Insurance Company

The growth of the insurance sector in India has been phenomenal. The insurance industry has undergone a massive change over the last few years and the metamorphosis has been noteworthy.

There are numerous private and government insurance companies in India that have become synonymous with the term insurance over the years. Offering a diversified product portfolio and excellent services the many insurance companies in India have managed to make their way into almost every Indian household.

Before we begin the analysis of Indian insurance industry, let us clear some basics on insurance.

• In the words of a layman, insurance means managing risk. For instance, in life insurance segment, the insurance company tries to manage mortality (death) rates among the wide array of clients.
  
• The insurance company works in a manner by collecting premiums from policy holders, investing the money (usually in low risk investments), and then reimbursing this same money once the person passes away or the policy matures. The greater the probability for a person to have a shorter life span than the average mark, the higher premium that person has to pay. The case is the same for all other types of insurance, including automobile, health and property.
  
• Ownership of insurance companies is of two types:
• Shareholder ownership
• Policyholder ownership

Types of Insurance

1. Life Insurance - Insurance guaranteeing a specific sum of money to a designated beneficiary upon the death of the insured, or to the insured if he or she lives beyond a certain age.
   
2. Health Insurance - Insurance against expenses incurred due to illness of the insured.
   
3. Liability Insurance - This insures property such as automobiles, property and professional/business mishaps.

Top Ten Insurance Company

Below is a list of the Top 10 insurance companies in India and their contact details zone wise.

Insurance Company	Products and Services	Contact Details
LIC Life Insurance Corporation of India	Insurance Policies Jeevan Anurag Unit Plans Samridhi Plus Pension Plus Special Plans Jeevan Madhur Jeevan Mangal Group Schemes	East Zone: LIC of India,P&GS Unit Jeevan Prakash,Calcutta Metro DO-I 16 Chittaranjan Avenue Kolkata West Bengal 700072 033-23346688 West Zone: Jeevan Prakash GHB Complex, 2nd Floor,Opp.to Rupal Park, Behind Ankur Bus stop, Naranpura, Ahmedabad Gujarat 380013 North Zone: Jeevan Prakash Post Box No 102 25 Kasturba Gandhi Marg New Delhi DELHI 110001 011-23762681 079-25502150 South Zone: LIC Building 102 Anna Salai Post Box No 324 Chennai TAMIL NADU 600002 044-28612871
ICICI Prudential Life Insurance Co Ltd	Education insurance plans Smartkid New Unit-Linked Regular Premium Smart Kid Regular Premium Savings (all ULIP) Life Time Super Premier Life Gold Life Time Plus Premium guarantee plans InvestShield Cash Back protection plans (All Traditional plans) Life Guard Save 'n' Protect Home Assure Health care plans Crisis Cover Diabetes Care/ Diabetes Care Plus Cancer Care	West Zone: A-32/B-32, 3rd Floor, Corporate house, Judges Bungalow Road, Above Hotel Honest, Off. S G Highway, Sarkhej-Bodakdev, Ahmedabad - 380015 Gujarat South Zone: Plot No. 11, 1st & 2nd Floor, K.R. Buildings, Lattice Bridge Road, Above Pizza Corner, Adyar, Chennai - 600020 Tamilnadu 9840877766 North Zone: ICICI Prudential Life Insurance Co. Ltd., 1 DLF Centre, Ground Floor, Opp Park Hotel, Sansad Marg, Connaught Place, New Delhi - 110001. Delhi 9818177766 East Zone: Plot No. C-653, 2nd Floor, Epari Plaza, Janpath,Unit-III, Bhubaneshwar - 751001 600222020
Bajaj Allianz Life Insurance Co Ltd	Insurance Policies iGain III Max Advantage Health care plans Star Package Personal Guard Silver Health Travel Insurance Student Elite Plan Brilliant Minds	East Zone: # 338, Calcutta Food Bazar, 2nd Floor, A Block, Lake Town, Kolkata, 700055 +91-33-32575382 North Zone: C-32, 1st Floor & 2nd Floor, Connaught Place, New Delhi - 110 002, 011 - 41490500 South Zone: 25/26,prince towers, 4th floor, college road, nungambakkam, chennai-600006 044-43904400 West Zone: 312, 3rd Floor , Megh Malhar Complex, near petrol pump, Sector 11,Gandhinagar - 382011 079-23244250-252
SBI Life Insurance Co Ltd	Individual Plans SBI Life - Unit Plus Super SBI Life - Smart Wealth Assure Group Plans Group Micro Insurance Plans Group Loan Protection Products	West Zone: SBI life insurance company ltd, 1st floor akshar arcade opp memnagar fire station , memnagar , ahmedaba 380014 079 -66103333 North Zone: SBI life insurance company ltd, 116, hargovind enclave,opp karkardooma community centre 011-40758700 East Zone: SBI LIFE INSURANCE company ltd, jeevandeep building ground floor,1 middleton street 033-22882323 / 22 South Zone: SBI LIFE INSURANCE company ltd, 2 nd floor, 96/04, south end road,basavangudi 080 26575460
Reliance Life Insurance Co Ltd	Protection Plans Reliance Life Insurance Money Multiplier Plan Reliance Special Term Plan Child Plan Reliance Child Plan Savings & Investment Plans Reliance Life Insurance Pay Five Plan Reliance Life Insurance Classic Plan - Limited Premium Reliance Life Insurance Highest NAV Advantage Plan Reliance Life Insurance Money Multiplier Plan North Zone: Level - II, C 4-5, Agrawal Cyber Plaza,Netaji Subhash Place,DelhiDelhi, 110092 011-32229807	West Zone: 201, Viva Complex, 42, Parimal Co-oprative Housing Society, Perimal Cross RoadAhmedabadGujarat,380009 079-30075191 South Zone: No.2940/E-5, GG Arcade,3rd floor, Service Road, West Of Chord, Opp Maruthi Mandir, Vijay Nagar,BangaloreKarnataka,560040 080-39826566 East Zone: 206, A.P.C, Bose Road, 2nd floor, Shyambazar (Opp-CESC Regional Office), Kolkata West Bengal,700004 033-30610530
HDFC Standard Life Insurance Co Ltd	Protection Plans HDFC Premium Guarantee Plan Savings and Investment Plans HDFC SL ProGrowth Flexi ClassicAssure Insurance Plan HDFC SL ProGrowth Maximiser	North Zone: HDFC SLIC, B-3/6,Ground Floor Asaf Ali Road, Delhi - 110002 011-43591300 South Zone: 2nd floor, Block 2 A, Esquire Centre, No. 9, M. G. road, Bangalore - 560 001 " 080-42791234 West Zone: HDFC Standard Life Insurance Co. Ltd.,2nd Floor, 'Shivalik Plaza', Opp Amam, IIM Road, Ahmedabad - 380 015 079 - 66101500 East Zone: 30SA/2, Block-B, New Alipore, Kolkata-700053 033-66125406
Birla Sun Life Insurance Co Ltd	Health and Wellness Solutions BSLI Saral Health Plan BSLI Bachat Money Retirement Solutions BSLI Dream Life Plan BSLI Immediate income Plan Rural Solutions Birla Sun Life Insurance Bima Dhan Sanchay Birla Sun Life Insurance Bima Kavach Yojana	North Zone: 1St Floor, Sco-14, Sector - Ii , Central Market, Punjabi Bagh, , New Delhi, Delhi 110026 Delhi 011-45062639 / 40 / 37 South Zone: Site No 70 , 2nd floor, Grace Towers,Above BMW Showroom, Old miller Road, Cunningham Road(Cr) Bangalore 560046 Karnataka 080 - 65398701 / 25 East Zone: 1St Floor, 110, Bose Pukur Para, , Kolkata- South, Kolkata 700042 West Bengal 033 - 66331915/16 West Zone: Pancharatna Upper Ground Floor, C. G. Road, Opp White House, Ahmedabad , Ahmedabad 380009 Gujarat 079-26409741
Max New York Life Insurance Co Ltd	Life Plans 20 year Endowment Max New York Life Platinum Protect Life Gain™ Plus 25 Growth Plans Max New York Life Flexi Fortune Max New York Life Shubh Invest Health Plans LifeLine MediCash™ Plus LifeLine Safety Net™	West Zone: 3rd Floor, Unit No.301 to 307, Aashth Mangal, Shahi Bagh, Near Rajasthan Hospital, Opposite Resham Bai Fertility Hospital, Ahmedabad-380004 Gujarat Tel: 079-40215433 North Zone: 2 & 3 rd Floor,C-6, Local Shopping Centre, Vasant Vihar, New Delhi, 110057 Delhi Tel: 011-46086900 South Zone: Vimal Chambers, No.70 & 70/1 4th Floor M.G.Road, Bangalore- 560001 Karnataka Tel: 080-66965700 East Zone: La Vida Mall, 2nd Floor, CK-III, Sector-II, Nr. Tank No. 9, Salt Lake City, Kolkata-700 091 Tel: 033-44079303 /04/05/01. 033-44079313-01
Kotak Mahindra Old Mutual Life Insurance Ltd	Protection Plans Kotak eternal Life Plans Saving and Investment Plans Kotak ace investment Plan Kotak surakshit Jeevan Child Plans Kotak headstart Child Assure	West Zone: Kotak Mahindra Old Mutual Life Insurance Ltd. Unit nos. 901 & 902, 9th floor, Wing A & B, Godrej Coliseum, Lokmanya Pan Bazar, Behind Evrard Nagar, Sion (E), Mumbai - 400 022 Tel : +91 22 6621 5999 East Zone: 190b Satin Sen Sarani Kankurgachi, Kolkata, West Bengal 700054 033 23648610 North Zone: Lower Ground Floor, 974/1 Dakha Plaza, Arya Samaj Road, Karol Bagh, New Delhi-110005, Beadonpura, Karol Bagh, New Delhi South Zone: RELCON PLAZA,FIRST FLOOR PATTOM, Kollam Road, Pattom Trivandrum, Kerala 695004 0471 6615600
Aviva Life Insurance Company India Ltd	Protection Plans Aviva LifeShield Platinum Aviva LifeShield Advantage Fund Management Rural Plans Aviva Anmol Suraksha Aviva Grameen Suraksha Savings Aviva Dhan Vriddhi Aviva LifeBond Advantage	North Zone: 2nd Floor, Prakashdeep Bldg., Tolstoy Marg,New Delhi Delhi I, Delhi 110001 Phone: 011-23462548 East Zone: 45 Bhupen Bose Avenue ,3rd flr, ShyambazarKolkata Kolkata 4, West Bengal 700004 Phone: 025304610 South Zone: Shubharam Complex 4th Floor,No 144 M G Road , Bangalore 560001 Bangalore, Karnataka Phone: 080 -25580777 West Zone: Mordern Centre, A Wing, 2nd Floor, Sane Guruji Marg, Mahalaxmi (E), Mumbai -11 Mumbai I, Maharashtra Phone: 02266207777

Challenges facing Insurance Industry

• Threat of New Entrants: The insurance industry has been budding with new entrants every other day. Therefore the companies should carve out niche areas such that the threat of new entrants might not be a hindrance. There is also a chance that the big players might squeeze the small new entrants.
  
• Power of Suppliers: Those who are supplying the capital are not that big a threat. For instance, if someone as a very talented insurance underwriter is presently working for a small insurance company, there exists a chance that any big player willing to enter the insurance industry might entice that person off.
  
• Power of Buyers: No individual is a big threat to the insurance industry and big corporate houses have a lot more negotiating capability with the insurance companies. Big corporate clients like airlines and pharmaceutical companies pay millions of dollars every year in premiums.
  
• Availability of Substitutes: There exist a lot of substitutes in the insurance industry. Majorly, the large insurance companies provide similar kinds of services - be it auto, home, commercial, health or life insurance.
  

How to choose an insurance company?

• There are many factors to probe into when an investor chose an insurance company.
• The consumers as well as the investors should only focus on the insurer's financial strength and capability to meet ongoing responsibilities to its policyholders.
• The fundamentals of the insurance company should be strong and should not indicate a poor investment opportunity as this might also deter growth.

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