Life Insurance Companies in India

In the past, the insurance sector of India possessed two state insurers. The first was the Life Insurers commonly known as the Life Insurance Corporation of India (LIC). The second one was the General Insurers and commonly called the General Insurance Corporation of India (GIC).

Lets’ discuss in brief about four major Life Insurance Companies in India namely the HDFC Standard life Insurance Co. Ltd, SBI Life Insurance Co. Ltd, the Life Insurance Corporation of India and the Bharti AXA Life Insurance.

HDFC Standard Life Insurance is one of the privately held leading joint venture life insurance companies in India of Housing Development Finance Corporation Limited (HDFC Limited) and the Standard Life Plc, a Group Company of UK. They offer both individual as well as group solutions to meet specific needs of a personal life. The products that are offer by HDFC standard Life Insurance are Protection Plans, Children's Plans, Retirement Plans, Savings and Investment Plans, Health Plans and Group Plans

The products of SBI Life Insurance are designed to serve all sections of society to provide financial support to specific requirements of an individual. These are tax saving money back products, protection cum savings products, pension products, Unit linked products like Group health plan, Unit Plus Child as well as SBI Life Horizon.

Life Insurance Corporation of India or LIC is the government owned biggest life insurance companies in India established in 1956. The various products offered by LIC India helps in saving for future with attractive savings plans of their insurance policies.

Life Insurance Corporation of India has its headquarters in Mumbai, and has 8 zonal offices as well as 101 divisional offices with more than 2048 branches all situated in varies cities and towns in India. The total employee strength is 112,and is noted to have over a million agents who actively work to make people from all over India adopt various policies and products if LIC India. LIC is also noted to fulfill the life insurance needs of its Non Resident Indians or NRIs.

Bharti AXA Life Insurance is a joint venture company between Bharti, the leading business groups dealing with telecom and agri business in India and AXA, the so called global leader dealing with financial protection as well as wealth management. The insurance plans with other financial solutions offered by Bharti AXA Life Insurance cater to all insurance as well as wealth management needs of an individual.

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Nationalised Banks Role in India

Nationalised banks play a very important role in banking system of India and dominate largest part of Indian banking systems. Nationalised banks in India are owned by Indian government. They are also called public sector banks.

It is the Indian government who is accountable for the deposited money in the accounts of nationalized banks. Banks were nationalized with various objectives in India after its independence. In the year 1991, just after Economic Reform the banking industry of India stepped into a fresh perspective of competitiveness, competence and output. The reforms made Indian banks more professional organizations and helped to get rid of those shocking days when banks were suddenly nationalized.

Nationalized banks are also called the government banks in India and worked to providing social welfare to Indian public. They were responsible for directing funds to the needy and various sectors like agriculture and small industries for expansion as well as for economic development.

Banks were nationalized to cater to the fund requirements by priority sectors. These sectors are largely the agriculture sector which contributes largely to national income of the country.

Nationalized Banks in India plays a great role in controlling private monopolies to guarantee an even contribution of credit to such sections of the society that are most desirable.

Nationalized Banks in India also help in dropping the regional disparity. India is divided into urban and rural sectors and it is the nationalized banks that work to provide all forms of banking facilities to the most rural areas of the country.

After independence, it is the Nationalized Banks that worked to spread banking facilities across the underdeveloped region of the country in those days as there were insufficient number of banks and people were deprived from banking facilities. The nationalization of banks helped in developing banking practice among the large population of the country since its independence. State bank of India is the oldest bank of India and come established in 1806.

Below is a List of Nationalised Banks India -

• State Bank of India
• Allahabad Bank
• Bank of India
• Bank of Maharashtra
• Bank of Baroda
• Central Bank of India
• Canara Bank
• Corporation Bank
• Punjab & Sind Bank
• Dena Bank
• Indian Overseas Bank
• Syndicate Bank
• United Bank of India
• Indian Bank
• Punjab National Bank
• Oriental Bank of Commerce
• Union Bank of India
• UCO Bank
• Vijaya Bank

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