The insurance market in India has grown tremendously in the recent decade. Today Indians realise the value of having the right insurance whether it is for a commodity or their own health. Hence there are a lot of companies providing this aid. Although the market is wide, there are some top players or top insurance companies in India whose growth has been immense and today they stand as market leaders. Check out the companies and further detail about them in the article below.
ICICI Prudential Life Insurance
In essence, Prudential Corporation Holdings Limited, a subsidiary of ICICI Bank, promotes ICICI Company. On the list of the top insurance companies in India, ICICI Prudential Life Insurance is ranked as the second-best provider.
Established in 2001, ICICI Prudential Life Insurance. Life insurance companies have since been using it. 96.68% is the claim settlement ratio for ICICI Prudential Life Insurance. In total, this life insurance company has paid out 11,546 claims as of this writing.
SBI Life Insurance
SBI Life Insurance Company is a partnership between BNP Paribas Cardiff, a French multinational bank and financial services provider, and the State Bank of India (SBI), the largest bank in India. SBI Life Insurance currently has a 20 billion rupee permitted capital (USD 290 million). SBI Life was first established as a bancassurance company and has now expanded to include other distribution channels. The business has been expanding every year because of its top-notch customer service and cutting-edge products. SBI Life has won numerous honours and awards for its services in the industry and undoubtedly stands as one of the best insurance companies in India.
Birla Sun Life Insurance Company
A division of Aditya Birla Capital Limited, Aditya Birla Sun Life Insurance Company was established in 2000. The Aditya Birla Group and Sun Life Financial, the top multinational provider of financial services in Canada, joined together to create the Aditya Birla Sun Life Insurance Company. One of the top insurance companies in India is Birla Sun Life, which provides a wide range of insurance options, from protection plans to pension plans, savings plans, and several new-age products. As of March 2021, the company had INR 5,26,151 million in total assets under management. The company has 386 locations, 6 distribution channels, 7 bancassurance partners, and more than 90,000 direct selling agents spread out across the nation. The Birla Sun Life Insurance Company has won numerous honours and recognitions for its ongoing contributions to the sector.
Kotak Life Insurance Company
With more than 30 million customers, Kotak Life Insurance Company is among the top and fastest-growing insurance companies in India. The parent business of Kotak Life Insurance is Kotak Mahindra Bank. Every segment of society can choose from a wide variety of insurance products that Kotak Life Insurance Company offers with distinctive advantages. The company currently offers 32+ products, 18 riders, 10 Unit Linked Investment Plans, and 9 group products. The Kotak Group has set numerous milestones in the financial services industry and has regularly received awards and recognition for its accomplishments.
Tata AIA Life Insurance Company
The largest business group in Asia, AIA Group Limited, and one of the largest business groups, Tata Sons Private Limited, have partnered to create the Tata AIA Life Insurance Company. By 2021, the assets under the management of Tata AIA Life Insurance Company had a total of 46,281 crores of Indian rupees. Tata AIA Life offers a wide range of insurance options, from wealth creation to protection, and is one of the most reputable insurance companies in India. Along with excellent customer service, the policies offer straightforward answers to special insurance needs.
AEGON Life Insurance Company
Dedicated to providing excellent customer service, AEGON Life Insurance Company employs knowledgeable staff members. To assist people in making better life decisions, the company, which was founded in 2008, employs a multi-channel marketing strategy.
The business has launched a number of services that are focused on giving clients access to strategies for achieving their financial objectives. Online term plans, group plans, endowment plans, ULIP plans, protection plans, child plans, retirement funds, saving plans, and ruler plans are some of the plans the company provides.
Shriram Life Insurance Company
Shriram Group and Sanlam Group formed a joint venture in 2005, which resulted in the creation of Shriram Life Insurance. The business serves the diverse needs of customers from various cities throughout the nation through a network of 630 branches spread across the various Indian states. The business takes pride in its cost-effective operations and effective use of capital. The company’s two main distinguishing characteristics are that it caters to the economically underprivileged segments of society and focuses on the ruler market. The company offers a number of plans, and the longest tenure of a policy can be up to 25 years. The eligibility requirements range from a minimum of 18 years to a maximum of 65 years. The business growth & size resulted in it landing on the list of the top insurance companies in India.
Star Union Dai-Ichi Life Insurance Company
In a joint venture, The Bank of India, Union Bank of India, and the Japanese life insurance company Dai-Ichi Life, Star Union Dai-Ichi Life Insurance Co. Ltd. was established. The business offers its clients a broad selection of insurance products. Numerous customers and clients from various economic and social backgrounds are served by Star Union Dai-Ichi Life Insurance all over the nation. The business has long since gained the trust of its customers by promising a long-term commitment to them. As a business that prioritises its customers, it provides a range of products, including term and savings plans as well as wealth and protection plans, child plans, pension plans, and credit life plans.
LIC Insurance Corporation Of India
The oldest provider of life insurance policies is LIC Insurance Corporation Of India. Basically, 1956 was the year when this business was formed. A life insurance plan is offered offline by LIC Insurance Corporation of India. Company of LIC Insurance
The LIC Insurance Corporation offers a wide variety of products, including endowment plans, term assurance plans, money-back plans, pension plans, unit-linked plans, group schemes, children’s plans, special plans, and others. This company’s life insurance policy has an overall claim settlement ratio of 98.31%. This life insurance firm has so far paid out 7,42,243 claims, or 7,42,243 total.
