Life Insurance Companies in India
There is no doubt in saying that life insurance is a complex concept which is quite difficult to understand. Under the same, the insured makes an investment with a belief that his/her family will get a lump sum amount to live life further in case of his/her demise. Life insurance basically offers the needful financial assistance to your dependents in case of your demise.
However, in such scenarios, a few questions like which is the best life insurance company that you should opt seems to make the whole concept a more complex in nature. So to provide the effective and needful financial assistance to your loved ones in case of your demise, it is very important for you to choose the right insurance company which can easily go well with the needs of your dependants and allows you to live a peaceful and stress-free life. You might be flooded with several options, but it is quite important for you to choose the right pan according to the requirements carefully.
In India, currently, there are 24 life insurance companies in India registered by IRDAI.
- Aegon Life Insurance Co.Ltd
Aegon Life Insurance Co.Ltd was founded in July 2008 with an aim to assist people in planning for future in a better way. It is basically a joint venture between Aegon which is an international life insurance provider and Bennett, Coleman & Company,- India’s largest media conglomerate. The company has its headquarters in Mumbai and catering over 4.4 lakh customers in all over India.
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- Aviva Life Insurance Co.India Ltd
Aviva Life Insurance Co. India Ltd is basically a joint venture between Dabur Invest Corp which refers to be the oldest and most respected business houses in India and Aviva Group- a UK based insurance group that carries connection dates back to 1834 with India. This insurance company aims to become the leading insurer of India when it comes to offering quality products to its consumers with a substantial growth.
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- Bajaj Allianz Life Insurance Company Limited
Bajaj Allianz Life Insurance Company Limited refers to be the most trusted life insurance company of India when it comes to the life insurance industry. Like many other life insurance companies. Bajaj Allianz Life Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE. Both companies carry a good reputation in the life insurance industry and popular for its integrity, professionalism, vision, and expertise.
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- Bharti AXA Life
This renowned life insurance company was established in 2006, with an aim to offer different and innovative products and services which can easily go well with the needs of insurance and wealth management of customers. It is a joint venture between Bharti Enterprises which is one of India’s leading business groups and the AXA Group has its headquarters in Paris. This company’s motive is to provide immense focus
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- Birla Sun Life Insurance Co.Ltd
Birla Sun Life Insurance Co.Ltd is a collaboration between Aditya Birla Group which is a well known Indian conglomerate and Sun Life Financial Inc that provides leading international financial services from Canada. Birla Sun Life Insurance Co.Ltd is one of the leading life insurance companies in India and it is also allowing you to get the customized life insurance plan for yourself.
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- Canara HSBC Oriental Bank of Commerce Life Insurance Co.Ltd
Canara HSBC Oriental Bank of Commerce Life Insurance Co.Ltd is a joint venture between India's largest public banks that include Canara Bank and Oriental Bank of Commerce and HSBC Insurance Holdings Limited. The company was established in June 2008. Around 60 million customers pan-India are getting services from this company to deal with life insurance needs.
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- DHFL Pramerica Life Insurance
DHFL Pramerica Life Insurance is founded after the collaboration of Dewan Housing Finance Corporation Ltd and Prudential International Insurance Holdings Ltd which is a fully owned subsidiary of Prudential Financial Inc, who is a financial services leader in the U.S. The company has its headquarters in Gurgaon, India. IT is also of the fastest growing life insurance companies in India.
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- Edelweiss Tokio Life Insurance Co.Ltd
Edelweiss Tokio Life Insurance Co.Ltd was founded after the collaboration between one of the leading financial services company in India that is Edelweiss and Tokio Marine which is one of the fastest growing life insurance company in Japan. The company also received the award called the “Rising Star Insurer in 2013” and is known for its technological innovation and business strategy.
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- Exide Life Insurance Co. Ltd
Exide Life Insurance Co. Ltd began its operations in 2001-2002 and has its headquartered in Bengaluru. It is a well established and profitable life insurance company as compare to others. It is completely owned by Exide Industries Ltd. Exide which is basically India’s biggest manufacturers of electric storage batteries. Exide Life Insurance Co.Ltd sells its products through different mediums that include Direct channels as well as via Agency, Bancassurance, Corporate Agency & Broking.
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- Future Generali Life Insurance Company
Future Generali Life Insurance Company which is basically a joint venture between Future Group and the Generali Group 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 a security and a freedom to lead your life tension-free. Apart from this, the company is also providing great customized life insurance products which can go well with your needs easily.
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- HDFC Standard Life Insurance Co.Ltd
HDFC Life was established was founded in 2000 and now it is a leading life insurance company. The company was established after the joint venture between HDFC Ltd., which is India’s leading housing finance institution and Standard Life, which is a global investment company. The company also provides customized life insurance products as per the customer’s requirement.
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- IDBI Federal Life Insurance Co.Ltd
IDBI Federal Life Insurance Co.Ltd is a joint venture between India’s premier development and commercial bank and Federal Bank, which is one of the leading private sector banks in India’s and Ageas – a multinational insurance in Europe. IDBI Federal Life Insurance Co.Ltd was founded in 2008 and since then, it is growing with great passion and innovation.
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- IndiaFirst Life Insurance Co.Ltd
In the year, Mr.Pranab Mukherjee (President of India) launched the India First Life Insurance Co. Ltd. The company is based in Mumbai. IT is the youngest life insurance company and formed after the collaboration between Bank of Baroda, Andhra Bank, and UK’s investment brand Legal & General group. This company has over 8000 plus network of branches across India.
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- Kotak Mahindra Old Mutual Life Insurance Ltd
Kotak Mahindra Old Mutual Life Insurance Ltd. Is basically founded by the collaboration between Kotak Mahindra Bank Ltd, -a leading bank in India and 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 can offer the needful security to your family for the hard times.
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- Life Insurance Corporation of India
Life Insurance Corporation of India (LIC) is the President of India oldest and leading life insurance company India which was established in 1956. The company is fully owned by the government of India. It has its headquarters in Mumbai. The slogan of the company is “Your welfare is our responsibility” is the slogan of LIC and it carries around 2048 branches across India.
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- Max Life Insurance Co.Ltd
Max Life Insurance is one of the most popular and leading life insurance companies in India. It is basically a joint venture between Max India Ltd and Mitsui Sumitomo Insurance Co. Ltd. The company provides various forms of life insurance products that can easily go well with the different needs of consumers. All the products are loaded with several benefits and you can avail the same at an affordable price. The aim of the company is to become the most esteemed life insurance company of India by simply safeguarding the finances of their customers.
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- PNB MetLife India Insurance Co.Ltd
PNB MetLife India Insurance Co.Ltd is one of the foremost life insurance companies of India. It is basically a joint venture between Punjab National Bank Limited, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited and other private investors. PNB MetLife India Insurance Co.Ltd has its headquarters in Bengaluru and its corporate office in Gurgaon. It was established in the year 2001 in India. This company is providing a wide range of life insurance products that can deal with the protection and retirement needs.
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- Reliance Life Insurance Co.Ltd
Reliance Life Insurance Co.Ltd is a fundamental part of Reliance Capital. Reliance Capital has diversified business in insurance of all kinds, asset management, mutual funds, commercial finance and other financial services. Reliance Life has a huge variety of life insurance plans that offer tailor-made plans as per the customer's requirements.
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- Sahara India Life Insurance Co.Ltd
Sahara India Pariwar was established in the year 2004 and it is the wholly privately owned life insurance company. The company has its presence in many parts of India. This company is providing a wide range of effective life insurance products which can simply go well with different insurance requirements of people of all the ages.
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- SBI Life Insurance Co.Ltd
SBI Life Insurance Co.Ltd is a joint venture between State Bank of India and BNP Paribas Cardif S.A. This company was established in 2001. The company is providing a wide range of life insurance products and divided the same into three categories; Individual plans, group plans, and online plans. SBI Life Insurance Co.Ltd. These products are offered as per customers requirements. This company has gained immense popularity just because of its versatile products.
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- Shriram Life Insurance Co.Ltd
Shriram Life Insurance Co.Ltd- one of the leading life insurance companies of India when it comes to rural areas. It becomes a well-known life insurance company in just three years of inception profitwise. This company is providing great and affordable products for the economically weaker section of the society and for the mass public.
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- Star Union Dai-Ichi Life Insurance Co.Ltd
Star Union Dai-Ichi Life Insurance Co.Ltd is a joint venture between Bank of India, Union Bank of India and Dai-ichi Life which is the 2nd largest leading insurance companies in Japan. The company has around 1564 branches. It deals in several helpful products such as Child plans, protection plans, saving plans, retirement plans and wealth management plans.
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- Tata AIA Life Insurance Co.Ltd
Tata AIA Life Insurance Co.Ltd is also a joint venture between Tata group and AIA Group. The company has its presence in around 17 markets in the Asia Pacific and started its operations on 1st April 2001. You will get a wide range of effective life insurance policies from this company.
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Step-by-Step Process to Select the Best Life Insurance Company in India
As discussed above, IN India there are many insurance companies that deal in life insurance products and to choose the best out of all is a daunting task. It is very important for everyone to choose the right insurance company for your needs. Let’s find out the step can help you in choosing the best:
Analyze your need:
Whenever you are planning to invest ina 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, it is very important for you to assess your number of dependents in your family, your outstanding loans and liabilities, investments and source of income, etc.
Claim settlement ratio of the Life Insurer:
Well, there is no doubt in saying that you are investing in a life insurance plan so that it can offer the needful financial assistance in case of need, but what if the life insurance company is not ready to pay for the same and making senseless excuses. Whenever you are planning to buy a life insurance plan, it is important for you to understand the claim settlement process of the company and do not forget to check the claim ratio of the same as well. With the same, you will get an idea about the claim history of the company and you should go with this company or not.
Understanding the duration :
||Life Insurance Companies
||Claim Settlement Ratios
||AEGON Life Insurance
||Aviva Life Insurance
||Bajaj Allianz Life Insurance
||Birla Sun Life Insurance
||Canara HSBC OBC Life Insurance
||DHFL Pramerica Life Insurance
||Edelweiss Tokio Life Insurance
||Exide Life Insurance
||Future Generali India Life Insurance
||HDFC Standard Life Insurance
||ICICI Prudential Life Insurance
||IDBI Federal Life Insurance
||IndiaFirst Life Insurance Company Ltd - India First
||Life Insurance Corporation of India
||Max Newyork Life Insurance
||PNB MetLife Insurance
||Reliance Life Insurance
||Sahara Life Insurance
||Shriram Life Insurance
||Tata AIA Life Insurance
Understanding the duration of the claim is also an important thing that you should look for.This would also help you in understanding the efficiency of the company when it comes to claiming settlement. Don't forget to look for the solvency ratio of the life insurance company as well. With the same, you will come to know that whether the company is financially capable of paying your claims. If the company happens to be insolvent, then it would fail to settle your claims.
Compare plans :
Don't stick to a single insurer or plan. Nowadays the market is full of amazing products with lots of benefits. It is always advisable to first compare all available plan on the basis of features, coverage, benefits, inclusions, etc to get the best one out of all which can easily go well with your needs.
Look out for riders :
Riders always bring extra benefits, and you can enhance your basic life insurance plan by opting for the right insurance riders. Look for the different riders in which the chosen life insurance company deals and select the best one that can easily boost the benefits of basic life insurance plan. You have to pay a slightly more to avail the benefits of riders that are not a part of your basic life insurance policy.
Keep inflation in mind :
We all are aware of growing inflation rate and it is playing a major role in our lifestyle. Apart from the age and duration, while choosing the plan and sum assured it is always advisable to keep the inflation rate in mind. YO need to choose the right amount of coverage that will be ab;e to cater all financial needs of your dependents in case of your demise.