Life insurance is no longer an alien term in India. With growing awareness about financial security and risk coverage, every second household is now considering or already holding a life insurance policy. A life insurance plan acts as a safety net for your loved ones by providing financial support in the event of an untimely demise. It helps cover risks, ensures continuity of family income, and gives peace of mind.
However, choosing a trustworthy life insurance company can be challenging with so many options in the market. This guide lists some of the most reliable and well-established life insurance providers in India, along with what makes them stand out.
Life Insurance Corporation of India (LIC)
Popular with the abbreviation called LIC, the company has come a long way to establish itself as the most trusted organization in India. It came into its inception in the year 1956. The company is known for its high-quality products and services. It has its head office in Mumbai and the company has 112000 employees all across India.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is one of the leading life insurance companies in India, which all started in the year 2000 and soon turned out to be a leader in the sector of Insurance. The company has its ventures in different nations including UK with ICICI and groups like Prudential PLC having its head office in England.
HDFC Standard Life Insurance
It is yet another common option found in the life insurance groups in India, which came into existence in the year 2000. The HDFC has now joined hands with a couple of UK-based financial services companies including Standard Life though it is based in Mumbai.
Birla Sunlife Insurance
It is yet another trusted company in the Indian insurance domain that came into being in 2000. It also has a joint venture found in between other groups like Aditya Birla Group and one Canadian financial company – Sunlife Financial INC. This company is registered under the tag of a whopping sales figure in the sector of life insurance policies.
Bajaj Allianz Life Insurance
Well, another big company is on the list of insurance companies in India. It is the same old company previously known as Bajaj Allianz Life Insurance, having its inception in the year 2001 coming in a collaboration found in between Bajaj Finserv Ltd and Allianz SE. The head office of this insurance company is based in Pune and it has recorded a significant amount of growth in recent times.
SBI Life Insurance
The name itself showcases the backing company of this insurance company, which speaks volumes for the trust and credibility it has in the market. The company came into being in 2001 and has embarked in association with BNP Paribas which is similar to the trusted name in the insurance sector. The capital holdings of both companies mutually toll to 74% and 26% respectively.
Max Life Insurance
The next insurance company in India in the life insurance sector is Max Life Insurance, which is relatively a new group having embarked in the year 2015. The company is known to have the tie-ups with groups like Max India Limited and Mitsui Sumitomo Insurance Company Limited, which happen to be the leading global insurance companies in this sector. The company has its head office in New Delhi.
Tata AIA Life Insurance
This is yet another insurance company having its base in India and was established in the year 2001. The company has embarked on the market with a joint venture of Tata Group and American International Group (AIG). The company has its base in Bombay and has been known in the market for attractive products and services.
Reliance Life Insurance (RLIC)
This is yet another player in the life insurance sector in India which happens to be a subsidiary of Reliance Capital Company. The insurance company started its operations in the year 2001 and has its base in Navi Mumbai while another company called Nippon from Japan has its share of around 26 percent of its share in 2011, while the company is known to have an employee base of around a thousand.
ING Vysya Life Insurance
ING Vysya Life Insurance Company is one of the key leaders found in the sector of insurance that came into being in the year 2001 with its base in Bangalore. The company caters to a good amount of customer base that toll to around a million people in India.
Disclaimer: The information in this article is for educational purposes only and is not intended as professional advice. The accuracy and completeness of the content cannot be guaranteed. Use this information at your own discretion and consult with experts for specific guidance in your situation.
