The greatest magic of all time is ‘life’. If life exists, then only we can enjoy else everything in vein. Nobody in this world wants to leave it and due, but someone can choose this type of way if they are completely loose with the humans and conditions in their life, else it is the greatest wish to every living being and especially to humans.
In our life, certain incidents occur, that result in injury to body parts and health, even one can die. This is the ruining truth of life. We can not replace it but we can recover it. But how? Don’t worry, today’s article is based on the same situation, where you can recover the losses you have to pay if you get injured or attacked by any disease.
The way by which you can be beneficial through these conditions is through life insurance to you as well as to your family. The life insurance policy was launched ever with the principal to lower the risks as well as to provide additional protection. A life policy can be done through several companies available in the market, but how would you choose, because there are several types of companies promoting life insurance and in this article, we will study about it and find out different types of companies and best out of them. So keep studying our article forward.
There are today 24 issued life insurance companies in India at work that are approved and recognized by IRDAI (Insurance Regulatory and Development Authority of India).
Importance of Insurance
- Insurance provides a financial measure and safeguard.
- Insurance protects you as well as your family’s dream.
- Insurance increases your savings.
- Insurance lets you be riskless.
- Insurance makes peace in your life
Top 10 Best Insurance Companies in India
1. Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India, which is also called LIC, is termed as the leader of insurance companies. This company is a wiser choice for many of peoples among us but due to seeing features missing, people like to go with other companies, but also have a look at this company. The owner of LIC is non-other than the Government of India, this company appeared in 1956. LIC now has 2048 branch offices along with 113 divisional offices and eight regional offices. It also has 1408 satellite offices that are helpful in ensuring each individual in any corner of the country. LIC owns assets of INR 3,111,847 crore (USD 450 billion).
- life insurance policy is only a company with the highest claim settlement ratio
- Claim Settlement Ratio of LIC – 96.68%.
- No. Of claim paid – 7,42,243
2. Max Life Insurance Company
This company came into existence in the year 2000, Max Life Insurance Company is the only largest Indian insurance company that is a non-bank private sector. Max Life Insurance Company is composed of two major companies that are Max India Ltd. & Mitsui Sumitomo Insurance Company. This is the only company that is growing fastly due to its extra features. This company had also won so many awards for its quality and features.
- The company holds assets of Rs 90,407 crore.
- Claim Settlement Ratio of ICICI Prudential Life Insurance – 97.81%
- No. Of claim paid – 8,804
3. HDFC Life Insurance Company
HDFC Life Insurance Company is a partnership venture with HDFC Ltd. It is also counted on the top companies to provide insurance as well as this company is also known as a housing finance institution. It was established in the year 2000 and is known as a top global investment company. HDFC Life Insurance provides us with a wide variety of segments through which we can insure ourselves. It has 390. It has a robust digital platform, which makes its services easily accessible to customers. Regarding Indian Insurance Industry, it has won many awards.
- Claim Settlement Ratio of ICICI Prudential Life Insurance – 97.62%.
- No. Of claim paid – 11,031
4. ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is in a partnership with ICICI Bank Limited and Prudential Corporation Holdings Limited. This company came into existence by the year 2000. This company provides a customer-centric approach, that offers us long-term hold insurance of life, with quality and promising agreements.
- The assets that are managed by ICICI Prudential Life Insurance are about Rs 2,231.71 billion.
- Claim Settlement Ratio of ICICI Prudential Life Insurance – 96.68%.
- No. Of claim paid – 11546
5. Tata AIA Life Insurance
Tata AIA Life Insurance is also one of the much-believed companies that is one of the old and a subpart of Tata under which two companies had partnered the input & outcome. The Tata AIA Life Insurance Company is a joint form between Tata Sons Private Limited, AIA Group Limited which is one of Asia’s largest insurance conglomerates,s and together called Tata AIA Life Insurance Company.
- Tata AIA Life Insurance Company held assets of Rs 46,281 crore.
- Claim Settlement Ratio of ICICI Prudential Life Insurance – 98%
- No. Of claim paid – 3,659
6. Bharti AXA Life Insurance Company
Bharti AXA Life Insurance is a pure Swadeshi company that started existing in 2006. It is a joint form between two companies that are AXA Group and Bharti Enterprises. Both the companies are trustworthy and together they work as two shoulders to keep our India safe and thus had created a trustful background. It has introduced many unique products keeping in mind the needs of different peoples, it is spread into 123 different cities of India, that covers almost every major urban area.
Bharti AXA had earned fame as an award ASSOCHAM Award for excellence in insurance in March 2019 and received the award for Customer Service Excellence too.
- Claim Settlement Ratio of ICICI Prudential Life Insurance – 97.35%
- No. Of claim paid – 1,285
7. Bajaj Allianz Life Insurance Company
This company started contributing to Indian Insurance Industry in 2001. It is the joint form between Bajaj Finserv and Bajaj group. It also provides additional features of its insurance qualities in various segments, as a result, it is also a topmost believed company, and today it has more than 760 branches whole over the country. It is mainly appreciated for robust innovative products and time to time customer services.
- Claim Settlement Ratio of ICICI Prudential Life Insurance – 91.67%
- No. Of claim paid – 18,978
8. SBI Life Insurance
SBI Life Insurance Company is a joint form with State Bank of India (SBI) thus called SBI Life insurance or insurance via SBI. SBI is India’s topmost transactional bank. This company’s insurance is much valuable and trusted and here one can get public demography rest to that of the other companies. In this field, SBI also had won several awards.
- At present, SBI holds an asset of INR 20 billion (USD 290 million).
- Claim Settlement Ratio of ICICI Prudential Life Insurance – 96.69%.
- No. Of claim paid – 13,303
9. Reliance Nippon Life Insurance Company
This is also a most trusted and valuable company that leads in insuring the lives serving different sections of the people. Reliance has more than 12 million policyholders. This company had a wide network of 713 branches. Reliance Life has a product that meets up every type of choice made by people.
- Claim Settlement Ratio of ICICI Prudential Life Insurance – 95.17%.
- No. Of claim paid – 15,211
10. Aegon Life Insurance Company
Aegon Life Insurance Company, which is a digital and versatile company, came into force in 2008 and served many peoples and according to their needs they had termed insurance, and this company can also be said as a leading company in insuring peoples’ lives. The company had very fewer complaints rest to others.
- Claim Settlement Ratio of ICICI Prudential Life Insurance – 99.25%
- No. Of claim paid – N/A
In this article, we have explained different types of companies that provide insurance, upon which you can choose the best and you can google for deep search. Well, these were totally overviews of 10 different leading insurance companies in India. Hope this article served to you would be the best as per the expectation, so stay tuned for our next one.
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