Do you want to know the list of the best insurance companies in India? Read on to get detailed information about the top health insurance companies in India.
I overheard a conversation between two individuals when I took my parents to a nearby hospital for their annual check-up. They were talking about insurance companies.
When asked about which insurance company’s policy they would go for, one of the individual stated that there are five to six life insurance companies, besides Life Insurance Corporation of India (LIC), and he was planning to buy a LIC policy.
This took me by surprise as I did not expect people to be so ignorant about the numerous and reputable insurance companies present in the Indian market.
Are you too clueless about the number of life and non-life insurance companies in India today? Are you blind to see the plethora of choices around you?
If you do not know the answer, let me answer it for you!
Growth of the insurance industry
The Indian insurance industry currently has a total of 52 insurers today. Out of this, 24 are engaged in life insurance business, while the remaining 28 are engaged in the non-life insurance sector. The life insurance business has different types of plans like term plans, child insurance plans, Unit Linked Insurance Plans (ULIPs), pension plans, etc.
On the other hand, non-life insurance business offers motor insurance which includes both car insurance and two-wheeler insurance, fire insurance, marine insurance, health insurance, etc. Besides life and non-life insurers, the General Insurance Corporation of India (GIC Re) is the only reinsurance company in India which underwrites life and non-life business risks of the other 52 insurance companies. Apart from insurance companies, the industry also comprises of individuals, corporate agents and brokers who sell insurance products. Surveyors are also needed for determination of claim in case of non-life business and Third Party Administrators (TPAs) who service health insurance claims.
The following table lists the names of all companies engaged in life and non-life insurance business sectors.
|Life Insurers||Non-life Insurers|
|Aegon Religare Life Insurance Company Ltd.||Agriculture Insurance Company of India Ltd.|
|Aviva Life Insurance Company Ltd.||Agriculture Insurance Company of India Ltd.|
|Bajaj Allianz Life Insurance Company Ltd.||Bajaj Allianz General Insurance Company Ltd.|
|Bharti AXA Life Insurance Company Ltd.||Bharti AXA General Insurance Company Ltd.|
|Birla Sun Life Insurance Company Ltd.||Cholamandalam MS General Insurance Company Ltd.|
|Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.||Cigna TTK Health Insurance Company Ltd.|
|DHFL Pramerica Life Insurance Company Ltd.||Export Credit Guarantee Corporation of India Ltd.|
|Edelweiss Tokio Life Insurance Company Ltd.||Future Generali India Insurance Company Ltd.|
|Exide Life Insurance Company Ltd.||HDFC ERGO General Insurance Company Ltd.|
|Future Generali India Life Insurance Company Ltd.||ICICI Lombard General Insurance Company Ltd.|
|HDFC Standard Life Insurance Company Ltd.||IFFCO Tokio General Insurance Company Ltd.|
|ICICI Prudential Life Insurance Company Ltd.||L & T General Insurance Company Ltd.|
|L & T General Insurance Company Ltd.||Liberty Videocon General Insurance Company Ltd.|
|IndiaFirst Life Insurance Company Ltd.||Magma HDI General Insurance Company Ltd.|
|Kotak Mahindra Old Mutual Life Insurance Ltd.||Max Bupa Health Insurance Company Ltd.|
|Life Insurance Corporation of India.||National Insurance Company Ltd.|
|Max Life Insurance Company Ltd.||The New India Assurance Company Ltd.|
|PNB MetLife India Insurance Company Ltd.||The Oriental Insurance Company Ltd.|
|Reliance Life Insurance Company Ltd.||Raheja QBE General Insurance Company Ltd.|
|Sahara India Life Insurance Company Ltd.||Reliance General Insurance Company Ltd.|
|SBI Life Insurance Company Ltd.||Religare Health Insurance Company Ltd.|
|Shriram Life Insurance Company Ltd.||Royal Sundaram Alliance Insurance Company Ltd.|
|Star Union Dai – Ichi Life Insurance Company Ltd.||SBI General Insurance Company Ltd.|
|TATA AIA Life Insurance Company Ltd.||TATA AIG General Insurance Company Ltd.|
|United India Insurance Company Ltd.||Universal Sompo General Insurance Company Ltd.|
Out of the 28 non-life insurers, Agricultural Insurance Company of India Limited and Export Credit Guarantee Corporation of India Ltd. are specialized insurers.
The Indian insurance industry is currently valued at USD 60 billion with the non-life insurance business at USD 11.7 billion. With the increase in the share of foreign collaborators from 26% to 49%, the Indian insurance sector is expected to reach greater heights over the next few years with a compounded annual growth rate of 12% - 15%.
Do you want to settle for a bad deal on account of ignorance? No, right! Hence, it is important to know the insurance industry well so that you are aware of the choices available to you.