Insurance Types Insurance Companies list In India

Insurance Companies list

Types of Insurances
  • Health Insurance
  • Endowment Plans
  • Whole Life Insurance
  • Group Insurance
  • Retirement plans
  • Child Plans
  • Wealth Plans
  • Crop Insurance
  • Auto Insurance

List of insurance companies in India

Public Sector
  1. National Insurance Company
  2. New India Assurance
  3. The Oriental Insurance Company
  4. United India Insurance Company
  5. Life Insurance Corporation of India

Private Sector
  1. Cholamandalam MS General Insurance
  2. Bajaj Allianz General Insurance
  3. Bharti AXA General Insurance
  4. Cigna TTK
  5. HDFC ERGO General Insurance Company
  6. ICICI Lombard
  7. IFFCO Tokio
  8. L&T General Insurance
  9. Liberty Videocon General Insurance
  10. Max Bupa
  11. Reliance General Insurance
  12. Religare
  13. Tata AIG General
  14. Royal Sundaram General Insurance
  15. Aviva India
  16. Bajaj Allianz Life Insurance
  17. Star Union Dai-ichi Life Insurance
  18. Exide Life Insurance
  19. HDFC Standard Life Insurance Company
  20. ICICI Prudential Life Insurance
  21. IDBI Federal Life Insurance
  22. IndiaFirst Life Insurance Company
  23. Kotak Mahindra Old Mutual Life Insurance
  24. SBI Life Insurance Company
  25. Reliance Nippon Life Insurance Company Limited
  26. Bharti AXA Life Insurance
  27. Edelweiss Tokio Life Insurance Company Limited

What Is Insurance reinsurance and Benefits of Insurance

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What Is Insurance and benefits of Insurance?
 A financial risk management tool in which the insured transfers a risk of potential financial loss to the insurance company that mitigates it in exchange for monetary compensation known as the premium.
Life Insurance is the key to good financial planning. On one hand, it safeguards your money and on the other, ensures its growth, thus providing you with complete financial well-being. Life Insurance can be termed as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness, critical illness or maturity of the policy.
Life insurance plans, unlike mutual funds, are beneficial when you look at them as a long term avenue of investment which also offers protection through life cover. Life insurance policies are broadly categorized into 2 types; Traditional Plans and Unit Linked Insurance Plans (ULIPs).    
Traditional policies offer in-built guarantees and define maturity benefits through variety of products such as guaranteed maturity value. The investment risk in traditional life insurance policies is borne by life insurance companies. Additionally, the investment decisions are regulated to a large extent by IRDA of India rules and regulations, ensuring stable returns with minimal risk. Investment income is distributed amongst the policy holders through annual bonus. These policies are ideal for policy holders who are not market savvy and do not wish to take investment risks.
ULIPs, on the other hand provide a combination of risk cover and investment. More importantly they offer a flexibility to decide your risk taking profile.
Benefits of Life Insurance
Life Insurance provides the dual benefits of savings and security. The following benefits explain why this investment tool should be an integral part of your financial plans.
•Risk Cover: Today’s life is full of uncertainties; in this scenario Life Insurance ensures that your loved ones continue to enjoy a good quality of life against any unforeseen event.
•Planning for life stage needs: Life Insurance not only provides for financial support in the event of untimely death but also acts as a long term investment. You can meet your goals, be it your children's education, their marriage, building your dream home or planning a relaxed retired life, according to your life stage and risk appetite. Traditional life insurance policies i.e. traditional endowment plans, offer in-built guarantees and defined maturity benefits through variety of product options such as Money Back, Guaranteed Cash Values, Guaranteed Maturity Values.
•Protection against rising health expenses:  Life Insurers through riders or standalone health insurance plans offer the benefits of protection against critical diseases and hospitalization expenses. This benefit has assumed critical importance given the increasing incidence of lifestyle diseases and escalating medical costs.
•Builds the habit of thrift:  Life Insurance is a long-term contract whereas policyholder, you have to pay a fixed amount at a defined periodicity. This builds the habit of long-term savings. Regular savings over a long period ensures that a decent corpus is built to meet financial needs at various life stages.
•Safe and profitable long-term investment:  Life Insurance is a highly regulated sector. IRDA of India, the regulatory body, through various rules and regulations ensures that the safety of the policyholder's money is the primary responsibility of all stakeholders. Life Insurance being a long-term savings instrument, also ensures that the life insurers focus on returns over a long-term and do not take risky investment decisions for short term gains.
•Assured income through annuities: Life Insurance is one of the best instruments for retirement planning. The money saved during the earning life span is utilized to provide a steady source of income during the retired phase of life.
Protection plus savings over a long term:  Since traditional policies are viewed both by the distributors as well as the customers as a long term commitment; these policies help the policyholders meet the dual need of protection and long term wealth creation efficiently.
•Growth through dividends: Traditional policies offer an opportunity to participate in the economic growth without taking the investment risk. The investment income is distributed among the policyholders through annual announcement of dividends/bonus.
•Facility of loans without affecting the policy benefits:  Policyholders have the option of taking loan against the policy. This helps you meet your unplanned life stage needs without adversely affecting the benefits of the policy they have bought.
•Tax Benefits: Insurance plans provide attractive tax-benefits for both at the time of entry and exit under most of the plans.
•Mortgage Redemption:  Insurance acts as an effective tool to cover mortgages and loans taken by the policyholders so that, in case of any unforeseen event, the burden of repayment does not fall on the bereaved family.
Things to know before buying Life Insurance:
                    Should life insurance be a part of my financial plan?
                    Should I buy life insurance only to cover financial risk?
                    What is the amount of Life Cover I should opt for so that my family’s future is secure in my absence?
                    Are there other aspects I should consider while looking at a life insurance policy?
                    How can I be sure that the life insurance policy being offered is the right choice for me?

What is Re-insurance?
Reinsurance occurs when multiple insurance companies share risk by purchasing insurance policies from other insurers to limit the total loss the original insurer would experience in case of disaster. By spreading risk, an individual insurance company can take on clients whose coverage would be too great of a burden for the single insurance company to handle alone. When reinsurance occurs, the premium paid by the insured is typically shared by all of the insurance companies involved.
In short, and in more technical terms, reinsurance allows for homogenization of the insured values and helps to limit the liabilities undertaken, thus allowing better control over the loss frequency (probability of occurrence), the intensity of the loss (scope) and its amount, all of which fosters the greater capacity of insurance institutions and the better availability of cover for risks.

Reinsurance can help a company by providing:
1. Risk Transfer - Companies can share or transfer of specific risks with other companies
2. Arbitrage - Additional profits can be garnered by purchasing insurance elsewhere for less than the premium the company collects from policyholders.
3. Capital Management - Companies can avoid having to absorb large losses by passing risk; this frees up additional capital.
4. Solvency Margins - The purchase of surplus relief insurance allows companies to accept new clients and avoid the need to raise additional capital.
5. Expertise - The expertise of another insurer can help a company obtain a proper rating and premium.