Life Insuarances In INDIA

Indian Life Insurance Industry Overview:
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All life insurance companies in India have to comply with the strict regulations laid out by Insurance Regulatory and Development Authority of India (IRDA). Therefore there is no risk in going in for private insurance players. In terms of being rated for financial strength like international players, only ICICI Prudential is rated by Fitch India at National Insurer Financial Strength Rating of AAA(Ind) with stable outlook indicating the highest claims paying ability rating.

Life Insurance Corporation of India (LIC), the state owned behemoth, remains by far the largest player in the market. Among the private sector players, ICICI Prudential Life Insurance(JV between ICICI Bank and Prudential PLC) is the largest followed by Bajaj Allianz Life Insurance Company Limited (JV between Bajaj Group and Allianz). The private companies are coming out with better products which are more beneficial to the customer. Among such products are the ULIPs or the Unit Linked Investment Plans which offer both life cover as well as scope for savings or investment options as the customer desires.Further, these type of plans are subject to a minimum lock-in period of three years to prevent misuse of the significant tax benefits offered to such plans under the Income Tax Act. Hence, comparison of such products with mutual funds would be erroneous.


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Life Insurer in Public Sector:
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Life Insurance Corporation of India

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Life Insurers in Private Sector:
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Bajaj Allianz Life, Pranav,Surat 1
MNYL Life Insurance
ICICI Prudential Life Insurance
Sahara Life Insurance
Tata AIG Life
HDFC Standard Life
Birla Sunlife
SBI Life Insurance
Kotak Mahindra Old Mutual Life Insurance
Aviva Life Insurance
Reliance Life Insurance Company Limited - Formerly known as AMP Sanmar LIC
Metlife India Life Insurance
ING Vysya Life Insurance
Max Newyork Life Insurance
Shriram Life Insurance
Bharti AXA Life Insurance Co Ltd
Future Generali Life Insurance Co Ltd
IDBI Fortis Life Insurance Co Ltd
Aegon Religare Life Insurance Co Ltd