Insurance Company

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Company helps you to protect yourself from contingencies or unexpected events by providing various categories policies like for travel, health, medical and mortgage purpose. The industry in India is thriving and customers are taking advantage of the fast-paced and competitive market in easy way.

The Basics

The word insurance refers to managing risk. You pay a certain amount of premium to the company against which the company provides you services like protecting your health, your car, your home or your family members. When the policy attains its maturity period or the insured person passes away, the company returns the claim amount to beneficiaries.

Insurers receive premiums from the policyholders and invest the money in risk free investments for increasing money to pay their interest. There are different types of beneficiaries such as life, health, auto and home or property beneficiaries.

An Overview

The Indian insurance industry has undergone a sea change over the last few years. Deregulations of the sector and massive globalization have contributed to the growth of the companies. Insurance sector in India comprises both private and government beneficiaries. Some foreign ones have also started operating in the market. FDI (Foreign Direct Investment) in the sector has grown significantly when the sector was opened by the Government of India to private carriers in 1999.

On the basis of public and private companies Insurance industries in India can be broadly categorized into life and general insurance companies:

Life insurance companies

The following are names of the prominent life insurance in India:

Bajaj Allianz

Aviva

HDFC Standard Life

Birla Sun Life

Life Insurance Corporation of India

Future Generali

ING Vysya

MetLife

Max New York Life

Reliance Life

OmKotak Mahindra Life

SBI Life

Sahara India

TATA AIG

General insurance companies  

Given below are the names of the popular general insurers in India:

HDFC Ergo

Reliance General

Bajaj Allianz

Cholamandalam MS General Insurance

Employee State Insurance Corporation

Export Credit Guarantee Corporation

ICICI Lombard

IFFCO-Tokio

National Insurance

Shriram General

Oriental Insurance

Peerless Smart Financial

Royal Sundaram Alliance

TATA AIG

Challenges confronting in India

The Indian insurance industry is facing the following challenges which are growing day by day:

Reduced purchasing capacity of consumers

Risk of new players

Availability of alternatives

Competition from foreign insurance companies