Insurance sector has seen extreme growth in last few years. Now, as per reports in the future also, there are better days for Indian Insurance companies. Here we are talking about Life Insurance Companies in India.
While there are 29 general insurance companies in India. Earlier only two companies were in Insurance segment, Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC).
Now, Insurance segment is having 24 life insurance companies in India. They provide different products for the various needs of their consumers. Generally, all these life insurance companies are working with collaboration with international firms.
All Companies are offering their different plans. And just like other things, this is also having their own pros and cons. Every person has his/her needs, risk, future goals and budget.
LIC is the only public sector insurance company among all while others are private companies. Many of these life insurance companies are joint ventures between public or private sector banks and national or international insurance-financial companies.
Here, check out the list of Life Insurance companies in India.
Life Insurance Companies in India-
AEGON Life Insurance
Aviva Life Insurance
Bajaj Allianz Life Insurance
Bharti AXA Life Insurance
Birla Sun Life Insurance
Canara HSBC OBC Life Insurance
DHFL Pramerica Life Insurance
Edelweiss Tokio Life Insurance
Exide Life Insurance
Future Generali India Life Insurance
HDFC Standard Life Insurance
ICICI Prudential Life Insurance
IDBI Federal Life Insurance
IndiaFirst Life Insurance Company Ltd – India First
Kotak Life Insurance
Life Insurance Corporation of India
Max Newyork Life Insurance
PNB MetLife Insurance
Reliance Life Insurance
Sahara Life Insurance
SBI Life Insurance
Shriram Life Insurance
Star Union Dai-ichi Life Insurance
Tata AIA Life Insurance
AEGON Life Insurance Company-
It is a joint venture between one of the world’s leading financial service organization and Bennett, Coleman & Company. AEGON is started in 2008. AEGON offers plans like term plan, endowment plan, Group plan, ULIP plan, pension plan, protection plan, saving plan, child plan and ruler plan.
AVIVA Life Insurance Company-
AVIVA Insurance is world’s largest and the most popular insurance company. It is a joint venture between the Dabur Group and Aviva Group. The company has 121 centers across the country. Some of the most common plan offered by the company are protection plan, ruler plan, child plan, retirement plan, saving plan, health plan, term plan and group insurance plan.
Bajaj Allianz Life Insurance Company-
It is a joint venture between the European financial services company Allianz SE and Bajaj Finserv Limited. Bajaj Allianz is one of the top life insurance company in India. Launched in 2001, Bajaj Allianz provides a one stop solution to the customers and help them in achieving their financial goals.
Bharti AXA Life Insurance Company-
The company is a joint venture between Bharti Enterprises and AXA Group. Bharti AXA is having 123 centers across India. The policies offered by the company has a maximum tenure of 65 years and the age criteria for the plans starts from minimum 18 years to maximum 65 years.
Birla Sun Life Insurance Company
Birla Sun Life Insurance is one of leading insurance company in country with more than 2.5 million customers. This is a joint venture between Aditya Birla group and Sun Life Financial Inc. Birla Sun Life is spread over 500 cities across India with more than 600 branches.
Canara HSBC OBC Life Insurance Company-
This is a joint venture between HSBC Insurance Holding Ltd, Canara Bank and Oriental Bank. Launched in 2008, The company works as a pan India network with around 7000 branches of the three shareholder banks across the country.
DHFL Pramerica Life Insurance Company-
DHFL Pramerica is one of premium life insurance companies in India. It serves with 67 branches across the country. It is kind of new company. The company offers a variety of plans to the customers within a maximum tenure of 30 years.
Edelweiss Tokio Life Insurance Company-
Established in 2011, Edelweiss is a joint venture between Edelweiss Group of India and Tokyo Marine Holding of Japan. Some of the popular plans are saving plans, endowment plans, child plans, protection plans and retirement plans.
Exide Life Insurance Company-
Started in 2001, Exide was known as ING Vysya Life Insurance Company Ltd. Exide Life Insurance is having more than 200 offices in India with around 35000 advisors. It is in top 10 trusted Life Insurance firms in India. With a customer centric approach, the plans are categorized into protection, saving, investment and retirement plan.
Future Generali India Life Insurance Company-
Established in 2007, this company is a joint venture between Generali Group, Future Group and Industrial Investment Trust Limited. The company has 98 branches across India. The policies are offered with a maximum tenure up to 75 years and the eligibility criteria ranges from least 18 years to maximum 56 years.
HDFC Standard Life Insurance Company-
It is a joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus. The company has more than 414 branches in India. HDFC Life Insurance Company offers plans in a much customized way to fulfill the requirements of the customer.
ICICI Prudential Life Insurance Company-
t is a joint venture between ICICI Bank Ltd and Prudential Plus. The company began its operation in December 2000 as the first private sector Life insurance in India. ICICI Prudential life insurance offers products like term plan, ULIP plan, Pension Plan, Child Plan and Investment Plan.
IDBI Federal Life Insurance Company-
Established in 2008, It is a joint venture between IDBI Bank, Federal Bank and Ageas a European Insurance Company. IDBI Federal Life Insurance Company is having 2137 branches in India. The company has a record of maximum grievances over a short period of time and provide a claim settlement ratio of 84.79% for a year.
India First Life Insurance Company-
It is a joint venture between Bank of Baroda, Andhra Bank and U.K based investment firm Legal and General. The company offers wide range of plans like saving plans, protection plans, pension plans, term plans and child plans.
Kotak Mahindra Life Insurance Company-
Headquartered in Mumbai, Kotak Mahindra Life Insurance is a joint venture between Kotak Mahindra Group and Old Mutual Fund. It has 4 million policy holders across India. The company provides a much affordable range of term plan, ULIP plan, child plan, saving plan, investment plan, protection plan and retirement plan.
Life Insurance Corporation of India Company-
LIC is the oldest insurance sector of India. Established in 1956, the company offers plans like life insurance plans, pension plans, child insurance plans, unit linked plans, special plans and group scheme. LIC has 2048 branches across India.
Max Life Insurance Company-
It is a joint venture between Max Financial Service Ltd. and Mitsui Sumitomo Insurance Co. Ltd.
PNB MetLife Insurance Company-
It is one of the fastest growing life insurance company in India. Company has more than 1800 corporate clients in India with more than 150 centers. The company is well known for its protection and retirement products.
Reliance Life Insurance Company-
It is one of India’s largest life insurance company with more than 10 million policy holders. Reliance has more than 1230 branches across the country. Reliance Life Insurance has claim settlement ration of approximately 95.01% and have a record of maximum grievances resolved over a year.
Sahara Life Insurance Company-
Sahara Life Insurance is the first private life insurance company in India. Established in 2004, the company Provides plans like money back plan, unit link plan, term assurance plan, endowment plan and group assurance plan.
SBI Life Insurance Company-
Started in 2001, it is a joint venture between State Bank of India and BNP Paribas Cardif. SBI Life Insurance Company offers an inclusive range of life insurance and pension products at a very economical rate.
Shriram Life Insurance Company-
Established in 2005, Shriram Life Insurance is a joint venture between Shriram Group and Sanlam Group. Company has more than 630 branches in India. It focuses on rural India and works for economically weaker people.
Star Union Dai-Ichi Life Insurance Company-
It is a joint venture of Bank of India, Union Bank of India and the largest life insurance company of Japan Dai-Ichi Life. This insurance company offers like saving plan, wealth plan, protection plan, child plan, pension plan, credit life plan and term plan.
TATA AIA Life Insurance Company-
A Joint Venture of TATA Sons and the AIA Group serves Insurance Product to people, association and corporate insurance buyers. The company provides various plans like group plan, child plan, wealth plan, protection plan, saving plan and micro insurance plan.
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