As we all know that Insurance business in India is very huge. Numerous companies are operating with a system of support and profit. Better competitive atmosphere in the country gives public more options. But we have to think a lot while choosing an insurance option. So, here we are going to discuss about the top companies in this field.
There are many different life insurance companies in India that provide the best term insurance plans at very low premiums. In Our Country there are 24 life insurance companies in India with just LIC of India being the government undertaking and the other 23 are either exclusive or joint ventures between at least two privately owned businesses (national and additionally global) or between privately owned businesses and public sector undertakings.
The Life insurance Corporation of India was founded 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.Life Insurance Corporation of India had total life fund of ₹28.3 trillion.
The total value of sold policies in the year 2018-19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policy holders.