If you are looking for Top Insurance companies in India that you are at the right place. Here I’ve listed all types of Indian Insurance companies like LIfe Insurance, Non-Life Insurance and Reinsurance companies.
What is Insurance?
Insurance provides coverage in the form of compensation resulting from loss, damages, injury, treatment or hardship in exchange for premium payments. The Insurance company calculate the risk of occurrence of loss to determine the insurance premium amount. Insurance companies are meant to assess the risk and charge premiums for insurance coverage.
Why someone need Insurance?
Suppose an insured event occurs and you suffer damages, the Insurance Company is supposed to pay you an agreed amount under insurance policy. The obvious and most important benefit of insurance is the payment of losses. Another benefit of insurance is managing cash flow for uncertainty. Mainly, Insurance companies provide payment for covered losses when they occur.
Types of Insurance Companies in India
Today we are going to look at a range of insurance companies in India that have been approved by the Insurance Regulatory and Developments Authority of India [IRDAI]. IRDAI is a statutory body regulating and promoting the insurance and reinsurance industries in India.
Mainly there are two type of Insurance companies in India:
- Life Insurance Companies
- Non-Life Insurance Companies
- Reinsurance Companies
Let’s have a look into this in detail.
1. Life Insurance Companies in India
Life insurance is kind of insurance that pays out a sum of money to an insured person either on his death or after a certain period.
The Life insurance is a contract between an insurance policy holder and an insurer. The insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person we are going to list the life insurance companies in India according to their rank;
LIC (Life Insurance Corporation of India)
Life insurance corporation of India is an Indian state-owned insurance group and investment cooperation owned by the government of India. The life insurance corporation of India was founded in 1956 when the parliament of India passed the life insurance of India Act that nationalized the insurance industry in India. It was founded on 1 September 1956 by the government of India and its headquarters is in Mumbai, India. Life Insurance Corporation is involved in both life insurance, health insurance, and investment management.
LIC offers various policies and some of the best LIC policies have listed in this article – Best LIC Policies. LIC policies come with a lot of benefits and one of them is a Loan against LIC Policy.
ICICI Prudential Life Insurance
Company limited is a life insurance company which is a joint venture between ICICI bank limited and prudential corporation holdings limited. The company provides life insurance, pensions and health insurance to individuals and the groups. It conducts business in participating, on-participating and unit linked lines of businesses.
SBI Life Insurance
SBI Life insurance company limited incorporated in the year 2000, is a joint venture between the State Bank of India and BNP Paribas Cardiff S.A and is one of the leading insurance companies in India. The SBI Life Insurance and pension products at competitive prices, ensuring high standards of customer service and world-class operating efficiency.
2. Non-life Insurance Companies in India
The main non-life insurance products offered by the companies in India include motor insurance, health insurance, fire insurance, and marine insurance among others. The non-life insurance industry is driven by the growing demand for a number of associated sectors such as the automobile industry and the healthcare industry. If you want to safeguard your valued items such as newly bought car, bike, home or valuable metals such as gold, silver or money General life insurance is here for you. Let me list the best three according to their ranking;
Acko General Insurance Ltd.
Acko General Insurance is a private sector general insurance company in India founded in November 2016.It’s one of the best insurance company for two wheeler and cars
Aditya Birla Health Insurance Co.Ltd
Aditya Birla is a health insurance cover that offers daily cash benefit during the period of hospitalisation
Agriculture Insurance Company of India Ltd.
Agriculture Insurance Company of India Limited is a public sector insurance company that offers yield based and weather based crop insurance programs in almost 500 districts of India. It covers almost 20 million farmers, making it the biggest crop insurer in the world in number of farmers served.
Go Digit General Insurance
This was India’s first digital insurer backed by Fairfax, Digit General Insurance. The insurer offers a range of non-life insurance products in the category car, two-wheelers, travel, health, home and mobile insurance. The insure has tie ups with market leaders such as policybazaar.com, PayTM, Tanishq and clear trip to ensure a wider audience.
Future Generali General Insurance Company Ltd
Future Generali India is a joint venture between Generali Group and Future group. The company provides comprehensive insurance solution through a range of personal, retail, commercial and rural insurance products. The company was formed with the initiative to help its clients to mitigate their financial needs.
United India Insurance
United India Insurance Company is one of the best insurance companies in India. The insurer has its head office in Chennai. Since it started, the company has emerged leaps and bound to be one of the renowned insurers and ranked among the top insurance companies in India
National Insurance Company
National Insurance Company started its operations in the year 1906 and its headquarters are in Kolkata, the insurer offers insurance solutions into various categories including motor, health, home, travel and business. It also offers car insurance which is very famous in the market. It has also been awarded as the best Auto insurer for car insurance. You pay in small intervals to avoid the financial burden.
3. Reinsurance Companies
Reinsurance is an insurance that an insurance company purchases from another insurance company to insulate itself from the risk of a major claims event. Insurance companies that accept reinsurance refer to the business as assumed reinsurance.
General Insurance Corporation of India (GIC)
General Insurance Corporation of India (GIC) is a prominent state-owned reinsurer in India. GIC plays a crucial role in the insurance industry by providing reinsurance support to various insurance companies in the country. Reinsurance is a mechanism through which insurance companies transfer a portion of their risk to a reinsurer like GIC.
One of the key features of GIC is its comprehensive reinsurance solutions across a wide range of sectors, including but not limited to, property, casualty, life, and health insurance. GIC offers both treaty and facultative reinsurance, catering to the diverse needs of insurance companies operating in India. Treaty reinsurance involves a pre-agreed arrangement to cover a specific type of risk, while facultative reinsurance deals with individual policies on a case-by-case basis.
RGA Life Reinsurance Co. of Canada – India Branch
RGA Life Reinsurance Co. of Canada’s India Branch offerings encompass individual life, living benefits (spanning health to critical illness), and credit life reinsurance. Providing comprehensive financial solutions for risk and capital management, RGA supports bancassurance and telemarketing services. The company operates in India as a fully licensed branch office under the regulatory authority of the Insurance Regulatory and Development Authority of India (IRDAI).
General Reinsurance AG-India branch
General Reinsurance AG-India branch (known as Gen Re), a member of the Berkshire Hathaway family, specializes in providing reinsurance solutions for Life & Health and Property & Casualty insurance sectors. Collaborating closely with clients, Gen Re tailors its offerings to align with strategic and operational objectives. The company’s diverse range of products, tools, and resources is designed to foster clients’ sustained growth and success. Gen Re is recognized for its superior financial strength, attaining high ratings from major agencies. They are committed to their responsibilities. The company prioritises delivering reliable and effective reinsurance solutions to support the long-term goals of its clients.
Conclusion
Insurance is the risk transfer tool which is in existence since the time when trade through the sea started. A Insurance contract allows you to transfer your risk to an insurance company which will pay you when insured event happens. So, you will not have to suffer all alone. Personally I feel like that’s the best innovation that ever happened and it is great.