Insurance Companies in India

The insurance industry in India has been on the rise since the advent of the 21st century. With the launch of a large number of advanced and sophisticated insurance products, there is no doubt that insurance is heading in the right direction. Many new players have entered this sector due to which competition has grown among the private and govt insurance companies in India. Moreover, there has also been a growing trend of the emergence of MNC insurance companies in India. Keep on reading to know more about the insurance sector of India. Here, we will look at the list of private and government insurance companies in India.

The Indian Insurance Sector

The division of the Indian Insurance Sector can take place into the following two categories:

• Life Insurance
• Non-life Insurance or the General Insurance

The MNC insurance companies in India can fall into any of the above two mentioned categories in India.

The governance of both the Life Insurance and the Non-life Insurance is the responsibility of the Insurance Regulatory and Development Authority of India. In short, we call it IRDAI.

The role of IRDAI is as follows:

• Thorough monitoring of the entire Indian insurance sector.
• To serve the role of being a custodian of all the insurance consumer rights.

Due to such an immense role, both the private and government insurance companies in India have to abide by the IRDAI regulations.

In total, there are 57 insurance companies in the Indian insurance sector. The break up of these 57 companies is as follows:

• 24 life insurance companies
• 33 non-life insurance companies

Out of these, 7 are government insurance companies in India. The rest are, of course, the private sector companies in India.

Life insurance companies offer coverage for the life of individuals.

In contrast, the non-life insurance companies offer coverage on:

• Travel
• Health insurance
• Vehicle insurance
• Home insurance
• Crop insurance for farmers
• Gadget insurance for mobiles
• Pet insurance
• Others

Government Insurance Companies in India

Below you will find the Government Insurance Companies in India:

• Life Insurance Corporation of India
• General Insurance Corporation of India
• The New India Assurance Company Limited
• United India Insurance Company Limited
• The Oriental Insurance Company Limited
• National Insurance Company Limited
• Agriculture Insurance Company of India Limited

Private Insurance Companies in India

Below you will find the Private Insurance Companies in India:

• Aegon Life Insurance Co. Ltd.
• Aviva Life Insurance Co. India Ltd.
• Bajaj Allianz Life Insurance Co. Ltd.
• Bharti AXA Life Insurance Co. Ltd.
• Birla Sun Life Insurance Co. Ltd.
• Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
• DHFL Pramerica Life Insurance Co. Ltd.
• Edelweiss Tokio Life Insurance Co. Ltd
• Exide Life Insurance Co. Ltd.
• Future Generali India Life Insurance Co. Ltd.
• HDFC Standard Life Insurance Co. Ltd.
• ICICI Prudential Life Insurance Co. Ltd.
• IDBI Federal Life Insurance Co. Ltd.
• IndiaFirst Life Insurance Co. Ltd
• Kotak Mahindra Old Mutual Life Insurance Ltd.
• Max Life Insurance Co. Ltd.
• PNB MetLife India Insurance Co. Ltd.
• Reliance Life Insurance Co. Ltd.
• Sahara India Life Insurance Co. Ltd.
• SBI Life Insurance Co. Ltd.
• Shriram Life Insurance Co. Ltd.
• Star Union Dai-Ichi Life Insurance Co. Ltd.
• Tata AIA Life Insurance Co. Ltd.

General Insurance Companies

Below you will find the general insurance companies in India:

• Aditya Birla Health Insurance Co. Ltd.
• Bajaj Allianz General Insurance Co. Ltd.
• Bharti AXA General Insurance Co.Ltd.
• Cholamandalam General Insurance Co. Ltd.
• Future Generali India Insurance Co.Ltd.
• HDFC ERGO General Insurance Co. Ltd.
• ICICI Lombard General Insurance Co. Ltd.
• IFFCO-Tokio General Insurance Co. Ltd.
• Kotak General Insurance Co. Ltd.
• L&T General Insurance Co. Ltd.
• Liberty Videocon General Insurance Co. Ltd.
• Magma HDI General Insurance Co. Ltd.
• Raheja QBE General Insurance Co. Ltd.
• Reliance General Insurance Co. Ltd.
• Royal Sundaram Alliance Insurance Co. Ltd
• SBI General Insurance Co. Ltd.
• Shriram General Insurance Co. Ltd.
• TATA AIG General Insurance Co. Ltd.
• Universal Sompo General Insurance Co.Ltd.

Health Insurance Companies

Below you will find the health insurance companies in India

• Apollo Munich Health Insurance Co.Ltd.
• Star Health Allied Insurance Co. Ltd.
• Max Bupa Health Insurance Co. Ltd.
• Religare Health Insurance Co. Ltd.
• Cigna TTK Health Insurance Co. Ltd.

Conclusion

Since the 21st century, the Insurance industry in India has been on the rise. Competition has grown among the private and government insurance companies in India over the years. The Indian Insurance sector is divided into life insurance and non-life insurance (general insurance). The governance of both the Life Insurance and the Non-life Insurance is the responsibility of IRDAI. There are 57 insurance companies in the Indian insurance sector.