Public & Private sector

companies in india
Life Insurance Corporation of
India (LIC)
• LIC is the largest life insurance company in India and one of the
largest insurance companies in the world.
• It was established in 1956 by the Government of India as a state-
owned enterprise.
• LIC offers a wide range of life insurance products, including term
plans, endowment plans, whole life plans, money-back plans, and
pension plans.
• The company has a vast network of branches and agents across
India, making its products accessible to millions of customers.
• LIC plays a significant role in promoting life insurance awareness,
financial inclusion, and social security initiatives in India.
• As a public sector company, LIC is governed by regulations and
policies set by the Insurance Regulatory and Development Authority
of India (IRDAI) and the Government of India.
 Features of LIC
• Wide Range of Products: LIC offers a diverse portfolio of life insurance
products to cater to the varying needs and preferences of its customers. These
products include term insurance plans, endowment plans, whole life plans,
money-back plans, pension plans, and unit-linked insurance plans (ULIPs).
• Financial Security: LIC provides financial security to policyholders and their
families by offering life insurance coverage against the risk of premature death,
ensuring that beneficiaries receive a lump sum payout or regular income in the
event of the insured person's death.
• Savings and Investment Options: LIC's products often combine insurance
coverage with savings or investment components, allowing policyholders to
accumulate wealth over time. These plans help individuals meet their long-term
financial goals, such as retirement planning, wealth creation, and education
funding.
• Guaranteed Returns: Many of LIC's traditional life insurance products offer
guaranteed returns on the premium paid by policyholders. These guaranteed
returns provide a level of predictability and stability, making LIC's products
attractive to conservative investors.
• Flexible Premium Payment Options: LIC offers flexibility in premium
payment options, allowing policyholders to choose the frequency and
mode of premium payments based on their convenience and financial
circumstances. Premiums can be paid annually, semi-annually, quarterly,
or monthly, depending on the policy terms.
• Bonus Declarations: LIC has a long history of declaring bonuses to
policyholders based on the company's financial performance. These
bonuses, such as reversionary bonuses and terminal bonuses, enhance
the maturity value of policies and provide additional benefits to
policyholders.
• High Claim Settlement Ratio: LIC has a high claim settlement ratio,
indicating its commitment to promptly settling claims and providing
financial assistance to policyholders' beneficiaries in times of need. This
reliability and trustworthiness contribute to LIC's reputation as a leading
life insurance provider in India.
• Customer Service: LIC is known for its customer-centric approach and
commitment to providing excellent service to its policyholders. The
company has a vast network of branches, customer service centers, and
online portals to assist customers with policy inquiries, premium
payments, and claims processing.
 Function of LIC
• Providing Life Insurance Coverage: LIC's primary function is to provide life
insurance coverage to individuals and families across India. Through its wide range of
life insurance products, LIC offers financial protection against the risk of premature
death, ensuring that policyholders' beneficiaries receive a lump sum payout or regular
income in the event of the insured person's death.
• Promoting Financial Inclusion: LIC plays a crucial role in promoting financial
inclusion by making life insurance products accessible to people from all walks of life,
including those in rural and underserved areas. The company's extensive network of
branches, agents, and intermediaries helps reach out to customers in remote regions
and provide them with insurance solutions tailored to their needs.
• Savings and Investment: LIC's life insurance products often combine insurance
coverage with savings or investment components, allowing policyholders to build
wealth over time. These products serve as a long-term savings vehicle, helping
individuals meet their financial goals, such as retirement planning, education funding,
wealth creation, and asset accumulation.
• Stimulating Capital Formation: LIC mobilizes savings from individuals and channels
them into productive investments in various sectors of the economy. By investing in
government securities, corporate bonds, equities, and other financial instruments, LIC
contributes to capital formation, economic growth, and development initiatives in
India.
• Supporting Social Security Initiatives: LIC supports social security initiatives by
offering life insurance products that provide financial security to vulnerable segments
of society, such as low-income earners, senior citizens, and economically
disadvantaged groups. These products help enhance social welfare, reduce financial
vulnerability, and promote inclusive growth.
• Risk Management and Claims Settlement: LIC manages risk effectively by
underwriting insurance policies based on sound actuarial principles and risk
assessment techniques. The company promptly settles claims and provides financial
assistance to policyholders' beneficiaries in times of need, ensuring that insurance
benefits are delivered efficiently and fairly.
• Contributing to Government Objectives: LIC aligns its operations with the
government's socio-economic objectives and national priorities, such as promoting
financial literacy, expanding insurance coverage, supporting economic development,
and achieving inclusive growth. The company works closely with government
agencies and regulatory authorities to fulfill its mandate and objectives.
• Corporate Governance and Compliance: LIC maintains high standards of corporate
governance, transparency, and compliance with regulatory requirements. The
company adheres to prudent risk management practices, ethical business conduct,
and accountability to stakeholders, ensuring the integrity and stability of the insurance
sector.
 Life insurance company in
private sector:
The following are the life insurance companies in private sector in india:
i) Bajaj allianz life insurance
ii)Tata AIG life
iii)Birla sun life insurance
iv)SBI life insurance
v)Max new york life
vi)kotak life insurance
vii)HDFC standard life insurance company limited
viii)Relience life
ix)Metlife india insurance Co. pvt. ltd.
x)Shriram life insurance company ltd.
xi)Aviva life insurance company ltd
xii)IDBI fortis LIC ltd
xiii)AEGON Religare LIC ltd
xiv)OM kotal mahindra LIC ltd
xv)Bharti Axa LIC ltd
xvi)Sahara India LIC ltd
• HDFC Life Insurance: HDFC Life Insurance Company Limited is one of the
leading private sector life insurance companies in India. It offers a wide
range of life insurance products, including term plans, savings plans,
retirement plans, health insurance, and investment-linked insurance plans.
• ICICI Prudential Life Insurance: ICICI Prudential Life Insurance Company
Limited is a joint venture between ICICI Bank and Prudential Corporation
Holdings Limited. It offers a diverse portfolio of life insurance products,
including term insurance, ULIPs, savings plans, retirement plans, and child
plans.
• SBI Life Insurance: SBI Life Insurance Company Limited is a joint venture
between State Bank of India (SBI) and BNP Paribas Cardif. It offers a
comprehensive range of life insurance products, including term plans,
ULIPs, savings plans, retirement plans, and health insurance.
• Max Life Insurance: Max Life Insurance Company Limited is a joint venture
between Max Financial Services Limited and Mitsui Sumitomo Insurance
Company Limited. It offers a variety of life insurance products, including
term plans, savings plans, retirement plans, child plans, and group
insurance solutions.
• Aditya Birla Sun Life Insurance: Aditya Birla Sun Life Insurance Company
Limited is a joint venture between Aditya Birla Group and Sun Life Financial
Inc. It offers a wide range of life insurance products, including term plans,
ULIPs, savings plans, retirement plans, and health insurance.
• Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance Company Limited
is a joint venture between Bajaj Finserv Limited and Allianz SE. It offers a
comprehensive suite of life insurance products, including term plans, ULIPs,
savings plans, retirement plans, and child plans.
• Reliance Nippon Life Insurance: Reliance Nippon Life Insurance
Company Limited is a joint venture between Reliance Capital Limited and
Nippon Life Insurance Company. It offers a diverse range of life insurance
products, including term plans, ULIPs, savings plans, retirement plans, and
health insurance.
• Tata AIA Life Insurance: Tata AIA Life Insurance Company Limited is a
joint venture between Tata Sons Limited and AIA Group Limited. It offers a
variety of life insurance products, including term plans, ULIPs, savings
plans, retirement plans, and child plans.