When we look at the remarkable economic development India has made over the past two decades, one certainly can’t refute the noteworthy input insurance companies have submitted. The fact that we are talking about only the past two decades is because till the year 1999, there was no private participation in the insurance sector in India. However, ever since liberalization, the market has seen a new perspective with the Indian economy witnessing a tremendous intensification in financial services. In the past 15 years, the following insurance companies have been an engine of overall aggregate growth of the Indian economy. Read in what follows, the top 7 insurance companies in India today:
7. Max Life Insurance
Founded in 2000 by Analjit Singh, Max Life Insurance is a joint business enterprise between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. The private insurance company presently offers 22 products for individuals and 4 products in group insurance business. The company eyes to become the most admired life insurance company in India and has shown tremendous growth in past decade. Valued for its customer satisfaction, it has a strong distribution network spread across 1,000 Indian cities. With a market share of 8.6%, the company reported a rise of 17% and a profit tax of 869 crores for the year ended March 2013.
6. HDFC Standard Life Insurance
With more than 16000 employees, HDFC Life is acooperativeventure between HDFC and Standard Life with a share of 72.37% and 27.63% respectively. Established in 2000, the private company has more than 500 branches in India and has 37 retail and 8 group products with 9 optional rider benefits. The company aims to offer best value for money and consistently focused on setting benchmarks in the industry. Because of their remarkable commitment for work, they’ve posted Rs 725.3 crore profit in 2013-14 and won various awards and recognitions in past 14 years.
5. Tata AIG Life Insurance
Established in 2001, Tata AIG Life is a joint venture between the Tata Group and American International Group that provides both corporate and personal insurance services. The insurance group avails their products through channels like agents, brokers, banks and has more than 2000 qualified professionals in over 160 locations. The company takes Integrity, Understanding, Excellence, Unity and Responsibility as their five core values and is committed to improving the quality of life of their customers. Tata AIG won the best company award for insurance services in 2012 and eyes 15% premium growth by 2015.
4. ICICI Prudential Life Insurance
Operational since 2000, ICICI Prudential Life is a combined venture between ICICI Bank and Prudential plc from UK. The company aims to understand the needs of customers and known for developing superior risk management and investment strategies with transparency in all their dealings. ICICIPrudential Life valuesIntegrity, Customer First, Boundary less, Humility, and Passion as they keystones. The insurance company reported assets under management of over Rs. 80,000 crores till March 2014 and garnered total premium of Rs. 12429 crores.
3. Birla Sunlife Insurance
Birla Sun Life Insurance Company Limited is a mutual enterprise between the Aditya Birla Group and Sun Life Financial Inc from Canada. In past decade or so, the company has provided with several insurance products including pure term plan, life stage products, health plan and retirement plans. The Economic Times Group ahs ranked the company as the 3rd Most Trusted Life Insurance Company in the world. The group operates in 36 countries with a workforce of more than 133,000 employees. Although, the previous financial year wasn’t the best for the company, stakes are set really high till the end of this year.
2. SBI Life Insurance
With nearly7,334 on-roll employees and 96,000 agents, SBI Life Insurance is the second most reliable name among insurance firms in India. Established in 2001, SBI Life insurance is a combined business enterprise life insurance company between State Bank of India and BNP Paribas Assurance with shares of 74% and 26% respectively. SBI Life offers a wide range of services with several products over online, heath, group and individual plans. SBI Life posted a 19% growth rate in previous financial year with net profit to Rs. 740 crore and increase by 14.5
1. Life Insurance Corporation of India (LIC)
Distinct to the above mentioned brands, LIC is an Indian state-owned insurance group and investment company that was established in 1956. Presently, the company has an estimated asset value of US$270 billion with total life funds of Rs. 1433103.14 crores. Ever since its establishment, the company has monopolized over the Indian insurance market for nearly 45 years and still prevails as the leading name in the country. The Company has 8 zonal offices, 2,048 branches and 992 satellite offices and corporate offices and a network of 1,337,064 individual agents. The last financial year was by far the best for the insurance company posting a record profit of Rs 20,000 crore and was the highest in past ten years.