Insurance in India
A brief overview of the common types of insurance available in India to protect you and your family.
Health Insurance
Health insurance covers medical expenses that arise due to illness. This includes hospitalization costs, medicine costs, or doctor consultation fees. It's crucial for protecting your savings from being wiped out by unexpected medical bills.
Sub-types: Individual Health Insurance, Family Floater Plans, Critical Illness Cover, Senior Citizen Health Insurance, Top-up Plans.
Life Insurance
Life insurance provides a financial benefit to a policyholder's family or designated beneficiary in the event of their death. Its primary purpose is to replace lost income and ensure the financial security of your loved ones.
Sub-types: Term Life Insurance, Whole Life Insurance, Endowment Plans, Unit Linked Insurance Plans (ULIPs), Money Back Policies.
Motor Insurance
Motor insurance is mandatory in India for all vehicle owners. It protects against financial losses from accidents or other damages to your vehicle. It also covers third-party liability for injuries or damages caused by your vehicle.
Sub-types: Third-Party Liability (mandatory), Comprehensive Cover (includes own damage), Pay-as-you-drive.
Travel Insurance
Travel insurance covers unexpected events during domestic or international travel. This can include trip cancellations, medical emergencies, lost luggage, or flight delays.
Sub-types: International Travel Insurance, Domestic Travel Insurance, Student Travel Insurance, Senior Citizen Travel Insurance.
Major Insurers in India
Life Insurance Corporation (LIC)
Founded: 1956
IRDAI Name: Life Insurance Corporation of India
CSR (2022-23): 98.9%
Visit Website →HDFC Life Insurance
Founded: 2000
IRDAI Name: HDFC Life Insurance Company Ltd.
CSR (2022-23): 99.3%
Visit Website →ICICI Prudential Life Insurance
Founded: 2000
IRDAI Name: ICICI Prudential Life Insurance Company Ltd.
CSR (2022-23): 97.9%
Visit Website →New India Assurance
Founded: 1919
IRDAI Name: The New India Assurance Co. Ltd.
Incurred Claim Ratio (2022-23): 98.7%
Visit Website →Bajaj Allianz General Insurance
Founded: 2001
IRDAI Name: Bajaj Allianz General Insurance Co. Ltd.
Incurred Claim Ratio (2022-23): 74.2%
Visit Website →Star Health Insurance
Founded: 2006
IRDAI Name: Star Health and Allied Insurance Co. Ltd.
Incurred Claim Ratio (2022-23): 65.0%
Visit Website →
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Vitrak Insurance Brokers Private Limited | Direct Broker (Life & General)
IRDAI Registration No – 826 | Registration Code – IRDAI/DB875/2021 | Valid till 16-06-2028 | CIN – U66000DL2021PTC377736
Reg. Address: Flat 7, Plot No. 103, Himversha Apartment, Patparganj, New Delhi – 110092
Correspondence Address: 3rd Floor, Plot no. 130, Sector 44, Gurugram, Haryana 122003
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