Life insurance business was started in India in 1818 with the establishment of Oriental Life Insurance Company in Kolkata. After that, many companies started operations in India. In 1938, the Government of India introduced the Insurance Act which is mainly to protect the interests of the policy holders.
Bajaj Allianz Life Insurance Company Limited
Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance Company and Bajaj Finserv.
HDFC Life Insurance Company Limited
It is a joint venture between HDFC and Standard Life. HDFC is India’s premier housing finance company and a well established financial conglomerate. Headquartered in Edinburgh, Standard Life is a leading provider of long-term savings and investments.
ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life Insurance is a joint venture between ICICI Bank, a premier financial powerhouse in India and Prudential plc, a leading international financial services group headquartered in UK.
Life Insurance Corporation of India
LIC continued to be the market leader in India even 17 years after the privatisation of insurance sector. It has 2048 branch offices in the country, in addition to 992 satellite offices and 300 mini offices, which were opened in 2013.
Max Life Insurance Company Limited
Max Life Insurance is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group.
Kotak Life Insurance Company Limited
It is a joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. Kotak Mahindra group is one of India’s leading financial services conglomerates. Old Mutual provides life assurance, asset management, banking and general insurance in Africa, the Americas, Asia and Europe.
SBI Life Insurance Company Limited
SBI Life is a joint venture between State Bank of India, the largest public sector bank in India and BNP Paribas, a leading financial services group based out of France.
Reliance Life Insurance Company Limited
Reliance Life is a joint venture between Reliance Capital and the Nippon Life Insurance of Japan.
Bharti AXA Life Insurance Company Limited
Bharti AXA Life is a joint venture between the AXA Group, and Bharti Enterprises, one of India’s leading business groups.
Star Union Dai-ichi Life Insurance Company Limited
Star Union Dai-ichi is a joint venture between Bank of India, Union Bank of India and the Dai-ichi Mutual Life Insurance Company.
IRDA Ranking of Insurance Companies in India
IRDA does not rank life insurance companies in India. It considers every company as equal.