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



Top Life Insurance Companies in India and there claim settlement ratio

Top Life Insurance Companies in India

According to IRDIAI there are 24 life insurance companies

Check the list below and there claim settlement ratio {2015-16}


List of Life Insurance Companies Claim Settlement Ratio
AEGON Life Insurance  95.31 %
Aviva Life Insurance  81.97 %
Bajaj Allianz Life Insurance  91.30 %
Bharti AXA Life Insurance  80.02 %
Birla Sun Life Insurance  88.45 %
Canara HSBC OBC Life Insurance  92.99 %
DHFL Pramerica Life Insurance  83.64 %
Edelweiss Tokio Life Insurance  85.11 %
Exide Life Insurance  89.36 %
Future Generali India Life Insurance  90.26 %
HDFC Standard Life Insurance  95.02 %
ICICI Prudential Life Insurance  96.20 %
IDBI Federal Life Insurance  84.79 %
IndiaFirst Life Insurance Company Ltd – India First  71.87 %
Kotak Life Insurance  89.09 %
Life Insurance Corporation of India  98.33 %
Max Newyork Life Insurance  96.95 %
PNB MetLife Insurance  85.36 %
Reliance Life Insurance  93.82 %
Sahara Life Insurance  90.30 %
SBI Life Insurance  93.39 %
Shriram Life Insurance  60.24 %
Star Union Dai-ichi Life Insurance  80.73 %
Tata AIA Life Insurance  96.80 %

There are currently, 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies.Private life insurance companies in India got access to the life insurance sector in the year 2000.




Insurance claim process might change:

There is the latest news that insurance claim process may change when a new law goes effect from 1st of Sept. 2017.

House Bill 1774 was passed by the Texas Legislature during the regular session and signed by Gov. Greg Abbott in May.

This law was brought against insurance companies who take a long time to process the payment for policyholders.

If a person claims insurance amount before this law goes into effect and insurance company does not pay on time then the insurance company will pay 18% as a penalty in addition to claim amount.

After getting effective of this law, Under HB 1774, the penalty amount will be reduced to 10 % from 18 %. It means this is going to be a big relief for insurance companies.

Here is what you need to do if you have damage:

– Turn in your claim as soon as possible.

– Keep copies of receipts you submit to your insurance company

– Watch out for contractors and other people asking to do repairs. Storms bring out unscrupulous vendors. Keep a claims notebook that is names of phone numbers, adjusters, contractors, future damages, everything associated with the damage and repairs.

Types of Insurance

There are many insurances for an individual but these are common and important for our life:

  • Health Insurance
  • Motor Insurance
  • Home Insurance
  • Travel Insurance
  • Rural Insurance
  • Marine(cargo) Insurance
  • Commercial Insurance

Let’s Understand One by One:

Health Insurance

Health insurance is very much important for every individual because health care costs are increasing day by day. Modern life style & stress at work affect the health and can result in a critical illness or medical emergency.

Such situation can surely affect one financially due to the massive outlay of money on medical expenditure. Health Insurance policy really helps in optimizing our financial risks. This gives peace of mind in times of crisis and ensures own health and that of one’s family.

Health insurance covers the medical and surgical expenses of the insured individual because of hospitalization from an illness. Additional riders enhance the benefits and scope of the cover.

Health insurance often includes the cashless facility at most of the hospitals, pre and post hospitalization expenses, ambulance charges, daily cash allowance etc.

Health insurance policies include:

  • Individual Policy
  • Family Floater Policy
  • Surgery Cover
  • Comprehensive Health Insurance

Motor Insurance

In today’s life, we are very much dependent on our own vehicle while traveling to any place. This saves our time as well as we get complete time to have fun with family & friends.

While doing that we should keep one thing in mind is motor insurance is very much important nowadays. This covers all damages and liability to a vehicle against various on-road and off-road emergencies. A comprehensive policy even secures against damage caused by natural and man-made calamities, including acts of terrorism.

Motor insurance is mandatory in India as per the Motor Vehicles Act, 1988 and needs to be renewed every year. Driving a motor vehicle without insurance in a public place is a punishable offense.

Motor insurance categories include:

  • Two Wheeler Insurance
  • commercial Vehicle Insurance
  • Car Insurance

Some attractive benefits of motor insurance include roadside assistance, cashless servicing at a nation-wide network of workshops and garages, personal accident cover, towing assistance.

Home Insurance

I believe Home is a most important part of any individual and also the big financial investment for one.

Home insurance covers the house and content in it as per insurance policy. It secures the home against natural calamities and man-made disasters and threats. Home insurance provides protection against risks and damages from fire, burglary, theft, flood, earthquakes etc. covering the physical asset (building structure) and valuables (contents) in it.

It helps in saving your money while any threats to your house.


Travel Insurance

Travel insurance is also one of the most important things in our life. This helps us in covering loss of baggage, loss of passport, delay in flight, medical emergency etc. Such eventualities will surely take the fun away from traveling.

Travel insurance policies include:

  • Student Travel Insurance
  • Individual Travel Policy
  • Family Travel Policy
  • Senior Citizens Travel Policy

In addition to the above, some insurance companies offer special plans like a corporate travel policy or comprehensive policy for travel to special destinations like Asia and/or Europe.

Rural Insurance

Rural insurance is basically for rural business and agriculture. IRDA has stipulated annual targets for insurers to provide insurance to the rural and social sector.

As per these regulations, insurers are required to meet year-wise targets:

  • In percentage terms of policies underwritten and percentage of total gross premium income by general insurers under rural obligation
  • In terms of the number of lives under social obligation

Marine (Cargo) Insurance

Cargo insurance is mainly for import export business or while shifting your goods from one to another place. Movement of goods is very risky while moving from one to another place.  This insurance covers substantial losses for both the importers as well as the exporters.

Marine cargo insurance covers goods, freight, cargo and other interests against loss or damage during transit by rail, road, sea and/or air. Maine cargo ensures that your shipment is secure till it reaches to you and if something happens to it like, damaged, stolen, defective ETC.

The party responsible for ensuring the goods is determined by the sales contract. Marine cargo insurance policy can be taken by buyers, sellers, import/export merchants, buying agents, contractors, banks etc. The policy usually covers the cargo, but can also be extended to cover the interest of a third party post transfer of ownership as determined by terms of sale.

 Types of policies can be taken:

  • Specific Voyage Policy
  • Open Cover
  • Open Policy
  • Annual Policy


The hull of a ship or boat can be insured under marine hull insurance.

Commercial Insurance

Commercial Insurance is basically for all sectors of the Industry arising out of business insurance. Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport, and logistics sectors. It covers small and medium scale enterprises, large corporations as well as multinational companies.

Types of commercial insurance:

  • Engineering Insurance
  • Property Insurance
  • Marine Insurance
  • Liability Insurance
  • Financial Lines Insurance
  • International Insurance Solutions
  • Energy Insurance
  • Employee Benefits Insurance

Other Types of General Insurance:

  • Shopkeeper
  • Property Insurance
  • Personal Accident
  • Householder
  • Corporate Insurance
  • Commercial Insurance
  • Crop Insurance
  • Fire Insurance

To be continued with other policies……..

History of Insurance in Incredible India

Begining of Insurance in India

Insurance began in India around 1800 AD. In 1818 the first life insurance company on Indian Soil started functioning. Company Name was “Oriental Life Insurance”.

In 1870, the first Indian life insurance company started its business. Bombay Mutual Life Assurance Society.

In 1912 the Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

In 1928 the Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and Non-life insurance businesses.

In 1938 earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the Insuring public.

In 1956 nationalization of life insurance: Life insurance business was nationalized on 1st September 1956 and the Life Insurance Corporation of India (LIC) was formed through LIC Act, 1956.  A capital contribution of 5Cr from the Government of India was also made. There were 170 companies and 75 provident fund societies doing life insurance business in India at that time. From 1956 to 1999, the LIC held exclusive rights to do life insurance business in India.

In 1972 nationalization of non-life insurance: With the enactment of General Insurance Business Nationalization Act (GIBNA) in 1972, the non-life insurance business was also nationalized and the General Insurance Corporation of India (GIC) and its four subsidiaries were set up. At that point of time, 106 insurers in India doing non-life insurance business were amalgamated with the formation of four subsidiaries of the GIC of India.

Indian Insurance Sector moved ahead

The formation of the Malhotra Committee in 1993 initiated reforms in the Indian insurance sector and is considered as one of the milestones in the history of Insurance in India.

The aim of the Malhotra Committee was to assess the functionality of the Indian insurance sector. This committee was also in charge of recommending the future path of insurance in India.

The Malhotra Committee attempted to improve various aspects of the insurance sector, making them more appropriate and effective for the Indian market.

The Insurance Regulatory and Development Authority Act of 1999 brought about several crucial policy changes in the insurance sector of India. It led to the formation of the Insurance Regulatory and Development Authority (IRDA) in 2000.

The goals of the IRDA are to safeguard the interests of insurance policyholders, as well as to initiate different policy measures to help sustain growth in the Indian insurance sector.

Important Milestones in the history of Indian Insurance industry

1993 Malhotra Committee established.

1994 Recommendations of Malhotra Committee published.

1995 Mukherjee Committee established.

1996 Setting up of (interim) Insurance Regulatory Authority (IRA) Recommendations of the IRA.

1997 Mukherjee Committee Report submitted but not made public.

1997 The government gives greater autonomy to Life Insurance Corporation, General Insurance Corporation, and its subsidiaries with regard to the restructuring of boards and flexibility in investment norms aimed at channeling funds to the infrastructure sector.

1998 The cabinet decides to allow 40 percent foreign equity in private insurance companies—26 percent of foreign companies and 14 percent of non-resident Indians and Foreign Institutional Investors.

1999 The Standing Committee headed by Murali Deora decides that foreign equity in private insurance should be limited to 26 percent. The IRA bill is renamed the Insurance Regulatory and Development Authority Bill.

1999 Cabinet clears Insurance Regulatory and Development Authority Bill.

2000 President Gives assent to the Insurance Regulatory and Development Authority Bill.

Life insurance industry today

Currently, 24 life insurance companies and 29 non-life insurance companies in the Indian market compete with each other on price and service to attract customers. Out of the 24 life insurance companies, Life Insurance Corporation of India (LIC) is the sole public sector company fully owned by Government of India. All the policies issued by LIC of India enjoys the Sovereign guarantee of Indian Parliament.

The country’s insurance market is expected to quadruple in size over the next 10 years from its current size of US$ 60 billion. During this period, the life insurance market is slated to cross US$ 160 billion.

The general insurance business in India is currently at Rs 78,000 crore (US$ 11.7 billion) premium per annum industry and is growing at a healthy rate of 17 per cent.

India’s insurance market lags behind other economies in the baseline measure of insurance penetration. At only 3.9 percent, India is well behind the 11.9 percent for Korea, 11.5 percent for the UK, 11.1 percent for Japan, and 7.5 percent for the US. Indian Insurance Industry is expected to grow to US $ 280 billion by Financial Year 2020.

The Indian insurance market is considered to have a huge business opportunity waiting to be harnessed. India currently accounts for less than 1.5 per cent of the world’s total insurance premiums and about 2 per cent of the world’s life insurance premiums despite being the second most populous nation.

!! Get an insurance & set your life!!

What does mean by an Insurance/Understand an Insurance/Cheap insurance?

In a simple language, we can say that an insurance is a protection from possible eventuality & financial loss. It could be your health, Belongings, family ETC.

We have to keep in mind that everything is important in our lives and in order to keep that protected, we should have a genuine insurance by consulting an adviser from an authorized insurance company.

Basically, this is most important part of our life to be protected & happy life.

There is a huge market of insurance in India. In order to buy an insurance you need to pay the premium once in a year. An  insurance company will cover some portion of the loss of policy holder as per their term and condition.


For example, suppose you have a Bike insurance policy. You pay 6000 INR per year in premiums for a policy with a face value of 200,000 INR with your insurance company when company approves the claim. You pay your 6,000 deductible, and the insurance company covers the remaining 199,000 of your loss.

When you buy an insurance policy, you’re pooling your loss risk with the loss risk of everyone else who has purchased insurance from the same company.

To be continued ……..