List of insurance companies in India

This list of Indian insurance companies is based on the list of insurance companies registered and approved with the Insurance Regulatory and Development Authority.

A. General insurance companies 

Public Sector : Government of India wholly owned 4 companies:

•     National Insurance Company Limited
•     New India Assurance Co Ltd
•     Oriental Insurance Co Ltd
•     United India Insurance Co Ltd

Private Sector :

•     Bajaj Allianz General Insurance
•     Bharti AXA General Insurance
•     Continental Insurance Services
•     Future Generali India Insurance
•     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
•     Cholamandalam MS General Insurance Company Limited

B. Standalone health insurance companies
 

Private Sector

•     Apollo Munich Health Insurance
•     Max Bupa Health Insurance
•     Religare Health Insurance Company Ltd
•     Star Health and Allied Insurance company Ltd

Export credit guarantee insurance companies 

Public Sector

•     Export Credit Guarantee Corporation of India

Agriculture Insurance Companies

• Agriculture Insurance Company of India Ltd.

C. Life insurance companies 

Public Sector : Government of India Fully owns 1 company

•   Life Insurance Corporation of India

Private Sector

•     AEGON Religare Life Insurance
•     Aviva Life
•     Shriram Life Insurance
•     Bajaj Allianz Life Insurance
•     Bharti AXA Life Insurance Co Ltd
•     Birla Sun Life Insurance
•     Canara HSBC Oriental Bank of Commerce Life Insurance
•     Star Union Dai-ichi 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
•     TATA AIG Life Insurance

Re-insurance companies

•    GIC Re (General Insurance Corporation of India - Re-Insuer)

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Top Child Insurance Plans of LIC

There are many Child Insurance Plans of LIC and most parents are extremely confused while shopping for the same. Child Plans are simple Endowment Plans which have been designed in a way so as to benefit the child or the parent who has a child. A child plan needs to be purchased according to requirement only and not for any other reason.

Here is a list of some of the most popular Child Plans from LIC.

 

1. LIC Jeevan Ankur Plan: is a child benefit Endowment Plan where the life of the parent is insured and the child has been made the nominee. In this plan, if the parent dies within the policy tenure, the basic Sum Assured is paid as Immediate Death Benefit and the policy continues. There is a further payment of 10% of the Sum Assured every year from the date of death of the Life Insured till the end of the policy tenure as Income Benefit to meet regular expenses like the child’s school fees, etc. The Sum Assured along with the Loyalty Additions would be paid at the end of the Policy Tenure as Maturity Benefit irrespective of whether the Life Insured is alive or not.

 Thus, if anything were to happen to the parent, the benefits would be paid for the child’s future. Thus, the child’s life is secured even if the parent does not survive till the end of the policy tenure.

 

2. LIC Komal Jeevan Plan is a child money back policy. In this plan, the life of the child is insured. The premium is paid till the child attains 18 years of age. Then the money starts coming back. The Money starts coming back on the policy anniversary after the child attains 18 years, 20 years, 22 years and 24 years respectively. However, if the child dies within the policy tenure after risk commencement, then the Sum Assured along with Guaranteed Additions are paid and the policy is terminated.

 LIC’s Komal Jeevan Plan is a perfect answer to take care of the child’s higher educational expenses. It can be taken by the parent or gifted by grandparents. A premium waiver benefit rider can be added to increase the level of protection such that the parents’ dream about the child’s future education is fulfilled under any circumstance.

 

3. LIC Jeevan Kishore Plan: is a Child Benefit Endowment Assurance Plan where the life of the child is insured. In this plan, premium needs to be paid throughout and when the policy matures the Sum Assured would be paid along with Bonus. There is an option of Premium Waiver benefit rider, by which the parent can choose to further secure the child’s future such that if anything were to happen to the proposer, the insurance policy would still continue and provide the maturity benefit for the child’s secured future. Once the child attains majority, the policy gets transferred to his name and then he can also opt for Accidental Death Benefit rider by paying additional premium.

 Thus, this plan is a very good option for the child to start saving from a very early age as the policy is vested to the child once he attains 18 years if age. Hence this plan can also be an ideal gift to the child from parents for a secured future. Hence, all plans have their unique benefits and are different from each other, but all you need to choose is the one which best suits your needs.

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