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The life insurance sector in India comprises of, 24 are life insurance companies,
Among the life insurance companies, Life Insurance Corporation (LIC) of India is the only public sector company. According to IBEF (India Brand Equity Foundation), in FY19, the total premium from the new life insurance business in India increased up to Rs. 2.15 trillion (or US$ 30.7 billion), showing a 10.73 per cent year-on-year growth.
Take a look at the different life insurance companies in India and the road ahead for the life insurance companies in the country.
Life Insurance Council and the ‘Sabse Pehle Life Insurance’ Campaign
Life Insurance Council is the forum that connects all the life insurance companies in India. Recently, the Council have launched ‘Sabse Pehle Life Insurance,’ which is the first campaign of the insurance industry.
The purpose of the ‘Sabse Pehle Life Insurance’ campaign is to create awareness and educate the Indian population about the different aspects and importance of having life insurance protection. All the 24 life insurance companies are a part of this campaign.
To reach a large section of people online, the Life Insurance Council has launched a dedicated website, https://www.sabsepehlelifeinsurance.com/. Currently, the penetration of life insurance is quite low in the country. Therefore, the campaign is seen as a definitive step towards educating people on the insurance front.
One of the primary reasons for the low insurance penetration is the fact that often people buy life insurance for peripheral benefits only – without understanding first why insurance coverage is imperative in their lives.
Life insurance companies in India offer a variety of customisable insurance plans to suit individual needs and requirements. Thus, the thought-provoking campaign hopes to identify with the larger Indian population and encourage them to opt for a life insurance protection based on their financial needs and requirements.
Life Insurance Companies in India
Following is a list of life insurance companies in India:
S. No |
Name of the Company |
Address |
Name of the Chairman/MD & CEO |
1. |
Life Insurance Corporation of India |
Yogakshema, Jeevan Bima Marg Post Box No. 19953 Mumbai – 400 021 |
Mr. M R Kumar Chairman |
2. |
HDFC Life Insurance Co. Ltd |
13th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Road, Mahalaxmi, Mumbai 400 011, Maharashtra |
Ms. Vibha Padalkar MD & CEO
|
3. |
Max Life Insurance Co. Ltd. |
3rd, 11th, 12th Floor, DLF Square Building, Jacaranda Marg, DLF City, Phase – II, Gurgaon – 122002, Haryana |
Mr. Prashant Tripathy MD & CEO |
4. |
ICICI Prudential Life Insurance Co. Ltd |
ICICI Prulife Towers 1089, Appasaheb Marathe Marg, Prabhadevi,Mumbai – 400 025 |
Mr. N S Kannan MD & CEO
|
5. |
Kotak Mahindra Life Insurance Co. Ltd. |
7th Floor, Kotak Infiniti, Building No.21, Infinity Park, Off Western Express Highway, General AK Vaidya Marg, Malad (East), Mumbai – 400 097 |
Mr. G. Murlidhar MD & CEO |
6. |
Aditya Birla SunLife Insurance Co. Ltd. |
One India Bulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, SenapatiBapatMarg, Elphinstone Road, Mumbai-400013 |
Mr. Kamlesh Rao MD & CEO
|
7. |
TATA AIA Life Insurance Co. Ltd. |
14th Floor, Tower A, Peninsula Business Park, Lower Parel, Senapati Bapat Marg, Mumbai - 400013 |
Mr. Rishi Srivastava MD & CEO |
8. |
SBI Life Insurance Co. Ltd.
|
“Natraj”, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400069 |
Mr. Sanjeev Nautiyal MD & CEO |
9. |
Exide Life Insurance Co. Ltd.
|
3rd Floor, JP Techno Park, No. 3/1, Millers Road, Bengaluru – 560 001, Karnataka |
Mr. Kshitij Jain MD & CEO |
10. |
Bajaj Allianz Life Insurance Co. Ltd. |
Bajaj Allianz House, Airport Road, Yerawada, Pune – 411 006 |
Mr. Tarun Chugh MD&CEO |
11. |
PNB MetLife India Insurance Co. Ltd. |
Unit No. 101, 1st Floor, Techniplex-1, Techniplex Complex,Veer Savarkar Flyover, Off S V Road Goregaon (West), Maharashtra- 400062. |
Mr. Ashish Kumar Srivastava MD&CEO |
12. |
Reliance Nippon Life Insurance Company Limited |
Reliance Centre, Off Western Express Highway, Santacruz East, Mumbai – 4000 055 |
Mr. Ashish Vohra CEO & ED |
13. |
Aviva Life Insurance Company India Ltd. |
Aviva Tower, Sector Road, Opposite Golf Course, DLF-Phase V, Sector 43, Gurgaon 122003 |
Mr. Trevor Bull MD & CEO |
14. |
Sahara India Life Insurance Co. Ltd. |
Sahara India Centre, 1, Kapoorthala Complex, Aliganj, Lucknow – 226 024 |
Mr. A K Dasgupta CEO & President |
15. |
Shriram Life Insurance Co. Ltd.
|
Ramki Selenium,Plot No:31 & 32,Beside Andhra Bank Training Centre, Financial District, Gachibowli,Hyderabad – 500032. |
Mr. Casparus Jacobus Hendrik Kromhout MD & CEO |
16. |
Bharti AXA Life Insurance Company Ltd |
Unit no:1904,19th Floor, Parinee Crescenzo, ‘G’ Block, Bandra Kurla Complex, BKC Road, Behind MCA Ground, Bandra East, Mumbai - 400051 |
Mr. Parag Raja MD & CEO |
17. |
Future Generali India Life Insurance Company Limited, |
Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg, Elphonstone (W), Mumbai – 400 013 |
Mr. Munish Sharda MD &CEO |
18. |
IDBI Federal Life Insurance Company Limited |
22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel – East Mumbai – 400013 |
Mr. Vighnesh Sahane MD & CEO |
19. |
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited |
Orchid Business Park, Second Floor, Sohna Road, Sector-48, Gurgaon 122 018, Haryana, India, |
Mr. Anuj Mathur MD & CEO |
20. |
Aegon Life Insurance Company Limited |
Building No. 3, Third Floor, Unit No. 1, Nesco IT Park,Western Express Highway, Goregaon (East), Pincode (Mumbai- 400063) |
Mr. Vineet Arora, MD & CEO
|
21. |
Pramerica Life Insurance Co. Ltd. |
4th Floor, Tower B, Building No.9, DLF Cyber City, Phase-III, Gurgaon 122002 |
Mr. Anoop Kumar Pabby MD & CEO
|
22.
|
Star Union Dai-Ichi Life Insurance Co. Ltd.
|
11th Floor, Plot No:34,35 & 38, Vishwaroop IT Park, Sector-30A of IIP, Vashi, Navi Mumbai 400703 |
Mr. Girish Kulkarni MD&CEO
|
23. |
IndiaFirst Life Insurance Company Ltd.,
|
12th and 13th Floor, North [C] wing, Tower 4, NESCO IT Park, NESCO Centre, Western Express Highway, Goregaon (East), Mumbai – 400 063 |
Dr. R M Visakha MD&CEO
|
24. |
Edelweiss Tokio Life Insurance Company Limited |
3rd & 4th Floor, Tower 3, Wing B, Kohinoor City,Kirol Road, Kurla (West), Mumbai -400070 |
Mr. Sumit Rai MD&CEO
|
Disclaimer – The details mentioned in the table above have been taken from IRDAI website (click here), as of 10-07-2019.
Life Insurance Companies in India – The Road Ahead
With the “Sabse Pehle Life Insurance’ campaign in full swing, the life insurance industry in India looks to gain more inroads into the people’s lives. At the same time, several regulatory framework changes are already set to be introduced in the coming years, which are expected to change the way life insurance companies conduct their business and engage with their customers.
Life Insurance Companies in India – The Road Ahead
With the “Sabse Pehle Life Insurance’ campaign in full swing, the life insurance industry in India looks to gain more inroads into the people’s lives. At the same time, several regulatory framework changes are already set to be introduced in the coming years, which are expected to change the way life insurance companies conduct their business and engage with their customers.
As per estimates, the life insurance industry in India is expected to grow by up to 12-15 per cent in the upcoming three to five years.
Sources
https://www.ibef.org/industry/insurance-sector-india.aspx
http://www.policyholder.gov.in/Registered_Insurers_Life.aspx
https://www.lifeinscouncil.org/UPLOADING%20FILES/MEDIA_UPLOADS/ARTICLES_NEWS/ARTICLE23411-Oct-2019.pdf (Sabse Pehle Life Insurance)
https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo129&mid=3.1.9
ARN: Aug/Bg/06