Insurance in India is a regulated industry that offers a wide range of insurance products and services to individuals, businesses, and organizations. The industry is overseen by the Insurance Regulatory and Development Authority of India (IRDAI) and comprises both public and private sector insurance companies.
Some of the most common types of insurance products in India include life insurance, health insurance, motor insurance, travel insurance, and home insurance. In addition, there are also specialized insurance products such as crop insurance and liability insurance that are particularly relevant to the country’s diverse and growing economy.
The insurance industry in India is highly competitive, with many domestic and international companies offering a range of products and services. Some of the largest insurance companies operating in India include Life Insurance Corporation of India (LIC), ICICI Prudential Life Insurance, HDFC Standard Life Insurance, SBI Life Insurance, and Bajaj Allianz Life Insurance, among others. These companies offer a range of insurance products, including life insurance, health insurance, and general insurance, and compete on factors such as price, product features, and customer service.
Here is a List of the Top 10 Insurance Companies in India and Terms Conditions Bellow,
- Life Insurance Corporation of India (LIC): GWP of over Rs. 4.6 trillion in FY 2020-21, offering a wide range of life insurance policies, pension plans, and group schemes.
- ICICI Prudential Life Insurance: GWP of over Rs. 33,400 crore in FY 2020-21, offering a variety of life insurance plans, including term plans, savings plans, ULIPs, and retirement plans.
- HDFC Standard Life Insurance: GWP of over Rs. 29,700 crore in FY 2020-21, offering a range of life insurance policies, including term plans, savings plans, ULIPs, and child plans.
- SBI Life Insurance: GWP of over Rs. 28,100 crore in FY 2020-21, offering a range of life insurance products, including term plans, ULIPs, savings plans, and retirement plans.
- Max Life Insurance: GWP of over Rs. 19,500 crore in FY 2020-21, offering a range of life insurance policies, including term plans, savings plans, ULIPs, and retirement plans.
- Bajaj Allianz Life Insurance: GWP of over Rs. 17,800 crore in FY 2020-21, offering a range of life insurance products, including term plans, savings plans, ULIPs, and child plans.
- Aditya Birla Sun Life Insurance: GWP of over Rs. 13,900 crore in FY 2020-21, offering a variety of life insurance plans, including term plans, savings plans, ULIPs, and retirement plans.
- Tata AIA Life Insurance: GWP of over Rs. 13,500 crore in FY 2020-21, offering a range of life insurance policies, including term plans, savings plans, ULIPs, and child plans.
- PNB MetLife India Insurance: GWP of over Rs. 10,100 crore in FY 2020-21, offering a range of life insurance products, including term plans, savings plans, ULIPs, and retirement plans.
- Kotak Mahindra Life Insurance: GWP of over Rs. 7,400 crore in FY 2020-21, offering a variety of life insurance plans, including term plans, savings plans, ULIPs, and retirement plans.