General Insurance Companies in India

The insurance sector is an ever growing one, wherein general insurance and life insurance contributes about 0.6% and 2.5% towards total GDP respectively. National Insurance Company Limited is the oldest of all insurance companies in India. It was established in the year 1906.

Initially the insurance sector was classified into two different categories, General Corporation of India (GIC) for general insurers and Life Insurance Corporation of India (LIC) for life insurers.

The subsidiary companies were declared as independent companies in December 2000; United India Insurance Company Limited, Oriental Insurance Company Limited, National Insurance Company Limited and New India Assurance Company Limited.

However the Government of India still holds the largest life insurance company. We list down insurance companies found in India, in no specific order.

Birla Sun Life Insurance Co. Ltd

Birla Sun Life Insurance Co. Ltd is an Aditya Birla Group entity. Incepted in the year 2000, it is a joint venture along with Sun Life.

Bajaj Allianz Life Insurance Company Ltd

Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. The company is known for its expertise, stability and strength in the insurance sector.

Magma HDI General Insurance Company Ltd

Magma HDI General Insurance Company Ltd. is a joint venture between Magma Fincorp Ltd, Kolkata and HDI-Gerling Industry Versicherung AG Germany.

HDFC Standard Life Insurance Co. Ltd

HDFC Standard Life Insurance Co. Ltd is the general insurance wing of HDFC. HDFC Life is one of the most well-known insurance solution companies in India.

Max New York Life Insurance Co. Ltd

Max Life Insurance is poised to be the ‘Most Admired Life Insurance Company in India’ with team competent, committed and motivated employees on board in the exciting landscape of the Insurance Sector in India.

ICICI Prudential Life insurance Co. Ltd

When India’s largest private sector bank, ICICI Bank and an international financial group in the form of Prudential plc come together they have host of insurance products to offer.

Exide Life Insurance Co. Ltd

ING Vysya is been renamed as Exide Life Insurance Co.Ltd. ING has exited the life insurance business paving path to Exide Industries with their 26% stake in the company.

Kotak Mahindra Old Mutual Life Insurance Ltd

Kotak Mahindra Old Mutual Life Insurance Limited is joint venture with Old Mutual. They have a host of products to offer you in the insurance sector.

PNB Met life India Insurance Company Ltd

PNB Met life India Insurance Company Ltd is joint venture between MetLife India Insurance Company Limited and Punjab National Bank limited.

SBI Life Insurance Co. Ltd

SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. However, SBI holds the major stake in this venture.