Brief Details of Insurance Companies

Life Insurance Corporation India Company (LIC)

Life Insurance Corporation of India is the oldest insurance sector of our country. It is the largest insurance company in India with an estimated asset value of ₹1,560,482 crore (US$240 billion. The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the private insurance industry in India. LIC offers a range of insurance products to its customers. Some of the common products that is offered by the company are life insurance plans, pension plans, child insurance plans, unit linked plans, special plans and group scheme.Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation. LIC has a claim settlement ratio of 98.19% with maximum grievances settled over year.

Aegon Life Insurance

Aegon’s roots go back 170 years – to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries in the Americas, Europe and Asia. Today, Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management. Aegon never loses sight of its purpose to help its customers secure their long-term financial future. Aegon Life Insurance Company Limited (formerly Aegon Relligare Life Insurance Company Limited) launched its pan-India operations in July, 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfillment of this vision is based upon having a complete product suite, providing advice and enhancing the overall customer experience. Aegon, an international provider of life insurance, pensions and asset management and Bennett, Coleman & Company, India’s leading media conglomerate, have come together to launch Aegon Life Insurance. This joint venture adopts a local approach with the power of global expertise to launch products that are focused on providing customers with the means to meeting their long-term financial goals. The company is headquartered in Mumbai serving over 4.4 lakh customers across India.

Aviva Life Insurance

Aviva Life Insurance is the largest and the most popular insurance provider in the world. The company is a joint venture between the Dabur Group and Aviva Group. With 121 networked center across the country Aviva Life Insurance serves a large number of customer base country wise. Among the other insurance companies in India the company is known to first introduce Unit Link and Unitized With-Profit Plan in the market. The Aviva Life Insurance Company offers a wide variety of plans to the customers like protection plan, ruler plan, child plan, retirement plan, saving plan, health plan, term plan and group insurance plan. These plans fulfills all the needs and necessities of the buyers at a very economical price.

Bajaj Life Insurance

Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited (formerly part Bajaj Auto Limited) owned by the Bajaj Group of India and European financial services company Allianz SE. The company has gained name as one of the top most life insurance brand in India and being one of the private insurance companies in India, it offers insurance products for financial planning and security and huge range of products right from ULIP and Child Plan to Group and Health Insurance. The company provide a huge array of customized products that cater the every single demand of the customer and provide them a transparent benefit. Launched in year 2001 this life insurance company provides a one stop solution to the customers and help them in achieving their financial goals.

Bharti AXA Life Insurance Company

Bharti AXA Life Insurance Company is a joint venture between Bharti Enterprises and AXA business Group that operates in India. Bharti Enterprises shares 51% stake in the venture while AXA Group shares 49% stake. The customers can choose from the wide range of policies offered by the company ranging from investment plans to traditional plan or life insurance plan to child plan and Bharti AXA has a network of 123 offices in different cities across India. The customers has witnessed a maximum grievances resolved by the company in a year and had experienced a claim settlement ratio of 80.00%. The policies offered by the company has a maximum tenure of 65 years and the age criteria for the plans starts from minimum 18 years to maximum 65 years.

Birla Sun Life Insurance Company

BSLI came in to existence with the joint venture between Aditya Birla Group a well-known Indian conglomerate and Sun Life Financial Inc. One of the leading international financial services organizations from Canada. With an experience of over a decade, BSLI has contributed to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country with a 2.5 million of customer base. The company is known as a pioneer of Unit Linked Life Insurance plans and has over 600 branches spread over 500 cities across the country. A complete range of insurance services is offered by Birla Sun Life Insurance like protection plan, child plan, health and retirement solution, ULIP plan, customized group product and life stage product to provide compete satisfaction to the customers. With a claim settlement ratio of 88.45 % the company offers the best plans for the customers.

To Be Continued







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