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Insurance Companies of India - A Quick View

Important Points to remember about Insurance Regulatory and Development Authority (IRDA) : • Chairman - T. S. Vijayan • Head uarters - Hyderabad • Its a 10 member body • A Chairman, • 5 Whole-time members and • 4 art-time members. There are mainly ! ty"es o# Ins$ran%e Com"anies in India. Those are 1. &. '. 4. 5. &' !i"e insurance companies #eneral Insurance companies Agriculture Insurance Companies Health insurance companies $%port credit guarantee insurance companies Re-insurance companies

(' !i"e Insurance Companies : (i#e ins$ran%e trans#ers the #inan%ial ris)s asso%iated *ith a "erson+s death to an ins$ran%e %om"any. The "erson "ays the ins$ran%e %om"any a "remi$m "ayment, and the ins$rer ,i-es the "erson a death bene#it "romise in ret$rn. When the "erson dies, the ins$rer "romises to "ay a s$m o# money o$tlined in the li#e ins$ran%e "oli%y %ontra%t. • Public )ector • !i"e Insurance Corporation o" India ./$lly o*ned by 0o-t o# India1 • Head 2$arters - 3$mbai • 4onal 3ana,in, 5ire%tors • S 6 7oy.West1, • 7ah$l 0re*al.8orth1, • 8 7 0$ha.9ast1, • 5ebashish Sen.So$th1, • ri-ate Se%tor • A90:8 7eli,are (i#e Ins$ran%e • A-i-a (i#e • ;ajaj Allian< (i#e Ins$ran%e • ;harti A=A (i#e Ins$ran%e Co (td • ;irla S$n (i#e Ins$ran%e • Canara HS;C :riental ;an) o# Commer%e (i#e Ins$ran%e • 5(/ rameri%a (i#e Ins$ran%e • 9del*eiss To)io (i#e Ins$ran%e Co. (td • /$t$re 0enerali (i#e Ins$ran%e Co (td • H5/C Standard (i#e Ins$ran%e Com"any (imited • ICICI r$dential • I5;I /ederal (i#e Ins$ran%e • India/irst (i#e Ins$ran%e Com"any • I80 Vysya (i#e Ins$ran%e • 6ota) (i#e Ins$ran%e • 3a> (i#e Ins$ran%e • 8; 3et(i#e India (i#e Ins$ran%e • 7elian%e (i#e Ins$ran%e Com"any (imited • Sahara (i#e Ins$ran%e • S;I (i#e Ins$ran%e Com"any (imited

• Shriram (i#e Ins$ran%e • Star ?nion 5ai-i%hi (i#e Ins$ran%e • TATA AI0 (i#e Ins$ran%e *' #eneral Insurance Companies .im"ortant #or $s1 @ 0eneral Ins$ran%e is basi%ally %o-ers the thin,s that has a #inan%ial -al$e in li#e and has a "robably o# ,ettin, lost, dama,ed or stolen. 0eneral Ins$ran%e "ro-ides "rote%tion a,ainst $n#oreseen e-ents li)e a%%idents, illness, #ire et%. ?nli)e li#e ins$ran%e, 0eneral ins$ran%e is not meant to o##er ret$rns b$t "rote%tion a,ainst %ontin,en%ies. In (i#e ins$ran%e, "oli%y "ro-ides %o-er #or a set "eriod o# time. I# the *orst *ere to ha""en d$rin, that time, then the ins$ran%e %om"any *ill be reA$ired to "ay o$t the a,reed s$m to the bene#i%iary. • Public )ector #eneral Insurance Companies (+holly o+ned by #ovt o" India) • ,ational Insurance Co !td • Chairman - ,)R Chandraprasad • ,e+ India Assurance Co !td • C35 - #' )rinivasan • -riental Insurance Co !td • C35 - A' .' )a%ena • /nited India Insurance Co !td • C35 - 0ilind Anna .harat • • • • • • • • • • • • • • • • • • • • • Private )ector Companies : ;ajaj Allian< 0eneral Ins$ran%e ;harti A=A 0eneral Ins$ran%e Continental Ins$ran%e Ser-i%es /$t$re 0enerali India Ins$ran%e Cholamandalam 3S 0eneral Ins$ran%e Com"any (imited I80 Vysya (i#e Ins$ran%e H5/C 970: 0eneral Ins$ran%e ICICI (ombard I//C: To)io (iberty Video%on 0eneral Ins$ran%e Co (td ( B T 0eneral Ins$ran%e 3a,ma H5I 0eneral Ins$ran%e Co (td 3a> (i#e Ins$ran%e Co ltd 7aheja 2;9 0eneral Ins$ran%e 7elian%e 0eneral Ins$ran%e 7oyal S$ndaram S;I 0eneral Ins$ran%e Shriram 0eneral Ins$ran%e Tata AI0 0eneral ?ni-ersal Som"o 0eneral Ins$ran%e

1' Agriculture Insurance Companies @ :#%o$rse, these too %omes $nder 0eneral Ins$ran%e Com"anies. ;$t as India is an a,ri%$lt$ral %o$ntry *e ha-e se"arate Ins$ran%e Com"any #or A,r$%l$t$re. That is Agriculture Insurance Company o" India !td. It the bi,,est %ro" ins$rer in the *orld. It o##ers yield-based and *eather-based a,ri%$lt$ral ins$ran%e in India #or almost 500 distri%ts and %o-erin, almost &0 million #armers. • Chairman cum 0anaging Director - Cose"h la""allil C. • Head uarters - 5elhi 2' Health Insurance Companies : There is no Health Ins$ran%e %om"any o*ned by Indian 0o-ernment. :# %o$rse (IC and Some other 0eneral Ins$ran%e %om"anies are "ro-idin, some #eat$res o# Health Ins$ran%e. ;$t they are not %onsidered as #$ll time Health Ins$ran%e %om"anies. Some Health Ins$ran%e %om"anies o*ned by "ri-ate se%tor are

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A"ollo 56V Ins$ran%e Com"any (td. A-i-a (i#e Ins$ran%e ;ajaj Allian< 0eneral Ins$ran%e Co. (td. ;irla S$n (i#e Ins$ran%e 9-3edite) Sol$tions (imited /amily Health lan (imited Health India-;hai%hand Amol$) Ins$ran%e Ser-i%es -t. (td. HS;C Health Ins$ran%e ICICI (ombard 0eneral Ins$ran%e Co. (td. 3a> 8e* Dor) (i#e Ins$ran%e 3ed Assist India (td. 3et(i#e India Ass$ran%e Com"any aramo$nd Health 0ro$" 7elian%e Health 7oyal S$ndaram Allian%e Ins$ran%e Com"any (imited Star Health and Allied Ins$ran%e Com"any (imited Tata AI0 ?nited Health%are

3' $%port credit guarantee insurance companies These %om"anies "ro-ides e>"ort %redit ins$ran%e s$""ort to Indian e>"orters ' The 9>"ort Credit 0$arantee Ins$ran%e %om"any o*ned by Indian ,o-ernment is $C#C .$%port Credit #uarantee Corporation o" India1. • C35 - 8 Shan)ar • HeadA$arters - 3$mbai &' Re-insurance companies 7eins$ran%e o%%$rs *hen m$lti"le ins$ran%e %om"anies share ris) by "$r%hasin, ins$ran%e "oli%ies #rom other ins$rers to limit the total loss the ori,inal ins$rer *o$ld e>"erien%e in %ase o# disaster. ;y s"readin, ris), an indi-id$al ins$ran%e %om"any %an ta)e on %lients *hose %o-era,e *o$ld be too ,reat o# a b$rden #or the sin,le ins$ran%e %om"any to handle alone. When reins$ran%e o%%$rs, the "remi$m "aid by the ins$red is ty"i%ally shared by all o# the ins$ran%e %om"anies in-ol-ed. The 7e-Ins$ran%e %om"any o*ned by India is #eneral Insurance Corporation o" India • C0D - A. 6. 7oy • Head uarters - 3$mbai