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Liberty General Insurance
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Liberty General Insurance 

Liberty General Insurance company is one of the most trusted and sought-after insurance providers in India.

It is a private insurance company that was established as a joint venture between 3 business organizations. These are -the DP Jindal Group which is an Indian industrial conglomerate; Liberty Citystate Holdings, that deals with casualty and property insurance, one of the companies under US-based Liberty Mutual Insurance Group; and Enam Securities, a privately owned long-term investment firm.

Out of the parent companies, Liberty Citystate Holdings owns the majority of stakes at 48.7%, while DP Jindal Group owns 26% and Enam Securities has a 25.32% stake.

The company started its operations in 2013 in India after its initiation in the same year and is currently headquartered in Mumbai. Presently, Liberty General Insurance has a network of 97 branch offices spread across 95 cities all over India, with an employee strength of more than 1200 employees.

The insurer offers various insurance products under the categories of personal accident, car, two-wheeler, health, fire and engineering, commercial, employee compensation, marine, and others. Mr Roopam Asthana is the current Chief Executive Officer of the company as well as Whole Time Director.

*PaisaWiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Liberty General Insurance: Present Position

Liberty General Insurance is a bold and passionate insurance provider with a primary objective of providing industrial and commercial insurance solutions and extensive retail to one and all.

The insurance company strives to help people and organizations alike through their products. It has been actively participating in all insurance-related activities and has been elevating the standards of its services.

The significant highlights of Liberty General Insurance, as mentioned in the IRDAI report about the performance of various insurance companies in the Financial Year 2018-19, have been mentioned in a tabular format below:

S.No

Category

Particulars

1

Share in the Terrorism risk insurance pool in the Indian market

1.04%

2

Gross Direct Premium (Inside India and abroad)

1125.16

3

Number of policies issued in the period 2018-19

More than 50,000

4

Overall Incurred Claims Ratio

73%

5

Incurred Claims Ratio (Motor Sector)

70%

6

Incurred Claims Ratio (Health sector)

82%

7

Solvency Ratio

2.15

8

Assets under Management (total investments)

1140.11 Crores

9

Overall Claim Settlement ratio

82.54%

10

Overall Claim Settlement Efficiency Ratio

87.64%

*PaisaWiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Maintenance of impartial and transparency in all interactions, formation of long-term relationships with their partners, customers and shareholders, as well as, full-scale support in the insurance journey together, and delivering all the promises made are some of the fundamental values that the company is based on.

Liberty General Insurance: Product and Services

The insurance company believes in quality, and all its products are devised through careful planning and by investing a considerable amount of time. All the insurance plans provided by Liberty General Insurance are customer-centric and are designed keeping the customer's requirements at the forefront. The company extends support in the Health, Car, and Two-wheeler insurance plans. All these plans offered by the insurer provide extensive coverage in their respective verticals. At the same time, the premium rates are in the affordable range too, and they can be bought at a very low price.

Here is a look at the various Insurance products and services that Liberty General Insurance provides under various insurance domains:

Liberty Health Insurance

A health insurance plan is a type of insurance that provides financial coverage against medical expenses that the policyholder may incur during times of medical emergencies. Under the health insurance plans offered by Liberty General Insurance, policyholders can opt for the best medical treatment without having to worry about the finances. The health insurance plans provided by the company are as follows:

  1. Liberty Health Connect Policy-This policy is available in 4 variants-E-Connect, Basic, Elite and Supreme. The sum insured options ranging from Rs 2 lakh to 15 lakh as per the plan, and there is a restore benefit wherein the sum insured amount gets reinstated automatically after exhaustion. For every claim-free year, insurers can avail of 10%-100% loyalty bonus.
  2. Health Connect Supra-This policy is an extension to your existing Health Insurance Policy to provide a broader coverage in case of an accident or illness for additional hospitalization expenses. It enhances your sum insured with top-ups and super top-ups up to Rs 20 lakh.
  3. Individual Personal Accident Policy- This policy provides coverage to the insured person and his family for any hospitalization expenses due to accidents. It also includes life support and both permanent total and partial disability benefits. Ambulance hire charges are covered as well.
  4. Janata Personal Accident Insurance Policy- This plan covers the insured individual against accidental deaths, disability, along with other accidental benefits. It is available for one year and has a 15-days free look-up period available.
  5. Secure Health Connect-This is a family health insurance plan that providesextensive coverage from Rs 2 lakh to Rs 15 lakh. It is available in 4 variants –Basic, Elite, Supreme, Complete. These plans provide additional benefits like sum insured reload, enhanced loyalty bonus, and waiver of sub-limits in case of medical expenses. Secure Complete also covers Daily Cash Allowance.
  6. Liberty Group Health Insurance Policy-Liberty General Insurance also provides Group Health Insurance policy for employees of an organization. It is a customized health insurance plan, available on an individual or a family floater basis.

Liberty Motor Insurance

Liberty General Insurance offers some of the best car and two-wheeler insurance plans that protect the policyholder's financial interests in case of accidents, vehicular damages, third party damages, including property damages. All these cases are covered through the car insurance policy.

Liberty Car Insurance

It is a punishable offence, as per the Motor Vehicles Act of 1988, to drive a car without having Third Party Insurance. The car insurance policy offered by Liberty General Insurance is uniquely designed to act as a shield against losses that the policyholder may have to incur due to accidents or own damage to his/her car. The private car insurance plans offered by the company are available in two variants:

  • Private Car Liability Only Policy- This is the third-party car insurance. It is the most basic vehicle insurance mandatory for every motor vehicle on Indian roads. The policy covers any loss or damage suffered by a third party in case of an accident by the insured vehicle. It does not cover any loss or damage to the insured vehicle or the insured.
  • Private Car Package Policy-This policy provides a bundled cover that includes a Liability Only Policy, and an Own Damage Cover that protects damage to the owner's vehicle.

Liberty Two-wheeler Insurance

Two-wheeler insurance policies offered by the insurance provider provides comprehensive protection against expenses that the policyholder may have to incur towards the repair of his/her damaged vehicle. The two-wheeler insurance plans offered by the company are available in two variants, as mentioned below:

  • Two Wheeler Package Policy-This policy provides coverage for accidental damage to the insured vehicle and the driver, as well as the Third-Party cover. It also comes along with hassle-free cashless claim service and add-ons for damage cover for the electrical and non-electrical parts of the vehicle, and even for co-passengers.
  • Two Wheeler Multi-Year Policy-These plans offer long term coverage for two-wheeler vehicle owners. These long term bike insurance plans have a coverage tenure for 2-3 years.

Commercial Vehicle Insurance

Commercial Vehicle insurance, known as Commercial Vehicle Package policy, provides coverage against any loss or damage due to accidents or mishaps to vehicles used for commercial or non-personal purposes. This cover includes situations like accidents, collisions, fires, natural disasters, etc.

Other Insurance Services Provided by Liberty General Insurance

Apart from the comprehensive personal and commercial insurance plans in all major insurance domains, Liberty General Insurance also offers specialized Risk Engineering Cell Services or the REC services. These services provide risk management along with the insurance programs to reduce any chances of loss at risky project sites. These services may include site surveys, electrical audits, workplace safety measures, and risk control suggestions to client management.

Renewal Process of Liberty General Insurance

For uninterrupted protection and coverage under any insurance plan, policy renewal is mandatorily required. Liberty General Insurance offers a hassle-free, uncomplicated and seamless renewal process through both online and offline modes with minimal documentation. All the insurance plans that the company has to offer are renewed the same day the renewal payment is made, which makes the process fast and reliable.

  • Online

The online mode is for those who do not want to leave the comfort of their homes. One can visit the website of paisawiki.com to get a basic idea of how the renewal process works. They can also opt to renew their existing policies through this website or the official website of the insurance provider. Policyholders can also check their policy status, as in when it will expire and if it has been renewed or not after making the payment, can also be checked out on the official website.

One is requested to go through the following steps for completing the process online:

  • Visit the official website of paisawiki.com to get a basic idea on how to proceed with the online payment process.
  • You will be redirected to another page, click on "Renew your policy."
  • Provide the necessary details such as policy number, type of policy etc.
  • Make the payment

 

  • Offline

 The policyholder has to visit one of the branch offices of Liberty General Insurance to complete the renewal process via this method. They can also call the dedicated customer care of the insurer to renew their policy. The offline mode has the following steps:

  • Visit a nearby branch office of Liberty General Insurance.
  • Ask for CRO or an insurance agent at the reception.
  • Ask for a renewal form.
  • Duly fill in the form.
  • Submit it with the insurer
  • Make the payment

Documents Required for Liberty General Insurance Renewal

Liberty General Insurance policies do not require any documents for renewal if the plan is renewed on time. However, if the existing insurance policy lapses, then the policyholder may have to go through the process of obtaining a new policy after submitting personal documents as required when a new policy is purchased.

Here are the steps:

  • Visit the insurance website and enter the policy no, mobile number or email ID.
  • Upload the scanned or soft copies of the current policy documents as prompted.
  • Get a confirmation from the portal that the documents have been received.
  • They will then be examined and re-verified by the Insurance team before the renewed policy is issued.
  • The policyholder is notified about the HDFC ERGO Policy Renewal status by phone or email.
  • The user gets a payment link to direct him to the Payments page.
  • After payment is made, the soft copy of the policy document is emailed to the user after successful completion of the payment. The hard copy of the same arrives in a week's timeby regular mail.

The same process has to be followed if the policyholder desires some change in their policy details. If a policy has lapsed, it is better to take a new one from Liberty General Insurance.

The policyholder can purchase the new policy online by visiting the insurer website. He/she can also contact Paisawiki to help him with the online process of re-purchasing the policy.

Claim Process of Liberty General Insurance

Raising a claim with the insurance provider is probably the most critical part of having an insurance plan. A policyholder can demand reimbursement or funding from the insurer, as per the terms and conditions of his/her policy, for losses incurred in any event that is covered by the said policy only through a claim.

As insurance plans are bought to protect from financial losses and coverage against various expenses, claiming is the only way by which the policyholder can make possible use of the policy. Before discussing the claim process, one has to understand the various aspects of an insurance claim.

  • Cashless Claims

This type of claim is raised by the policyholder to avail the cashless facility offered by his/her insurance policy. Suppose, due to a medical emergency, an individual has to be hospitalized, which requires appropriate payment. If the registration is expensive, it will be difficult to accumulate the appropriate sum in such a short amount of time. This is the case where the cashless facility of an insurance plan comes into limelight. Suppose the person is hospitalized in any of the hospitals under the network of the insurance provider. In that case, he/she need not worry about the registration as it, in addition to the medical bills, will be covered by the policy. This is also applicable for car and two-wheeler insurance policies.

  • Reimbursement Claims

Reimbursement claims refer to the type of insurance claim where the policyholder has to pay for the medical treatment, in case of health insurance plans or for damage repairs, in case of car and two-wheeler insurance plans, and then get reimbursed the same by the insurance company. It is not as convenient as cashless claims, but it requires less verification and documentation comparatively. Reimbursement claims can be raised, when the policyholder receives the incurred amount, irrespective of the hospital where the patient is admitted, or the garage, where the vehicle is being repaired, any time.

Liberty General Insurance Premium Payment Process

Having insurance is a wise decision as it acts as a means of protection and security for a person against financial loss in case of unforeseen contingencies. Possessing an insurance plan, as a type of risk management, may have numerous benefits, out of which protection of one’s financial interests and aspirations is the major one.

Here is the catch!

 Policyholders have to pay a certain sum of money towards the insurance plan to enjoy uninterrupted coverage and protection. This sum of money is known as the premium, which has to be paid to the insurer regularly or as a lump-sum or single payment.

To pay the appropriate premium, one has to understand the payment process it entails. Liberty General Insurance, through its excellent customer service, numerous branch offices, and a dedicated website makes this process easy and convenient.

One can either opt to pay the premium amount through online mode by visiting the popular aggregator Paisawiki.com  or through the offline mode by visiting a nearby branch.

  • Online

This mode involves the policyholder visiting third party websites such as Paisawiki.com. Online mode has many advantages when compared to completing the premium payment process through the offline mode, which is as follows:

  • One can complete the payment process through a simple click of a mouse.
  • The process can be completed through the comfort of one's home.
  • This mode does not require one to undergo unnecessary travelling.
  • It is much faster and easier than its offline counterpart.
  • This mode does not require an individual to retain hard copies of official policy documents, and the payment receipts, as it all can be stored in a digital form with the policyholder.

The insurance company offers many payment modes for the policyholders to pay the premiums, which have been mentioned below:

  • Credit or Debit Card
  • Net Banking
  • National Electronic Funds Transfer (NEFT)
  • Other electronic payment modes

Individuals who want to complete the Liberty General Insurance Online Payment process need to follow the steps mentioned below:

  • Visit Paisawiki.com to get a basic idea on how to proceed with the online payment process.
  • Go to the ‘health option’, then ‘get free quotes’.
  • Click on the desired plan in the drop-down menu.
  • You will be redirected to the plan's landing page, go to the ‘Pay’ option.
  • Enter your and policy details
  • Make the payment

 

  • Offline

As the name suggests, this mode involves the policyholder visiting one of the branch offices in his/her proximity to go through the Liberty General premium payment process. This mode can be tiresome and cumbersome as compared to its online counterpart. Liberty General Insurance has a network of 97 branches across the country. One is requested to follow the steps mentioned below to complete the payment process:

  • Visit a nearby branch office of Liberty General Insurance
  • Ask for CRO or an insurance agent at the reception
  • Go through the premium chart
  • Submit applicable details
  • Make the payment

Awards and Achievements

Since its inception, Liberty General Insurance has been actively involved and instrumental at attaining and setting the standards for designing customer-centric products, implementing technology while delivering services, and contributing to the insurance industry.

The awards and accolades received by the insurer are a reminder of the company's passion for delivering the best service and the effort that they put into achieving that. In short, they bear testimony to the company's nature when it comes to fulfilling promises.

Employees of the insurance provider have always taken pride in being a part of it and in contributing to the company's success, which effectively creates its wishful differentiation. The insurer has always kept its clients and partners at the forefront of its unwavering focus.

Some of the awards and recognitions achieved by Liberty General Insurance are mentioned below:

  • CEO of the year for General Insurance Category Award by the India Insurance Summit Awards in 2018
  • Best Rising Star Insurer Award by the India Insurance Awards, 4thedition in 2014
  • Employer of Choice Award by the Excellence Awards in 2014
  • Best CEO with HR Orientation Award by the HR Asia Pacific Excellence Awards sponsored by Times Ascent in 2014

*PaisaWiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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Written By: Paisawiki - Updated: 05 November 2020

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