Did you realize that there were around 245 Life Insurance Companies in India in January 1956? Top 7 Life Insurance Companies in India 2019.
Life insurance business was begun in India in 1818 with the foundation of Oriental Life Insurance Company in Kolkata. After that, many companies began tasks in India. In 1938, the Government of India presented the Insurance Act which is mainly to secure the interests of the policyholders.
Formation of LIC in India
LIC was framed in the year 1956. The government took a choice to nationalize the life insurance business by assuming control over all these existing companies.
Opening up of Insurance Sector
From 1956 to 1999, there was a monopoly of LIC in the life insurance sector in India. In 1999, according to the suggestions of the Malhotra Committee Report, the Insurance Regulatory and Development Authority (IRDA) was framed. IRDA is a self-governing body to create and direct the insurance business in the country. The IRDA opened up the insurance market in 2000 enabling both Indian and foreign companies to execute business in India. The outside interest is restricted to 26% starting at now.
Post IRDA period
From the year 2000, there are numerous private companies that began tasks in India. At present, there are 23 private life insurance companies in addition to the open area LIC. The greater part of the private companies working in India is having a tie-up with one of the foreign partner company. If it’s not too much trouble perused on to see a combined rundown of Life Insurance companies presently working in India as given by IRDA.
Here is an alist of life insurance companies in India. Each company is extraordinary in its own terms. So situating one company over another does not look good. It is a list of Top 7 Life Insurance Companies in India 2019 in an irregular order in 2019. Kindly don’t consider it as Top 10 or Top 20 life insurance companies in India.
Life Insurance Corporation of India started its services from 1956 and they are also considered as a highly trusted name in the market and insurance industry. The main reason of trust building is that it is owned by the Government of India. Over a period of time, LIC has developed a wide margin and still keeps on ruling. LIC sold 2.01 crore policies during fiscal 2017. LIC has a network of 8 zonal and 112 divisional offices.
The joint venture between Bajaj Auto Allianz and Allianz Group or AG resulted in the global giant corporation embodied by Bajaj Allianz Life Insurance. It is at present ranked as one of the choice insurance companies in the whole world.
They are the acclaimed manufacturers of the biggest two to three-wheelers globally. They can also boast about their 876 satellite offices located worldwide and their more than 40 Lacs satisfied customers.
Every person is concerned about their safety as well as it’s family’s safety. What better option one can get than SBI Life Insurance? SBI Life Insurance is basically a joint venture between the BNP Paribas Assurance and State Bank of India. They both have their shares like BNP has 26% and SBI has 74% in their complete capital. SBI is a highly reputed and trusted name in India and they have more than 14,500 branches that work towards the betterment of people.
Nearly 100 million accounts are managed by SBI and they are highly recognized for providing a very strong foundation to insurance services and their attractive deals surely attract thousands of customers on a daily basis.
HDFC, one of the leading banks in the world and you can actually trust their amazing services. HDFC standard life insurance doesn’t need any introduction, their services are highly recognized, and their wide range of solutions for both individual as well as group makes it stand pretty tall in the market.
India’s premier banking company, the ICICI Bank and the leading international financial services company based in the UK, Prudential Plc, signed a joint venture in order to create the ICICI Prudential Life Insurance. The resulting infused capital of the joint venture amounts to Rupees 47.80 billion. 74% of the stake is owned by the ICICI Bank while the remaining 26% is under the Prudential Plc.
Tata AIG General Insurance is a joint venture formed by the American International Group, Inc. (AIG) and the Tata Group combining the financial services provided by these companies.
Tata group has 74 percent of the stake in this venture and AIG holds the remaining 26 percent. The company began with its operation in India on the 22nd of January, 2001 providing services and solutions to corporate and individuals which include services such as insurance for home, automobiles, travel, energy, personal accident, property and casualty, marine and so on.
Max New York Life Insurance is a renowned name in the market and there started their commercial work from 2001 and within a short span, they have spread to so many parts. Overall it has 133 offices in different parts of our country. New York Life International and Max India Limited joined hands together to form this successful venture.
It is the first Life Insurance Company which has been awarded the ISO 9001:2000 certification. The company’s paid capital on 30th April 2009 has been Rs.1782 Crore where it has adopted financial practices that ensure safety to the policy holder’s deposit.
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