Life Insurance Companies
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Life Insurance Companies

Life is full of uncertainties and you never know what the next moment has for you. One cannot keep a tab on life's misfortunes, but can very well prepare for its aftermath. Fortunately, insurance providers have come up with life insurance policies that look after your family's expenses in your absence. Here, you will make a payment (for a certain period) to the company in exchange for a financial umbrella for your family.

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. Here are the best life insurance companies in 2020.

1. Aegon Life Insurance Company Limited

Aegon Life Insurance Company Limited ( 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.

Know More - Aegon Life Insurance

HeadquartersMumbai
Claim Settlement Ratio96.45%
Solvency Ratio2.17

2. Aviva Life Insurance Company India Limited

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

Know More – Aviva Life Insurance Plans

HeadquartersGurugram
Claim Settlement Ratio96.06%
Solvency Ratio2.93

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%
Solvency Ratio7.73

4. Bharti AXA

Bharti AXA is a well-known Indian Insurance company founded in the year 2008. The company is in collaboration with Bharti Enterprises, which is among the foremost associations of India and the AXA business group, with 51% stake from Bharti Enterprises and 49% stake of the AXA Group.

Know More – Bharti Axa Life Insurance

HeadquartersMumbai
Claim Settlement Ratio97.28%
Solvency Ratio1.66

5. Birla Sun Life Insurance Company Limited

Birla Sun Life Insurance Company Limited is a subsidiary of Aditya Birla Capital Ltd (ABCL), founded in 2000. It is a joint venture between Sun Life Financial Inc. & Aditya Birla Group.

Know More – Birla Sun Life Insurance

HeadquartersMumbai
Claim Settlement Ratio97.15%
Solvency Ratio2.04

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, Punjab National Bank, and HSBC Insurance (Asia Pacific) Holdings Limited.

Know More – Canara HSBC Life Insurance

HeadquartersGurugram
Claim Settlement Ratio94.04%
Solvency Ratio3.77

7. DHFL Pramerica Life Insurance

Founded in 2008, DHFL Pramerica Life Insurance Company 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). The company has a pan India presence and offers a wide variety of life insurance policies to look after the needs of the policyholders.

Know More – DHFL Pramerica Life Insurance

HeadquartersGurugram
Claim Settlement Ratio96.80%
Solvency Ratio4.91

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 Financial Services (a financial service leader in India) & Tokio Marine, which is among the rapidly 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

HeadquartersMumbai
Claim Settlement Ratio95.82%
Solvency Ratio2.33

9. Exide Life Insurance Company Limited

Exide Life Insurance Company Limited was 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%
Solvency Ratio1.91

10. Future Generali Life Insurance Company

Future Generali Life Insurance Company is a joint venture between Future Group, Industrial Investment Trust Limited (IITL) and Generali Group, which was founded in the year 2007. The company offers a wide range of effective life insurance products that can deal with the different financial needs of consumers along with several insurance benefits.

Know More – Future Generali Life Insurance

HeadquartersMumbai
Claim Settlement Ratio95.16%
Solvency Ratio1.69

11. HDFC Life Insurance Company Limited

HDFC Life was established in the year 2000 and is a well-known life insurer in 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%
Solvency Ratio1.92

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 (India's largest private sector banks), and Ageas (a multinational insurance giant in Europe).

Know More – IDBI Federal Life Insurance Company

HeadquartersMumbai
Claim Settlement Ratio95.79%
Solvency Ratio3.71

13. IndiaFirst Life Insurance Company Limited

IndiaFirst Life Insurance Company Limited was established in 2009. 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

HeadquartersMumbai
Claim Settlement Ratio92.82%
Solvency Ratio1.78

14. Kotak Mahindra Life Insurance Company

Kotak Mahindra Life Insurance Limited is a collaboration between Kotak Mahindra Bank Ltd, a leading bank in India, and Old Mutual, which is an international long-term saving, investment, and protection group. The company provides 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%
Solvency Ratio3.08

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%
Solvency Ratio1.53

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%
Solvency Ratio2.51

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 2001 and has offices in 107 locations, spread across the nation. The company offers a variety of insurance policies to its customers for their protection and future needs.

Know More – PNB Metlife Insurance

HeadquartersMumbai
Claim Settlement Ratio96.21%
Solvency Ratio2

18. Reliance Life Insurance Company Limited

Reliance Nippon Life Insurance Company Limited is a major part of Reliance Capital. 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%
Solvency Ratio2.71

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%
Solvency Ratio9.14

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%
Solvency Ratio2.17

21. Shriram Life Insurance Company Limited

Established in 2005, Shriram Life Insurance Company Limited is one of the largest Indian life insurance companies, especially in rural areas. The company offers quality and affordable products to the average class public in society to grow awareness and secure their future.

Know More – Shriram Life Insurance

HeadquartersHyderabad
Claim Settlement Ratio85.30%
Solvency Ratio2.01

22. Star Union Dai-Ichi Life Insurance Company Limited

Star Union Dai-Ichi Life Insurance Company Limited was founded in 2009 and is a collaboration between Union Bank of India, Bank of India, and Dai-ichi Life Holdings (one of the leading Life Insurance companies 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%
Solvency Ratio2.73

23. Tata AIA Life Insurance Company Limited

Tata AIA Life Insurance Company Limited is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. 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%
Solvency Ratio2.67

24. ICICI Prudential Life Insurance Company

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%
Solvency Ratio2.27

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 a 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 plan 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 the number of dependents in your family, your outstanding loans and liabilities, investments and source of income, etc.
  • Compare plans: Don't stick to a single insurer or plan. Nowadays, the market is full of insurance providers who offer 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: You should keep an eye out for the duration of the claim. This would help you to understand the efficiency of the company when it comes to settling the claim. Also, don't forget to look at the solvency ratio of the life insurance company, so that you know whether the company is financially capable of paying claims or not.
  • Look out for riders: Riders bring extra benefits that can enhance your basic life insurance plan. So, access the insurance providers based on different riders and select the best one that can easily boost the benefits of your plan.

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

FAQs

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

Yes, you can directly buy a life insurance policy from an insurance provider via online and offline modes.

2. Do I need to pay a high premium if I smoke?

Yes, you will have to pay a high premium amount if you are a smoker. Smokers are more prone to diseases, which increases healthcare costs. That's why companies charge more from them.

3. Will I get tax benefits if I purchase life insurance?

Many companies provide tax benefits on life insurance policies. However, it's best to confirm with the company before availing of the policy.

4. What will happen if I forgot to pay my premium on time?

Generally, insurance companies offer a grace period of 30 days to pay your overdue premium. If one still doesn't pay the premium, his/her policy will no longer be in effect.

Last updated on 23-11-2020