Top 10 insurance companies in India
The insurance sector has been the fastest expanding sector in India. The first insurance company to be established in India was The Oriental Life Insurance Company in 1818.
After the pre-independence era, the insurance sector has tremendously boomed in India giving birth to many insurance companies. In this article, let us cover a list of 10 life insurance companies in India.
In India, presently 24 insurance companies are have been legally approved and recognized by IRDA(Insurance Regulatory and Development Authority in India).
In this article we will talk about Top 10 insurance companies in India.
Top 10 insurance companies in India
|Name of the Company||Sector||Headquarter Location|
|Life Insurance Corporation of India (LIC)||Government||Mumbai|
|HDFC Standard Life Insurance Co Ltd||Private||Mumbai|
|Max Life Insurance Co Ltd||Private||Mumbai|
|ICICI Prudential Life Co Ltd||Private||Mumbai|
|Kotak Mahindra Life insurance Co Ltd||Private||Mumbai|
|Aditya Birla Sun Life Insurance Co ltd||Private||Mumbai|
|SBI life Insurance Co Ltd||Private||Mumbai|
|TATA AIA Life Insurance Co. Ltd.||Private||Mumbai|
|Exide Life Insurance Co. Ltd.||Private||Bangalore|
|Bajaj Allianz Life Insurance Co. Ltd||Private||Mumbai|
Life Insurance Corporation of India (LIC)
- LIC is the largest Life insurance company In India. Life insurance corporation of India (LIC) is a government-owned insurance and investment organization. Roughly around 245 insurance companies merged into a single organization to form LIC. LIC came into existence after the Parliament of India passed the Life insurance of India Act in 1956.
- LIC operates with 2048 completely computerized branches, 8 zonal offices, 113 divisional offices, 1408 satellite offices, and central offices.
- Life insurance corporation of India initially started its operations with around 300 offices, 5.7 million policies, and a corpus of ₹45.9 crores, which has now presently expanded to 350 million policies and a corpus of over ₹800,000 crores.
- LIC contributed to around 7% of Indias GDP in the year 2006.
- This massive insurance giant offers a wide range of products from pension plans, unit-linked plans, life insurance plans, child insurance plans, etc.
HDFC Standard Life Insurance Company
- HDFC Standard Life Insurance Company is one of the largest life insurance companies in India.
- HDFC Life was established in the year 2000 becoming the first private sector insurance company in India. It is a joint venture between HDFC Limited and Standard Life Aberdeen.
- HDFC Life settled its first claim in 2001. Presently, HDFC Life has over 420 branches and runs its operations in more than 980 cities in India. Its headquarters is in Mumbai.
- The company provides individual and group insurance products. It also provides pension, savings, protection, women and children plans. You can also customize your plan by opting for additional covers called riders by paying additional premium charges. The current claim settlement ratio of the company is 96.76%.
Max Life Insurance
- Max Life Insurance Company (formerly known as Max New York Life Insurance Company) was founded in the year 2000 after the liberalization of the insurance sector in India. It is the largest non-banking private sector life insurance company in India.
- Max Life Insurance provides insurance products such as unit-linked, participating, and nonparticipating products. Along with life insurance, it also provides Health, pension, retirement, child protection, and growth plans.
- The headquarters of Max Life Insurance Company is at Worli, Mumbai.
ICICI Prudential Life Insurance
- It is a joint venture between ICIC Bank and Prudential Corporation Holdings. ICICI prudential was incorporated in the year 2001.
- ICICI Prudential offers its valuable services in Life insurance and asset management. It offers long-term life insurance policies.
- ICICI Prudential has an impressive claim settlement ratio of 97.88 % during the year 2018.
- The company’s total assets accounted for US$22 Billion in 2020 and have made a net income of US$150 million in 2020.
Kotak Mahindra Life Insurance
- Kotak Mahindra life insurance was established in the year 2001. It is a subsidiary of Kotak Mahindra Bank, a part of the Kotak group founded by Mr. Uday Kotak.
- Kotak Mahindra Life Insurance company currently caters to more than 20 million customers. It presently has 232 branches in 167 cities with approximately 100,000 agents.
- Kotak Life Insurance provides a wide range of products ranging from investment plans, rural plans, retirement plans, term plans.
- The company presently offers 32 products including 9 group products, 10 ULIP plans, and 18 rider options as of 2016.
Aditya Birla Sun Life Insurance
- Aditya Birla Sun Life Insurance Ltd (formerly known as Birla Sun Life Asset Management Company Limited) was established in the year 2000.
- It is a joint venture between Aditya Birla Group of India and Sun Life Financial Inc of Canada.
- It offers various kinds of insurance schemes, endowment plans, debt and equity schemes, and saving schemes.
SBI Life Insurance
- SBI life insurance company is a joint venture between the State bank of India and BNP Paribas of Cardiff.
- It was founded in the year 2001.
- SBI Life Insurance Company caters to millions of families in India with its vast range of insurance, health, savings, pension, and protection solutions.
- SBI Life insurance company currently operates with 947 offices, approximately 18,000 employees, and a giant network of about 169006 agents, 57 co-operate agents, and more than 28000 partner branches.
- Their claim settlement ratio was reported at an impressive 96.69% during the year 2016-2017.
Tata AIA Life Insurance
- Tata AIA Life Insurance company Ltd was founded by the Tata Group in Mumbai in 2000.
- It is a joint venture between Tata Sons Pvt Ltd and AIA Group Ltd. It is one of the largest Pan-Asian life insurance companies in the world.
- Tata AIA offers multiple life insurance plans such as protection plans, wealth plans, group plans, child plans, micro insurance plans, and many more. Its headquartered in Mumbai
- Tata AIA life insurance presently has a claim settlement ratio of 99.06%.
Exide Life Insurance
- Exide Life Insurance company is an Indian-owned life insurance company.
- It is a subsidiary of Exide Industries and was founded in the year 2001.
- Exide life insurance company caters to more than 15 lakh customers in the country. It provides various life insurance products, long-term protection plans, and savings plans.
- Exide Life has a claim settlement ratio of 98.15% in FY 2019-2020.
Bajaj Allianz Life Insurance
- Bajaj Allianz Life Insurance company was founded in 2001 as a joint partnership between Bajaj Finserv Limited and Allianz SE.
- It received a certificate of registration on 3rd Aug 2001 by Insurance Regulatory and Development Authority (IRDA) to provide Life insurance operations in India.
- It has 759 branches in India, and its headquarters is in Pune and provides a vast array of insurance schemes.