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Life Insurance In India
Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 (worth ₹15 lakh & ₹41 lakh in 2017 prices). Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector. Types of life insurance in India * Unit-linked insurance plan Companies Below are the list of life insurance companies in India: * Life Insurance Corporation of India * HDFC Life * ICICI Prudential Life Insurance * Bajaj Allianz Life Insurance * Kotak Life Insurance * SBI Life Insurance Company SBI Life Insurance Company Limi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India
India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since 2023; and, since its independence in 1947, the world's most populous democracy. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is near Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand, Myanmar, and Indonesia. Modern humans arrived on the Indian subcontinent from Africa no later than 55,000 years ago., "Y-Chromosome and Mt-DNA data support the colonization of South Asia by modern humans originating in Africa. ... Coalescence dates for most non-European populations averag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SBI Life Insurance Company
SBI Life Insurance Company Limited is an Indian life insurance company. It was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. In 2007, CRISIL Limited, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating. SBI Life is listed on Bombay Stock Exchange, BSE And National Stock Exchange of India, NSE (Stock Exchanges in India) and is a leading Life Insurance company in India. History The company incorporated as a public limited company in Mumbai on 11 October 2000. SBI Life started as a joint venture with BNP Cardif S.A, which is the life and property & casualty insurance arm of BNP Paribas in 2001. In its initial stage its business was mainly from bancassurance channel. It gradually developed a 108,261 agent network of Insurance Advisors (IAs) and 825 offices across the country by March 2018. It collaborated with other distribution channels, including direct sales, corpo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Star Union Dai-ichi Life Insurance
Star Union Dai-ichi Life Insurance is an insurance company with headquarters in Mumbai, India. It was founded in 2007 and began operations in 2009 as a joint venture between Bank of India, Union Bank of India, and Dai-ichi Life, a Japanese life insurance firm. It offers a range of services including investments plans, retirement plans and protection plans. It has been regulated by the Insurance Regulatory And Development Authority of India as one of the 25 leading life insurance companies in India. History Star Union Dai-ichi Life Insurance was incorporated in September 2007 and commenced operations in February 2009 with Rs. 420 crores in funding from its founding promoters. The company operates in the following segments; life insurance, annuity pension fund and unitised insurance fund. In June 2016, following the deregulation of the foreign ownership limit that took effect in March 2015, Dai-ichi Life decided to purchase an additional 18% stake in SUD from BOI, bringing its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bandhan Life
Bandhan Life Insurance Limited (formerly known as ''Aegon Life Insurance Company'') is an Indian life insurance company offering individual and group insurance online and offline. Founded in 2008, it is headquartered in Mumbai, India. Until 2024, it was a joint venture between Dutch Aegon N.V., a multinational insurance, pensions and asset management company and The Times Group (also called Bennett, Coleman & Co.) In February 2024, it was announced that the firm was acquired by Bandhan Financial Holdings Ltd. On April 19, 2024, Aegon Life was officially rebranded as Bandhan Life. Corporate history In July 2006, AEGON and the Ranbaxy Group announced its intention to enter the insurance business in India. The partnership of AEGON, Religare & Bennett, Coleman & Company formed AEGON Religare Life Insurance Company Limited and launched in July 2008. In 2015, Aegon increased its stake in the venture to 49% while Religare Enterprises announced it was exiting the venture by selli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aviva India
Aviva plc is a British multinational insurance company headquartered in London, England. It has about 19 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider. Aviva is also the second largest general insurer in Canada. Aviva has a primary listing on the London Stock Exchange, and is a constituent of the FTSE 100 Index. Name The name of the company upon its formation in May 2000 was CGNU plc and was created when Norwich Union merged with insurer CGU. In April 2002, the company's shareholders voted to change the company name to Aviva plc, an invented palindrome word derived from "viva", the Latin for 'alive' and designed to be short, memorable and work worldwide. The new company's logo incorporated a triangle, which is based on the spire of Norwich Cathedral. The Norwich Union brand was retained for the UK long-term savings and general insurance b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canara HSBC Life Insurance
Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram. Established in 2008, Canara HSBC Life Insurance was a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%) and Punjab National Bank (23%). On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank. The company's offerings include products in life, health, online term plans, credit life and employee benefit segments. History and overview The company was set up in 2008. In February 2014, Canara HSBC Life Insurance introduced the concept of online revival of the policy, enabling customers to reinstate a lapsed policy and allows to pay their premium online. It has also partnered with 3 rural regional banks, Pragathi Gramin Bank in Karnataka and Shreyas Gramin Bank in Uttar Pradesh in 2009 and South Malabar Gramin Bank in 2010. The company was partnered with Dhanlaxmi Ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reliance Life Insurance
Reliance Nippon Life Insurance Company (RNLI) is a life insurance company in India. The firm offers life insurance products targeted at individuals and groups, catering to four distinct segments: protection, children, retirement and investment plans. History The company offers life insurance products aimed at individuals and groups broadly classified into four distinct segments: protection, children, retirement and investment plans. Till year 2014 it was ranked amongst the top five private sector life insurance companies in terms of individual weighted received premium (WRP) and new business WRP and had over 1 crore policy holders with a strong distribution network of over 900 branches and around 100,000 agents. 2025 , , Hinduja Group takes over Reliance remaining 51% of shares Description As of 31 March 2013, the Total Premium (net of re-insurance) was Rs. 40.15 billion, whereas new business premium stood at Rs. 13.77 billion. The company achieved a profit of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Max Life Insurance
Axis Max Life Insurance Limited (formerly known as Max New York Life Insurance Company Limited and Max Life Insurance Company Limited) is an Indian life insurance company headquartered at New Delhi, and the largest non-bank private-sector life insurer in India. It is an 80:20 joint venture between Max Financial Services and Axis Bank. The company is a subsidiary of the publicly-listed Max Financial Services. It was founded in 2000 after the liberalization of the insurance sector in India and its operations began in 2001. History Max Life Insurance started as a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Group. The former owned 68% of the company while the latter owned 26%. After forming the joint venture partnership with Mitsui Sumitomo, Max Life changed its name from Max New York Life in 2012. In February 2016, Axis Bank held a 6% share in Max Life. On 13 December 2024, Max Life Insurance rebranded itself to Axis Max Life Insurance. Products an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kotak Life Insurance
Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company based in India. It was established in 2001 and currently serves 46 million customers in 148 cities and towns across India. The company provides protection, retirement, savings, investment, and annuity plans. Corporate history The Kotak Mahindra Group was founded in 1985 as a provider of financial services. In February 2003, Kotak Mahindra Finance Ltd (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI) to conduct banking operations in the country and was renamed as Kotak Mahindra Bank, the parent company of Kotak Life Insurance. The company started operations in 2001 on a joint venture between Kotak Mahindra Bank Ltd and Old Mutual Plc. In 2017, Kotak Mahindra Bank bought Old Mutual's 26 percent stake in the life insurance joint venture for Rs 1,293 crore, subject to approvals, making the life insurance company fully owned by Kotak Mahindra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of thos ... between an insurance policy holder and an insurance , insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses. Life policies are legal contracts and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bajaj Allianz Life Insurance
Bajaj Group is an Indian multinational conglomerate founded by Jamnalal Bajaj in Mumbai in 1926. The group comprises 40 companies and its flagship company Bajaj Auto is ranked as the world's fourth largest two- and three-wheeler manufacturer. The group has involvement in various industries that include automobiles (2- and 3-wheelers), home appliances, lighting, iron and steel, insurance, travel and finance. History The Bajaj Group of Companies was founded by Jamnalal Bajaj. Kamalnayan Bajaj (1915–1972) Kamalnayan Bajaj, the elder son of Jamanalal Bajaj, after completing his education from University of Cambridge, England to assist his father both in business and in social service. He expanded the business by branching into manufacture of scooter, three-wheeler, cement, alloy casting and electricals. In 1954, Kamalnayan took over active management of the Bajaj Group companies. Ramkrishna Bajaj (1924–1994) Ramkrishna Bajaj, the younger son of Jamanalal, took over af ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ICICI Prudential
ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges. History ICICI Prudential Life Insurance started its operations in 2001. The life insurance arm was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. In 2016, ICICI Prudential Life became the first insurance company to be listed in Indian stock exchanges, namely Bombay Stock Exchange and National Stock Exchange. In the IPO, parent company ICICI Bank Limited offloaded 12.65% stake worth . In 2017, ICICI Prudential Life was to take over Sahara Life's insurance business on request from the regulator IRDA in a motive to resolve the crisis at ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
