Insurance Companies in India - Life & General Insurance Companies

The best part of an insurance policy is, it provides financial aid depending upon the specific requirement of an individual, this can vary from person to person, and what could be beneficial for someone can turn out to be totally useless for someone else.

For any individual who is a newbie to this field, the concept of insurance seems a little complex. Let us simplify it a bit for you all - when you buy an insurance policy, you come into a contract with the insurer to provide you with financial aid in return for this you are required to pay off regular premiums. The insurance policy protects you against the uncertain events of life which might leave adverse effects on you or your family.

Also, what makes insurance a little complex is so many varieties to choose from and the calculation for the policy period, cover amount, premium pay, etc. However, you can make a decision of buying term insurance by doing thorough research online. You can compare plans, benefits, limitations, along with the comparison between top-notch insurance companies- this can help you make a better decision based on your requirements and future life goals.

Earlier, in India, only two Insurance companies were available, namely– Life Insurance Corporation of India and General Insurance Corporation of India. However, now in India, the insurance industry has 34 General insurance companies and 24 life insurance companies with many benefits as well as customized offers to financially safeguard individuals against life's uncertain events. Many companies have joined their hands with international firms to provide better service to people.

List of Life Insurance Companies in India

1. Aditya Birla Sun Life Insurance

   Aditya Birla Sun Life Insurance Company Limited is a subsidiary of Aditya Birla Capital Ltd and a joint venture between the Aditya Birla Group of India and the Sun Life Financial Inc. of Canada. It has over 600 branches established in over 500 cities in India. ABSLI was the first one t introduce the concept of a free-look period even before the IRDAI made it mandatory. The company has pioneered the launch of ULIPs - Unit Linked Insurance Plans in India. It caters to offer financial support for your retirement solutions, child's education, health, and wellness solutions, and even provide customized group product to help you get secured as per your budget and requirements. 

2. Aeges Federal Life Insurance

   Founded in 2008 Aeges life insurance company is a joint venture between Federal Bank and a multinational insurance company based out of Europe, Ageas. It is one of the fasted growing insurance companies in India. The company's main goal is to offer good wealth management, protection, and the best retirement solutions to customers.

3. Aegon Life Insurance

   AEGON life insurance co. ltd. began its operations in India in July 2008. Since its operations, the company has proved itself to be very customer-centric. Aegon life insurance is a joint venture between Aegon and Bennett, Coleman & Company. Aegon Life works on a multi-channel distribution strategy to aid its customers to plan a secure life. Currently, the company serves more than 4.4 lakh customers across India and its headquarter is located in Mumbai. The company offers several plans - the most popular plans are, endowment plan, ULIP plan, protection plan, child plan, ruler plan, term plan, etc.

4. Aviva Life Insurance 

   Aviva India life insurance company is a joint collaboration between Dabur India and Aviva Plc. (UK-based insurance company). It was founded in 2002 and now it has over 33 million customers in 16 countries and it has over 107 branches spread across 3000 locations in India. The main objective of Aviva Life Insurance is to provide customized solutions to its customers. The company was the first company to introduce the unitized with profile plan in the market. This has made the plans very economical for the buyers. From ruler plan to term plan and to group insurance plan, the company offers a wide variety of plans to the customers. 

5. Bajaj Allianz Life Insurance

   Founded in 2001 Bajaj Allianz life insurance is a joint venture between Bajaj Finserv Ltd. and European financial services company Allianz SE. The company's goodwill is built upon two factors- one, its record of 92.04% claim settle ratio for the year 2017-18, and two, its technical experience over the years to provide only the best to the customers. It has its branches in more than 638 cities and towns in India. The company offers a wide range of policies right from child plan and ULIP to Group and term insurance.

6. Bharti AXA Life Insurance 

   Founded in 2006 Bharti AXA life insurance company is a joint venture between Bharti Enterprises and AXA Group. It was formed with an objective to offer a huge array of innovative products and services to aid the customers to meet their financial needs. With its continuous promising work, the company became the most trusted insurer by 2020.  It holds a record of 97.28% claim settlement ratio in the year 2017-18 and 100% grievances settlement ratio in the year 2015-16. The company operates from 123 offices spread across different cities in India. The policies provided by Bajaj AXA life insurance various from traditional plans to investment plans and child plans to general insurance plans. 

7. Canara HSBC OBC Life Insurance

   Canara HSBC OBC life insurance is a joint venture between two public sector Indian banks Canara Bank, Oriental Bank of commerce, and one insurance company HSBC insurance holdings ltd. Canara HSBC OBC life insurance was launched in 2008 with an objective to provide its customers with financial security. The company holds a huge customer base- approximately 60 billion in numbers and over 7000 branches are spread all over the world. It is one of the most leading insurance companies to promote the Bancassurance model in India.

8. Edelweiss Tokio Life Insurance          

   Edelweiss Tokio life insurance company is a joint venture between Edelweiss Group of India and Tokyo Marine holding of Japan. It was established in 2011 with a comprehensive plan to offer protection policies to cater to the emergency needs of individuals. The company provides life insurance plans with effective riders and promises high returns along with guaranteed interest payments. The company follows an approach of 5 prongs namely- convenience, communication, fairness, transparency, and commitment to deliver the best service and products to customers.

9. Exide Life Insurance

   Exide life insurance company was earlier known as ING Vysya life insurance company ltd. The company has over 15 lakh customers nationwide and it holds its 100% stakes. It was founded in 2000 and the company has shown gradual growth over the years. It has 200 offices across the country and over 3500 advisors support the company. The company believes in providing services more than just life insurance and that included customized or need-based plans to help people get financially secure in the long run.

10. Future Generali India Life Insurance

    Future Generali India life insurance provides a wide array of insurance plans to customers which can be customized as per their requirements and lifestyle goals. Whether it is ULIP, term insurance, or any traditional plan, one can get any plan they wish for at an affordable rate. The company was established in 2007 and is a joint venture between Generali Group & Future Group and Industrial Investment Trust Limited. Since its establishment, the company has sourced over 11 lakh policies in India by operating from approximately 75 branches that are spread across different cities of the country.

11. HDFC Life Insurance

    Founded in 2000 HDFC life Insurance company is a joint venture between Housing Development Corporation Ltd and Standard Life. The company provides insurance plans to individuals and groups via products such as investment plans, health plans, savings plans, pension plans, women plans, and more. To cater to the needs of customers based on their needs, the company provides over 34 individual and 11 group products and additionally 8 optional riders which provide extra coverage in the long run (if added in the plan).

12. ICICI Prudential Life Insurance

    ICICI Prudential Life Insurance Company Ltd began its operations in the year 2001. It is a joint venture between one of the largest private sector banks in India and Prudential Corporation Holdings Limited. It is the first insurance company that was once listed on National Stock Exchange and Bombay Stock Exchange. The company holds a record of 97.88% claim settlement ratio for the year 2017-18. ICICI Prudential life insurance works on its objective of providing cost-effective products, and good customer service for a hassle-free experience. 

13. IndiaFirst Life Insurance

    IndiaFirst Life insurance company is a joint venture between two public sector banks Bank of Baroda, Andhra Bank, and a U.K-based investment company Legal & General Group. It was launched in 2010 by the then president of India Mr. Pranab Mukherjee. Its headquarter is located in Mumbai and it offers various types of insurance, investment, and traditional plans such as child policy, protection policy, pension policy, term policy, etc.

14. Kotak Mahindra Life Insurance

    Founded in 2001 Kotak Mahindra Life insurance company is a private life insurance company headquartered in Mumbai, India. The company hold a record of serving 15 million customers over the years and has 232 branches spread across 167 cities and towns in India. Around 99,275 agents supports this company. The company is very popular and built its goodwill over the period by providing outstanding need-based products and services to every customer.

15. Max Life Insurance

    Max Life Insurance was founded in 2001 and is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. The company was earlier known as Max New York Life Insurance company Ltd. The company has been operating via multi-channel distribution and offers long term protection in the name of plans like retirement plan, savings plan, child plan, group plan, etc. The company follows a customer centric approach and thus succeeds every year as the best investment expert in the market.

16. PNB MetLife India Insurance

    Founded in 2001, PNB MetLife India Insurance Company is a joint venture between MetLife International Holdings Inc., Punjab National Bank Ltd, Jammu & Kashmir Bank Ltd, M. Pallonji & Pvt. Ltd, and other private investors. Headquartered in Bengaluru, its corporate office is in Gurugram; apart from that, around 150 branches are spread across different places in India. So far, PNB MetLife holds the record of insuring 3.6 million lives in India. The company offers a wide array of plans such as ULIP Plan, money back plan, child plan, savings plan, retirement plan, etc.

17. Pramerica Life Insurance

    Pramerica Life Insurance began its operations in the year 2008. It is a joint venture between Dewan Housing Finance Corporation - Investments Limited and Prudential International Insurance Holdings. The company has over 138 branches spread across the nation. The company provides several insurance plans to individuals and groups however the company offers a maximum of 30 years’ tenure for few policies. It works on the objective of serve the customers with efficient, effective, and affordable life insurance plans with the highest cover possible.

18. Reliance Nippon Life Insurance

    Founded in 2001, Reliance Nippon Life Insurance company is a part of Reliance Group. It has over 1230 branches spread across the nation. The company is popular for providing tailor-made plans to individuals and groups to cater to their specific requirements. Approximately, 124,000 advisors support Reliance Nippon Life Insurance company. The company holds a record of 97.71% claim settlement ratio for the year 2018-19. It offers a variety of products ranging from Child plans, retirement plans, term plans to protection plans, investment plans, health plans, and so on. 

19. Sahara India Life Insurance

    Sahara India Life Insurance company was established in 2004 with an objective to serve every single individual of the society- right from the rural to the urban sector. The company works through the customer-centric approach and thus provides an extensive range of products such as Unit Link Plan, term insurance plan, endowment plan, group insurance, money back plan, etc. 

20. SBI Life Insurance

    Founded in 2001, SBI Life Insurance company is a joint venture between Stata Bank of India (The largest state-owned banking and financial service) and BNP Paribas Cardif (a French multinational financial services company). it was awarded as 'Life Insurance Company Of the Year' in 2016. Headquartered in Mumbai, SBI Life Insurance is popular for providing the best life insurance and pension products at affordable rates. 

21. Shriram Life Insurance

    Founded in 2005, Shriram Life Insurance Company is a joint venture between Shriram Group and Sanlam Group (a leading financial services group based in Cape Town, South Africa). The company operates from over 528 branches spread across different cities in India. In the year 2016, the company was awarded 'Bizz Americas 2016 awards’. Since its establishment, the company is working towards one main goal and that is to reach out to every single individual to aid them with financial security.

22. Star Union Dai-ichi Life Insurance

    Founded in 2009, Star Union Dai-ichi Life Insurance company is a joint venture between The Bank of India, Union Bank of India, and Dai-ichi Life Insurance Co. Ltd. of Japan. The company serves customers in the nation from social and economic backgrounds. Start Union Dai-ichi is a customer-centric company and offers several insurance products to help customers as per their needs. The company is constantly working towards providing a long-term commitment to its customers. 

23. Tata AIA Life Insurance

    Tata AIA Life Insurance Company was established in 2001 and is a joint venture between Tata Sons and the AIA Group. The company follows a customer-centric approach and provides an array of products to aid its customers. The policies include child plan, protection plan, savings plan, micro-insurance plan, group plan, etc. It holds a record of 98% claim settlement ratio for the year 2017-18. Also, it holds a credible record of 100% grievances settlement ratio for the year 2016-17. 

List of General Insurance Companies in India

1. Aditya Birla General Insurance

   Founded in 2001, Aditya Birla Insurance Brokers Limited is one of the most top insurance brokers in India. The company is licensed and regulated by the Insurance Regulatory and Development Authority of India (IRDAI). It is a joint venture between Aditya Birla Group and MMI Holdings of South Africa. As a General Insurance provider, the company offers comprehensive policy products like Motor Insurance, Health Insurance, Travel Insurance, etc.

2. Bajaj Allianz General Insurance

   Bajaj Allianz is a joint venture between Bajaj Finserv Limited (Bajaj Group of India) and Allianz SE (a German financial services company). The company was established 20 years ago i.e. in 2001. Bajaj Allianz General Insurance company has been doing a commendable job in reaching out to all types of customers. It was the first one to introduce 'Telematics Device' India- it is a device that can be installed in an insured vehicle to determine usage-based car insurance. Also, the company has initiated a cashless claim settlement policy to ease the overall customer experience. 

3. Bharti AXA General Insurance

   Founded in 20018, Bharti AXA Enterprises joined its hands with AXA Group and created Bharti AXA Insurance company. It has over 135 branches located in India. Bharti Enterprises is a leading business Group working in the sectors of financial services, telecom, retail, agri-business, and manufacturing. AXA Group is a world-renowned leader in insurance and asset management. As part of General Insurance, Bharti AXA provides its customers a wide range of policies such as vehicle insurance, travel insurance, health insurance, crop insurance, and other general products. 

4. Cholamandalam MS General Insurance

   Cholamandalam MS General Insurance is a joint venture between Murugappa Group (an Indian Conglomerate) and Mitsui Sumitomo Insurance Group (A Japanese Insurance Company). It was founded in 2001 and provides an extensive range of general insurance products like health, motor, travel, rural, engineering, liability, and so on to individuals, groups, and corporates. The company has over 105 branches spread across different cities in India. Approximately 6000 agents support this company from all over the nation. In 2011-12, the company was awarded for 'in time claims settlement' by the Ministry of Labour & Employment, Government of India. 

5. Digit General Insurance

   Digital General Insurance is popularly known as Go Digit. It was established with an objective to make insurance simple for everyone. It offers various non-life insurance products that provide coverage to your motor, health, home, travel, mobile, jewelry, etc. It was awarded Asia's General Insurance Company for the year 2019-20. It follows a multi-channel distribution of insurance plans. The insurance company has tie-ups with several market leaders namely- PayTm, Tanishq, Cleartrip, etc to reach a wide segment of society. It is the first one to become a digital insurer in India.

6. Edelweiss General Insurance

   Edelweiss Group takes pride in launching the Edelweiss General Insurance Segment. It is a home-grown multinational corporation. The company follows the customer-centric approach and thus has served millions of lives over the last 20 years with products/services ranging from debt capital market, commodities, retail finance, wealth management, financial market to asset management. The General Insurance segment was launched in 2016 and since then its plans offer caters to the need of individuals at affordable prices. The plans include motor insurance, home insurance, loan protection segment, fire insurance, health insurance, marine insurance, engineering insurance, etc.  

7. Future Generali General Insurance

   Founded in 2007, Future Generali General Insurance is a joint venture between Future Group (India's leading retailer), and Generali Group (Global insurance group). It was established in India with an aim to aid its customers to mitigate their financial needs. The company holds a record of approximately 2.10 claims every year. It has its branches in over 125 cities in India. It offers products to cater to the needs of customers via plans like motor, health, travel, lifestyle, commercial, rural, etc. 

8. IFFCO Tokio General Insurance

   IFFCO Tokio General Insurance Company Limited was founded in 2000 and is a joint venture between Indian Farmers Fertiliser Co-operative Limited (IFFCO, India's largest fertilizer manufacturer) and Tokyo Marine Group (Japan's largest insurance group). The former holds 51% share in the company and the latter holds the remaining 49% shares in the company. The company offers an extensive range of insurance products for individuals and as well as the corporate sector. For corporate it has products like property, liability, cyber, credit, error and omission insurance, and so on. For individuals, it offers products like vehicle, health, travel, home, etc. 

9. Kotak Mahindra General Insurance

   Kotak Mahindra General Insurance Co. Ltd was incorporated in 2015.  It is licensed and regulated by Insurance Regulatory and Development Authority (IRDAI). It started offering non-life insurance products to customers to aid them to mitigate their financial needs. The company also offers several types of the third-party liability insurance policy.

10. Liberty General Insurance

    Liberty General Insurance was incorporated in 2013 with an aim to offer complete insurance solutions to people in the retail, commercial, and industrial sector. It is a joint venture between Liberty Citystate Holdings PTE Ltd., Casualty Group, Enam Securities, and DP Jindal Group. The company provides non-life insurance plans like health, engineering, fire, marine, commercial, etc. 

11. National General Insurance

    Incorporated in 1906, National General Insurance operates as a subsidiary of General Insurance Corporation of India intending to fulfil nationalist aspiration of Swaraj. After 1972, National General Insurance Company Limited was formed by the merger of 21 foreign and 11 Indian companies. Headquartered in Kolkata, the company offers non-life insurance plans such as travel, health, home, motor, etc. It is the first company to offer customized general insurance plans to customers.

12. Navi General Insurance

    Founded in 2016, Navi General Insurance operates as a subsidiary of Navi Technologies. Earlier, the company was known as DHFL General Insurance. The company allows customers to get customized plans as per their needs and lifestyle goals. It serves more than 1.1 million customers and offers several general insurance plans such as Property, Motor, Health, Fire, Commercial, Gadget, and more.

13. New India Assurance General Insurance

    Headquartered in Mumbai, New India Assurance General Insurance Company was founded in 1919 by Sir Dorab Tata (from the houses of TATAs). It operates under the ownership of the Ministry of Finance, Government of India. It holds the record of more than ₹22.27 crore business worldwide. It has over 2452 workplaces, including 1339 small offices spread across different locations in India. The company offers comprehensive insurance products consisting of around 230 products. The company has been leading the market for many years with products like vehicles, health, rural, travel, marine, mobile, engineering, property, etc.

14. Oriental General Insurance

    Headquartered in New Delhi, Oriental General Insurance Company was founded in 1947. It operates as a subsidiary of erstwhile Oriental Government Security Life Assurance Company Limited. It has 31 regional offices and 1800 active branches in India. The company is not restricted to only India, the branches are spread across other nations namely- Nepal, Kuwait, and Dubai. It offers various general insurance products to aid individuals as well as corporations to mitigate their financial needs. The products include plans like mediclaim insurance, personal accident insurance, overseas mediclaim insurance, fire insurance, shopkeeper's policy, travel, motor, and so on.

15. Raheja QBE General Insurance

    Raheja QBE General Insurance Company got the certificate of registration from IRDAI in 2008 and now comes under the list of top leading insurance companies in India. Headquartered in Mumbai, the company is a joint venture between OBE Holding (AAP) Pvt Ltd and Prism Johnson Limited of Rajan Raheja Group. The company provides non-life insurance policies like Health Insurance, Motor Insurance, Corporate Insurance, etc.

16. Reliance General Insurance

    Reliance General Insurance was founded 20 years ago i.e., in August 2000. It has around 128 branches and over 27,888 intermediaries across the country. The company caters to the diverse non-life insurance needs of individuals, corporates, and small & medium scale enterprises. It offers a wide array of customizable insurance products such as travel plan, commercial plan, motor, health, property, gadget, and more. 

17. SBI General Insurance

    Founded in 2009, SBI General Insurance Company is a joint venture between State Bank of India and other investors namely- Axis Bank Asset Management Co. Ltd., Premji Invest, and Warburg Pincus Group. SBI General Insurance Company is one of the few insurance companies to encompass Bancassurance via a multi-channel distribution model. The company offers a range of insurance products to individuals and corporations at affordable prices. The non-life insurance products by SBI General Insurance include Motor Insurance, Health Insurance, Crop Insurance, Accidental Insurance, Vehicle Insurance, Travel Insurance, Aviation Insurance, Liability Insurance, Fire Insurance, Home Insurance, and more.

18. Shriram General Insurance

    Established in 2008, Shriram General Insurance is a joint venture between Shriram Capital Ltd (Indian International Financial Service Provider Company) and Sanlam Limited (A leading Financial Services Group of South Africa). The company operates with an objective to provide need-based products to cater to the requirements of customers. It offers non-life insurance plans that provide cover for weddings, assets, vehicles, health, crop, property, and more. 

19. Tata AIG General Insurance

    Tata AIG General Insurance is a joint venture between Tata Group and American International Group (AIG) and was formed in 2001. Tata AIG General Insurance has been working on a goal to provide customized insurance products to people to ultimately help them cover their unexpected losses. Headquartered in Mumbai, In 2013 the company was awarded the 'General Insurer Claims Team of the Year' by Claims Awards Asia. It offers non-life insurance products to individuals, private groups, artists, and even corporations. The wide range of Tata AIG General insurance company products includes Vehicle, Gadget, Accidental, Health, Crop, Credit, Liability, and more. 

20. United India General Insurance

    United Indian General Insurance company is a government-owned company and was founded in 1938. Headquartered in Chennai, in 1972, the merger of 12 Indian Insurance Companies, 4 Cooperative Insurance Societies, and 5 Foreign Insurers lead to the formation of United India General Insurance Company Ltd. It is still one of the finest insurance providers in the country. It has over 14,322 workplaces and around 2248 small offices spread across Indian regions. The company provides non-life insurance products that include marine insurance, liability insurance, industrial insurance, etc.

21. Universal Sompo General Insurance

    Founded in 2007, Universal Sompo General Insurance is a joint venture between 3 public sector Indian banks namely- Indian Overseas Bank, Karnataka Bank, Dabur Investment Corporation and a leading general insurer from Japan namely- Sompo Japan Insurance Inc. It provides a wide array of general insurance products for individuals and corporations intending to increase customer satisfaction by constantly improving their services/products. The offers products catering to Rural, Retail, and Corporate customer segments. The list includes Car, Health, home, Student Travel, etc. 

Difference Between Life Insurance and General Insurance

Insurance policies can provide you financial aid that you would require in an emergency. Since life is very uncertain, a solid financial backup is essential to safeguard the future of you and your family against unfavourable events. Over the decades, it is believed by many individuals that buying an insurance plan can be highly beneficial in the long run. Whether there is any medical emergency or an anticipated loss of an asset, one can recover the loss if one has an insurance policy beforehand. 

However, before you plan to buy an insurance policy, you must understand the nitty-gritty of this entire sector. In the Insurance Industry, insurance is categorized into two types- Life Insurance and General Insurance. While life insurance has been further categorized based on the benefits and some common customization, general insurance can be divided into many subcategories depending on the nature and requirements of insurance.

Let us simply put the distinction between life insurance and general insurance below: