Life Insurance In India
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Life Insurance In India
Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 (worth ₹15 lakh & ₹41 lakh in 2017 prices). Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector. Types of life insurance in India *Unit-linked insurance plan Companies Below are the list of life insurance companies in India: * Life Insurance Corporation of India * HDFC Life * ICICI Prudential Life Insurance * Bajaj Allianz Life Insurance * Kotak Life Insurance * SBI Life Insurance Company * Max Life Insurance * Exide Life In ...
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India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand, Myanmar, and Indonesia. Modern humans arrived on the Indian subcontinent from Africa no later than 55,000 years ago., "Y-Chromosome and Mt-DNA data support the colonization of South Asia by modern humans originating in Africa. ... Coalescence dates for most non-European populations average to between 73–55 ka.", "Modern human beings—''Homo sapiens''—originated in Africa. Then, int ...
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Exide Life Insurance
Exide Life Insurance Company Limited was an Indian life insurance company. Exide Life Insurance distributes its products through multi-channels viz. Agency, Bancassurance, Corporate Agency & Broking as well as Direct Channels. The Agency channel consisted of over 40,000 advisors who are attached to over 200 company offices across the country. The company had over 15 lakh customers and manages over INR 18,000 crores in assets. It had been operating since 2001 and was headquartered in Bangalore. It dealt with life insurance products, providing long-term protection and savings option. Company merged with HDFC life in late 2022. History In 2000, ING Insurance, a sub-holding company of Dutch financial major ING Group, tied up with Bangalore-based Vysya Bank to enter the Indian life insurance market thus forming the ING Vysya Life Insurance company. In the same year, ING Vysya Bank, ING Insurance, and the Damani Group formed a life insurance joint venture, this innovative coll ...
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PNB MetLife India Insurance Company
PNB MetLife India Insurance Company Limited (PNB MetLife) established in 2001 is one of the leading life insurance companies in India. PNB MetLife shareholders include MetLife International Holdings LLC (MIHL), Punjab National Bank (PNB), Jammu & Kashmir Bank Limited (JKB), and M. Pallonji and Company Private Limited, as well as other private investors. MIHL and PNB are the majority shareholders in the company. The company serves customers in over 7000 locations providing a range of health, life and retirement insurance products. History PNB MetLife was initially launched as MetLife India Insurance Company Limited in 2001. In 2011, PNB acquired a 30% stake in MetLife India Insurance. On 7 December 2012, PNB and MetLife India approached the Competition Commission of India (CCI). In January 2013, PNB received full approval to purchase a 30% stake in MetLife India Insurance. This new private sector life insurer was re-branded as PNB MetLife India Ltd. PNB MetLife now has over 1 ...
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Aegon Life Insurance Company
Aegon Life Insurance Company (formerly known as Aegon Religare Life Insurance Company) is an Indian life insurance company, founded in 2008 with headquarters in Mumbai, India, offering individual and group insurance online and offline. It is a joint venture between Dutch Aegon N.V., a multinational insurance, pensions and asset management company, and The Times Group (also called Bennett Coleman & Co. Ltd), one of India’s largest media conglomerates. Corporate history In July 2006, AEGON and the Ranbaxy Group announced its intention to enter the insurance business in India. The partnership of AEGON, Religare & Bennett, Coleman & Company formed AEGON Religare Life Insurance Company Limited and launched in July 2008. In 2015, Aegon increased its stake in the venture to 49% while Religare Enterprises announced it was exiting the venture by selling its entire shareholding in the company, 44%, to Bennett, Coleman and Company, the holding company of the Times Group. This led t ...
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Aviva India
Aviva India is an Indian life assurance company, and a joint venture between Aviva plc, a British assurance company, and Dabur Group, an Indian conglomerate. Aviva began operations in July 2002 as a joint venture with Dabur Group, one of India’s oldest business houses. As per the Indian insurance sector regulations, Aviva plc has a 49% stake and Dabur has a 51% stake in the JV partnership. Operations Aviva has been focusing on the Online Platform in recent years, and a number of products, including Aviva i-Life, Aviva Health Secure and Aviva i-Shield. This is in line with the company’s strategy to focus on newer formats and products that are easier for customers to understand and buy. Corporate social responsibility Aviva India conducts the Aviva Great Wall of Education in various cities each year, which collects books for underprivileged children. Over the last three years, the Aviva Great Wall of Education has collected more than 2 million books, which have been given t ...
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Canara HSBC Oriental Bank Of Commerce Life Insurance
Canara HSBC Life Insurance is a Life insurance company in India. Established in 2008, Canara HSBC Life Insurance was a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%) and Punjab National Bank (23%). On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank. Headquartered in Gurugram, the company has branch offices PAN India. The company sells and services its customers through partner bank branches. The company offers various products across individual and group space consisting of life, health, online term plans, credit life and employee benefit segments. History and overview The company was set up in 2008. In February 2014, Canara HSBC Life Insurance introduced the concept of online revival of the policy, enabling customers to reinstate a lapsed policy and allows to pay their premium online. It has also partnered with 3 rural regional banks, Pragathi ...
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IndiaFirst Life Insurance Company
IndiaFirst Life Insurance Company is a joint venture of India's public sector banks (Bank of Baroda (. The company has paid-up share capital of 663 crore. It was incorporated in November 2009 and is headquartered in Mumbai. It recorded more than INR 2 billion in turnover in just four and a half months since the insurance company became operational. Business model IndiaFirst Life Insurance follows the "Bancassurance" (Bank Insurance Model) which uses the existing customer base of the promoter banks. As of June 2021, the company has more than 3100 employees. Financials The company ended FY20 with INR 3,360 crore worth of total premiums collected and AUM of Rs 14,723 crore. The company has had a CAGR of 40% in the last five years in Individual New Business APE, as compared to Life Insurance Industry growth of 12% CAGR during the same period. The life insurance company has reported a 25% growth in individual New Business (NB) Annual Premium Equivalent (APE) in Financial Year (FY ...
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IDBI Federal Life Insurance
Ageas Federal Life Insurance Co Ltd. (Formerly known as IDBI Federal Life Insurance) is a joint-venture of Federal Bank, which is a private sector banks in India and Ageas. Ageas Federal distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners (IDBI Bank, Federal Bank) Direct channel, and Insurance Brokers. History In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance International NV signed a MoU to start a life insurance company in India. The company received its license from Insurance Regulatory and Development Authority of India (IRDAI) in December 2007. IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March 2008. In August 2008, the company collected the premium of over Rs.100 crore within a record time of five months, thus becoming the fastest growing new life insurance company in the private sector The private sector is the part of the economy, some ...
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Reliance Life Insurance
Reliance Nippon Life Insurance Company (RNLI) is one of the life insurance companies in India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so .... The firm offers life insurance products targeted at individuals and groups, catering to four distinct segments: protection, children, retirement and investment plans. History The company offers life insurance products aimed at individuals and groups broadly classified into four distinct segments: protection, children, retirement and investment plans. Till year 2014 it was ranked amongst the top five private sector life insurance companies in terms of individual weighted received premium (WRP) and new business WRP and had over 1 crore policy holders with a strong distribution network of over 900 branches and around 100,000 agents. ...
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Max Life Insurance
Max Life Insurance Company Limited (formerly known as Max New York Life Insurance Company Limited) is an Indian life insurance company headquartered at New Delhi, and the largest non-bank private-sector life insurer in India. It is a 80:20 joint venture between Max Financial Services and Axis Bank. The company is a subsidiary of the publicly-listed Max Financial Services. It was founded in 2000 after the liberalization of the insurance sector in India and its operations began in 2001. Max Life Insurance is a part of Max Group. History Max Life Insurance started as a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Group. The former owned 68% of the company while the latter owned 26%. After forming the joint venture partnership with Mitsui Sumitomo, Max Life changed its name from Max New York Life in 2012. In February 2016, Axis Bank held a 6% share in Max Life. Products and services Max Life sells policies on both online and offline channels. It ...
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Life Insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses. Life policies are legal contracts and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; common examples include claims relating to suicide, fraud, war, riot, and civil commotion. Difficulties may arise where an event is not clearly defined, for example, the insured knowingly incurred a risk by consenting to an experimental m ...
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SBI Life Insurance Company
SBI Life is an Indian life insurance company which was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding a 1.95% stake each while the remaining 12% is free float stake with public investors. SBI Life has an authorized capital of and a paid up capital of . The AuM is Rs. 2,623.5 billion. In 2007, CRISIL Limited, a subsidiary of global rating agency Standard & Poor's, gave the company a AAA/Stable/P1+ rating. History The company got incorporated as a public limited company in Mumbai on 11 October 2000 and received Certificate of Commencement of Business from the RoC on 20 November 2000 and got registered with the IRDAI for carrying out business of life insurance on 29 March 2001. SBI Life is listed on BSE And NSE (Stock Exchanges in India) and is ...
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