Insurance companies in india

Leading Insurers in India

Following are the leading insurers in India:
 Life Insurance Corporation of India
 Tata AIG General Insurance
 Bajaj Allianz General Insurance
 New India Assurance
 ICICI Prudential Life Insurance
 IFFCO TOKIO General Insurance
 ICICI Lombard General Insurance
 Oriental Insurance
 Birla Sun Life Insurance
 HDFC Standard Life Insurance

Life Insurance Corporation of India

Life Insurance Corporation (LIC) is the biggest life insurer in India and totally owned by the union government. It
specializes in individual life insurance, pension plans, and group insurance plans. It has several subsidiaries including the
following:
 Life Insurance Corporation of India International
 LIC Housing Finance
 LIC Nepal
 LICHFL Care Homes
 LIC Lanka
The organization has in excess of 12 million policyholders and more than 9 lakh agents. Till date it has issued in excess of
120 million policies. A major reason for the organization’s success over the years has been its adaptability.

It was introduced to computers during 1964 and since then has been utilizing information technology for serving its
customers. It is also a rewarding option when it comes to work opportunities, especially for sales agents who are provided
training at par with international standards, and a lot of independence for working. In all, the financial prowess of this insurer
is yet to be matched.

Tata AIG General Insurance

One of the major reasons behind the growth of Tata AIG General Insurance has been its employees. The organization
regards its employees as valuable assets and takes pride in the fact that it has one of the finest workforces in the general
insurance industry.

Tata AIG General is regarded as one of the major names in the general insurance sector of India and has recently won the 5th
position among the top companies to work for in the financial services and banking sectors. This was done in a survey done
by PeopleStrong, a well known HR consultancy, on behalf of Business Today. In fact, it was the only general insurer to be
featured in that survey.

One of the major reasons why employees loved working at Tata AIG was the growth and career opportunities afforded by
the organization followed by the remuneration and other financial benefits. As per its employees Tata AIG also offers other
benefits like:
 Performance evaluation
 Creating the proper balance between work and life
 HR initiatives
 Brand image
 Efforts made by line managers to connect and engage with the employees on a consistent basis to make sure they are
developing personally and professionally
 Competent process for performance management
 Employee development, inter-personal relationship building, team building, and skill enhancement programs on a regular
basis
 Bajaj Allianz General Insurance
Bajaj Allianz General Insurance has the backing of Allianz, which is one of the leading insurers of the world and Bajaj,
which is among the top motorcycle manufacturers in India. It is a leading name when it comes to property insurance.

Bajaj Allianz offers a wide range of general insurance products and services through a network that comprises 200 offices
across India. Following are some areas where it operates:
 Auto
 Health
 Homeowners
 Travel
 Commercial
Majority of its yearly revenue comes from automotive insurance. It was established during 2001 and since then has become
one of the leading names in the general insurance sector.

New India Assurance

New India Assurance is one of the leading names in the Indian insurance industry thanks to its pioneering efforts in several
areas such as satellite insurance. Yet another reason of its current stature is its presence – it has a substantial amount of
offices in India as well as outside the country.

The skill levels among the employees of the insurer are commendable enough and the organization also has 1068 offices in
India that are totally automated. It also enjoys a good capital position and operating performance that have helped it create a
strong position in the market.

At present the organization has also extended its wings outside India with offices in areas such as Japan, Fiji, UK, Australia,
and the Middle East.

ICICI Prudential Life Insurance

ICIC Prudential Life Insurance has a big network comprising more than 1900 branches, which includes 1074 micro offices
and more than 210,000 advisors. It is one of the earliest life insurers to have received the AAA (Ind) National Financial
Strength rating from Fitch.

For three straight years it has been voted the Most Trusted Private Life Insurer – a testament of its performance and growth
over the years.

IFFCO TOKIO General Insurance

IFFCO TOKIO has a good network comprising 110 offices across the country and 51 Strategic Business Units. It is also the
sole insurer in India that has a totally owned distribution channel named IFFCO-TOKIO Insurance Services Ltd for catering
its retail clients.

At present it operates in 350 odd towns with approximately 1400 employees. It is also among the first insurers to have
underwritten big policies for automobile and fertilizer companies. The policies were based on global rates and provided
clients a proper level of premium outflow.

ICICI Lombard General Insurance

ICICI Lombard General Insurance operates in various domains such as general insurance, insurance claims management,
reinsurance, and investment management and is also the biggest general insurer among the privately held companies of
India.

ICICI Lombard has risen to the top of the pile in a short time span. It is also 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.
It is also the first organization to have provided digitally signed documents via its web based interface. ICICI Lombard has
also been awarded several times for its functioning and quality of its products.

Oriental Insurance
Oriental Insurance is positioned fairly well when it comes to rankings and has received top honors from some of the leading
credit rating agencies of India. AM Best, an international rating agency has given it a B++ rating, which is a good ranking. It
has 26 regional offices and at least 900 operating offices in India. Besides, it functions in locations such as Nepal, Dubai, and
Kuwait.

Birla Sun Life Insurance

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.
It is also the first financial services provider to have come up with business continuity plans, Unit Linked Life Insurance
plans and free look facilities in India.

The organization believes in values like passion, commitment, and support for consumers and assists people with their risk
management. It caters to both individual as well as institutional clients.

HDFC Standard Life Insurance

HDFC Standard Life Insurance (now, HDFC Life) is one of the leading names among the private enterprises functioning in
India. It deals in both group and individual insurance products. They also possess sufficient financial capability to take care
of long term investments in a resourceful and safe manner.

Principles of Insurance

Seven Insurance Principles

1) Principal of Utmost Good Faith

 Both parties, insurer and insured should enter into contract in good
faith
 Insured should provide all the information that impacts the subject
matter
 Insurer should provide all the details regarding insurance contract

For example - John took a health insurance policy. At the time of taking
policy, he was a smoker and he didn't disclose this fact. He got cancer.
Insurance company won't pay anything as John didn't reveal the important
facts.

2) Principle of Insurable Interest

 Insured must have the insurable interest on the subject matter

  In case of life insurance spouse and dependents have insurable
interest in the life of a person. Corporations also have insurable
interests in the life of it's employees
 In case of life or marine insurance, insured must be the owner both
at the time of entering of entering into the insurance contract and at
the time of accident.

3) Principle of Indemnity

 Insured can't make any profit from the insurance contract. Insurance
contract is meant for coverage of losses only
 Indemnity means a guarantee to put the insured in the position as he
was before accident
 This principle doesn't apply to life insurance contracts

4) Principle of Contribution

 In case the insured took more than one insurance policy for same
subject matter, he/she can't make profit by making claim for same
loss more than once

For example - Raj has a property worth Rs.5,00,000. He took insurance

from Company A worth Rs.3,00,000 and from Company B - Rs.1,00,000.

In case of accident, he incurred a loss of Rs.3,00,000 to the property. Raj

can claim Rs. Rs.3,00,000 from A but after that he can't make profit by
making a claim from Company B. Now Company A can make a claim
from Company B to for proportional loss claim value.

5) Principle of Subrogation

After the insured gets the claim money, the insurer steps into the shoes of
insured. After making the payment insurance claim, the insurer becomes
the owner of subject matter.
For example :- Ram took a insurance policy for his Car. In an accident his
car totally damaged. Insurer paid the full policy value to insured. Now
Ram can't sell the scrap remained after the scrap.

6) Principle of Loss Minimisation

 This principle states that the insured must take all the necessary
steps to minimize the losses to inured assets.

For example - Ram took insurance policy fo his house. In an cylinder

blast, his house burnt. He should have called nearest fire station so that the
loss could be minimised.

7) Principle of Causa Proxima

 Word "Cause Proxima" means "Nearest Cause"

 An accident may be caused by more than one cause. In case property
insured for only one cause. In such case nearest cause of the accident
is found out.
 Insurer pays the claim money only if the nearest cause is insured

Types of insurance

Life Insurance – Pays out a specified figure to the insured or specified

beneficiaries on a specific event such as death of the insured. [More:
Types of Life Insurance]

Personal Accident Insurance – This will compensate you if at any single

time an external violent event causes you disability, injury or death.

Medical and Health Insurance – You’ll need it to ascertain continued flow

of income if you fall sick or get injured to the extent that you can’t work
and earn as before. It also covers cost of medication, hospitalization and
surgery. [More: Types of Health Insurance]

Vehicle Insurance – If you own a car, motor cycle or any other motor
vehicle, this insurance covers it against accident or theft. A compressive
package covers all possible losses as well as damages to third parties such
as pedestrians. [More: Types of Car Insurance]

Home Insurance – Take this cover to insure your home against loss or
damage as a result of fire, electricity fault, plumping malfunction, flood,
etc.

Travel Insurance – When travelling alone or with your family, this cover
ensures you’re compensated for any loss, damage, injury, sickness or
inconvenience that comes up as a result. It may cover personal accidents,
hijackings, travel delays and more.

Burial Insurance – This is a practical way to ease the burden of your

funeral expenses on your family and the loved ones you leave behind in
the unfortunate event of death. The cover addresses all your funeral costs.

Wedding Insurance – The cover comes in handy when certain aspects of

your wedding go wrong. For instance, if a caterer you already paid goes
out of touch when approaching the wedding day, the cover will provide an
alternative.

Dog Bite Insurance – An aggressive dog may bite children, the elderly or
even postal carriers within your home compound. Thus, you need this
insurance to protect your assets if sued for dog bite.
Portable Electronic Device Insurance – This covers portable devices such
as cell phones, laptops or tablets. The cover ensures replacement or repair
of such devices if they’re stolen, lost or damaged.

Crime Insurance – This covers you or your business against loss or

damage as a result of criminal acts of third parties. Covered risks include
loss of funds through embezzlement by employees.

Political Risk Insurance – This cover protects your business against loss or
damage arising from politically-related conditions such as civil unrest,
coups, riots and revolutions.

Workers Compensation – An employer takes this policy on behalf of their

employees to cover loss of income or medical expenses resulting from a
work-related injury or sickness.

Disability Overhead Insurance – This is a cover against overhead expenses

for business owners who are unable to work.