Top Government Insurance Companies in India (2024 Updated List)


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Updated on Jan 30, 2024

Want to know which insurance companies in India are still Government-owned? Read the blog to know more.

The Indian insurance sector has evolved a great deal in the last few decades. From being predominantly ruled by government insurance companies to the inclusion of private firms, the face of Indian insurance has undergone considerable reform. This blog takes a peek at the government insurance company that still exists in the Indian insurance segment and also highlights the top ones among them in India in the year 2024.

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What is a Government Insurance Company?

Going by its name, a govt insurance company refers to one that offers insurance coverage to the country’s citizens which has been created by the State or the government. The Indian government, in an attempt to provide welfare to its country’s citizens, offers such state-created or government insurance. Government-owned companies in India may sometimes have private partners; however, they are always overseen or supervised by a government agency. Government insurance is generally mandatory to avail of by all.

History of the Indian Insurance Sector

Government insurance companies ruled the Indian insurance industry before 2000. In 1993, however, the Malhotra Committee was formed to introduce certain reforms in insurance. This resulted in the formation of the Insurance Regulatory and Development Authority of India (IRDAI) and the entry of private insurance companies into the Indian market.

Since 2000 then, private companies in the life and general insurance sectors began forming collaborations with foreign firms to sell products of insurance to the citizens. Yet, some insurance companies in India continued to remain under the ownership and control of the Indian government.

Government Insurance Companies List, India

There are still some government-owned companies in India in the insurance sector. They exist both in the life insurance and general insurance sectors. Besides these, there are a few specialised government insurance companies as well. Let us look at the complete government insurance company list below.

Government Insurance Company in the Life Insurance Segment

Life Insurance Corporation of India (LIC) is a govt insurance company in the life insurance segment. The company came into existence in 1956 during the nationalisation of insurance companies by the Indian government. From that time up to the year 2000, LIC dominated the sale of life insurance plans in India and continues to enjoy the largest share in the life insurance market in the country.

Public Sector Insurance Companies in the General Insurance Segment

Four public sector companies rule the general insurance market in the country. These are:

1. United India Insurance Company Limited:

It features among the top 10 government companies in India serving nearly 1 crore people in the country in the segment of general insurance. The company offers both retail and large-scale insurance products to its customers. In addition, United India Assurance serves the rural population of the country by promoting several health insurance plans sponsored by the government in rural areas. A few examples include Vijaya Raji Janani Kalyan Yojana and Universal Health Insurance Programme.

2. National Insurance Company Limited:

It is the oldest company in the general insurance segment, established in 1906 in Kolkata. After the nationalisation of general insurance in India, National Insurance became a subsidiary company of the General Insurance Corporation of India (GIC). In 2002, the company was declared an independent general insurance company under the Govt. of India.

National Insurance Company serves both India and Nepal, offering a host of general insurance solutions for individuals, corporations, and the rural sector at the most affordable premiums.

3. The New India Assurance Company Limited:

Founded in 1919 in Mumbai, the company now has offices in at least 28 countries. It is ranked among the best government insurance companies in India and offers a wide array of products in travel, health, motor, rural, office, marine, personal accident, and home insurance. 

4. Oriental Insurance Company Limited:

The company came into existence as a fully-owned subsidiary of the Oriental Government Security Life Assurance Company Limited in 1947. It later moved on to become a subsidiary of the Life Insurance Corporation of India (LIC) in 1956. This is when LIC was formed. Now, Oriental Insurance is fully owned by the Indian government with its headquarters in New Delhi. It offers several general insurance products and solutions to Indian customers.

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Specialised Government Insurance Companies

There are a few government-owned and run insurance companies apart from those in the life and general insurance sectors. These are called specialised insurance companies and are also held by the government. They include:

1. Export Credit Guarantee Corporation of India (ECGC):

This company is involved in credit risk insurance plans for export. It deals in the business of promoting exports from India by underwriting the risks involved. The company is overseen by the Ministry of Commerce and Industry in India and also deals in offering insurance solutions to banks and other financial institutions as well as overseas investment insurance plans.

2. General Insurance Corporation of India:

GIC is the only reinsurance company in the Indian insurance market. This means that it insures the insurance plans that life and general insurance companies underwrite. GIC is regarded as one of the best reinsurance companies in the Indian and overseas markets.

3. Agriculture Insurance Company of India Limited:

As the name suggests, AIC is involved in providing insurance products and services to the agricultural sector for products related to farming and agriculture. The company aims at promoting agriculture in the country by offering agriculture insurance to farmers in India.

Popular General Insurance Companies India, 2024


Government insurance companies function under the authority and supervision of the Indian government. They are more aimed at promoting the penetration of insurance in the rural sectors of the population, thereby ensuring that each citizen of the country has complete access to insurance solutions. For more details on life, general, and specialised insurance plans offered by govt. insurance companies in India, visit PayBima.

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FAQs: Top Government Insurance Companies

Which is the best govt insurance company in India?

The New India Assurance Company is by far considered the best government insurance company in the country with a presence in 27 countries. It is also the largest govt. general insurance company in India.

How many insurance companies are there in India with the IRDA?

A total of 24 life insurance companies are registered with the IRDAI.

Which is the first govt insurance company in India?

The Indian Mercantile Insurance Ltd was the first general insurance company in India established in 1907.

Which is the youngest insurance company in India?

India First Life Insurance Company, set up in 2009, is India’s youngest insurer.

Which is the world’s first insurance company?

The Phoenix was the first global insurance company set up at the end of the 18th century by an association of sugar refinery owners in the city of London.

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May 28, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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