Top 10 Insurance Companies in India

Top 10 Insurance Companies in India

Here is the list of top 10 insurance companies in India.

1. Life Insurance Corporation of India (LIC)

Selling Point: India's largest Insurance Company

With estimated assets of Rs. 8 trillion (approximately $170 billion) and 2048 branches spread across India, LIC is not only the largest but the most popular life insurance company in India. Government-owned LIC still remains on the top even in the phase where there are many new players entering in the ring with customized insurance products. LIC has gained the consumer trust and credibility over the time that is essential to sustain in the insurance business.

2. Tata AIG Life Insurance Company Limited

Selling Point: Insurance provider with the most reliable brand names

Tata AIG offers a variety of insurance plans. The company has plans for everyone from children to students to corporate executives to senior citizens and it is the first private sector insurer in India to introduce a 24*7 dedicated, toll free customer helpline. Tata AIG Life Insurance is a joint venture between the Tata Group and American International Group (AIG).

3. HDFC Standard life Insurance Co. Ltd

Selling Point: The master of Group-solution insurance plans

HDFC Standard Life specializes in offering a wide range of solutions for groups and individuals. For e.g. their corporate group-solutions, which are extremely flexible and tailor-made to suit the needs of the targeted customers? HDFC Standard Life Insurance is a joint-venture between HDFC Limited - India's leading housing finance institution, and UK-based Standard Life Plc.

4. Birla Sun Life Insurance Co. Ltd

Selling Point: India's first Insurance provider with 'Business Continuity Plan'

It is the first and only insurance company in India to initiate the insurance business with the 'Business Continuity Plan' (BCP) that helps the small companies grow bigger with affordable costs and is based on the disaster management principles. Birla Sun Life Insurance is yet collaboration between the Indian multinational Aditya Birla Group and Sun Life Financial Inc, a leading global insurance firm.

5. SBI Life Insurance Co. Ltd

Selling Point: An Insurance provider with highest financial strength

SBI Life Insurance is the first private sector insurance provider to make highest profit (Net Profit of Rs.276 Crore in FY 09-10) for the three consecutive years since 2007. SBI Life Insurance offers plans matching different segments of the society like from urban to mid-urban to rural divisions. It is a merger between State Bank of India and BNP Paribas Assurance of France.

6. ICICI Prudential Life Insurance Co. Ltd

Selling Point: India's most trusted private sector insurance provider

ICICI Prudential Life Insurance is first insurance company in India to receive a National Insurer Financial Strength of rating of AAA (Fitch ratings) and has been voted as India's most trusted private sector insurance company for three consecutive years. It is a joint-venture between the ICICI Bank and UK-based financial service group Prudential Plc.

7. Bajaj Allianz Life Insurance Company Limited

Selling Point: An Insurance provider with largest asset management operations

Being India's fastest growing insurance company; Bajaj Allianz has been into managing assets that are worth trillions (Rs. 3324 Crore). The company provides both life and general insurance plans. Bajaj Financial Services and Allianz SE, the world's largest insurers have formed the Bajaj Allianz Insurance.

8. Kotak Mahindra Old Mutual Life Insurance Limited

Selling Point: India's rapidly growing insurance provider

Kotak Mahindra Old Mutual Life Insurance is committed to offer niche, investment-based policies like mutual funds and ULIPs, to name a few. Kotak Mahindra Old Mutual Life Insurance is merger between India's leading financial institutions Kotak Mahindra Bank and UK-based insurance giant Old Mutual.

9. Max New York Life Insurance Co. Ltd

Selling Point: Insurance provider with 800 combination plans

Max New York Life Insurance is the only insurer that provides an outstanding number of combination covers to the customers to choose from. It also the first insurer to receive an ISO: 9001:2000 certifications. Max India Limited and New York Life International have formed the Max New York Life Insurance.

10. Future Generali Life Insurance

Selling Point: India's fastest growing small-size Insurance Company

With a strong backing from India's leading retailer Future Group and Italy-based Generali Group, the Future Generali Life Insurance Company is providing comprehensive insurance plans for individuals and groups.

The insurance sector in India is becoming more competitive every passing day and names like Met Life India, Reliance, IFFCO Tokio, Apollo DKV, Aviva, etc. are gathering steam. However, we believe in profiling the best and leave you with an informed choice so you can get the most-suitable covers for your insurance needs.