country.  This includes offices in more than 700 towns with 500+ branches.  Dealing with the requirements and needs of a diverse clientele, HDFC Standard Life Insurance stresses savings, health, investments, and protection of their clientele.

In addition, they provide decent services for their workforce, placing them solidly as one of the most important insurance companies in India.


7. The Bajaj Allianz General Insurance Company

Bajaj Allianz General Insurance Company is one of the leading names in property insurance in India.  A combination of Allianz, which is a leading insurance provider in the world, and Bajaj, which is one of the top manufacturers in India of motorcycles, the combined company is massive.

With 200 companies located across India, Bajaj Allianz provides insurance primarily for commercial, travel, homeowners, health, and auto.  This makes them a recognizable name across India with the majority of its yearly revenue coming from the auto insurance it provides.  A leading name in this sector, it deserves a place on our top 10 list of Indian insurance companies because of its history in India and scale of operations.


8. ICICI Prudential Life Insurance

ICICI Prudential Life Insurance has a reputation that is hard to beat.  With years of operation in the India, ICICI Prudential Life Insurance has more than 1900 branches.  Employing a staggering 210,000 people, ICICI Prudential Life Insurance has over a thousand micro offices as well.  From all of these venues, ICICI Prudential Life Insurance provides residents of India with another life insurance option.

Many things about ICICI Prudential Life Insurance stick out and warrant its inclusion on the top insurance companies in India.  One of the major reasons why it should be included is its availability.  Another reason is that is has received the AAA rating very early on, being one of the first companies in India to receive it.

Having been voted the most trusted private life insurance company for many years doesn’t hurt either!  With a good policy regarding their employees and a trusted reputation in India, ICICI Prudential Life Insurance is worth checking out.


9. IFFCO TOKIO General Insurance

Another multinational insurance company, IFFCO TOKIO General Insurance focuses on providing individuals, groups, and organizations with a wide range of insurance needs.  Helping their business is their wide expanse of 110 office located across the country.  Having its own distribution channel, IFFCO TOKIO General Insurance can provide a lot of services when catering to its retail clientele.

With 1400 employees, IFFCO TOKIO General Insurance maintains a strong presence in India.  Along with being a trusted source of insurance, the company has reached out to offer a wider range of insurance options, including big policies designed for fertilizer companies and automobiles.

With policies based on global rates, IFFCO TOKIO General insurance manages to keep one foot in the affairs of India while keeping the other in the realm of international affairs.

IFFCO TOKIO has a good network comprising 110 offices across the country and 51 Strategic Business Units. It is also the sole insurer in India that has a totally owned distribution channel named IFFCO-TOKIO Insurance Services Ltd for catering its retail clients.


10. Oriental Insurance

Last but not least, we close off this list of top insurance companies in India with Oriental insurance.  Overall, Oriental Insurance is a strong contender for the top ten list.

While it doesn’t do any one thing exceptionally well, it manages to maintain a reliance towards its clientele that is appreciated and valued.

Because of this commitment to those it serves, it typically comes out high on ranking for satisfaction as well as lead credit ratings in India.  With a B++ ranking, Oriental Insurance provides a total of 900 operating offices in India with more than 26 regional offices.

This means that they end up employing thousands of people in India itself.  Beyond India, Oriental Insurance also provides services in other parts of the world, including Kuwait, Nepal, and Dubai.  If you are looking for a range of services that extend beyond India and into these regions, then you are in luck.


Where Does That leave Us?

As discussed above, our top insurance companies in India are generated from those companies that manage to stand out from the rest.  Be aware though that for every company mentioned here, there is at least another that is a solid runners up choice.

With so many fantastic options, your specific interests will determine the business you ultimately decide on.  With a great number of choices, following lists like this as well as the recommendations of others will help you ultimately decide what Indian insurance company to go with.

Until then, best of luck with your search.