List Of Insurance Companies In India: Finance Static GK

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The List of Insurance Companies in India includes those approved by the Insurance Regulatory and Development Authority of India (IRDAI). This statutory body ensures the smooth regulation and promotion of insurance and reinsurance industries in the country. In India, insurance companies are categorized into three main types. Understanding these categories is an essential part of Static GK, especially for students and competitive exam aspirants.

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What is Insurance?

Insurance is a service provided by insurance companies to help protect people and businesses from financial loss. When you buy insurance, you pay a certain amount of money called a premium to the insurance company. In return, the company promises to help cover the costs if something bad happens, like an accident, illness, or damage to property.

For example, if you have car insurance and your car is damaged in an accident, the insurance company will help pay for the repairs. This way, you don’t have to pay all the costs yourself. Insurance works by spreading the financial risk across many people, so everyone pays a little, and the insurance company helps those who need it.

List of Insurance Companies in India

As of July 2024, IRDAI has recognized 26 life insurance companies. Following is the list:

SL. NO.	Company	Sector	Headquarters	Founded
1	Life Insurance Corporation of India	Govt.	Mumbai	1956
2	HDFC Life Insurance Co. Ltd.	Private	Mumbai	2000
3	Max Life Insurance Co. Ltd.	Private	Delhi	2000
4	ICICI Prudential Life Insurance Co. Ltd.	Private	Mumbai	2000
5	Kotak Mahindra Life Insurance Co. Ltd.	Private	Mumbai	2001
6	Aditya Birla Sun Life Insurance Co. Ltd.	Private	Mumbai	2000
7	TATA AIA Life Insurance Co. Ltd.	Private	Mumbai	2001
8	SBI Life Insurance Co. Ltd.	Public	Mumbai	2001
9	Bajaj Allianz Life Insurance Co. Ltd.	Private	Pune	2001
10	PNB MetLife India Insurance Co. Ltd.	Private	Mumbai	2001
11	Reliance Nippon Life Insurance Company	Private	Mumbai	2001
12	Aviva Life Insurance Company India Ltd.	Private	Gurugram	2002
13	Sahara India Life Insurance Co. Ltd.	Private	Lucknow	2004
14	Shriram Life Insurance Co. Ltd.	Private	Hyderabad	2005
15	Bharti AXA Life Insurance Co. Ltd.	Private	Mumbai	2008
16	Future Generali India Life Insurance Co. Ltd.	Private	Mumbai	2007
17	Ageas Federal Life Insurance Co. Ltd.	Private	Mumbai	2008
18	Canara HSBC Life Insurance Co. Ltd.	Private	Gurugram	2008
19	Bandhan Life Insurance Co. Ltd.	Private	Mumbai	2008
20	Pramerica Life Insurance Co. Ltd.	Private	Gurugram	2008
21	Star Union Dai-ichi Life Insurance	Private	Mumbai	2008
22	IndiaFirst Life Insurance Co. Ltd.	Private	Mumbai	2009
23	Edelweiss Tokio Life Insurance Co. Ltd.	Private	Mumbai	2011
24	Credit Access Life Insurance Limited	Private	Bengaluru	2023
25	Acko Life Insurance Limited	Private	Bengaluru	2023
26	Go Digit-Life Insurance Limited	Private	Pune	2023

Non-Life Insurance Companies

As of January 2024, the IRDAI has approved a total of 32 non-life insurance companies, including 5 that are dedicated standalone health insurance providers.

SL. NO.	Company	Sector	Headquarters	Founded
1	Acko General Insurance	Private	Mumbai	2016
2	Aditya Birla Health Insurance	Private	Mumbai	2015
3	Agriculture Insurance Company of India	Govt.	New Delhi	2002
4	Bajaj Allianz General Insurance	Private	Pune	2001
5	Cholamandalam MS General Insurance	Private	Chennai	2001
6	Manipal Cigna Health Insurance Company Limited	Private	Mumbai	2014
7	Navi General Insurance Limited	Private	Bengaluru	2016
8	Go Digit Insurance	Private	Pune	2017
9	Zuno General Insurance	Private	Mumbai	2017
10	Export Credit Guarantee Corporation of India	Govt.	Mumbai	1957
11	Future Generali India Insurance	Private	Mumbai	2007
12	HDFC ERGO General Insurance Company	Private	Mumbai	2002
13	ICICI Lombard	Private	Mumbai	2001
14	IFFCO TOKIO General Insurance	Private	Gurugram	2000
15	Kotak Mahindra General Insurance	Private	Mumbai	2015
16	Liberty General Insurance	Private	Mumbai	2013
17	Magma HDI General Insurance	Private	Mumbai	2009
18	Niva Bupa Health Insurance	Private	New Delhi	2008
19	National Insurance Company	Govt.	Kolkata	1906
20	New India Assurance	Govt.	Mumbai	1919
21	Raheja QBE General Insurance	Private	Mumbai	2007
22	Reliance General Insurance	Private	Mumbai	2000
23	Care Health Insurance Ltd	Private	Gurugram	2012
24	Royal Sundaram General Insurance	Private	Chennai	2000
25	SBI General Insurance	Private	Mumbai	2010
26	Shriram General Insurance	Private	Jaipur	2008
27	Star Health and Allied Insurance	Private	Chennai	2006
28	Tata AIG General Insurance	Private	Mumbai	2001
29	The Oriental Insurance Company	Govt.	New Delhi	1947
30	United India Insurance Company	Govt.	Chennai	1938
31	Universal Sompo General Insurance Company	Private	Mumbai	2007
32	Kshema General Insurance Limited	Private	Hyderabad	2023
33	Galaxy Health Insurance Co Ltd	Private	Chennai	2023