Top 10 Insurance Companies in India | Best General Insurance Company

6. IFFCO TOKIO General Insurance

iffco tokio insurance companyIFFCO Tokio General Insurance is 3rd largest private general insurance company in India, comes next in the list of top 10 insurance companies in India.

IFFCO Tokio General Insurance is the joint venture between Indian Farmers Fertilizer Cooperative (IFFCO) and Tokio Marine and Nichido Fire Group.

The group is chaired by Mr. M. K Srinivasa Gowda while Managing Director and CEO is Yogesh Lohia. IFFCO-Tokio General Insurance was incorporated on 4 December 2000 IFFCO, headquartered in Gurgaon.

IFFCO holds 72.64% shareholding and its Associate M/s Indian Potash Ltd. holds 1.36% shareholding in Insurance Company.

Services & Products:

IFFCO Tokio General Insurance Company offers insurance services in India with the great range of insurance products which are given below:-

  • Health Insurance
  • Motor Insurance
  • Travel Insurance
  • Home Insurance
  • Liability Insurance
  • Marine Insurance
  • Property (Fire & Engineering ) Insurance
  • Corporate health Insurance
  • Rural Insurance
  • Kisan Suvidha Bima
  • Pashu Dhan Bina Yojana

Operations:

The insurance company started operations in India with 65 Strategic Business Units, a wide network of 122 Lateral Spread Centers and 255 Bima Kendra.

Today the insurance company operates in 350 odd towns with approximately 1400 employees in India. It is also among the first insurers to have underwritten big policies for automobile and fertilizer companies.

Revenue:

IFFCO Tokio General Insurance Company posted 60.24 per cent rise in net profit at 216 crores for the financial year ended March 2014.

The insurer had a profit of Rs 134.7 crore in 2012-13. The insurance company recorded profit before tax of Rs 322.50 crore as compared to Rs 196.28 crore in 2012-13, registering a growth of 64 per cent.

Headquarter: Gurgaon

Address:

IFFCO Tower,
Plot No. 3, Sector 29,
Gurgaon -122001
Haryana (India)

Toll Free: 1800-103-5499

Website: www.iffcotokio.co.in


7. ICICI Lombard General Insurance

icici lombard general insuranceICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs 83.07 billion (FY 2016).

ICICI Lombard General Insurance Company Limited is Mumbai-based general insurance company which was founded in 2001 and it grows at very fast pace and became one of the best insurance companies in India.

ICICI Lombard General Insurance Company is a joint venture between ICICI Bank Limited (India) and Fairfax Financial Holdings Limited, a Canada-based financial services company.

ICICI Lombard General Insurance Company is the first India-based organization to have received the ISO 9001:2000 official recognition.

ICRA has given it the iAAA rating, which indicates that it has the highest level of capability when it comes to paying claims.

Services & Products:

ICICI Lombard General Insurance offers assurance products and insurance services including Car Insurance, Health Insurance, and International Travel Insurance, Overseas Student Travel Insurance, Two Wheeler Insurance, Home Insurance and Weather insurance.

ICICI Lombard General Insurance provides policy insurance and renewal through its intermediaries and website which makes the insurance company one of its kinds.

Here below are the products offered by the insurer:-

  • Motor Insurance
  • Car Insurance
  • Two Wheeler Insurance
  • Health Insurance
  • Travel Insurance
  • International travel Insurance
  • Multi-trip insurance
  • Senior Citizen Insurance
  • Overseas Student Insurance
  • Student Medical Insurance
  • Home Insurance
  • NRI Services
  • Business Insurance Services
  • Rural Insurance

Operations:

One of the top 10 insurance companies of India operates in all over India, 257 branches across the nation and 7,954 employees as on March 2016 to serve its customers.

The insurance firm is India based first organization to have received the ISO 9001:2000 official recognition. ICRA has given it the iAAA rating, which indicates that it has the highest level of capability when it comes to paying claims.

ICICI Lombard has also been awarded several times for its functioning and quality of its products.

Headquarter: Mumbai

Address:

ICICI Lombard House
414, Veer Savarkar Marg
Near Siddhi Vinayak Temple
Prabhadevi
Mumbai, 400025

Toll Free: 1800 2666

Alternate No. 09223622666

Website: www.icicilombard.com


8. Oriental Insurance Company Ltd.

oriental insuance company in indiaOriental Insurance Company Ltd.is Government owned public sector non-life insurance company in India comes next in the list of top 10 insurance companies in India.

Oriental Insurance was incorporated in 1947 as a government-owned non-life insurance company has the head quarter in New Delhi.

It was established as a completely owned subsidiary of Oriental Government Security Life Assurance Company Ltd. to execute its parent body’s general insurance operations.

In 1973, Oriental Insurance became a subsidiary of General Insurance Corporation of India but in 2003 as an independent insurance company.

2003, the Union Government acquired all the shares of Oriental Insurance Company Ltd from General Insurance Corporation of India.

Services & Products:

Oriental Insurance Company Ltd offers insurance services across all over India with their 30 regional offices and more than 1800 active branches across the country and also has branches in Nepal, Kuwait, and Dubai.

The products offered by the insurance company are given below:-

  • Motor Insurance
  • Health Insurance
  • Overseas Mediclaim
  • Personal Accident insurance
  • House Insurance
  • Shop Insurance

Operations:

The top insurance company operates all over India with their 30 regional offices and more than 1800 active branches. The insurance firm also has services in Nepal, Kuwait, and Dubai.

The insurance company has received many top honors from some of the leading credit rating agencies of India. The insurer also received B++ rating by an international rating agency, which adds very good trust factor to the insurance company.

Headquarter: New Delhi

Address:

Oriental House, A-25/27
Asaf Ali Road
New Delhi – 110002

Toll Free: 1800 11 8485

Website: www.orientalinsurance.org.in


9. Birla Sun Life Insurance

birla sunlife is top insurance company in indiaBirla Sun Life Insurance is well-known names in India come next in the list of top 10 Insurance companies in India.

It is a joint venture between Aditya Birla group and Canada-based Sun Life Financial Inc, one of the leading international financial services organizations.

Birla Sun Life Insurance has always been a major contributor to the development and growth of India’s life insurance sector and is presently rated as one of the top 5 private life insurers in the country.

The Mumbai-based Birla Sun Life Insurance was incorporated in 2000, and now the insurance company is ranked as one of the top six privately owned life insurers in India.

Services & Products:

Birla Sun Life Insurance (BSLI) provides its insurance services all over India which includes Health Insurance, retirement plans, Rural and many more insurances.

Here are the top insurance products are given by one the top insurance companies in India:-

  • Life Insurance
  • Protection plans
  • Saving with Protection
  • Children’s Future Plans
  • Retirement Plans
  • Riders Plans
  • Rural Insurance
  • NRI Plans
  • Money back Plans
  • Gratuity plans
  • Corporate Insurance

Operations:

The top insurance company operates all over India with their extensive distribution reach in over 500 cities through its network of over 560 branches.

The insurance company has around 85,000 empanelled advisors and over 140 partnerships with corporate agents, brokers, and banks.

Revenue:

Birla Sun Life Insurance has total assets under management of Rs.26,813 Crores and a robust capital base of over Rs.2,170 Crores, as on 30th Jun 2014.

Headquarter: Mumbai

Address:

Birla Sun Life Insurance
One India Bulls Center, Tower I,
16th Floor, Jupiter Mill Compound,
841, Senapati Bapat Marg
Elphinstone Road
Mumbai 400013

Toll Free: 1800-270-7000

Website: www.birlasunlife.com


Also Read: Top 10 Pharmaceutical Companies in India

10. SBI Life Insurance

SBI Life Insurance comapanySBI Life Insurance comes next in the list of top 10 insurance companies in India.

SBI Life Insurance is a joint venture life insurance company between the largest state-owned banking and financial services company in India, State Bank of India and BNP Paribas Cardiff.

The joint venture insurance company, SBI Life Insurance was founded in March 2001 has its headquarter in Mumbai.

SBI Life Insurance is the private company in which SBI owns 74% of the total capital and BNP Paribas Cardiff the remaining 26% of the capital.

Services & Products:

SBI Life Insurance provides its insurance services all over India which includes Health Insurance, retirement plans, Rural and many more insurances.

Here are the top insurance products are given by one the top insurance companies in India:-

  • Health Insurance
  • Retirement Plans
  • Protection Plans
  • Savings Plans
  • Child Plans
  • Corporate Insurance
  • Group Loan Projections Insurance

Operations:

SBI Life Insurance operates in India with their 7,335 on-roll employees and 96,000 agents for their customers.

In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor’s, gave the company an AAA/Stable/P1+ rating which makes SBI Life insurance more trustworthy to its customers.

Revenue:

SBI Life Insurance has an authorized capital of Rs. 2,000 crores and a paid up capital of Rs 1,000 crores.

Headquarter: Mumbai

Address:

SBI Life Insurance Co. Ltd.,
“Natraj”,
M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai – 400 069

Toll free: 1800 22 9090

Website: www.sbilife.co.in

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