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.
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.
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.
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|Claim Settlement Ratio||96.45%|
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.
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|Claim Settlement Ratio||96.06%|
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.
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|Claim Settlement Ratio||95.01%|
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.
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|Claim Settlement Ratio||97.28%|
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.
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|Claim Settlement Ratio||97.15%|
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.
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|Claim Settlement Ratio||94.02%|
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.
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|Claim Settlement Ratio||96.80%|
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.
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|Claim Settlement Ratio||95.82%|
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.
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|Claim Settlement Ratio||97.03%|
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.
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|Claim Settlement Ratio||95.16%|
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.
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|Claim Settlement Ratio||99.04%|
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.
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|Claim Settlement Ratio||95.79%|
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.
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|Claim Settlement Ratio||92.82%|
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.
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|Claim Settlement Ratio||97.40%|
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.
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|Claim Settlement Ratio||97.79%|
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.
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|Claim Settlement Ratio||98.74%|
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.
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|Claim Settlement Ratio||96.21%|
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.
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|Claim Settlement Ratio||97.71%|
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.
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|Claim Settlement Ratio||90.16%|
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.
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|Claim Settlement Ratio||95.03%|
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.
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|Claim Settlement Ratio||85.30%|
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.
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|Claim Settlement Ratio||96.74%|
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.
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|Claim Settlement Ratio||99.07%|
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.
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|Claim Settlement Ratio||98.58%|
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.
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.
Yes, you can buy directly from the life insurance company online as well as offline.
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.
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.
The facilities completely depend on the company and its policies and not the public and private companies.
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.
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.
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.
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.
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
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.
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.
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