4171 views

Insurance Companies in India

The insurance sector in India is one of the promising sectors in the Indian Economy. The growth of the insurance sector has been on a constant rise since the establishment of independent India. Currently, the insurance sector comprises 57 insurance companies in India of which 24 companies are ‘Life Insurance Companies’ and the remaining 33 companies are ‘Non-Life Insurance Companies’. Amongst the 24 ‘Life Insurance Companies’ in India, Life Insurance Corporation of India famously called as LIC is the only public sector, the insurance provider. While on the other hand, amongst the 33 ‘Non-Life Insurance Companies’ comprise of 6 public sector insurance provider. The following article will provide an overview of Insurance companies in India.

Term Insurance

To know the right life insurance cover, please fill the details below and our policy experts will get in touch with you

+91

The Indian Insurance Industry comprises of 3 types of insurance providers namely:

  1. Life Insurance Companies
  2. Health Insurance Companies
  3. Stand Alone Health Insurance Companies (SAHI)

Table of Contents

Life Insurance Companies in India

Life Insurance is an insurance product that is used to cover life. This insurance product can be utilized to safeguard the financial future of your family and loved ones in your absence. Apart from planning for the financial security of the family, you can also buy life insurance for wealth creation and creating a corpus for specific life goals. To sum it up, life insurance product can be simply put as an instrument that offers compensation in a lump sum or on a monthly basis to the nominee in the event of your unfortunate demise. It is recommended to purchase a life insurance plan as it provides financial security to you and or your dependants. 

Life Insurance is an important tool favourable for achieving greater savings and financial security. The insurance sector has numerous players who offer a wide range of life insurance plans. All these companies offer amazing life insurance plans as per your insurance needs and financial convenience.

List of Life Insurance Companies in India

Here is a comprehensive list of all the life insurance providers in India.

1. Life Insurance Corporation of India

Life Insurance Corporation of India is the oldest and largest insurance provider in India. the company was established in the year 1956 and until today has been one of the top life insurance company. LIC is the only public sector insurance provider i.e. the company is fully owned by the government of India. the company has it headquarter in Mumbai, India. the company has a wide customer base as it offers the highest claim settlement ratio, a wide range of products and the best customer service.

2. HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited is a leading life insurance provider in India offering amazing life insurance plans with the best in class features and benefits. The company started working in the year 2000. The company offers life insurance plans as per your needs and financial requirements.

3. Max Life Insurance Company Limited

Max Life Insurance Company is one of the most popular and renowned life insurance company in India. The company was founded in the year 2000. The company is a joint venture between Max Financial Services company owning 68 per cent of stake and Mitsui Sumitomo Insurance Company owning 26 per cent of stake. The company is headquartered at New Delhi, India.

4. ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited is a leading private sector life insurance provider in India. the company is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The company was founded in the year 2001 and since its incorporation, it has been amongst the top insurance provider in India. the company offers a wide range of savings and protection insurance plans to meet the various requirement of the customers. I the year 2017, the company became the first life insurance provider to be listed on National Stock Exchange and Bombay Stock Exchange.

5. Kotak Mahindra Life Insurance Company Limited

Kotak Mahindra Life Insurance Company Limited is a leading private sector life insurance company in India. the Kotak Mahindra Bank Limited is the parent company of Kotak Mahindra Life Insurance Company Limited. The company was established in the year 2001 and is headquartered at Mumbai, India. The company offers a variety of life insurance plans to its customers and has a wide reach as it caters to more than 15 million customers through its 232 branch offices spread across various cities and towns in India. the company offers a wide range of insurance products like a savings plan, term plans, child plans, etc. at affordable premium rates.

6. Aditya Birla SunLife Insurance Company Limited

Aditya Birla Sun Life Insurance Company Limited is a subsidiary of Aditya Birla Capital Limited offering Insurance products. The company was incorporated on 04th August 2000 and started its operations in the year 2001. The Aditya Birla Sun Life Insurance Company Limited is a joint venture between Aditya Birla Group (owning 51 per cent of stakes) and Sun Life Finance Inc. (owning 49 per cent of Stakes). The company offers a wide range of insurance solutions including child plans, endowment plans, term plans, money back plans, etc. The company has a wide presence across the pan-India with 397 branches and various other channel partners.

7. TATA AIA Life Insurance Company Limited

TATA AIA Life Insurance Company Limited commonly known as TATA AIA Life is a leading private sector life insurance provider in India. the company is a joint venture between Tata Sons Private Limited and AIA Group Limited. The company is dedicated to serving customers not only in India but also global customers as the company’s presence spans 18 markets across Asia Pacific Region. TATA AIA is one of the fastest-growing life insurance providers in India ranking 5th in the individual weighted new business premium.

8. SBI Life Insurance Company Limited

SBI Life Insurance Company Limited is a gigantic life insurance provider in India. the company is formed by a joint venture between State Bank Group the largest bank in India and BNP Paribas Cardiff one of the leading global insurance providing company. The company has a huge network of branches and offers the best in class customer service.

9. Exide Life Insurance Company Limited

Exide Life Insurance Company Limited is one of the top 10 most trusted life insurance company in India. the company was founded in the year 2001-2002 and has its headquarters in Bengaluru, India. The company is founded to offer top-notch life insurance products as per the insurance needs of the customer. The company has a strong product portfolio and offers a consistent track record of bonus.

10. Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life Insurance Company Limited is a leading private life insurance company in India offering an amazing range of insurance products. The company is a joint venture between Bajaj Finserv Limited and Allianz SE. the company began its operations in the year 2001 and since then is one of the most dedicated insurance provider offering a wide range of insurance products like child plans, term plans, unit-linked plans, etc.

11. PNB MetLife India Insurance Company Limited

PNB MetLife India Insurance Company Limited has its presence in India since 2001. The company is promoted by MetLife International Holdings LLC, Punjab National Bank, Jammu & Kashmir Bank Limited, M. Pallonji and company private limited. This insurance conglomerate is one of the leading private sector insurance provider in India.

12. Reliance Nippon Life Insurance Company Limited

Reliance Nippon Life Insurance Company Limited is a leading private sector life insurance company in India. this conglomerate is a leading non-bank supported private life insurance company in India. the company has a strong customer base of 10 million+ policyholder, having a strong distribution channel of 727 branches. The company offers a claim settlement ratio of 97.71 per cent as on 31st March 2019.

13. Aviva Life Insurance Company Limited

Aviva Life Insurance Company Limited is a renowned name in India. the company is a joint venture between Dabur Invest Corp and Aviva Group. This leading insurance conglomerate is dedicated to offering quality products to its customers.

14. Sahara India Life Insurance Company Limited

Sahara India Life Insurance Company Limited is a Sahara Pariwar’s wing into the field of Life Insurance. The company has started its operations from 6th February 2004. Sahara India Life Insurance Company Limited is the FIRST Indian Insurance company formed and operating without any foreign collaboration. The company offers amazing insurance products as per the needs and requirements of the customers.

15. Shriram Life Insurance Company Limited

Shriram Life Insurance Company Limited is one of the renowned life insurance provider providing unique insurance products to its customers. the company sets out from the rest of the insurance providers in India due to its operational efficiency, integrity and wide range of affordable life insurance plans. The company strives to design tailor-made insurance plans for its customers.

16. Bharati AXA Life Insurance Company Limited

Bharati AXA Life Insurance Company Limited established in 2006 is one of the leading life insurance providers in India. The company is well-known for offering customized insurance products to its customers. the company is a joint venture between AXA Group and Bharti Enterprise. The joint venture is formed with 51 per cent stakes of Bharti Enterprise and 49 per cent stakes of AXA Group. Bharti AXA Life Insurance offers a wide range of amazing insurance plans fulfilling requirements of every life stage.

17. Future Generali India Life Insurance Company Limited

Future Generali India Life Insurance Company Limited is a joint venture between Future Group, Generali Group and Industrial Investment Trust Limited. The company is famous for offering simplified insurance solutions and aims to protect the future financial needs of its customers.

18. IDBI Federal Life Insurance Company Limited

IDBI Federal Life Insurance company limited is a joint venture between three giant companies namely IDBI Bank (a leading private sector bank in India), Federal Bank (a leading private sector bank) and Ageas (a leading multinational insurance company). The IDBI Federal Life Insurance company Limited is founded in the year 2008 and has been strongly stepping up the ladder of success and being one of the most preferred insurance partners to Indian customers.

19. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

The Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a well-known joint venture between largest public sector banks in India namely – Canara Bank, Oriental Bank of Commerce and HSBC Insurance Holdings Limited. The company started its operations in the year 2008 since then this insurance conglomerate has been offering amazing insurance plans to its customers.

20. Aegon Life Insurance Company Limited

Aegon Life Insurance Company Limited was founded in the year 2008 as a joint venture between Aegon and Bennett, Coleman & Company. The company aims to motivate customers to healthy living by offering top-notch insurance plans. The company is headquartered at Mumbai, India. The company has recorded a claim settlement ratio of 95.31 per cent for 2018-2019 financial year.

21. DHFL Pramerica Life Insurance Company Limited

DHFL Pramerica Life Insurance Company Limited is an insurance provider headquartered at Gurugram, India. the company offers simplified insurance solutions to individuals and group. The company has a network of 144 branches all across India. The company offers various insurance plans like retirement plans, unit-linked plans, child plans, etc.

22. Star Union Dai-Ichi Life Insurance Company Limited

Star Union Dai-Ichi Life Insurance Company Limited is a leading life insurance provider offering a wide range of insurance plans to secure the lives of the customer. The company is a leading conglomerate formed by a joint venture between Bank of India, Union Bank of India and Dai-ichi Life. The company has a global presence and caters to a vast customer base with its unique insurance plans.

23. IndiaFirst Life Insurance Company Limited

IndiaFirst Life Insurance Company Limited is one of the leading company trending at a higher position in the ‘top 10 companies in gross business’ and ‘top 12 companies in retail businesses. the company has a strong customer base of more than 10 lakh retail customers. the company is promoted by Bank of Baroda (43.30% stakes), Andhra Bank (29.53% stakes) and Carmel Point Investments India Private Limited (27.17%). The company has recently been awarded the title of ‘India’s 20 Best Workplaces in BFSI – 2019’.

24. Edelweiss Tokio Life Insurance Company Limited

Established in the year 2011, the company is a joint venture between Edelweiss Financial Services and Tokio Marine. The company is focused to offer high-quality insurance plans with a customer-centric approach.

How to choose the best Life Insurance Company in India?

The Indian Insurance Sector has a wide range of Insurance providers. The biggest daunting task is in selecting the best life insurance company. The following are certain parameters that will ease your task of choosing the best life insurance company in India

  1. Analyse Insurance Needs: Assessing insurance needs is one of the most important factors as it will help in safeguarding the financial future of your loved ones and family in your absence.
  2. Claim Settlement Ratio: The CSR determines the capability of the insurance provider to honour the registered claims. It is always recommended to select an insurance provider that has a higher claim settlement ratio.
  3. Compare Insurance Plans: with so many insurance providers in the insurance sector and numerous insurance plans available. So, it is very important to compare various plans offered by numerous insurance companies and choose the one that best suits your insurance needs.
  4. Rider option: Rider facility is offered by every insurance provider. Rider facility is used to make your basic insurance plan more robust. Choose an insurance plan and insurance provider that makes your insurance coverage wide and robust.

Thus, in this manner, by keeping in mind the above parameters you can easily choose the best life insurance provider and select the best life insurance plan as per your financial goals and needs.

List of General Insurance Companies in India

General Insurance Companies are the insurance providers who offer coverage for things, apart from life, that is near and dear to us. General insurance companies take care of things that we value the most like car, home, valuables, etc. General Insurance helps us to safeguard the things that we value the most.

General Insurance plans are designed to provide financial protection to the valuables from external damages like fire, breakdown, storm, earthquake, etc. Apart from the natural calamities the general insurance plans also provide financial protection against the man-made calamities like theft, accident, etc. In short, general insurance plans are designed to offer a financial safety net to face the impact caused by natural or man-made calamities. So, it is very important to choose the right type of insurance cover that will protect your valuables and you from the impact of any such incident. The tenure of the general insurance plans is mostly for one year which needs to be renewed yearly.

The Indian Insurance sector has numerous general insurance providers. Here is a comprehensive list of all the companies offering general insurance plans. Let us understand in detail about these companies.

1. Acko General Insurance Company Limited

Acko General Insurance Company Limited is a leading private sector general insurance provider in India. the company was founded in the year 2016 and since then has been one of the most preferred general insurance providers. The company offers motor insurance, in-trip domestic insurance and mobile insurance products.

2. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is one of the most preferred general insurance partners in India. the company is established in the year 2001 as a joint venture between Bajaj Finserv and Allianz SE. The company is headquartered out in Pune, India. The company offers a wide range of General Insurance products like Motor Insurance, Health Insurance, Travel Insurance, Home Insurance, Marine Insurance, etc.

3. Bharti AXA General Insurance Company Limited

Bharti AXA General Insurance Company Limited is promoted by Bharti Enterprise and AXA Group. The company provides a wide range of non-life insurance products like Car Insurance, Health Insurance, Two-Wheeler Insurance, and Travel Insurance. The company offers a comprehensive package covering all the non-life insurance products. The PAN India presence with 104 branches across the country and top-notch insurance plans makes it the most preferred insurance partner.

4. Cholamandalam MS General Insurance Company Limited

Cholamandalam MS General Insurance Company Limited is formed by a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. The company offers a wide range of insurance products like Motor Insurance, Health Insurance, Property Insurance, Marine Insurance, Travel Insurance, Engineering, etc. These insurance products are offered to both individual customers as well as Corporate customers. The company since its inception has received awards and accolades for its insurance services and Innovative products.

5. DHFL General Insurance Limited

DHFL General Insurance Limited is a leading general insurance provider in India. the company is promoted by Wadhawan Global Capital Limited a leading financial services company in India. The DHFL General Insurance Limited is a non-life insurance provider subsidiary under the Wadhawan Global Capital Limited providing affordable general insurance plans. The company offers a wide range of insurance plans in Health insurance, Motor Insurance, Travel Insurance, and Home Insurance segment. The company is marching towards every milestone under the able leadership of Mr Kapil Wadhawan.

6. Edelweiss General Insurance Company Limited

Edelweiss General Insurance Company is a part of Edelweiss Group dedicated to taking care of your valuables. At Edelweiss all your general insurance needs are taken care of by a team of experts who understand your concerns. The company over the past 2 decades have touched the lives of millions of people through their amazing products and have offered relief by taking care of their valuables.

7. Future Generali India Insurance Company Limited

Future Generali India Insurance Company Limited is a well-known general insurance provider offering comprehensive solutions to individuals as well as enterprises. The company is formed through a joint venture between Future group (a prominent and leading retailer in India) and Generali Group (A leading insurance provider having a global presence). Since its inception, the company is known for delivering relevant and affordable insurance solutions to its customers.

8. Go Digit General Insurance Limited

Go Digit General Insurance Limited is a young and energetic company offering comprehensive general insurance solutions to its customers. The company offers a wide range of insurance products like Car Insurance, Bike Insurance, Travel Insurance, Health Insurance, Home Insurance, Mobile Insurance, Commercial Vehicle Insurance, Group Health Insurance, and Shop Insurance. The company is known for offering simplified and unique insurance products that matter to its customers. The company is dedicated to offering insurance products that its customers need and deserve.

9. HDFC ERGO General Insurance Company Limited

Established in the year 2002, the company offers a diverse range of insurance products to its customers. HDFC ERGO provides insurance solutions in Health, Motor, Home, Travel and Personal Accident segment. The company has a wide range of products and vast distribution channel that makes it one of the most promising insurance partners in India.

ICICI Lombard General Insurance Company Limited

Established in the year 2001, ICICI Lombard General Insurance Company Limited has been the most preferred general insurance company in India since its inception. The company is engaged in offering general insurance solutions in segments like vehicle insurance, health insurance, Property Insurance, Marine Insurance, etc. The scope and reach of the company are vast as it has been promoted by ICICI Bank – India’s 2nd largest Bank and Fairfax Financial Holdings Limited – a Toronto based financial services company.

10. IFFCO TOKIO General Insurance Company Limited

IFFCO TOKIO General Insurance Company Limited is one of the most trusted brands of general insurance in India. the company provides with a wide range of general insurance products like health insurance, Travel Insurance, and Vehicle Insurance, for every need. The company caters to a huge customer base through its 4300+ Network Garages, 5000+ Network Hospitals, and 20000+ Agents and Branches Across India.

11. Kotak Mahindra General Insurance Company Limited

Kotak Mahindra General Insurance Company Limited is a general insurance providing subsidiary of Kotak Mahindra Bank. Since its inception in the year 2014, the company has been delivering top-notch customer service and providing with an array of general insurance plans in health, motor, travel, etc. segment.

12. Liberty General Insurance Limited

Liberty General Insurance Limited is a general insurance provider in India formed through a joint venture between Liberty City-state Holdings PTE, Enam Securities, and DP Jindal Group. This general insurance conglomerate was founded in the year 2013 and ever since have been offering affordable general insurance solutions to its customers.

13. Magma HDI General Insurance Company Limited

The company is formed by a collaboration between Magma Fincorp Limited and HDI Global SE. Since inception, the company focuses on delivering the best insurance plans at affordable premium rates backed by excellent customer service.

14. National Insurance Company Limited

Nation Insurance Company Limited is the oldest general insurance provider in India. Established in the year 1906, the company since its incorporation have been providing the best insurance plans and customer service.

15. Raheja QBE General Insurance Company Limited

The company Raheja QBE General Insurance Company Limited is founded by Rajan Raheja Group one of the illustrious business groups in India. This company is well-known for providing attractive and unique insurance products to its customers.

16. Reliance General Insurance Company Limited

Reliance General Insurance Company Limited is a part of Reliance Capital. The company is one of the top general insurance providers in India providing a wide range of general insurance solutions to its customers.

17. Royal Sundaram General Insurance Company Limited

Royal Sundaram General Insurance Company is well-known for offering comprehensive general insurance solutions to both individuals as well as businesses. The company is one of the most preferred insurance partners because of its excellent customer service.

18. SBI General Insurance Company Limited

The company was formed by a collaboration between State Bank of India and BNP Paribas Cardiff SA. Established in the year 2001, the company is well-known for offering the most amazing insurance plans.

19. Shriram General Insurance Company Limited

The Shriram general insurance company is established with a motive to serve the insurance needs of every individual from every walk of life. The company has been one of the prominent insurance partners for general insurance in India.

20. Tata AIG General Insurance Company Limited

Established in the year 2001, the company is formed through a joint venture between Tata Group and AIG. The company offers general insurance plans with excellent features and benefits.

21. The New India Assurance Company Limited

The New India Assurance Company Limited was established by Sir Dorabji Tata in the year 1919. Since then the company has been dedicated to offering the best in class general insurance solutions to its customers. The company is 100 per cent government-owned multinational general insurance company having its presence in 28 countries.

22. The Oriental Insurance Company Limited

Established in the year 1947, the oriental Insurance company is formed to cater to the general insurance needs of Indian consumers. The company is one of the oldest and most trusted brands in the general insurance sector.

23. United India Insurance Company Limited

United India Insurance Company Limited is one of India’s oldest general insurance company. Established in the year 1938, the company is a well-known brand for offering amazing general insurance products to its customers.

24. Universal Sompo General Insurance Company Limited

Universal Sampo General Insurance Company Limited is India’s first company formed through a public-private partnership. The company is formed by a joint venture between Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp and Sampo Japan Nipponkoa Insurance Inc. a leading general insurance provider from Japan.

List of SAHI (Stand Alone Health Insurance) Companies in India

Stand Alone Health Insurance Companies also referred to as ‘Healthcare Specialist’ are insurance providers offering focused insurance products to satisfy a particular insurance requirement of its customer. Customers can expect SAHI insurance plans to provide with wider coverage and amazing benefits. The following is a comprehensive list of SAHI companies in India:

1. Aditya Birla Health Insurance Company Limited

Aditya Birla Health Insurance Company is the third-largest conglomerate providing health insurance policies and promoting healthy living. The company is formed by a joint venture between Aditya Birla Group and MMI Holding Limited.

2. Apollo Munich Health Insurance Company Limited

Apollo Munich Health Insurance Company Limited is one of the most trusted insurance providers in India. The company is formed through a joint venture between Apollo Hospital a super-speciality hospital chain in India and Munich Health an insurance brand of global repute.

3. Manipal Cigna Health Insurance Company Limited

Headquarter at Mumbai, India, Manipal Cigna Health Insurance Company Limited is one of the most reputed health insurance providers in India. the company is well-known for offering the best insurance plans to cover all the insurance requirements of its customers.

4. Max Bupa Health Insurance Company Limited

Max Bupa Health Insurance Company Limited is a well-known brand in the insurance sector in India. the company is formed through a collaboration between Max India Limited and Bupa. The amazing products and benefits have made it easier for the company to be one of the most preferred health insurance partners to Indian customers.

5. Religare Health Insurance Company Limited

Religare Health Insurance Company Limited is formed through a collaboration between Religare Enterprise Limited, Corporation Bank and Union Bank of India. since its inception, the company has been diligently offering top-notch health insurance plans to its customers.

6. Star Health & Allied Insurance Company Limited

Established in 2006, Star Health & Allied Insurance Company Limited has been offering the best health insurance, travel insurance and personal accident plans. The main reasons for the popularity of the company are – best insurance plans, excellent customer service and outstanding claim settlement process.

This is a comprehensive list of all Life Insurance, General Insurance and Stand-Alone Health Insurance Companies in India.