Insurance sector in India plays a crucial role in the economic growth of the country. The sector is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). The sector has grown majorly over the last few years with a diverse number of advanced products. Indian insurance sector majorly categorised into two types of companies – life insurance companies and non-life (general) insurance companies. Currently, there are 24 life insurance companies and 34 general insurance companies operating in India. As per IBEF (India Brand Equity Foundation) report, the Indian insurance industry is expected to grow to US$ 280 billion by FY 2020, owing to the solid economic growth and higher personal disposable income in the country. Life insurance sector in India is expected to grow by 12%-15% on an annual basis for the next three to five years. With approval from the Government to increase FDI (Foreign Direct Investment) into the Indian insurance sector from 26% to 49% would help in attracting more and more investments into the sector for further growth.
Overall insurance penetration in India in the year 2017 was 3.69% which leaves more opportunity to reach uninsured/underinsured segment. There were 10 merger and acquisition deals in the insurance sector worth US$ 903 million in the year 2017. Enrolments under Pradhan Mantri Suraksha Bima Yojana has reached 130.41 million in FY 2017-18. National Health Protection Scheme, Ayushman Bharat announced in the budget 2018-19 is expected to offer health cover to 11 crore vulnerable families in India which can boost health insurance penetration to over 50% as per the report. In this article, let’s get a brief understanding of life insurance and general insurance companies operating in India.
Life Insurance Companies in India
Below is the list of life insurance companies operating in India currently, which are registered by the Insurance Regulatory and Development Authority of India (IRDAI)
|Serial Number||Life Insurance Company Name||Claim Settlement Ratio|
|1||Life Insurance Corporation of India||98.04%|
|2||HDFC Life Insurance Company Limited||97.80%|
|3||Max Life Insurance Company Limited||98.26%|
|4||ICICI Prudential Life Insurance Company Limited||97.88%|
|5||Kotak Mahindra Life Insurance Company Limited||93.72%|
|6||Aditya Birla Sun Life Insurance Company Limited||96.38%|
|7||TATA AIA Life Insurance Company Limited||98.00%|
|8||SBI Life Insurance Company Limited||96.76%|
|9||Exide Life Insurance Company Limited||96.81%|
|10||Bajaj Allianz Life Insurance Company Limited||92.04%|
|11||PNB MetLife Life Insurance Company Limited||91.12%|
|12||Reliance Nippon Life Insurance Company Limited||95.17%|
|13||Aviva Life Insurance Company Limited||94.45%|
|14||Sahara India Life Insurance Company Limited||82.74%|
|15||Shriram Life Insurance Company Limited||80.23%|
|16||Bharti AXA Life Insurance Company Limited||96.85%|
|17||Future Generali Life Insurance Company Limited||93.11%|
|18||IDBI Federal Life Insurance Company Limited||91.99%|
|19||Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited||95.22%|
|20||Aegon Life Insurance Company Limited||95.87%|
|21||DHFL Pramerica Life Insurance Company Limited||96.82%|
|22||Star Union Dai-Ichi Life Insurance Company Limited||92.28%|
|23||IndiaFirst Life Insurance Company Limited||89.83%|
|24||Edelweiss Tokio Life Insurance Company Limited||95.24%|
Life Insurance Companies in India – An Overview
- Life Insurance Corporation of India
Life Insurance Corporation of India, popularly known as LIC is the only public sector life insurance company operating in the Indian market. It is the largest and the oldest life insurance company in India which was established in the year 1956. LIC being the most trusted life insurance brand serves more than 250 million policyholders across the country. Today, LIC makes insurance accessible for people in every corner of the country with its huge network of 2048 branches, 113 divisional offices, 1381 satellite offices and 8 zonal offices. LIC has crossed several milestones with its diverse product portfolio that includes numerous insurance plans starting from the protection plan, savings plan, a pension plan to unit-linked investment plans and many more.
- HDFC Life Insurance Company Limited
HDFC Life Insurance is one of the leading private insurers in India that was established in the year 2000. The company was formed by coming together of HDFC Ltd, India’s leading housing finance company and Standard Life Aberdeen, a global investment company. The company has its presence all over the country with 412+ branches and 265 bancassurance partners. HDFC Life offers a diverse range of products that currently include 38 individuals, 11 group products along with 8 optional riders to cater to the unique needs of various customer segments. HDFC life has been consistently awarded for its contribution to the insurance sector.
- Max Life Insurance Company Limited
Max Life Insurance Company is one of the leading insurers best known for offering simpler and affordable insurance solutions to various customer segments. Founded in the year 2000, Max Life is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company. With 239+ branches across the country, multi-distribution channels and strong digital presence, Max Life makes insurance accessible and affordable for every Indian. It offers a wide array of insurance products such as term plans, child plans, savings plans, growth plans, pension plans, group plans and strategic products to cater to various customer segments.
- ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life Insurance is promoted by one of the leading private banks in India, ICICI Bank Limited and Prudential Corporation Holdings Limited, British Multinational Life Insurance Company. Founded in the year 2001, ICICI Prudential Life has Asset under Management of INR 1,604.10 billion as on 31st March 2019. With a customer-centric approach, digital presence, multi-distribution channels and a wide network of branches, ICICI Prudential Life has been offering a diverse range of insurance solutions to individual and group customer segments. The company has received many awards and accolades for its consistent performance in the field of insurance.
- Kotak Mahindra Life Insurance Company Limited
Kotak Mahindra Life Insurance Company is one of the fastest-growing insurance company that covers around 20 million lives in across India. Kotak Mahindra Bank, one of the leading banks in India is a parent company of Kotak Mahindra Life Insurance Company Limited. The company has 32 products including 10 unit-linked investment plans, 9 group products and 18 rider options. The company’s assets under management are INR 25,936 crore as on 31 March 2019.
- Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company founded in the year 2000 is a subsidiary of Aditya Birla Capital Limited and a joint venture between the Aditya Birla Group and Sun Life Financial Inc., Canada based international financial services company. The company offers a wide array of insurance solutions such as pure protection plans, wealth and savings plans, children’s future plans, pension plans, health plans and unit-linked insurance plans. With the total of assets under management of INR 4, 10,110 million as on 30th June 2019, ABSLI serves more than 16 lakhs customers. The company has a countrywide presence through 425 branches, strong online presence, 6 distribution channels, 9 bancassurance partners and more than 85,000 direct selling agents and brokers.
- TATA AIA Life Insurance Company Limited
TATA AIA Life Insurance Company is a joint venture between Tata Sons Pvt Ltd, a prominent business group in India and AIA Group, the largest pan-Asian life insurance group in the world. Founded in the year 2001, Tata AIA Life has high standards for services, excellent digital offerings and a huge network of branches and distribution channels. The company offers numerous innovative insurance solutions that include protection plans, wealth plans, child plans, savings plans, retirement plans, health plans, group insurance plans and micro-insurance solutions.
- SBI Life Insurance Company Limited
SBI Life Insurance Company, founded in the year 2001 is a joint venture between State Bank of India, India’s largest state-owned bank and BNP Paribas Cardiff, French multinational bank and financial services company. SBI Life Insurance which was mainly into bancassurance business is expanding its insurance business through multi-distribution channels including digital solutions. The company offers various individual and group life insurance products to cater to the needs of people in the country.
- Exide Life Insurance Company Limited
Exide Life Insurance Company is owned by Exide Industries, India’s largest manufacturer of automotive and lead-acid batteries in India and fourth-largest in the world. With asset under management of INR 11,015 crores and 15 lakhs+ customers, Exide Life Insurance caters to varying insurance needs of people. With a customer-centric approach, Exide Life offers numerous insurance solutions such as protection plans, investment and savings plans, retirement plans and group insurance solutions.
- Bajaj Allianz Life Insurance Company Limited
Bajaj Allianz Life Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE, World’s leading Asset Management Company. The company was formed in the year 2001, which has a pan-India presence today with 750+ branches. Bajaj Allianz Life Insurance offers a wide variety of insurance solutions to individual and group segments which includes protection plans, ULIPs, savings plan, pension plan and child plans etc.
- PNB MetLife Life Insurance Company Limited
PNB MetLife Life Insurance is one of the leading private insurers operating in India since 2001. MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB) and Jammu & Kashmir Bank Limited (JKB) are the majority shareholders in the company. Through its strong bank partnership, PNB MetLife has its presence all over the country with access to over 100 million customers. PNB MetLife offers insurance solutions suitable for each phase of human life with its diverse product portfolio of 16 savings product, 13 protection plans, 5 pension plans and 8 other optional riders.
- Reliance Nippon Life Insurance Company Limited
Reliance Nippon Life Insurance Company is a joint venture between Reliance Capital, a leading financial services company in India and Nippon Life, the leading life insurance company in Japan. Brand Equity’s Most Trusted Brands Survey, 2018 has rated Reliance Nippon Life as the 3rd most trusted life insurance brand in India. The company has an extensive network of 727 branches and assets under management worth INR 20,281 Cr. The company offers numerous innovative insurance solutions such as protection, retirement, savings, child and health plans to individual and corporate clients.
- Aviva Life Insurance Company Limited
Aviva Life Insurance is a joint venture between Aviva plc. The UK based Assurance Company and Dabur group of India. Founded in the year 2002, the company has a wide distribution network, 63+ branches, and strong sales force and bancassurance partners. Aviva Life has introduced various innovative life insurance products in the space of unit-linked insurance plans, protection plans and child plans. The company has been awarded many times for its continued contribution to the Indian insurance industry.
- Sahara India Life Insurance Company Limited
Founded in the year 2004, Sahara India Life Insurance is the wholly Indian-owned private life insurance company. The company offers a wide array of insurance products in its portfolio to cater to the insurance needs of individual and group customer segment. Products include endowment plans, protection plans, money back, micro insurance, annuity plans, unit-linked insurance plans and group insurance plans.
- Shriram Life Insurance Company Limited
Shriram Life Insurance Company, founded in the year 2005 is a joint venture between Chennai based Shriram Group and Sanlam, a leading financial services company based in South Africa. The company has more than 528 branches across the country with 75,000 agents working all over India. The company is known to offer cost-effective and tailor-made insurance plans for various customer segments. The products include term plans, life plans, ULIPs, women-specific plans, savings plans, child plans, pension plans, group plans and micro plans.
- Bharti AXA Life Insurance Company Limited
Bharti AXA Life Insurance is a joint venture between Bharti Enterprises, Indian business conglomerate and AXA Group, MNC bank and investment firm based in Paris. The company has over 238 branches across the country with 10.50 lakhs customer base. The company offers 5 protection and health plans, 20 savings plans, 3 investment plans, 8 group plans and 4 optional riders. The product portfolio also includes online offerings of the company.
- Future Generali Life Insurance Company Limited
Future Generali Life Insurance Company is a joint venture between two leading groups: Future Group and Generali Group. The company’s operation is spread across the country with 104 branches covering 117 major cities. The company has a customer base of 13.8 lakhs policyholders. Future Generali Life is known to offer simplified insurance solutions to individuals and corporate customers with its diverse product portfolio.
- IDBI Federal Life Insurance Company Limited
IDBI Federal Life Insurance Company is a joint venture between IDBI Bank, Federal Bank, India’s leading private sector banks and Ageas, a Europe based multinational insurance company. Established in the year 2006, IDBI Federal Life Insurance is built on strong foundations. The company has received many awards and accolades for the excellent services and innovative insurance solutions that it provides. Various product categories include term plans, child plans, savings plans, retirement solutions, ULIPs and group plans.
- Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
Founded in the year 2008, Canara HSBC Oriental Bank of Commerce Life Insurance is a joint venture between Canara Bank, Oriental Bank of Commerce, two of the largest public sector banks in India and HSBC Insurance (Asia Pacific) Holdings Limited. With its huge network of 10,000+ bank branches, the company has a customer base of over 115 million. The comprehensive product portfolio of the company caters to the unique and varying needs of people all over the country.
- Aegon Life Insurance Company Limited
Established in the year 2008, Aegon Life Insurance Company is a joint venture between Aegon N.V, Dutch multinational insurance and asset management company and The Times Group, India’s largest media conglomerates. With its strong digital presence, domestic and global market expertise, the company is offering various new-age insurance solutions to the people of India.
- DHFL Pramerica Life Insurance Company Limited
Founded in the year 2013, DPLI is a joint venture between DHFL Investments Limited and Prudential International Insurance Holdings Limited, based in the US. With 19 million customer and 144 branches across the country, the company offers a wide range of insurance solutions to both individual and group customer segment. The asset under management of the company currently stands at INR 4,716.2 Cr.
- Star Union Dai-Ichi Life Insurance Company Limited
SUD Life is a joint venture of Bank of India, Union Bank of India, two leading public sector banks in India and Dai-Ichi-Life, leading life insurer in Japan. With a huge network of 11,000+ bank branches and 64 million customer base, SUD Life is offering various long-term protection and savings plans for the people of India.
- IndiaFirst Life Insurance Company Limited
Founded in the year 2009, IndiaFirst Life Insurance Company is a joint venture between Bank of Baroda, Andhra Bank – two of the public sector banks in India and Legal & General, UK based financial and investment company. The company follows the bancassurance business model as the insurance solutions are offered through a huge network of promoter bank branches. The company offers exclusive insurance and savings products to meet customer’s future financial and life goals.
- Edelweiss Tokio Life Insurance Company Limited
Established in the year 2011, the company is a joint venture between Edelweiss Financial Services Limited, India’s popular financial services company and Tokio Marine Holdings Inc., the oldest and largest insurer in Japan. With a customer-centric approach, the company offers quality insurance solution at cost-effective rates. The company offers a diverse range of products which includes exclusive online plans, term plans, retirement plans, investment plans, child plans, health plans, group and micro plans.
General Insurance Companies in India
Here is a list of Incurred Claim Ratio of General Insurance Companies of India for 2017-18, as per the IRDA Annual Report 2017-18:
|Serial Number||General Insurance Company Name||Claim Settlement Ratio|
|1||Acko General Insurance Company Limited||-28.69%|
|2||Aditya Birla Health Insurance Company Limited||89.05%|
|3||Agriculture Insurance Company of India Limited||102.23%|
|4||Apollo Munich Health Insurance Company Limited||62.47%|
|5||Bajaj Allianz General Insurance Company Limited||66.72%|
|6||Bharti AXA General Insurance Company Limited||82.97%|
|7||Cholamandalam MS General Insurance Company Limited||72.54%|
|8||Manipal Cigna Health Insurance Company Limited||46.29%|
|9||DHFL General Insurance Limited||4.09%|
|10||Edelweiss General Insurance Company Limited||70.09%|
|12||Future Generali India Insurance Company Limited||75.72%|
|13||Go Digit General Insurance Limited||93.95%|
|14||HDFC ERGO General Insurance Company Limited||74.36%|
|15||ICICI Lombard General Insurance Company Limited||76.89%|
|16||IFFCO TOKIO General Insurance Company Limited||82.89%|
|17||Kotak Mahindra General Insurance Company Limited||71.66%|
|18||Liberty General Insurance Limited||69.60%|
|19||Magma HDI General Insurance Company Limited||82.92%|
|20||Max Bupa Health Insurance Company Limited||50.19%|
|21||National Insurance Company Limited||114.24%|
|22||Raheja QBE General Insurance Company Limited||76.46%|
|23||Reliance General Insurance Company Limited||84.71%|
|24||Reliance Health Insurance Limited||106.54%|
|25||Religare Health Insurance Company Limited||51.97%|
|26||Royal Sundaram General Insurance Company Limited||80.41%|
|27||SBI General Insurance Company Limited||71.47%|
|28||Shriram General Insurance Company Limited||93.75%|
|29||Star Health & Allied Insurance Company Limited||81.78%|
|30||Tata AIG General Insurance Company Limited||71.12%|
|31||The New India Assurance Company Limited||85.66%|
|32||The Oriental Insurance Company Limited||85.39%|
|33||United India Insurance Company Limited||94.38%|
|34||Universal Sompo General Insurance Company Limited||56.30%|
Source: IRDAI Annual Report
General Insurance Companies in India – an Overview
- Acko General Insurance Company Limited
Founded in the year 2016, Acko General Insurance Company is an online-led general insurance company. The digital offerings of the company include motor insurance, mobile insurance and in-trip domestic insurance. Acko is partnered with Ola cabs and Amazon for in-trip domestic insurance and mobile insurance respectively.
- Aditya Birla Health Insurance Company Limited
Aditya Birla Health Insurance is a popular health insurance company that has a presence in 650+ cities in India. With a robust background of Aditya Birla group, 5700+ network hospitals and various other unique features and benefits, the company offers diverse health insurance plans to cater to unique requirements of people.
- Agriculture Insurance Company of India Limited
AIC is a public sector insurance company that was founded in 2002 to primarily offer crop insurance. It is the biggest crop insurance company in the world that covers around 20 million farmers. The primary focus of the company is to provide financial support to the farmers when there is a loss due to natural calamities and various other risks.
- Apollo Munich Health Insurance Company Limited
Apollo Munich Health Insurance is a joint venture between Apollo Hospitals Group, a pioneer in private healthcare in India and Munich Re, a Germany based leading reinsurance company. Founded in the year 2007, the company primarily focuses on health insurance offerings. With 5000+ network hospitals, super-efficient claim processes and extensive benefits and features, Apollo Munich offers a wide array of health insurance plans for individuals and families. The company also offers various types of travel insurance and personal accident plans.
- Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company is a joint venture of Bajaj Finserv Limited and Allianz SE. The company was founded in the year 2001. The company has received various awards and recognition for its contribution to the insurance sector. With iAAA rating by ICRA, the company is considered to be the most financially robust insurer in India. With cashless facility, innovative product offerings and strong online presence, the company has made insurance convenient for people. The product offered by the company includes motor, health, travel, home and various commercial insurance products.
- Bharti AXA General Insurance Company Limited
Bharti AXA General Insurance Company is a joint venture between Bharti Enterprises and AXA Group. The company offers various non-life insurance solutions such as motor, health, home, travel and more. The company has a pan India presence through 101 branches across the country with 4500+ garages and a wider network of hospitals. The company offers customisable insurance solution along with the option to enhance the coverage with riders.
- Cholamandalam MS General Insurance Company Limited
Cholamandalam MS General Insurance Company is a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group based in Japan. The company has 63+ branches with 6,000+ agents across the country. The company has received awards and recognition for innovation and insurance services. The products offered are the motor, health, personal accident, travel, home, corporate and rural insurance plans.
- Manipal Cigna Health Insurance Company Limited
Manipal Cigna Health Insurance Company which was formerly known as Cigna TTK Health Insurance Company is a joint venture between Manipal Group, a healthcare leader and Cigna Corporation, a global health services company. With the major focus on health and wellness, the company offers various comprehensive health insurance plans including critical care and accident care plans.
- DHFL General Insurance Limited
DHFL General Insurance Limited is backed by India’s leading financial services group, Wadhwan Global Capital. The company offers simple, customisable and convenient insurance solution to people. The main product offerings include health, motor, travel and home insurance plans. The company is known for seamless claim processes.
- Edelweiss General Insurance Company Limited
Founded in the year 2016, Edelweiss General Insurance Company offers diverse insurance solutions such as motor, health, home, travel and loan protection segments. The company is a non-life insurance wing of Edelweiss Financial Services. The products of the company are also conveniently offered on a digital platform.
- ECGC Limited
ECGC Limited is a wholly Government-owned company that was formerly known as Export Credit Guarantee Corporation of India Ltd. being controlled by the Ministry of Finance, the company provides export credit insurance solution to Indian exporters. The company was founded in the year 1957 to provide cost-effective insurance support to Indian Export Industry.
- Future Generali India Insurance Company Limited
Future Generali India Insurance Company is a joint venture between the Future Group and Assicurazioni Generali. The company was founded in the year 2007 which has a presence in 117 major cities with more than 104 branches across India. The company offers a wide array of non-life insurance products with unique benefits and features to cater to specific needs of individual, family and corporate investors. The product category comprises of health, specific healthcare and critical illness plans along with many rural and commercial insurance plans.
- Go Digit General Insurance Limited
Go Digit General Insurance Limited is one of the top Indian start-ups which mainly focuses on simplicity in providing insurance solutions. The company offers various insurance solutions like car, bike, health, travel and mobile insurance plans on its digital platform with unique features. The company is known for killer prices and super-fast claim processes.
- HDFC ERGO General Insurance Company Limited
HDFC ERGO General Insurance Company, founded in the year 2002 is a joint venture between HDFC Ltd and ERGO International AG, German-based company. The company is one of the leading general insurance companies in India with its presence all over the country through 122 branches and strong digital presence. The company offers a comprehensive range of non-life insurance solution that includes motor, health, travel, home and personal accident plans in the individual customer segment. The company offers customised insurance solutions for corporates which includes marine insurance, liability insurance and property insurance etc.
- ICICI Lombard General Insurance Company Limited
Founded in the year 2001, ICICI Lombard General Insurance Company is a leading general insurer in India. The company is a joint venture between ICICI Bank and Fairfax Financial Holdings Ltd, Toronto based financial services company. The company provides general insurance solutions to individuals, corporates and rural customer segments. Diverse products of the company include motor, travel, home, and health, rural and commercial insurance. The company has achieved various milestones and received accolades and awards for its consistent contribution to the insurance sector.
- IFFCO TOKIO General Insurance Company Limited
IFFCO TOKIO General Insurance Company, established in the year 2000, is a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and Tokio Marine Group, the largest listed company in Japan. The company takes the credit of underwriting mega policies for fertilizer and an automobile company. The products offered by the company includes car, two-wheeler, health, travel and home insurance for individuals. Corporate policies include liability insurance, property insurance and trade insurance etc. Apart from the conventional product offerings, the company also offers some specialised and niche products such as cyber insurance, fine arts insurance and credit insurance etc.
- Kotak Mahindra General Insurance Company Limited
Kotak Mahindra General Insurance Company is a 100% subsidiary of India’s fastest-growing private sector bank, Kotak Mahindra Bank. With excellent customer service and quality product offerings, the company has made its presence all over the country. The products are offered through 1,300+ bank branches. Since its incorporation from 2015, the company has been offering various general insurance solutions such as health, motor, group and liability insurance plans.
- Liberty General Insurance Limited
Liberty General Insurance, founded in the year 2013 is a joint venture between Liberty Mutual and Videocon Group. The company has been offering the cashless facility to individual customers through 5000+ network hospitals and 4300+ network garages. The company has received many awards and recognitions for its product innovation and excellent services. Exclusive products offered by the company includes motor and health insurance for individuals, various commercial insurance and group insurance products.
- Magma HDI General Insurance Company Limited
Magma HDI General Insurance Company is a joint venture between Magma Fincorp Ltd., India’s premier NBFC (Non-Banking Financial Company) and HDI Global SE, Germany. The company offers a wide array of non-life insurance products for individuals, groups and corporate customer segment. The products include health insurance, motor insurance, fire insurance, liability insurance, marine insurance, engineering insurance and many more.
- Max Bupa Health Insurance Company Limited
Max Bupa Health Insurance Company is a joint venture between Max India Limited and Bupa, UK based healthcare expert. With global expertise in the healthcare field and domestic market values, Max Bupa Health Insurance provides specialised products to cater to the needs of people in the country. There are exclusive plans such as comprehensive health plans for individual and family, critical illness insurance and personal accident insurance plans are offered by the company.
- National Insurance Company Limited.
Established in the year 1906, National Insurance Company is the oldest general insurance company in India. It is the second-largest Indian general insurance company with 1998 offices across the country. It is the first company to introduce product customisation for the corporate and rural segment. It is also the first to enter into strategic alliances with the country’s largest automobile manufacturer M/s Maruti and Two-wheeler major M/s. Hero Moto Corp. The company offers numerous products in its product categories of health insurance, motor insurance, personal insurance, rural insurance, commercial insurance and industrial risk insurance.
- Raheja QBE General Insurance Company Limited
Raheja QBE General Insurance Company is a joint venture between Rajan Raheja Group and QBE Holdings Pvt Ltd, Australian insurer. With the domestic experience and global expertise, the company offers various innovative and customisable non-life insurance products in the space of health insurance, property insurance, personal accident insurance and commercial insurance.
- Reliance General Insurance Company Limited
Founded in the year 2000, Reliance General Insurance Company is solely promoted by Reliance Capital. The company is offering non-life insurance solution all over the country with 139 branch offices and more than 28,900 intermediaries. The company offers insurance solutions with respect to motor, home, health, and travel, marine and other commercial insurance space.
- Reliance Health Insurance Limited
Reliance Health insurance Limited is a subsidiary company of Reliance Capital. The company offers flexible, customisable and affordable health insurance solutions online to individual and family.
- Religare Health Insurance Company Limited
Religare Health Insurance Company, established in the year 2015 is a health insurance arm of Religare Enterprises Limited. The company is a specialised health insurance provider that has a customer-centric approach. There are diverse product types offered by the company which includes comprehensive health insurance plans, critical illness, personal accident, top-up coverage and international travel insurance along with group health insurance plans.
- Royal Sundaram General Insurance Company Limited
Royal Sundaram General Insurance Company founded in 2000, is a subsidiary of Sundaram Finance Group. The company has been providing innovative general insurance solution to individuals, families, groups and corporates. With 143 branches and more than 2,000 employees, the company is providing quality non-life insurance products in the category of the motor, health, personal accident, home, travel and corporate insurance.
- SBI General Insurance Company Limited
Established in the year 2010, SBI General Insurance Company is a joint venture between the State Bank of India and Insurance Australia Group (IAG). The company offers a wide range of non-life insurance plans at affordable rates in retail and commercial space. The products include motor, health, personal accident, travel, home, aviation, marine, fire, construction and engineering and liability insurance plans. With a robust multi-distribution channel, a huge network of bank branches of SBI, the company has made insurance accessible for every corner of the country.
- Shriram General Insurance Company Limited
Founded in the year 2012, Shriram General Insurance Company Limited is a joint venture between Shriram Capital Ltd. and Sanlam Limited, South Africa based financial services company. With the main focus on providing insurance to the common man of the country, the company offers various excellent non-life insurance solutions in motor, home, travel and commercial insurance space.
- Star Health & Allied Insurance Company Limited
Star Health & Allied Insurance Company is the first standalone health insurance company that started its operation in the year 2006. The company is best known for innovative and excellent product offerings along with delivering great services to customers. The company offers tailor-made insurance products to individuals, families and corporates through its multi-distribution channels, online platform, and 460+ branch offices all over the country.
- Tata AIG General Insurance Company Limited
Tata AIG General Insurance Company is a joint venture between Tata Group and American International Group (AIG). With innovative risk solutions and strong distribution platform and 200+ branch offices, the company offers an extensive range of non-life insurance solutions to retail, corporate and group customer segments. The company offers a variety of plans with unique and customisable features in the category of motor, health, travel, home, and accident, rural and commercial insurance plans.
- The New India Assurance Company Limited
Incorporated in the year 1919, The New India Assurance Company was founded by Sir Doarb Tata. The company has a countrywide presence and international presence through its branch offices in various other countries. The company has many firsts to its credit. It is the first company to set up an Aviation Insurance Department in 1946, first to handle hull insurance requirements and also pioneer in satellite insurance. Today the company is catering to every unique general insurance needs of people with its extensive product portfolio.
- The Oriental Insurance Company Limited
The Oriental Insurance Company is a public sector general insurance company incorporated in the year 1947. The company is a pioneer in laying down systems for the smooth and orderly conduct of business. With the huge network of 1800+ operating offices, 31 regional offices and overseas presence in countries like Dubai, Kuwait and Nepal, the company has been introducing innovative products in the space of general insurance. The company is also known to provide various rural insurance products.
- United India Insurance Company Limited
Founded in the year 1938, United India Insurance Company is a leading general insurance company owned by the Government of India. With more than 2200 branches and various distribution channels, the company is making insurance accessible and affordable for retails, rural and corporate customers. The product offerings include motor, health, travel, personal accident, home, marine, and fire, liability, credit and micro-insurance plans.
- Universal Sompo General Insurance Company Limited
Founded in the year 2007, Universal Sompo General Insurance Company is a public-private joint venture wherein two public sector banks – Allahabad Bank and Indian Overseas Bank and Private Sector Bank, Karnataka Bank together with Dabur Investment Corp and Sompo Japan Nipponkoa Insurance Inc have formed the company. With a wide network of branches and 135+ approved non-life insurance products, the company is addressing the general insurance needs of retail, corporate and rural customer segments in the country.