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Insurance division in India.
India Insurance industry's major players / companies:
1. Companies in the public sector
2. Private companies
Public sector companies include LIC OF INDIA, which is the dominant player of the Indian insurance industry, holds 75% of the collected insurance premiums and retains the number of insured persons. Indian life insurance company (LIC) founded in 1956 is India's largest life insurance company owned exclusively by Indian government. Headquartered in Mumbai, India's financial capital, LIC currently has seven zone offices and 100 division offices nationwide. In LIC, 2048 branches are equally allocated to various towns and cities in India, and approximately 1 million agents have a network and they generally seek life insurance contracts.
When privatizing Indian insurance industry from 1999 to 2000, it was a matter of time for all departments of the financial sector to be open to private players and get insurance. Larger private players claim that goods and services are offered to policyholders by starting insurance. Opponents to privatization argue that in poor countries like insurance in India, social goals are necessary and new entrants do not have that commitment. Many international players are looking at the great potential of the Indian market and are already planning to come.
Many international players have partnered with local businesses and have entered the insurance industry, and it has been delayed to occupy the major share of the insurance industry previously occupied by Indian LIC holders.
Major private players include the following.
Life Insurance
Public institution
India Life Insurance Co., Ltd. www.licindia.com
Private sector
Allianz Bajaj Life insurance company limited www.allianzbajaj.co.in
Bill Lasan Life Insurance Co., Ltd. www.birlasunlife.com
HDFC Standard Life Insurance Co., Ltd. www.hdfcinsurance.com
ICICI Prudential Life Co., Ltd. www.iciciprulife.com
ING Vysya Life Insurance Co., Ltd. www.ingvysayalife.com
Max · New York Life Insurance Co., Ltd. www.maxnewyorklife.com
MetLife Insurance Company Limited www.metlife.com
Om Kotak Mahindra Life Insurance Co., Ltd. www.omkotakmahnidra.com
SBI Life Insurance Co., Ltd. www.sbilife.co.in
Tata AIG Life Insurance Co., Ltd. www.tata-aig.com
AMP Sanmar Assurance Company Limited www.ampsanmar.com
Dabur CGU Life Insurance Co., Ltd. Pvt. Limited www.avivaindia.com
General insurer
Public institution
National Insurance Company Limited www.nationalinsuranceindia.com
New India Guarantee Company Limited www.niacl.com
Oriental Insurance Company Limited www.orientalinsurance.nic.in
United India insurance company limited www.uiic.co.in
Private sector
Bajaj Allianz General Insurance Co. Limited www.bajajallianz.co.in
ICICI Lombard Insurance Co., Ltd. www.icicilombard.com
IFFCO Tokyo General Insurance Co., Ltd. www.itgi.co.in
Reliance General Insurance Company Limited www.ril.com
Royal · Sundaram · Alliance · Insurance · Company www.royalsun.com
Tata AIG General Insurance Co., Ltd. www.tata-aig.com
Cholamandalam Insurance Co., Ltd. www.cholainsurance.com
Export credit guarantee company www.ecgcindia.com
HDFC Chubb General Insurance Co., Ltd.
Resuscitate
Indian insurance company www.gicindia.com
