India Insurance Market Key Players


Indian Insurance Sector Key Players

The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. With such a large population and the untapped market area of this population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20 per cent annually. Together with banking services, it adds about 7 per cent to the country’s GDP .

In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without Life insurance cover and the Health insurance.

In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without Life insurance cover and the Health insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation “Malhotra Committee” was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was Participation of overseas insurance companies with 26% capital. Creating a more efficient and competitive financial system suitable for the requirements of the economy was the main idea behind this reform.

List below comprises of some of the key players in the Insurance domain in India.

Name of Insurers


Public Life Insurer

Life Insurance Corporation of India

Private Life Insurers

Bajaj Allianz Life Insurance Co. Ltd.

Birla Sun Life Insurance Co. Ltd.

HDFC Standard Life Insurance

ICICI Prudential Life Insurance Co. Ltd.

ING Vysya Life Insurance Co. Ltd.

Metlife India Insurance Co. Pvt. Ltd

Kotak Mahindra Old Mutual Life Co. Ltd

SBI Life Insurance Co. Ltd.

Tata AIG Life Insurance Co. Ltd

Aviva Life Insurance Co. Ltd.

Max New York Life Insurance Co. Ltd.

Reliance Life Insurance Co. Ltd.

Sahara Life Insurance Co. Ltd.

Shriram Life Insurance Co. Ltd.

Bharat Axa Life Insurance Co. Ltd.

Future Generali India Life Insurance Company Limited

IDBI Fortis Life Insurance Co. Ltd.

AEGON Religare Life Insurance

DLF Pramerica Life Insurance

CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE

Star Union Dai-ichi Life Insurance Co. Ltd.

IndiaFirst Life Insurance

IndiaFirst Life Insurance

Public General Insurers

National Insurance Co. Ltd.

New India Assurance Co. Ltd.

Oriental Insurance Co. Ltd

United India Insurance co. Ltd

Private General Insurers

ICICI Lombard General Insurance Co. Ltd

Bajaj Allianz General Insurance Co. Ltd

IFFCO Tokio General Insurance Co. Ltd.

Tata AIG General Insurance Co. Ltd.

Cholamandalam General Insurance Co. Ltd

Reliance General Insurance Co. Ltd.

Royal Sundaram General Insurance Co. Ltd.

HDFC General Insurance Co. Ltd.

Appolo DKV Insurance Co. Ltd.

Star Health & Allied Insurance Co. Ltd.

Agriculture Insurance Co. of India Ltd.

Export Credit Guarantee Corporation of India Ltd.

Future Generali India Insurance Company Limited

Universal Sompo General Insurance Co. Ltd.

Shriram General Insurance Co. Ltd.

Bharti Axa General Insurance Co. Ltd.

Raheja QBE General Insurance Co. Ltd.


General Insurance Corporation of India Ltd

Insurance Regulator

Insurance Regulatory and Development Authority

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Insurance Must for Foreign Students in Delhi University

Announcement by Delhi University Foreign Students Registry has declared that All the Foreign students must have some medical insurance, having evacuation clauses, before joining the University.

In a notification on DU website, students have been adviced to seek admission and provide medical insurance papers, to be eligible to pursue courses in India's premier university.