There are 24 life insurance companies in India registered under the Indian regulatory body, IRDAI (Insurance Regulatory and Development Authority of India), that offer life insurance policies in India. Life insurance plan is a contract between an individual and an insurer under which the insurer promises to offer a death benefit to the policyholder’s family in case of an unforeseen demise during the policy term. . You should always choose an insurance company which is reliable and credible. Thus, selecting the best insurance company is important before buying a life insurance plan. The best life insurance company is the one that provides you comprehensive coverage at low premium rates with a good track record and also offers customer service.Read more
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Let’s take a look at the best life insurance companies in India and their claim settlement ratios:
Here is a list of the top life insurance companies in India and their respective Claim settlement ratios for the financial year 2021-22, as issued by IRDAI.
|Life Insurance Companies in India||Claim Settlement Ratio (FY 2021-22)|
|Aditya Birla Sun Life Insurance Company||98.07%|
|Aegon Life Insurance Company||99.03%|
|Ageas Federal Life Insurance Company||97.03%|
|Aviva Life Insurance Company||98.39%|
|Bajaj Allianz Life Insurance Company||99.02%|
|Bharti AXA Life Insurance Company||99.09%|
|Canara HSBC OBC Life Insurance Company||98.44%|
|Edelweiss Tokio Life Insurance Company||98.09%|
|Exide Life Insurance Company||99.09%|
|Future Generali India Life Insurance Company||96.15%|
|HDFC Life Insurance Company||98.66%|
|ICICI Prudential Life Insurance Company||97.82%|
|IndiaFirst Life Insurance Company||96.92%|
|Kotak Mahindra Life Insurance Company||98.82%|
|Life Insurance Corporation of India Company||98.74%|
|Max Life Insurance Company||99.34%|
|PNB MetLife India Insurance Company||97.33%|
|Pramerica Life Insurance Limited||98.30%|
|Reliance Nippon Life Insurance Company||98.67%|
|Sahara India Life Insurance||97.08%|
|SBI Life Insurance Company||97.05%|
|Shriram Life Insurance Company||82.39%|
|Star Union Dai-ichi Life Insurance Company||97.42%|
|Tata AIA Life Insurance Company||98.53%|
**Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.
Following is a list of top 10 life insurance companies in India:
Bajaj Allianz Life Insurance is a joint venture between the European financial services company Allianz SE and Bajaj Finserv Limited. Launched in the year 2001, this life insurance company provides a one-stop solution for customer’s insurance needs and helps them in achieving their financial goals by providing them with a huge range of products, right from term insurance to group insurance. The company provides a huge array of customized products that cater to the needs of the customers and provides them with innovative services.
Headquartered in Mumbai Bharti AXA Life Insurance is a life and general insurance provider company. The company is a joint venture between Bharti Enterprises and AXA Group. Customers can choose from the wide range of policies offered by the company ranging from investment plans to traditional plans or life insurance plans to child plans. The company is flourishing immensely and has many offices in different cities across India. The customers witnessed a maximum number of claims settled by the company in a year with a claim settlement ratio of 99.05% in the year 2020-21. The policies offered by the company have a maximum tenure of 65 years and the age criteria for the plans start from a minimum of 18 years to a maximum of 65 years
Launched in 2008 Canara HSBC Life Insurance is a joint venture between HSBC Insurance Holding Ltd, Canara Bank, and Oriental Bank. The company works as a pan India network with around 7000 branches of the three shareholder banks across the country. Moreover, the company provides necessary training and coaching to the bank staff across the 28 centers in the country. With a huge customer base, the company provides customized products to meet the needs of the buyers. The policies offered by the company have a maximum tenure of 40 years and the eligibility criteria range from a minimum of 18 years – a maximum of 70 years.
HDFC Life Insurance Company India is a joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus. It was founded in the year 2000. The company currently has 38 individual and 13 group products in its portfolio. In order to meet the various needs of the customer the company provides an array of individual and group insurance solutions like pension plans, saving and health plans, protection plans, child plans, and women's plans.
ICICI Prudential Life Insurance Company of India is a joint venture between ICICI Bank Ltd. and Prudential Plus. The company began its operation in December 2000 as the first private-sector Life insurance in India. For over a decade the company has maintained its topmost position amongst the private life insurers in the country. To fulfill the different life stage requirements of the customer, ICICI Prudential Life Insurance provides an array of products that enables buyers to achieve their long-term goals. ICICI Prudential life insurance offers products like term plans, ULIP plans, Pension Plans, Child Plans, and Investment Plans.
Life Insurance Corporation of India is the oldest insurance provider in the insurance sector of our country. Established in 1956, one of the largest insurance companies in India and is a state-owned insurance group and investment firm that offers a range of insurance products to its customers. Some of the common products that are offered by the company are life insurance plans, pension plans, child insurance plans, unit-linked plans, special plans, and group schemes. The company has a huge number of employees operating in different cities and towns all over the country.
Max Financial Service Ltd. and Mitsui Sumitomo Insurance Co. Ltd joined hands together and launched Max Life Insurance. With multi-channel distribution partners and high-service providing agencies, the company offers comprehensive long-term protection, saving, and retirement schemes. With a strong customer-centric approach the company offers a one-stop solution for all types of insurance and investment needs. Max Life Insurance has a strong track record of 15 years and offers superb investment expertise.
PNB MetLife India Insurance company has clients all over India and is spread over 117 different locations in the country. The company is well known for its protection and retirement products. Apart from this, there are various plans like a child plan, saving plan, ULIP plan, Monthly income plan, and money-back plan that are offered to the customer. PNB MetLife Insurance Company in India came into action in the year 2001. For the insurance products offered by the company, the eligibility criteria start from a minimum of 18 years –a maximum of 65 years old.
Introduced in the year 2001, SBI Life Insurance Company is a Joint venture between the State Bank of India and BNP Paribas Cardif. SBI Life Insurance Company offers an inclusive range of life insurance and pension products at a very economical rate. You can also purchase pure protection plans, health insurance, and savings solutions as well. You can buy the SBI life insurance plans online and offline.
TATA Sons and the AIA Group teamed up to form and launch the TATA AIA Life Insurance Company. The company works with a consumer services approach and delivers an extensive range of Insurance Products to individuals, associations, and corporate insurance buyers. With a passion for excellence, the company provides various plans in multiple segments like group plans, child plans, wealth plans, protection plans, saving plans, and micro-insurance plans.
Following are some of the important factors to consider before choosing best life insurance company in India for yourself:
Claim Settlement Ratio: Claim Settlement Ratio (CSR) values help you understand the company’s claims settlement ratio for the previous financial year. It is the number of claims registered to the number of claims settled by the company in a particular year. You should compare term plans and CSR values before purchasing the most suitable life plan.
Dedicated Customer Support: It is important to look into the company’s customer support system as you should purchase life insurance from a company with a dedicated customer and claims support. The 24x7 assistance can help resolve any issues that might arise during the policy term.
Feedback and Customer Reviews: You should go through the customer reviews for the life insurance companies in India as it can give you a better idea of the best insurance company in India.
Available Riders: The life insurance companies in India offer a wide range of term riders that you can include in the base plan to enhance its coverage by paying a minimal amount of premium. You can add any of the following riders: Critical Illness rider, Accidental Death benefit rider, Accidental Total and Permanent Disability rider, and waiver of premium riders.
India is home to several remarkable insurance companies which have earned the trust of the Indian citizens through their diverse range of policies, excellent customer service, and financial assistance. However, it is the duty of these citizens to make sure they buy the right life insurance policy. Policybazaar can help them by comparing from amongst the best insurers so that they can buy a plan from one of the top 10 life insurance policy in india.
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