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Life Insurance Companies in India

Take a closer look at different life insurance companies and know about their values

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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.

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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. 

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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 Max Life Insurance

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 Max Life Insurance

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

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