Alliance Bajaj Life Insurance Company Limited
Alliance Bajaj Life Insurance Company Limited is a joint venture between Alliance AG and Bajaj Auto Limited. The company was incorporated on March 12, 2001. The company received the IRDA certificate of registration on August 3, 2001 to conduct Life Insurance business in India.
Birla Sun Life Insurance Company Limited
It is a joint venture between Birla Group and Sun Life Corporation of U.S. The products of Birla Sun Life Insurance Company (BSLI) are distributed through a fully owned subsidiary – BSDL Insurance Advisory Services Limited (BSDL IAS) BSDL. The company claims to have unique products, presenting a powerful combination of returns, liquidity, safety, tax benefits, transparency and convenience.
HDFC Standard Life Insurance Company Limited
HDFC and Standard Life was the first joint venture to enter the life insurance market, in January 1995. In October 1998, the joint venture agreement was renewed and Standard Life purchased 2 percent of Infrastructure Development Finance Company Limited (IDFC). The company as such, was incorporated on August 14, 2000 under the name of HDFC Standard Life Insurance Company Limited. HDFC are the main shareholders in HDFC Standard Life, with 81.4 percent, while Standard Life owns 18.6 percent. HDFC and Standard Life have a long and close relationship built upon shared values and trust.
ICICI Prudential Life Insurance Company Limited
The company was incorporated on July 20, 2000, with an authorised capital of Rs.230 Crores (paid up Rs.190 Crores). It is a joint venture of ICICI (74%) and Prudential plc U.K (26%). The company is on the top of the list of competitors to LIC. The company was granted certificate of incorporation on 26-11-2000 and it started its operations on 19-12-2000.
Life Insurance Corporation of India Limited
LIC was established in 1956 and is the dominant leader in life insurance in India. It has 7 zonal offices, over 100 divisional offices and 204 branches in India with over 6.50 lakhs agents.
Tata AIG Life Insurance Company Limited
It is capitalised at Rs.185 Crores of which 74 percent has been brought in by Tata Sons and the American partner brings in the remaining 26 percent. American Insurance Group (AIG) is the leading U.S. based international insurance and financial services organisation and the largest underwriter of commercial and industrial insurance in the United States. AIG’s global businesses also include financial services and asset management. Including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management etc.
SBI Life Insurance Company Limited
India’s largest bank SBI and Cardiff S.A. a leading insurer in France have firmed SBI Life. It is a 74: 24 venture; with Cardiff the foreign partner contributing 24 percent paid capital of Rs.250 Crores. SBI plans to market the insurance products through select branches of SBI and its seven associate banks.
Max New York Life Insurance Company Limited
It is a partnership between Max India Limited, one of India’s leading multi business corporations and New York Life, a Fortune 100 company. The paid up capital of the joint venture is Rs.250 Crores. Max India Ltd. is building businesses in the emerging knowledge based areas of Healthcare, Financial Services and Information Technology.
ING Vyasya Life Insurance Company Ltd.
It is a joint venture between ING, Vyasya Bank, one of India’s leading private sector banks and GMR group. As per the joint venture agreement, Vyasya Bank holds 49 percent stake, ING 26 percent, and the GMR Group would hold 25 percent. The paid up capital of the joint venture is Rs.110 Crores. Vyasya Bank has a very high degree of retail focus with good customer service. ING Group, with an asset base of over Rs.28, 42,000 Crores is a global financial institution of Dutch origin, which is active in the field of banking, insurance and asset management in more than 60 countries.
Aviva Life Insurance Company Ltd.
It is a joint venture between Dabur India and CGU, a wholly owned subsidiary of Aviva Pic, is capitalised at Rs.110 Crores. Aviva Pic is the largest life and general insurance group of UK and the world’s largest insurer with worldwide premium income and retail investment sales of £28 billion. Aviva Life has tied up with ABN Amro, Canara Bank, Laxmi Vilas Bank and American Express for distribution of its products.
AMP Sanmar Assurance Company Ltd.
It is a joint venture between AMP having a stake of 26 percent and the Sanmar Group holding 74 percent. The Sanmar group is one of the largest industrial groups in South India. AMP Limited is one of the world’s leading financial services businesses.