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Alliance Bajaj Life Insurance Company Limited
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Alliance Bajaj Life Insurance Company Limited is a joint venture between Alliance
AG and Bajaj Auto Limited. The company was incorporated on March 12, 2001. The company
received the IRDA certificate of registration on August 3, 2001 to conduct Life
Insurance business in India.
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Birla Sun Life Insurance Company Limited
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It is a joint venture between Birla Group and Sun Life Corporation of U.S. The products
of Birla Sun Life Insurance Company (BSLI) are distributed through a fully owned
subsidiary – BSDL Insurance Advisory Services Limited (BSDL IAS) BSDL. The company
claims to have unique products, presenting a powerful combination of returns, liquidity,
safety, tax benefits, transparency and convenience.
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HDFC Standard Life Insurance Company Limited
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HDFC and Standard Life was the first joint venture to enter the life insurance market,
in January 1995. In October 1998, the joint venture agreement was renewed and Standard
Life purchased 2 percent of Infrastructure Development Finance Company Limited (IDFC).
The company as such, was incorporated on August 14, 2000 under the name of HDFC
Standard Life Insurance Company Limited. HDFC are the main shareholders in HDFC
Standard Life, with 81.4 percent, while Standard Life owns 18.6 percent. HDFC and
Standard Life have a long and close relationship built upon shared values and trust.
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ICICI Prudential Life Insurance Company Limited
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The company was incorporated on July 20, 2000, with an authorised capital of Rs.230
Crores (paid up Rs.190 Crores). It is a joint venture of ICICI (74%) and Prudential
plc U.K (26%). The company is on the top of the list of competitors to LIC. The
company was granted certificate of incorporation on 26-11-2000 and it started its
operations on 19-12-2000.
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Life Insurance Corporation of India Limited
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LIC was established in 1956 and is the dominant leader in life insurance in India.
It has 7 zonal offices, over 100 divisional offices and 204 branches in India with
over 6.50 lakhs agents.
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Tata AIG Life Insurance Company Limited
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It is capitalised at Rs.185 Crores of which 74 percent has been brought in by Tata
Sons and the American partner brings in the remaining 26 percent. American Insurance
Group (AIG) is the leading U.S. based international insurance and financial services
organisation and the largest underwriter of commercial and industrial insurance
in the United States. AIG’s global businesses also include financial services and
asset management. Including aircraft leasing, financial products, trading and market
making, consumer finance, institutional, retail and direct investment fund asset
management etc.
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SBI Life Insurance Company Limited
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India’s largest bank SBI and Cardiff S.A. a leading insurer in France have firmed
SBI Life. It is a 74: 24 venture; with Cardiff the foreign partner contributing
24 percent paid capital of Rs.250 Crores. SBI plans to market the insurance products
through select branches of SBI and its seven associate banks.
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OM Kotak Mahindra Insurance Company Limited
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The joint venture OM Kotak Mahindra Life Insurance started off with an initial net
worth of Rs.150 Crores, with 74: 26 stake between KMFL and OM. Kotak Mahindra is
one of India’s premier financial services groups, with a range of over two dozen
highly specialised products and services. Starting as a one-product company in the
mid 80’s, they have evolved into a full service financial conglomerate. Old Mutual
pic. Is a leading financial services provider in the world, providing a broad range
of financial services in the area of insurance, asset management and banking. It
is a leading life insurer in South Africa, with more than 30 percent market share.
The partnership with Old Mutual plc. provides the Kotak Mahindra group with an international
perspective and expertise in the life insurance business.
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Max New York Life Insurance Company Limited
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It is a partnership between Max India Limited, one of India’s leading multi business
corporations and New York Life, a Fortune 100 company. The paid up capital of the
joint venture is Rs.250 Crores. Max India Ltd. is building businesses in the emerging
knowledge based areas of Healthcare, Financial Services and Information Technology.
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ING Vyasya Life Insurance Company Ltd.
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It is a joint venture between ING, Vyasya Bank, one of India’s leading private sector
banks and GMR group. As per the joint venture agreement, Vyasya Bank holds 49 percent
stake, ING 26 percent, and the GMR Group would hold 25 percent. The paid up capital
of the joint venture is Rs.110 Crores. Vyasya Bank has a very high degree of retail
focus with good customer service. ING Group, with an asset base of over Rs.28, 42,000
Crores is a global financial institution of Dutch origin, which is active in the
field of banking, insurance and asset management in more than 60 countries.
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Aviva Life Insurance Company Ltd.
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It is a joint venture between Dabur India and CGU, a wholly owned subsidiary of
Aviva Pic, is capitalised at Rs.110 Crores. Aviva Pic is the largest life and general
insurance group of UK and the world’s largest insurer with worldwide premium income
and retail investment sales of £28 billion. Aviva Life has tied up with ABN Amro,
Canara Bank, Laxmi Vilas Bank and American Express for distribution of its products.
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AMP Sanmar Assurance Company Ltd.
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It is a joint venture between AMP having a stake of 26 percent and the Sanmar Group
holding 74 percent. The Sanmar group is one of the largest industrial groups in
South India. AMP Limited is one of the world’s leading financial services businesses.
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