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Insurance in India and Insurance Companies in India

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Insurance in India refers to the market for insurance in India which covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.

The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014, and further increased to 74% in May 2021. Since the privatisation in 2001, the largest life-insurance company in India, Life Insurance Corporation of India has held a monopoly till upto date but its market share slowly slipping to private giants like HDFC Life, ICICI Prudential Life Insurance, General Insurance Corporation of India and Exide Life Insurance.

Insurance Companies in India

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Following is the list of insurance companies in India which have been approved by the Insurance Regulatory and Development Authority of India (IRDAI) which is a statutory body regulating and promoting the insurance and reinsurance industries in India.There are three types of Insurance Companies in India are as given below:

As of October 2018, IRDAI has recognized 23 life insurance companies. Following is the list

Sr. NoCompany SectorHeadquarters Found
1Life IInsurance Corporation of India GovtMumbai1956
2HDFC Standard Life Insurance Co. Ltd Private Mumbai2000
3Max Life Insurance Co.Ltd PrivateDelhi2000
4ICICI Prudential Life Insurance Co. Ltd PrivateMumbai2000
5Kotak Mahindra Life Insurance Co. Ltd Private Mumbai2001
6Aditya Birla Sun Life Co. Ltd PrivateMumbai2000
7TATA AIG Life Insurance Co. Ltd PrivateMumbai2001
8SBI Life Insurance Co. Ltd PrivateMumbai2001
9Exide Life Insurance Co. Ltd PrivateBangalore2001
10Bajaj Allianz Life Insurance Co. Ltd PrivatePune2001
11PNB MetLife India Insurance Co. Ltd PrivateMumbai2001
12Reliance Nippon Life Insurance Company PrivateMumbai2001
13Aviva Life Insurance Company India Ltd PrivateGurugram2002
14Sahara India Life Insurance Co. LtdPrivateLucknow2004
15Shriram Life Insurance Co. Ltd PrivateHyderabad2005
16Bharti AXA Life Insurance Co. Ltd PrivateMumbai2008
17Future Generali India Life Insurance Co. Ltd PrivateMumbai2007
18IDBI Federal Life Insurance Co. Ltd PrivateMumbai2008
19Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd PrivateGurugram2008
20Aegon Life Insurance Co. Ltd PrivateMumbai2008
21Pramerica Life Insurance Co. LtdPrivateMumbai2008
22Star Union Dai-Ichi Life Insurance Co. LtdPrivateMumbai2008
23India First Life Insurance Co. Ltd PrivateMumbai2009
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