LIC
Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance and investment corporation.
The Life insurance Corporation of India was established on September 1, 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.
LIC reported 290 million policyholders as of 2019, a total life fund of ?28.3 trillion, and a total value of sold policies in the year 2018–19 of ?21.4 million. The company also reported having settled 26 million claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue of ?775,283 crore (equivalent to ?8.2 trillion or US$100 billion in 2023) and a profit of ?4,415 crore (equivalent to ?47 billion or US$590 million in 2023).
The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums. Surendranath Tagore had founded Hindustan Insurance Society, which later became Life Insurance Corporation.
In 1955, parliamentarian Feroze Gandhi raised the matter of insurance fraud by owners of private insurance agencies. In the ensuing investigations, one of India's wealthiest businessmen, Ramkrishna Dalmia, owner of the Times of India newspaper, was sent to prison for two years.
The Parliament of India passed the Life Insurance of India Act on 19 June 1956 creating the Life Insurance Corporation of India, which started operating in September of that year. It consolidated the business of 245 private life insurers and other entities offering life insurance services; this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies. The nationalization of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least 17 sectors of the economy, including life insurance.
In August 2000, the Indian Government embarked on a program to liberalise the insurance sector and opened it up to the private sector. The LIC benefited from this process and in 2013 reported that the first year premium compound annual growth rate (CAGR) was 24.53% while total life premium CAGR was 19.28%, matching the growth of the life insurance industry and outperforming general economic growth.
Care Health Insurance
Care Health Insurance (formerly Religare Health Insurance Company Limited) is an Indian health insurance company established in July 2012, by Religare Enterprise, The company is headquartered in Gurgaon, Haryana and operates out of 158 offices across India with 8500+ employees. It currently offers products in the retail segment for Health Insurance, critical illness insurance, Personal Accident Insurance, Super Top-up Coverage, International Travel Insurance and Maternity along with Group Health Insurance and Group Personal Accident Insurance for corporates.
Anuj Gulati is founding MD and CEO of the company. In 2019, Religare Health Insurance had a claims settlement ratio of 92.58% for the 2019 fiscal year. Care Health Insurance has been adjudged the ‘Best Health Insurance Company’ once at the ABP News- BFSI Awards 2015 and again at the Emerging Asia Insurance Awards, 2019 & ‘Best Claims Service Provider of the Year’ – Insurance India Summit & Awards 2018. Care Health Insurance has also received the ‘Editor’s Choice Award for Best Product Innovation’ at Finnoviti in 2013 and was conferred the ‘Best Medical/Health Insurance Product Award’ at the FICCI Healthcare Excellence Awards in 2015, 2018 and 2019.
Bajaj Allianz General Insurance
Bajaj Allianz General Insurance is a private general insurance company in India. The company is a joint venture between Bajaj Finserv Limited (formerly part of Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE, a German financial services company.
History
Bajaj Allianz General Insurance received an Insurance Regulatory and Development Authority of India (IRDAI) certificate of registration on 2 May 2001 to conduct general insurance business, including health insurance, in India. In the first year of its operations the company had 36 offices and around 100 employees. The company started its operations with a paid up capital of ?1.10 billion. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz SE. Bajaj Allianz is headquartered in Pune with offices in over 200 cities in India and more than 3,500 employees as of 2018.
The Company lists 97 filed and approved products, of which 27 are health products.
In January 2014, the company announced it would open up all-women branches. As of 2015, the company has 30 such branches in India.
In February 2019, company started new brand named "Caringly Yours".
The Company registered strong financial results by posting revenue of ? 4,536 crore in Q3 FY 2023-24. The company recorded a net profit of ? 287 crore. Bajaj Allianz General Insurance also reported a healthy Combined Ratio of 102.9% and Solvency Ratio of 355% for the period.