Top 10 Life Insurance Companies in India

Top 10 Life Insurance Companies in India

In this article, we provide information about Top 10 Life Insurance Companies in India.

What is meant by Insurance?

 Insurance is a term in law and economics. It is something people buy to protect themselves from losing money. People who buy insurance pay a “premium” (often paid every month) and promise to be careful (a “duty of care”). In exchange for this, if something bad happens to the person or thing that is insured, the company that sold the insurance will pay money back.

Why Life Insurance is important for us?

One of the most important life insurance benefits is that it helps you secure your family’s financial needs, even when you are not around. If you have a wife and children or parents who are dependent on you, it can be difficult for them to be able to sustain and take care of their expenses in the event of your demise.

This is where life insurance plays an important role; the death benefits can help them take care of their regular expenses like child education, pay off a Home Loan, etc. and have the financial stability without having to compromise on their lifestyle.

What is the History of Insurance in India?

Insurance in this current form has its history dating back to 1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community.

In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business.

The Government of India issued an Ordinance on 19 January 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year.

The primary regulator for insurance in India is the Insurance Regulatory and Development Authority of India (IRDAI) which was established in 1999 under the government legislation.


Top 10 life insurance companies in India

life insurance


Top 10 Life Insurance Companies in India

S.no Company Name Owned by Head QuartersStake Holders Total Assets
1Life Insurance Corporation of IndiaPublicMumbai     Govt of IndiaINR 3,111,847 crores
About Life Insurance Corporation of India :
  •  Surendranath Tagore had founded Hindustan Insurance Society, which later became Life Insurance Corporation.
  •  LIC was founded in the year 1956
  • Products – Life insurance, health insurance, investment management, banking and mutual fund.
  • Largest life insurance Company in India.
  •  As of 2019, Life Insurance Corporation of India had total life fund of ₹28.3 trillion.

 Subsidiaries of LIC

  • LIC Housing Finance
  • LIC International Ltd
  • LIC Cards Services Ltd
  • LIC Mutual Fund Ltd
  • LIC Pension Fund Ltd
  • IDBI Bank
2.Max Life Insurance Company  PrivateNew DelhiMax Financial Services and Mitsui Sumitomo Insurance CompanyINR 50,000 crores
About Max Life Insurance Company  :
  • Analjit Singh, founder of Max Healthcare, is the chairperson of Max Life Insurance.
  • Max Life Insurance Company was founded in 2000.
  • Max Life’s distribution channels include banks, individual agents, brokers, and corporate agents, among others. It provides linked, participating and non-participating products.
3.HDFC Life Insurance CompanyPrivateMumbaiHousing Development Finance Corporation Ltd and Standard Life Aberdeen PLCINR 29,186 crore       
About HDFC Life Insurance Company :
  •  HDFC Life was established in 2000 becoming the first private sector life insurance company in India.
  • HDFC Life (HDFC Life Insurance Company Ltd.) is a long-term life insurance provider
  •  HDFC Life’s products include Protection, Pension, Savings, Investment, Health along with Children and Women plans.
  • In 2012, it is the first private life insurance company to bring back pension plans under the new regulatory regime, with the launch of two pension plans – HDFC Life Pension Super Plus and HDFC Life Single Premium Pension Super.
4.SBI Life Insurance Company  PrivateMumbaiState Bank of India and PNB ParibasINR 15,000 crore
About SBI Life Insurance Company  :
  • SBI Life Insurance is the largest state-owned banking and financial services company in India and founded in 2001.
  • Products – Life Insurance and pensions.
  • Other investors are Value Line Pt. Ltd. and MacRitchie Investments Pt. Ltd.
  • In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor’s, gave company an AAA/Stable/P1+ rating.
5.ICICI Prudential Life Insurance    Private  MumbaiICICI Bank Limited and Prudential Corporation Holdings Limited  INR 7,000 crore
About ICICI Prudential Life Insurance :
  •  ICICI Prudential Life began its operations in fiscal year 2001.
  • The first insurance company in India to be listed on NSE and BSE.
  •  Products – Insurance.
6.Tata AIG Life Insurance Company  PrivateMumbaiTata Group and American International Group (AIG)INR 28,430 crores  
About TATA AIG Life Insurance Company :
  •  Tata AIG General Insurance Company was founded in 2001.
  • Products – Insurance (Automobiles, personal accident, casualty, home, health and travel).

Subsidiaries of TATA AIG –

  • Tata AIG Life Insurance Company Ltd
  • Asset Management Arm
7.Reliance Nippon Life InsurancePrivateMumbaiReliance Capital and Nippon Life‎₹100,000 crore
About Reliance Nippon Life Insurance :
  • Reliance Nippon Life Insurance Company was founded in 2001.
  • Products – Individual and Group Insurance Plans.
  • Rated amongst the Top 3 Most Trusted Service Brands in the Insurance Category

Subsidiary

  • Reliance Life Insurance Company Limited
  • Asset Management Arm
8.PNB MetLife InsurancePrivateMumbaiMetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private LimitedINR 40,000 crore
About PNB MetLife Insurance :
  • PNB MetLife India Insurance Company was founded in 2001.
  • Products – Life Insurance. Retirement Solutions [buzzword] and Employee Benefit Programs.
  • In 2016, PNB MetLife won honors at the prestigious Asia Training & Development Excellence Awards 2016 held in Singapore in two categories – Best Education Training Campaigns and Programs and Best Sales Development Program.

Subsidiary:

  • MetLife India Insurance Company Pvt. Ltd.
  •  Asset Management Arm
9.Bajaj Allianz Life Insurance CompanyPrivatePuneBajaj Finserv Limited and Allianz SE ( a European financial services company )INR 56,620 Cr
About Bajaj Allianz Life Insurance Company :
  • Bajaj Allianz Life Insurance was founded in 2001.
  • Products – Life Insurance.
  • It offers insurance products for financial planning and security

Subsidiaries:

  •  Bajaj Allianz Life Insurance Co. Ltd
  •  Research Division
10.Kotak Mahindra Life Insurance Co. LtdPrivateMumbai Kotak Mahindra GroupRs. 25,936 crore
About Kotak Mahindra Life Insurance Co. Ltd :
  • Kotak Mahindra Life Insurance Co. Ltd was founded in 2003.
  • Products – Insurance (rural plans, term plans, savings, children, retirement and investment plans).
  • Kotak Mahindra Finance Ltd. (KMFL) became the first non-banking finance company in India to be converted into a bank: Kotak Mahindra Bank Limited.

Subsidiaries:  

  • Kotak Mahindra General Insurance
Other Life Insurance Companies – By IRDAI

1.      Aegon Life Insurance Co. Ltd.

2.      Aviva Life Insurance Co. India Ltd.

3.      Birla Sun Life Insurance Co. Ltd.

4.      Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.

5.      DHFL Pramerica Life Insurance Co. Ltd.

6.      Edelweiss Tokio Life Insurance Co. Ltd

7.      Exide Life Insurance Co. Ltd.

8.      Future Generali India Life Insurance Co. Ltd.

9.      IDBI Federal Life Insurance Co. Ltd.

10.    Sahara India Life Insurance Co. Ltd.

11.    IndiaFirst Life Insurance Co. Ltd

12.    Shriram Life Insurance Co. Ltd.

13.    Star Union Dai-Ichi Life Insurance Co. Ltd

Facts about Insurance

  1. The very first insurance contract was signed in 1347.
  2. The phenomenon of insuring body parts started in 1920.
  3. The word ‘insurance’ originally meant an ‘engagement to marry’.
  4. The most expensive insurance policy in the world belongs to the American director Steven Spielberg, his life was insured for $ 1.2 billion.
  5. Starbucks pays more for employee health insurance than it pays for coffee.

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