Leading Insurance Companies in 2020.

1. INDIA…Presented By :-Rahul (190101010047).
Aniket (190101010029).
Diksha Verma (190101010081).
Presented To :-Mrs. Poonam Kaushik.
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2. CONTENTS….
• Introduction-Insurance.
• Meaning & Definition of Insurance.
• Why Insurance ?
• Functions of Insurance:-
i. Primary
ii. Secondary
• Nature of Insurance .
• Scope of Insurance.
• Leading Insurance Companies in INDIA.
• At a Glance.
• Bibliography. 2

3. INSURANCE - INTRODUCTION
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4. 4

5. WHAT IS INSURANCE
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7. DEFINITION OF INSURANCE
•Insurance is a legal contract between two
parties- the insurance company (insurer) and
the individual (insured), where in the insurance
company promises to compensate for financial
losses due to insured contingencies in return
for the premiums paid by the insured
individual.
•Insurance is a federal subject in India.
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8. WHY INSURANCE ?
To provide security
Old age pensions
As an Investment or Saving Mechanism
As a controller of Loans
For Taxable benefits
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9. FUNCTIONS OF INSURANCE
Functions
of
Insurance
Primary Secondary
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10. PRIMARY FUNCTION
•Provide Protection
•Assessment of risk
•Collective bearing of risk
•Savings and investment
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11. SECONDARY FUNCTIONS
•Prevention of Losses
•Small capital to cover large risks
•Contributes towards the development of
large industries
•Source of Earning Foreign Exchange
•Risk Free Trade
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12. NATURE OF INSURANCE
Contract
Consideration
Co-operative Device
Protection of financial risks
Risk sharing and risk transfer
Based upon certain principles
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13.  Regulated by Law
Value of Risk
Payment at contingency
Insurance is not gambling
Insurance is not a charity
Investment portfolio
CONT.….
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14. SCOPE OF INSURANCE
Life Insurance
Motor insurance
Health insurance
Travel insurance
Property insurance
Mobile insurance
Bite-size insurance
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15. LEADING INSURANCE COMPANIES IN
INDIA..
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16. *NOTE:-
FOLLOWING IS THE LIST OF INSURANCE
COMPANIES IN INDIA WHICH HAVE BEEN
APPROVED BY THE INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY OF INDIA (IRDAI)
WHICH IS A STATUTORY BODY REGULATING AND
PROMOTING THE INSURANCE AND RE-INSURANCE
INDUSTRIES IN INDIA.
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17. LIFE INSURANCE COMPANIES
S. No. Life Insurance Companies in India
1 Aditya Birla Sun Life Insurance Company
2 Aegon Life Insurance Company
3 Aviva Life Insurance Company
4 Bajaj Allianz Life Insurance Company
5 Bharti AXA Life Insurance Company
6 Canara HSBC OBC Life Insurance Company
7 Edelweiss Tokio Life Insurance Company
8 Exide Life Insurance Company
9 Future Generali India Life Insurance Company
10 HDFC Life Insurance Company
11 ICICI Prudential Life Insurance Company
12 IDBI Federal Life Insurance Company
13 India First Life Insurance Company
14 Kotak Mahindra Life Insurance Company
15 Life Insurance Corporation of India Company
16 Max Life Insurance Company
17 PNB MetLife India Insurance Company
18 Pramerica Life Insurance Company
19 Reliance Nippon Life Insurance Company
20 Sahara India Life Insurance
21 SBI Life Insurance Company
22 Shriram Life Insurance Company
23 Tata AIA Life Insurance Company
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18. NON-LIFE INSURANCE COMPANIES
S. No. Life Insurance Companies in India
1 Acko General Insurance Limited
2 Bajaj Allianz General Insurance Company
3 Bharati AXA General Insurance Company Limited
4 Edelweiss General Insurance Company Limited
5 Navi General Insurance Company Limited
6 Cholamandalam MS General Insurance Company Limited
7 IFFCO Tokio General Insurance Company Limited
8 ICICI Lombard General Insurance Company Limited
9 Kotak Mahindra General Insurance Company Limited
10 Liberty General Insurance Limited
11 Magma HDI General Insurance Company Limited
12 National Insurance Company Limited
13 Raheja QBE General Insurance Company Limited
14 Reliance General Insurance Company Limited
15 Royal Sundaram General Insurance Company Limited
16 SBI General Insurance Company Limited
17 Shriram General Insurance Company Limited
18 Star Health and Allied Insurance Company Limited
19 Tata AIG General Insurance Company Limited
20 The New India Assurance Company Limited
21 The Oriental Insurance Company Limited
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19. • Life Insurance Corporation of
India (abbreviated as LIC) is an Indian state-
owned insurance group
and investment corporation owned by
the Government of India.
• The Life insurance Corporation of India was
founded on September 1, 1956, when
the Parliament of India passed the Life
Insurance of India Act that nationalized the
insurance industry in India. Over 245 insurance
companies and provident societies were merged
to create the state-owned Life Insurance
Corporation of India.
• As of 2019, Life Insurance Corporation of India
had total life fund of ₹28.3 trillion. The total value
of sold policies in the year 2018-19 is ₹21.4
million. Life Insurance Corporation of India
settled 26 million claims in 2018–19. It has 290
million policy holders.
Products •Life insurance
•health insurance
•investment management
•banking
•mutual fund
Revenue ₹337,000 crore (US$47 billion)
Operating income ₹32,241 crore (US$4.5 billion)
Net income ₹29,956 crore (US$4.2 billion) (2019)
Total assets ₹3,111,847
Owner Government of India (100%)
Number of
employees
111,979 (Mar 2019) 19

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21. • Aditya Birla Health Insurance
Company Limited is a subsidiary of
Aditya Birla Capital Limited. Aditya
Birla Health Insurance Company was
incorporated in 2015 in which Aditya
Birla Capital Limited and MMI
Strategic Investments hold 51% and
49% shares respectively. As of June
2020, Aditya Birla Capital limited
manages an aggregate asset under
management around INR 2,560
billion. 21

22. • Bajaj Allianz General Insurance Company
Limited was incorporated in the year 2001
and is headquartered in Pune,
Maharashtra, India. The company is a joint
venture between Bajaj FinServ Limited and
Allianz SE holding 76% and 26% shares
respectively. The company has an
authorized and paid up capital of INR 140
Crores. IT has registered 28.1% increase in
its net profit and revenue growth of 15.6%
over the last fiscal year.
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23. • Star Health and Allied Insurance Company
limited was formed as a joint venture of ICICI
Ventures, Oman Insurance Company,
Sequoia Capital, Alpha TC holdings and Tata
Capital Growth Fund in the year 2006. The
company has 9,900 network hospitals, 2.95+
lakhs agents and over 4.9 million claims
settled since its inception. The company has
been awarded ‘Best BFSI Brands 2019’ by
Economic Times.
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24. SBI General Insurance Company Limited
is a collaboration of State Bank of India
and Insurance Australia Group (IAG)
which commenced its operations in
2010. It has SBI network of 22000+
branches in over 125 branches across
India. The company has over 6.8
customers served till date. It has over
6000 network hospitals.
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26. TOP 15 COMPANY’S RECENT CLAIM
SETTLEMENT DATA
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27. Sl. No. Company Name Claim Settlement Ratio (2017-
18)
Claim Settlement Ratio (2018-
19)
Premium (in INR)
1. Life Insurance Corporation of India 94.45% 97.79% 17,228
2. Max Life Insurance Company 95.26% 98.74% 10,148
3. HDFC Life Insurance Company 88.63% 99.04% 12,478
4. ICICI Prudential Life Insurance 92.03% 98.58% 12,502
5. Tata AIA Life Insurance Company 94.00% 99.07% 9,912
6. Bharti AXA Life Insurance
Company
96.29% 97.28% 9,440
7. Bajaj Allianz Life Insurance
Company
83.94% 95.01% 14,067
8. SBI Life Insurance Company 92.13% 95.03% 15,070
9. Reliance Nippon Life Insurance
Company
86.11% 97.71% 11,012
10. AEGON Life Insurance Company 94.58% 96.45% 8,331
11. Aviva Life Insurance Company 92.25% 96.06% 9,007
12. Aditya Birla Sun Life Insurance
Company
90.51% 97.15% 10,270
13. Kotak Life Insurance Company 88.88% 97.4% 9.558
14. PNB MetLife Insurance Company 82.40% 96.21% 10,146
15. Canara HSBC OBC Life Insurance
Company
92.03% 94.04% 9,491
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Top 10 General Insurance Companies as per Claim SETTELMENT

30. AT A GLANCE..
• So, today we’re discussed about what is
Insurance, its nature & scope, also we
discussed about Primary & Secondary
Functions of Insurance.
Also as well as India's Main Leading
Insurance corporates (Life Insurance
Co. & Non-Life Insurance Co.).
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31. BIBLIOGRAPHY
• Policy Bazar.com
• Wikipedia.com
• goOgle.com
• SlideShare.com
• turtlemint.com
• PolicyX.com
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33. ANY QUERY
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