Here is the list of top 7 life insurance companies in India:
1. Max Life Insurance Company
Max Life Insurance Company is among the best life insurance companies in India and was founded in 2000. The aim of this life insurance company is mainly to provide adequate financial strength to its policyholders and for this reason , the insurance provider offers various types of life insurance policies including child insurance, long-term savings, protection, investment, and various other group solutions, etc.
2. HDFC Life Insurance Company
HDFC Life Insurance Company is a collaboration between Standard Life Aberdeen PLC and Housing Development Finance Corporation Limited. It started its operations in 2000 and has its head office located in Mumbai, Maharashtra. This company offers various types of life insurance plans to its customers such as protection plans, pension plans, women’s plans, children’s plans, health plans, etc. This life insurance company offers several insurance policies specially created for children and women. A policyholder can add additional riders to plans to improve coverage.In addition, HDFC Life Insurance Company guarantees claims settlement within one day, considering various terms and conditions to facilitate the whole process of claims settlement for the needy people.
3. Tata AIA Life Insurance Company
This life insurance company started as a joint venture between AIA Group Ltd and Tata Sons Pvt Ltd. It is another popular life insurance company and was established in 2001. Tata AIA follows a completely customer-centric approach and offers various plans to its policyholders to meet their future needs. Some of the major insurance products they offer include wealth plans, savings plans, protection plans, and more.
4. Assurance-vie Pramerica
Pramerica Life Insurance Company is formed as a joint effort between Prudential International Insurance Holdings Limited and Dewan Housing Finance Corporation Limited. They started their activities in the life insurance segment in 2013. The insurance company has about 138 offices spread across the country. It offers several life insurance products for groups as well as individuals. All of these insurance products are designed specifically to meet the needs of policyholders such as planning for retirement, protecting the future of children, creating wealth and saving.
5. Exide Life Insurance Company
This life insurance company follows an entirely customer-centric approach and currently offers its services to more than 15 Lakh consumers nationwide. They are headquartered in Bangalore and have over 200 offices across the country and are supported by over 45,000 advisers. Exide Life Insurance uses various network channels to distribute its various products, such as agency, bancassurance, corporate agency, agency, brokerage and direct channels. The wide variety of insurance policies they offer are categorized into savings, investment, protection, retirement plans, among others.
6. Reliance Life Insurance Company
Reliance Nippon Life Insurance Company was born from the collaboration between Reliance Capital and Nippon Life. It started operations in 2001 and is known to be one of the most popular life insurance companies among insurance policy buyers. They are known to offer insurance plans to over 10 million customers. In fact, at present, it is said to be one of the largest non-bank life insurance companies among private insurance companies. The insurance company mainly deals with 5 different insurance segments, namely retirement, provident, childhood, health, investment and savings,
7. Canara HSBC Life Insurance Company
This insurance company was established as a joint venture between 3 financial entities, namely Punjab National Bank, Canara Bank and HSBC Insurance Holdings Limited. They offer a wide variety of insurance plans to their clients which are customized as per their individual needs and also have an extensive network all over India. The range of insurance products they offer include savings plans, health insurance plans, term insurance plans, children’s insurance plans, among others.
How to choose the right life insurance company in India?
It is important to choose an insurance plan that meets an individual’s insurance needs as well as fits within the budget. However, one should not be swayed by the low premiums while buying the insurance plan, he should thoroughly research the insurance company and should identify his insurance needs before purchasing one. life insurance plan.
There are many life insurance companies to choose from. Here are some factors to consider before choosing a particular insurance company:
1. Claims Payout Ratio: The claims payout ratio or ESR of an insurance company depicts its efficiency and reliability. The claims settlement ratio of an insurance company represents the number of claims settled during the financial year compared to the total number of claims. This ratio helps to know the activity of an insurance company in terms of claims settlement. The high claims ratio of the insurance company depicts the dedication of the insurance company in terms of claims settlement. This represents the insurance company’s loyalty to its customers.The claims payout ratio of an insurance company is reviewed by the Insurance Regulatory and Development Authority (IRDA).
2. Customer Service: Customer service is an important factor to consider when purchasing an insurance plan. A person should always choose an insurance company that provides good quality customer service. When buying a life insurance policy, a customer should always keep in mind that there is customer service available 24 hours a day, 7 days a week to resolve all their queries and provide a assistance when needed.
3. Availability of Riders: Life Insurance Riders are additional benefits offered by an insurance company when purchasing life insurance plans. They are purchased with the plan by increasing the premium and also improving life coverage. A person should always make sure that the insurance company offers riders or offers an option to add riders to the insurance policy. Some of the common riders offered by insurance companies are the Critical Illness Rider, Accidental Death Benefit Rider, Accidental Total or Permanent Disability Rider, and Waiver of Premium Rider. With these optional riders offered, a person can make better decisions in choosing the best plan and the rider offered with it.
4. Company persistence rate: The company persistence rate represents the number of policyholders who have renewed their life insurance policy with the same insurance company. It is the ratio between the total number of policyholders and the number of policyholders who have renewed their policy. The company’s persistence ratio represents consumer satisfaction with the insurance provider. The persistence rate of an insurance company is monitored by the Insurance Regulatory and Development Authority (IRDA).
5. Feedback and Reviews: Typically, a candidate does not pay attention to the feedback and reviews that an insurance company receives from consumers. Always review company reviews/reviews and look for complaints/bad reviews. This should give the applicant an idea of which insurance company is better than others and whether the insurance company should be chosen or not.
