List of Life Insurance & General Insurance Companies in India
Life Insurance & General Insurance Companies in India
The insurance sector in India provides a wide range of products designed to meet the financial protection needs of individuals and businesses. Regulated by the Insurance Regulatory and Development Authority of India (IRDAI), the industry consists of 24 life insurance companies and 32 general insurance companies (some companies merged in another companies, so, the effective number is less). This article covers the key offerings, features, and comparative insights of these insurers.
Types of Insurance in India
Life Insurance: Provides financial protection to beneficiaries in the event of the policyholder’s death or after a specified period.
General Insurance: Offers coverage for non-life risks, including health, motor, property, and travel insurance.
Life Insurance Companies in India
- LIC (Life Insurance Corporation of India)
Founded: 1956
Key Offerings: Term insurance, endowment plans, ULIPs, pension plans
LIC is the largest life insurance company in India, offering a range of products for individuals seeking long-term financial protection. Its claim settlement ratio of 98.5% ensures trust and reliability. - HDFC Life Insurance
Founded: 2000
Key Offerings: Term plans, savings plans, ULIPs, retirement solutions
A leading private life insurer, HDFC Life offers a variety of life insurance products designed to provide long-term security and investment options. - ICICI Prudential Life Insurance
Founded: 2001
Key Offerings: ULIPs, term insurance, pension plans
Known for its investment-linked policies, ICICI Prudential provides customized life insurance solutions, including ULIPs and pension schemes. - SBI Life Insurance
Founded: 2001
Key Offerings: Term plans, child plans, retirement solutions
SBI Life offers a comprehensive portfolio of affordable life insurance policies with a claim settlement ratio of 99.09%. - Max Life Insurance
Founded: 2001
Key Offerings: Child plans, retirement plans, savings plans
Max Life Insurance is known for its customer-focused products, with a high claim settlement ratio of 99.34%. - Aditya Birla Sun Life Insurance
Founded: 2000
Key Offerings: Term plans, ULIPs, pension plans
Aditya Birla Sun Life offers wealth protection and investment plans, with a strong network and customer-centric solutions. - Aviva Life Insurance
Founded: 2002
Key Offerings: Term insurance, ULIPs, group insurance
Aviva Life Insurance offers innovative solutions such as unitized policies, with a focus on digital offerings for better customer experiences. - Bandhan Life Insurance
Founded: 2008
Key Offerings: Term plans, ULIPs, protection plans
Previously known as Aegon Life, Bandhan Life Insurance offers accessible and affordable policies with a claim settlement ratio of 99.66%. - Bajaj Allianz Life Insurance
Founded: 2001
Key Offerings: Child plans, ULIPs, term plans
Bajaj Allianz Life focuses on offering innovative insurance solutions such as ULIPs and group insurance, with a strong presence across India. - Bharti AXA Life Insurance
Founded: 2006
Key Offerings: Term insurance, savings plans, group insurance
Bharti AXA Life Insurance is known for its wide range of customer-centric products, focusing on financial protection and savings. - Canara HSBC Life Insurance
Founded: 2008
Key Offerings: Term insurance, health plans, retirement solutions
A joint venture between Canara Bank, HSBC, and PNB, Canara HSBC Life offers a variety of insurance products for individuals and businesses. - Edelweiss Life Insurance
Founded: 2011
Key Offerings: Term plans, savings plans, retirement solutions
Edelweiss Life offers customized life insurance products tailored to individual needs, with a focus on flexibility and high returns. - Future Generali India Life Insurance
Founded: 2006
Key Offerings: Savings plans, protection plans, group insurance
Future Generali Life provides a diverse range of life insurance solutions, focusing on financial security and wealth creation. - IndiaFirst Life Insurance
Founded: 2009
Key Offerings: Protection plans, child plans, pension plans
A joint venture between Bank of Baroda, Union Bank of India, and Carmel Point Investments, IndiaFirst Life offers competitive life insurance products. - Kotak Life Insurance
Founded: 2001
Key Offerings: Term plans, ULIPs, savings plans
Kotak Life is known for its innovative life insurance products and a strong focus on providing customer-centric solutions with a claim settlement ratio of 99.34%. - PNB MetLife India Insurance
Founded: 2001
Key Offerings: ULIPs, term plans, savings plans
PNB MetLife India is a joint venture offering a variety of life insurance solutions with a presence in over 117 locations across India. - Pramerica Life Insurance
Founded: 2008
Key Offerings: Term plans, group insurance, savings plans
Pramerica Life Insurance, a joint venture between Prudential Financial Inc. and Piramal Enterprises, offers solutions focusing on long-term protection and savings. - Shriram Life Insurance
Founded: 2005
Key Offerings: Term insurance, child plans, savings plans
Shriram Life is committed to providing affordable insurance solutions, focusing on underserved and rural markets in India. - Star Union DAI-ICHI Life Insurance
Founded: 2009
Key Offerings: Term plans, savings plans, pension solutions
Star Union Dai-ichi Life, a joint venture between Bank of India, Union Bank, and Dai-ichi Life, offers a wide range of life insurance products to meet various customer needs. - Tata AIA Life Insurance
Founded: 2001
Key Offerings: Term insurance, savings plans, group insurance
A joint venture between Tata Sons and AIA Group, Tata AIA provides comprehensive life insurance solutions focusing on protection, savings, and group benefits. - Reliance Nippon Life Insurance
Founded: 2001
Key Offerings: Term plans, ULIPs, pension plans
Reliance Nippon Life offers affordable life insurance solutions tailored for individuals, families, and corporate clients. - Ageas Federal Life Insurance
Founded: 2008
Key Offerings: Protection plans, child plans, savings solutions
A joint venture between IDBI Bank, Federal Bank, and Ageas, Ageas Federal offers life insurance policies focusing on protection and savings for individuals and businesses.
General Insurance Companies in India
- Bajaj Allianz General Insurance
Founded: 2001
Key Offerings: Health insurance, motor insurance, travel insurance
Bajaj Allianz is a joint venture between Bajaj Finserv and Allianz SE, offering a wide range of general insurance products. The company focuses on innovation, including usage-based motor insurance and health policies. - HDFC ERGO General Insurance
Founded: 2002
Key Offerings: Health insurance, motor insurance, home insurance
A joint venture between HDFC Ltd. and ERGO International, HDFC ERGO provides comprehensive solutions in health, motor, travel, and home insurance with a strong customer service record. - ICICI Lombard General Insurance
Founded: 2001
Key Offerings: Motor insurance, health insurance, corporate insurance
ICICI Lombard is one of the largest private general insurance providers, offering products in motor, health, travel, and property insurance, with a strong focus on quick claim settlement. - New India Assurance
Founded: 1919
Key Offerings: Motor insurance, health insurance, marine insurance
New India Assurance is a government-owned insurance company with operations in over 28 countries. It is known for offering comprehensive motor, marine, health, and property insurance solutions. - National Insurance Company
Founded: 1906
Key Offerings: Motor insurance, health insurance, property insurance
National Insurance is one of the oldest general insurance companies in India, offering products tailored to individuals, small businesses, and corporates. - Oriental Insurance Company
Founded: 1947
Key Offerings: Motor insurance, health insurance, marine insurance
Oriental Insurance is a government-owned company providing a wide range of insurance products, including fire, marine, motor, and health insurance, with a strong focus on commercial and retail insurance. - United India Insurance
Founded: 1938
Key Offerings: Motor insurance, health insurance, property insurance
United India Insurance is a public-sector company offering a diverse portfolio of insurance products. It has a strong presence in rural and urban India, focusing on providing affordable motor, health, and property insurance. - Reliance General Insurance
Founded: 2000
Key Offerings: Motor insurance, health insurance, travel insurance
Reliance General Insurance offers customizable general insurance solutions, including motor, health, and travel insurance. The company is known for its competitive pricing and quick claim processing. - SBI General Insurance
Founded: 2009
Key Offerings: Motor insurance, health insurance, travel insurance
A joint venture between State Bank of India and various investors, SBI General Insurance offers a variety of general insurance products, leveraging SBI’s extensive branch network. - Star Health and Allied Insurance
Founded: 2006
Key Offerings: Health insurance, personal accident insurance, travel insurance
Star Health was the first standalone health insurance company in India, offering a wide range of individual and group health insurance products. It is known for fast claim processing and a robust hospital network. - Care Health Insurance
Founded: 2012
Key Offerings: Health insurance, critical illness insurance, travel insurance
Care Health Insurance (formerly Religare Health Insurance) focuses on providing specialized health insurance plans that cater to families, individuals, and corporates, offering customizable coverage options. - Tata AIG General Insurance
Founded: 2001
Key Offerings: Motor insurance, health insurance, property insurance
Tata AIG is a joint venture between Tata Sons and American International Group (AIG), providing innovative general insurance products, including motor, health, and home insurance, with a focus on customer satisfaction. - IFFCO Tokio General Insurance
Founded: 2000
Key Offerings: Motor insurance, health insurance, property insurance
A joint venture between IFFCO and Tokio Marine Group, IFFCO Tokio provides general insurance solutions, specializing in motor, property, and health insurance for individuals and businesses. - Go Digit General Insurance
Founded: 2016
Key Offerings: Motor insurance, health insurance, travel insurance
Digit is a digital-first general insurance company known for its simplified claim process and innovative products, offering motor, health, and travel insurance with a focus on customer experience. - ManipalCigna Health Insurance
Founded: 2014
Key Offerings: Health insurance, critical illness insurance, personal accident insurance
ManipalCigna is a joint venture between the Manipal Group and Cigna Corporation, offering a wide range of health insurance products with a focus on comprehensive healthcare solutions. - Cholamandalam MS General Insurance
Founded: 2001
Key Offerings: Health insurance, motor insurance, travel insurance
A joint venture between Murugappa Group and Mitsui Sumitomo Insurance, Cholamandalam MS offers motor, health, and travel insurance, with a focus on fast claim settlements and customer satisfaction. - Aditya Birla Health Insurance
Founded: 2015
Key Offerings: Health insurance, wellness programs, travel insurance
Aditya Birla Health Insurance focuses on health and wellness solutions, offering a range of individual and family health plans with preventive care benefits. - Magma HDI General Insurance
Founded: 2012
Key Offerings: Motor insurance, health insurance, property insurance
A joint venture between Magma Fincorp and HDI Global SE, Magma HDI provides general insurance products such as motor, health, and property insurance. - Universal Sompo General Insurance
Founded: 2007
Key Offerings: Motor insurance, health insurance, travel insurance
Universal Sompo is a joint venture between Indian and Japanese firms, offering a variety of insurance solutions for health, motor, and travel with a focus on accessible coverage. - Raheja QBE General Insurance
Founded: 2008
Key Offerings: Motor insurance, health insurance, property insurance
Raheja QBE, a joint venture between Rajan Raheja Group and QBE Insurance, provides a range of general insurance solutions, including motor and health insurance, with an emphasis on risk management. - Reliance General Insurance
Founded: 2000
Key Offerings: Motor insurance, health insurance, corporate insurance
Reliance General Insurance offers comprehensive insurance solutions for individuals and businesses, including motor, health, travel, and property insurance, with competitive premiums. - Royal Sundaram General Insurance
Founded: 2000
Key Offerings: Health insurance, motor insurance, home insurance
Royal Sundaram was the first private sector general insurance company in India to be licensed, offering health, motor, and home insurance with a focus on innovation and customer service. - SBI General Insurance
Founded: 2009
Key Offerings: Health insurance, motor insurance, travel insurance
A joint venture with State Bank of India, SBI General Insurance offers a range of general insurance products, leveraging SBI’s vast customer base and extensive branch network. - Shriram General Insurance
Founded: 2006
Key Offerings: Motor insurance, health insurance, property insurance
Shriram General Insurance focuses on providing cost-effective insurance solutions for vehicles, health, and businesses, with a strong presence in Tier 2 and Tier 3 cities. - The New India Assurance
Founded: 1919
Key Offerings: Health insurance, motor insurance, fire insurance
Government-owned and one of the oldest insurers, New India Assurance offers extensive coverage, including specialized products for health, fire, and marine. - Zuno General Insurance (formerly Edelweiss General Insurance)
Founded: 2016
Key Offerings: Motor insurance, health insurance, home insurance
Zuno (formerly Edelweiss General Insurance) is a digital-first general insurer focused on providing seamless, user-friendly insurance solutions. - Zurich Kotak General Insurance
Founded: 2015
Key Offerings: Health insurance, motor insurance, property insurance
Part of Kotak Mahindra Group, the company offers a variety of insurance products designed to meet the needs of individuals and small businesses. - Liberty General Insurance
Founded: 2013
Key Offerings: Motor insurance, health insurance, home insurance
Liberty General Insurance, a joint venture with Liberty Mutual, offers comprehensive coverage for motor, health, and property insurance with a strong focus on customer service.
FAQs
1. What is the difference between life insurance and general insurance?
Life insurance provides financial protection to the family of the policyholder in case of death or after a specific period, whereas general insurance covers non-life risks like health, motor, property, and travel. Life insurance policies typically offer long-term coverage, while general insurance policies are usually for shorter periods, such as one year.
2. How many life insurance companies are there in India?
As of 2024, there are 24 life insurance companies in India, including the only public-sector company, LIC (Life Insurance Corporation of India), and 23 private life insurers.
3. How many general insurance companies operate in India?
India has 32 general insurance companies offering various products such as health, motor, property, and travel insurance.
4. Which is the best life insurance company in India?
The “best” life insurance company depends on your specific needs. LIC, HDFC Life, SBI Life, and ICICI Prudential are among the top life insurance companies in terms of claim settlement ratio and customer satisfaction.
5. What is the claim settlement ratio, and why is it important?
The claim settlement ratio indicates the percentage of claims an insurance company has settled out of the total claims received. It is crucial as it reflects the company’s reliability in honoring claims. A higher claim settlement ratio is preferred by policyholders.
6. What types of general insurance policies are available in India?
General insurance includes health insurance, motor insurance, property insurance, travel insurance, marine insurance, fire insurance, and more. These policies cover specific risks like accidents, illnesses, property damage, and theft.
7. How can I choose the right life insurance policy?
Choosing the right life insurance policy depends on factors like your financial goals, life stage, and budget. Consider term plans for pure protection, ULIPs for investment with insurance, and endowment or pension plans for savings and retirement.
8. Can I buy insurance policies online?
Yes, most insurance companies offer the convenience of buying life and general insurance policies online. You can compare policies, check benefits, and make secure purchases directly through company websites or insurance aggregators.
9. What is the best motor insurance company in India?
Several companies offer excellent motor insurance policies, including ICICI Lombard, Bajaj Allianz General, and Tata AIG. It’s essential to compare features such as cashless claim services, premium rates, and customer support before choosing.
10. What are ULIPs in life insurance?
ULIPs (Unit Linked Insurance Plans) are life insurance policies that provide both insurance coverage and investment options. A part of the premium is invested in equity or debt markets, while the rest provides life cover. ULIPs are suitable for those looking for insurance with investment benefits.
