At present, India has about 24 life insurance companies and 32 general insurance companies. On the one hand, the former offers life assurance plans that cover the risk of premature death. Other insurance companies offer policies that cover various financial risks faced by individuals and companies. So which insurance companies provide D&O policy in India?
A directors’ and officers’ (D&O) policy is a kind of general policy for corporates. It shields businesses from holding responsibility for mistakes made by their directors and officers while performing their duties. A D&O policy pays for settling with third parties and defending against lawsuits filed against the company.
Of the 32 general insurance companies in India, two deal in specialized assurance plans. Then, there are standalone health insurance companies that offer only health insurance policies. The remaining, about 22 or more, offer D&O policies in India.
Government-owned general insurance companies
Four general Cover providers in India are public sector undertakings. These include:
- National Insurance Company Limited
- The New India Assurance Company Limited
- The Oriental Insurance Company Limited
- United India Insurance Company Limited
All four offer D&O liability insurance policies for organizations.
Additional Read: Who is the right benefactor to buy D&O policy from?
Private general companies that provide D&O policy India
Privately owned cover companies exist as branches of large Indian conglomerates or joint ventures between two or more companies. Some leading privately owned general cover companies that offer D&O policy coverage include:
- Bajaj Allianz General Insurance Company Limited
- Chola mandalam MS General Insurance Company Limited
- HDFC ERGO General Insurance Company Limited
- ICICI Lombard General Insurance Company Limited
- IFFCO Tokio General Insurance Company Limited
- Magma HDI General Insurance Company Limited
- Raheja QBE General Insurance Company Limited
- Reliance General Insurance Company Limited
- TATA AIG General Insurance Company Limited
- Universal Sompo General Insurance Company Limited
In sum, all these insurance companies, along with other privately owned benefactor , offer D&O insurance plans.
Thus, have a choice of 20 or more insurance companies to find the right D&O liability insurance in India. However, when buying a policy, you should compare available policies and then make a choice. So, check the following when comparing insurance companies:
- Coverage
- Premium
- Policy extensions
- Claim settlement ratio
- Claim turnaround time
Finally, after taking these factors into consideration, you can find the right D&O insurance company.
Additional Read: How you can buy a D&O policy easily?
The SecureNow advantage
SecureNow partners with leading general insurance companies D&O policy in India that offer insurance. So, with SecureNow’s help, you can compare the best D&O liability insurance policies to find the right benefactor. Similarly, SecureNow’s experts will identify your requirements and design different policy options from different insurance companies. Hence, you can compare and find the best insurer for your needs.
Furthermore, SecureNow offers you the opportunity to instantly purchase your D&O policy online. Indeed, this is a unique benefit as it allows you to understand the product and premium. Just enter your specific details, upload your documents, and pay online. Moreover, you can receive confirmation of your coverage instantly through the Risk Held Letter.
