List of Life Insurance Companies
Life insurance plans are provided by life insurance companies. Life insurance is a type of agreement that is entered into between an individual and an insurance company under which the insurance company provides a death benefit to the family of the insured in case of death of the insured during the policy term.
Before buying any type of life insurance policy, it is necessary to choose a Best Life Insurance Company. Claim settlement is one of the main things you should look at while choosing a good life insurance company. Apart from this, special attention should also be paid to premium payment, policy term and facility to add other riders etc. So let us today discuss in detail about the Best Life Insurance Companies in India that provide life insurance policies to the customers at an affordable rate with lots of people.
Following is the list of Best Life Insurance Companies in India –
- 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 according to their convenience and financial capability. This life insurance is provided to you in both online and offline mode. To get in online mode you have to visit the official website of the company. You can contact agents through offline medium.
- 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 work in the year 2000. The headquarter of HDFC Life Insurance Company is located in Mumbai (Maharashtra). It offers various types of life insurance plans. The life insurance company allows the policyholder to add additional riders to the plans in order to increase the coverage. Apart from this, HDFC Life Insurance Company guarantees the settlement of claims.
- 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.
- Pramerica Life Insurance
Pramerica Life Insurance Company is a joint venture between 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 variety of life insurance products that are designed keeping in mind the needs of the policyholder.
- Exide Life Insurance Company
Exide Life Insurance Company is providing insurance products services to millions of people in India. The company is headquartered in Bangalore (Karnataka) with offices spread across India. The company offers a variety of insurance products that are offered to the customers at a very affordable rate. You can choose any of these insurance plans as per your requirement.
- 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 availing the insurance products provided by this company runs into lakhs. Presently it is considered to be the largest among private insurance companies. This insurance company offers you all kinds of insurance products that give you benefits as per your convenience.
- 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 a variety of insurance plans to the customers which can be customized as per the requirement of the individual. The network of this company is very good in India.
- Aditya Birla Sun Life Insurance Company
Aditya Birla Sun Life Insurance Company came into existence from a joint venture between the Aditya Birla Group and Sun Life Financial Inc. Aditya Birla Sun Life Insurance Company is considered 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 need.
- 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 incorporated in the year 2001. Bajaj Allianz Life Insurance Company offers a vast array of products ranging from ULIPs and child plans to group and health insurance that cater to the needs of the customers.
- 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 provides a wide range of life insurance plans. It has a network of offices in various cities of India. The claim settlement ratio by the company is high.
- ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank Limited and Prudential Plus. This company was established in December 2000 in India. This company is the first company in India to function as a private sector insurance company. This company has maintained its topmost position among the people through its insurance products. The life insurance offered by this company is designed keeping in mind the diverse needs of the customers. Anyone can buy life insurance products from this company at a low premium rate considering their convenience and requirement. The company offers insurance products such as term plans, ULIP plans, pension plans, child plans, etc.
- IndiaFirst Life Insurance Company
IndiaFirst Life Insurance Company is in a joint venture with Bank of Baroda, Andhra Bank and Legal & General (UK based). Its headquarter is in Mumbai. The company offers a wide range of plans such as savings plan, protection plan, pension plan, term plan and child plan.
- Kotak Mahindra Life Insurance Company
Kotak Mahindra Life Insurance Company Limited is a private life insurance company operating in India. It was established in 2001. Kotak Mahindra Life Insurance Company offers a range of term plans, ULIP plans, child plans, savings plans, investment plans, protection plans and retirement plans to its customers.
- Life Insurance Corporation ( LIC ) India Company
Life Insurance Corporation (LIC) India Company is the oldest insurance company in India. It was established in 1956. It is one of the largest insurance companies in India. It offers a wide range of insurance products to its customers. Some of the common insurance products offered by the LIC company are life insurance plans, pension plans, child insurance plans, unit linked plans, and group plans. The company has branches in various cities and towns across the country.
- Sahara India Life Insurance
Sahara India Life Insurance Company was established in 2004. Sahara India Life Insurance Company is India’s first wholly owned private life insurance company. Sahara India Life Insurance offers a wide range of insurance products such as Money Back Plans, Unit Link Plans, Term Assurance Plans, Endowment Plans and Group Assurance Plans.
- SBI Life Insurance Company
Establishment of SBI Life Insurance Company Happened in the year 2004. SBI Life Insurance Company offers a wide range of life insurance and pension products at affordable rates.
- Shriram Life Insurance Company
Shriram Life Insurance Company was established in 2005. It is a joint venture between Shriram Group and Sanlam Group. The company has a network of branches in various regions of India. It caters to the diverse needs of the customers. There are different types of plans offered by the company.
- Read Also Types of Life Insurance Policy
How To Choose The Best Life Insurance Company ?
Before choosing any life insurance plan, it is necessary to choose a Best Life Insurance Company. A person should choose the Best Life Insurance Company which meets his insurance needs as well as fits into the financial budget. Often people buy life insurance plans by getting caught in the affair of a company providing low premium payment options. But you should first get complete information about the insurance company and choose the policy accordingly keeping in mind your needs before buying a life insurance plan.
Many life insurance companies provide life insurance to you in India. You must take care of certain factors before choosing the best life insurance company. Let us now discuss this in detail.
- Claim Settlement Ratio:
Before buying life insurance, it is very important to check the claim settlement ratio of the company. The higher the claim settlement ratio of the company, the more profitable the company is for the customer. It reflects the effectiveness and credibility of the company. The claim settlement ratio of an insurance company refers to the number of claims settled against the total number of claims 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 loyalty of the company to its customers is ensured by the high claim settlement ratio. Claim Settlement Ratio Review Insurance Regulatory and Development Authority _ ( IRDA ) .
- Customer Service:
Customer service is also an important factor to consider while buying an insurance plan. A customer should choose only those insurance companies that provide good quality customer service. Customers should check whether all their queries are being satisfactorily resolved by the insurance company while taking the policy, and whether the insurance company has 24×7 customer care available to assist them in case of need. 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 additional benefits in a life insurance policy. For this the customer has to pay some additional premium. This rider is offered by the company at the time of providing the life insurance plan. These riders provide you with additional benefits. All insurance companies give you the option of adding riders. 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 maximize your life insurance cover benefits.
Some common riders are-
- Critical Illness Rider,
- Accidental Death Benefit Rider,
- Accidental Total or Permanent Disability Rider,
- Waiver of premium rider.
- Firmness Ratio:
Company persistence ratio refers to the number of policyholders who have renewed their life insurance policies with the same insurance company. The Company Strength Ratio reflects the satisfaction of the policyholders with the insurance provider. The persistence ratio of an insurance company is monitored by the Insurance Regulatory and Development Authority (IRDA).
It is generally seen that customers do not pay attention to the feedback and reviews while buying the policy. While this feedback and reviews are received by a company from its consumers. So, while taking a policy from any company, you should carefully check the feedback of the company and pay attention to their complaints and bad reviews. With this, before buying the policy, the customer gets an idea that which insurance company provides better services than the other and which company you have to choose for the insurance policy.