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Edelweiss General Insurance
Headquartered in Mumbai, Edelweiss General Insurance Company is one of the tycoons in the field of the insurance industry. It is a part of Edelweiss Group, a homegrown multinational corporation. This company has come with a sack full of general insurance products ranging from health insurance, motor insurance, travel insurance, and many more policies. Each type of policy has presented a large number of variants to cater to the varied needs of different individuals. To keep pace with the growing demand for digitalization, Edelweiss has also offered numerous online facilities, such as renewal, claim registration, etc., for the better convenience of its customers. The company has been there in the industry for the past 20 years, and with time it has gained the consumers’ faith. This insurer’s customer-oriented and pocket-friendly products have made it more popular and reliable. To add a feather to its crown, in 2022, Edelweiss General Insurance’s Group Health Policy includes the LGBTQ+ community.
Statistics of Edelweiss General Insurance
|Gross written premium in the financial year of 2020-2021||Rs. 218.57 crores|
|Equity share as on March 31, 2021||Rs. 393.00 crores|
|Claim settlement ratio in the financial year of 2020-2021||102.01%|
|Solvency ratio as on March 2021||2.09|
|Total investment assets (2021)||Rs. 358.07 crores|
|Number of policies except for PA and travel insurance in the financial year of 2020-2021||45579|
Edelweiss General Insurance Recent Awards and Accolades
- FinTech India Innovation Award 2021 for Innovative Use of Technology.
- Customer Fest Award 2021 for Best Use of Technology to Enhance Customer Experience.
- Asia Feather Award 2021 for Best Product Innovation.
- India Insurance Summit and Awards 2020 for Insuretech (Company of the Year).
- Indian Marketing Awards 2020 for Bronze New Product Launch.
Different types of policies offered by Edelweiss General insurance
Edelweiss General Insurance has presented a wide range of general insurance products such as health, motor, burglary, marine, covid-specific policies, etc., and each type of policy has come up with a bunch of variants so that it can be suitable for most of the policy-seekers. above all, the cashless facility for both motor and health insurance has made this insurer more popular among customers. Let us look at the following mentions that talk about the different types of policies this company has to offer.
A health insurance policy is the most important insurance plan that everyone needs as it offers protection against different ailments, diseases, and health conditions. Edelweiss has presented different types of health policies so that a policy-seeker can find the most suitable for him/herself. The following are the mentions of those.
- Edelweiss Health Insurance:
This plan has come up with three variants – Silver, Gold, and Platinum. Hospitalization expenses, including nursing charges, room rent, doctor’s fees, etc., and pre and post-hospitalization expenses are covered under this policy, up to a certain limit. AYUSH treatment, domiciliary hospitalization expenses, day care procedures, ambulance cover, and organ donor expenses are also covered. With this plan, one can get some special benefits such as recovery benefits, health check-ups, maternity benefits, hospital cash, shared accommodation benefits, critical illness coverage, restoration, medical referral, etc.
- Health Top Up Insurance:
With this policy, you can get an additional cover up to Rs. 5 crores at a pocket-friendly premium rate. you can use this policy when your single claim exhausts your deductible amount. The minimum entry age for this policy is 18 years, whereas there is no maximum entry age, and you can also insure your dependent child under the same policy if his/her ranges from 3 months to 25 years. The policy period for this policy is 3 years, while you can also opt for worldwide coverage as an optional cover.
- Edelweiss HealthPlus Policy:
Apart from the basic covers such as in-patient hospitalization, pre, and post-hospitalization cover, day care treatments, AYUSH cover, and domiciliary hospitalization expenses, this policy offers some special benefits like hospital cash benefits, convalesce benefits, restoration, recharge, emergency ambulance, and organ donor cover. To make this policy more customer-friendly, the company offers a bundle of optional covers at a minimum premium rate, such as unlimited restoration, worldwide cover, 241 optional covers, policy extension, and adventurous sports cover.
- Arogya Sanjeevani Policy:
The minimum and maximum cover available under this policy are Rs. 1 lakh and Rs. 5 lakhs, respectively. This lifelong policy can be purchased the individuals within the age group of 18 to 65 years. And a dependent child between the age group of 3 months to 25 years can also be insured under the policy. Both the individual and family floater policies are available, while the maximum number of members is 8 under a family floater plan. on every claim, a 5% co-pay is mandatory for all age groups.
- Saral Suraksha Bima:
It is a personal accident policy that will look after your family and their finances if the policyholder meets an accident and suffers harm. The sum insured amount range for this policy is from Rs. 2,50,000 to Rs. 1,00,00,000. This policy offers coverage for accidental death, permanent total disablement due to an accident, and permanent partial disablement due to an accident. The available add-on covers for this policy are temporary total disablement, accidental hospitalization costs, and education grant.
- Corona Kavach Policy:
This policy is designed to safeguard individuals from the Covid-19 epidemic. If you or an insured family member tests positive for covid and require hospitalization or home care, the policy will provide coverage for covid hospitalization expenses and also the cost of post-hospitalization. Hospital daily cash is an optional cover for the policy that can be availed of by paying a little extra premium. The maximum total per policy discount after considering all the discounts will be 25%.
- Corona Rakshak Policy:
This is also a corona-specific policy that offers a lump sum payment of up to 100% of the sum insured if the insured person is diagnosed with covid and requires hospitalization for a continuous period of 72 hours or more. Testing carried out in a diagnostic center that is not recognized by the Government of India will not be covered by the policy.
Buying your dream bike is not the end of your responsibility, you need to protect the two wheeler from all the potential perils that it is exposed to, as well. There the importance of a bike insurance policy kicks in, and the two wheeler policies of Edelweiss General Insurance Company are well-known for their benefits and facilities. Let us discuss the different bike insurance plans that the company has to offer.
- Two Wheeler Liability Only 5 Years:
This is purely a third party bike insurance policy, which is made for those people who want a long term policy for their two wheelers. On top of that, according to the Motor Vehicles Act of India, if anyone has a two wheeler, he/she mandatorily has to buy a third party bike policy. This policy compensates if the insured bike meets an accident and harms a third party or their property. In case of the death of a third party, the compensation rate is 100%.
- Two Wheeler Long Term Package Policy:
The Company will indemnify the insured person if the two wheeler suffers loss or damage due to natural calamity, manmade hazards, fire, explosion, etc., in case of consequential loss, depreciation, wear and tear, mechanical, and electrical breakdown failures, the company will not provide any compensation. Third party liability cover comes as an in-built benefit with this policy.
- Two Wheeler Liability only:
The policy will compensate in case of death or bodily injury to any person so far as it is necessary to meet the requirements of the Motor Vehicles Act. The policy will also take care of the damage to property other than property belonging to the Insured or held in trust or in the custody or control of the Insured. the Company will also indemnify any driver who is driving the Motor vehicle on the Insured’s order or with the Insured’s permission.
- Two Wheeler Standalone Own Damage with Add-ons:
The policy will safeguard the bike from different types of road risks that it is exposed to, such as fire, explosion, burglary, housebreaking, riots, strike, earthquake, flood, typhoon, accidental external means., terrorist activity, malicious acts, etc. The company will bear the cost of repair of the car or the car parts, up to a certain limit. No Claim Bonus (NCB) is available with this policy, and the maximum NCB that can be earned by an insured person is %.
- Two wheeler Package Insurance with Add-ons:
This policy will protect the bike from natural and manmade disasters that are subject to the deduction of depreciation. If the vehicle is disabled by reason of loss or damage covered under this Policy, the Company will bear the reasonable cost of protection and removal to the nearest repairer and redelivery to the insured but not exceeding in all Rs. 300 in respect of any accident. The percentage of fixing IDV will be based on the age of the bike. Personal accident cover for the owner-driver is available with the policy.
3. Edelweiss Car Insurance Plans
A car insurance policy is one of the most popular and most important policies for car owners as it offers protection against all the potential road risks that a car is exposed to. If the car owner drives his/her without a car policy, and if it suffers a loss or damage, the cost of repairing it may pose a heavy financial burden on the car owner. Edelweiss has presented a wide range of car policies so that the policy-seeker can find the most suitable one for him/herself. The followings are a brief description of these policies.
- Commercial Vehicle Liability Only:
The death of or bodily injury to any person and the damage to property other than property belonging to the Insured will be compensated by the policy. The Company will pay all costs and expenses incurred with its written consent. The Company will indemnify any driver who is driving the Motor vehicle on the Insured’s order or with the Insured’s permission. This is a basic third party policy that has been made mandatory by the Motor Vehicles Act of India.
- Goods Carrying Vehicle and Add-on:
This policy is only made for the vehicles which are used for the purpose of carrying goods to provide protection against natural calamities, and manmade disasters that are subject to a deduction of depreciation. In the event of the vehicle being disabled by reason of loss or damage covered under this policy the Company will bear the reasonable cost of protection and removal to the nearest repairer and re-delivery to the Insured but not exceeding Rs. 750 for three wheeler vehicles, Rs. 1,500 for taxis and Rs. 2,500 for other commercial vehicles in respect of any one accident. Different additional covers at nominal cost are available with this policy to strengthen its benefits of it.
- Passenger Carrying Vehicle and Add-on:
If the car is used for carrying the passengers, then this policy is made for it as it offers protection to the passenger carrying cars against different types of perils such as natural and manmade disasters. Third party liability benefit comes along with the policy. Towing disabled cars and personal accident cover for the owner driver are the in-built benefits under this policy. If the car is designed or modified specially for specially-abled individuals, then the company offers a discount up to a certain limit.
- Private Car Liability Only:
This policy is similar to any liability only policy, but it can only be purchased by private car owners. Since it is a liability only policy, it will only give protection against the death, bodily injury, and property damage of the third party. The company may, at its own option, arrange for representation at any Inquest or Fatal Inquiry in respect of any death, which may be the subject of indemnity under this policy, and undertake the defense of proceedings in any Court of Law in respect of any act or alleged offense causing or relating to any event. If the car is used otherwise than in accordance with the ‘Limitations as to Use’, the policy will not be liable to compensate for that.
- Private Car Bundled Insurance with Add-ons:
Along with the liabilities to the third party, this policy offers protection against different types of risks such as fire, explosion, burglary, natural disasters, housebreaking, terrorist activities, etc. Personal accident cover for the owner driver is also available with the policy. If any claim arises out of any contractual liability, the policy will not compensate for that. Different add-on covers are available with this policy along with several discounts such as for the installation of anti-theft devices, membership of recognized automobile associations, for being a vintage car, etc.
- Private Car Package with Add-ons:
Along with the basic cover like protection against manmade hazards and natural catastrophes, this policy also safeguards the insured person from third party liabilities if the insured car meets an accident and causes the damage or loss to the third party and/or his/her property. Personal accident cover for the owner driver is available with the policy and the percentage of the compensation is determined on the basis of the nature of the loss. Different discounts are available with this policy and also, and one can opt for the add-on cover(s) by paying a little extra premium to make the policy stronger.
- Private Car Standalone Own Damage with Add-ons:
Not only this policy offers basic cover for the protection of the car, but also it the insured may authorize the repair of the car, for which the Company may be liable to pay only if, the estimated cost of such repair, including replacements, if any, does not exceed Rs. 500. In the event of the Vehicle Insured being disabled by reason of loss or damage covered under this Policy, the Company will bear the reasonable cost of protection and removal to the nearest repairer and redelivery to the Insured, but not exceeding, in all, Rs. 1,500/- in respect of any one accident.
- Miscellaneous Vehicle Package Insurance:
The basic cover under this policy like protection against natural and manmade disasters will be provided after deducting the depreciation value. In the event of the vehicle being disabled by reason of loss or damage covered under this Policy, the Company will bear the reasonable cost of protection and removal to the nearest repairer and re-delivery to the Insured but not exceeding Rs. 750/- for three wheeler vehicles, Rs. 1,500/- for taxis and Rs. 2,500/- for other commercial vehicles in respect of any one accident. This policy also offers third party liability benefits, towing of disabled vehicles, and personal accident cover for the owner driver.
- SWITCH – Drive-Based Insurance:
By paying a slightly higher premium, the insured person can enhance his/her car’s coverage with depreciation protection, engine protection, NCB protect, invoice value protect, key and locks protect, consumable expenses protect, mandatory deduction protection, personal belongings protect, roadside assistance, tire protects, and EMI protect.6
4. Edelweiss Corporate Insurance Plans
Apart from the motor and health insurance policies, this company has designed some more need-based policies that can help the policyholders to save themselves from financial loss. Have a look at those plans below.
- Loan Protection Insurance:
Loans are supposed to make life easier for you. But sometimes, if a financial emergency comes up, this loan can seem heavier on you. In that case, Edelweiss offers Loan Protection Insurance that offers protection on different occasions. It will safeguard the insured person from up to 25 critical illnesses, and in case of accidental death and permanent total disability, it will offer compensation of up to 200% of the sum insured. If you have taken a break from your job, this policy will take charge of 3 EMIs, and also child education benefits will be provided up to Rs. 2.5 lakhs per child up to 2 children.
- Fire Insurance:
A single spark of fire can burn down the entire building. Keeping the importance of it, the company has come up with a Fire Insurance policy that is designed to suit the needs of all, such as individuals and housing societies. Industries and commercial entities. This policy is issued for a maximum of one year from the date of inception of the cover. If you have a commercial fire policy, you can also strengthen the protection by paying a little extra premium such as debris removal, architects consulting and engineering fees, forest fires, loss of rent, impact damage due to your own road or rail vehicles, forklifts, cranes, stackers, etc. acts of terrorism and some more.
- Engineering Insurance:
This policy will protect your projects and equipment with a range of engineering insurance products that allows you to reach for the sky without worrying about any accidents bringing you crashing down. Under this type of insurance, there are different types of plans so that a policy-seeker can choose according to his/her preference such as Contractor’s All Risk Insurance, Contractor’s Plant and Machinery Commercial, Erection All Risks Insurance Commercial, Contractor’s Plant and Machinery Retail, Erection All Risks Insurance Retail, etc.
- Marine Insurance:
Water is full of perils, dangers, and unpredictability. Therefore, Edelweiss has presented Marine Insurance that will help lessen the blow if anything goes wrong while you are transporting cargo. This policy is available both in commercial and retail formats. An insured person can also opt for add-on cover(s) available with the policy, such as a Duty Insurance Clause, Seller’s Contingency Clause (arising out of Marine perils), Buyer’s Contingency Clause (arising out of Marine perils), FOB Extension and Shut Out Cargo Clause, Letter of Credit Clause, Theft Pilferage Non-Delivery Extension, Brands and Label Clause, Concealed Damage Clause, and 50/50 Clause.
5. Edelweiss Miscellaneous Insurance
Life is full of uncertainties and risks. To lessen the risks, Edelweiss General Insurance Company has come up with a range of miscellaneous insurance products that will help you deal with some of the troubling things that can pose a troublesome situation in your way. Here are the mentions of those.
- Burglary Insurance:
This policy is available for both retail and commercial forms. If the Property Insured under the Schedule gets destroyed or damaged by any of the perils, specified in the policy wordings during the Period of Insurance, the Company shall pay to the Insured the value of the Property Insured at the time of the happening of its destruction or the amount of such damage or at its option, reinstate or replace such property. The Sum Insured under the Policy is on current market prices for stocks. The Insured needs to take all ordinary and reasonable precautions for the safety of the property insured. For a claim to lie under this warranty, there should be actual visible damage caused to the premises or part thereof or connected with a violent and forcible entry into the premises.
- Cancellation Inconvenience Insurance:
If a Valid Ticket(s)/booking(s) is/are Cancelled, prior to the event taking place and within the Cut-off time due to certain reasons such as natural calamity, terrorism including political instability, death, or hospitalization for emergency care, advisory by Authority against the event, for any reason including epidemic/pandemic diseases, accidental misfortune, visa rejection, etc. the company will pay the purchaser the percentage of the Ticket Price or such value, as is specified in the Policy Schedule, towards inconvenience faced by the Ticket Holder / Purchaser. Additional covers such as home protection, accidental hospitalization, loss of belongings, personal liability, and personal accident are also available with the policy.
- Cancellation Insurance Policy:
If Your customer opts for Cancellation of a Valid Ticket, this policy will cover the consequent loss of Ticket Price incurred by You except for the loss sustained out of Cancellation due to several reasons mentioned in the policy document. If, during an Event, the Ticket Purchaser meets with an unfortunate accident and loses his/her life or limb(s) as a consequence, the policy will pay such Ticket Purchaser an amount equal to a specified percentage of the Sum Insured. It will pay the Ticket Purchaser a certain amount towards medical and hospitalization expenses as may be incurred in relation to an injury suffered due to an accident during the course of the Event. The policy will also pay the Ticket Purchaser for the value of his/her baggage and personal belongings lost during the course of the Event.
- Employee Compensation Insurance:
If at any time during the period of insurance, any Employee or Employees of the Insured sustains Injury by accident arising out of and in the course of his employment in the Business, for which the Insured is liable to pay compensation under any Law(s) specified in the Schedule, then the Company shall indemnify the Insured up to the Limit of Indemnity, including costs and expenses for defending any such claim incurred with the Company’s consent. The details of the employees and their wages have to be notified to the insurer by the company from time to time.
Why Should You Choose Edelweiss General Insurance?
While the insurance market is flooded with a bunch of general insurance providers, generally, it becomes difficult for a policy-seeker to find a suitable insurer who can cater to the varied needs of the individuals. But if you can keep in your mind certain parameters, then the job will be easier for you. After assessing and evaluating all the potential parameters, it has been found that Edelweiss General Insurance Company can be on your bucket list. Here are the mentions of the reasons.
Edelweiss company has been there in the industry for the past 20 years. Gradually, it has gained a reputation and popularity among customers. It has won the hearts of consumers because of its customer-friendly approach and the wide range of general insurance products. the company is true to its word. Therefore, you can trust this insurer fully.
Claim Settlement Ratio:
We buy a general insurance plan so that it can support and safeguard us in our most needed time. For that, the claim settlement ratio plays a pivotal role. According to the IRDA Annual Report, the claim settlement ratio of Bajaj Allianz General Insurance is 102.01% in the financial year of 2020-2021, which is way better than many other insurers. So, once you have bought a general insurance plan from this company, you can rely on it.
You need to count on the number of network garages to avail of the cashless facility in case of motor insurance. As per the official website of the company, it has more than 3300 network garages spread all over the country that, make your job easier to find a convenient network garage within your reach.
According to the IRDA Annual Report, the Premium underwritten in the financial year of 2020-2021 of Edelweiss General Insurance is Rs. 218.57 crores that indicate the financial strength of the company and its capacity to handle any economic crisis in the near future. As per the data, it can be said that once you have bought a general insurance plan from this insurer, you are totally secured and protected.
The solvency ratio depicts the potential of the company to meet its long-term financial goal. The higher the solvency ratio is, the more the company is capable to pay off the lump sum claim amount. According to the IRDA Annual Report, the Company is 2.09 in the financial year of 2020-2021, which is good enough to rely on the company.
Number of Plans:
As every individual has different needs, the number of the plan becomes an important parameter along with its variations as the plan has to cater to the different needs. Edelweiss General Insurance has a bundle of different general insurance plans with varied benefits and variations to offer that can serve the purpose of its dynamic consumers. So, it’s a big thumbs up for the company.
The company has kept its door open for its customers 24×7. You can resolve your query offline, online, and even by calling them up. It has offices across towns and cities all over the country. So, whenever you need them, they are always there for you.
To make itself more customer-friendly and consumer-centric, the company has come up with different online facilities such as renewal, claim registration, etc., so that the customers can always remain in touch. It has made itself more approachable and convenient through digitalization, going beyond the insurance solution.
How To Buy a Policy From Edelweiss General Insurance?
There are two ways to buy Edelweiss General Insurance- online and offline.
For those who are interested in buying online, visit the official website of Edelweiss General Insurance. Tap on the 3 lines at the top-right corner and click on your preferred policy under ‘Products’. Fill in the necessary details and select the payment option to pay the premium. Once the payment is successful, you’ll receive a soft copy of your policy in your registered email-id.
To buy the policy offline, one can visit one of the official branches of the company. their customer executives are knowledgeable and experienced enough to seamlessly guide you through the entire process. In that case, you need to carry some documents such as a valid ID card, details related to your car or bike (in case of motor policy), address proof, etc., as required. Once you purchase the policy, keep the policy document safe, as it is the most important one for future reference.
What is The Claim Process For Edelweiss General Insurance?
The company offers both cashless and reimbursement claims for better convenience for the customers. Here are the general steps for filing a claim and availing of a successful claim under this insurer. Have a look.
- As soon as the incident happens, inform the insurer. You can inform them about the claim by either calling the company at their toll-free number 1800-12000 or by paid landline number 022-423-12000, or you can also directly write to them using their official email ID firstname.lastname@example.org stating the details of your claim.
- In the case of an accident, FIR, panchnama, or report of the concerned authority is mandatory.
- The insurer will need a few documents such as address proof, details of the claim, a valid ID card, policy document, etc. Keep all the documents ready.
- Meanwhile, you can opt for either the cashless or reimbursement facility.
- The company will evaluate and assess your claim on the basis of your submitted documents.
- If required, the insurer may appoint a surveyor on its behalf to measure the depth of the Event.
- Cooperate with the surveyor, and do not produce any false information because a piece of wrong detail will bring error to the entire procedure, and your claim may get rejected.
- If no discrepancy is found, the company will approve your claim. If you have opted for the cashless settlement, the insurer will directly settle the claim amount with the network hospital or garage. If you have opted for the reimbursement settlement, preserve all the documents, such as bills, receipts, certificates, etc., for future reference. The company will transfer the claim amount to your registered bank account within the stipulated time.
- If still you are not satisfied with the claim, you can choose the Escalate Your Claim option that is available on the official website of the company under the Claim section. The company will get connected to you shortly.
Frequently Asked Questions
You can easily renew your general insurance product online under this company by following the below simple steps.
- Go to the official website of Edelweiss General Insurance Company.
- At the top of the homepage, there will be the Renewal tab. Click on that.
- Select either the Motor Insurance Renewal or Health Insurance Renewal option as per your choice.
- For health insurance renewal, put the policy number and date of birth, and click on the Proceed option. For motor insurance renewal, put the registered phone number, and click on the Proceed option.
- You will be directed to the next page. Put the details as required. And finally, click on the Submit option.
- On the basis of the given data, the renewal amount will be displayed before you. Check it twice.
- If no discrepancy is found, pay the renewal amount by choosing one of the most convenient payment methods available with the insurer.
- Upon successful payment, you will receive a notification regarding the same in your registered mobile number or email ID.
- Save the document for future reference. Or else, you can also make a printout of it for better convenience.
Yes, you can. The facility of the extension of the geographical area is available with the company. This is an add-on cover. You can opt for it by paying a little extra premium.
If you have already registered for your online portfolio, you can easily have an access to your account. For that, follow the below steps.
- Go to the official website of the company.
- On the right side of the homepage, there will be three horizontal lines. Click on that sign.
- Multiple options will pop up before you. Choose the My Account option.
- You will be directed to a new page. There, put your registered mobile number in the right place.
- After that, you receive an OTP. Put that correctly, and you are done. You have successfully logged in to your online portfolio.
Usually, the company settles the health claim amount within 30 days from the date of the reception of the last document if all the documents are in order, and your claim request is accepted.
You can get connected to the company by following any of the below methods.
- You can call the insurer at
Toll-free – 1800 12000
Paid Landline – 022 423 12000
Senior citizen – 022 423 12001
- You can also directly write to the company using their official email ID email@example.com, Senior.Citizen@edelweissinsurance.com
- You use their postal address as below:
2nd Floor, Tower 3, B Wing, Kohinoor City Mall,
Kohinoor City, Kirol Road, Kurla (W), Mumbai 400070,
Contact Number 022 4009 4400
The company offers newborn baby add-on cover which has three variants, Silver, Gold, and Platinum. You can choose from the Sum Insured options below:
- Baby covered from day one, up to the maternity Sum Insured. (for Edelweiss health Gold and edelweiss health platinum only).
- Baby covered from day one up to the entire base Sum Insured, as requested by the Insured, (for all variants (silver, Gold, platinum).