Life is uncertain and unpredictable. One can only have a proactive measure in place to deal with unpleasant situations. Hence, the concept of ‘insurance’ was introduced with a motive to mitigate the risk and to provide protection. Insurance is the primary way of managing life risk.
There are various types of insurance policies available today to protect your loved ones and the things you love. In a life insurance policy, Insurance indemnifies to pay the insured person’s family a certain sum of money in the event of insured’s demise. When it comes to choosing the right insurance plan, you are spoilt with choices as there are various insurance players in the market offering plenty of unique plans.
In India, there are 24 life insurance companies operating which have been approved and recognised by IRDAI (Insurance Regulatory and Development Authority in India), which is a regulatory body for insurance and reinsurance industries.
The insurance industry of India has 57 insurance companies – 24 are in the life insurance business, while 33 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. There are six public sector insurers in the non-life insurance segment. In addition to these.
The following are the major life and nonlife insurance players in India as approved by the Insurance Regulatory and Development Authority of India (IRDAI).
Major Life Insurers
Life Insurance Corporation (LIC)
Max Life Insurance Company
HDFC Life Insurance Company
ICICI Prudential Life Insurance
Tata AIA Life Insurance Company
Bharti AXA Life Insurance Company
Bajaj Allianz Life Insurance Company
SBI Life Insurance Company
Reliance Nippon Life Insurance Company
AEGON Life Insurance Company
Aviva Life Insurance Company
Birla Sun Life Insurance Company
Kotak Life Insurance Company
PNB MetLife Insurance Company
Canara HSBC OBC Life Insurance Company
Major Non-Life Insurers
Agriculture Insurance Co. of India Ltd.
Bajaj Allianz General Insurance Co. Ltd.
Bharti Axa General Insurance Co. Ltd.
Cholamandalam MS General Insurance Co. Ltd.
Manipal Cigna Health Insurance Co. Ltd.
Export Credit Guarantee Corporation of India Ltd.
Future Generali India Insurance Co.
HDFC ERGO General Insurance Co.
ICICI Lombard General Insurance Co. Ltd.
IFFCO Tokio General Insurance Co. Ltd.
L&T General Insurance Co. Ltd.
Liberty Videocon General Insurance Co. Ltd.
Magma HDI General Insurance Co. Ltd.
Max Bupa Health Insurance Co. Ltd.
National Insurance Co. Ltd. Read More…