Life insurance is one of the most bought policies among the citizens of India. In fact, because of this successful reality, the government of India supports very much these insurance agencies knowing that these agencies will be a helping hand in times of calamities and disasters for its millions of citizens.Here is the list of the top 10 insurance companies in the entire Indian nation:
List of top insurance companies
Following are some of the top 10 insurance companies in India.
- Life Insurance Corporation of India- The Life Insurance Corporation of India (LIC) is undoubtedly India’s largest life insurance company. Fully owned by government, LIC is also the largest investor of the country. LIC has an estimated asset of Rs. 8 Trillion. It also funds almost 24.6% of the expenses of Government of India.
Established in 1956 and headquartered in Mumbai, Life Insurance Corporation of India has 8 zonal offices, 100 divisional offices, 2,048 branch offices and a vast network of 10,02,149 agents spread across the country.
Please visit official website of LIC for more details. - Tata AIG Insurance Solutions- Tata AIG Insurance Solutions, one of the leading insurance providers in India, started its operation on April 1, 2001. A joint venture between Tata Group (74% stake) and American International Group, Inc. (AIG) (26% stake), Tata AIG Insurance Solutions has two different units for life insurance and general insurance. The life insurance unit is known as Tata AIG Life Insurance Company Limited, whereas the general insurance unit is known as Tata AIG General Insurance Company Limited.
Please visit official website of Tata AIG for more details. - AVIVA Life Insurance - AVIVA Life Insurance, one of the popular insurance companies in India, is a joint venture between the renowned business group, Dabur and the largest insurance group in the UK, Aviva plc. AVIVA Life Insurance has an extensive network of 208 branches and about 40 Bancassurance partnerships, spread across 3,000 cities and towns across the country. There are more than 30,000 Financial Planning Advisers (FPAs) working for AVIAV Life Insurance. It offers various plans like Child, Retirement, Health, Savings, Protection and Rural.
Please visit official website of AVIVA India for more details. - MetLife Insurance - MetLife India Insurance Company Limited is another popular player in Indian insurance sector. A joint venture between the Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors and MetLife International Holdings, Inc., MetLife Insurance offers a wide range of financial solutions to its customers including Met Suraksha, Met Suraksha TROP, Met Mortgage Protector and Met SurakshaPlus etc. It has its branches situated over 600 locations across the country. More than 50,000 Financial Advisors work for MetLife.
Please visit official website of MetLife for more details. - ING Vysya Life Insurance - ING Vysya Life Insurance entered into the Indian insurance industry in September 2001. A joint venture between ING Group, Ambuja Cements, Exide Industries and Enam Group, ING Vysya Life Insurance uses its two channels, viz. the Alternate Channel and the Tied Agency Force to distribute its products. The first channel has branches in 234 cities across the country and has got 366 sales teams. On the other hand, the later one has more than 60,000 advisors. Currently, ING Vysya Life Insurance has tie ups with more than 200 cooperative banks.
Please visit official website of ING life for more details. - Birla Sun Life Financial Services - Birla Sun Life Financial Services is a joint venture between Aditya Birla Group and Sun Life Financial Inc, Canada. It has got an extensive network of more than 600 branches. More than 1,75,000 empanelled advisors work for Birla Sun Life, which currently covers over 2 million lives.
Please visit official website of Birla Sun Life for more details. - MAX New York Life - Max New York Life Insurance Company Ltd. is one of the top insurance companies in India. A joint venture between Max India Limited and New York Life International (a part of the Fortune 100 company – New York Life), Max New York Life Insurance Company Ltd. started its operation in April 2001. It currently has around 715 offices located in 389 cities across the country. It also has around 75,832 agent advisors. Max New York Life offers 39 products, which cover both, life and health insurance.
Please visit official website of MAX New york Life for more details. - Reliance Life-This famous insurance company is actually based in India and it offers the best plans for Life Insurance in the whole of India. Moreover, it is interesting to note that Reliance Capital Limited’s associate company is Reliance Life which is one of the leading private sectors in India. This business institution provides also the Protection Plans,Child Plans,Retirement Plans and Investment plans and is also the ultimate solver of solutions for Groups and Individuals.
Please visit official website of Reliance Life for more details. - Bajaj Allianz - Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE, where Bajaj Finserv Limited holds 74% of the stake, whereas Allianz SE holds the rest 26% stake. Bajaj Allianz has been rated iAAA by ICRA for its ability to pay claims. The company also achieved a growth of 11% with a premium income of Rs. 2866 crore as on March 31, 2009.
Please visit official website of Bajaj Allianz for more details. - Bharti AXA Life Insurance - Bharti AXA Life Insurance, one of the top insurance companies in India, is a joint venture between Bharti group and world leader AXA. Bharti holds 74% stakes, whereas AXA holds the rest of 26%. Bharti AXA has its branches located in 12 states across the country. It offers a range of individual, group and health plans for its customers. Currently more than 8000 employees work for Bharti AXA Life Insurance.
Please visit official website of Bharti AXA for more details.
These top life insurance companies of India are primarily guided by a department agency so that there will be more transparency in between the clients and the providers. The quotes from these insurance agencies either online or from their respective offices are also under the watch of the department so as to ensure proper and appropriate charges to the clients. This is something very ideal and other countries should follow this same practice of establishing a department that will take care of all the laws and guidelines for all these insurance matters.
Best Reading:
- Types of General Insurance
- Dispute an Insurance Claim
- The Indemnity Principle of General Insurance
- How to Select the Right Health Insurance Policy
In conclusion, there is no doubt that the Mission Statement of these insurance companies is basically to promote safety and security of all the lives of the Indian citizenry. Making it as one of the most important needs for each and every individual citizen is also part of their mission. These particular top 10 insurances companies also ensure that the welfare of the clients is taken into serious account most especially when it comes to the benefits and affordability.
Comments on this entry are closed.