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 Companies and Non-Life Insurance Companies.
What is Insurance?
Insurance is a kind of business that provides coverage in the form of compensation resulting from loss, damages, injury, treatment or hardship in exchange for premium payments. The company is expected to calculate the risk of occurrence then determine the cost to replace to determine the 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 up to the agreed amount of the 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
Let’s have a look into this in detail.
# Life Insurance Companies in India
Life insurance refers to the type of insurance that pays out a sum of money to a particular insured individual either on the death of the insured person or after a set of agreed period.
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;
1. LIC Insurance Company
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.
2. 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.
3. 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.
# 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;
1. 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
2. Aditya Birla Health Insurance Co.Ltd
Aditya Birla is a health insurance cover that offers daily cash benefit during the period of hospitalization
3. 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.
4. 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.
5. 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.
6. 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
7. 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.
8. 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.
9. General Insurance Corporation of India
10. RGA Life Reinsurance Co. of Canada – India Branch
11. General Reinsurance AG-India branch
The Bottom Line
Insurance is the risk transfer tool which is in existence since the time when trade through the sea started. In insurance, you are able to transfer your risk to an insurance company which will pay you later at the time when the event insured happens with respect to the contract signed so you will not have to suffer all alone and personally I feel like that’s the best innovation that ever happened and it is great.