Insurance Companies in India mainly deal in life insurance for the general public. The other two significant insurance segments are marine insurance segment and the fire insurance segment. Insurance involves guaranteed coverage of risk in the event of destruction of the insured item or entity.
Insurance Industry:
The insurance sector in India initially took off with the establishment of the two public sector insurance companies known by the names, Life Insurance Corporation of India and the General Insurance Corporation of India.
The insurance sector in India has grown in leaps and bounds to become the most significant financial players in the Indian financial market. The popularity of the insurance sector has mainly evolved on account of the large investments flow from this sector that facilitates the growth of the overall economy of the country. Their success has attracted the attention of the insurance companies hailing from foreign countries. The foreign insurance companies have stated forming pacts and collaborations with the Indian insurance companies to influence the Indian Insurance sector. The insurance companies offer protection to their clients, collect the small savings of the clients to turn into a huge capital to reinvest in priority sectors of the economy that requires huge investments like infrastructure industry and so on.
Insurance and Banking:
The insurance companies in India are constantly collaborating with the banking institution, following the foreign countries to impart more efficiency in the entire insurance sector. More and more insurance companies are signing MOUs with the Indian banks in order to carry on their marketing activities through the branches of the banks. The prominent Indian banks that have already signed such MOUs include the Vysya Bank, the State Bank and the Jammu and Kashmir Bank.
Products and Services offered by Insurance Companies in India:
The insurance companies in India dealing in life insurance are mainly engaged in offering two categories of life insurance products- the Endowment Assurance Products and the Money Back Products. The vehicle insurance products rank next to life insurance product in terms of demand. The up coming products comprise linked products. The products offer various facilities to the investors as for example they are available with free look facility so that the investor gets time to examine the policy within the free look period. They are offered the facility to return the policy in case it is not able to satisfy his requirements.
Insurance Companies:
Large number of companies has entered the insurance sector in India like:
- HDFC Standard Life Insurance Co. Ltd.
- Max New York Life Insurance Co. Ltd.
- ING Vysya Life Insurance Co. Pvt. Ltd.
- Life Insurance Corporation of India.
- ICICI Prudential Life Insurance Co. Ltd.
- Om Kotak Mahindra Life Insurance Co. Ltd.
- Iffco Tokyo General Insurance Co. Ltd.
- Metlife India Insurance Co. Pvt. Ltd.
- Oriental Insurance Co. Ltd.
- SBI Life Insurance Co. Ltd.
- National Insurance Co. Ltd.
- Reliance General Insurance Co. Ltd.
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