Top Insurance banks in India in 2023
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In India, several banks provide insurance services either
through their subsidiaries or by partnering with insurance companies. Here are
some of the top insurance banks in India as of my knowledge cutoff in September
2022:
1. State Bank of India (SBI):
SBI is the largest public sector
bank in India and offers a range of insurance products such as life insurance,
health insurance, motor insurance, and more. SBI Life Insurance is a subsidiary
of SBI.
2. ICICI Bank:
ICICI Bank is a leading private sector bank in
India that offers various insurance products, including life insurance, health
insurance, travel insurance, and motor insurance. ICICI Prudential Life
Insurance is a joint venture between ICICI Bank and Prudential Corporation
Holdings.
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3. HDFC Bank:
HDFC Bank is another prominent private sector
bank in India that provides insurance services. HDFC Life Insurance is a
subsidiary of HDFC Bank and offers life insurance plans. The bank also offers
health insurance and motor insurance products.
4. Axis Bank:
Axis Bank is a well-known private sector bank
that offers insurance solutions. Axis Bank has a partnership with various
insurance companies to provide life insurance, health insurance, travel
insurance, and other insurance products.
5. Punjab National Bank (PNB):
PNB is a leading public sector
bank in India that provides insurance services through its subsidiary, PNB
MetLife. PNB MetLife offers life insurance plans and other related products.
6. Bank of Baroda (BoB):
BoB is a public sector bank that
offers insurance services through its joint venture with the insurance company,
Canara HSBC Oriental Bank of Commerce Life Insurance. They provide life
insurance plans and other insurance products.
7. Kotak Mahindra Bank:
Kotak Mahindra Bank is a private
sector bank in India that offers various insurance products, including life
insurance, health insurance, motor insurance, and more. Kotak Mahindra Life
Insurance is a subsidiary of the bank.
8. Canara Bank:
Canara Bank, a public sector bank, provides
insurance services through its joint venture with Canara HSBC Oriental Bank of
Commerce Life Insurance. They offer life insurance plans and other insurance
products.
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9. IDBI Bank:
IDBI Bank offers insurance services through its
partnership with IDBI Federal Life Insurance. They provide life insurance plans
and other insurance solutions.
10. Union Bank of India:
Union Bank of India offers insurance
services through its partnership with the insurance company, Star Union
Dai-ichi Life Insurance. They offer life insurance plans and other insurance
products.
Please note that the insurance landscape can change over
time, and it’s always recommended to verify the current offerings and
partnerships of banks with insurance companies.