The Most Trusted Life Insurance Companies in India in 2016

The Most Trusted Life Insurance Companies in India in 2016-17

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Life insurance is a cost-intensive, long term investment for Indian residents. Most individuals see the coverage that their life insurance policies provide as aguaranteeagainst unfortunate, unforeseen circumstances that might occur in the future. In addition it also acts as provisional income for the rest of the family should an active earning member become indisposed due to illness or injury, or face an untimely demise.

The ideal life insurance solution, therefore, will be dependent on the specific circumstances of an individual and their family, becausethe goal for most is to prepare for life’s uncertaintiesthrough smart investment decisions that are capable of meeting different expectations and providing adequate financial protection. Here is a close look at the top life insurance companies’ details:

Life Insurance in the Private Sector

As per the annual report of the Insurance Regulatory and Development Authority of India (IRDA), life insurance sector was opened up to private insurance companies in the year 2000. Now there are 24 life insurance providers in the Indian market of which 23 are private companies with tie ups to global insurance leaders.

But how do consumers decide which provider is best suited to their needs? A look at lifeinsurance companies’ details and stats can be very useful. One of the most convenient ways is to look at the claim settlement ratio of the provider in question. The claim settlement ratio shows consumers the number of claims that have been settled in that year. The higher the number the more the number of claims settled.

As per claim settlement figures provided by the IRDA for the 2014 – 15 financial year, the lifeinsurance companies’ details for the top 10 private insurers are as follows:

Insurance Provider

Claim Settlement Ratio

Birla Sunlife

96

Max Life

96

Tata AIA Life

95

ICICI Pru Life

94

PNB Metlife

93

Bajaj Allianz

92

HDFC Standard

91

Kotak Mahindra

91

SBI Life

89

Exide Life

86

 

Birla Sun Life’s Term Life Insurance Offerings 

This life insurance companies’ detailsare as follows: 

The Birla Sun Life Insurance Company was formed as a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a Canadian financial services company based in Quebec. With a claim settlement ratio of 96 percent, Birla is one of the most customer-friendly private life insurance companies. The company serves more than 20 lakh policy holders and offers a wide range of insurance solutions. In the realm of life insurance, Birla Sun Life offers four different types of term plans which cater to different budgets and customer requirements. They are:

  1. BSLI Protect@Ease Plan
  2. BSLI Easy Protect Plan
  3. BSLI Protector Plus Plan
  4. BSLI Future Guard Plan

Appended below are these this life insurance companies’ detailswith four plans with their key features listed.

Protect@Ease Plan

The key features of the Protect@Ease Plan include:

  1. Easy to buy
  2. Option to increase sum assured: sum assured at age 30 stands at a minimum Rs. 50 lakhs. By the fifth anniversary of the policy, the sum assured can be increased to Rs. 75 lakhs.
  3. Full and affordable fiscal protection
  4. Death benefit can be claimed as annual income
  5. Choice of two separate plans to suit any requirements
  6. Flexible terms for premium payment: can be paid annually or monthly
  7. Premium reduction for women, preferred non-smokers and non-smokers
  8. Income tax benefits under Income Tax Act, 1961

Here are this life insurance companies’ details for this planat a glance:

Entry Age

 

18 to 55 years of age

Plan Options

 

  1. Level Term Assured
  2. Increasing Term Assured

 

Policy Term

 

5 to 30 years; subject to max. age of 80 years at the end of policy term

 

Premium Paying Term

 

Regular Pay and Single Pay

 

Premium Mode

 

Annual or monthly

 

Sum Assured

 

Min. Rs. 50,00,000

Max. Rs. 5,00,00,00,000

 

 

Easy Protect Plan

The Easy Protect Plan is a regular term insurance policy with similar features as the Protect@Ease plan. These include:

  1. Option to increase sum assured: sum assured at age 30 stands at a minimum Rs. 50 lakhs. By the fifth anniversary of the policy, the sum assured can be increased to Rs. 75 lakhs.Full and affordable fiscal protection
  2. In the event of the insured’s demise, the death benefit will be paid out to the nominee
  3. Choice of two separate plans to suit any requirements
  4. Flexible terms for premium payment: can be paid annually or monthly
  5. Premium reduction for women, preferred non-smokers and non-smokers
  6. Income tax benefits under Income Tax Act, 1961

Here are this life insurance companies’ details for this plan at a glance:

Entry Age

 

18 to 55 years of age

Plan Options

 

  1. Level Term Assured
  2. Increasing Term Assured

 

Policy Term

 

5 to 30 years; subject to max. age of 80 years at the end of policy term

 

Premium Paying Term

 

Regular Pay and Single Pay

 

Premium Mode

 

Annual or monthly

 

Sum Assured

 

Min. Rs. 50,00,000

Max. No limit

 

 

Protector Plus Plan

Key of life insurance companies’ details for this plan include:

  1. Full and affordable fiscal protection
  2. Option to increase sum assured to cover the rising cost of living. Policy holders have the option of increasing sum assured by 5% or 10% simple per annum on every policy anniversary without increase in premium.
  3. Sum assured will be higher of:
  • Sum assured at date of death
  • 10x of annualized premium
  • 105% of all premiums paid as on the date of death
  • Flexible terms for premium payment: can be paid annually, half-yearly, quarterly or monthly
  • Nominee can claim sum assured as lumpsum payment or in increments.
  • Total and permanent disability benefit can be claimed the insured
  • Customizable and added protection riders for:
    1. Critical illness
    2. Accidental death and disability
    3. Surgical care
    4. Hospital care
    5. Waiver of premium
    6. Income tax benefits under Income Tax Act, 1961

Here are this life insurance companies’ details for this plan at a glance:

Entry Age

 

18 to 65 years of age

Plan Options

 

  1. Level Term Assured
  2. Increasing Term Assured

 

Policy Term

 

5 to 30 years, subject to max. age on maturity: 70 years

 

Premium Paying Term

 

Regular Pay

Premium Mode

 

Annual, Semi-annual, Quarterly, Monthly

Sum Assured

 

Min. Rs. 30,00,000

Max. No limit

 

 

Future Guard Plan

Key features of life insurance companies’ details for this plan:

  1. Full and affordable fiscal protectionChoice of plan type:
  2. 100% return of premiums paid
  • 110 – 150% return of premium depending on policy term
  • Premium will depend on gender, age, policy type, policy term and sum assured
  • Flexible terms for premium payment: can be paid annually, half-yearly, quarterly or monthly
  • Nominee can claim sum assured as lumpsum payment or in increments.
  • Customizable and added protection riders for:
  • Critical illness
    • Accidental death and disability
    • Surgical care
    • Hospital care
    • Waiver of premium

Here are this life insurance companies’ details for this plan at a glance:

Entry Age

 

18 to 65 years of age

Policy Term

 

10,15,20,25,30 years, subject to max age on maturity : 75 years

Premium Paying Term

 

Regular Pay

Premium Mode

 

Annual, Semi-annual, Quarterly, Monthly

Sum Assured

 

Min. Rs. 5,00,000

Max. No limit

 

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