Life Insurance is a booming sector in India. While many private institutions have been quick to see the vast potential of the Indian market, there is still much scope for global companies to capitalize on the demand in the market. However, the largest life insurance company (LIC) in India is still owned by the government.
The floodgates were opened by the government in 1999 when the Indian government first allowed private companies to solicit insurance, with FDI up to 26 percent. Since then, a lot of private companies have prudently invested in both life and general insurance sectors in India. While private insurance companies provide cheap life insurance policies to people, they still have to mature in terms of reliability and good will.
Without further delay, given below is a list of the top 5 insurance companies in India-
1. Life Insurance Corporation of India (LIC): This remains the largest insurance company in India and is owned by the government. In 2008, LIC accounted for 64 percent market share. Although it is still the market leader, the company has to battle against the innovative strategies and better sales force of private enterprises.
2. Bajaj Allianz general Insurance: This private company has been rising steadily in terms of market capture. It now sells the second most number of insurance policies in India after LIC and has been growing at a fast pace since 2006.
Bajaj Allianz website
3. ICICI Prudential Life Insurance: This life insurance companies has attracted a loyal customer base with great customer support and a wide range of cheap policies to choose from.
4. Birla Sun Life Insurance: This company has played its cards well. It offers a variety of insurance policies for the customers to choose from, provides them with attractive deals and offers great customer service and support. There is no reason why people shouldn’t prefer this one.
5. SBI Life: Though a little slow on the marketing propaganda, SBI Life has been consistently growing in the Indian life insurance market because of good service and a great brand image.