Insurance companies normally protect a person or an entity by providing financial protection against any potential hazards and on the same note, we can also understand that many insurance companies in India provide their best services to help the insured and keep up their quality services. 

Which Are The Top Insurance Companies in India?

There are so many Insurance Companies in India which are approved by the IRDAI or the Insurance Regulatory and Development Authority of India. Please note that the insurance bought from the IRDAI-approved companies will only be considered valid in India, as IRDAI is a statutory body which regulates and promotes insurance industries in India.

Here are three types of Insurance Companies in India:

• Life Insurance Companies
• General Insurance Companies 
• Reinsurance Companies

Life Insurance Companies in India 

As per IRDAI’s reports in 2018, there are around 24 Life Insurance companies in India that are all serving their best in the industry.

The Best Life Insurance Companies in India are listed below:

• LIC of India – One of the biggest life insurance companies in India that also has a major customer base with a claim settlement ratio of 98.2%. It is Initiated by the Government of India

• HDFC Standard Life Insurance – Came into effect in the year 2000. It is a joint venture of Housing Development Corporation Ltd. and Standard Life.

• Max Life Insurance – This was earlier known as Max New York Life Insurance Company Ltd. and was founded in 2001. This is a joint venture of Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co.Ltd.

• ICICI Prudential Life Insurance Co.Ltd. – The company started its operations in the year 2001 and has a record claim settlement ratio of 97.9%. It is a joint venture of huge private sector banks and Prudential Corporation Holdings Ltd.

• Kotak Mahindra Life Insurance Co.Ltd. – It has 232 branches across India and is one of the most popular with strong goodwill over the years.

• Aditya Birla Sun Life Insurance Co.Ltd. – The company is a subsidiary of Aditya Birla Capital Ltd. It is also a joint venture of Aditya Birla Group of India and Sun Life Financial Inc.

• SBI Life Insurance – Company was founded in 2001 and it is a joint venture between SBI and BNP Paribas Cardiff (a French financial services company).

• Bharti AXA Life Insurance Co. Ltd. – This company is a joint venture between Shriram Group and a South African leading financial services group named Sanlam Group. The company has got 528 branches across India and was founded in 2005.

• Reliance Nippon Life Insurance Company – This company is a part of Religare Group and was founded in the year 2001. It has got 713 branches and has a record claim settlement ratio of 98.7%.

• Bajaj Allianz Life Insurance Co. Ltd. – Joint venture between Bajaj Finserv Ltd. and Allianz SE (A European financial services company.). The company was founded in 2001 and has a record 98.48% of claim settlement ratio.

• TATA AIA Life Insurance Co. Ltd. The company was established in 2001 and is purely customer-centric having a wide range of plans for its customers. It is a joint venture between the AIA Group and Tata Sons.

• Future Generali India Life Insurance Co. Ltd.- The company was established in the year 2007 and has sourced a huge number of policies in India approximately 11 lakhs to its customers. It has over 75 branches spread across the nation. It is a joint venture between the Generali Group & Future Group and the Industrial Investment Trust Ltd. 

• IndiaFirst Life Insurance Company – This company was established in the year 2010 and is a joint venture between two banks the Bank Of Baroda and Andhra Bank with a U.K. investment company called Legal & General Group. 

General Insurance Companies in India 

Apart from Life Insurance Companies, there are many Non-life Insurance companies, which provide General insurance as per customer requirements.

 The list given below includes Health Insurance companies as well as General Insurance companies in India.

• Cholamandalam MS General Insurance – This is a joint venture between Murugappa Group and Mitsui Sumimoto Insurance Group that offers a wide range of insurances including health, motor, travel, rural, engineering, liability and many more. The company was founded in the year 2001 and has over 105 branches all over India.

• Aditya Birla General  Insurance – This is one of the top Insurance brokers in India and is a joint venture between MMI Holding of South Africa and Aditya Birla Group. It focuses majorly on comprehensive policies for Motor, Health, Travel, etc.

• Digit General Insurance Insurance – Popularly known as GoDigit Insurance was founded with the goal to make insurance simple for all the people in India. A wide range of products is offered by this company like the motor cover, health, home, jewellery, mobile phones, travel covers, etc.

• Bajaj Allianz General Insurance – It is a joint venture between Bajaj Group of India called Bajaj Finserv Ltd. and Allianz SE. founded in 2001 the company has been doing an exceptional job for its customers. This same company introduces the first “Telematics Device” in India that can allow its customers to determine their car insurance based on the usage when installed.

• Bharti AXA General Insurance – The company called Bharti AXA Enterprises tied up with the AXA Group with over 135 branches all over the country. It offers a wide range of insurances to its customers like vehicle, travel, crop, health, and many other general products.

• Future Generali India Insurance – The company is a joint venture between the Future Group and the Generali Group. With over 125 branches across India, it offers products like motor, health, travel, lifestyle, commercial, and rural insurance etc.

• IFFCO Tokio General Insurance – Founded in the year 2000, this company is a joint venture between Indian Farmers Fertiliser Co-operative Limited and Tokyo Marine Group. Exclusive products are offered for individuals as well as corporates. Insurance products for corporates include property, liability, credit, and error, Cyber, omission insurance, etc.

• Kotak Mahindra General Insurance – Established in the year 2015, it offers non-life insurance products including third-party liability property to meet their financial needs.

• Liberty General Insurance – The company aims to give complete insurance solutions to its customers in the industrial, commercial, and retail sectors. It was founded in 2013. Insurance products include health, engineering, marine, fire, commercial insurance, etc.

• National General Insurance – this company was incorporated in the year 1906 and operates as a subsidiary of the General Insurance Corporation of India. It is known for being the first insurance company to offer customized general insurance for its customers.

• Navi General Insurance – Formerly known as  DHFL General Insurance, the company was founded in the year 2016 and is a subsidiary of Navi Technologies.

• New India Assurance – This company was founded in the year 1919 by Sir Dorab Tata. there are over 2452 branches all over Indian cities. It has a record of Rs. 22.27 Cr business worldwide. With more than 230 insurance products, it has a wide customer base.

• Reliance General Insurance – The company was founded in the year 2000 with over 128 branches across the nation and it also has more than 27,888 intermediaries available. The insurance products vary widely for their customers and are customizable. It includes travel plans. Commercial insurance, health, property, gadget insurance, motor covers, and many more.

• Raheja QBE General Insurance – The company came into effect in the year 2008 and is on the list of most leading insurance companies in India. It is a joint venture of QBE Holding Private Ltd. and Prism Johnson Limited of Rajan Raheja Group.

• Shriram General Insurance – The company was founded in 2008 and is a joint venture between Shriram Capital Ltd and Sanlam Ltd. Its products range from wedding covers, assert covers, vehicle, health, crop, property covers, etc.

• SBI General Insurance – Established in 2009, it is a joint venture between investors namely Axis Bank Asset Management Co. Ltd, Premji Invest, Warburg Pincus Group, and State Bank of India. It offers a wide range of insurance covers for Accidents, Vehicles, travel, and aviation—liability, fire, home, motor, and a lot more.

• Liberty General Insurance – The company was established in the year 2013 with the goal to offer complete insurance solutions to firms like retail. Industrial, and commercial sectors. It is a joint venture of many groups like Liberty Citystage Holdings PTE Ltd, Casualty Group, Enam Securities, and DP Jindal Group.

• Tata AIG General Insurance – This company is a joint venture between Tata Group and AIG Group also called American International Group and was founded in 2001. It offers general insurance products to cover unexpected losses for individuals, artists, private groups, corporate groups, etc. insurance products include vehicles, gadgets, health, credit, crop, liability, accidental cover, etc.

• United India General Insurance – The company was founded in the year 1938 and has 2248 branches spread across the nation. Products offered include marine insurance, liability cover, industrial insurance, etc.

• Universal Sompo General Insurance Company – This is a joint venture between 3 public sector banks that are Indian Overseas Bank, Dabur Investment Corporation, Karnataka Bank, and a popular general insurance company in Japan namely Sompo Japan Insurance Inc. and was founded in 2007. Insurance covers are offered for rural, retail, and corporate customer segments. The covers include car, health, home, student, travel, motor, etc.

• Oriental Insurance – The company was founded in the year 1947. It has got over 1800 branches and 31 regional offices spread across India, Nepal, Kuwait as well as Dubai. The insurance covers are for overseas mediclaim, fire, shopkeeper’s policy, travel, motor, personal accident, mediclaim insurance, etc.

• Edelweiss General Insurance – Launched by the Edelweiss Group in 2016, this is a home-grown multinational Corporation that mainly focuses on being customer-centric. Its services range from wealth management, retail finance, financial market, asset management, debt capital management, commodities, and so on.

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The Re-insurance Company In India

Reinsurance firms belong to the third category and they offer coverage to insurance companies. They offer financial security for dangers that are too big for an insurance company to handle. Essentially, they assist insurance firms in transferring the risk and reducing claimant payouts.

• The General Insurance Corporation of India, also known as GIC Re, is one such business that the IRDAI will recognize as of 2020. It is a Mumbai-based government organization.

How To Choose The Best Insurance Company For Your Needs

The only thing left to do now is to pick the ideal insurance provider for you based on your specific requirements now that we are aware of the need for insurance to safeguard our finances in a better manner and the necessity to maintain peace of mind at all times. Even if India has a large number of top insurance providers, not all will be able to fulfill your unique demands, so you should act with caution.

Here are some basic pointers that you should be checking before committing yourself or your risk to an Insurance company:

1. Persistence ratio of an insurance company – This determines how many customers purchased insurance from the company and how many of them renewed their coverage. You can observe that it is the best in the business if it is higher.

2. Claim Settlement Ratio(CSR) – The CSR of an Insurance company gives an idea of its reliability and effectiveness when a customer makes a claim. The higher the CSR, the higher the quality it provides in terms of Claim settlement.

3. Customer Care – Of course, we rely on customer service departments in every industry to answer our questions and offer support. A policyholder will stay with an insurance business if it offers excellent customer service since he won’t have to worry about questions or other issues. A satisfied consumer is always beneficial to any business.

4. Rider Availability – A key component of an insurance policy is riders or additional benefits, which allow the consumer to choose to cover items that may not be included in the main policy package. Anyone will be delighted if there are additional options for riders or add-ons. Hence you can pick the ideal insurance provider for you.

5. Feedback or Reviews about the Company – We need reviews from past buyers of a product before making a purchase. Similarly, insurance firms will also contain a tonne of reviews from clients who had purchased their various coverage. Because every person has different needs, one could choose from this, whether to purchase insurance from that specific firm or move on to the next.

There are numerous reputable insurance firms in India that offer the greatest protection! You must decide which one best suits your requirements. Keep up to date to ensure the best future investment you’ve ever made!