The world is evolving and changing rapidly and with the new inventions and technological advancement, there is an increase in hazards and risks. These risks and hazards are taken care of by the insurance companies. In fact, Insurance is a contract between an individual and the insurance company. In this contract, an individual gets compensation against the losses from an insurance company. The insurance companies compensate for the damage against the premium paid by the insured. There are various kinds of insurance policies like Life Insurance, Health Insurance, Disability Insurance, and Auto Insurance. Some of the major insurance companies of India are as follows:
Bharti AXA Life
It was established in 2006. It is a joint venture of Bharti Enterprises which is one of India’s leading business groups and the AXA Group, having its headquarters in Paris. The company offers a wide range of policies that have been framed to fulfill a variety of insurance and financial goals. These policies include retirement planning, maximizing savings, and planning for your child’s future, among other goals.
Aviva Life Insurance Co. India Ltd.
It is a joint venture of Dabur Invest Corp and Aviva Group of Britain. It is one of the reputed life insurance companies in the world. It has various policy products for customers. Aviva has branches in 16 nations.
Bajaj Allianz Life Insurance Company Limited
It is one of the most trusted life insurance companies in India. Bajaj Allianz Life Insurance Company is a joint venture of Bajaj Finserv Limited and Allianz SE. It offers various insurance plans such as Retirement Plans, Investment Plans, Health cover plans, and term plans, child plans, etc.
DHFL Pramerica Life Insurance
It is a joint venture of Dewan Housing Finance Corporation Ltd and Prudential International Insurance Holdings Ltd. The company has its headquarters in Gurgaon, India.
Exide Life Insurance Co. Ltd
It was set up in 2001-2002 and has its headquarters in Bengaluru. It is completely owned by Exide Industries Ltd. that is basically India’s biggest manufacturers of electric storage batteries.
Future Generali Life Insurance Company
It is a joint venture of Generali Group and Future Group. It was founded in the year 2006. It offers a number of effective life insurance products.
HDFC Life Insurance Company Ltd.
HDFC Life Insurance Company Ltd. was established in 2000 and now it is a leading life insurance company. The company was established after the joint venture between HDFC Ltd., which is India’s leading housing finance institution and Standard Life, which is a global investment company.
IDBI Federal Life Insurance Co.Ltd.
It is a joint venture of India’s major commercial bank and Federal Bank. It was founded in 2008.
Kotak Mahindra Old Mutual Life Insurance Ltd.
It was founded by the collaboration between Kotak Mahindra Bank Ltd, -a leading bank and Old Mutual, which is an international long-term saving investment group.
Star Union Dai-Ichi Life Insurance Co.Ltd.
It is a joint venture between Bank of India, Union Bank of India and Dai-ichi Life that is the second largest leading insurance companies in Japan. The company has around 11000 branches. The company has several products according to the need of the people.
Life Insurance Corporation of India.
It is the oldest and leading life insurance company of India which was established by the President of India in 1956. LIC has its headquarters in Mumbai. “Your welfare is our responsibility” is the slogan of LIC and it has around 2048 branches across India.
Sahara Life Insurance Company.
It was established in 2004. It is India’s first wholly owned private life insurance company. Sahara Life Insurance Provides an extensive range of products like money back plan, unit link plan, term assurance plan, endowment plan, and group assurance plans.
Max Life Insurance Company Ltd.
It is one of the most popular and leading life insurance companies in India. It is a joint venture of Mitsui Sumitomo Insurance Co. Ltd. and Max India Ltd. It provides a range of life insurance products.
SBI Life Insurance Co. Ltd.
It is a joint venture between State Bank of India and BNP Paribas Cardif S.A. SBI Life Insurance Co. Ltd. provides a wide range of life insurance products that include Individual plans, group plans, and online plans. SBI Life Insurance Co.Ltd.
Reliance Nippon Life Insurance Company
Reliance Nippon Life Insurance Company is one of India’s biggest and best life insurance providers in the private sector. It has more than 800 branches, Reliance Nippon Life Insurance Company is one of the top non-banking and financial services firms in the private sector. Nippon Life Insurance has 49% of the stake in Reliance Nippon Life Insurance Company and is one of the leading Japanese insurers in the private sector has a market share of 25%.