Top Life Insurance Companies Of India
It is a jv between psu lenders bank of india union bank of india and japan s dai ichi life.
Top life insurance companies of india. The company is currently the largest non bank supported private life insurer in india. The lic has its headquarters in mumbai and is a state owned insurance class. List is arranged. It started its journey of serving people in 2001 and since then it is serving us with its amazing insurance plans.
As of october 2018 irdai has recognized 24 life insurance companies. 4 069 37 crore during the year 2017 18. It has an employee base of 1000 people at present. Another top ranker in india s life insurance market is star union dai ichi life insurance co.
Ltd also called sud life. The company began its operations in 2001 and is based in navi mumbai and the japanese company nippon took over 26 of its share in 2011. It was formed after the parliament of india had passed a. In the list of best lifeinsurance companies in india max life insurance holds the fifth place in the year 2019.
Formation of lic in india. One of the india s largest life insurance firm reliance life insurance is a part of reliance capital of the reliance group. Reliance nippon life insurance is one of the most renowned life insurance companies presently operating in india. Life insurance business was begun in india in 1818 with the foundation of oriental life insurance company in kolkata.
Following is the list of insurance companies in india which have been approved by the insurance regulatory and development authority of india irdai which is a statutory body regulating and promoting the insurance and re insurance industries in india. Lic was framed in the year 1956. Reliance nippon life insurance collected a total premium of rs. Life insurance corporation of india lic lic is the oldest and most trusted brand amongst the best life insurance companies in india.
Sharma is the acting chairperson. The main office is in gurgaon and presently the md and ceo of the company is mr. After that many companies began tasks in india. For the year 2017 18 the total individual death claims or claim settlement ratio of reliance nippon life insurance was 95 17.
Another leading life insurance company in india is reliance life insurance which is a subsidiary of reliance capital company. Shriram life insurance company is a joint venture between the shriram group one of the leading financial services group in india and the sanlam group one of the largest providers of life insurance based in south africa. Lic is the biggest life insurance firm in india with an estimated asset value of us 240 billion. In 1938 the government of india presented the insurance act which is mainly to secure the interests of the policyholders.
Topping the list of best 10 life insurance companies in india is the life insurance corporation of india. Here are the top ten life insurance companies of india. Bharti axa life insurance company limited. Following is the list.
Top 7 life insurance companies in india 2019.