In this world of uncertainty, no one and nothing is permanent or predictable. With each step in your life, you need to be careful for yourself and also be aware of the safety of your loved ones. And one of the easiest way to do that is getting a life insurance plan in India.
There are lots of life insurance companies who claim to provide you with the best plans. But among them Government of India approved insurance companies who give you amazing life insurance plans with a very low premium.
These life insurance companies are popular in the market and people have known them for a long time. It does not matter how small or big your family is, every family member deserves one life insurance on his or her name. And it must be got from a famous and trustworthy insurance company.
Right now, 24 life insurance companies are present in India. They are either independent companies or a joint collaboration between two companies, one Indian and the other one global.
The Insurance sector in India
We will talk about the top insurance companies with whom you should invest. But before that, let us know some important facts about the Insurance sector of India. Life Insurance Corporation or LIC of India was the first insurance provider in India and from 1956 to 1999, it was the only one in the whole insurance market. It the year 1999, the government of India launched Insurance Regulatory and Development Authority to initiate the business of life insurance to both Indian as well as foreign companies. But there are only 26% of the foreign companies in this business.
Now let us pay some attention to the powers, works and duties held the Insurance Regulatory and Development Authority.
- It holds the power of registering a certificate to the applicant, make some modification to it, renew it, cancel or withdraw the registration.
- It takes care of the interest in terms of assigned policy, insurance claim and such other terms and conditions of each policyholder.
- It also has to take utmost care of the benefits, interest rate and other terms and conditions.
- It needs to take the required measures and take care of its loss assessors and the surveyors.
- IRDA approves the effectivity in the management of businesses that are insurance relevant.
In short, IRDA manages and keeps control over all insurance related matter from paying attention to the needs of policyholders, if there is any growth in insurance brands and such other things.
Below are the top 10 insurance companies in India. Each of them has been in the service for years now and have earned the reputation of being one of the best and trustworthy among the people of India. They provide insurance policies in low premiums and that makes them the favorite of people. Policyholders of these companies are very much benefited with their well-organized plans.
Top 10 life insurance companies in India in 2018-19:
|Name of the Insurance company||Claim Settlement Ratio (%)||Grievances solved (in percentage)||Solvency Ratio (for the quarter ending on 31/03/2018)|
|Life Insurance Corporation of India||98.04%||100%||1.58|
|HDFC Life Insurance Co. Ltd.||97.80%||99.85%||1.92|
|Max Life Insurance Co. Ltd.||98.26%||100%||2.75|
|ICICI Prudential Life Insurance Co. Ltd.||97.88%||99.97%||2.52|
|Aditya Birla Sunlife Insurance Co. Ltd.||96.38%||99.75%||2.14|
|TATA AIA Life Insurance Co. Ltd.||98.00%||100%||2.93|
|SBI Life Insurance Co. Ltd.||96.76%||100%||2.04|
|Bajaj Allianz Life Insurance Co. Ltd.||92.04%||99.48%||5.92|
|PNB Metlife India Insurance Co. Ltd.||91.12%||98.32%||2.02|
|Reliance Nippon Life Insurance Company||95.17%||99.94%||2.66|
Before going for the one that suits you, you should go through these top 10 life insurance companies listed below. A little knowledge about them will help you choose what is the best for you.
LIC Insurance Corporation of India
Life Insurance Corporation of India is the first ever insurance company of India. It is one of the greatest companies to provide you with an insurance policy. It is commonly known as LIC which means ‘Life Insurance Company’.
It was established on 1st September 1956 in Mumbai and it is presently chaired by Mr. M. R. Kumar. This insurance firm offers a variety of different schemes such as life insurance, endowment plans, mutual funds, pension plan, health insurance, children plans, etc.
The claim settlement ratio of insurance policies offered by Life Insurance Corporation is 98.31%. The address of their official website is https://www.licindia.in/
In service since 1956, Life Insurance Corporation gives the best life insurance plans and is definitely holds a top place in people’s choice. LIC New Children’s plan, LIC Jeevan Saral, LIC Jeevan Akshaya are few of their famous plans.
HDFC Standard Life Insurance
Another favorite insurance company in India is HDFC Standard Life Insurance Company. The headquarter of HDFC is in Mumbai and the MD and CEO is Ms. Vibha Padalkar. HDFC stands for ‘Housing development Finance Corporation’. It is one of the leading insurance companies to supply long and short-term life insurances.
HDFC Standard Life Insurance is the joint product of Standard Life Aberdeen and HDFC Ltd. It offers a large variety of individual as well as group insurance plans as in health plans, savings, pensions, investment plans etc.
HDFC Standard Life Insurance’s claim settlement ratio is 97.62%. The address of its official website is https://www.hdfclife.com/
Some of the very popular plans offered by HDFC Standard Life Insurance are HDFC Endowment Plan, HDFC Standard Life Insurance Term Plan, HDFC Life child Plan, HDFC Retirement Plan
Max Life Insurance
In the list of best life insurance companies in India, Max Life Insurance holds the fifth place in the year 2019. It started its journey of serving people in 2001 and since then, it is serving us with its amazing insurance plans. The main office is in Gurgaon and presently the MD and CEO of the company is Mr. Prashant Tripathy. Max life Insurance is a joint product of Max Finance service and the Mitsui Sumitomo Insurance Company.
Max Life Insurance is right now serving above 3000 people with several plans like Strategy plans, child plans, Term Plans, Growth plans, and so on. The main reason behind its popularity is the low premium. This Company has claim settlement ratio of 97.81%. The address of the official website of Max Life Insurance is https://www.maxlifeinsurance.com/
Max Life Premium Return Protection, Max Life Online Term, Guaranteed Lifetime income plan, Shiksha Plus Super, Max Life Super Term Plan are some of famous insurance plans of Max Life Insurance.
ICICI Prudential Life Insurance
Authorized by ICICI bank Prudential Corporation Holdings Limited, ICICI Prudential Life Insurance, is given the second spot in the list of India’s best life insurance companies of 2019. It was founded in 2001 in Mumbai and since then, ICICI Prudential Life Insurance has been there with us serving with its life insurance policy. Managing Director and the Chief Executive Officer of ICICI Prudential Life Insurance company is Mr. N S Kannan.
This insurance company provides us with amazing plans and the claim settlement ratio of this insurance currently is 96.68%. The address of the official website is https://www.iciciprulife.com/
These are some popular schemes offered by ICICI Prudential Life Insurance: ICICI Prudential Smart Health Cover, ICICI Pru Life Raksha, ICICI Pru Heart Cancer Protect, ICICI Pru iProtect Smart.
Birla Sun Life Insurance
Aditya Birla Sun Life Insurance is a cooperative partnership between the very popular international organization Aditya Birla Group and Sun Life Financial Inc and it has got the seventh place in the list of topmost life insurance companies 2019 in India. It is an insurance company that aims at serving people with the world class security and this way it has managed to gain a lot of love from people.
Presently this company is offering with various beneficial plans such as rural plans, child plans, group plans, protection plans saving plans, and more such plans.
Commonly, Aditya Birla Sun Life Insurance is known with its abbreviation- ABSLI. Currently, Aditya Birla Sun Life Insurance Company has claim settlement ratio of 94.69%. The official website is of this insurance company is https://lifeinsurance.adityabirlacapital.com
BSLI Vision Endowment Plan, BSLI Protector Ease, BSLI Secure Plus Plan, BSLI Protector plus plan- these are some very known insurance plans by Aditya Birla Sun Life Insurance.
TATA AIA Life Insurance
TATA is one of the most recognized companies all over India. AIA Group Ltd. and Tata Sons Ltd. joined hands to establish TATA AIA Life Insurance Company. In 2019, it acquired the ninth rank in the ranking list of India’s best life insurance companies. The head office is in Mumbai and Mr. Rishi Srivastava is the Managing director and Chief executive officer of company.
Tata has always been a leading name and TATA AIA Life Insurance has now become largest life insurance company of Asia who has more than 18 markets around the Asia Pacific region. On the basis of records, TATA AIA insurance company has business collections of around INR 1397 crore in 2017-2018.
This company offers a much higher Claim Settlement Ratio than others which is 98%.
insurance schemes of TATA AIA Life Insurance.
The official website address is http://tataaia.com/
SBI Life Insurance
State Bank of India is the full form of SBI. The largest bank in India, the State Bank of India joined hands with a popular insurance company BNP Paribas Cardif and came up with this amazing insurance company that is SBI Life Insurance Company. Here, SBI has about 70.1% in the partnership and rest belongs to BNP Paribas Cardif.
It has secured third place in the ranking of topmost insurance companies in India in 2019. IRDA mentions SBI Life Insurance Company as one the most popular and trustworthy insurance companies in India.
It started off its journey in the year 2001 and the head office is situated in Mumbai. Right now, the Managing Director and the Chief Executive Officer is Mr. Sanjiv Nautiyal. The insurance company offers various insurance plans for everyone in need. The claim settlement ratio of SBI Life Insurance Company is 96.69%. The website address of SBI Life Insurance is https://www.sbilife.co.in/
Here are some well-recognized insurance plans by them: SBI LIFE-smart money planner, SBI LIFE-CSC Saral Sanchay, SBI LIFE-eShield, SBI LIFE-Smart Humsafar.
Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance is the joint collaboration of a German company Allianz and the Indian company Bajaj Finserv Ltd. It is one of the most trusted insurance companies in India and so it has managed to secure the sixth place in the ranking list of best insurance companies of India in 2019. In 2001, it was established in Pune. Mr. Tarun Chugh is the current Managing Director and the Chief Executive Offer of it. Presently, this insurance company has around 759 branches spread all over in India.
It provides various schemes for the benefit of everyone in need. It has investment plans and insurance plans for everyone. It offers a goal-based plan for investment plan, Bajaj Allianz Life Goal Assure which allows planning for the ultimate, great experiences without any worries in mind.
Bajaj Allianz Life Insurance Company has a claim settlement ratio of 91.67%. The official website address of Bajaj Allianz Life Insurance Company is https://www.bajajallianzlife.com
Some of the popular insurance plans brought by them are- Life Long ASSURE Plan, Young Assure Plan, iSecure Loan plan, Save Assure Plan, Retire Rich.
PNB Metlife India Insurance
The tenth rank in the list of topmost life insurance companies of India 2019 is held by PNB Metlife India Insurance. It is another favorite insurance company of the people of India. This company was jointly established in 2001 by PNB or Punjab National Bank and the Metlife companies. Mr. Ashish Kumar Srivastava is the managing director and the chief executive officer of this company.
The credibility of Punjab National Bank and the financial strength of Metlife company is combined in PNB Metlife India Insurance to serve the policyholders. PNB Metalife India Insurance has 87.14% claim settlement ratio. The official website address of the company is https://www.pnbmetlife.com/
Some policy plans offered by this company are: PNB Metlife Serious Illness rider, PNB MetLife Mera heart and cancer care, PNB Metlife Accidental Death benefit rider plus, PNB Metlife Mera Term Plan.
Reliance Nippon Life Insurance
In the list of India’s best life insurance companies 2019, the eighth position was acquired by Reliance Nippon Life Insurance Company. It was one of the most trusted companies India has and is also one of the bests. It provides amazing insurance, retirement and investment plans for individuals and also for groups. Mr. Ashish Vohra is the CEO and ED of this insurance company. According to the updated records, this company holds an asset of around 150 billion rupees.
The claim settlement ratio of this insurance company is 95.17%. If someone is looking for a splendid insurance or investment plan, Reliance Nippon Life Insurance should be his destination. The address of the official website is http://www.reliancenipponlife.com/
It offers two types of life insurance policies: Reliance Nippon Life Term Plan and Reliance Nippon Life Digi-Term Insurance Plan.
A life insurance is extremely important in a person’s life. It is important to check all the facts and details about a company before investing with it. The above-mentioned companies are in the updated list of life insurers by IRDA.