Top #10 insurance companies in India:
1. Life Insurance Corporation of India
Life Insurance Corporation of India popularly known as LIC is the largest life insurance company in India owned by the Government of India. LIC, one of the top 10 insurance companies in India, came into existence in the year 1956. LIC makes insurance accessible for every person in any corner of the country with 2048 branch offices, 113 divisional offices, 8 zonal offices and 1381 satellite offices. Currently, LIC’s total asset under management is INR 3,111,847 crores (USD 450 billion). LIC being the dominant insurance player has a huge customer base of over 29 crores policyholders. LIC is a trusted insurance brand that offers great convenience to its customers through its excellent customer services on the digital platform and also through branch offices and various other tie-ups. LIC offers numerous life insurance products that can meet the unique needs of a variety of customer segments. For all the milestones it has achieved, LIC has been consistently recognised and awards. Following are some of the awards received by LIC:
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LIC has been consistently winning the Reader’s Digest Trusted Brand Award
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According to the Brand Trust Report, LIC has been consistently voted as ‘India’s Most Trusted Brand’ in BFSI category
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LIC has won ‘Best Life Insurance Company of the Year’ and ‘Most Preferred Life Insurance Company of the Year award.
2. Max Life Insurance Company
Max Life Insurance Company Limited (formerly known as Max New York Life Insurance Company Limited) is a life insurance company in India. The company is a subsidiary of the publicly listed Max Financial Services and is the largest non-bank private-sector life insurer in India. It was founded in 2000 after the liberalization of the insurance sector in India and its operations began in 2001. Analjit Singh, founder of Max Healthcare, is the chairman of Max Life Insurance.[1] The company is headquartered at New Delhi.
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Industry |
Financial Services and Insurance |
|---|---|
|
Founded |
2000 |
|
Headquarters |
New Delhi |
|
Net income |
INR 440 crore |
|
Total assets |
INR 65,825 crore |
3. HDFC Life Insurance Company
HDFC Life Insurance Company, HDFC is also banking sector company and one of the top insurance companies in India is a joint venture between HDFC Ltd, leading housing finance institution in India and Standard Life Aberdeen, a global investment company. Founded in the year 2000, HDFC Life offers a wide array of insurance and investment solutions to various customer segments. HDFC Life serves its customers across the country through 412 branches and additional distribution touchpoints and bancassurance partners. With strong digital platform, services are accessible easily to the customers. HDFC Life has received many awards for its continuous contribution to the Indian Insurance Industry. Following are some of the details:
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HDFC Life is ranked as ‘Most Valuable Private Life Insurance Indian Brand’
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HDFC Life has received ‘Creative Excellence Award’ at INDIAA awards 2018
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HDFC Life has received ‘Best Life Insurance Company’, ‘Best Analytic Initiative of the Year’ and ‘Best Underwriting Initiative of the Year’ at BFSI awards.
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HDFC Life is recognised as the Best 50 PCI Companies for 2019
HDFC life insurance offers considerable flexibility with their insurance policies, at 99.07%, their claim settlement ratio is quite impressive as well. Click the link below to know more about the life insurance plans offered by HDFC.
4. ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Founded in the year 2000, ICICI Prudential Life is one of the best insurance company in India having its presence all over the country today with its strong bancassurance channel and multiple distribution channels. Total assets under management of the company are INR 1,604.10 billion. With the customer-centric approach, ICICI Prudential Life offers various long-term protection and savings plans for a diverse customer segment. For its excellence in the field of insurance, ICICI Prudential Life Insurance Company has been receiving many accolades and awards. Let’s take a look at a few of such recognitions.
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ICICI Prudential Life has received ‘Life Insurance Company of the Year’ award at India Summit and Awards 2019
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ICICI Prudential Life has received ‘Life Insurance Provider of the Year’ by Outlook Money Awards 2018
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ICICI Prudential Life has received ‘Best Term Insurance Provider of the Year’ award by Money Today Financial Awards 2017-18
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ICICI Prudential Life is awarded as ‘Best Customer Orientation in Life Insurance’ award by Emerging Asia Awards 2018
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ICICI Prudential Life is awarded as ‘Best Growth in Life Insurance’ category by Emerging Asia Awards 2018
5. Tata AIA Life Insurance Company
Tata AIA Life Insurance Company is a joint venture between Tata Sons Private Limited, one of the largest business groups and AIA Group Limited, Asia’s largest insurance group. Tata AIA Life Insurance Company’s asset under management in 2019 is INR 28,430 crores. Being one of the trusted insurance brands in India, Tata AIA Life offers numerous insurance solutions starting from protection to wealth creation. The policies provide simple solutions for unique insurance needs along with excellent customer service.
5. Bharti AXA Life Insurance Company
Bharti AXA Life Insurance was founded in the year 2006. It is a joint venture between AXA Group and Bharti Enterprises. Strong financial expertise and domestic business excellence of these companies have laid a strong background for the company. Bharti AXA Life has introduced various innovative insurance products to cater to the unique needs of customers. Bharti AXA Life’s distribution network is spread across 123 cities in the country. The company has a customer base of more than 10, 50,000. The company offers various plans starting from protection plan to save, health and group plans and most of them are offered conveniently on an online platform.
Bharti AXA won the ASSOCHAM Award in March 2019 in recognition of excellence in the field of insurance! To browse through the various plans offered by them, click on the link below.
7. Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance Company founded in the year 2001 is a joint venture between Bajaj Finserv Limited of Bajaj Group. Bajaj Allianz Life has 759 branches across the country to offer innovative insurance solutions to various customer segments. Bajaj Allianz Life Insurance is known for its strong innovative products and timely customer service. The company has won various awards and recognition for its contribution to the insurance industry. Following are some of the awards received by Bajaj Allianz Life Insurance:
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Bajaj Allianz Life has been recognised as the ‘Digital Marketer of the Year 2018’ in the insurance category
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Bajaj Allianz won the ‘Customer Service Excellence Award’ at the NASSCOM BPM Strategy Summit 2018.
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Bajaj Allianz Life ranked amongst the Top-75 Most Valuable Indian Brands
Ranked amongst the Top 75 Most Valuable Indian Brands 2019, Bajaj Allianz is one of the leading Indian insurance providers. Read about Bajaj Allianz Life insurance plans .
8. SBI Life Insurance Company
SBI Life Insurance Company is a joint venture between State Bank of India (SBI), India’s largest bank and BNP Paribas Cardif, French multinational bank and financial services company. Currently, SBI Life Insurance has an authorised capital of INR 20 billion (USD 290 million). SBI Life was first started as a bancassurance business which is now extended to the multi-distribution channel. With customer service excellence and product innovations, the company has been growing year on year. SBI Life has received many awards and accolades for the work in the field. Following are some of them:
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SBI Life has won ‘Brand of the Year 2016-17’ award in the insurance category
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SBI Life has won ‘Private Sector Life Insurance Company of the Year’ award at Fintelekt Insurance Awards
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SBI Life has won ‘Bancassurance Leader, Life Insurance’ in large companies category.
SBI Life Insurance is one of the market leaders for life insurance policies in India. It offers different policies with several benefits for the policyholders.
9. Reliance Nippon Life Insurance Company
Reliance Nippon Life Insurance Company, founded in the year 2001 is one of the leading insurance companies in India catering to various segments of people. Reliance has more than 10 million policyholders. The company has made insurance accessible for many through its strong distribution network of 727 branches. Reliance Life has a product for every possible need of the individual. Currently, the company’s assets under management is INR 20,281 Cr. The company has received many awards.
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Reliance Life has received ‘Innovative Insurance Provider of the Year’ at ET BFSI Excellence Awards 2019
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Reliance Life has received ‘Best Risk Innovation of the Year’ award
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Reliance Life has won ‘Best Life Insurance Company (innovative Products)’ title
Browse different insurance plans by Reliance Nippon by clicking below and get a life insurance cover today.
10. AEGON Life Insurance Company
AEGON Life Insurance Company, founded in the year 2008 is one among the best to offer various life insurance solutions to various customer segments. AEGON Life is the new age company with a strong digital presence and a diverse product portfolio. The company has received many awards and recognition
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AEGON Life has received ‘E-business Leaders Award’ at Indian Insurance Awards
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AEGON Life has received ‘Celent Model Insurer Asia Award’
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AEGON Life has won ‘Most recommended Life Insurance Brand 2013’
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