Insurance Companies of India - A Quick View
Important Points to remember about Insurance Regulatory and Development Authority (IRDA) :
- Chairman - T. S. Vijayan
- Head Quarters - Hyderabad
- Its a 10 member body
- A Chairman,
- 5 Whole-time members and
- 4 Part-time members.
There are mainly 6 types of Insurance Companies in India. Those are
- Life insurance companies
- General Insurance companies
- Agriculture Insurance Companies
- Health insurance companies
- Export credit guarantee insurance companies
- Re-insurance companies
1. Life Insurance Companies :
Life insurance transfers the financial risks associated with a person's
death to an insurance company. The person pays the insurance company a
premium payment, and the insurer gives the person a death benefit
promise in return. When the person dies, the insurer promises to pay a
sum of money outlined in the life insurance policy contract.
- Public Sector
- Life Insurance Corporation of India (Fully owned by Govt of India)
- Head Quarters - Mumbai
- Zonal Managing Directors
- S K Roy(West),
- Rahul Grewal(North),
- N R Guha(East),
- Debashish Sen(South),
- Private Sector
- AEGON Religare Life Insurance
- Aviva Life
- Bajaj Allianz Life Insurance
- Bharti AXA Life Insurance Co Ltd
- Birla Sun Life Insurance
- Canara HSBC Oriental Bank of Commerce Life Insurance
- DLF Pramerica Life Insurance
- Edelweiss Tokio Life Insurance Co. Ltd
- Future Generali Life Insurance Co Ltd
- HDFC Standard Life Insurance Company Limited
- ICICI Prudential
- IDBI Federal Life Insurance
- IndiaFirst Life Insurance Company
- ING Vysya Life Insurance
- Kotak Life Insurance
- Max Life Insurance
- PNB MetLife India Life Insurance
- Reliance Life Insurance Company Limited
- Sahara Life Insurance
- SBI Life Insurance Company Limited
- Shriram Life Insurance
- Star Union Dai-ichi Life Insurance
- TATA AIG Life Insurance
2. General Insurance Companies (important for us) :
General Insurance is basically covers the things that has a financial
value in life and has a probably of getting lost, damaged or stolen.
General Insurance provides protection against unforeseen events like
accidents, illness, fire etc. Unlike life insurance, General insurance
is not meant to offer returns but protection against contingencies. In
Life insurance, policy provides cover for a set period of time. If the
worst were to happen during that time, then the insurance company will
be required to pay out the agreed sum to the beneficiary.
- Public Sector General Insurance Companies (wholly owned by Govt of India)
- National Insurance Co Ltd
- Chairman - NSR Chandraprasad
- New India Assurance Co Ltd
- CMD - G. Srinivasan
- Oriental Insurance Co Ltd
- CMD - A. K. Saxena
- United India Insurance Co Ltd
- CMD - Milind Anna Kharat
- Private Sector Companies :
- Bajaj Allianz General Insurance
- Bharti AXA General Insurance
- Continental Insurance Services
- Future Generali India Insurance
- Cholamandalam MS General Insurance Company Limited
- ING Vysya Life Insurance
- HDFC ERGO General Insurance
- ICICI Lombard
- IFFCO Tokio
- Liberty Videocon General Insurance Co Ltd
- L & T General Insurance
- Magma HDI General Insurance Co Ltd
- Max Life Insurance Co ltd
- Raheja QBE General Insurance
- Reliance General Insurance
- Royal Sundaram
- SBI General Insurance
- Shriram General Insurance
- Tata AIG General
- Universal Sompo General Insurance
3. Agriculture Insurance Companies :
Ofcourse, these too comes under General Insurance Companies. But as
India is an agricultural country we have separate Insurance Company for
Agrucluture. That is Agriculture Insurance Company of India Ltd.
It the biggest crop insurer in the world. It offers yield-based and
weather-based agricultural insurance in India for almost 500 districts
and covering almost 20 million farmers.
- Chairman cum Managing Director - Joseph Plappallil J.
- Head Quarters - Delhi
4. Health Insurance Companies :
There is no Health Insurance company owned by Indian Government. Of
course LIC and Some other General Insurance companies are providing
some features of Health Insurance. But they are not considered as full
time Health Insurance companies. Some Health Insurance companies owned
by private sector are
- Apollo DKV Insurance Company Ltd.
- Aviva Life Insurance
- Bajaj Allianz General Insurance Co. Ltd.
- Birla Sun Life Insurance
- E-Meditek Solutions Limited
- Family Health Plan Limited
- Health India-Bhaichand Amoluk Insurance Services Pvt. Ltd.
- HSBC Health Insurance
- ICICI Lombard General Insurance Co. Ltd.
- Max New York Life Insurance
- Med Assist India Ltd.
- MetLife India Assurance Company
- Paramound Health Group
- Reliance Health
- Royal Sundaram Alliance Insurance Company Limited
- Star Health and Allied Insurance Company Limited
- Tata AIG
- United Healthcare
5. Export credit guarantee insurance companies
These companies provides export credit insurance support to Indian exporters. The Export Credit Guarantee Insurance company owned by Indian government is ECGC (Export Credit Guarantee Corporation of India).
- CMD - N Shankar
- Headquarters - Mumbai
6. Re-insurance companies
Reinsurance occurs when multiple insurance companies share risk by
purchasing insurance policies from other insurers to limit the total
loss the original insurer would experience in case of disaster. By
spreading risk, an individual insurance company can take on clients
whose coverage would be too great of a burden for the single insurance
company to handle alone. When reinsurance occurs, the premium paid by
the insured is typically shared by all of the insurance companies
involved.
The Re-Insurance company owned by India is General Insurance Corporation of India
- CMD - A. K. Roy
- Head Quarters - Mumbai
Thats all for now friend. Hope it helps in your preparation. All the Best :)
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