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
|S.no||Company Name||Owned by||Head Quarters||Stake Holders||Total Assets|
|1||Life Insurance Corporation of India||Public||Mumbai||Govt of India||INR 3,111,847 crores|
|About Life Insurance Corporation of India : |
Subsidiaries of LIC
|2.||Max Life Insurance Company||Private||New Delhi||Max Financial Services and Mitsui Sumitomo Insurance Company||INR 50,000 crores|
|About Max Life Insurance Company :|
|3.||HDFC Life Insurance Company||Private||Mumbai||Housing Development Finance Corporation Ltd and Standard Life Aberdeen PLC||INR 29,186 crore|
|About HDFC Life Insurance Company : |
|4.||SBI Life Insurance Company||Private||Mumbai||State Bank of India and PNB Paribas||INR 15,000 crore|
|About SBI Life Insurance Company :|
|5.||ICICI Prudential Life Insurance||Private||Mumbai||ICICI Bank Limited and Prudential Corporation Holdings Limited||INR 7,000 crore|
|About ICICI Prudential Life Insurance :|
|6.||Tata AIG Life Insurance Company||Private||Mumbai||Tata Group and American International Group (AIG)||INR 28,430 crores|
|About TATA AIG Life Insurance Company :|
Subsidiaries of TATA AIG –
|7.||Reliance Nippon Life Insurance||Private||Mumbai||Reliance Capital and Nippon Life||₹100,000 crore|
|About Reliance Nippon Life Insurance :|
|8.||PNB MetLife Insurance||Private||Mumbai||MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited||INR 40,000 crore|
|About PNB MetLife Insurance :|
|9.||Bajaj Allianz Life Insurance Company||Private||Pune||Bajaj Finserv Limited and Allianz SE ( a European financial services company )||INR 56,620 Cr|
|About Bajaj Allianz Life Insurance Company : |
|10.||Kotak Mahindra Life Insurance Co. Ltd||Private||Mumbai||Kotak Mahindra Group||Rs. 25,936 crore|
|About Kotak Mahindra Life Insurance Co. Ltd :|
|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
- The very first insurance contract was signed in 1347.
- The phenomenon of insuring body parts started in 1920.
- The word ‘insurance’ originally meant an ‘engagement to marry’.
- The most expensive insurance policy in the world belongs to the American director Steven Spielberg, his life was insured for $ 1.2 billion.
- Starbucks pays more for employee health insurance than it pays for coffee.
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