Top Insurance Providers In India
It is a matter of national interest in India when it comes to insurance. Life and general insurances are the types which are considered to be a booming sector in India. Due to the population of over a billion people in India, there are many insurance companies that take particular interest in India to establish the roots of their companies since they are known on a global scale. Statistics reveal that the premium on the life insurance and the general insurance account for 2.5% and 0.65% respectively when it comes to the contribution of the premiums in the GDP of a country like India. The insurance sector in India has seen many changes since the past few years and has been constantly booming and developing rapidly. Insurance in India is seen as the flourishing market by the big players in the insurance industry around the globe. In the guide to follow, we are going to have an overview of the different insurance providers that are operative in India.
Bajaj Allianz Life Insurance Co. Ltd.
Bajaj Allianz Life Insurance Co. Ltd. is formed as a joint venture two of the largest players in the insurance market of the world. They are Bajaj Finserv and Allianz SE. Alliance SE is one of the greatest asset managers and also one of the vast insurance providers that are recognized all over the world. These companies are the ones which manage assets of over a trillion dollars. These companies have an experience in the insurance industry around the globe for more than a century. They serve their global presence in over a seventy countries in the world. In India itself, this company viz. Bajaj Allianz has a huge market capitalization of over a 550 number of offices in India alone providing employment to over a 60000 people. Bajaj Allianz has merged with travel organizers like Thomas cook in order to provide travel insurance packages to the tourists in India.
Birla Sun Life Insurance
Birla Sun Life Insurance Co. Ltd. is formed as a joint venture between an Indian MNC called as Aditya Birla Group as well as Sun Life Financial Inc. which is a globally recognized insurance company of the world. It offers business continuity plans. It took just four years since the launch of Birla Sun Life Insurance in India to derive a huge market capitalization thus now making it one of the major players in the insurance sectors in India since a long time and a promising future at its hands. The mission statement established by this company highlights the provision of risk management solutions to the businesses in India. It is for the financial firms operative in India as well as insurance plans are there for the Indian citizens. They have protection plans, health plans, savings plans, children plans, rural development plans as well as NRI plans to be offered to the market provided by India.
HDFC Standard Life Insurance
It has been a decade since HDFC Standard Life Insurance was established in India for operations. It is also a joint venture between HDFC Limited in India as well as a company well-known in the United Kingdom known as Standard Life, UK. It is a private insurance company and that too a leading one. It offers a comprehensive number of plans that are related to the individuals as well as group insurance policies. The plans that are provided by the HDFC Standard Life Insurance are such that they can be tailored and customized according to the needs of the individuals and corporates in India. The premium rates offered by this company are a very competitive one when it comes to the Indian market as well as very flexible owing to the different customization options that are provided by this company to the Indian people.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is a joint venture between the ICICI bank as well as Prudential Inc. It has also been nearly a decade considering that it establishment in India was done in the December month of the year 2000. As of today, since the establishment, it has over 2100 branches as well as more than a thousand micro offices set up for customer services and selling of insurance policies to the Indian market. It provides employment to over a 200 thousand employees.
ING Vysya Life Insurance
It has over 140 branches in India, thus making it relatively new player in the insurance sector of the Indian market. It is a merger between Vysya bank as well as ING Corporation which is present on the global scale.
Life Insurance Corporation of India (LIC)
It is owned by the Government and the oldest Insurance provider to the Indian market. It has been fifty four years that have been passed since it was established in India. It targets mainly the rural masses and has a mission of upbringing of the people belonging to the socially and the economically backward classes in India.
Thus, in this guide we have seen the different insurance providers that are operative in the Indian insurance market.
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