Agile cost estimation process always possesses research prospects due to lack of algorithmic approaches for estimating cost, size and duration. Existing algorithmic approach i.e. Constructive Agile Estimation Algorithm (CAEA) is an iterative estimation method that incorporates various vital factors affecting the estimates of the project. This method has lots of advantages but at the same time has some limitations also. These limitations may due to some factors such as number of vital factors and uncertainty involved in agile projects etc. However, a generalized agile estimation may generate realistic estimates and eliminates the need of experts. In this paper, we have proposed iterative Generalized Estimation Method (GEM) and presented algorithm based on it for agile with case studies. GEM based algorithm various project domain classes and vital factors with prioritization level. Further, it incorporates uncertainty factor to quantify the risk of project for estimating cost, size and duration. It also provides flexibility to project managers for deciding on number of vital factors, uncertainty level and project domains thereby maintaining the agility.