Page 1

Insurance in India

A Complete Overview of the major insurance companies in India

Insurance Company India | Agriculture Insurance Co of India| Apollo DKV Insurance | Cholamandalam MS General | ICICI Lombard General Insurance | IFFCO Tokio General Insurance


Insurance in India

Quick overview for the Insurance in India Insurance in India started way back in the years 1818 when the Europeans opened first insurance company in India namely Oriental Life Insurance Company. The Europeans opened this insurance company to fulfill the needs of Europeans community who were living in India those days. This insurance company was not favorable for Indians. They charged higher premiums for the lives of Indians in comparison with lives of foreigners. The first Indian insurance company was opened in the year 1870. It was named as Mutual Life Assurance Society which covered Indian lives at normal rates. In the twentieth century, the insurance companies grew in mushrooms. In 19012, the Indian life Assurance companies Act was passed for regulating the life insurance business. In 1928, the Indian insurance companies Act were passed which enabled the government to collect statistical information on insurance business. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers. In the year, 1956, the central government took control over 256 Indian and foreign insurers and provident societies. The LIC came into existence in the same year by an Act of Parliament, viz LIC Act, 1956. The intitial budget of LI C was only 5 crores. By the year 2000, LIC was the only insurance company operating in India. In the year, 2000, the insurance in India got liberalized and opened way for private insurance companies to enter in this business. The government also allowed the foreign players to invest in the 26% share in the collaboration with Indian partners to start their insurance business in India. With the entry of private players, the customized, innovative and flexible insurance products came up to meet the needs of people belonging from every economic background.

Insurance Company India | Agriculture Insurance Co of India| Apollo DKV Insurance | Cholamandalam MS General | ICICI Lombard General Insurance | IFFCO Tokio General Insurance


Insurance in India

Some of the major private insurance companies in India are: Tata AIG life: It is a very renowned life insurance company in India which is a joint venture of America International Group and Tata Groups. It offers a wide range of life insurance schemes for individuals, associations as well as businesses. It provides services like AIG Health First, Tata AIG Life Hospi Cash Back, Tata AIG Life Assure 10 years, AIG Health Life Protector, Tata AIG Life Maha Gold and many more. Bajaj Allianz: Bajaj Allianz is running with a joint venture of Bajaj Finserv and Allianz SE. It offers various plans like Life Time Care, Life Insurance Online, Life insurance saving plans, Term Plans, Women Insurance plans etc. Bharti AXA life insurance: This Company started with a joint venture between AXA and Bharti. Some of its popular plans are Bharti AXA Life Credit Shield, Bharti AXA Spot Suraksha, Bharti AXA

Sanjeevani, Bharti AXA Swasthya Sanjeevani, Bharti AXA Invest Confident, Bharti AXA Wealth Confident, Bharti AXA Dream Life Pension etc. ICICI Prudential: It is one of the major insurance companies in India. It provides services like health insurance, life insurance, education insurance, premium guarantee plans, retirement’s plans, ICICI pru Group Solutions Advantage, wealth creation plans, rural plans and many more. The company is a joint venture between prudential plc and ICICI bank. Max New York Life Insurance - A joint venture between New York Life International and Max India Limited came in insurance business in India in the year 2001. It has over 133 divisions all over India, providing flexible scheme for both health and life insurances. The company has 14 corporate agency tie ups, 33 bank assurance relationships and direct sales force at 14 locations. It is now covering 36 products related to life and health insurance. Some of its popular plans are Strategic Products Plans, Retirement Plans, Savings Plans, Health Plans, Children Plans, Protection Plans, Investment Plans, etc.

Insurance Company India | Agriculture Insurance Co of India| Apollo DKV Insurance | Cholamandalam MS General | ICICI Lombard General Insurance | IFFCO Tokio General Insurance

Major insurance Companies in India  

There is a wide number of private as well as governmental insurance companies in India which offers different types of insurance policies fo...

Read more
Read more
Similar to
Popular now
Just for you