The following is the list of the best life insurance companies in India:
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life insurance company
2020-21 claims settlement rate
maximum life insurance
aegon life insurance
bharti axa life insurance
life insurance corporation of india (lic)
dhfl pramerica life insurance
exide life insurance
kotak life insurance
reliable life insurance
bajaj allianz life insurance
pnb metlife insurance
tata aia life insurance
hdfc life insurance
aviva india life insurance
icici prudential life insurance
aditya birla sun life insurance
sahara india life insurance
canara hsbc life insurance
edelweiss tokyo life insurance
indiafirst life insurance
daiichi life insurance
shriram life insurance
ageas federal life insurance
future general life insurance
sbi life insurance
(source: irdai annual report: claims settlement rate for the year 2020-21)
top 7 life insurance companies in india
The following is the list of the top 7 life insurance companies in India:
1. max life insurance company
max life insurance company is among the leading life insurance companies in india and was founded in the year 2000. the objective of this life insurance company is primarily to offer adequate financial strength to its policyholders and therefore For this reason, the insurance provider offers various types of life insurance policies including child insurance, long-term savings, protection, investment, and various other group solutions, etc. All of these insurance plans offered by max life are full of benefits and several essential features depending on the needs of the individual.
2. hdfc life insurance company
hdfc life insurance company is a collaboration between standard life aberdeen plc and housing development finance corporation limited. It started its operations in the year 2000 and is headquartered in Mumbai, Maharashtra. This company offers various types of life insurance plans to its clients such as protection plans, pension plans, women’s plans, children’s plans, health plans, etc. This life insurance company offers several insurance policies specially created for children and women. A policyholder can add riders to plans to enhance coverage. In addition, the HDFC life insurance company guarantees the settlement of claims in a single day, taking into account various terms and conditions to facilitate the entire process of settlement of claims for the disadvantaged.
3. tata aia life insurance company
this life insurance company was born as a joint venture between aia group ltd and tata sons pvt ltd. It is another popular life insurance company and it was started in the year 2001. Tata Aia follows a completely customer-centric approach and offers various life insurance plans to its policyholders to meet their future needs. Some of the main insurance products they offer are equity plans, savings plans, protection plans, etc.
4. pramerica life insurance
pramerica life insurance company is formed as a result of joint efforts between prudential international insurance holdings limited and dewan housing finance corporation limited. They began their operations in the life insurance segment in 2013. The insurer has around 138 offices located throughout the country. offers various life insurance products for both groups and individuals. All of these insurance products are specifically designed to meet the needs of policyholders, such as retirement planning, protecting children’s futures, building wealth, and saving.
5. exide life insurance company
This life insurance company follows a completely customer-centric approach and currently services over 15 lakh consumers across the country. They are headquartered in Bengaluru and have more than 200 offices across the country and are supported by more than 45,000 advisers. exide life insurance makes use of various network channels to distribute its various products such as agency, bancassurance, corporate agency, agency, brokerage and direct channels. The wide variety of insurance policies they offer are categorized into savings, investment, protection, retirement plans, among others.
6. trusted life insurance company
reliance nippon life insurance company was formed as a result of collaboration between reliance capital and nippon life. started its operations in 2001 and is known to be one of the popular life insurance companies among buyers of insurance policies. they are known to offer insurance plans to more than 10 million customers. In fact, today, it is said to be one of the largest unbanked life insurance companies among private insurance companies. the insurance company deals mainly with 5 different insurance segments, i.e. retirement, protection, children, health, investment and savings, both for individuals and for corporate or group entities.
7. canara life insurance company hsbc
This insurance company was formed as a joint venture between 3 financial entities i.e. Punjab National Bank, Canara Bank and HSBC Insurance Holdings Limited. They provide a wide variety of insurance plans to their clients that are customized to their individual needs and also have a large network across India. The range of insurance products they offer includes savings plans, health insurance plans, term insurance plans, children’s insurance plans, among others.
how to choose the right life insurance company in india?
It’s important to choose an insurance plan that meets an individual’s insurance requirements and fits within a budget. however, one should not be swayed by low premiums when purchasing the insurance plan, research the insurance company thoroughly, and identify their insurance requirements before purchasing a life insurance plan.
There are many life insurance companies to choose from. Here are some factors to consider before choosing a particular insurance company:
1. Claims Settlement Ratio: The Claims Settlement Ratio or CSR of an insurance company represents its effectiveness and reliability. The claims settlement ratio of an insurance company represents the number of claims settled in the year against the total number of claims. this relationship helps to know the activity of an insurance company in terms of settlement of claims. The insurance company’s high claims settlement ratio represents the insurance company’s dedication in terms of claims settlement. this represents the loyalty of the insurance company towards its clients. An insurance company’s claims settlement rate is reviewed by the Insurance Development and Regulatory Authority (IRDA).
2. customer service: customer service is an important factor to consider when purchasing an insurance plan. a person should always choose an insurance company that provides good quality customer service. When buying a life insurance policy, the customer should always keep in mind that there is a customer service available 24 hours a day, 7 days a week to resolve all your queries and provide assistance when necessary.
3. availability of riders: life insurance riders are additional benefits offered by an insurance company when life insurance plans are purchased. they are purchased with the plan by increasing the premium and also improve life coverage. A person should always make sure that the insurance company offers riders or offers an option to add riders to the insurance policy. Some of the common riders offered by insurance companies are the Critical Illness Rider, Accidental Death Benefit Rider, Accidental Permanent or Total Disability Rider, and Waiver of Premium Rider. With these optional riders offered, a person can make better decisions in choosing the best plan and rider offered with it.
4. Company persistence rate: The company persistence rate represents the number of policyholders who have renewed their life policy with the same insurance company. is the relationship between the total number of insured and the number of insured who renewed their policies. The company’s persistence index represents consumers’ satisfaction with the insurance provider. The Insurance Development and Regulatory Authority (IRDA) keeps an eye on an insurance company’s persistence rate.
5. comments and reviews: Usually an applicant does not pay attention to the comments and reviews that an insurance company receives from consumers. one should always check the comments/reviews of the company and be on the lookout for complaints/bad reviews. this should give the applicant an idea of which insurance company is better than others and whether to go with the insurance company or not.