Top Insurance Companies in India
Insurance sector in India has seen a number of phases of development right from its establishment in the year 1818. This sector gained better improvement in the past decade with the permission granted to private companies to enter the insurance sector. With the Government of India offering permission for foreign direct investment up to 26% in this sector, the sector has begun to boom further.
The products of insurance sector range across different varieties of portfolio like:
• Home insurance
• Medical insurance
• Health insurance
• Vehicle insurance
• Life insurance
The insurance sector in India further came up with the contribution of the top companies in India in this sector and the list of the top ten companies in this sector is given below:
Top 10 insurance companies in India:
• Life Insurance Corporation of India
• Bajaj Allianz General Insurance
• ICICI Prudential Life Insurance
• SBI Life Insurance
• Birla Sun Life Insurance
• TATA AIG General Insurance
• Max New York Life
• Reliance Life
• Oriental Insurance Company
• HDFC Standard Life Insurance
Some of the details regarding these top players in the insurance sector in India are given below: Life Insurance Corporation of India:
One of the oldest companies in the insurance sector in India is the LIC of India and this company was incorporated in the year 1956 by the alliance of 75 provident companies, 154 Indian Insurance companies and 16 non-Indian Companies. In addition to its corporate office, the company has 7 zonal officers, 2048 computerized branches and 100 divisional offices. They offer a wide range of insurance policies and the policies offered by them are classified under the following main categories:
• Joint life plan
• Team assurance plans
• Whole life plans
• Special money back plan for women
• Money back plans
• Endowment assurance plans
• Plans for handicapped dependents
• Children plans
• Bima account plans
• Endowment plans
Bajaj Allianz General Insurance:
Bajaj Allianz General Insurance company is a joint venture between Bajaj Auto and Alliance AG. The former company is a big player in the automobile sector in India, while the later is a player in the insurance sector. This joint venture company offers the following services:
• Renewal premium payments
• Online services
• Life insurance saving plans
• Online life insurance
• Health care
• Life time care • Retirement and pension plans
ICICI Prudential Life Insurance:
As the name implies ICICI Prudential offers a wide range of life insurance policies and their policies include retirement plants, ULIP, life insurance and health insurance. Their life insurance plans include education insurance plans, premium guarantee plans, etc, while their health insurance plans include MediAssure, Hospital care, etc…
SBI Life Insurance:
SBI Life Insurance is another joint venture company in the top players in insurance sector in India and this company is formed with the joint venture between BNP Paribas Assurance and State Bank of India. Out of the total capital, BNP’s share is 26%, while that of SBI is 74%. The paid up capital of the company is Rs. 1000 crores, while the authorized capital is Rs. 2000 crores. This company offers a wide range of health plans, group plans and individual plans.
Birla Sun Life Insurance:
This company is a joint venture between Aditya Birla group and Sun life financials and it offers a wide range of services to meet the life insurance needs of the people. Their insurance policies are classified into four broad categories namely:
• NRI Solutions
• Rural Solutions
• Group Solutions
• Individual Solutions
The protection solutions offered by them are classified under retirement solutions, health & wellness solutions, wealth with protection solutions and Children’s future solutions.
Nowadays, people have understood the importance of insurance policies and with this, insurance companies introduce a wide range of products to meet the needs of different types of their customers and they strive to offer the best possible service.
List of insurance companies in india 2011 - TrillionLists Following is the list of insurance companies in india.
1. Aviva Life Insurance Co. India Pvt. Ltd. 2. Agriculture Insurance Company of India 3. Apollo DKV Insurance 4. Bajaj Allianz Life Insurance Company Limited 5. Bharti AXA Life Insurance 6. Birla Sun Life Insurance Co. Ltd 7. Canara HSBC Oriental Bank of Commerce Life Insurance 8. Cholamandalam MS General Insurance 9. DLF Pramerica Life Insurance 10.Future Generali Life Insurance 11.HDFC Ergo General Insurance Company 12.HDFC Standard life Insurance Co. Ltd 13.ICICI Lombard General Insurance 14.ICICI Prudential Life Insurance Co. Ltd. 15.IDBI Fortis Life Insurance 16.IFFCO Tokio General Insurance 17.ING Vysya Life Insurance Company Ltd. 18.Kotak Mahindra Old Mutual Life Insurance Limited 19.Life Insurance Corporation of India 20.Max New York Life Insurance Co. Ltd 21.Met Life India Insurance Company Ltd. 22.National Insurance Company Ltd 23.New India Assurance 24.Oriental Insurance Company 25.Religare Life Insurance 26.Reliance General Insurance 27.Reliance Life Insurance Company Limited. 28.Religare Life Insurance 29.Royal Sundaram Alliance Insurance 30.Sahara India Life Insurance 31.SBI Life Insurance Co. Ltd 32.Shriram Life Insurance Co, Ltd. 33.Shriram General Insurance Company Limited 34.Star Union Dai-ichi Life Insurance 35.Tata AIG Life Insurance Company Limited 36.Tata AIG General Insurance 37.United India Insurance 38.Universal Sompo General Insurance Co. Ltd
Commercial Banks in India
Commercial Banks in India are broadly categorized into Scheduled Commercial Banks and Unscheduled Commercial Banks. The Scheduled Commercial Banks have been listed under the Second Schedule of the Reserve Bank of India Act, 1934. The selection measure for listing a bank under the Second Schedule was provided in section 42 (60 of the Reserve Bank of India Act, 1934.
Activities of Commercial Banks
The modern Commercial Banks in India cater to the financial needs of different sectors. The main functions of the commercial banks comprise: • transfer of funds • acceptance of deposits • offering those deposits as loans for the establishment of industries • purchase of houses, equipments, capital investment purposes etc. • The banks are allowed to act as trustees. On account of the knowledge of the financial market of India the financial companies are attracted towards them to act as trustees to take the responsibility of the security for the financial instrument like a debenture. • The Indian Government presently hires the commercial banks for various purposes like tax collection and refunds, payment of pensions etc.
List of Commercial Banks in India
SBI & Associates:
• State Bank of India • State Bank of Bikaner & Jaipur • State Bank of Hyderabad • State Bank of Indore • State Bank of Mysore • State Bank of Patiala • State Bank of Travancore
Nationalised Banks:
• Allahabad Bank • Andhra Bank • Bank of Baroda • Bank of India • Bank of Maharashtra • Canara Bank • Central Bank of India • Corporation Bank • Dena Bank • IDBI Bank Ltd. • Indian Bank • Indian Overseas Bank • Oriental Bank of Commerce • Punjab & Sind Bank • Punjab National Bank • Syndicate Bank • UCO Bank • Union Bank of India • United Bank of India • Vijaya Bank
Foreign Banks: • ABN Amro Bank • Abu Dhabi Commercial Bank • American Express Banking Corporation • Antwerp Diamond Bank • AB Bank • Bank International Indonesia • Bank of America • Bank of Bahrain & Kuwait • Bank of Ceylon • Bank of Nova Scotia • Bank of Tokyo Mitsubishi UFJ • Barclays Bank • BNP Paribas • Calyon Bank • Chinatrust Commercial Bank • Citibank • DBS Bank • Deutsche Bank • Hongkong & Shanghai Banking Corporation • JP Morgan Chase Bank • JSC VTB Bank • Krung Thai Bank • Mashreq Bank • Mizuho Corporate Bank • Oman International Bank • Shinhan Bank • Societe Generale • Sonali Bank • Standard Chartered Bank • State Bank of Mauritius • UBS AG
Other Scheduled Commercial Banks:
• Axis Bank • Bank of Rajasthan • Catholic Syrian Bank • City Union Bank • Development Credit Bank • Dhanalakshmi Bank • Federal Bank • HDFC Bank • ICICI Bank • IndusInd Bank • ING Vysya Bank • Jammu & Kashmir Bank • Karnataka Bank • Karur Vysya Bank • Kotak Mahindra Bank • Lakshmi Vilas Bank • Nainital Bank • Ratnakar Bank • SBI Commercial & International Bank • South Indian Bank • Tamilnad Mercantile Bank • Yes Bank
There are large number of commercial banks in India whose aim is to sell financial products like short term and long term loans for construction of house, paying personal expenses and buying of cars, bikes and other vehicles and mutual funds and insurance products. We can divide commercial banks into nationalized banks and private sector banks.
A. Nationalized Commercial Banks in India
1. State Bank of India
State Bank of India (SBI) is the largest bank in India.The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. The Government of India nationalised the Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the Government took over the stake held by the Reserve Bank of India.
2. Allahabad Bank Allahabad Bank which began operations in 1865, now has its head-quarters in Kolkata. Currently the bank has 2260 branches [1] across the country. The Chairman and Managing Director of the bank is Shri J P Dua. The bank has a branch in Hong Kong and a representative office in Shenzen. The bank's internet banking is maintained by EBankWorks Team of TCS.
3. Andhra Bank Andhra Bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs. The Bank crossed many milestones[clarification needed] and the Bank's Total Business as on 30.06.2008 stood at Rs.83,256 Crores with a Clientele base over 1.74 Crores. 4. Bank of Baroda Bank of Baroda is the third largest Public Sector bank in India, after State Bank of India and Punjab National Bank. BoB has total assets in excess of Rs. 2.27 lakh crores, or Rs. 2,274 billion, a network of over 3000 branches and offices, and about 1100+ ATMs. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, credit cards and asset management.
5. Bank of India
Bank of India (BoI), established on 7 September 1906 is a bank with headquarters in Mumbai. Government-owned since nationalization in 1969, It is one of India's leading banks, with about 3140 branches including 27 branches outside India. BoI is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications) in India which facilitates provision of cost-effective financial processing and communication services. The Bank completed its first one hundred years of operations on 7 September 2006.
B. Privatized Commercial Banks in India
1. Axis Bank
Axis Bank, previously called UTI Bank, was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the Specified Undertaking of the Unit Trust of India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance Corporation Ltd., National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company UTI-I holds a special position in the Indian capital markets and has promoted many leading financial institutions in the country. The bank changed its name to Axis Bank in April 2007 to avoid confusion with other unrelated entities with similar name.Shikha Sharma was named as the bank's managing director and CEO on 20 April 2009.
2. HDFC Bank
HDFC Bank Ltd. (BSE: 500180, NYSE: HDB) is a commercial bank of India, incorporated in August 1994, after the Reserve Bank of India allowed establishing private sector banks. The Bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India. HDFC Bank has 1,412 branches and over 3,295 ATMs, in 528 cities in India, and all branches of the bank are linked on an online real-time basis.
3. ICICI Bank ICICI Bank (BSE: ICICI) (formerly Industrial Credit and Investment Corporation of India) is India's largest private sector bank by market capitalisation and second largest overall in terms of assets. total assets of Rs. 3,562.28 billion (US$ 77 billion) at December 31, 2009 and profit after tax Rs. 30.19 billion (US$ 648.8 million) for the nine months ended December 31, 2009. The Bank also has a network of 1,700+ branches (as on 31 March, 2010) and about 4,721 ATMs in India and presence in 18 countries, as well as some 24 million customers (at the end of July 2007).
4. IndusInd Bank
IndusInd Bank Limited is a Mumbai based Indian new generation bank,[1][2] established in 1994. The bank offers commercial, transactional and electronic banking products and services. Indusind Bank was incorporated in April 1994 by Dr. Manmohan Singh the then Union Finance Minister. Indusind Bank is the first among the new-generation private banks in India.
5. Kotak Mahindra Bank
The Kotak Mahindra group is a financial organization established in 1985 in India. It was previously known as the Kotak Mahindra Finance Limited, a non-banking financial organization. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India (RBI). Kotak Mahindra Finance Ltd. is the first company in the Indian banking history to convert to a bank.
MUTUAL FUNDS
A. Bank Sponsored
1. Joint Ventures – Predominantly Indian
- Canara Robeco Asset Management Company Limited
- SBI Funds Management Private Limited
2. Joint Ventures – Predominantly Foreign
- Baroda Pioneer Asset Management Company Limited
3. Others
- UTI Asset Management Company Ltd B. Institutions - LIC Mutual Fund Asset Management Company Limited C. Private Sector
1. Indian
- Axis Asset Management Company Ltd.
- Benchmark Asset Management Company Pvt. Ltd.
- DBS Cholamandalam Asset Management Ltd.
- Deutsche Asset Management (India) Pvt. Ltd.
- Edelweiss Asset Management Limited
- Escorts Asset Management Limited
- IDFC Asset Management Company Private Limited
- JM Financial Asset Management Private Limited
- Kotak Mahindra Asset Management Company Limited(KMAMCL)
- Quantum Asset Management Co. Private Ltd.
- Reliance Capital Asset Management Ltd.
- Religare Asset Management Company Ltd.
- Sahara Asset Management Company Private Limited
- Tata Asset Management Limited
- Taurus Asset Management Company Limited
2. Foreign
- AIG Global Asset Management Company (India) Pvt. Ltd.
- FIL Fund Management Private Limited
- Fortis Investment Management (India) Pvt. Ltd.
- Franklin Templeton Asset Management (India) Private Limited