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GENERAL INSURANCE


General Insurance business was mationalised with effect from 1st January 1973 by the General Insurance Business Act 1972. 107 Indian and Foreign Insurance Companies operating prior to 1973 was amalgamated and grouped into four operating companies under GIC:

National Insurance Company Limited.
New India Assurance Company Limited.
Oriental Insurance Company Limited.
United India Insurance company Limited.
All the above four subsidiaries of GIC operates all over the country. GIC and its four subsidiaries companies are Government Companies registered under Companies Act. GIC as a holding company of the above four companies is super intending, controlling and carrying on the business of general insurance. From 799 offices of GIC is 1973, The network grew to 4,208 offices as on 31 March, 98. The GIC at present operating in 17 countries.

GIC is the holding Company and undertakes mainly re-assurance business and aviation insurance. The general insurance business of Fire, Marine, Motor and Miscellaneous insurance business is undertaken by the four subsidiaries. The general insurance industry has been growing at the ate of 17 percent per annum.
The different types of main General Insurance products are:


  1. Motor Insurance: Motor insurance is mandatory for all vehicles in India. There are two types of motor insurance:
    Third Party- which only insures the party (parties) other than the owner in an incident.
    Comprehensive- Which insures the owner as well as the third party involved. The premium for motor Vehicles is decided on the value of the vehicle and location where it is to be registered. The premium for heavy commercial Vehicle is decided on the value of the vehicle and gross laden weight.

  2. Property Insurance: Property insurance covers land, building and the contents of the building.

  3. Fire Insurance: Fire Insurance is a Comprehensive policy. This policy besides covering loss on account of fire, also covers loss on account of the following : Earthquake, Riots, Strikes, Malicious intent, Floods.

  4. Burglary: Burglary insurance covers all losses arisen out of burglary committed in one's premises.

  5. Health Insurance: Health insurance polices ensure guarding ones health against any calamities that may cause long term harm to his/her life and can hamper ones earning available for ability for a lifetime. These health policies are individuals and groups. The following types of health policies:

    1. Mediclaim Policy
    2. Personal Accident - Individual
    3. Personal Accident - Family
    4. Group accident insurance
    5. Jan Arogya Bima Policy
    6. Bhavishya Arogya Policy
    7. Traffic Accident Policy

  6. Travel Policy: Any tourist may die or loss their bagges, passport etc. while travelling. Travel policies are designed to care of all the problems that generally occures while travelling. The following travel policies are:
    1. Overseas Mediclaim Policy.
    2. Videsh Yatra Mitra.
    3. Personal Accident - Family
    4. Baggage Insurance Policy.
    5. Executive Travel Insurance.
    6. Suhana Safar.

  7. Business policy: Business policies covers the risks of loss of business goods, plant and machinery etc. The common type of business policies are:
    1. Burglary Insurance for Business premises.
    2. Shopkeepers Insurance Policy.
    3. Partnership Insurance.
    4. Workman's Compensation Insurance.
    5. Fidelity Guarantee Insurance.
    6. Professional Indemnity Insurance.
    7. Machinery Breakdown Policy.
    8. Boiler Explosion Insurance Policy.
    9. Contractor's Plaug & Machinery Insurance Policy.
    10. Contractors all risk Policy.
    11. Air transit Insurance Policy.
    12. Loss of Stock in Cold Storage Insurance policy.
    13. Product Liability Insurance.
  8. Other General Policy: Apart from other main general Insurance there are several other General polices and more are going to introduce, such as
    1. Bhagyashree Child Welfare Policy-covers girl child in the age group of 0 to 18 years.
    2. Raj Rajeshwari Mahila Kalyan Vojans.
    3. Crop Insurance Scheme.
    4. Jald Rahat Yojana
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