Life insurance is an agreement between an individual and an insurance company that guarantees that the insurance company will pay a death benefit to the family of the insured in the unfortunate event of death during the policy term.
 |
| Insurance |
Before you take out life insurance, you must choose an insurance company that you can fully rely on. Therefore, selecting the best insurer is essential before purchasing life insurance.
With increasing competition, it is essential to understand and compare life insurance companies in India. It is not easy to find a good life insurer. While some companies have modest premiums, others have higher premiums. Some offer long-term care, others do not. Each company offers different policies.
The best life insurance company is the one that gives you the most coverage at the lowest cost, has a solid track record, offers comprehensive coverage and customer service.
What is life insurance policy?
A life insurance policy is an agreement or contract between the policyholder and the life insurer. The policyholder undertakes to pay a premium for the insurance and the insurer undertakes to settle the insured sum in the event of the death of the policyholder or the insured. In this way, the family of the deceased remains financially stable even in his absence. There are different types of life insurance policies available in the market. they are
1. Term of life insurance
2. Capital life insurance
3. Whole life insurance
4. Pension plan
5. Investment and savings plan.
6. Child insurance
7. Unit Linked Insurance Plans – ULIP
8. Money back policy
Before purchasing a life insurance plan, you should check the credibility of the insurer. This can be assessed using metrics such as the life insurer's claim settlement ratio and solvency ratio.
The List of life insurance companies in India
Here is the list of 23 life insurance companies in India.
1. Max Life Insurance Company
Established in 2000, Max Life Insurance Company is a top 10 life insurance company. The main objective of this life insurance company is to provide adequate financial stability to its customers. As a result, insurance companies have several life insurance policies, including child insurance, long-term savings, protection, investment and other group solutions.
All these insurance plans offered by Max Life are packed with benefits and numerous essential features as per individual needs.
Max life insurance claim settlement ratio: 99.20%
Solvency ratio 2022: 2.01
2. Life Insurance Corporation of India (LIC India)
Life Insurance Corporation of India is the only public sector insurer in this list. It is the oldest insurance sector in India and was established in 1956. It is one of the largest insurance companies. LIC offers its customers a variety of insurance solutions like insurance plans, pension plans, child insurance plans and more.
LIC Claim Settlement Rate: 97.79%
LIC Solvency Ratio 2022: 1.85 (March 2021)
3. HDFC Life Insurance Company
HDFC Life Insurance Company is a joint venture between HDFC Limited and Aberdeen plc (formerly Standard Life Aberdeen plc), a global investment company. It was established in 2000. It offers a wide range of individual and group insurance solutions to meet the needs of its clients.
The HDFC Life Insurance Claim Settlement Rate: 99.04%
Solvency Ratio 2022: 1.76
4. AEGON LIFE INSURANCE COMPANY
AEGON Life Insurance Company is a service-oriented company with innovative and effective working professionals. Founded in 2008, the company uses a multi-channel marketing approach to help people make better decisions in their lives.
The company has launched many services that focus on offering customers plans to meet their financial goals. The plans offered by the company include online term plans, endowment plans, group plans, ULIP plans, retirement funds, protection plans, savings plans, children's plans and governing plans.
Aegon life insurance claim settlement ratio: 96.45%
Aegon Life solvency ratio 2022: 3.33
5. Edelweiss Tokio Life Insurance Company
Edelweiss Tokio Life Insurance Company was founded in 2011. It is a joint venture between Edelweiss, a leading Indian financial services company, and Tokio Marine, a Japanese life insurance company. The company has around 116 branches across the country and has a diversified life insurance product portfolio to meet the needs of its customers.
The Edelweiss Tokyo Life Insurance Claims Settlement Rate: 95.82%
Solvency index 2022: 2.11
6. ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company is a joint venture between ICIC Bank, an Indian multinational banking and financial services company, and Prudential Corporation Holdings Limited, a British multinational insurance company. It offers term life insurance, savings plans, retirement plans and more. The company started operations in 2001.
The ICICI Claim Settlement Ratio for Life Insurance: 98.58%
Solvency ratio 2022: 2.04
7. Bharti AXA Life Insurance Company
Bharti AXA Life Insurance is a partnership between Bharti Enterprises, one of India's leading business conglomerates, and Paris-based AXA Group.
It is usually found in the list of life insurance companies in India. It is a prominent business conglomerate in India with interests in financial services, agriculture and telecommunications. Bharti AXA Life Insurance Company offers a variety of insurance policies including Savings Plan, Children's Education Plan, Term Life Insurance and ULIP Plan. Also, Bharti AXA Life Insurance offers long-term value to its customers.
Bharti Axa life insurance claim settlement ratio: 97.28%
Solvency ratio 2022: 1.62
8. Kotak Mahindra Life Insurance
Kotak Mahindra Life Insurance offers around 14 life insurance plans and other group plans to meet the needs of its customers. Established in 2001, it is one of the fastest growing insurance companies in India. It has around 232 branches catering to 34.8 million customers across the country.
Kotak Life Insurance Claim Settlement Ratio: 97.40%
Kotak's Solvency Ratio 2022: 2.73
9. Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance Company is one of the leading private life insurance companies in India. It is a joint venture between India's Bajaj Group-owned Bajaj Finserv Limited and European financial services company Allianz SE.
Keeping in mind the changing demands and needs of customers, Bajaj Allianz ÉletbiztosÃtó Zrt. Launched innovative insurance products. As a result, Bajaj Allianz Life Insurance offers a wide range of life insurance products to meet the needs of various social segments.
Bajaj Allianz life insurance claim settlement ratio: 95.01%
Solvency ratio of Bajaj Aliianz life insurance 2022: 5.81
10. Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance is a joint venture between the Aditya Birla Group, an Indian multinational, and Sun Life Financial Inc., a Canadian financial services company. It was started in 2001 and offers solutions like wealth protection plans, child insurance plans, term life insurance and more.
Aditya Birla Sun Life Insurance Claim Settlement Ratio: 97.15%
Solvency Ratio 2022: 1.88
11. Pramerica Life Insurance Company
Pramerica Life Insurance Company was formed as a spin-off of a joint venture between Prudential International Insurance Holdings Limited and Dewan Housing Finance Corporation Limited.
They first started working in the life insurance sector in 2013. The insurance company has 138 offices across the country. It offers various life insurance products for both groups and individuals. Policyholder needs such as retirement planning, securing children's future, wealth creation and savings are at the heart of each of these insurance products.
Pramerica life insurance claim settlement ratio: 98.42%
Solvency ratio 2022: 4.04
12. Tata AIA Life Insurance
Tata AIA Life Insurance is a joint venture of Tata Sons Pvt. Ltd., the main holding company of the Tata Group and AIA Group Ltd., a US-incorporated Hong Kong-based multinational insurance and financial company. Death insurance, wealth solutions, pension solutions, savings solutions and group solutions are some of the categories in which life insurance products are offered.
Tata AIA Life Insurance Claim Settlement Rate: 99.07%
Solvency Ratio of TATA AIA 2022: 1.96
13. Exide Life Insurance Company
Exide Life Insurance is one of the largest life insurers in India. It was formerly known as ING Vysya Life Insurance Company. Bangalore based Personal Life Insurance Company.
Exide Insurance Company is owned by Exide Industries Limited, which has more than 15 million customers. The company has a strong existing product line with proven bonuses in the insurance industry and is committed to offering long-term protection and savings programs.
Also, the company goes beyond traditional life insurance by offering on-demand life insurance options.
14. Reliance Nippon Life Insurance Company
Reliance Nippon Life Insurance Company was established as a joint venture between Reliance Capital and Nippon Life. It started operations in 2001 and is known as a leading life insurer among insurance customers. They have offered insurance plans to over 10 million customers.
It is said to be one of the largest non-bank life insurance companies among private insurers. Insurers are mainly concerned with five different insurance categories namely pension, protection, children, healthcare, finance and savings for individual and companies or group organisations.
Reliance Nippon life insurance claim settlement ratio: 97.71%
Solvency ratio 2022: 2.35
15. SBI Life Insurance Company
SBI Life Insurance Company is a joint venture between State Bank of India, an Indian multinational public sector bank and BNB Paribas Cardiff, a French financial institution. It started operations in 2001 and offers life insurance plans like savings plans, term life insurance, retirement solutions etc.
Life Insurance SBI Claim Settlement Rate: 95.03%
Solvency Ratio 2022: 2.05
16. PNB Metlife India Insurance Company
PNB MetLife India Insurance Company provides life insurance solutions such as parenting solutions, long term savings plans, family protection plans etc. Major shareholders of the company are MetLife International Holdings and Punjab National Bank. It has more than 1,800 business customers.
PNB MetLife India Life Insurance Claim Settlement Ratio: 96.21%
Solvency Ratio 2022: 2.09
17. Aviva Life Insurance Company
Aviva Life Insurance Company is a joint venture between Aviva plc, a British insurance company and Dabur Group, an Indian conglomerate. It started operations in 2002 and offers child insurance, term life insurance, savings plans and more.
Aviva Life Insurance Claim Settlement Rate: 96.06%
Solvency Ratio 2022: 1.82
18. Sahara India Life Insurance Company
Sahara India Life Insurance Company got its insurance license from IRDAI in 2004. It is the first private sector life insurance company launched in India without foreign collaboration. You have various life insurance plans like term life insurance, endowment insurance, ULIP etc.
Sahara India Life Insurance Claim Settlement Rate: 90.16%
Solvency Ratio 2022: 6.75
19. Future General India Life Insurance Company
Future General India Life Insurance Company is a private insurance company in India. It is a joint venture between Future Group, an Indian conglomerate and Generali Group, an Italian insurance company. It offers life insurance plans like health plan, pension plan, term insurance plan, child plan, ULIP etc.
Future Settlement Rate of General Life Insurance Claims: 95.16%
Solvency Ratio 2022: 1.83
20. Ageas Federal Life Insurance Company
Aegis Union Life Insurance offers life insurance plans like pension plan, term plan, child plan, ULIP etc.
Ageas Federal Life Insurance Claim Settlement Rate: 95.79%
Solvency Index 2022: 3.12
21. Canara HSBC OBC Life Insurance Company
Canara HSBC OBC Life Insurance Company offers about 4 online life insurance plans to its customers. The company was established in 2008 and is a joint venture between Canara Bank of India and HSBC Insurance Holdings Limited (Asia Pacific), also offering various term life insurance, savings plans, tax saving plans, retirement plans etc.
Canara HSBC OBC Life Insurance Claim Settlement Ratio: 94.04%
Solvency Ratio 2022: 2.82
22. Star Union Dai-ichi Life Insurance Company
Star Union Dai-ichi Life Insurance Company is a joint venture between India's two largest state-owned banks, Union Bank of India and Bank of India, and Dai-ichi Life Holdings, a leading Japanese life insurance company. Individual and group needs are met. As part of group packages, term insurance, group riding packages etc. Pension plans, child insurance, etc. are offered within the framework of individual packages.
Claim Settlement Rate of Star Union Dai-ichi Life Insurance: 96.74%
Solvency Ratio 2022: 2.00
23. India's first life insurance company
IndiaFirst Life Insurance Company is a joint venture between India's leading public sector banks, Bank of Baroda and Union Bank of India, and British financial and investment firm Legal & General. They offer different types of life insurance plans like term plan, child insurance, micro insurance, investment plan, retirement plan and many more.
The India's First Life Insurance Claim Settlement Rate: 92.82%
Solvency Index 2022: 1.65
Conclusion
Life is unpredictable and full of uncertainty. The only way to deal with adverse situations is to act proactively. That is why the concept of "insurance" was created to reduce risk and provide protection.
Insurance is a fundamental means of risk management in life. Choose a good life insurance company for you and your family. Check out the above mentioned list of life insurance companies in India and choose the one that perfectly matches your criteria.
0 Comments
Do not share any link