Top 10 Insurance Companies in India | Best General Insurance Company

Insurance Companies in India : Today in India Insurance Industry is one of the fastest growing sectors. Because in 2000 government of India appointed insurance regulator “Insurance Regulatory and Development Authority” IRDA which started issuing licenses to private life insurers.

The government of India allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49% in Insurance Companies in India.

These insurance company in India have huge range of insurance products with their excellent services which make theses general insurance companies achieve very high financial goals.

Let’s talk about “Life Insurance” : Life insurance is a contract between an insurance policy holder and an insurer (insurance company), where the insurance company promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.

These insurance companies growing so fast that many of these companies have attained top positions in the Indian industry because of their efforts at workforce development and contribution to the Indian insurance industry in general.

Here is the List of Top 10 Insurance Company in India, which are leading the India Insurance Industry and setting new standards in India Insurance industry. This Top 10 List of Insurance Companies in India is being made by considering many facts and points & quality of services offered by these Insurance companies in India.

List of Top 10 Insurance Companies in India

Here is the list of top 10 General Insurance Company in India:

  • Life Insurance Corporation of India (LIC)
  • Tata AIG General Insurance
  • Bajaj Allianz General Insurance
  • New India Assurance Co. Ltd.
  • ICICI Prudential Life Insurance
  • IFFCO TOKIO General Insurance
  • ICICI Lombard General Insurance
  • Oriental Insurance Company Ltd.
  • Birla Sun Life Insurance
  • SBI Life Insurance

Top 10 Insurance Company in India

Here we presenting the list of Top 10 Insurance Companies in India, we ranked these companies according to their customer trust, market value, range of products, financial success, and many more factors.

1. Life Insurance Corporation of India (LIC)

lic insurance companyLife Insurance Corporation of India (LIC of India) is State-owned enterprise government corporation comes on 1st rank in the list of top 10 Insurance Companies in India.

LIC is India’s largest insurance company with an estimated asset value of INR 1,560,482 crore (US$230 billion).

Life Insurance Corporation of India (LIC) is headquartered in Mumbai owned by the union government.

LIC India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the private insurance industry in India.

Services & Products:

Life Insurance Corporation of India (LIC) the insurance company provides the variety of services which includes insurance plans, pension plans, unit-linked plans, special plans and group schemes. LIC has issued in excess of 120 million policies.


LIC India operating in around 8 zonal offices, around 113 divisional offices, 2,048 branches and 1381 satellite offices and corporate offices.

LIC also has 54 customer zones and 25 metro-area service hubs which are located in different cities and towns of India.

It also has a wide network of 1,337,064 individual agents, 242 Corporate Agents, 89 Referral Agents, 98 Brokers and 42 Banks for soliciting life insurance business from the public which is the biggest point of success of LIC.

LIC has the following subsidiaries:-

  • LIC Housing Finance
  • LIC Pension Fund Ltd.
  • LIC International
  • LIC Cards Services
  • LIC Mutual Fund
  • Life Insurance Corporation of India International
  • LIC Nepal
  • LICHFL Care Homes
  • LIC Lanka

Revenue: 88.4 billion USD (2015)

Corporate Office:

Life Insurance Corporation of India
‘Yogakshema’, Jeevan Bima Marg
P.B. No 19953
Mumbai 400 021

Headquarter: Mumbai | Toll Free: 1800-33-4433 | Website:

2. Tata AIG General Insurance

tata aig is top 10 insurance comapnies in indiaTata AIG General Insurance is 2nd most popular and most trusted insurance company in India which comes next in the list of top 10 insurance companies in India.

Tata AIG General Insurance Company Limited is a joint venture between the Tata Group and American International Group (AIG).

Tata Group holds 74 percent stake in the insurance company while AIG holding the remaining 26 percent stake. Tata AIG is one of the best insurance companies in India because of its employee’s work dedication, its services and the company’s support to its employees.

The insurance company in India recently won the 5th position among the Top Companies to Work For” in the financial services and banking sectors.

Mumbai-based Tata AIG General Insurance Company was established in 2001 in India which has its headquarter in Mumbai, Maharashtra.

Services & Products:

Tata AIG, the insurance company offers a wide range of general insurance products which includes insurance for automobile (car insurance), home, personal accident (life insurance), travel, energy, marine, property, and casualty.

The insurance services offered by TATA AIG are mentioned below:-

  • Health (Life) Insurance
  • Motor Insurance (car Insurance)
  • Personal Insurance
  • Home Insurance
  • Lifestyle Insurance
  • International Travel Insurance
  • Student Travel Insurance
  • Small Business Insurance
  • Hotel & Restaurant Insurance
  • Shop Insurance
  • Corporate Insurance
  • Finance Insurance
  • Marine Insurance
  • Energy
  • Fire & Engineering Insurance
  • Rural Insurance
  • Property Insurance


The Insurance Company (Tata AIG) operates all over India with more than 2000 qualified professionals across the country in more than 160 locations.

Registered Office:

Peninsula Business Park
Tower A, 15th Floor
G.K.Marg,Lower Parel
Mumbai-400 013

Headquarter: Mumbai | Toll Free: 1800 266 7780 | Website:

Also Read: Top 10 Car Insurance Companies in India

3. Bajaj Allianz General Insurance

bajaj allianz insurance company in indiaBajaj Allianz General Insurance Company comes in the 3rd spot in the list of best top 10 insurance companies in India.

Bajaj Allianz General Insurance is a private general insurance company in India. The company is a joint venture between Bajaj Finserv Limited (formerly part of Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE, a European financial services company.

Bajaj Allianz General Insurance is a leading name when it comes to property insurance, two wheeler insurance which is backed by world’s best insurance company Allianz.

Bajaj Allianz General Insurance was founded in 2001 and has the head quarter in Pune India. Bajaj Allianz General Insurance has started its operations in India with the capital of 1.10 billion$. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz SE.

In January 2014, the company announced it would open up all-women branches. As of 2015, the company has 30 such branches in India.

Services & Products:

The majority of its yearly revenue comes from automotive insurance. The insurance company provides a wide range of insurance services which are given below:-

  • Car Insurance
  • Two-wheeler Insurance
  • Travel Insurance
  • Health Insurance
  • Homeowners Insurance
  • Commercial Insurance
  • Marine Insurance
  • Life Term Insurance
  • Retirement Plans
  • Saving Plans
  • Investment Plans
  • Mutual Funds


Bajaj Allianz General Insurance started its operations in 2001 to conduct general insurance business, including health insurance in India with 36 offices and 100+ employees.

Now the insurance company increases its strength in over 200 cities in India and more than 3,500 employees as of 2015.


Bajaj Allianz, one of the top 10 insurance companies in India continues to be one of the most financially robust insurers in the industry. On 31st March 2016, the company reported a GWP of Rs. 5901 crore, which has grown by 11.3% compared to the last fiscal.

Registered Office:

GE Plaza, Airport Road

Headquarter: Pune | Toll Free: 1800-209-5858 | Website:

4. New India Assurance Co. Ltd.

newindia assurance insurance firmThe New India Assurance Co. Ltd is the largest general insurance company in India on the basis of gross premium collection inclusive of foreign operations, comes next in the list of top 10 insurance companies in India.

The New India Assurance Co. Ltd. is one of the five Wholly Government of India owned assurance companies of India.

The reason for its success is its presence – the insurance company has a significant amount of offices in India as well as outside the country.

New India Assurance Co. Ltd is only Indian General Insurance Company which have its presence in 27 other countries.

New India Assurance Co. Ltd is Government of India owned Assurance Company which was founded by Sir Dorabji Tata in 1919, and was nationalized in 1973.

The one of the top insurance company in India has the highest degree of financial strength to honor its Policyholders obligations.

New India Assurance is India’s only direct insurance company which is rated A (Excellent – Positive outlook) by AM Best & “CRISIL has reaffirmed its ‘ AAA/STABLE ‘ rating.

Services & Products:

New India Assurance has a wide range of insurance products which includes over 170 products catering to almost all segments of general insurance business which include insurance for Personal Insurance, Commercial Insurance, Industrial Insurance, Liability Insurance, Social Insurance and many more insurance services in India and overseas countries.

The insurance services offered by New India Assurance are mentioned below:-

  • Personal Insurance
  • NRI Insurance
  • Automobile Insurance
  • House Insurance
  • Mediclaim Policies
  • Commercial Insurance
  • Bankers Insurance
  • Jewelers Insurance
  • Shop Insurance
  • Marine Insurance
  • Aviation Insurance
  • Industrial Policies
  • Contractor Plant and Machinery Policy
  • Advanced Loss of Profit / Delay in Startup Policy
  • Machinery Breakdown Policy
  • Products Liability Policy
  • Lift (Third Party) Insurance
  • Employers’ Liability Policy
  • Directors and Officers Liability Policy
  • Universal Health Insurance Scheme for APL families
  • Rural Insurance
  • Pradhan Mantri Suraksha Bima Yojna
  • Janata Personal Accident Insurance
  • Student Safety Insurance
  • Ashrya Bima Yojana


New India Assurance operating in India and 28 countries. Indian operations span across all territories through 2097 offices, including more than 1041 micro offices.

The insurance company has 19,000 employees and around 50,000 tied agents providing insurance services.


New India Assurance revenue’s majority consists of its affiliates reselling NIA’s Insurance including Mobile Insurance, Auto Insurance etc.

Company’s Gross premium (India operations) reaches Rs.18000 the year 2016-17 as against Rs. 16250 Cr. in the year 2015-16.

The insurance company has assets of Rs.61720 Cr. as on 31 March 2014 and becomes first Indian non-life company to reach Rs. 18000 Cr. gross premium.

Registered Office Address:

The New India Assurance Co. LTD.
87, M.G. Road, Fort
Mumbai 400 001

Headquarter: Mumbai | Toll Free: 1800 209 1415 | Website:

Also Read: Top 10 Event Management Companies in Delhi

5. ICICI Prudential Life Insurance

icici prudential insurance companyICICI Prudential Life Insurance Company Ltd. comes at the next on the list of top 10 insurance companies in India. For three straight years, it has been voted the Most Trusted Private Life Insurer.

ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory and Development Authority of India (IRDAI).

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential Plc, a leading international financial services group headquartered in the United Kingdom.

ICICI Bank Ltd holds the 74% stake while the Prudential Plc holding remaining 26% of stake in the Indian insurance company.

ICICI Prudential Life Insurance Company Ltd is Mumbai-based insurance company which was established on 12 December 2000.

Services & Products:

ICICI Prudential Life Insurance Company offers its insurance services in India with the great range of insurance products.

The products of the insurance company have categories like Term Life Insurance Plans, Wealth Insurance Plans, Retirement or Pension Plans, Group Insurance plans and Rural Plans.

Main products of the ICICI prudential Life Insurance are given below:-

  • Life Insurance
  • Wealth plans
  • Retirement Plans
  • Money Back Plans
  • Rural Plans
  • Group Plans


The insurance company started operations in India in 2000. Today ICICI Prudential Life Insurance Company has 1900 branches, which includes 1074 micro offices and more than 210,000 advisors in India.


ICICI Prudential Life Insurance Company Ltd. is one of the top 10 life insurance companies in India which have assets held over Rs. 100,000 Cr.

In the year 2015, the company garnered a total premium of Rs. 153.07 billion. The company has assets under management of Rs. 1001.83 billion as on March 31, 2015.

Headquarter: Mumbai
ICICI Pru Life Towers
1089 Appasaheb Marathe Marg
Mumbai 400025
Toll Free: 1860-266-7766
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