Top 10 Insurance Companies in India
Introduction
The insurance company has shown a good boom after Lockdown. Every person knows that his life is not secure without insurance. That is why we will tell you about some of the top Indian 10 insurance companies growing very well in the insurance sector.
In the initial days, the insurance company could not perform that well, but after covid, all these companies have earned a lot of money. Here are the top 10 insurance companies in India.
1. Max Life Insurance
Csr percentage – 99.22
Claim settled – 15,463
CEO – Prashant Tripathi
CEO announced – (January 01, 2019)
Experience of CEO – 13 years
Education of the CEO – Indian institute of technology/Kharagpur
Address of the CEO - plot no 90-a Udyog vihar sector 18 Gurugram, 122015 India
Director & chief investment officer – Mr. Mihir Vora.
Director & chief marketing officer- Mr. Aalok Bhan.
The company authorized capital – Rs 300000.0 lakhs.
Paid-up capital - 64.823044% (in rupees Rs 194469.12 lakhs).
There is no owner of max life insurance because this is a parent organization. Max life insurance is the current top-rated company in India; if we talk about the market size or cap, it captures more than 50% of the Indian market in about the insurance.
Max life insurance offers plan for children, adults, and retirement solutions for long-term savings and protection to more than 30 lakh customers. Max life insurance documented as a gross written premium of rupees 8,172crore as of 31st march 2015 in which the assets under management of Rs 31,220 crore or with the sum assured of Rs. 2 26,701, which is noted as the biggest margin or business method planner till 2015.
People assume another reason behind the success journey of max life insurance is the list of plans they provided to the people.
Some plan list of max life insurance:
i) Term insurance:
- Max life smart term plan (term insurance)
- Max life cancer insurance plan (cancer term insurance)
- Max life super term plan (benefit term insurance)
- Max life premium return protection plan (return term insurance plan)
ii) Child insurance plan:
- Max life Shiksha plus super (this plan is for a family who wants to save some amount of money from their salary every month)
iii) Pension plan:
- Max life forever young pension plan (for old people pension plans)
- Max life guaranteed lifetime income plan (for old lifetime plan)
- Max life perfect partner super (for old couple or group plan)
iv) Ulip plan:
- Max life fast track super plan (plan with extra benefits and extra super
- Max life premium wealth plan (premium secured ulip plan
v) Money-back plan:
- Max life monthly income advantage plan (the plan which gives you the money in return based on monthly investment)
- Max life guaranteed income advantage plan (more benefits or advantages)
vi) Endowment plan:
It refers to money that somebody gives to a school, a college, or another institution run by a single owner or family or institute.
- Max life gain premiere (secured plan for an institute)
- Max life maxis super plan (super secured plan for school or institute)
- Max life future secure plan (future secure plan for institute or school)
vii) Whole life plan
Max life whole life plans for lifetime earnings (the people who are interested in earning more or save more)
viii) Riders plan max life:
- Max life partner care rider
- Max life term plus rider
- Max life waiver of premium plus rider
- Max life comprehensive accident benefits rider
- Max life accidental death and dismemberment rider
- Max life insurance accelerated critical illness rider.
2. Hdfc Life Insurance Company
Csr percentage – 99.07%
Claim settled – 12,626
CEO – Mr. Amitabh Chaudhary
Education of the CEO – Birla institute of technology and science
Salary of the CEO – 6.52cr
Social handle contact number is: +91 22 6707 4407
Born: July 02, 1964 (age 57 years), Gangtok
Term: January 2019 – present
Ed & cfo officer - Vibha Padalkar
Senior EVP, chief & appointed actuary -Mr. Srinivasan Parthasarathy.
Headquarter – Mumbai
Branches -414
Cities in India – 900
The company authorized capital – 3000crore
Paid-up capital – (2019-20 is 2018.8 crores) and (2020-21 is 2020.9crores)
HDFC life insurance company is the 2nd biggest insurance company after max life insurance, which is a public limited company, and this is the joining housing venture between the HDFC life insurance company and the HDFC bank.
The major shares of the HDFC limited are owned by financial services providers in the United Kingdom, which is more than 70%, and others hold the equity of the joined venture, remaining 26%. The latest claim settlement ratio of the HDFC Life Insurance Company is 99.04% and only between 2018-2019.
The HDFC insurance is based on their plan for people, children, or the institute.
Some of their plan and benefits:
i) Term insurance
HDFC life click 2 protect life rop (life coverage and more than 100% of the total premium)
ii) Term insurance plan:
- HDFC life CSC Suraksha plan (sum assured Rs 30,000 and Rs 2 lac)
iii) Endowment plan:
- HDFC life super-saving plan (plan with extra benefits upto no limits)
- HDFC life sanctuary plan (age at maturity 18 years 70 years)
- HDFC life classic assure plan plus (plan with assurance)
- HDFC life uday plan (plan with rising benefits like word uday)
- HDFC life Pragati plan (plan with consistent benefits)
iv) Money-back plan:
- HDFC life super income plan (plan with super income beneficiary)
v) Child insurance plan:
- HDFC life youngster udaan plan HDFC SL youngster super premium plan (plan with super saving and young people)
- Whole life plans (lifetime balance plan)
- HDFC life sampoorn samridhi plus plan (plan with pure balance and power plan)
vi) Pension plan:
- HDFC life personal pension plus plan HDFC life guaranteed pension plan (personal use plan)
- HDFC life new immediate annuity plan (new personal plan)
- HDFC life click 2 retire plan (personal to retire plan)
- HDFC life pension super plus plan (super pension plan)
- HDFC life assured pension plan (pension super-saving gold plan)
- HDFC life single premium pension super plan (pension super-saving premium plan)
vi) HDFC ulips plans:
- HDFC SL pro-growth maximizer – single premium ulip plan
- HDFC life click2invest plan
- HDFC SL crest plan
- HDFC life pro-growth plus plan
- HDFC life pro-growth super ii plan
- HDFC SL pro-growth Flexi plan
- HDFC life smart woman plan
- HDFC life capital shield plan HFDC life sampoorn nivesh plan
3. Tata Aia Life Insurance Company
Csr percentage – 99.26
Claim settled – 2,982
CEO – Mr. Naveen Tahilyani
CEO announced – 2015
Education of the CEO – bachelor of technology degree in electronics and communication from IIT madras
-postgraduate diploma in business management from the Indian Institute of Management, Ahmedabad.
Total employer – 26,955
Headquarters – Hong Kong
Tata AIA life insurance company is the third most reputable company on the list of top 10 Indian insurance companies. Its success is the joint venture between AIA and the TATA group.
The most trustable group in Indian history was known as tata, the most tax returner of all time; the tata venture owns 74% of the AIA, and the AIA group of Hong Kong owns only 26% stake in the company. The AIA group started working on February 12, 2001, and started with their most affordable insurance plan in April.
The AIA group provides protection, saving, and wealth solutions for individuals and groups. The list of plans which is the most affordable insurance plans are as follows-
i) Term insurance plans
- Tata AIA life irraksha supreme plan (plan helo to save your future)
- Tata AIA life iraksha trop plan (plan premium plus Suraksha)
- Sampoorna Raksha supreme (full plan proof)
ii) Endowment plans
- Tata AIA life insurance smart income plus plan (for institute plan with benefits)
- Tata AIA life insurance monthly insurance plan (monthly insurance for institute or schools)
- Tata AIA life insurance secure 7 plan (with the plan of 7 years)
- Tata AIA life insurance mahalife supreme plan (plans with the ultimate mahabachat plan)
- Tata AIA life insurance fortune guarantee plan (guaranteed supreme plan)
- Tata AIA life insurance insta wealth plan (supremely life insurance securing wealth term plan)
- Tata AIA life insurance smart 7 plan (plan smart 7)
- Tata AIA life insurance smart growth plus plan (plan with smart growth)
- Tata AIA life insurance mahalife magic plan (maha magic plan)
- Tata AIA life insurance money maxima plan (money maxima plan)
- Tata AIA life insurance saat saath plan (plan with more than two institutes)
iii) Money-back plans
- Tata AIA money back plus plan (plan save you and make more money)
iv) Child insurance plans
- Tata AIA life insurance good kid plan (plans for a good kid)
v) Whole life plans
- Tata AIA life insurance mahalife gold plus plan (maha life gold plan)
- Tata AIA life insurance mahalife gold plan ( maha life gold plan)
vi) Pension plans
- Tata AIA life insurance freedom plan (plan with insurance benefits of freedom)
v) Clips
- Tata AIA life insurance invest one plan
- Tata AIA life insurance fortune maxima plan
- Tata AIA life insurance fortune pro plan
- Tata AIA life insurance wealth maxima plan
- Tata AIA life insurance wealth pro plan
4. Pramerica Life Insurance
Csr percentage – 98.42
Claim settled – 569
Ceo – Mr. Anup Pabby
Ceo announced – Feb 2014
Education of the CEO – bachelor of chemistry (Hons.) And holds an MBA from MDI Gurgaon.
Branch – 144 all over India
Total employer – 3,081
Contact no – (0124) 4697000
Appointed actuary – Mr. Varun Gupta
Chief financial officer – Mr. Alok Mehrotra
The company authorized capital – 4,811crore
Pramerica, a life insurance company, is a joint venture of dewan housing finance limited investment and prudential international insurance holdings ltd. Pramerica life insurance limited commenced its insurance business operations on September 01, 2008
Pramerica makes a better and more secure plan for the people, person, and the institute, which provides an affordable plan for the person who belongs to a middle-class family and connects more people all over India. Pramerica provides fewer plans than any other insurance company, but it promises a better way it provided. Pramerica's plans are as follows:
i) Endowment plan
- Pramerica life Flexi cash plan (plan with flexible insurance term)
- Pramerica life magnum assure plan (assurance plan term limits)
- Pramerica life premier gain plan (a plan which gains with premiere)
- Pramerica life Roz sanctuary plan (plans daily benefits)
- Pramerica life Sahaj Suraksha plan (plan Suraksha benefits)
- Pramerica life smart assure plan (smart assure plan)
- Pramerica life smart cash protection plan (the cash protection plan)
- Pramerica life smart income plan (plan with smart incomes)
- Pramerica life e-save plan (plan with the life-saving plan)
- Pramerica life rakshak gold plan (the gold rakshak plan)
ii) Money-back plan
- Pramerica life smart money back plan (plan provides additional benefits with a money-back guarantee)
- Child insurance plans (plan for your child)
- Pramerica life future idols gold + plan (gold idols life plan)
- Pramerica life rakshak+plan (rakshak plan supreme)
- Pramerica life smart fee protect plan (plan help to be smart)
iii) Whole life plan
- Pramerica life aajeevan samriddhi plan (plan help you with the time)
iv) Clips
Pramerica life smart wealth + plan (plans with life smart wealth management knowledge)
5. Exide Life Insurance Company
Csr percentage – 98.15
Claim settled – 3,468
CEO – Mr. Kshitij Jain
CEO announced – 06/2006
Experience of CEO – digital leader recognized for more than 20 years
Education of the CEO – Shri ram college of commerce
Address Exide life insurance company- no 3/1, millers road 3rd floor, jp techno park Bangalore, 560001 India
Employee – 5346
Chief distribution officer – Rahul Agarwal
Appointed actuary & chief risk officer – Mr. B. N. Rangarajan
The company authorized capital – Rs 1,679.59
Exide life insurance company achieves more and more by years.
This is a Bangalore-based company. First, when the company started, it wrote its name as Ing Vysya Life Insurance Company limited, and the company has more than 10L customers and more than 8800 crores in assets. The current advisor of the company is more than 35,000; the way the company is making a profit is pretty good in an insurance sector. Exide life is also known better for its budget-friendly plans.
List of plans
i) Term insurance plans
Exide life my term insurance plan (happy family term insurance plan)
ii) Endowment plans
- Exide life star saver plan
- Exide life-income advantage plan
- Exide life guaranteed income insurance plan
- Exide life secured income insurance rp plan
- Exide life Jeevan day plan
- Exide life assured gain plus plan
- Exide life secured income insurance plus plan
iii) Money-back plans
- Exide life new fulfilling life plan (plan for the money-back opportunity)
iv) Child insurance plans
- Exide life Mera aashirvad plan (plans for your healthy future with your children)
- Exide life new creating life insurance regular pay plan (only pay plan)
v) Pension plans
- Exide life new immediate annuity with return of purchase price plan
- Exide life golden years retirement plan
6 Reliance Life Insurance Company
Csr percentage – 98.12
Claim settled – 8,017
CEO – Mr. Ashish Vohra
CEO announced – 10/2016-present
Education of the CEO – IIT BHU
Address – reliance center, off the western express highway, 5th floor Mumbai, 4000.
Employee –
Appointed actuary – Mr. Prithesh Kumar Chaubey
Chief risk officer – Mr. S. V. Sunder Krishnan
Reliance life insurance company is the biggest company in the world. Somehow the name reliance contains relation and emotional features between the company and the customers.
Reliance has more than 8000 branches presently in India and more than 1,00,000 advisors in India, according to March 2015. Reliance is also known as the power brand because of its statics and segment catering -protection of people, health, child, saving & investment, retirement plans, and much more.
List of Plans:
i) Health insurance
- Reliance on easy-care fixed benefit plan (plan with the ease care with the rational fixed benefits)
- Reliance care for you advantage plan
- Reliance health total (plan helps you to earn more advanced advantages in your every step of fixed deposit)
ii) Endowment plans
- Presenting a plan to the people, society, and the institute
- Reliance on future income plan (plan for future security
- Reliance Nippon life increasing income insurance plan (plan for future and income more)
- Reliance Nippon life bluechip savings insurance plan (light plan for an affordable person with lots of benefits like lite blue)
- Reliance Nippon life fixed savings plan (saving fixed plans)
- Reliance's money multiplier plan (a plan which helps you to earn more money)
- Reliance lifelong savings plan (life-long budget-friendly plan)
iii) Money-back plans
- Reliance Nippon life fixed money back plan
- Reliance on Nippon life's guaranteed money-back plan
- Reliance Nippon life super money back plan
- Reliance Nippon life increasing money back plan
- Reliance Nippon life smart cash plus plan
iv) Child insurance plans
- Reliance Nippon life education plan
- Whole life plans (plan help you to go with the flow)
- Reliance Nippon life whole life income plan
v) Pension plans (plans for people with pension and other benefits)
- Reliance Nippon life immediate annuity plan (plan for older people help to earn)
- Reliance Nippon life pension builder plan (small savings make more beneficial term in future)
- Reliance Nippon life smart pension plan (smart pension plan for pension people)
vi) Clips
- Reliance Nippon life premier wealth insurance plan
- Reliance Nippon life smart savings insurance plan
- Reliance nippon life classic plan ii
7. Bajaj Alliance Life Insurance Company
- Csr percentage – 98.02%
- Claim settled – 12,127
- CEO – Mr. Anuj Agrawal
- CEO announced – September 04, 2013
- Chairman – Sanjeev Bajaj
- Non-executive and non-independent director – Sergio Balbinot
- Independent Director – Suraj Mehta
- Director & chief marketing officer- Mr. Subrat Mohanty
Bajaj is the best leading company in the insurance market and other sectors. Bajaj the word is known for the trust and the future; being a customer, everyone wants to be a part of Bajaj Insurance people are believing for so many years the time Bajaj takes to take place in the heart of people is a long journey, Bajaj is serving from last 80 years in the market, and they well expand themselves.
The Bajaj Allianz is the joint venture between the bajaj and the Allianz German group.
In 2001 the bajaj started its incorporated business with only 36 offices and 100 employees, and in 2020, the company base and the revenue is more than 1200cr.
They state they have a great and strong portfolio that attends and gains the customer response. Bajaj provides their services in-home, travel, health, field, and life insurance.
Bajaj believes this service is highly demanded in an era of fear of death.
List of Plans
i) Term insurance plan
- Bajaj Allianz isecure online term plan
- Bajaj Allianz isecure more term insurance plan
- Bajaj Allianz life secure plan
- Bajaj Allianz touch shield online term plan
ii) Endowment plan
- Bajaj Allianz guarantee assure plan
- Bajaj Allianz elite assure plan
- Bajaj Allianz invest assure plan
- Bajaj Allianz save assure plan
- Bajaj Allianz life super life assure plan
- Bajaj Allianz life income assure plan
iii) Money-back plan
- Bajaj Allianz cash assure plan
iv) Child insurance plan
- Bajaj Allianz young assure plan
v) Whole life plan
- Bajaj Allianz's lifelong assure plan
vi) Pension plan
- Bajaj Allianz retire rich plan
- Bajaj Allianz pension guarantee plan
vii) Ulips
- Bajaj Allianz fortune gain plan
- Bajaj Allianz life principal gain plan
- Bajaj Allianz retire rich plan
- Bajaj Allianz future wealth gain
- Bajaj Allianz csc bachat plus plan
- Bajaj Allianz future gain
8. Aegon life Insurance Company
Csr percentage – 98.01%
Claim settled – 351
CEO – Mr. K. S. Gopalakrishnan
CEO announced – October 2013
Experience of CEO – an experienced leader in life insurance,
Education of the CEO – Stanford university graduate school of business.
Address -
Mumbai, Maharastra
Customer care – (636)736-7000
Employee - 22,400
Headquarters – the Hague, Netherlands
Chief operating officer -Mr. R. Sankaranarayanan
Appointed actuary & chief risk officer – Mr. Souvik Jash
Total branches of the company in India – 59 branches
Total agent of the company – 9600
Total employees worldwide – 26,000
Total happy customers in India – 4lakhs
Company founded – in 1983 by a merger
The company authorized capital of -9.76 billion
Started operations in India - in 2008
Aegon Insurance Company deals with pension, terms, life insurance, asset management, and institute. Aegon is a big brand with business in India and more than 16 countries, including Mexico, Hungary, Romania, Brazil, Canada, Poland, Romania, Slovakia, Czech turkey, and the republic, Spain, Japan, China, North America, and India.
In the insurance field, they state that their plans are international and affordable, including health, service, and term plans.
List of the Plans
i) Term insurance
- Aegon life iterm (best plan insurance term and the security)
ii) Term insurance plan
- Aegon life term insurance plan (best plan insurance term and the security)
- Aegon life ispouse insurance plan (plan for happily married couples and the spouse)
- Aegon life i-income insurance plan (plan with the income and the convenience)
- Aegon life group term insurance plan (group term plans with budget-friendly)
- Aegon life rural term insurance plan (plan for rural places)
iii) Endowment plans
- Aegon life Jeevan riddhi insurance plan (riddhi plan Aegon best endowment plan)
- Aegon Life Jeevan Shanti insurance plan (plan for long-term endowment)
iv) Money-back plans
- Aegon life guarantee insurance plan (a plan which helps you to earn more money)
- Aegon life guaranteed growth insurance plan (growth save and earn)
- Aegon life regular money-back insurance plan (regular money back plan)
v) Child insurance plans
- Aegon life rising star insurance plan (plan for your and your children's healthy future)
vi) Pension plans
- Aegon life insta pension plan (best plan for an aged person with term security and pension)
vii) Clips
- Aegon life invest insurance plan
- Aegon life imaximize insurance plan
- Aegon life imaximize single premium insurance plan
- Aegon life future protect.
9. ICICI Prudential Life Insurance Company
Csr percentage – 97.84%
Claim settled – 11,460
Ceo – Mr. Sandeep Bakshi
Ceo announced – 15oct, 2018
Brand ambassador of ICICI – Shree Mr. Amitabh Bachchan
Salary of the CEO – The compensation of the Sandeep bakhshi is $57,282,300.
Dob - May 28, 1960 (age 62 years)
Chief actuary (appointed actuary) –
Address of the CEO – Mr. Satyan jambunathan
Company secretary – ms. Sonali chandak
Director & chief marketing officer- Mr. Puneet Nanda
Everyone knows about the ICICI bank and insurance; no one is unaware of this big brand company. The ICICI insurance company is one of the largest mega insurance company in all over India. This is the public company in which ICICI bank contains 74% stakes, and the remaining percentage is the joint venture.
Icici is an Indian bank, and the joint venture prudential is UK based bank service; they both started their joined venture in 2000, and till now, the capital of prudential ICICI is more than a 48billion, and the company reaper more than 153billions more than this the assets which are under the management of ICICI Prudential is worth 1001.83 billion. Along with these, the settlement ratio is also good, which is more than 98%; ICICI is also known as the king of the bank so that people can be easily rectified and trustable against the policies of ICICI prudential also ICICI has an extra super range of their services.
List of plans
i) Term insurance plans
Icici Pru protect smart plan (protect your future with the small investment)
ii) Endowment plans
Icici Pru saving Suraksha plan (plan for safety with Suraksha)
Icici Pru future perfect plan (plan safety future perfect term investing)
Icici Pru assured savings insurance plan (pro planning plan for endowment)
ii) Money-back plans
Icici Pru cash advantage plan (plans helo to earn cash)
iv) Pension plans
Icici Pru immediate annuity plan (Pru sudden plan with extra benefits)
Icici Pru easy retirement plan (best retirement plan)
v) Clips
Icici Pru wealth builder ii plan (wealth plan builder)
Icici Pru guaranteed wealth protector plan (protection from everyone and everywhere)
Icici Pru smart life plan (smart life great plan)
Icici Pru elite wealth ii plan (wealth decision plan for future security)
Icici Pru elite life ii plan (pro plan 2 for better investment and easy returns)
Icici Pru lifetime classic plan (classic plan investment or return)
Icici Pru elite life super plan (super-elite pro plan with extra benefits)
Icici Pru elite wealth super plan (super wealth plan pru)
10. Aditya Birla Sun Life Insurance Company
Csr percentage – 97.54%
Claim settled – 5,162
Ceo – Mr. Pankaj razdan
Ceo announced – June 24, 2019
Chief financial officer – Mr. Amit Jain
Address of Aditya Birla sun life insurance – Aditya Birla center, 3rd floor, s k ahire marg, Worli, Mumbai, India.
Director & chief marketing officer- Mr. Rajesh Nambiar
Total employees worldwide – 140,000
Aditya Birla company owns – 27 brands, 27 companies, and 14 industry
Country operation – operates in 36 countries.
Birla sun life insurance company is also a joint venture between two companies; they partnered with the Aditya Birla group, a multinational company; the company offers protection in various ways and starts; they joined the venture in 2000, and till now, they have more than 14,00,000 employee in the company worldwide and making great success path for bright future.
Birla sun life insurance company has the top 10 positions in the list of top 10 insurance companies. The company's distribution is more than 500 cities and spread over 560 branches across India.
Birla sun life insurance has more than 140 partners and 85,000 current advisors and is also known for its vast plan list, which is the lovest and cleared the list of the insurance world.
List of the Plans
i) Health insurance plans
- Bali hospital plus plan
ii) Endowment plans
- Bali vision endowment plan
- Bali saving plan
- Bali guaranteed future plan
- Bali secure plus plan
- Bali vision endowment plus plan
- Bali income assured plan
iii) Money-back plans
- Bali vision money back plus plan
- Bali vision regular returns plan
- Child insurance plans
- Bali vision star plan
iv) Whole life plans
- Absli vision life income plan
- Bali vision life secure plan
v) Pension plans
- Bali immediate annuity plan
- Bali empowers pension plan
- Bali empower pension – sp plan
vi) Clips
- Birla sun life wealth max plan
- Birla sun life wealth secure plan
- Birla sun life wealth assure plan
- Birla sun life fortune elite plan
- Birla sun life wealth aspire plan
vii) Critical illness plans
- Birla sun life cancer shield plan.