The 15 IRDAI-licensed insurers we route your file across.
India's general insurance market has 15 insurers actively writing surety bonds under IRDAI's 2022 Surety Insurance Guidelines. Each has different appetite, different rate cards, different turnaround. Rakshati routes one standardised underwriting file across the entire panel so they compete on rate — instead of you chasing one insurer at a time.
Private sector insurers
Bajaj Allianz General Insurance
Among India's largest private general insurers. Active surety bond appetite across infrastructure, EPC and customs. Pune HQ.
ICICI Lombard General Insurance
Largest listed private general insurer. Established surety underwriting team; strong NHAI and CPWD appetite. Mumbai HQ.
HDFC ERGO General Insurance
Backed by HDFC Group and global reinsurer Munich Re. Disciplined surety underwriting; competitive rates for graded contractors. Mumbai HQ.
Tata AIG General Insurance
Tata-AIG joint venture. Strong technical underwriting; preferred on customs & EPCG bond categories. Mumbai HQ.
SBI General Insurance
State Bank of India's general insurance arm. Strong PSU and government appetite; large balance sheet for high-value bonds. Mumbai HQ.
Go Digit General Insurance
Founded by Kamesh Goyal; backed by Fairfax Holdings (Canada). India's newest top-tier private general insurer; tech-led underwriting with strong surety appetite. Bengaluru HQ.
Liberty General Insurance
Backed by the US Liberty Mutual Group. Selective surety appetite; competitive on mid-size bond values. Mumbai HQ.
IFFCO Tokio General Insurance
Joint venture between IFFCO (Indian Farmers Fertiliser Cooperative) and Tokio Marine of Japan. Mid-size insurer, growing surety book. Gurugram HQ.
Universal Sompo General Insurance
Public-private joint venture involving Indian Bank, Indian Overseas Bank, Karnataka Bank and Sompo Japan. Selective surety appetite. Mumbai HQ.
Magma HDI General Insurance
JV between Magma Fincorp and HDI Global (Talanx Group). Growing surety appetite, focus on mid-market contractors. Kolkata HQ.
Cholamandalam MS General Insurance
Murugappa Group's general insurance JV with Mitsui Sumitomo of Japan. Strong south India presence. Chennai HQ.
Private (non-top-tier)
Reliance General Insurance
Reliance Group's general insurance arm. Active surety underwriting team; growing infrastructure appetite. Mumbai HQ.
Kotak Mahindra General Insurance
Kotak Mahindra Group's general insurance arm. Newest entrant to surety; competitive rates for graded contractors. Mumbai HQ.
Public sector insurers
The New India Assurance Co.
India's largest general insurer by gross direct premium. Strong PSU and government appetite; large bond capacity. Mumbai HQ.
United India Insurance Co.
One of India's four public sector general insurers. Strong corporate and government appetite; legacy presence across sectors. Chennai HQ.
Why route across the panel?
One file. 15 insurers. They compete on rate.
Different insurers have different appetite for different bond categories, contract sizes, and contractor profiles. A bond that one insurer prices at 0.85% another may quote at 0.55%. The only way to see the actual market for your specific case is to route your file across the entire panel.
What Rakshati does that you can't do alone:
- Standardised underwriting file built once — every insurer sees the same complete data package
- Simultaneous panel broadcast — your RFQ goes to all 14 within minutes, not one at a time over weeks
- Apples-to-apples comparison — quotes returned on a single comparison sheet (rate, exclusions, capacity, tenure)
- Pre-qualification routing — we don't waste your time at insurers who won't quote your case (e.g. a too-small turnover for HDFC ERGO's appetite)
- Bond format pre-approval — we hold the bond format library for 290+ obligees, so insurers know what wording the obligee requires
Common questions
How many surety bond insurers are there in India?
Are all 15 insurers equally good?
Does Rakshati guarantee a quote from all 15 insurers on every case?
How does Rakshati earn?
Can I pick a specific insurer if I already have a relationship?
One file. 15 insurers compete on your rate.
Tell us about your tender or active contract. Within four working hours, we come back with an indicative rate band, the insurers active on your case, and the documents we'll need to lock in panel quotes.