Having a life insurance policy is necessary to create a safety net for your family members and other dependents in case of emergencies. Mumbai, the financial capital of India, boasts a well-established insurance sector. Some of the largest insurance firms in the country are based out of the city. Mumbai records the highest amount of insurance premium collection and highest number of claims made in the country.
Top 10 Life Insurance Companies in Mumbai
A total of 24 life insurers operate in India. Maharashtra is by far the largest source of insurance premiums in the country. Almost one-third of overall premiums collected in the country were from Maharashtra, a large chunk of which came out of Mumbai.
All of the life insurance companies operating in India have offices in Mumbai. Some of the largest life insurance companies have their head offices situated in Mumbai e.g. Birla Sun Life Insurance, HDFC Standard Life Insurance, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, SBI Life Insurance, Tata AIA Life Insurance, Reliance Life Insurance, and Bharti AXA Life Insurance among others. The top companies in Mumbai are:
- LIC has 4 LIC Customer Zones in Mumbai apart from numerous offices located around the city, and the company also houses its head office here. LIC of India is the biggest player in the Indian insurance sector, and is also the top earner in Mumbai.
- ICICI Prudential is the largest private firm in the Indian insurance market. Also headquartered in Mumbai, there are 16 branches of the company in the city. With its wide array of products, ICICI Prudential is a good option.
- Max Life is another great option for residents of Mumbai. The company has a significant presence with 16 branches.
- HDFC Standard Life Insurance operates 12 branches in and around Mumbai, and also has its head office here. HDFC Standard is among the top 5 insurance firms in terms of premium collection in the country.
- SBI Life Insurance is another major insurance provider with 8 branches throughout Mumbai. It is the second largest public insurance firm, and is also among the top 10 insurance companies in India.
- Birla Sun Life is the insurance arm of the Aditya Birla business conglomerate. Birla Sun Life Insurance also operates 12 branches in Mumbai.
- Reliance Life is the insurance arm of Reliance Industries. There are 11 Reliance Life branches located in Mumbai including the company's head office.
- Kotak Life Insurance is based out of Mumbai, and is among the top 10 firms here. At present there are 9 offices of Kotak Life located throughout Mumbai.
- With an agency force in excess of 75,000, Shriram Group is among the larger private sector firms, and operates in the insurance sector through its arm Shriram Life Insurance. The company has a strong presence in Mumbai with 10 branches.
- Bajaj Allianz also operates 10 branches in Mumbai. It is a joint venture between Bajaj FinServ and Allianz group. The company offers a range of policies and interest rates for all types of clients.
Apart from the firms given above, Mumbai is also home to almost all the major insurance providers with significant number of offices. Edelweiss Tokio Life and Bharti AXA Life both have 7 branches in Mumbai, followed by IDBI Federal Life, PNB MetLife India Insurance, and Aviva Life Insurance operating 5 offices each in the city.
Customers in Mumbai can obtain life insurance from any of these companies. Almost all the insurance firms offer their prospects the opportunity to enroll online as well as pay their premiums from the comfort of their homes.
Life Insurance at BankBazaar
The easiest way to buy life insurance is at BankBazaar which features all insurance companies and their products on a single online platform.
Here, users can identify providers of life assurance products and features of all their plans. Users can compare life insurance policies, receive immediate quotes and buy policies of choice. WIth all these services offered at no cost to the user, customers stand to save time and money through a simplified online process.
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