List Of Insurance Companies In India

wealthymatters.comToday there are a heck of a lot of Insurance companies in India and every few days some or other new product is launched and withdrawn.

Insurance agents are are paid by the companies they represent and have little motivation to study products from other companies and none to recommend any of them to you.

Theoretically, brokers who are deemed by law to work in the interests of the buyer,are meant to study products from multiple companies and impartially recommend the best for their client. But remember they are compensated by insurance companies on the basis of each product they sell.Additionally the commission is on a percentage basis and calculated on the size of the premium.So brokers too face a conflict of interest and have less incentive to sell cheaper products.

As for all the insurance aggregators you find online,know that they are not regulated by the IRDA and unlike agents and brokers whose behaviour is regulated by law,the best practices recommenced by the Insurance Councils and the ethics of their company,aggregators do not even have to pay nominal obedience to professional ethics.I have found that a good number of them sell your contact details.And believe me there is brisk trade in this commodity.Also remember,economical premium rates are good but do ask why something is cheap before you put down money for it.Often in insurance its because of exclusions,fewer guarantees,difference in riders etc.So buy just what you need and shop around for the best rates and the matter is not as simple as entering your details into some random online calculator.

So if its a fairly important purchase and represents a considerable expense/investment,there is no alternative to doing your own research.Here’s a list of insurance companies to help you systematically research insurance products.

Life Insurance Companies in India
1 HDFC Standard Life Insurance Co. Ltd.
2 Max New York Life Insurance Co. Ltd.
3 ICICI Prudential Life Insurance Co. Ltd.
4 Kotak Mahindra Old Mutual Life Insurance Co. Ltd.
5 Birla Sun Life Insurance Co. Ltd.
6 Tata AIG Life Insurance Co. Ltd.
7 SBI Life Insurance Co. Ltd.
8 ING Vysya Life Insurance Co. Ltd.
Bajaj Allianz Life Insurance Co. Ltd.
10 Met Life India Insurance Co. Ltd.
11 Reliance Life Insurance Co. Ltd.
12 Aviva Life Insurance Company India Limited
13 Sahara India Life Insurance Co. Ltd.
14 Shriram Life Insurance Co. Ltd.
15 Bharti AXA Life Insurance Co. Ltd.
16 Future Generali India Life Insurance Company Ltd.
17 IDBI Federal Life Insurance Company Ltd.
18 Canara HSBC OBC Life Insurance Company Ltd.
19 Aegon Religare Life Insurance Company Ltd.
20 DLF Pramerica Life Insurance Co. Ltd.
21 Life Insurance Corporation of India
22 Star Union Dai-ichi Life Insurance Co. Ltd
23 IndiaFirst Life Insurance Company Limited

General Insurance Companies In India
1 Bajaj Allianz General Insurance Company Limited
2 IFFCO Tokio General Insurance Company Limited
3 HDFC ERGO General Insurance Company Limited
4 ICICI Lombard General Insurance Company Limited
5 The New India Assurance Company Limited
6 The Oriental Insurance Company Limited
7 Max Bupa Health Insurance Company Limited
8 Royal Sundaram Alliance Insurance Company Limited
9 United India Insurance Company Limited
10 SBI General Insurance Company Limited
11 Tata AIG General Insurance Company Limited
12 Reliance General Insurance Company Limited
13 Cholamandalam MS General Insurance Company Limited
14 National Insurance Company Limited
15 Shriram General Insurance Company Limited
16 Bharti Axa General Insurance Company Limited
17 Future Generali India Insurance Company Limited
18 Agriculture Insurance Company of India
19 Star Health and Allied Insurance Company Limited
20 Apollo Munich Health Insurance Company Limited
21 Universal Sampo General Insurance Company Limited
22 Export Credit and Guarantee Corporation of India Limited
23 Raheja QBE General Insurance Company Limited
24 L&T General Insurance Company Limited

To be sure that your list is complete refer to these two links where IRDA updates the names of all current licence holders. Link1Link2

About Keerthika Singaravel

2 Responses to List Of Insurance Companies In India

  1. Ravikumar says:

    Thanks sharing lot of information about Indian insurance companies , a very informative article . The LIC is always no 1 life insurance company in India.

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