In the present world, we can expect calamity or a pandemic any time and the priority remains our family remains secure dependably. Life is uncertain and one can only take proactive measures to deal with unpleasant situations. “Insurance” has been introduced to the protection and to mitigate the risk. There are different types of insurance policies and they protect your loved one during an unpredictable situation. Insurance is important as they provide you financial security and safety. It is an effective risk management tool and safeguards your family’s future goal. In India, 24 life insurance companies are operating which has been approved by IRDAI. Of these, LIC is the only public sector insurance company and all other remains private. Here are given the list of top 12 insurance companies in India that performs well in the market and can provide the best policy suitable as per your requirement.
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1. Life Insurance Corporation of India
LIC is the largest insurance company in India owned by the government and it came into existence in 1956. LIC has 2048 branch offices, 113 divisional offices, 8 zonal offices, and 1381 satellite offices in our country. LIC premium has crossed Rs 1.5 lakh Crore reporting 17.48% growth in 2020. Headquartered in Mumbai, LIC’s claim settlement ratio is 97.79%. They remain top insurance players in the market with a huge customer base of more than 29 crores policyholders. LIC is the most trusted brand providing affordable policy terms for all types of people in India. They offer numerous life insurance products that can easily meet the unique needs of a variety of customer segments.
2. Max life Insurance
Max life insurance is founded in the year 2000 and it is one of the largest private sectors in India which has a joint venture with a Japanese insurance company. Max life is a high service providing the agency with the most comprehensive insurance plan, saving and retirement scheme, customers are looking for. The insurance company serves 30 lakh customers and offers the highest claim settlement ratio of 98.74%. with a strong online presence, they have 1090 offices across the country. They provide excellent customer service and have received awards and recognition consistently. The company has achieved a growth of 21% in FY 19 and the claim paid ratio grew to 98.74%.
3. Tata AIA Life
Tata AIA life insurance is a joint venture between Tata Sons and AIA group ltd, Asia’s largest insurance group. In this venture, the majority of stakeholders are Tata Sons about 75%, and 26% by the AIA group of companies. The insurance company was established in 2000and they grow rapidly with a worldwide network of 18 markets in the Asia Pacific region. The company holds assets under management Rs INR 28430 Crores. They are a trusted brand in India offering an extensive range of products to insurance buyers. Headquartered in Mumbai the company provides claim settlement of 99.07%. They have been listed as one of the best insurance companies in India.
4. HDFC Life
HDFC life insurance company stands 4th in the list and they are one of the best insurance companies with a joint venture between HDFC Ltd and Standard Life Abardeen, a global investment firm. The company established in 2000 has 412 branches in the country and they offer a wide range of insurance and investment solutions to customers. The company has a claim settlement ratio of 99.04% and they provide various insurance solutions like a pension plan, saving and health plan, protection plan, child plan, and women plan. The company also offer customized insurance plan according to clients need. The life insurance company has reported a net profit of INR 311.71 Cr in March 2020.
5. ICICI Prudential Life
ICICI Prudential are private players in the insurance sector and they are quite popular brands among people in the country. The insurance company was founded in 2000 and they are one of the best companies with its strong bancassurance and multiple distribution channels. The company holds total assets of INR 1604.10 billion and they offer various long term protection and saving plans for customers. The company headquartered in Mumbai offer a claim settlement ratio of 97.71%. ICICI has received the best life insurance provided of the year and best customer orientation in life insurance.
6. SBI Life Insurance
SBI life insurance is a joint venture between SBI and BNP Paribas, a France based banking and financial service company. Currently, SBI holds the capital of INR 20 billion and they hold 6.12% of total market share in our country. They are the biggest private sectors offering a various range of pension products at a very economical rate. The leading state bank of India is headquartered in Mumbai and they have a claim settlement ratio of 95.03%. SBI insurance is one of the market leaders and offers policies with several benefits to customers. The insurance company net profit has increased to 15.9% in FY20 and the company has assets under management of INR 1.6 Lakh Cr.
7. Bajaj Allianz Life Insurance
Bajaj Allianz is a private insurance company established in the year 2001 and offers a wide range of customized products to customers. They are a joint venture between Bajaj Finserv Limited and Allianz SE. They have 759 branches across the country and they are popular for strong innovative products and timely customer service. The private insurance company is headquartered in Pune and have a claim settlement ratio of 95.01%. The life insurance company provides a huge range of products from ULIP to child plan and health insurance. They are recognized as digital marketers in the insurance category. The company offers excellent customer service and ranked among the top 75 most valuable Indian brands.
8. Bharati AXA Life Insurance
Bharati Axa life insurance was founded in 2006 and it is a joint venture between AXA Group and Bharati enterprises. The well-known private sector consists of 104 branches all around the country. Headquartered in Mumbai the company has a claim settlement ratio of 97.28%. the company is growing immensely and has a network of branches in different cities. They have introduced innovative insurance products to cater to the unique need of customers. The company has a customer base of 10,50,000 and offers various plans on an online platform.
9. Birla Sun Life Insurance
The Birla Sun Life Insurance Company is owned by Aditya Birla Group and has more than 600 branches across the country. The company founded in the year 2000 is a collaboration of Aditya Group and Sun Life Financial, a leading international financial service in Canada. They are one of the best insurance companies that offer a diverse range of solutions starting from a pension plan to a saving plan. They hold a total asset of INR 4,10, 110 million, and the private sector has 426branches across India. Birla Sun Life has more than 16 lakh customers and has a claim settlement ratio of 97.15%.
10. Kotak Mahindra Life Insurance
Kotak Mahindra is one of the fastest-growing insurance companies with 20 million policyholders. The company is a collaboration between Kotak Mahindra Bank and its old mutual group. They have a claim settlement ratio of 97.40% and the private sector offer an affordable range of term plan, ULIP, child plan, pension plans, and group schemes. The company has a network of 2048 branches offering more than 32 unique products to customers. The company asset is INR 25,936 Cr and they have been awarded for its achievements.
11. Reliance Nippon Life Insurance
Reliance life insurance is a prominent insurance company in India and the leading insurance firm was established in 2001. They have more than 10 million policyholders and holds a strong distribution network of 727 branches. Currently, the company asset in INR 20,281 Cr and the claim settlement ratio is around 95%, and the grievance ratio close to 99%. The company target products for corporate sectors and the term that offers Rs 1 Cr life cover at Rs 15 per day is a unique plan by the company. Reliance life insurance has received many awards like innovative insurance provider of the year, best risk innovation, and best life insurance company title.
12. PNB Met Life Insurance
Punjab National Bank is a well-known name in the banking sector and its insurance company has seen tremendous growth in the last few years. The company has 1800 corporate clients in India and spread across 150 different locations in the country. PNB came into action in 2008 and they offer insurance maximum to 65 years old. The private firm headquartered in Bengaluru has a claim settlement ratio of 96.21%. PNB met life has been awarded as the most sustainable company in India and has also received the best product innovation award. They provide flexible insurance options and offer excellent customer services for a smooth purchase.