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Top 10 Insurance Companies In India

Top 10 Insurance Companies In India: Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. An entity that provides insurance is known as an insurer, an insurance company, an insurance carrier, or an underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known – relatively small – loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss.

Top 10 Insurance Companies In India

The loss may or may not be financial. Still, it must be reducible to financial terms and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The insurance policy’s amount of money to the policyholder for the coverage outlined in the insurance policy is called the premium. In this article, we are going to talk about the top 10 insurance companies in India.

No.1 Life Insurance Corporation of India (LIC)

  • Life Insurance Corporation of India (LIC) is one of the oldest state-owned insurance Companies in India.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of LIC was 98.04%.
  • During the year 2017-18, the total premium collected by LIC stood at Rs. 318223.21 crore.
  • During the year 2017-18, LIC a total linked premium of Rs. 889.75 crore.
  • During the year 2017-18, the total non-linked premium collected by LIC stood at Rs. 317333.46 crore.
  • For the year 2017-18, the total life insurance premium collected by Life Insurance Corporation of India stood at Rs. 318223.21 crore.
  • LIC offers a 15% discount and various other benefits at leading restaurants all over India.
  • During the year 2017-18, LIC collected a totally new business premium of Rs. 134671.70 crore.

No.2 ICICI Prudential Life Insurance

  • In today’s date, ICICI Prudential Life Insurance is undoubtedly one of the most extensively recognized insurance companies in India.
  • During the year 2017-18, the total individual death claims or claim settlement ratio of ICICI Prudential Life Insurance Company was 97.88%.
  • During the year 2017-18, the total premium collected by ICICI Prudential Life Insurance Company stood at Rs. 27068.77 crore.
  • ICICI Prudential collected the total linked premium of Rs. 20387.49 crore during the year 2017-18.
  • During the year 2017-18, the total non-linked premium collected by ICICI Prudential stood at Rs. 6681.28 crore.
  • ICICI Prudential Life Insurance Company collected the total life insurance premium of Rs. 27068.77 crore during the year 2017-18.
  • The company offers a 15% discount and other benefits at leading restaurants all over India.
  • ICICI Prudential collected a totally new business premium of Rs.9211.75 crore during the year 2017-18.

No.3 SBI Life Insurance

  • SBI Life Insurance Company is accountable for providing life insurance policies to over a million Indians in the present date.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of SBI Life Insurance Company was 96.76%.
  • SBI Life collected a total premium of Rs. 25354.19 crore during the year 2017-18.
  • SBI Life also collected a total linked premium of Rs. 14114.43 crore during the year 2017-18.
  • During the year 2017-18, the total non-linked premium collected by SBI Life stood at Rs. 11239.76 crore.
  • SBI Life Insurance Company collected a totally new business premium of Rs. 10966.14 crore during the year 2017-18.

No.4 HDFC Standard Life Insurance

  • HDFC Standard Life Insurance is one of the highly reputed private sector insurance companies in India today.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of HDFC Standard Life Insurance Company was 97.80%.
  • For the year 2017-18, the total premium collected by HDFC Standard Life Insurance stood at Rs. 23564.41 crore.
  • HDFC Standard collected a total linked premium of Rs. 10267.91 crore during the year 2017-18.
  • During the year 2017-18, the total non-linked premium collected by HDFC Standard stood at Rs. 13296.50 crore.
  • HDFC Standard Life Insurance Company collected a totally new business premium of Rs.11349.61 crore during 2017-18.

No.5 Max Life Insurance Company

  • Max Life Insurance Company is one of the highly renowned insurance companies currently providing policies to millions of Indians.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of Max Life Insurance was 98.26%.
  • Max Life Insurance collected the total premium of Rs. 12500.89 crore during the year 2017-18.
  • For the year 2017-18, the total linked premium collected by Max Life stood at Rs. 3562.48 crore.
  • Max Life Insurance Company collected a total non-linked premium of Rs. 8938.42 crore during the year 2017-18.
  • Max Life Insurance collected a totally new business premium of Rs. 4348.59 crore during the year 2017-18.

No.6 Bajaj Alliance Life Insurance

  • Bajaj Allianz is a highly reputed and renowned insurance company that provides the best deals on policies.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of Bajaj Allianz Life Insurance was 92.04%.
  • Bajaj Allianz Life Insurance Company collected a total premium of Rs. 7,578.37 crore during the year 2017-18.
  • During the year 2017-18, the total linked premium collected by Bajaj Allianz Life Insurance Company stood at Rs. 2,950.88 crore.
  • Bajaj Allianz Life Insurance collected a total non-linked premium of Rs. 4,627.49 crore during the year 2017-18.
  • During the year 2017-18, the total new business premium collected by the Company stood at Rs. 4,291.14 crore.

No.7 Kotak Mahindra Life Insurance

  • Kotak Mahindra is one of India’s highly sought-after insurance companies, operating with millions of customers.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of Kotak Mahindra Life Insurance was 93.72%.
  • During the year 2017-18, the total premium collected by Kotak Mahindra stood at Rs. 6,598.67 crore.
  • Kotak Mahindra Life Insurance Company collected the total linked premium of Rs. 2,309.27 crore during the year 2017-18.
  • During the year 2017-18, the total non-linked premium collected by Kotak Mahindra stood at Rs. 4,289.41 crore.
  • During the year 2017-18, the Kotak Mahindra Life Insurance Company collected Rs’ total new business premium. 3,404.21 crore.

No.8 Tata AIA Life Insurance

  • Tata AIA Life Insurance Company is accountable for providing all-inclusive life insurance covers to more than a million people living in India.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of Tata AIA Life Insurance was 98.00%.
  • Tata AIA Life Insurance Company collected a total premium of Rs. 4,162.95 crore during the year 2017-18.
  • The total linked premium collected by Tata AIA Life Insurance during the year 2017-18 stands at Rs.1,313.55 crore.
  • Tata AIA Life Insurance Company collected a total non-linked premium of Rs. 2,849.40 crore during the year 2017-18.
  • During the year 2017-18, the total business premium collected by the Company stood at Rs. 1,488.42 crore.

No.9 Reliance Nippo Life Insurance

  • Reliance Nippon Life Insurance is one of the most renowned life insurance companies presently operating in India.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of Reliance Nippon Life Insurance was 95.17%.
  • Reliance Nippon Life Insurance collected a total premium of Rs. 4,069.37 crore during the year 2017-18.
  • During the year 2017-18, the total linked premium collected by Reliance Nippon stood at Rs. 846.26 crore.
  • Reliance Nippon collected a total non-linked premium of Rs. 3,223.11 crore during the year 2017-18.
  • During the year 2017-18, the company collected a total business premium of Rs. 915.62 crore.

No.10 PNB Met Life Insurance

  • PNB MetLife is one of the most preferred insurance companies in India. The company is presently providing life insurance policies to more than a million Indians.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of PNB MetLife Insurance was 91.12%.
  • During the year 2017-18, the total premium collected by PNB MetLife Insurance stood at Rs. 3,953.51 crore.
  • PNB MetLife collected a total linked premium of Rs. 820.95 crore during the year 2017-18.
  • PNB MetLife collected a total non-linked premium of Rs. 3,132.67 crore during the year 2017-18.
  • During the year 2017-18, the total business premium collected by PNB MetLife stood at Rs. 1,427.08 crore.

Final Thought

Based on research, here is the list of the top 10 insurance companies in India. In this list, LIC is ranked in the first position in India’s top 10 Insurance companies. We have classified these companies based on their total premium collection, linked premium, non-linked premium, and many more details.

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