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Insurance is a nascent area in India offering wide potential for worldwide players. The life insurance premium account to 2.5% of GDP of the nation and the premiums of general insurance is 0.65% GDP. The sector of insurance is going through various changes and as the Indian government permits private companies the scenario received a boost. The insurance companies in India such as LIC, ICICI Prudential, Bajaj Alliance, and many more are booming and the top insurance companies are the one that is doing roaring business in India.
Top 10 Insurance Companies in India
The best insurance policies in India are offered by giant companies, namely
1. Life Insurance Corporation of India (LIC)
LIC is the largest and is popular with over 2048 branches all over India. LIC still remains the top with new players entering with customized insurance products. It has gained credibility and consumers trust that it is able to sustain the insurance business having estimated assets worth Rs.8 trillion.
2. AIG Tata LIC Ltd
AIG Tata offers various insurance plans for everyone, children to senior citizens. This LIC is a joint venture with the American International Group and Tata Group.
3. HDFC life Insurance Co. Ltd (Standard)
HDFC Life specializes in providing an array of solutions for individuals and groups. This is a joint-venture between UK based Standard Life and HDFC Ltd, the leading finance institution.
4. Birla Life Insurance Co. Ltd (Sun)
Birla is the only and first insurance company initiating insurance business in association with Business Continuity Plan and helping small companies grow bigger. This is a life insurance that is collaboration between Sun Life Financial Inc and Aditya Birla Group.
5. SBI Life Insurance Co. Ltd
SBI Life Insurance makes highest profit and is the life insurance offering plans matching different segments from urban to rural divisions.
6. ICICI Life Insurance Co. Ltd (Prudential)
ICICI Prudential Life Insurance is India's trusted private sector insurance company having collaboration with UK based Prudential Group.
7. Bajaj Allianz Life-Insurance Co. Ltd
Bajaj Allianz offers life and general insurances and is the largest insurers in the world.
8. Kotak Mahindra Old Mutual Life Insurance Limited
Kotak Mahindra is committed to offer investment-based policies identical to mutual funds and ULIPs, to name a few.
9. Max New York Life Insurance Co. Ltd
Max New York Life Insurance offers outstanding combination covers. It has ISO: 9001:2000 certifications.
10. Future Generali Life Insurance
Future Generali is offering comprehensive plans for groups and individuals and is becoming more competitive.