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Life insurance is a complex concept. You buy a policy that provides a compensation in the form of lump sum amount to your beneficiaries when you are gone. Life insurance provides a financial shield to you and your dependents after your demise.
However, certain decisions like WHICH life insurance company to opt for, might actually makes things complex. So, to offer a financial sense of peace to your family in your absence, it is important you select a plan from the right life insurance company in India and be stress-free. You might be spoilt for choice today. But, you should weigh your preferences towards selecting the right insurer carefully.
Aegon Life Insurance Co.Ltd started its operations in India in July, 2008 with a motive to help people to plan their life in a better way. Aegon Life Insurance is a joint venture of Aegon, an international life insurance provider and Bennett, Coleman & Company, which is India’s largest media conglomerate. This company has its headquarters in Mumbai serving over 4.4 lakh customers across India.
The claim settlement ratio of Aegon Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 95.31%.
Aviva Life Insurance Co.India Ltd is a joint venture of Dabur Invest Corp which is of the oldest and most respected business houses in India and Aviva Group which is a UK based insurance group whose connection dates back to 1834 with India. This company aims to be one of the leading insurers in India and offer quality products to its consumers with a substantial growth.
The claim settlement ratio of Aviva Life Insurance Co.India Ltd for F.Y. 2017 – 2018 is 81.97%.
Bajaj Allianz Life Insurance Company Limited (IRDA Reg. No 113) is one of the most trusted and sought after names in the insurance industry in India. Bajaj Allianz Life insurance is a result of a joint venture between Bajaj Finserv Limited and Allianz SE. Both the companies are respected insurance vendors and are known for their integrity, professionalism, vision and expertise in the health insurance domain. Bajaj Allianz has been a vendor on the insurance circuit for quite some time and has acquired more than its fair share happy and loyal customers.
The claim settlement ratio of Bajaj Allianz Life Insurance Co.Ltd for F.Y. 2017 – 2018 91.30%.
Aditya Birla Sun Life Insurance Co.Ltd is a collaboration between Aditya Birla Group which is renowned Indian conglomerate and Sun Life Financial Inc that provides leading international financial services from Canada. This company is one of India’s leading life insurance companies in India. BSLIC offers tailor-made plans just as per your requirements.
The claim settlement ratio of Birla Sun Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 88.45%.
Canara HSBC Oriental Bank of Commerce Life Insurance Co.Ltd is a collaboration of India’s largest public sector banks – Canara Bank and Oriental Bank of Commerce and HSBC Insurance Holdings Limited. It was founded in June 2008. Around 60 million customers pan-India are utilizing services from this company.
The claim settlement ratio of Canara HSBC Oriental Bank of Commerce Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 92.99%.
Pramerica Life Insurance is a collaboration of Dewan Housing Finance Corporation Ltd and Prudrential International Insurance Holdings Ltd a fully owned subsidiary of Prudential Financial Inc, who is a financial services leader in the U.S. Pramerica Life Insurance has its headquarters in Gurgaon, India and is one of the fastest growing life insurance companies in India.
The Claim Paid Ratio of Pramerica Life Insurance for F.Y. 2017 – 2018 is 97%.
Edelweiss is a collaboration between Edelweiss, which is a leading financial services company in India and Tokio Marine which is a Japan based fastest growing life insurance company. This company was rewarded as the “Rising Star Insurer in 2013” and is known for its technological innovation and business strategy.
The claim settlement ratio of Edelweiss Tokio Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 85.11%.
Exide Life Insurance Company Limited, is an established and profitable life insurance company, which commenced operations in 2001-02. The Company is head quartered in Bengaluru. It manages assets of INR 18,381 Crores (as on 31 March, 2021). Exide Life Insurance distributes its products through multiple channels viz. Agency, Bancassurance, Corporate Agency & Broking, Direct Channel and Online. The Agency channel comprises of 40,000+ advisors attached to across 200 locations across the country (as on 31 March 2021). The Company offers individual as well as group life insurance solutions.
For more than six decades, Exide Industries has been one of India's most reliable brands, enjoying unrivalled reputation and recall. Constant emphasis on innovation, extensive geographic footprint, strong relationship with marquee clients and steady technology upgradations with global business partners has made Exide Industries, a reliable brand that India trusts. Recognized as the Economic Times Best Brand under the BFSI category in 2020, Exide Life Insurance Company Limited is 100% owned by Exide Industries Limited. One of the pioneers among private life insurers in India, the Company was founded in 2000, and started its operations from 2001.
The claim settlement ratio of Exide Life Insurance Co. Ltd for F.Y. 2020 – 2021 is 98.15%.
Future Generali Life Insurance Company which is a collaboration between Future Group and the Generali Group was incorporated in the year 2006. This company offers a varied range of easy solutions for the financial protection of the customers with a huge range of insurance products. It provides you a sense of security and a freedom to lead your life tension-free. Besides, the plans offered are customized as per your requirement.
The claim settlement ratio of Future Generali India Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 90.26%.
HDFC Life was established in the year 2000 and is a leading long-term life insurance solution providers in India. HDFC Standard Life Insurance Co.Ltd is a collaboration between HDFC Ltd., which is India’s leading housing finance institution and Standard Life, which is a global investment company. This company offers products tailor-made as per the customer’s requirement.
The claim settlement ratio of HDFC Standard Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 95.02%.
Established in 2001, ICICI Prudential Life Insurance Company Limited is a joint venture of ICICI Bank Limited and Prudential Corporation Holdings Limited. As on 31st March 2018, it had assets under management worth Rs. 1,395.3 billion. The life insurance company holds the record of being the first life insurer from the private sector in India to touch Rs. 1 trillion as its Assets Management Record (AUM) in FY 2015.
ICICI Prudential Life Insurance is renowned for its wide range of insurance, investment and savings products, customized to suit varied insurance needs and life stages of their customers. These life insurance plans are affordable, without compromising on its effectiveness and performance of funds. It is also the first life insurance company to make it to the list of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Last but not the least, it boasts of a claim settlement ratio of 97.88% for F.Y. 2017 – 2018, emphasizing its efficient and hassle-free claims procedure.
IDBI Federal Life Insurance Co.Ltd is a collaboration between IDBI Bank which is India’s premier development and commercial bank and Federal Bank, which happens to be one of the leading private sector banks in India’s and Ageas which is a multinational insurance in Europe. IDBI Federal Life Insurance Co.Ltd started its operation in the year 2008 and is growing because of its passion for innovation and growth.
The claim settlement ratio of IDBI Federal Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 84.79%.
Mr.Pranab Mukherjee, the President of India launched IndiaFirst Life Insurance Co.Ltd in the year 2010 and is based in Mumbai. This is India’s youngest life insurance company. It is a 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.
The claim settlement ratio of IndiaFirst Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 71.87%.
Kotak Mahindra Life Insurance Ltd is a joint venture between Kotak Mahindra Bank Ltd, which is a leading bank in India and its partners and Old Mutual, which is an international long-term savings, investment and protection group. This Company provides life insurance products at a wider range to protect your family during uncertainties.
The claim settlement ratio of Kotak Mahindra Life Insurance Ltd for F.Y. 2017 – 2018 is 89.09%.
Life Insurance Corporation of India (LIC) was founded in 1956 and is India’s largest insurance group and investment company. It is a fully owned company by Government of India. Its headquarters are based in Mumbai. “Your welfare is our responsibility” is the slogan of LIC and it has 2048 branches across India.
The claim settlement ratio of Life Insurance Corporation of India for F.Y. 2017 – 2018 is 98.33%.
Max Life Insurance is one of the renowned and leading life insurance companies in India. It is a collaboration of Max India Ltd and Mitsui Sumitomo Insurance Co. Ltd. This company offers varied types of term plans that assures the customers with products loaded with benefits at competitive rates. Their vision is create a reputation to be the most esteemed life insurance company simply by safeguarding the finances of their customers.
The claim settlement ratio of Max Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 96.95%.
One of the most foremost life insurers in India, PNB MetLife is a collaboration between MetLife International Holdings Inc., 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 Grugaon. It was founded in the year 2001 in India. This company offers wide range of products for protection and retirement.
The claim settlement ratio of PNB MetLife India Insurance Co.Ltd for F.Y. 2017 – 2018 is 85.36%.
Reliance Nippon 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 offers tailor-made plans as per the customers requirements.
The claim settlement ratio of Reliance Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 93.82%.
Sahara India Pariwar was founded in the year 2004 and was India’s wholly privately owned life insurance company along with its presence in many parts of India. This company provides wide range of competitive products to meet the insurance requirements of people of all the ages.
The claim settlement ratio of Sahara India Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 90.30%.
SBI Life Insurance Co.Ltd is a collaboration of State Bank of India and BNP Paribas Cardif S.A. This company was founded in the year 2001. This company offers life insurance products in 3 categories; Individual plans, group plans and online plans. SBI Life Insurance Co.Ltd. These products are offered as per customers requirements. This company is famous for its versatile products.
The claim settlement ratio of SBI Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 93.39%.
Shriram Life Insurance Co.Ltd is one of the leading insurance providers in the rural areas. It has made a unique introduction in just three years of inception profitwise. This company strives hard to offer products to economically weaker section of the society and for mass public.
The claim settlement ratio of Shriram Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 60.24%.
Star Union Dai-Ichi Life Insurance Co.Ltd is a collaboration of Bank of India, Union Bank of India and Dai-ichi Life which is the 2nd largest leading insurance companies in Japan. This company offers services at 1564 branches. It has varied products like Child plans, protection plans, saving plans, retirement plans and wealth management plans.
The claim settlement ratio of Star Union Dai-Ichi Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 80.73%.
Tata AIA Life Insurance Co.Ltd is a collaboration between Tata group and AIA Group. It has its presence in 17 markets in Asia Pacific and started its operations on 1st April, 2001.
The claim settlement ratio of Tata AIA Life Insurance Co.Ltd for F.Y. 2017 – 2018 is 96.80%.
To get an optimum life insurance plan it is necessary to select the best life insurer in India. Let’s find out the steps below:
A life insurance plan helps your family financially post your demise. Therefore it is important for you to assess your number of dependents in your family, your outstanding loans, investments and source of income, etc.
Claim settlement ratio is the capability of the insurance company to settle your claims. It doesn’t make sense to buy a life insurance plan from an insurer with a bad claim history. Therefore, check the claims made during a financial year and whether the same were fulfilled or not and the time taken to pay-off the claims. Knowing the duration to settle the claim is important for your family to be relaxed for the claims to get settled in lesser duration and efforts. This would also help you in knowing the efficiency of the company to settle the claims. Understand the solvency ratio of the life insurer. This would help you in knowing the financial standing and 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.
The plans, their benefits offered and the premiums differ from one life insure to another. This is because, your age, sum assured, coverage and type of plan differs with all the insurers. Therefore compare quotes on Coverfox.com to ensure you are in safe hands.
You can enhance your basic life insurance plan by opting for riders. Check for riders offered by different insurers and finalize the one which you feel offers extra benefits. Also, ensure to buy riders only as per your requirement. You would have to chip-in extra premium for buying riders that are not a part of your basic life insurance policy.
Inflation plays a major role on your lifestyle, apart from age and duration of the policy. You need to narrow down your search on the sum assured and choose a right policy that would be beneficial to your family once you are gone. Seek professional help from one insurance advisors of Coverfox.com to solve your dilemma.
Some of the services you can expect from the leading life insurance companies in India are: