Life insurance policies help provide financial protection to dependents in case anything happens to the policy taker. These policies are intended to provide protection to the dependents of an insured person upon his/her death.
Hyderabad is one of the fastest growing cities in the country. The IT sector in this city is second only to Bangalore, with many multinationals as well as Fortune 500 companies having branches here and employing thousands of people. The IT sector has been at the forefront of life insurance takers in the city, though Hyderabad also has a large and educated non-IT population that is equally conscious about life insurance policies.
Every insurance company in India (24 companies in total) has at least one office in Hyderabad. Shriram Life Insurance, one of the private players, is based out of Hyderabad.
Top 10 Life Insurance Companies in Hyderabad
The following life insurance companies have a central presence in Hyderabad:
- Shriram life Insurance has 5 branches in Hyderabad. The company offers Traditional & ULIP life insurance plans. Shriram Life is based out of the city, and hence provides comprehensive network coverage here.
- LIC of India is one of the major providers of life insurance in Hyderabad with over 20 branches located throughout the city. Some notable plans from LIC are: Life Insurance Investment Plan, LIC Money back Plans, Life Insurance Protect Plans, Life Insurance Children Plans, Life Insurance Retirement Plan, and Life Insurance ULIP Plans.
- SBI Life Insurance operates 9 Branches in Hyderabad, the second highest after LIC. The company offers the following life insurance plans: Unit Linked Plans, Pension Plans, and Protection Plans & Saving Plans.
- Reliance Life Insurance has 6 branches in Hyderabad. A part of one of the largest business houses in the country, Reliance Life offers a wide range of policies for people in every age group, and at competitive interest rates.
- Birla Sun Life Insurance operates 5 branches in Hyderabad. It is involved in providing protection and retirement plans, and is a part of Aditya Birla business house.
- HDFC Standard Life Insurance is the insurance arm of HDFC Bank. It has 4 branches in Hyderabad. HDFC Standard is also among the top 10 firms in the country in terms of coverage and revenue.
- Bajaj Allianz Life Insurance Company has 4 branches in Hyderabad. A joint venture between Bajaj and Allianz groups, this firm is among the larger firms in Hyderabad and in India.
- Exide Life Insurance Company, formerly known as ING Vysya Life Insurance, has 2 branches in Hyderabad. Exide has a substantial range of products and good interest rates from a client’s perspective.
- PNB MetLife Life Insurance also has 2 branches in Hyderabad. With MetLife and PNB being the majority stakeholders, PNB MetLife has a large capital base, and is also among the prominent insurance firms in the country.
- Canara HSBC Oriental Bank of Commerce Life Insurance Company has 3 main offices of HSBC, OBC, and Canara bank in Hyderabad, followed by many distributors’ branches.
Apart from the companies mentioned above, Aegon Religare Life Insurance, Edelweiss Tokio Life Insurance, Tata AIA Life, Aviva Life, and Future Generali Life Insurance are some insurance firms with a good presence in Hyderabad.
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