Top Insurance Companies in India

In today's world, insurance has become an integral part of everyday life, offering protection against unforeseen risks and uncertainties. In such a dynamic economy and with an increasing population, insurance companies play an important part in securing millions of people's futures. They offer an invaluable service, ensuring financial security, stability, and peace of mind.

In India, insurance companies are governed and regulated by the Insurance Regulatory and Development Authority (IRDAI). This makes sure that insurance companies provide coverages that align with the needs of the customer.

Insurers offer a huge variety of products, including life insurance, which financially protects your family in case of an unexpected death and helps you achieve your financial goals, or non-life insurance, which covers risks besides life, like health, vehicles, property, etc.

In India, insurance companies fall into two categories: life insurance and non-life insurance.

Life Insurance

The life insurance industry offers an array of customised insurance policies to meet the needs of every individual. Basically, it is a contract between you and the insurance company wherein the insurer covers your financial risks in exchange for a specific fee called a "premium". It promises to pay your family a sum of money in the event of your untimely demise. By choosing to sign up for a life insurance policy, you are ensuring that your family will not be left to bear the financial burden of your unexpected demise. Your policy is a lasting gift of love and security for those you care about.

Aside from protecting your loved ones, some life insurance plans help you reach financial goals like retirement, a child's education or wedding, etc.

Life Insurance Companies in India

Name Of The Company	About The Insurer
Aditya Birla SunLife Insurance Company Limited	Founded in 2000, it is an alliance between the Aditya Birla Group and Sun Life Financial Incorporated. It offers a variety of products, including children's future plans, wealth protection plans, retirement and pension solutions, and traditional term plans as well as Unit Linked Insurance Plans (ULIPs). Mr Kamlesh Rao is the MD and CEO of the company.
Aegon Life Insurance Company Limited	It is a joint venture between Aegon NV, a renowned international provider of life insurance, pensions and asset management services, and Bennett, Coleman and Corporation Limited., India's largest media conglomerate popularly known as the Times Group. It was founded in 2008 with the aim of protecting people's lives and providing them with sound financial products and services. Mr Satishwar Balakrishnan is the MD and CEO of the company.
Ageas Federal Life Insurance Company Limited	It is an alliance between Ageas, Federal Bank, and IDBI Bank. Since its founding in 2008, the company aims to empower people by assisting them with their financial planning through life insurance. Mr Vighnesh Sahane is the MD and CEO of the company.
Aviva Life Insurance Company India Limited	Founded in 2002, it is a joint venture between Aviva Public Limited Company, an insurance group based in the UK, and Dabur Invest Corporation, one of the oldest and most respected business houses in India. With its wide range of insurance products, it aims to help you meet today's challenges and take advantage of tomorrow's opportunities. Mr Amit Malik is the MD and CEO of the company.
Bajaj Allianz Life Insurance Company Limited	In 2005, Bajaj Finserv Limited, a leading non-banking financial institution in India merged with Allianz SE, an international insurer and asset manager to form this conglomerate. Its products are designed to help you achieve long-term life goals, including protection, wealth creation, retirement solutions, and more. Mr Tarun Chugh is the MD and CEO of the company
Bharti AXA Life Insurance Company Limited	It is a joint venture between AXA Group, a Paris-based insurance company, and Bharti Enterprises, a predominant business group with interests in telecom, agricultural business, and financial services. Founded in 2006, it has diverse interests in telecom, agriculture, and financial services. Mr Parag Raja is the MD and CEO of the company.
Canara HSBC Life Insurance Company Limited	The company is an alliance between Canara Bank, Punjab National Bank, and HSBC Insurance (Asia Pacific) Holdings Limited. It was founded in 2008 and offers life, health, term plans, retirement solutions, and credit life products across individual and group segments. Mr Anuj Mathur is the MD and CEO of the company.
Edelweiss Tokio Life Insurance Company Limited	Founded in 2011, it's a joint venture between Edelweiss Financial Services Limited and Tokio Marine Holdings Inc, one of Japan's oldest and largest insurance companies. In order to provide effective solutions to you, it looks at every product, every service point, and every innovation from your perspective. Mr Sumit Rai is the MD and CEO of the company.
Future Generali India Life Insurance Company Limited	Future Generali India Life Insurance Company Limited (FGILI) was founded in 2006 as a joint venture between two successful companies: Generali Group - a global insurance group and Future Group - a leading retailer. Future Generali India Life Insurance strives to meet your financial needs by offering a range of life insurance solutions to protect your family financially, guard your savings, offer different investment options, secure your child’s education, plan for retirement, etc. Mr Bruce de Broize is the MD and CEO of the company.
HDFC Life Insurance Company Limited	The company was founded in 2000. It is an alliance between HDFC Limited and Standard Life Aberdeen. HDFC Life offers an array of individual and group insurance plans to meet your various requirements such as protection, pension, investment, annuity, products, etc. Ms Vibha Padalkar is the MD and CEO of the company.
ICICI Prudential Life Insurance Company Limited	The company was founded in 2001. It is an alliance between ICICI Bank Limited and Prudential Corporation Holdings Limited. It offers a wide range of long-term savings and protection products to meet your needs at different stages of life. Mr N S Kannan is the MD and CEO of the company.
IndiaFirst Life Insurance Company Limited	The company was founded in 2009 and is an alliance of Carmel Point Investments India Pvt Ltd, Bank of Baroda, Union Bank of India. It offers several products, catering to the protection, savings, health and retirement needs of customers including participating plans, non-participating savings plans, non-participating protection plans, unit-linked insurance plans, group protection plans, corporate funds plans, riders, etc. Ms R M Visakha is the MD and CEO of the company.
Kotak Life Insurance Company Limited	Established in 2001, it is a joint venture between Kotak Mahindra Bank and Old Mutual Public Limited Company. A wide range of products are available with them, including term plans, ULIPs, savings plans, retirement plans, etc. Mr Mahesh Balasubramanian is the MD and CEO of the company.
Life Insurance Corporation of India	Founded in 1956, its primary objective is to spread life insurance more widely, particularly in rural areas, to ensure that all insurable persons in the country receive adequate financial protection at a reasonable price. Mr M R Kumar is the Chairman of the company.
Max Life Insurance Company Limited	It started in 2000 as a joint venture between Max Financial Services and Axis Bank. It offers protection, long-term savings, and retirement solutions. Mr Prashant Tripathy is the MD and CEO of the company.
PNB MetLife India Insurance Company Limited	It was started in 2001 as a joint venture between Punjab National Bank and MetLife International Holdings LLC. Combining PNB's vast distribution network and MetLife's global insurance expertise, PNB MetLife has been offering high-quality insurance products. Mr Ashish Kumar Srivastava is the MD and CEO of the company.
Pramerica Life Insurance Company Limited	The company was founded in 2008. It was formed as an alliance between DHFL Investments Limited and Prudential International Insurance Holdings Limited. It offers a wide range of life insurance solutions for individuals as well as groups for children’s future, retirement planning, savings and wealth creation, etc. Ms Kalpana B Sampat is the MD and CEO of the company.
Reliance Nippon Life Insurance Company Limited	Founded in 2001, it offers five distinct lines of insurance to both individuals and businesses, namely protection, child, retirement, savings & investment, and health. Mr Ashish Vohra is the CEO and ED of the company.
Sahara India Life Insurance Company Limited	It was launched in 2004 and provides a wide range of insurance products, including term insurance, group insurance, ULIPs, endowment plans, money-back plans, etc. Mr A K Dasgupta is the CEO and President of the company.
SBI Life Insurance Company Limited	The company was founded in the year 2000 as an alliance between the State Bank of India and BNP Paribas Cardif S.A. SBI Life offers a range of products to both individuals as well as groups, including protection, pension, savings, etc. The MD and CEO of the company is Mr Mahesh Kumar Sharma.
Shriram Life Insurance Company Limited	In 2005, Shriram Group, a renowned financial services organisation, and Sanlam Life Insurance, a predominant financial services group in South Africa, joined forces to form this entity. It offers products and services tailored specifically to your unique needs. Mr Casparus Jacobus Hendrik Kromhout is the MD and CEO of the company.
Star Union Dai-Ichi Life Insurance Company Limited	As a joint venture between the Bank of India, Union Bank of India, and Dai-ichi Life Holdings, Star Union Dai-ichi Life Insurance (SUD Life) was formed in 2009. It strives to meet the varying needs of its customers across different social strata and geographic regions through a broad range of life insurance products, Mr Abhay Tewari is the MD and CEO of the company.
TATA AIA Life Insurance Company Limited	The company was founded in 2001. It is an alliance between Tata Sons Private Limited and AIA Group Limited. With its range of solutions, it helps you plan for your life, savings, wealth, and retirement needs. Mr Naveen Tahilyani is the MD and CEO of the company.

Source: IRDAI website & insurance company websites.

Non-Life Insurance Or General Insurance
Non-life insurance companies offer a range of diverse coverage options besides life, from health and motor to property and beyond.

It protects your most valuable assets, like your vehicle (with motor insurance), your house (with home insurance), and your health (with health insurance), among others. Basically, general insurance is an indemnity arrangement between you and the insurance company that covers the actual expenses incurred for the liabilities related to these possessions. This means that you will be covered for financial losses related to these items, up to the limit specified in the policy.

Non-Life Insurance Companies in India

Name Of The Company	About The Insurer
Acko General Insurance Limited	It was founded in 2016, and since then has partnered with some of the biggest companies in the digital world like Ola, redBus, Amazon, OYO, and launched innovative products like trip insurance, electronics cover, hotel-stay insurance, etc. Mr Sanjeev Srinivasan is the CEO/CMD of the company.
Bajaj Allianz General Insurance Company Limited	Established in 2000, it is a joint venture between Bajaj Finserv Limited and Allianz SE. It offers a wide range of products like health insurance, motor insurance, pet dog insurance, personal accident insurance, marine insurance. Mr Tapan Singhel is the CEO/CMD of the company.
Cholamandalam MS General Insurance Company Limited	The company was founded in 2001 as an alliance between the Murugappa Group, and Mitsui Sumitomo Insurance Company Limited. Chola MS offers motor insurance, health insurance, property insurance, accident insurance, engineering insurance, liability insurance, marine insurance, travel insurance, crop insurance, etc. for individuals and businesses. Mr Venkateswaran Suryanarayanan is the CEO/CMD of the company.
Future Generali India Insurance Company Limited	It is a joint venture between Generali Group and Future Group. Since its founding in 2006, it aims to provide you with protection, advice, and service and is committed to delivering superior customer service and satisfaction. Mr Anup Rau is the CEO/CMD of the company.
Go Digit General Insurance Limited	It was founded in 2016 and focuses on building simple, transparent insurance solutions. Basically, it aims to simplify insurance products so even 15-year-olds can understand them. Ms Jasleen Kohli is the CEO/CMD of the company.
HDFC ERGO General Insurance Company Limited	In 2002, it was formed as a joint venture between HDFC Limited, India's leading housing finance company, and ERGO International AG, Munich Re's primary insurance company. It offers motor insurance, health insurance, travel insurance, home insurance, personal accident insurance in the retail sector and customised products like property insurance, marine insurance, and liability insurance in the corporate space. Mr Ritesh Kumar is the CEO/CMD of the company.
ICICI LOMBARD General Insurance Company Limited	Established in 2001, it's a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited. ICICI Lombard has continuously provided essential security and protection to its customers, allowing them to live and plan with confidence. Mr Bhargav Dasgupta is the CEO/CMD of the company.
IFFCO TOKIO General Insurance Company Limited	In 2000, Indian Farmers Fertiliser Cooperative Limited (IFFCO), the world's largest fertiliser manufacturer, joined forces with Tokio Marine Group, one of Japan's largest insurance groups to form this entity. Its product portfolio includes car insurance, two-wheeler insurance, health insurance, travel insurance, home insurance, and corporate policies like property and liability insurance. It also has a range of products like credit insurance, fine arts insurance, etc. Mr H. O Suri is the CEO/CMD of the company.
Kotak Mahindra General Insurance Company Limited	Founded in 2015, it offers a range of non-life insurance products like motor insurance, health insurance, home insurance, and commercial insurance. Mr Suresh Agarwal is the CEO/CMD of the company.
Liberty General Insurance Limited	The company was established in the year 2013. It is a joint alliance between the DP Jindal Group, Liberty Citystate Holdings Private Limited, and Enam Securities. It offers car and two-wheeler insurance, employee compensation, commercial insurance, fire and engineering insurance, marine insurance, and other miscellaneous insurance products. Mr Roopam Asthana is the CEO/CMD of the company.
Magma HDI General Insurance Company Limited	It was launched in 2009 and provides a wide range of insurance products, including motor insurance, health insurance, personal accident insurance, and home insurance for retailers, as well as fire insurance, engineering insurance, liability insurance, and marine insurance for businesses. Mr Rajive Kumaraswami is the CEO/CMD of the company.
National Insurance Company Limited	The company was founded in 1906 with a mission to be the most preferred option for general insurance customers. It remains committed to that mission, expanding its product offerings and providing you with the latest and most comprehensive coverage available. Ms Suchita Gupta is the CEO/CMD of the company.
Navi General Insurance Limited	It was formed in 2016 and offers a range of products like health insurance, motor insurance, property insurance, commercial insurance and gadget insurance plans. Mr Vaibhav Goyal is the CEO/CMD of the company.
Raheja QBE General Insurance Company Limited	The company was founded in 2007 and is an alliance between the Rajan Raheja Group and QBE Insurance (Australia's 2nd largest insurer). Raheja QBE strives to drive highly adaptable insurance solutions to meet every customer’s varying needs. Mr Pankaj Arora is the CEO/CMD of the company.
Reliance General Insurance Company Limited	Since 2000, the company has been offering a wide range of products such as motor insurance, health insurance, home insurance, travel insurance, marine insurance, etc. customised to fit every customer's needs. The company also comes up with cool products, like the first Over-The-Counter health insurance, etc. Mr Rakesh Jain is the CEO/CMD of the company.
Royal Sundaram General Insurance Company Limited	The company was founded in 2000. It is an alliance between Sundaram Finance, Ageas Insurance, and other Indian shareholders. It offers motor insurance, health insurance, personal accident insurance, home insurance and travel insurance to individuals and fire insurance, marine insurance, engineering insurance, liability insurance and business interruption insurance to businesses. Mr M S Sreedhar is the CEO/CMD of the company.
SBI General Insurance Company Limited	The company was established in 2009. It is an alliance between the State Bank of India and the Insurance Australia Group. It is committed to providing simple, innovative solutions to you and building a sustainable business. Mr Kishore Kumar Poludasu is the CEO/CMD of the company.
Shriram General Insurance Company Limited	Established in 2012, Shriram General Insurance Company is a joint venture between Shriram Capital Limited and Sanlam Limited (South Africa). Shriram General Insurance offers a wide range of insurance options like home insurance, motor insurance, travel insurance and more. Mr Anil Kumar Aggarwal is the CEO/CMD of the company.
Tata AIG General Insurance Company Limited	The company was founded in 2001. It is an alliance between Tata Group and American International Group. It offers home insurance, motor insurance, travel insurance, health insurance, property & business Interruption insurance, professional and general liability insurance, environmental insurance, etc. Mr Neelesh Garg is the CEO/CMD of the company.
The New India Assurance Company Limited	The company was founded in 1919 and has been providing high-quality and reliable services ever since its establishment. Ms. Neerja Kapur is the CEO/CMD of the company.
The Oriental Insurance Company Limited	The company was founded in 1947. It offers niche covers for steel plants, power plants, chemical plants, and more. It has developed different kinds of insurance covers to meet the needs of the urban as well as rural population of India. Mr Anjan Dey is the CEO/CMD of the company.
United India Insurance Company Limited	Since 1938, the company has provided insurance covers for everything from bullock carts to satellites. It has built a legacy of trust with people across the country. Mr Satyajit Tripathy is the CEO/CMD of the company.
Universal Sompo General Insurance Company Limited	The company was founded in 2007 - by Dabur Investment Corporation, Indian Bank, Karnataka Bank Limited, Indian Overseas Bank, and Sompo Japan Insurance Incorporated. The company offers a wide range of products for retail, rural, small & medium businesses, and corporates - including health insurance, motor insurance, travel insurance, and commercial insurance. Mr Sharad Mathur is the CEO/CMD of the company.
Zuno General Insurance Limited	Founded in 2016, Zuno General Insurance Limited (previously known as Edelweiss General Insurance Company Limited) believes insurance should be easy, friendly, and transparent. It strives to challenge industry standards and redefine the traditional customer experience through its innovative products and services. Ms Shubhdarshini Ghosh is the CEO/CMD of the company.

Source: IRDAI website & insurance company websites.

Standalone Health Insurance Companies

In contrast to non-life insurance companies that sell health, motor, and other non-life policies, there are insurance companies that only provide health insurance. The purpose of health insurance is to protect you from hospital bills incurred due to illness, injury, or an accident. In India, these health insurers are typically known as standalone health insurance companies.

Did you know Star Health Insurance is India's first standalone health insurance company that was launched in 2012?

Since then, four more companies have taken the same route.

Here is a list of standalone health insurance companies in India

Name Of The Company	About The Insurer
Aditya Birla Health Insurance Company Limited	Aditya Birla Health Insurance Company Limited is a part of Aditya Birla Capital Limited. It was founded in the year 2015 and is an alliance between the Aditya Birla Group and MMI Holdings (South Africa). Its current product portfolio includes some pretty unique products, like incentivised wellness programs and chronic care. Mr Mayank Bathwal is the CEO/CMD of the company.
Care Health Insurance Limited	Established in 2012, Care Health Insurance (formerly known as Religare Health Insurance Company Limited) is a specialised health insurer offering retail products such as health Insurance, top-up coverage, personal accident, maternity coverage, international travel insurance and critical illness coverage along with group health insurance and group personal accident insurance for corporates, micro-insurance products for the rural market and a comprehensive set of wellness services. Mr Anuj Gulati is the CEO/CMD of the company.
Manipal Cigna Health Insurance Company Limited	The company was launched in 2014 as a joint venture between Manipal Group and Cigna Corporation. It offers a large range of policies designed for the varying needs of individuals and families. It has earned a reputation for being a reliable and experienced partner in the healthcare industry. Mr Prasun Kumar Sikdar is the CEO/CMD of the company.
Niva Bupa Health Insurance Company Limited	The company was founded in 2008 and is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP) and Bupa Singapore Holdings Pvt. Ltd. The vision of Niva Bupa is to become India's most admired health insurance company by empowering customers with knowledge, giving them expertise, and providing them with a wide range of services. Mr Krishnan Ramachandran is the CEO/CMD of the company
Star Health & Allied Insurance Company Limited	Established in 2006, the company offers health, personal accident, and overseas and domestic travel insurance tailored to Indian market needs. It has adapted to the latest trends by using innovative technologies to ensure quality service, ease of access, and a seamless user experience. Mr V. Jagannathan is the CEO/CMD of the company.

Source: IRDAI website & insurance company websites