Insurance companies in India have undergone several phases of transformation in the last decade. The breakthrough decision taken by the government to allow Foreign Direct Investment and also private companies to solicit insurances has yielded really good results. An insurance policy is of utmost importance as it becomes a source of huge financial support in case of any unforeseen and unfortunate incidence. There are a plethora of life insurance companies in India, so choosing the right and most suitable one for you becomes a difficult decision. Keeping this in mind, we have mentioned below the Top 10 List of Insurance Companies in India.Read below to make a faster and smarter decision:
Top 10 List of Insurance Companies in India.
Life Insurance Corporation (LIC):
Number 1 in the list of top 10 life insurance companies in India, LIC is completely government owned company and is the biggest insurer in India. It carries an autonomous guarantee for all insurance policies that it issues. It has several subsidiaries like LIC of India International, LICHFL Care Homes, LIC Housing Finance, LIC Nepal and LIC Lanka.
SBI Life Insurance
Second leading name in the list of life insurance companies, it is a joint venture between SBI (74% of total capital) and BNP Paribas Cardif (remaining 26% of total capital). Both are equally trusted names in the insurance sector and serving people together since 2001.
Founded in 2001, Bajaj Allianz is a private general insurance company offering many insurance plans and policies related to motor insurance, home insurance, health insurance, travel insurance and marine insurance.
ICICI Prudential Life Insurance
Another top player in the Indian insurance sector, ICICI Prudential has been serving millions of people across the country since 2000. Amongst the first private sector insurance companies, it offers a wide range of products that can meet your needs at every step in life. It is reported to have assets held over Rs. 100,000 Cr.
Birla Sun Life Insurance
Rated in the top 5 amongst the list of life insurance companies in India, this company is indeed one of the major contributors in the growth and development of India’s insurance sector. It is the 1stfinancial service provider to offer business continuity plans and Unit Linked Life Insurance plans.
It is a long term life insurance provider, offering both individual and group insurances. It is a joint venture between HDFC (Housing Development Finance Corporation Ltd) and Standard Life plc. The company has spread to around 980+ towns and cities of India with over 400 branches.
Another insurance company that has got recognized for its good services. Founded in 1947, it is a reputable public sector non-life insurance company with headquarter in New Delhi. It got rated as B++ by an international rating agency, AM Best.With more than 1800 active branches across the country, the company also has offices in Dubai, Kuwait and Nepal.
This one is a company known for taking great care of not only its customers but employees as well. And this is the reason it has one of the finest workforces in this Industry. It offers general insurance services to both individuals and corporate. It was the only company to get featured in PeopleStrong’ssurvey of top companies working in the financial services and banking sectors. It was ranked 5th in this survey.
This health insurance company is also a popular choice among insurance policy seekers. It is recognised for its health insurance business in India, which aims at protecting, caring and enhancing life of its customers through its wide range of insurance products and services. It is one of the largest private medical insurers.
One of the oldest and largest general insurance companies, New India Assurance is among the 5 Wholly Government of India owner assurance companies. Founded in 1919, it operates both in India as well as foreign countries. Recently, it also made tie-ups with some of the leading public sector banks of India to expand its distribution network.