Top 10 Insurance Companies in India 2016
The insurance industry is one of the biggest money-spinning industries in India, with millions of people insuring their lives, health, homes etc against any tragedy or calamity. Over the years, insurance companies have established a stronghold for themselves providing customized services to individuals as per their requirements. The top insurance companies in India are Life Insurance Corporation (LIC), ICICI Prudential Life Insurance, SBI Life Insurance, HDFC Life Insurance and Bajaj Allianz Life Insurance. The other Indian insurance brands include Max Life Insurance, Birla SunLife Insurance, Oriental Life Insurance, Kotak Life Insurance and Aviva Life Insurance. Here is the list of the top 10 insurance companies in India 2016.
10. Aviva India Life Insurance
Aviva India Life Insurance is an Indian company which is one of the leading insurance companies present in India.
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It is formed by the joint venture between Aviva Group which is an Insurance group based in UK and Dabur Invest Corp which is one of the India’s most respected and oldest business houses. It was headquartered in Gurgaon and came into existence in the year 2002, and since then has been a pioneer in the industry.
Aviva has multi-channel distribution network through Direct Sales Force, Assurance and Online channels. It has a strong sales force which includes more than 9000 financial planning advisors and many Bancassurance partnerships with banks like IndusInd Bank, DBS Bank and RBS. It has total of 121 branches spread across India.
Aviva has product offerings both for Individuals and Groups which includes Child, Savings, Protection, Retirement, Rural, Health and Term Plans.
Aviva is also focussed towards its online platform which includes products like Aviva Health Secure, Aviva i-Shield, Aviva i-Life and Aviva i-Growth. Their strategy is to focus on new formats which are easy to understand by the customers.
Aviva also focus on its promotion of brands and products through its advertisements featuring Sachin Tendulkar who is the brand ambassador.
Aviva is socially working towards educating the underprivileged children under the programme named Street to School where it collaborates with NGO’s to work for the cause. Aviva also conducts Great Wall of Education in different cities each year which collects books for the underprivileged children and has reached to more than 550000 children.
Income (in INR '000)= 2522966
Net Profit (in INR '000)= 1854936
9. Kotak Life Insurance
Kotak Life Insurance or Kotak Mahindra Old Mutual Life Insurance is an Indian insurance company, which has steadily become one of the leading players in the industry.
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It was formed in 2001 by the JV between Kotak Mahindra Bank Limited (74%) which is one of the leading financial services and banking organisation and Old Mutual (26%) which is an international investment, long term savings and protection group from South Africa. The headquarters of Kotak Life Insurance is in Mumbai. It is one of the fast growing insurance companies and is trusted by more than 4 million policy-takers worldwide. It has been provided differentiated services to its customers through its understanding and high customer empathy, exceptional services and its portfolio of products that give the power of long term savings and protection at the same time. It has one of the best claim ratios and its product line consists of Group, Investment as well as Insurance Plans.
Some of the Life Insurance Plans which are offered include Platinum, Saral Suraksha, Assured Savings and Invest Maxima Plan.
Kotak life Insurance distributes its products through insurance agencies, branch offices, insurance brokers and individual agents. It has its offices spread over 400 towns and cities in India. It also launched a TV campaign “Koi Hai Hamesha” and new plan known as “Kotak Premier Life Plan” which allows customer more benefits. It has always believed in its strengths like innovation which is the reason for success for this company over the years.
Income (in INR '000)= 2746805
Net Profit (in INR '000)= 2507469
8. The Oriental Insurance Company
The Oriental Insurance Company was established on 12th September 1947 in Mumbai.
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Its headquarters are located in New Delhi, and it is a government owned non-life insurance company and was formed to perform general insurance business. With a first year premium of close to one lakh, the company made a decent beginning in 1950. It is specialised in designing special covers for huge projects like petrochemical, power plants, chemical and steel plants. It was LIC’s subsidiary from 1956 to 1973 and now all shares from General Insurance Corporation are transferred to central government in 2003.
The company is famous for its well-designed systems for smooth functioning of the business. It also has a highly skilled and trained workforce for the best customer service. The company has developed various insurance plans both for rural and urban populations in India. Some of the products are Motor Insurance policy, Personal Accident policy, Individual Mediclaim policy, Shopkeeper policy, and Household policy as well as Nagarik Suraksha policy.
With a goal of “Service to clients”, Oriental Life Insurance Company has expanded its distribution network and now it has around 30 Regional Offices and more than 1800 operating offices in different cities in India. It has also ventured overseas market with operations in Dubai, Nepal and Kuwait. Thus it emerged as one of the leading insurance providers in the country also using its international capabilities.
Income (in INR '000)= 2320911
Net Profit (in INR '000)= 3004910
7. Birla Sun Life Insurance
Birla Sun Life Insurance is one of the leading insurance companies in India, which is backed by the prestigious Aditya Birla Group.
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The company was formed in the year 2000 as a joint venture between Aditya Birla Group which is a globally known and trusted multinational company and Sun Life Financial Inc which is one of the top financial services company from Canada. The company has its headquarters in Mumbai. It is one of the seven companies that represent Aditya Birla Financial Services Group which is the financial arm of Aditya Birla Group. With a huge customer base of more than 2.5 million, Birla Sun Life Insurance is ranked as one of the most innovative companies and had set benchmarks in the industry. It was the pioneer in launching the Unit Linked Life Insurance Plans.
Birla Sun Life Insurance offers various products offering children future solutions, wealth with protection, retirement as well as health and wellness. Some of the best known plans are Vision Star, Protector Plus, Wealth Max and Fortune Elite which are offered by the company.
BSLI has its reach in over 500 cities with more than 600 branches, 10500 advisors and around 150 partnerships with brokers, banks and corporate agents.
BLSI has plans for employees that increase their brand productivity and loyalty and has been recognised for being the third most trusted Life Insurance in most trusted brands conducted by AC Nielsen in 2013.
Income (in INR '000)= 4994625
Net Profit (in INR '000)= 1399994
6. Max Life Insurance
Max Life Insurance is one of the leading private Life Insurance companies in India, and has grown rapidly.
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The company was founded in 2000. It was a joint venture between Max Financial Services Limited which is a part of Max Group, a leading Indian multi-business corporation and Mitsui Sumitomo Insurance which is a part of MS&AD Insurance Group, a leading general insurance company in the world. It has more than 200 offices across the country which offers superior investment expertise. Through its multi-distribution channel which is based on three pillars- Bancassurance, Agency and Partnership distribution, it offers long term savings, retirement and protection solutions.
The company has a vision to be life insurance company which is most admired by the people by securing future of customers financially. It has customer centric approach focused on quality service and advice-based sales delivered through superior human capital. Some of the insurance plans offered by the company include Maxis Super, Whole Life Super, Super term and Fast Track Super Term Plan.
Max Life Insurance had entered the E-commerce space by launching “Max Life Term Plan” online in 2013. It has been the winner of many awards for being best life insurance company and settling most claims in 2015. It also helps the underprivileged children through its CSR activities by working closely with Max India Foundation. It also started immunisation programme to protect people against major diseases.
Income (in INR '000)= 5543557
Net Profit (in INR '000)= 4391104
5. Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance was established in the year 2001 and has ever since been a strong player in the Indian insurance industry.
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It started as a joint venture between Bajaj Finserv Limited which is owned by Bajaj Group in India and Allianz SE which is a Europe based financial services company. It is one of the leading private Insurance companies in the world and is headquartered in Pune. It offers many products that includes Savings Plans, Term Insurance Plans, ULIP, Child Insurance Plans, Group Insurance Plans, Savings Plans, Investment Plans, Retirement Plans, CSC Bachat Plus as well as Micro Insurance Plans.
Some of its famous insurance plans are Fortune Gain, Save Assure, and iSecure, Retire Rich, Principal Gain, Lifelong Assure and Bima Dhan Suraksha Yojana. Bajaj Allianz’s guiding principle is customer delight. Every product and plan is tailor made to meet the needs and requirements of the valued customers.
The company today has more than 750 branches across the country and has been awarded many a times for its work. It has been recognised as most promising brand by Economic Times and Best Life Insurance Company in the Private Sector in 2015.
The company has been continuously involved in CSR activities for the disadvantaged or underprivileged sections of the society mainly those residing in rural India through capacity building. Its channel partners includes Dhanlaxmi Bank and Corporate agents. Its slogan is “Jiyo Befikr” and it thus follows it to reduce tensions of customers and help them lead a stress-free life.
Income (in INR '000)= 7873964
Net Profit (in INR '000)= 5642248
4. HDFC Life Insurance
HDFC Life Insurance Company was established in the year 2000 by Hasmukhbhai Parekh and is headquartered in Delhi.
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Its key products includes individual as well as group plans. HDFC Life Insurance was formed as a joint venture between HDFC (Housing Development and Financial Corporation) which is one of the leading financial institutions in India and Standard Life which is the leading investment and financial savings firm in United Kingdom. Currently HDFC holds 61.63% and Standard Life holds 35% of the total equity in the Joint Venture and the rest is held by others.
HDFC Life distribution channel includes a multichannel network that consists of Direct Channels, Insurance Brokers, Bancassurance partners, Online Insurance platforms and Insurance Agents. It has more than 400 branches and is present in around 1000 towns and cities in India.
HDFC Life Insurance products includes Health Plans to meet health related emergencies, Retirement Plans for after retirement life, Investment Plans to better plan savings to reach financial goals, Women’s Plans that cater to various financial needs of women, Children’s Plans that meets children’s future as well as Rural and social plans that aims rural customers.
HDFC Life became famous by its TV advertising campaign “Sar utha ke Jiyo” and won many awards for being one of the most trusted brands of India. With the launch of new two pension plans- HDFC Life Pension Single Premium Super and Super Plus, it became first private player to bring these plans under new regulatory schemes in 2012. It also focuses on its CSR activities to improve the conditions of the society.
Income (in INR '000)= 8976302
Net Profit (in INR '000)= 8184033
3. SBI Life Insurance
SBI Life Insurance is a Life Insurance company which is one of the most popular brand names owing to its link with SBI.
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It was formed by the joint venture between State Bank of India which is the largest state owned BFSI (Banking and Financial Services Company) in India and BNP Paribas Cardiff which is a French BFSI company headquartered in Paris. SBI owns nearly three-fourth and BNP Paribas Cardif owns the remaining percentage of the total capital. It was founded in 2001 and is headquartered in Mumbai. SBI Insurance has its multi distribution model which includes retail agencies, institutional alliances, corporate solutions and bancassurance distribution channels. It uses SBI group relationship as platform to cross-sell its products like Individual and Group Plans along with personal and housing loans. It also uses SBI’s accounts base for Insurance penetration in every region across the country and offers door to door Insurance solutions to its customers.
SBI Life Insurance has been successful because of its vision to become the most trustworthy Insurance provider and its values which is based on five core fundamentals- Ambition, Innovation, Dynamism, Excellence and Trustworthiness.
It has been the winner of many awards for being the most trusted brand and Best Private Life Insurance provider. Some of the Life Insurance plans that SBI offers includes Grameen Bima, Smart Shield, Saral Maha Anand and Smart Elite.
It also takes various CSR initiatives from time to time towards education, healthcare as well as employability for youth. It also distributed braille kits for visually impaired people.
Income (in INR '000)= 9912986
Net Profit (in INR '000)= 8610342
2. ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is a company formed by the joint venture between ICICI Bank which is one of the largest private bank in India and Prudential.
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ICICI Prudential life started its operations on 12th December 2000 and is one of the leading players when it comes to Life Insurance sector in India since private players entered. It is headquartered in Mumbai in the state of Maharashtra, and has assets of more than 1 Lakh Crores and has maintained a firm position in the Industry. It has plans which are designed for just-married couples, new parents, newly employed individuals and parents who are in their golden years.
ICICI Prudential Life includes key products such as Term Plans which is valid for a specific term, Group Plans that is mainly to insure employees, Wealth Plans that focus on generating wealth through investment in mutual funds or stocks, Retirement plans that focus on after retirement life and Rural Plans that insure rural people.
ICICI Prudential Life has won many awards and accolades for being one of the top valuable brands in India. In 2016, its iProtect Smart, its new-age Life Cover Plan was recognized as product of the year.
The success of the company accounts to its vision of becoming a world-class trust worthy brand and its values which includes five core values- Humility, Customer First, Boundary-Less, Integrity and Passion.
ICICI Prudential is also involved in many CSR activities to support social and economic development in India so that large number of people benefit from these opportunities.
Income (in INR '000)= 18095836
Net Profit (in INR '000)= 16501455
1. Life Insurance Corporation (LIC)
Life Insurance Corporation or LIC is the leading life Insurance company in India.
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It is a state owned Insurance group which is headquartered in Mumbai, and offers wide variety of Insurance products like Pension Plans, Special Plans, Unit-Linked Plans, Insurance Plans and Group Schemes. It was founded in 1956 after Indian Parliament passed Life Insurance Act which nationalised Indian private Insurance Industry. Insurance Plans provides insurance to individual customers on the basis of their needs and requirements. Special Plans are opportunities that is a perfect blend of Investment and Insurance. Pension Plans are basically for senior citizens who want to plan a better future. Unit Plans are basically to see the savings yield benefits and for saving taxes when people do not have consistent income.
Currently LIC has more than 2000 branch offices and around 110 divisional offices around the country. It has also tied up with few banks and service providers to offer online premium facilities in selected cities. With a vision to provide easy access to its customer, LIC launched its Satellite Sampark offices. LIC has a slogan in Sanskrit which means “Your welfare is our responsibility” and it takes care of all its customers with different policies like Jeevan Sangam, Jeevan Rakshak, Jeevan Lakshya and Bima Bachat.
LIC also has awards and accolades in its name for being the most trusted brand of India and it also took initiatives like establishing Golden Jubilee Foundation as a charity organization with the aim to reduce poverty and promote education.
Income (in INR '000)= 18354345
Net Profit (in INR '000)= 18235084
Ranking Methodology:
1.Top 15 insurance companies are selected and parameters like income and net profits are chosen
2. The parameters taken are Revenue and Net Profit and they have been given a weightage of 40% and 60% respectively. Revenue is basically the Premium earned by the companies.
3.Once the final score is calculated, the top 10 insurance companies are found out
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