Best Insurance Companies in India: – Life Insurance is an important life decision taken by an individual. It provides benefits to the family and helps with medical expenses, but it also provides returns on Investments and provides tax exemptions.
Today, many companies offering Insurance plans offer a wide range of programs like Savings, Loans, Health plans, Protection plans, Child and Retirement plans.
Here is the list of Top Government and Private Best Insurance Companies in India that are enlisted according to their Performance, Network, Services, Range of Products, Plans, Growth, Achievements, Policies, etc. Let’s take a look at a few of them below.
Here is a list of best Top 10 Insurance companies in India.
Best Insurance Companies in India
1. LIC
Life Insurance Corporation of India is the Largest Insurance Company in India.
The Company was founded in 1956 when the parliament of India passed the Life Insurance of Act that nationalized the private insurance industry in India.
The Government of India owns the Company. Workforce working for the Company is around 1,20,000 employees. The company has many subsidiaries like LIC housing finance, LIC pension fund, LIC cards services, LIC Internationals, etc.
LIC was found in the year 1956 to nationalize the insurance from being a private sector. It is considered as the best life insurance company in India.
More than 245 companies came together in a merger to form the LIC.
It currently operates in several cities and has eight zonal offices, 113 divisional offices, 2048 branch offices, and over 11, 63,604 agents all over India.
The company offers a wide range of services like Pension plans, Insurance plans, Unit plans, Health plans, Savings schemes, Personal loans, and Housing loans.
It is the topmost profit-making and investment company with last year’s profit being 24,373 crore rupees.
- Industry: Financial Services
- Type: Public Company
- Founded: 1956
- Headquarters: Mumbai
- Key People: S.K Roy, Sushobhan Sarker, S.B Mainak.
2. SBI Life Insurance
SBI Life Insurance Company Limited is a joint venture between State Bank of India and BNP Paribas Assurance. When the 2000 Government of India opened the life insurance sector to private companies.
SBI started SBI Life as a joint venture with BNP Paribas in 2001. SBI, BNP Paribas owns the company. There are about 1,02,000 employees work with the company.
SBI Life Insurance is the merger of SBI and BNP Paribas Cardiff holding 74% and 26% stake. Founded in the year 2001 and currently offers a wide range of Life insurance policies and products.
It was awarded the “Most trusted Private life Insurance Brand 2013” by the Economic Times.
- Industry: Insurance
- Type: Joint Venture
- Founded: 2001
- Headquarters: Mumbai
- Key People: Arijit Basu
3. TATA AIG
Tata AIG General Insurance Company Limited is an Indian General Insurance Company.
The company is a Joint Venture between the TATA Group and the American International Group, and the TATA Group holds around 74 per cent stake in the insurance venture with AIG holding the balance 26 per cent.
The company offers a wide range of General Insurance Product Including the Insurance for Home, Automobile, Personnel Accident, Travel, Energy, Casualty, etc.
Tata AIG Insurance, founded in the year 2001, is the result of the joint venture between Tata Group and American International Group.
The company offers a wide range of plans for individuals and companies; it has 98 offices spread across India.
Apart from Personal, Corporate, Rural insurance plans, the company also provides car insurance, travel insurance, and health insurance policies.
- Industry: Insurance
- Type: Joint Venture
- Founded: 2001
- Headquarters: Mumbai
- Key People: K. K. Mishra
4. Birla Sun Life Insurance
Birla Sun Life Insurance Company Limited (BSLI) is an Indian General Insurance company.
The Company is a Joint Venture between the Aditya Birla Group and Sun Life Financial Inc., which is a leading financial services organization from Canada.
The company has a wide range of Insurance from Health, Business, Automotive, Home and can build trust among the Policies holders.
BSLI is the joint venture of Aditya Birla Group and Sun Life Financial Incorporation, a top financial services company in Canada. The company was founded in the year 2000.
It offers several insurance packages like the Protection plans, Health & Wellness Solutions, Children’s future solutions, Retirement solutions, Wealth and Protection solutions, Rural plans, NRI plans, and Savings with protection solutions. It is among the best life insurance companies in India.
- Industry: Insurance
- Type: Joint Venture
- Founded: 2000
- Headquarters: Mumbai
- Key People: Pankaj Razdan, Amit Jain.
5. New India Assurance
The New India Assurance is a General Insurance company in India. The company is wholly owned by Indian Govt.
It is the largest general insurance company in India based on gross premium collection inclusive of foreign operations.
New India Assurance operates both in India and foreign countries. Previously it was a subsidiary of the General Insurance Corporation of India (GIC).
The company is honored with ‘The Best General Insurance Company’ third time in a Row.
- Industry: General Insurance
- Type: Owned by Government of India
- Founded: 1919
- Headquarters: Mumbai
- Key People: G.Srinivasan
6. ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company Ltd is the Leading Life Insurance company in India. It serves millions of Insurance holders throughout the country.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc, a leading international financial services group in the United Kingdom.
The company has assets under management of over Rs 100,000 crores as of 19 February 2015.
ICICI Prudential is the result of the joint venture between ICICI Bank and Prudential plc. Prudential plc is an MNC in the UK; together with ICICI Bank, the Life insurance operations were started in the year 2000.
It has three broad plans: Term plans, Wealth plans, Group plans, rural projects, and Retirement Plans. It is one of the top leading private insurance companies in India.
- Industry: Insurance Services
- Type: Joint Venture
- Founded: 2000
- Headquarters: Mumbai
- Key People: Sandeep Bakhshi, Puneet Nanda.
7. Reliance Life Insurance
Reliance Life Insurance Company (RLIC) is one of the leading private general insurance companies in India. Reliance Life Insurance is a part of Reliance Capital of the Reliance Anil Dhirubhai Ambani Group.
The company has an extensive network of branches across India. Near about 1,22,000 employees work with the Company across India, including Agents.
The company also operates in Japan, North America, Europe, and other parts of Asia rather than India.
Reliance Life Insurance is one of the leading private sector Life insurance companies in India. It has over 800 branches, 1, 00,000 advisors, and 10 million policyholders.
The company is part of the Reliance Capital of Reliance Group. In 2011, Nippon Life Insurance Company in Japan acquired a 26% stake in Reliance Life Insurance.
The company offers various plans like Protection plans, Savings, and Investment plans, Retirement plans, Unit linked plans, Child plans, health plans, and Solutions for Group.
- Industry: Life Insurance
- Type: Private Company
- Founded: 2001
- Headquarters: Navi Mumbai
- Key People: Anup Rau.
8. Max Life Insurance
Max Life Insurance is one of the Top General Insurance companies in India.
It is a Joint Venture between Max India Ltd., a Multi Indian business corporate and Mitsui Sumitomo Insurance Co. Ltd., a general Insurer.
The plans and schemes offered by the company are impressive.
The company provides comprehensive life insurance and retirement solutions for long-term savings and protection to 3 million customers.
The company has been one of the fastest-growing life insurance companies with total revenue of Rs.6,391 crore and enterprise profit of Rs.733 crore for the Financial Year 2011-12.
MAX Life Insurance is the joint venture of Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd.
The company offers services like Online term plan, Protection plans, Child plans, Retirement plans, Growth plans, Savings plans, and Group plans.
It was founded in the year 2001 and currently has offices in 750 cities. Online schemes make it easy and do not require you to go to an office.
| Type | Private |
| Industry | Financial Services and Insurance |
| Founded | 2,000 |
| Founder | Analjit Singh |
| Headquarters | New Delhi |
9. Exide Life Insurance
ING Vysya Life Insurance Company was renamed as Exide Life Insurance Company. It was founded in the year 2001 and is currently owned by Excide Industries Limited.
It has over 200 offices and customer care centers spread across India.
It is one of the topmost Insurance companies in the South and provides mainly long-term protection schemes and savings plans.
| Formerly | ING Vysya Life Insurance Company |
| Type | Private company |
| Industry | Life Insurance Services |
| Founded | 2001 |
| Headquarters | Bangalore India |
| Area served | India |
| Products | Life Insurance |
| Parent | Exide Industries Limited |
10. HDFC Life Insurance Company
HDFC Life Insurance Company was founded in the year 2000 and is the joint venture of HDFC Limited and Standard Life.
It is one of the top insurance companies and provides a wide range of insurance services for individuals and groups—plans like Protection plans, Pension plans, saving plans, investment plans, and Health plans. The company has 402 offices spread across India.
| Type | Public |
| Industry | Life Insurance |
| Founded | 2000 |
| Headquarters | Mumbai, India |
| Area served | India |
| Key people | Ms. Vibha Padalkar (MD & CEO) |
| Products | Insurance |
11. BAJAJ Allianz Life
Bajaj Allianz is the joint venture between Bajaj Finserv Limited and Allianz SE; it was founded in the year 2001.
It has more than 722 branches all over India and provides Term Insurance plans, Unit Linked Endowment Plans, Savings, and Investment Solutions. It is considered as one of the best life insurance companies in India.