Life insurance is a contract where insurers have to pay a designated beneficiary amount of money upon the death of the insured person. The policy holder has to pay a premium regularly or as a lump-sum amount. Depending on the contract, various sorts of expenses such as terminal illness or critical illness or funeral expenses are covered in the premium. There are various types of insurance policies in the market offered by different life insurance companies in India, mentioned below are the few amongst them:

  • Term Insurance Policy – This policy protects the person insured for a specific period of time.
  • Endowment Policy – This is the policy in which the beneficiary gets the sum assured in case of death or if insurer survives then also premiums are paid back with other investment returns and benefits.
  • Money Back Policy – This insurance policy gives periodic payments during the term of policy.
  • Retirement and Pension – The policy provides protection against financial risks and money in the form of pension at regular intervals.

List of Life Insurance Companies in India:

 

Life Insurance Companies in India

There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies. Many of these are joint ventures between public/private sector banks and national/international insurance-financial companies.

Private life insurance companies in India got access to the life insurance sector in the year 2000. Most private players have tied up with international insurance giants for their life insurance foray.

State-owned LIC is the biggest life insurer in the country with an approximate market share of 52.7%. ICICI Prudential Life is the market leader among private life insurers.