An insurance is an an agreement between two parties. The two parties are termed as insured and insurer, where the insurer agrees to indemnify the insured during any future contingencies. Insurance is a way of managing future risks. It is making provision for the uncertainties that might occur in the future. Insurance is defined as the “equitable transfer of the risk of a loss, from one entity to another, in exchange for payment”. People have realized the importance of securing their future in the recent past. Risk management has been evolved with the passing times. Therefore, insurance and the insurance industry has developed a significant importance for itself over the years.
LIC has been the oldest player in the insurance industry. But with continuous changes in the demand for insurance products many new players have hit the market in the recent years. There is a cut throat competition in the insurance industry as new players have entered the field. However, all the insurance companies in India are regulated by one common regulatory board which is IRDA. Some of the best insurance companies in India are as follows.
- Bajaj Allianz Life Insurance Company Limited.
- Birla Sun Life Insurance Co. Ltd
- HDFC Standard Life Insurance Co. Ltd
- ICICI Prudential Life Insurance Co. Ltd.
- ING Vysya Life Insurance Company Ltd.
- Life Insurance Corporation of India
- Max New York Life Insurance Co Ltd.
- Met Life India Insurance Company Ltd.
- Kotak Mahindra Old Mutual Life Insurance Limited
- SBI Life Insurance Co. Ltd
- Tata AIG Life Insurance Company Limited
- Reliance Life Insurance Company Limited.
- Aviva Life Insurance Co. India Pvt. Ltd.
- Sahara India Life Insurance Co, Ltd.
- Shriram Life Insurance Co. Ltd.
- Bharti AXA Life Insurance Company Ltd.
- Future Generali Life Insurance Company Ltd.
- IDBI Fortis Life Insurance Company Ltd.
- Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
- AEGON Religare Life Insurance Company Limited.
- DLF Pramerica Life Insurance Co. Ltd.
- Star Union Dai-ichi Life Insurance Comp. Ltd.
Insurance is a major part of the financial industry in India. There are many companies offering various insurance products in the country. The customers have to make a decision based on the options that best suit their needs. All the above mentioned insurance companies are well-recognized insurance companies in India. So one should select the company that offers an insurance plan that is suitable to their requirement
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