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  1. LIC (Life Insurance Corporation of India) still remains the largest life insurance company accounting for 64% market share. Its share, however, has dropped from 74% a year before, mainly owing to entry of private players with innovative products and better sales force.

    ICICI Prudential Life Insurance Co Ltd is the biggest private life insurance company in India. It experienced growth of 58% in new business premium, accounting for increase in market share to 8.93% in 2007-08 from 6.97% in 2006-07.

    Bajaj Allianz Life Insurance Co Ltd has reported a growth of 52% and its market share went up to 6.98% in 2007-08 form 5.66% in 2006-07. The company ranked second (after LIC) in number of policies sold in 2007-08, with total market share of 7.36%.

    SBI Life Insurance Co Ltd in terms of new number of policies sold, the company ranked 6th in 2007-08. New premium collection for the company was Rs 4,792.66 crore in 2007-08, an increase of 87% over last year.

    Reliance Life Insurance Co Ltd Total collected was Rs 2,792.76 crore and its market share went up to 2.96% from 1.23% a year back. It now ranks 5th in new business premium and 4th in number of new policies sold in 2007-08.

    HDFC Standard Life Insurance Co Ltd with an income of Rs 2,680 crore in FY2007-08, registering a year-on-year growth of 64%. Its market share is 2.88% and it ranks 6 th among the insurance companies and 5th amongst the private players.

    Birla Sun Life Insurance Co Ltd market share of the company increased from 1.22% to 2.11% in 2007-08. The company moved to the 7th position in 2007-08 from 8the a year before, pushing down Max New York Life insurance company.

    Max New York Life Insurance Co Ltd has reported growth of 73% in 2007-08. Total new business generated was Rs 641.83 crore as against Rs 387.51 crore. The company was pushed down to the 8th position from 7th in 2007-08.

    Kotak Mahindra Old Mutual Life Insurance Ltd the fiscal 2007-08, the company reported growth of 80%, moving from the 11th position to 9th. It captured a market share of 1.19% in 2007-08. Last year the company doubled its branch network to 150 from 74.

    Aviva Life Insurance Company India Ltd ranking dropped to 10th in 2007-08 from 9th last year. It has presence in more than 3,000 locations across India via 221 branches and close to 40 bancassurance partnerships. Aviva Life Insurance plans to increase its capital base by Rs 344 crore. With the fresh investment, total paid-up capital of the insurer would go up to Rs 1,348.8 crore.

    keep smiling 🙂

  2. Its not the insurance company but the plan it offers that matters.

    Here is a comparison of various term insurance(s). Apart from Death Benefit, all other benefits are optional (and available on payment of additional premium). The premium has been calculated for sum assured of 10 lakhs and assuming age of insured person as 25 yrs. Term policy varies from policy to policy.

    Insurance Product
    Benefits —->

    Term Death Benefits Accidental Death Benefit Permanent Disabilty Benefit Critical IllnessBenefit Cost (Yearly Payment) USPs
    LIC Amulya Jeevan 25 yrs 2,861 NA NA NA 2,861
    Kotak Term Plan 25yrs 2504 265 133 827 3729
    SBI Life Swadhan 10 yrs 12660

    Guaranteed refund of basic premium paid on Survival at the end of the term, depending upon the term of the policy.
    Birla Sun Life Premium Back Plan 20 yrs 7951 Figures Not Available Figures Not Available Figures Not Available 7951
    HDFC Standard Life Term Insurance 25 yrs 2508 429 NA 1143 4080