metoclopramide tab 5mg The role of an insurance company is the process of distribution of risk amongst the insured in return for the premium against accident, damage to property, theft, fire, and death. There are different types of insurance for different occasions. Here we shall discuss the top 10 insurance companies that are very popular till date due to the services and contributions made by them to the society as a whole.
Life Insurance Corporation of India (LIC)
This is probably the only public sector company in India. It is based in Mumbai with 8 zonal offices and 118 regional offices.It has more than 2000 branches and over 14 lakh insurance agents employed throughout India to solicit the insurance plan. The unique quality that has made this company so popular is that the premium paid by the insured is the lowest in comparison to other companies. The insurer is not required to pay the maturity money if he survives the whole term. Life Insurance Corporation of India.
Tata AIG General Insurance Company enter site
This is a joint collaboration of Tata group with parent organization American International Group (AIG).It provides insurance cover for automobiles, home, personal accident, travel, energy, marine, and property and casualty purposes. Tata AIG General Insurance Company Limited has an Asset under Management (AUM) of approximate 0.6 billion USD. The Tata AIG Insurance Company is showing its presence in the online business called ‘Go Digital’ that facilitates ease of buying Insurance products in the digital world. It makes the process from sale to policy issuance effortless.
Bajaj Allianz General Insurance
This is a private venture between the Bajaj financial service and Allianz SE, a German financial services company. The company was founded in 2001 and has been a steady growth since then. It is regarded as the leading insurance company caters to individuals across demographics of the country and the corporate sector with its wide range of products as well as services that go beyond insurance. The Baja Allianz insurance offers cover for motor, travel, health and home insurance. The revenue estimated as INR 59 billion (FY 2015-2016). As of 2015, the company has 30 such branches in India.
The New India Assurance Co. Ltd
The New India Assurance Co is wholly government based company that is operated not only in India but also in foreign countries. This was founded by Sir Dorabji Tata in 1919 and was nationalized in 1973.In the past, it has collaborated with various national banks of India to increase its creditability and to provide better services to its clients. They are the co promoters of Agriculture Insurance Company of India & GIC Housing Finance Ltd. They are also actively engaged in a common TPA in the Health insurance support services segment jointly, with other Government owned insurers.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is an Indian based insurance company with the collaboration with ICICI bank. Its total assets are 1 trillion INR (2014, US$16 billion).They aim at settling the claim at 98% for FY 2016-17. With an aim to achieve maximum customer security they also aim in proving long term savings and production to meet the various requirements of life. ICICI Prudential Life is also the first insurance company in India to be listed on NSE and BSE. They are cost effective; claim settlement is hassle free superior quality services, consistent fund performance.
ICICI Lombard General Insurance
ICICI Lombard General Insurance is one of the leading private sector general insurance companies who is engaged in reinsurance, insurance claim management, and investment management. The company has a Gross Written Premium (GWP) of Rs 109.60 billion (FY 2017). The products covered by this insurance are general vehicle insurance, health insurance, travel insurance. It is a joint venture with Fairfax with 35% share with ICICI bank.
Oriental Insurance was formed in Mumbai in 1947. It is a joint collaboration or subsidiary of the LIC of India. The company has developed various kinds of insurances to cater to the needs of the urban and the rural population of India. The head office of Oriental Insurance at New Delhi has 31 Regional Offices and nearly 1800+ operating Offices in various cities of the country. The Company renders the best customer service to its customers by offering huge discounts for motor, travel and health insurance with low-cost premium.
Birla Sun Life Insurance
Birla Sun Life Insurance was founded in 2006. It is a joint collaboration between Birla sun life group and Canadian Sun Life Financial Inc. The Canadian Sun Life Financial Inc was the most popular insurance company of the world that cater to a huge audience BSLI has a customer base of over two and half million policy holders. The total assets calculated until May 2015 was calculated to be around ₹300,000,000,000
Hdfc Life Offers Long time insurance cover for life and is a joint collaboration between HDFC a leading financial institution for housing and development projects and Standard Life plc a leading financial and investment services of United Kingdom. It is a very popular leading insurance company that provides individual and joint insurances. HDFC Life has about 398 branches and presence in 980+ cities and towns in India. The major services include health plans, investment, and savings plan, retirement, children and women’s plans and rural and development plans.
A joint venture between the most trusted banking institution PNB and MetLife. This joint venture is the most trusted and reliable insurance provider due to and the credibility and reliability of PNB. The PNB MetLife is present in more than 112 locations and serving more than 8800 customers throughout India with the regional Life Insurance, Retirement Solutions and Employee Benefit Programs Life Insurance, Retirement Solutions and Employee Benefit Programs. PNB MetLife India awarded the “Most Sustainable Company of India” at the India Sustainability Leadership Summit