Life Insurance Companies
Life Insurance Companies
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Life Insurance Companies

Today, the world is a chess game. You never know when you will hear the word 'Checkmate’. Sadly, you can’t keep a tab on it but you can very well prepare for its aftermath. Just think- what is the one thing that will trouble your family when you are gone? A list of expenses. And what if there is a way to effectively counter this problem? Fortunately, insurance providers have come up with an answer- life insurance.

Here, you will make a payment (for a certain period of time) to the company in exchange for a financial umbrella for you/your family. That means, your family will have financial protection even if you are not there to look after them. Now, comes the most important question- which life insurance provider should you prefer? As per the IRDA, there are 24 trusted insurance companies in India. We will briefly take a look at each one of them.

Best Life Insurance Companies in India

When it comes to selecting a life insurance provider, people tend to shift their attention to the provider’s claim settlement ratio. For their convenience, we have updated the claim settlement ratio of each company with the help of IRDA’s 2018-19 report. Now, you can easily make an informed decision. Here are the best life insurance companies of 2020.

1. Aegon Life Insurance Company Limited

Aegon Life Insurance Company Limited (was previously known as Aegon Religare Life Insurance Company) was established in July 2008 to provide life insurance to people to secure their future. It is held in collaboration with The Times Group (Bennett, Coleman & Co. Ltd), India’s one of the largest media associations and Dutch Aegon N.V., a multinational insurance company. The company is serving over 30 million people, has over 29,000 employees and administers assets worth 743 billion Euros.

Know More - Aegon Life Insurance

HeadquartersMumbai
Claim Settlement Ratio96.45%

2. Aviva Life Insurance Company India Limited

Aviva Life Insurance Company India Limited, founded in 2002 is in a joint partnership between The Dabur Group, an Indian association considered among the oldest business firm and Aviva plc, a British insurance group. The insurance company has 121 branches in India and is known to be one of the biggest insurance Indian industry that offers value plans to its customers to safeguard their future.

Know More – Aviva Life Insurance Plans

HeadquartersGurugram
Claim Settlement Ratio96.06%

3. Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life Insurance Company Limited, established in the year 2001 is a joint venture between Bajaj Finserv Limited (ownership of Bajaj Group, India) and Allianz SE. It is a private life insurance company that offers first-rate products for financial protection and safety.

Know More – Bajaj Allianz Life Insurance

HeadquartersPune
Claim Settlement Ratio95.01%

4. Bharti AXA

Bharti AXA is a well-known Indian Insurance company founded in the year 2008 to provide a variety of assurance plans and policies to the clients which focus on their requirements and financial planning for the future so that they can secure their families in a time of need. It consists of 104 branches all around the country. The company is in collaboration with Bharti Enterprises; which is among the foremost association of India and the AXA business group.

Know More – Bharti Axa Life Insurance

HeadquartersMumbai
Claim Settlement Ratio97.28%

5. Birla Sun Life Insurance Company Limited

Birla Sun Life Insurance Company Limited is a subordinate of Aditya Birla Capital Ltd (ABCL) founded in 2000. It is a joint venture between Sun Life Financial Inc. & Aditya Birla Group. The insurance company has 425 branches in India and over 18,000 employees serving more than 16 lakhs customers active at present. It has its presence nationwide with 2 lakh agents and channel partners.

Know More – Birla Sun Life Insurance

HeadquartersMumbai
Claim Settlement Ratio97.15%

6. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was established in the year 2008 in collaboration with leading public banks of India, viz. Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Limited. The company has a PAN India presence of 9500 branches and 115 million active customers.

Know More – Canara HSBC Life Insurance

HeadquartersGurugram
Claim Settlement Ratio94.02%

7. DHFL Pramerica Life Insurance

DHFL Pramerica Life Insurance is founded in the year 2008. It is a joint venture with Dewan Housing Finance Corporation Ltd & Prudential International Insurance Holdings, Ltd. (PIIH), a wholly-owned subordinate of Prudential Financial Inc. (PFI), a U.S leading business in financial services.

Know More – DHFL Pramerica Life Insurance

HeadquartersGurugram
Claim Settlement Ratio96.80%

8. Edelweiss Tokio Life Insurance Company Limited

Edelweiss Tokio Life Insurance Company Limited was established in the year 2011. It is a joint partnership with Edelweiss (a financial service leader in India) & Tokio Marine which is among the rapid emerging life insurers in Japan. The company has been awarded “Rising Star Insurer in 2013” for its excellence in technology and strategies in business.

Know More – Edelweiss Tokio Life Insurance Company

HeadquartersGurugram
Claim Settlement Ratio95.82%

9. Exide Life Insurance Company Limited

Exide Life Insurance Company Limited has been launched in the year 2001 and is fully owned by Exide Industries Ltd. which is known as the largest manufacturer of electric storage batteries in India. Exide Life distributes the products via different modes such as agencies, direct channels, bancassurance, corporate agency, and broking.

Know More – Exide Life Insurance Company

HeadquartersBengaluru
Claim Settlement Ratio97.03%

10. Future Generali Life Insurance Company

Future Generali Life Insurance Company is a joint venture between Future Group and the Generali Group. It was founded in the year 2006. The company is offering a wide range of effective life insurance products that can deal with the different financial needs of consumers along with several insurance benefits. With the same, you will get security and the freedom to lead your life tension-free. Apart from this, the company is also providing great customized life insurance products that can go well with your needs.

Know More – Future Generali Life Insurance

HeadquartersMumbai
Claim Settlement Ratio95.16%

11. HDFC Life Insurance Company Limited

HDFC Life was established in the year 2000 and is a well-known life insurer of India. The company is in collaboration with HDFC Ltd. (India’s biggest finance association) and Standard Life (a multinational investment company). The company offers customized life insurance plans according to the client’s needs.

Know More – HDFC Life Insurance

HeadquartersMumbai
Claim Settlement Ratio99.04%

12. IDBI Federal Life Insurance Company Limited

IDBI Federal Life Insurance Company Limited was launched in 2008 and is growing faster after starting its operations with a variety of products and plans in the market. It is a collaboration of three companies- IDBI Bank, an Indian commercial and development bank; Federal Bank, among India's largest private sector banks and Ageas, a multinational insurance giant in Europe. It has a multi-channel network with brokers, agents, direct channels and partners, etc.

Know More – IDBI Federal Life Insurance Company

HeadquartersMumbai
Claim Settlement Ratio95.79%

13. IndiaFirst Life Insurance Company Limited

IndiaFirst Life Insurance Company Limited was established in the year 2009 by Mr. Pranab Mukherjee (President of India). It is a joint venture between Andhra Bank, Bank of Baroda, and the UK's investment business viz. Legal & General group. The company’s products are reliable and affordable with risk management that makes the company among strong competitors in the market.

Know More – IndiaFirst Life Insurance Company

HeadquartersNew Delhi
Claim Settlement Ratio92.82%

14. Kotak Mahindra Old Mutual Life Insurance Limited

Kotak Mahindra Old Mutual Life Insurance Limited is a collaboration between Kotak Mahindra Bank Ltd, a leading bank in India & its partners and Old Mutual, which is an international long-term saving, investment, and protection group. The company is providing a wide range of life insurance policies through which you can easily deal with different stages of life and offer the needful security to your family in hard times.

Know More – Kotak Life Insurance

HeadquartersMumbai
Claim Settlement Ratio97.40%

15. Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) is the oldest and largest insurance company in India (founded in 1956). It is a government based company with the slogan ‘Your welfare is our responsibility’ and ‘Zindagi ke saath bhi, Zindagi Ke baad bhi’, which implies the security of people in life and even afterlife.

Know More – Lic of India

HeadquartersMumbai
Claim Settlement Ratio97.79%

16. Max Life Insurance Company Limited

Max Life Insurance is among the top insurers in India. It is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. The company’s motive is to secure the financial strength of its customers and for this reason, the products launched by Max Life are loaded with benefits and features as per the requirements of the people.

Know More – Max Life Insurance Company

HeadquartersNew Delhi
Claim Settlement Ratio98.74%

17. PNB MetLife India Insurance Company Limited

PNB MetLife India Insurance Company Limited is in collaboration with Punjab National Bank Limited, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited and other private firms. The company was established in the year 2001 with its corporate office in Gurgaon. The company offers a variety of insurance policies to its customers for their protection and future needs.

Know More – PNB Metlife Insurance

HeadquartersBengaluru
Claim Settlement Ratio96.21%

18. Reliance Life Insurance Company Limited

Reliance Life Insurance Company Limited is the major portion of Reliance Capital, established in the year 2001. The company is highly reputed for its trusted service to its customers and recognized as a brand in the market. It offers several plans that are custom-built to meet the requirements of the customers.

Know More – Reliance Life Insurance Company

HeadquartersMumbai
Claim Settlement Ratio97.71%

19. Sahara India Life Insurance Company Limited

Sahara India Pariwar was founded in 2004 and has a wide distribution throughout the country. It is a privately-owned company, also known as the Pariwar’s life insurance company. It has been established in the year 2004 and is certified by the IRDA. It provides efficient plans for the customers to fulfill the needs of any age group of people.

Know More – Sahara India Life Insurance

HeadquartersLucknow
Claim Settlement Ratio90.16%

20. SBI Life Insurance Company Limited

SBI Life Insurance Company Limited is one of the well-known insurance companies in India (founded in the year 2001). The company is in collaboration with State Bank of India, one of the leading state-owned banks of India and BNP Paribas Cardif, international banking and finance company of Paris. It offers several different types of plans to its customers, viz. group plans, individual plans, and online plans.

Know More – SBI Life Insurance

HeadquartersMumbai
Claim Settlement Ratio95.03%

21. Shriram Life Insurance Company Limited

Shriram Life Insurance Company Limited was founded in the year 2005 & is one of the largest Indian life insurance companies, especially in rural areas. The company offers quality and affordable products to its customers for the average class public in society to grow awareness and make them secure their future.

Know More – Shriram Life Insurance

HeadquartersNew Delhi
Claim Settlement Ratio85.30%

22. Star Union Dai-Ichi Life Insurance Company Limited

Star Union Dai-Ichi Life Insurance Company Limited was established in 2007. It is a collaboration between Union Bank of India, Bank of India, and Dai-ichi Life (the second biggest insurance company in Japan). It has over 11000 branches in India serving 64 million customers which makes it one of the top ten insurers of India.

Know More – Star Union Dai-Ichi Life Insurance Company

HeadquartersMumbai
Claim Settlement Ratio96.74%

23. Tata AIA Life Insurance Company Limited

Tata AIA Life Insurance Company Limited was founded in the year 2000. The company is growing rapidly in the industry and has a joint association with the Tata group and the AIA Group. It has a worldwide network of 18 markets in the Asia Pacific region and offers a variety of products to the customers to meet their future requirements.

Know More – Tata AIA Life Insurance

HeadquartersMumbai
Claim Settlement Ratio99.07%

24. ICICI Prudential

ICICI Prudential officially started its operations in 2001 and since then, has maintained its position as a top player in the market. It was the 1st Indian insurance company to be listed in BSE & NSE.

Know More – ICICI Prudential

HeadquartersMumbai
Claim Settlement Ratio98.58%

Tips to choose the best life insurance policy

  • Financial security for the family: If you are looking for a life insurance plan just to offer the needful financial security to your family, it is advisable to go for a term plan that offers high sum assured at affordable prices.
  • Check the policy thoroughly: Just like any product/service, you pay a sum of money to buy insurance. And where the money is involved, complete knowledge about the purchase is mandatory. So, before you pull the trigger, make sure to go through every inch of detail mentioned in the policy.
  • Go for expert suggestions: When it comes to buying/selling, satisfaction is a valuable emotion. Without it, the process feels incomplete. And how can you experience that emotion? Ask the experts or read reviews about the policy.
  • Analyze your need: Whenever you are planning to invest in a life insurance product, it is very important for you to first understand your needs. A life insurance plan will be there to deal with all the financial requirements post your demise. Hence, you need to assess your number of dependents in your family, your outstanding loans and liabilities, investments and source of income, etc.
  • Claim settlement ratio: It is highly advisable to check the claim settlement ratio of the insurance provider. You will get an idea about the claim history of the company which can completely mold your love/hate of the company.
  • Compare plans: Don't stick to a single insurer or plan. Nowadays, the market is full of insurance providers who are offering superb plans at wallet-friendly prices. So, before you make up your mind, compare all available plans based on features, coverage, benefits, inclusions, etc. to get the best one to call your ‘homie’.
  • Keep inflation in mind: We all are aware of the growing inflation rate and how it plays a major role in our lifestyle. While choosing the plan and sum assured, you should keep the inflation rate in mind that will increase in the future.
  • The duration is important: Understanding the duration of the claim is also an important thing that you should keep an eye out for. This would also help you in understanding the efficiency of the company when it comes to settling the claim. Don't forget to look for the solvency ratio of the life insurance company, so that you will come to know whether the company is financially capable of paying your claims or not.
  • Look out for riders: Riders bring extra benefits that can enhance your basic life insurance plan. So, access the insurance providers on the basis of different riders and select the best one that can easily boost the benefits of your plan.

As children, we have a tendency to irritate/disturb our loved ones. When we get older, we understand our mistakes and try our best to minimize this tendency. Buying life insurance is a part of that process. Sadly, it won’t be able to give emotional satisfaction in your absence but it will act as a financial angel to your family.

FAQs

1. Which is the best life insurance company in India?

The best life insurance company should have a good claim settlement ratio. Check the benefits and features provided by the company thoroughly to select the best option available.

2. Can I buy a policy directly from the life insurance company?

Yes, you can buy directly from the life insurance company online as well as offline.

3. What is paid-up life insurance?

The paid-up life insurance implies the family of the policyholder will no longer need to pay the premiums on the death of the insured keeping the policy in force.

4. Is there any tax benefit from private life insurance companies?

The tax benefits whether available or not solely depend on the company and its terms and conditions. Many companies provide tax benefits on life insurance policies.

5. Does the public sector life insurance companies provide the same facilities as the private ones do?

The facilities completely depend on the company and its policies and not the public and private companies.

6. Do the life insurance companies have customized list for causes of death to provide life insurance?

Not all the companies but there may exist some companies where they have a customized list for causes of death to provide life insurance that is why it is advisable to read the policy documents carefully before purchasing the same.

7. Where should Buy Life insurance - Company or online aggregator?

You can buy life insurance directly from the company online or offline and from web insurance aggregator websites also. It is advisable to buy a policy from the online aggregator as you will not be able to compare the policies while purchasing directly from the company and this is not in either case. Comparing policies is necessary to get the best deal.

8. Which is the best SBI life insurance or LIC life insurance?

Both companies have their own benefits and features, check the details and compare, the one which is more suitable to you as per your requirements will be the best life insurance policy.

9. Which is the best claim paying life insurance company?

LIC (Life Insurance Company of India) is the best at settling claims as per the IRDA claim settlement ratio, which is 98.33% for the financial year 2017-18.

10. Why do life insurance companies claim settlement ratios differ in India?

The claim settlement process of a company depends on many factors such as documents submitted, company nature, customer base, terms, and conditions, claim papers that help in settling the claims and may differ because every company and customer is different

11. Why do insurance companies deny claims?

If the policy documents, claim papers or any other necessary documentation is missing or the claim is not genuine, the insurance company can deny a claim.

12. Do life insurance companies check your medical records after you die?

Please read the terms and conditions of a company before purchasing a policy, and they may ask for medical records after death also to verify the cause of death.

13. Why life insurance companies charge more premiums from smokers?

Smokers are more prone to cause any disease, cancer or death and it increases the expenses of heath treatment and others as well, that is why the company charges more premiums to smokers.

Last updated on 21-05-2020