Origin Of Life Insurance Companies In India

1. ICICI Prudential - ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, one of the foremost financial services companies of India and Prudential plc, one of the leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector life insurance companies to begin operations in December 2000.

2.Bajaj Allianz - Bajaj Allianz Life Insurance Company Limited is a joint venture between Allianz AG of Germany, one of the world's largest Life Insurance companies and Bajaj Auto, one of the biggest 2- &- 3 wheeler manufacturers in the world.

3.Tata AIG - Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company, formed by the Tata Group and American International Group, Inc. (AIG). Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.

4.SBI Life - SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI), the largest state-owned banking and financial services company in India, and BNP Paribas Assurance,France. SBI started SBI Life as a joint venture with BNP Paribas in 2001.

5.IDBI Federal - IDBI Federal Life Insurance Co. Ltd.,(formally IDBI Fortis Life Insurance) is a joint venture between three financial companies –  IDBI Bank, India’s private sector bank, Federal Bank of India and European insurer Ageas (formerly Fortis) headquatered at Belgium & Netherlands. It was formed on March 2008. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.

6.IndiaFirst - IndiaFirst Life Insurance Company is a life insurance company in India. It is a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK).It was formed on 2009. IndiaFirst is the first life insurance company to be recommended for ISO certification within 7 months of inception.

7.LIC - The Life Insurance Corporation of India (LIC) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimate 9.31 trillion (US$205.75 billion). It was founded in 1956 with the merger of more than 200 insurance companies and provident societies.

8.Metlife - MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc.(US) and was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors.It was formed on 2001.

9.Max New York - Max New York Life Insurance Company Ltd. is a joint venture between Max India Limited, one of India's leading multi-business corporations and New York Life International(US), the international arm of New York Life, a Fortune 100 company.Incorporated in 2000, Max New York Life started commercial operation in April 2001.

10.Sahara Life - Sahara India Life Insurance Company Ltd.- has been granted licence by the insurance regulator – the IRDA on 6th February 2004 and started operations on 30th october 2004. With this approval Sahara India Life Insurance Company Ltd. becomes the first wholly and purely Indian company, without any foreign collaboration to enter the Indian Life insurance market. The launch is with an initial paid up capital of 157 crores.

11.HDFC Standard Life - HDFC Standard Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India’s leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom. It got license from Irda on 23rd october 2000 probably first private life insurer to got license.First branch opened in Churchgate on 1st November 2000.

12.Birla SunLife - Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada.BSLI has several firsts to its credit. It was the first Indian Insurance Company to introduce “Free Look Period” and the same was made mandatory by IRDA for all other life insurance companies. Additionally, BSLI pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India.

13.Kotak Life - Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak Mahindra Bank Ltd.(India), its affiliates and Old Mutual(UK). It was incorporated in 2001.

14.Aviva Life - Aviva India is a joint venture between one of the country’s oldest and largest groups, Dabur, and Aviva plc, the UK's largest insurance group.It started its operation on july 2002. Apart from agents, it sells its products through Banks such as Royal Bank of Scotland(RBS),Punjab & Sind Bank and Indusland Bank.

15.Reliance Life - Reliance Life Insurance Company Limited is officially launched on February 1, 2006 after acquiring 100% stake in AMP sanmar life insurance company by ADAG group. It is 100% Reliance holding company.

16.ING Vysya - ING Vysya Life Insurance Co Ltd is the result of a joint venture between the world's second largest life insurance company - ING Insurance(Netherlands) and one of the largest private sector banks in India - Vysya Bank. Another stakeholder in the JV is GMR Group. It has established its foothold in the private life insurance industry in India in September 2001.

17.Shriram Life - Shriram Life Insurance Co Ltd is a joint venture between Shriram Group of Companies India and SANLAM Company of South Africa. The enterprise started its activities in India in December 2005.

18.Bharti AXA - Bharti AXA Life is a life insurance player that was started in 2006. It brings together strong financial expertise of the Paris-headquartered AXA Group, and Bharti Enterprises - one of India's leading business groups.

19.Future Generali - Future Generali is a joint venture between the India-based Future Group and the Italy-based Generali Group.It started its operations in october, 2007.

20.AEGON Religare - AEGON, an international life insurance company located in netherlands, Religare, a global financial services group and Bennett, Coleman & company, India’s largest media house, have come together to launch AEGON Religare Life Insurance Company Limited (ARLI).ARLI launched its pan-India operations in July, 2008. Shareholding of AEGON Religare is 44% -Religare, 30%- Bennett,Coleman & company, 26%-AEGON.

21.DLF Pramerica - DLF Pramerica Life Insurance Company Ltd. (DPLI) has been formed by the collaboration between DLF Limited and Prudential International Insurance Holdings, Ltd. (a fully owned subsidiary of Prudential Financial, Inc.) of US. It was launched on 1st september, 2008.

22.Canara HSBC - The Company was launched on 16 June 2008 and is a Joint Venture between Canara Bank (holding 51%), HSBC Insurance (Asia Pacific) Ltd (holding 26%), the Asian insurance arm of one of the world's largest banking and financial services groups - HSBC and Oriental Bank of Commerce (holding 23%). 

23.Star Union Dai-ichi - Bank of India and Union Bank of India, two leading Public Sector Banks in India and the Dai-ichi Mutual Life Insurance Company, a leading Japanese Company in the Life Insurance market, have floated a Joint Venture Company, "Star Union Dai-ichi Life Insurance Co. Ltd.". Company has a capital stake of 51% by BOI, 26% by Dai-ichi Life and 23% by Union Bank. It was Registered on September 25, 2007, with the Registrar of Companies in Maharashtra, the company gained its license on December 26, 2008, by the IRDA.