Life Insurance companies in India

Life Insurance companies in India

India is a vast country with 130 Crore population. Providing Life insurance or Health insurance cover to each and everyone is not possible. Earlier there was only one life insurance company in India and that is Life Insurance Corporation of India.
During globalisation, the Government of India opened doors to foreign insurance companies also to join in India.

Many Indian companies from banking and finance collaborated with foreign companies and started Life and health Insurance companies.LIC of India is a Government-owned Life Insurance company which was already very popular, become more reachable due to the awareness created by all other newcomers in the market.

Government of India constituted a governing body to regularise Insurance Industry. Insurance Regulatory Development Authority of India was formed and given the charge to give license to all kind of insurance companies in India.

1 Bajaj Allianz Life Insurance Co. Ltd.

2 Aditya Birla Sun Life Insurance Co. Ltd

3 HDFC Standard Life Insurance Co. Ltd

4 ICICI Prudential Life Insurance Co. Ltd

5 Exide Life Insurance Co. Ltd.

6 Life Insurance Corporation of India

7 Max Life Insurance Co. Ltd

8 PNB Metlife India Insurance Co. Ltd.

9 Kotak Mahindra Life Insurance Company Ltd

10 SBI Life Insurance Co. Ltd

11 Tata AIA Life Insurance Co. Ltd.

12 Reliance Nippon Life Insurance Co. Ltd.

13 Aviva Life Insurance Company India Limited

14 Sahara India Life Insurance Co. Ltd.

15 Shriram Life Insurance Co. Ltd.

16 Bharti AXA Life Insurance Co. Ltd.

17 Future Generali India Life Insurance Co. Ltd.

18 IDBI Federal Life Insurance Co. Ltd.

19 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.

20 AEGON Life Insurance Co. Ltd.

21 DHFL Pramerica Life Insurance Co. Ltd.

22 Star Union Dai-ichi Life Insurance Co. Ltd.

23 IndiaFirst Life Insurance Co. Ltd.

24 Edelweiss Tokio Life Insurance Co. Ltd.

LIC policy surrender value

Surrender Value: 

Policy condition states that if policy premium is not paid within the grace period, the policy lapses. If a policy holder wants to discontinue within 3 years from date of commencement, no refund would be paid. 

If the policy premium is paid for full 3 years then only after completion of 3rd i.e from 4th year beginning only , policy loan would be available. Surrender value or cash value is made available generally when the policy has remained in force for at least three years. 

Documents to be submitted for surrender of policy: 

1. Policy bond
2. Surrender forms duly stamped, signed and witnessed
3. Id proof like PAN or Aadhaar card copy
4. Cancelled cheque leaf (name should be printed) or Photocopy of the Bank passbook containing details of Bank Account number, IFSC and MICR 

LIC of India Corporation Branch Phone number email id

LIC of India, Bangalore City Branch Office-I

United India Bldg 1st Floor J C Rd. Bangalore City: Bangalore State: Karnataka Pin Code: 560002 Branch Code: 611 Ph No.: 080-22966538 email id:bo_611@licindia.com