Life is full of uncertainties. To overcome the repercussions of such unforeseen circumstances the provision of insurance was launched. The insurance product offers you great relief in case of emergencies. By providing financial cushioning, insurance plans attempt to reduce risk and build a protective shield around you. Therefore, insurance policies come as a great relief for common people.
Basically, insurance can be classified into two broad categories- life insurance and general insurance. Let us discuss each in detail.
Top Insurance Companies in India
Table of Contents
General Insurance
A general insurance plan covers tangible assets and certain events that are vulnerable to incur some financial losses. In this policy, the insurance company promises to pay the insured person financial assistance in case of mishaps or damages. The general insurance plan includes
- Motor insurance
- Travel insurance
- Health insurance
- Home insurance etc.
National Insurance Co. Ltd.
When it comes to general insurance, National Insurance Co. Ltd. is the name people mostly trust. It is the second-largest and oldest non-life insurance company in India. The company has its headquarter in Kolkata, West Bengal, and several regional offices in prominent cities across the country. National insurance has amassed attention on a large scale and stands at the forefront in the general insurance segment. The company’s catalog has a multitude of general insurance plans intended to meet the financial needs of different sections of society. Popular insurance plans from National Insurance Company include rural insurance, personal insurance, commercial insurance, and industrial insurance.
Highlights: Awarded ‘Best Auto Insurer in 2017’, faster claims processing, and more than 200 insurance plans.
Bajaj Allianz General Insurance Co. Ltd.
Bajaj Allianz General Insurance is a combined venture between Allianz SE and Bajaj Finserv Limited. The company is known for its distinguished customer services and insurance products. With 1400 towns and cities already covered, the company is still eyeing expanding its reach to customers. Bajaj Allianz General Insurance aims to meet the demands of individuals across the demographics of the country as well as corporate establishments. The assortment of products and services offered by the company are not just limited to insurance. The company has strong technology solutions to cater to the needs of the customer from their doorstep. Its mobile application and advanced digital solutions are working to further boost insurance penetration.
Highlights: Awarded ‘Digital Marketer of the Year 2018’ in insurance segment, listed amongst the Top-75 Most Valuable Indian Brands.
Bharti AXA General Insurance Co. Ltd.
Bharti AXA is another top-ranked general insurance company in India. Incepted in the year 2006, Bharti AXA has established a strong foothold in the insurance segment. It is a joint venture by Bharti Enterprises and AXA Group, the leading business groups. Bharti AXA Life Insurance is popular for its innovative insurance products. The company has a vast distribution network with regional and zonal offices in 123 cities in India. It is also licensed by the Insurance Regulatory and Development Authority of India (IRDA).
Highlights: ASSOCHAM Award in 2019, ISO 9001:2008 and ISO 27001: 2005 certifications.
Aditya Birla General Insurance
Aditya Birla General Insurance solutions ensure protection and financial security at economic rates. The company works to meet the demands of each individual and sticks to a customer-centric approach so that none of the demands of customers go unnoticed. The comprehensive solutions offered by the company assure complete peace of mind to customers with their robust protection plans. So, make sure to get yourself and your family protected against uncertain circumstances.
Cholamandalam MS General Insurance
Cholamandalam MS General Insurance Company Ltd. is a combined venture between the Murugappa Group and Japan’s Mitsui Sumitomo Insurance Company. Currently, Cholamandalam has established offices across 105 cities in the country. Moreover, it stands out for its extensive portfolio covering motor, travel, accident, and rural insurance plans intended to meet the demands of both the corporate as well as individual clients.
Digit General Insurance
Digit Insurance popularly known as Go Digit is India’s first-ever computerized guarantor. The company offers robust protection plans covering non-disaster elements such as vehicles, health, and travel. The Go Digit General Insurance works in collaboration with market-leading brands like Policybazaar.com, PayTM, Tanishq, and Cleartrip to offer clients access to more extensive and simplified solutions.
Edelweiss General Insurance
Edelweiss General Insurance is a popular choice among people for its simple and hassle-free process. The company offers pocket-friendly insurance plans that fit the needs of the common masses. The various insurance products offered by Edelweiss include home insurance, car insurance, fire insurance, marine insurance, etc. The products from Edelweiss are customized to meet the real needs of individuals and groups.
Future Generali India General Insurance
Future Generali is a collaboration between Future Group and Generali Group. The company provides comprehensive protection plans for individuals, groups, retail, and corporate. Founded in the year 2007, the company has been rendering financial assistance to customers through its simple insurance plans. Having a huge loyal customer base of 15, 00, 00 clients, the insurance company clears 10,000 claims per year. The Future Generali offices are located in 125 metropolitan cities in India. It primarily deals with home, travel, business, PMFBY, country, and many more insurance plans.
IFFCO Tokio General Insurance
Founded in the year 2000, IFFCO Tokio is a partnership firm between Tokio Marine and Nichido Fire Group. Since its establishment, the company has been dealing with sales of non-life insurance products such as health insurance, vehicle insurance, travel insurance, etc. Today, the company has garnered wide-scale attention and has become a top insurance provider in India.
Kotak Mahindra General Insurance
Incepted in the years 2015, Kotak Mahindra General Insurance has grown into a popular insurance company. Presently, it has 13 branches and several regional offices spread across the country. The company is lauded for its exceptional customer loyalty and varying products for ensuring all-around protection to people. Besides this, the company also deals with providing a multitude of outsider responsibility protection insurance.
Liberty General Insurance
Liberty General Insurance has begun its tasks in the year 2013. It is a consolidated understanding between Liberty Mutual Insurance Group, Liberty Industries Limited, and Liberty Citystate Holdings Pte Ltd. The backup plan, being one of the able insurance agencies in India makes progress toward giving modern, business, and retail protection arrangements. Protection items like vehicle protection, bike protection, health care coverage and business protection are among the searched-for items on the lookout.
Life Insurance
A life insurance policy covers human life and provides financial cover in the event of an insured person’s premature death. In life insurance, the family of the policyholder is offered lump sum money in exchange for a specific premium amount paid.
Choosing an insurance company can be cumbersome as you are likely to be spoilt with the choices. Several insurance companies are competing in the space with their distinct plans. To help you narrow down options, here is the list of top general insurance and life insurance companies in India.
Life Insurance Corporation of India
Life Insurance Corporation of India, most commonly known as LIC is one of the most renowned insurance companies in India. It is a government-owned entity recognized for offering a range of unique life insurance products. The various products offered by LIC aim to meet the demands of different segments of society from every part of the country. LIC boasts of an impressive customer base of over 29 crore policyholders. LIC is a one-stop choice for its convenient services. It is powered by a digitally-enabled platform and has a wide presence across every city in India through its branch offices, divisional offices, and zonal offices.
Highlights: Acclaimed as the Best Life Insurance Company of the Year and Most Preferred Life Insurance Company of the Year
Max Life Insurance Co. Ltd.
Established in the year 2000, Max Life Insurance Co. Ltd. comes on the list of one of the biggest private life insurance companies in India. With a growing online presence and expanding product portfolio, Max Life Insurance stands out for its superior customer services. The company has a dynamic presence in several parts of the country. Backed by operations spread in 1090 offices across major cities, Max Life Insurance has achieved excellence in offering the fastest and highest claim settlement.
Highlights: Awarded as ‘Claims Service Leader’ and ‘Excellence in Claims Service’.
HDFC Life Insurance Company
HDFC Life Insurance Company, one of the top insurance companies in India is a joint venture between HDFC Ltd, a leading housing finance institution in India, and Standard Life Aberdeen, a global investment company. Founded in the year 2000, HDFC Life offers a wide array of insurance and investment solutions to various customer segments. HDFC Life serves its customers across the country through 412 branches and additional distribution touch points and assurance partners.
HDFC life insurance offers considerable flexibility with their insurance policies, at 99.07%, their claim settlement ratio is quite impressive as well. Click the link below to know more about the life insurance plans offered by HDFC.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is a combined venture between ICICI Bank Ltd. and the reputed financial services group, Prudential Corporation Holdings Limited. Incepted in the year 2000, ICICI Prudential Life Insurance has established a strong presence all over the country. It has become a household name in the insurance segment. The company is backed by a robust bancassurance channel and distribution network. ICICI Prudential Life Insurance has achieved massive appreciation for its customer-centric approach. Bringing long-term insurance products and saving plans to the public, the company is working to address the needs of a diverse consumer base. Considering its exceptional contribution, ICICI Prudential Life Insurance has been accorded with prestigious awards and accolades.
Highlights: Awarded ‘Life Insurance Company of the Year’ at India Summit and Awards in 2019.
Tata AIA Life Insurance Company
This is another co-venture between a leading business group Tata Sons Private Limited and a leading insurance group AIA Group Limited. In 2019, Tata AIA Life Insurance Company’s assets under management were stipulated to be INR 28,430 crores. Dominating the market as one of the trusted insurance companies in India, Tata AIA Life Insurance is known to offer a range of innovative insurance products for both protection as well as wealth generation. The insurance products from Tata AIA Life Insurance come with simple solutions and stand high for their superior customer service.
Bharti AXA Life Insurance Company
Established in the year 2006, Bharti AXA Life Insurance Company is a joint undertaking between Bharti Enterprises and the AXA group. The combined expertise of these renowned business groups has been fundamental in driving growth for Bharti AXA Life Insurance. Bharti Enterprise’s business proficiency in the Indian market and AXA Group’s financial competence have provided strong foundational support to the company. Today, the company has a nationwide network spread across 123 cities in India. Additionally, it also enjoys a profound customer base of more than 10, 50,000 policyholders. Right from simple protection plans to group plans, Bharti AXA Life Insurance Company offers you diverse solutions with the convenience of online operated platforms.
Bajaj Allianz Life Insurance Company
Established in the year 2001, Bajaj Allianz Life Insurance Company is a result of an alliance between Allianz SE and Bajaj Finserv Group. Bajaj Allianz is popular masses for its professional and prompt customer services. Moreover, to reach out to every segment of society, the company has extended its branches across 759 locations. The insurance solutions offered by Bajaj Allianz are crafted uniquely to fulfill of demands of today’s consumers. For its exceptional services in the insurance segment, Bajaj Allianze has got many awards to its name.
SBI Life Insurance Company
An alliance between India’s leading bank, State Bank of India (SBI), and French Financial Services Company, BNP Paribas Cardif led to the formation of SBI Life Insurance Company. Initially, started as a bancassurance company SBI Life Insurance has now diversified into a multi-channel distribution network. Bringing product innovation and prompt services to customer’s desks, the company is seeking expansion rapidly. It has also won many industry titles and awards for its distinguished services.
Reliance Nippon Life Insurance Company
Making insurance accessible to every household, Reliance Nippon has achieved a strong position in the market. It is one of the most trusted insurance companies with an exceptional track record of offering bespoke solutions to cater to the needs of people from different segments. To date, Reliance Nippon Life Insurance has extended its services to more than 10 million people and has a vast distribution network with 727 branches. Reliance Nippon has made efforts to come up with insurance solutions that work to meet the individual needs of consumers. Presently, the company’s assets under management stand at INR 20,281 Cr.
AEGON Life Insurance Company
Incepted in the year 2008, AEGON Life Insurance is a relatively new player in the market. However, despite its short duration, the AEGON has made a name for itself. It is placed among the top insurance providers. The AEGON Life Insurance Company is backed by a diverse portfolio and robust digital network.
Conclusion
The aforementioned companies are some of the best insurance companies in the life insurance and general insurance segment. Pick an insurance company that offers you products to fulfill your specific insurance needs. There are a variety of insurance plans so make sure to perform due diligence before making a decision.
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