Life Insurance Companies in India

Life Insurance Companies in India – List & IRDA Ranking 2019

In January 1956 there were around 245 Life Insurance Companies in India.

In 1818 Life insurance business was started in India.

To protect the interests of the policy holders the Government of India introduced the Insurance Act in 1938.

Life Insurance Companies in India

Opening up of Insurance Sector

In 1999, (IRDA) was formed. IRDA is an autonomous body to regulate and develop the insurance business in the country.

The insurance market was opened in 2000 by the IRDA.

It allowed both Indian and foreign companies to transact business in India.

The foreign participation is limited to 26% as of now.

Post IRDA period

Many private companies started operations in India from 2000.

Presently there are 23 private life insurance companies in addition to the public sector LIC.

Most of the private companies are having a tie up with one of the foreign partner company.

Formation of LIC in India

In 1956 Life Insurance Corporation of India (LIC) was formed.

The government took decision of nationalizing the life insurance business.

They also decided to take over all these existing companies.

Life Insurance Companies in India

Top 10 Life Insurance Companies in India – 2019 list
Below list of LIC is on Basis of Claim Settlement Ratio

1. Bajaj Allianz Life Insurance Company Limited

It is a union between Allianz SE and Bajaj Finder.

Allianz SE is one of the largest Insurance Company.

2. Birla Sun Life Insurance Company Limited

It is a joint venture between Sun Life Financial Inc and Aditya Birla Group.

It is one of the leading international financial services organizations from Canada.

3. HDFC Life Insurance Company Limited

It is a joint venture between HDFC and Standard Life.

HDFC is India’s premier housing finance company.

Standard Life is a leading provider of investments & long-term savings.

It is headquartered in Edinburgh.

4. ICICI Prudential Life Insurance Company Limited

It’s a joint venture between ICICI Bank and Prudential plc.

ICICI Bank is a premier financial powerhouse in India.

Prudential plc is a leading international financial services group headquartered in UK.

5. Exide Life Insurance Company Limited

It has headquarters in Bengaluru.

It is owned by Exide Industries Limited which is an Indian battery manufacturing company.

6. Life Insurance Corporation of India

LIC is market leader in India even after 17 years of privatization of insurance sector.

It has 2048 branch offices in the country and 992 satellite offices & 300 mini offices.

7. Max Life Insurance Company Limited

It is a joint venture between Mitsui Sumitomo Insurance Co. Ltd and Max India Ltd.

Mitsui is a member of AD&MS Insurance Group. Max India is a leading Indian multi-business corporate.

8. PNB MetLife India Insurance Company Limited

It is a joint venture where Punjab National Bank (PNB) and MetLife Inc.

They are the majority shareholders.

9. Kotak Life Insurance Company Limited

It is a joint venture between Old Mutual plc and Kotak Mahindra Bank Ltd.

Old Mutual provides asset management, banking, life assurance & general insurance in Africa, the Americas, Asia & Europe.

10. SBI Life Insurance Company Limited

SBI Life is a joint venture between BNP Paribas and State Bank of India.

BNP Paribas is a leading financial services group based out of France.

Largest public sector bank in India is SBI.

IRDA Ranking of Insurance Companies in India

Life insurance companies is not rank by IRDA.

It considers every company as equal.

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