List of Top 10 Life Insurance Companies in India: Life insurance plans are provided by life insurance companies. Life insurance is a type of agreement between an individual and an insurance company whereby the insurance company provides death benefits to the family of the insured if the life insured dies during the policy term.
Before buying any type of life insurance policy, you need to choose the best life insurance company. Claim settlement should be one of the major considerations you should consider while choosing a good life insurance company.
Apart from this, special care should also be taken to pay premium, policy term and facility to add other riders etc. So today let us discuss in detail about the best life insurance companies in India that provide life insurance policies to the customers at an affordable rate along with many others.
Following is the list of Best Life Insurance Companies in India:
1. Max Life Insurance Company
Max Life Insurance Company is one of the top life insurance companies in India. Max Life Insurance Company was established in the year 2000. Different types of insurance products are offered by this company. One can choose it as per his convenience and financial capacity. These life insurance are provided to you in both online and offline mode. To get in online mode you have to visit the official website of the company. Agents can be contacted through an offline medium.
2. HDFC Life Insurance Company
HDFC Life Insurance Company is a joint company between Standard Life Aberdeen Plc and Housing Development Finance Corporation Limited. It started its operations in the year 2000. The headquarters of HDFC Life Insurance Company is located in Mumbai (Maharashtra). It offers a variety of life insurance plans. This life insurer allows the policyholder to add additional riders to the plans to increase the coverage. Apart from this, HDFC Life Insurance Company guarantees settlement of claims.
3. Tata AIA Life Insurance Company
Tata AIA Life Insurance Company is a joint venture between AIA Group Limited and Tata Sons Private Limited. It was established in the year 2001. Tata AIA offers various life insurance products. Some of the main insurance products include wealth plans, savings plans, protection plans, etc.
4. Pramerica Life Insurance
Pramerica Life Insurance Company is an amalgamation of Prudential International Insurance Holdings Limited and Dewan Housing Finance Corporation Limited. This company started working in the life insurance sector from the year 2013. The offices of this company have been opened in various places in India. This insurance company offers a wide variety of life insurance products that are designed keeping in mind the needs of the policyholder.
5. Exide Life Insurance Company
Insurance products services are being provided to millions of people in India by Exide Life Insurance Company. The headquarter of this company is in Bangalore (Karnataka) and its offices are spread all over India. This company offers a variety of insurance products which are provided to the customers at a very affordable rate. You can choose any of these insurance plans as per your requirement.
6. Reliance Life Insurance Company
Reliance Life Insurance Company is formed in collaboration between Reliance Capital and Nippon Life. The operations of this company were started in the year 2001. It is one of the popular insurance companies among the insurance buyers.
The number of customers who have availed the insurance products offered by this company is in lakhs. At present it is considered to be the largest among the private insurance companies. This insurance company offers you all kinds of insurance products which provide you benefits as per your convenience.
7. Canara HSBC Life Insurance Company
Canara HSBC Life Insurance Company is a joint venture between Punjab National Bank, Canara Bank and HSBC Insurance Holdings Limited. It offers various types of insurance plans to the customers which can be customized as per the requirement of the individual. This company has a very good network in India.
8. Aditya Birla Sun Life Insurance Company
Aditya Birla Sun Life Insurance Company came into existence from a joint venture between Aditya Birla Group and Sun Life Financial Inc. Aditya Birla Sun Life Insurance Company is considered to be a pioneer in providing Unit Linked Life Insurance plans. Aditya Birla Sun Life Insurance Company has branches across the country. A complete range of insurance services is offered by Aditya Birla Sun Life Insurance. You can choose any of these according to your needs.
9. Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance Company is a joint venture between European financial services company Allianz SE and Bajaj Finserv Limited. Bajaj Allianz Life Insurance Company was started in the year 2001. Bajaj Allianz Life Insurance Company offers a vast range of products ranging from ULIP and child plans to group and health insurance that cater to the needs of the customers.
10. Bharti AXA Life Insurance Company
Bharti AXA Life Insurance Company is a joint venture between Bharti Enterprises and AXA Group. Bharti AXA Life Insurance is a life insurance provider company. Its headquarter is in Mumbai. This company offers a wide range of life insurance plans. It has office networks in various cities of India. The claim settlement ratio by the company is high.
Also read: What is Medical Insurance and its benefits?
How to choose the best life insurance company?
Before choosing any life insurance plan, you need to choose the best life insurance company. A person should choose such a Best Life Insurance Company that fulfills his insurance needs as well as fits in the financial budget.
Often people buy life insurance plans by falling prey to the company providing low premium payment options. But first of all, you should get complete information about the insurance company and before buying a life insurance plan, keeping in mind your needs, choose the policy accordingly.
Many life insurance companies in India provide life insurance to you. You should take care of some factors before choosing the best life insurance company. Let us now discuss this in detail.
1. Claim Settlement Ratio
Before buying life insurance, it is very important for you to check the claim settlement ratio of the company. The higher the claim settlement ratio, the more profitable the company will be to the customer. It shows the effectiveness and credibility of the company.
The claim settlement ratio of an insurance company shows the number of claims settled against the total number of claims made in a financial year. You can estimate the services provided by the company through the claim settlement ratio. The high claim settlement provided by the insurance company shows the dedication of the company. The company’s loyalty towards its customers is ensured by the high claim settlement ratio. The claim settlement ratio is reviewed by the Insurance Regulatory and Development Authority (IRDA).
2. Customer Service
Customer service is also an important factor to consider while buying an insurance plan. A customer should choose only those insurance companies who provide good quality customer service.
Customers while taking the policy should check whether all their queries are being satisfactorily resolved by the insurance company, and whether 24×7 customer care is available to assist the insurance company when needed. By taking insurance from insurance companies that provide good quality customer service, the customer does not have to waste unnecessary time and resources.
Riders are an added benefit in a life insurance policy. For this the customer has to pay some extra premium. This rider is offered by the company while providing the life insurance plan.
These riders give you additional benefits. All insurance companies provide you the option to add a rider. You can add these riders to your life insurance policy by paying additional premium as per your requirement. You should prefer companies that give you the freedom to add different types of riders. So that you can increase your life insurance cover benefit.
Some common riders are-
- critical illness rider,
- accidental death benefit rider,
- Accidental Total or Permanent Disability Rider,
- Waiver of premium rider.
4. Firmness Ratio
Company’s persistence ratio refers to the number of policyholders who have renewed their life insurance policy with the same insurance company. This company persistence ratio reflects the satisfaction of policyholders with the insurance provider. The firmness ratio of the insurance company is monitored by the Insurance Regulatory and Development Authority (IRDA).
It is generally seen that customers do not pay heed to the feedback and reviews while buying a policy. Whereas these feedbacks and reviews are received by a company from its consumers.
So you should carefully look at the company’s feedback while taking a policy from any company and pay attention to their complaints and bad reviews. With this, before buying a policy, the customer gets an idea about which insurance company provides better services than the other and which company you have to choose for the insurance policy.