Types of Insurance in India for Life and General Insurance

Presenting the types of Insurance available in India for Life and Genreal categories. Find the source of registered Life Insurance , General Insurance as per IRDA…

In India Insurance mainly regulated by IRDA(Insurance Regulatory and Development Authority). It was constituted based on Malhotra Committee Report in 1999. IRDA became statutory body in April, 2000.

Types Of Insurance

Here 99HRMS presenting the complete details about the Concept. In India insurance mainly divided into 4 types applicable for common man and business entities and even for Insurance firms

  1. Life Insurance
  2. General Insurance
  3. Health Insurance
  4. ReInsurance

Life Insurance

Life insurance policy, the insurance company promises to pay a sum of money to the family members of the policyholder in case of death of the policyholder during a specified period or for whole life. In return, the policyholder pays a small amount (premium) to the insurance company.

There are total 24 life insurers present in India. The list of Life Insurers in India

Life Insurers
Life Insurance Corporation of India
HDFC Life Insurance Co. Ltd
Max Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Co. Ltd,
Kotak Mahindra Life Insurance Co. Ltd.
Aditya Birla SunLife Insurance Co. Ltd.
TATA AIA Life Insurance Co. Ltd.
SBI Life Insurance Co. Ltd.
Exide Life Insurance Co. Ltd.
Bajaj Allianz Life Insurance Co. Ltd.
PNB MetLife India Insurance Co. Ltd,
Reliance Nippon Life Insurance Company Limited
Aviva Life Insurance Company India Ltd.
Sahara India Life Insurance Co. Ltd.
Shriram Life Insurance Co. Ltd.
Bharti AXA Life Insurance Company Ltd,
Future Generali India Life Insurance Company Limited
Ageas Federal Life Insurance Company Limited
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited,
Aegon Life Insurance Company Limited,
Pramerica Life Insurance Co. Ltd.
Star Union Dai-Ichi Life Insurance Co. Ltd.
IndiaFirst Life Insurance Company Ltd.,
Edelweiss Tokio Life Insurance Company Limited

Reference : irdai.gov.in

Types of Life Insurance Products

Generally Life insurance products categorised in to 4 types.

  • Term Insurance Plans
  • Whole Life Insurance Plans
  • Endowment Insurance Plans
  • ULIPs (Unit Linked Insurance Plans)

Term Insurance Plans

Term insurance provides coverage for a specific period of time (usually for some years) called as “term”. Thisinsurance provides a financial benefit to the family member / nominee in case of the unfortunate demise of the insured during the policy term. Usually Term Insurance policies provide high sum of money at lower premiums. These fixed premiums can be paid at once or at regular intervals for the entire policy term or for a limited period.

Whole Life Insurance Plans

Whole life insurance is an example of a permanent life insurance policy. In other words there is no fixed term of cover but the insurer offers to pay the agreed upon death benefit when the insured dies, no matter whenever the death might occur. The premiums can be paid throughout one’s life or for a specified period of time which is limited and is less than one’s lifetime.

Endowment Insurance Plans

  • Endowment insurance is actually a combination of two plans,this product has both a death and a survival benefit component.
  • A term assurance plan which pays the full sum assured in case of death of the insured during the term.
  • Aendowment plan which pays this amount if the insured survives at the end of the term.

ULIPs (Unit Linked Insurance Plans)

  • ULIP is an insurance product that combines insurance with investment benefits in a single plan. ULIP/Unit Linked Insurance Plan has
  • A death benefit (amount) to the nominee will be paid if the policyholder passes away during the term.
  • The policy holder survives the term of the ULIP, he/she can also get the maturity value of the ULIP.

Types of General Insurance

General insurance policy is also called as non-life insurance product that includes different types of general insurance policies.

There are total 32 General insurers present in India. The list of General Insurers in India

National Insurance Co. Ltd.
The New India Assurance Co. Ltd
The Oriental Insurance Co. Ltd.
United India Insurance Co. Ltd.
Agriculture Insurance Company of India Ltd.
Acko General Insurance Ltd.
Aditya Birla Health Insurance Co. Ltd.
Bajaj Allianz General Insurance Co. Ltd
Cholamandalam MS General Insurance Co. Ltd.
Manipal Cigna Health Insurance Company Limited
Navi General Insurance Ltd.
Edelweiss General Insurance Co. Ltd.
Future Generali India Insurance Co. Ltd.
Go Digit General Insurance Ltd
HDFC ERGO General Insurance Co.Ltd.
ICICI LOMBARD General Insurance Co. Ltd.
IFFCO TOKIO General Insurance Co. Ltd.
Kotak Mahindra General Insurance Co. Ltd.
Liberty General Insurance Ltd.
Magma HDI General Insurance Co. Ltd.
NivaBupa Health Insurance Co Ltd.
Raheja QBE General Insurance Co. Ltd.
Reliance General Insurance Co.Ltd
Reliance Health Insurance Ltd.
Care Health Insurance Ltd(Religare Health Insurance Co. Ltd.)
Royal Sundaram General Insurance Co. Ltd.
SBI General Insurance Co. Ltd.
Shriram General Insurance Co. Ltd.
Star Health & Allied Insurance Co.Ltd.
Tata AIG General Insurance Co. Ltd.
Universal Sompo General Insurance Co. Ltd.

*Bharti Axa General Insurance Co. Ltd Merged with ICICI Lombard General Insurance Co. Ltd

General Insurance Products in India

  • Motor
  • Health/Mediclaim
  • Fire
  • Engineering
  • marine
  • Liability
  • Personal Accident
  • Rural/Micro
  • Miscellaneous


Motor insurance policy is an insurance coverage for two-wheelers, Private car, Commercial Vehicles, Miscellaneous vehicles and trade vehicles.

Health / Mediclaim

Health insurance policy is an Insurance coverage for incurred medical expenses either for insured individual or family.


Fire insurance policy is an insurance coverage for Dwellings, Industries, stocks, Godowns etc.


Engineering insurance policy is an insurance coverage for Contract works, Contractors plant and Machinery, machinery in factories, Electronic equipment Insurance, Boiler insurance etc.


  • Marine insurance mainly divided in to 2 categories
  • Marine Hull deals with Ships body
  • Marine Cargo deals with goods transporting in different mode of travel


Liability insurance policy is an insurance coverage for liability insuranceclaims resulting from injuries and damage to people or property or both.

Personal Accident

Personal accident insurance policy is an insurance coverage forDeath or bodily injury resulting solely and directly from accident.


Rural/Micro insurance policy is an insurance coverage for animals and agriculture insurance and also includes government specially designed products for rural empowerment.


There are several products comes under miscellaneous type of insurance some are Petrol pump Insurance, Plate glass insurance, Home loan Indurance, Lift Insurance, Shopkeepers Insurance, House hold Insurance, Bankers Indemnity Insurance etc.

Types of Health Insurance

Health insurance policy is also part of general insurance policies. But in recent years especially health product based companies established.

There are total 6 stand alone Health Insurerspresent in India. The list of Standalone Health Insurers in India are

Aditya Birla Health Insurance Co. Ltd.
Manipal Cigna Health Insurance Company Limited
NivaBupa Health Insurance Co Ltd.
Reliance Health Insurance Ltd.
Care Health Insurance Ltd(Religare Health Insurance Co. Ltd.)
Star Health & Allied Insurance Co.Ltd.

In general Health Insurance products comprise Individual, Family floater and Group health insurances.


In a simple form we can say it is a form of an insurance cover for insurance companies where Reinsurance Company covers risks of insurance companies for certain premium.

There is only one Reinsurance company in India and that is General Insurance Corporation of India

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