In the domain of financial safety and planning, life insurance holds a paramount position. It is an agreement between an individual and an insurance company that gifts financial attention to the family in the event of an unsuccessful disease or a medical emergency, underscoring the necessity of choosing the right insurance provider. However, amidst many options, understanding and comparing life insurance companies in India becomes vital. This article delves into a list of insurance companies in India, the prominence of their attributes, services and prominence in the market.
List of insurance companies in India
Max Life Insurance
Originated in: 2000
Headquarters: New Delhi, Delhi – 110008
Max Life Insurance Company, a joint venture between Indian Max India and Mitsui Sumitomo Insurance Company, has become one of India’s main non-bank private sector insurance companies. With assets under management adventure Rs 1,07,510 crore Max Life Insurance grasps a robust position in the market. It provides a comprehensive spectrum of life insurance products, counting term insurance, return of premium insurance, Annuity insurance, and more.
Bharti AXA Life Insurance Company
Originated in: 2006
Headquarters: Mumbai / Maharashtra – 400051
The partnership between AXA Group and Bharti Enterprises gave birth to Bharti AXA Life Insurance Company. With assets under management amounting to Rs 11,025 crore, The Bharti AXA Life Insurance Company provides various insurance products, from children’s education plans to ULIP strategies. This company has an extraordinary claim settlement ratio of 99.09% showcasing its commitment to customer satisfaction.
Bajaj Allianz Life Insurance Company
Originated in: 2001
Headquarters: Pune / Maharashtra – 411006
Bajaj Allianz Life Insurance Company, a combined venture between Bajaj Finserv Limited and Allianz SE, has a noticeable presence with assets under management totalling Rs 24,633 crore. The company has garnered an entitlement settlement ratio of 98.48%. Its varied range of insurance solutions caters to numerous customer segments, contributing to its stable growth in the industry.
HDFC Life Insurance Company
Originated in: 2000
Headquarter: Mumbai / Maharashtra – 400011
HDFC Life Insurance Company, a joint venture between HDFC and Standard Life Aberdeen, has become a foundation of insurance and investment solutions. With assets under management attainment Rs 15 lakh crore, HDFC Life serves its customers through a robust network of branches and circulation partners. The company’s extensive range of individual and group insurance solutions meet varied customer needs.
Life Insurance Corporation of India (LIC)
Originated in: 1956
Headquarter: Mumbai / Maharashtra – 400021
As India’s largest government-possessed life insurance and investment corporation, LIC has served as a steadfast pillar of financial defence. With many offices nationwide, LIC’s convenience has touched every corner. Its role in investing in global financial markets and giving financial cover against demise at reasonable costs has received it the trust of over 29 crore policyholders.
Kotak Life Insurance Company
Originated in: 2001
Headquarters: Mumbai / Maharashtra – 400051
Kotak Life Insurance Company, a minor of Kotak Mahindra Bank, has rapidly full-fledged since its inception. It claims nearly 32.8 million policyholders and offers various insurance products handmade to different sections, with a diverse range of settlement ratio of 98.50%.
Reliance Nippon Life Insurance Company
Originated in: 2001
Headquarters: Mumbai / Maharashtra – 400051
Reliance Nippon Life Insurance Company, a subsidiary of Reliance Capital, has distinguished itself with cutting-edge insurance solutions and a wide range of clientele. Its commitment to customer satisfaction is demonstrated by its claim resolution ratio of 98.7%. With a variety of life insurance products that meet diverse demands, Reliance Nippon Life has established itself as a reputable name in the insurance industry.
ICICI Prudential Life Insurance
Originated in: 2000
Headquarters: Mumbai / Maharashtra – 400025
A partnership between ICICI Bank and Prudential Corporation Holdings created ICICI Prudential Life Insurance Company. It manages Rs 2,518.84 billion in assets and uses a variety of distribution channels to reach a wide range of customers. It is a standout competitor in the insurance sector thanks to its customer-centric philosophy, extensive selection of protection and savings programs, and steady recognition.
TATA AIG
Originated in: 2001
Headquarters: Mumbai / Maharashtra – 400099
Tata AIG General Insurance Company Limited is a joint venture company between Tata Group and American International Group (AIG). Tata AIG’s broad collection of protection covers is backed by years of professional proficiency in product offerings, exceptional service competences and seamless claims process management. The company provides a wide range of general insurance refuges for businesses and separates including a comprehensive range of general insurance products for Obligation, Marine Cargo, Personal Accident, Travel, Rural-Agriculture Insurance, Extended Warranty etc.
New India Assurance
Originated in: 1919
Headquarters: Mumbai/ Maharashtra – 400001
New India Assurance is an Indian public sector general insurance company founded in Mumbai. It is the largest nationalised general insurance company in India based on gross best collection inclusive of foreign processes. It is one of the leading global insurance groups in the intercontinental market with an present network of 2,395 offices in India.
The Oriental Insurance Company
Originated in: 1947
Headquarters: Delhi/ New Delhi – 110002
The company is an innovator in laying down systems for a smooth and orderly demeanour of the business. Oriental specialises in planning special shelters for large projects like power plants, petrochemicals, steel and chemical plants. The company has industrialized various types of insurance covers to cater to the needs of both the urban and rural populations of India.
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