Insurance is generally held against the risk of contingent uncertain loss in India.
According to the report in 2016 there are mainly, 24 companies in life insurance in India and the public sector company is ( LIC ).
All other private companies but most of the all joint venture companies it is the combination of both public and private sector.
But the life insurance it is started in the public private and public sector and private and public sector in the year 2000 in India.
There are who is mostly private sector companies are decent one with a lot of offers but most of the companies are tied up with the International companies here is the list of top 10 life insurance company’s.
But the insurance schemes are also used for tax saving it is rather used for tax saving than investment scheme but there are many different companies and schemes that follows with the trade insurer entity provides us the insurance or insurance carrier
The individual who buys the schemes involved in the insurance are known as the policy holder by the help of insurance schemes we can minimize the loss involved in the activity
1. LIFE INSURANCE COMPANY (LIC)
The headquarters is in Mumbai, Maharashtra
It contains nearly 1 lakh 20 thousand employees and the main theme of the company is the financial services
It is established in 1956 it is one of the most dominating company in India it is state owned insurance group it offers some of plans like insurance, pension plans, special plans and also some group schemes.
It has wide variety of plans some of the plans are Amulya jeevan, e-Term, new term assurance rider some of other plans are pension plans are Jeevan akshay, varishta pension bema yojana and there are other micro insurance plan withdraw plan
- Jeevan Nischay
- Market Plus I
- Wealth Plus
- Profit Plus
- Jeevan Aastha
Complete List Here:
- Money Plus-I
- Jeevan Varsha
- Child Fortune Plus
- Fortune Plus
- Jeevan Saathi Plus
- Health Plus
- Samridhi Plus
- Pension Plus
- Jeevan Nidhi
- New Jeevan Dhara-I
- New Jeevan Suraksha-I
- Jeevan Vriddhi
- Jeevan Vaibhav (Single Premium Endowment Assurance Plan)
- Jeevan Sugam
- Two Year Temporary Assurance Policy
- Mortgage Redemption
- Flexi Plus
- CDA Endowment Vesting At 21
- CDA Endowment Vesting At 18
- The Whole Life Policy- Limited Payment
- Health Protection Plus
- Jeevan Arogya Bima Account 1
- The Whole Life Policy Bima Account 2
- Jeevan Pramukh Jeevan Mitra (Double Cover Endowment Plan)
- Anmol Jeevan-I
- New Jeevan Nidhi
- Jeevan Amrit Jeevan Surabhi-25 Years
- Jeevan Bharthi-I
- Jeevan Surabhi-20 Years
- The Money Back Policy- 25 Years
- Jeevan Mitra(Triple Cover Endowment Plan)
- Jeevan Surabhi-15 Years
- The Whole Life Policy- Single Premium
- Jeevan Anurag
- Komal Jeevan
- Child Career Plan
- Child Future Plan
- Jeevan Kishore
- Jeevan Chhaya
- Marriage Endowment
- Educational Annuity Plan
- Jeevan Saathi
- Jeevan Shree-I
- Jeevan Ankur
- The Endowment Assurance Policy – Limited Payment.
- New Janaraksha Plan.
- The Money Back Policy – 20 Years
- Jeevan Tarang
- The Endowment Assurance Policy
- Jeevan Anand
- Bima Bachat
- Jeevan Aadhar
- Jeevan Vishwas
- Endowment Plus
- New Bima Gold
- Bima Nivesh 2005
- Jeevan Saral
- Jeevan Deep
- Jeevan Mangal
- Jeevan Madhur
- Jeevan Mangal
- Amulya Jeevan-I
- LIC’s Jeevan Shagun etc. A. Endowment Plan:
- o Single Premium Endowment Plan
- o New Endowment Plan
- New Jeevan Anand
- Jeevan Rakshak
- Limited Premium Endowment Plan
- Jeevan Lakshya
- B. Money Back Plan:
- New Money Back Plan – 20 Years
- New Money Back Plan – 25 Years
- New Bima Bachat
- New Children’s Money Back Plan
- Jeevan Tarun
Another major life insurance company in india is,
2. SBI LIFE INSURANCE
The headquarters is located in Mumbai it has around 7500 employees across India the main theme of the business is the finance and it is established in the year 2001.
The SBI life insurance is a combination of joint venture company which is the combination of BNP and Paribas card is in the ratio of 74 and 26 it is one of the most growing insurance company in India it has nearly 95000 agents for the insurance and the official website of the company is www.sbilife.co.in.
The SBI life insurance company offers pension plans life insurance plans but the rates of the insurance schemes like pension plans and insurance plans are at very economical rate it is India’s biggest private sector company in india it has nearly 95.70% settlement ratio where most number of the problems solved by the insurance company it also offers different plans when compared to another insurance company such as saving plan , unit link plan , child plan, protection plan.
3. Birla Life Insurance Company
It was first established in 2000 and the main theme of the business is the financial services and it has employees around 133000 and the official website is www.birlasunlife.com this company is the joint venture of both Aditya Birla group and sun life insurance company.
But according to the recent survey this company has exceptional growth it has earned good reputation in the insurance market it has experience of nearly 10 years.
The total company value is 21062 crores it has nearly 2.5 million customers and nearly 600 branches across india it is well known reputed company for unit linked life insurance company it has wide range of plans like the health plan , protection planand it has nearly settlement ratio of 88.45% which is good for the customers
4. RELIANCE LIFE INSURANCE COMPANY
The headquarters is situated in Navi Mumbai and it has nearly 1000 employees working in the company and the main theme of the company business is insurance plans and it is established in 2001 and official website of the company is www.reliancelife.com .
It is one of the fastest growing insurance company in India but in the year 2011 a Japan company named Nippon life insurance company accured nearly 26% of the company but the major share in the company is reliance.
But this is a part of the reliance group it has nearly 1.5 lakh active employees working in the company its annual income is nearly 15000 crores it has nearly 7 million customers and had nearly 1230 customers it offers some individual and group insurance plans.
5. ICICI PRUDENTIAL LIFE INSURANCE
The headquarters is held in united kingdom and it has nearly 15000 active employees and it has nearly 2 lakh agents for the insurance companies and it is established in 2000 and the official website of this icici prudential life insurance company is www.iciciprulife.com.
This company is a joint venture between ICICI and prudential in co united kingdom it offers a wide range of insurance products like child plan, protection plan and it has very good settlement ratio of 96.20% which is highest in the case of insurance companies.
It is one of the leading company in the private sector and prudential plus but according to the recent report it is one of the top position amongst private life insurance company in india it also provides different plans like unit plan , child plan, investment plan .
6. TATA AIG LIFE INSURANCE
The head quarters of the company is situated in Mumbai and the main theme of the business is insurance and the company is established in the year 2001 and official website of the company is www.tataaiginsurance.in.
This insurance company is a joint venture of the TATA group and AIG but TATA plays a major role in the TATA AIG insurance company this insurance company launches in many other various departments like,
motor,health,and accidental insurance the ratio of the investment in the company is TATA process majority of the partnership with 74 % in the share and AIG group process 26% of the partnership it has nearly 2000 professionals working around the India and the insurance company branches is around 160 locations it has decent settlement ratio of nearly 89.68%.
7.ING VYASA LIFE INSURANCE
The headquarters of the company is situated in Banglore in the state of Karnataka it has nearly 8000 employees and the main theme of the business is the insurance and it is established in 2001 and the official website of the company is www.inglife.co.in .
It is one of the company which provides retrial plans to the customers it is almost around 200 cities in the country and it is one of the fast growing insurance company in the country with around,
1 million customers and this company is the joint venture combination of Exide industries and ING insurance international B.V.ING and it has good settlement ratio of nearly 85 percent
8. BAJAJ ALLIANZ LIFE INSURANCE
The head quarters of the company is situated in pune in the state of Maharashtra and it has nearly 1000 employees and it was established in the year 2001 and the main theme of the business is the insurance and the official website of the company is www.bajajallianz.com.
It offers many insurance plans like unit plans also in the field of motors and also pension plans this company is the joint venture of the company BAJAJ AUTO and ALLIANZ company and it has impeccable settlement ratio with 98.10% in the insurance field.
9.MAX LIFE INSURANCE
The head quarters of the company is situated in new Delhi the capital state of the country and the main theme of the business is the financial services and it has nearly 8000 active employees working for the insurance company and it was established in the year 2000 and the official website of the company is www.maxlifeinsurance.com.
In this company it offers insurance plans for every type, and this company is a joint venture company between the companies like MAX India ltd And MITSUI sumitomo insurance company.
It is one of the leading insurance company in India because the partner of the company is a member of MS AND AD insurance company the founder of the insurance company is analjit singh it has good settlement ratio of nearly 96.23%.
10. HDFC STANDARD LIFE INSURANCE
The head quarters of the company is situated in the revenue capital of India Mumbai in the state of Maharashtra with around 16000 employees the main theme of the business is the insurance and the company is established in the year 2000.
The main advantage of this company is the group of giant housing development finance corporation and the official website of the company is www.hdfc.com the founder of the company is hasmukhbai parekh and it is around 500 barnches in India the primary insurance policies of this company are in the fields of health, savings etc.it has quite good settlement ratio.