In this feature, we would like to introduce you to the best Life Insurance companies of India in 2019. Choosing the right kind of insurance policy would definitely set up the right way and it could indeed be really amazing. Choose one from the most reputed company and secure your family’s future.
However, Life insurance is a complex concept. You buy a policy that provides compensation in the form of a lump sum amount to your beneficiaries when you are gone. Life insurance provides a financial shield to you and your dependents after your demise.
India is one of the fastest-growing economy countries in the world and considered as the world’s sixth-largest economy by nominal GDP and the third-largest by purchasing power parity.
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Best Life Insurance Companies in India
There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies. Many of these are joint ventures between public/private sector banks and national/international insurance-financial companies.
Private life insurance companies in India got access to the life insurance sector in the year 2000. Most private players have tied up with international insurance giants for their life insurance foray.
List of Best Life Insurance Companies of India
Choosing the right kind of insurance policy would definitely set up the right way and it could indeed be really amazing. Choose one from the most reputed company and secure your family’s future. Here is a list of few companies that are so popular.
1. Life Insurance Corporation of India (LIC)
LIC is the oldest and most trusted brand amongst the best life insurance companies in India. Established in 1956, this is a state-owned enterprise which offers a huge and diverse variety of life insurance products such as endowment plans, money back plans, term assurance plans, pension plans, unit-linked plans, children plans, group schemes, special plans and many more.
The company is a favored choice amongst millions of Indians also for its best claim settlement ratio of over 98%.
Established in: 1956
Headquarter(s): Mumbai, India
Chairman: M. R. Kumar
Owner: Government of India
Total Budget: US$450 billion or INR 3,111,847 crore
Official website: https://www.licindia.in/
2. ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Corporation of India is a joint venture between ICICI Bank Ltd.; one of India’s leading private sector banks and Prudential Plus; one of the largest international financial service groups.
However, the company began its operation in December 2000 as the first private sector Life insurance in India. For over a decade the company has maintained its topmost position amongst the private life insurer in the country. To fulfill the different life stage requirements of the customer, ICICI Prudential Life Insurance provides an array of products that enables the buyers to achieve the long term goal. ICICI Prudential life insurance offers products like term plan, ULIP plan, Pension Plan, Child Plan, and investment plan.
Established in: 2000
Headquarter(s): Mumbai, India
CEO: MR. N. S. Kannan
Total budget: INR 1604.10 billion
Official website: https://www.iciciprulife.com/
3. Bajaj Allianz Life Insurance Co.Ltd
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.
Established in: 2001
Headquarter(s): Pune, India
CEO: Tapan Singhel
Total budget: Approximately INR 94 billion.
Official website: https://www.bajajallianz.com/
4. Birla Sun Life Insurance
Aditya Birla Sun Life Insurance Co.Ltd is a collaboration between Aditya Birla Group which is a 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.
Established in: 2000
Headquarter(s): Mumbai, India.
CEO: Mr. Kamlesh Rao
Official website: https://lifeinsurance.adityabirlacapital.com/
5. SBI Life Insurance Company
SBI Life insurance is a joint venture between State Bank Of India and BNP Paribas Cardiff. Of the total capital, SBI owns about 74% and BNP Paribas owns the remaining 26%. They have made a sales of about 4, 91,927 policies.
Established in: 2001
Headquarter(s): Mumbai, India
CEO: Mr. Sanjeev Nautiyal
Owner: SBI, BNP Paribas
Official website: https://www.sbilife.co.in/
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6. Max Life Insurance Co.Ltd
Recognized for solving all of its customer grievances (yes! 100% of them), Max Life Insurance was also awarded for settling most claims in the year 2015. Overall, the claim settlement ratio is close to 97%, the best among all private insurance brokers in India.
It reaches its customer base through its network of more than 200 branches, agents and insurance, and bancassurance partners. The most popular of all the plans by Max Life Insurance is the term plan under which it offers Rs.1 crore life cover at Rs.21* per day.
Established in: 2000
Headquarter(s): New Delhi, India
CEO: Prashant Tripathy
Total budget: INR 35,825 crore
Official website: https://www.maxlifeinsurance.com/
7. HDFC Standard Life Insurance
HDFC Standard Life Insurance Corporation India is a joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus. Founded in the year 2000 HDFC Standard Life insurance is one of the leading insurance firms in India.
The company has currently 27 retail and 8 group products in the portfolio. In order to meet the various needs of the customer, the company provides an array of individual and group insurance solutions like a pension plan, saving and health plan, protection plan, child plan, and women plan. With over 414 branches spread in 900 cities and towns in India, the company has a claim settlement ratio of 95.02%. HDFC Life Insurance Company offers plans in a much-customized way to fulfill the requirements of the customer.
Established in: 2000
Headquarter(s): Mumbai, India
CEO: Ms. Vibha Padalkar
Official website: https://www.hdfclife.com/
8. Tata AIA Life Insurance
A joint venture between Tata Group and American International Group, Inc (AIG) is what leads to Tata AIG Life Insurance. Tata’s position in India and AIG’s global position in financial services has made this company a huge success. They have made a sale of about 1,99,275 policies as per the study.
Established in: 2001
Headquarter(s): Mumbai, India
CEO: Rishi Srivastava
Official website: https://www.tataaia.com/
9. Reliance Nippon Life Insurance Co.Ltd
With a network of more than 800 branches and 1 lakh advisors across the country, Reliance Nippon Life Insurance is another well-known name in the insurance industry of India. The term plan that offers Rs.1cr life cover at Rs.15* per day is quite a unique plan by the company. A claim settlement ratio of around 95% and a grievance redressal ratio of close to 99% also deserve a mention.
Established in: 2001
Headquarter(s): DAKC, Navi Mumbai, India
Chairman: Anil Ambani
Total Budget: INR 150 billion
Official website: https://www.reliancenipponlife.com/
10. Exide Life Insurance Co. Ltd
Found in the year 2000 the Exide Life Insurance Company started its operation in 2001. The company was formerly known as ING Vysya Life Insurance Company Ltd. and is 100% owned by Exide Industries Ltd.
Exide Life Insurance has a network of 200 offices across the country and is supported by over 35,000 advisors. The company is ranked as the top 10 Trusted Life Insurance Brand in India.
As compared to the other insurance companies in India the plan offered by the company is customized in a way to fulfill the requirements of the customer and is available at very affordable rates. With a customer-centric approach, the plans are categorized into protection, saving, investment and retirement plans. For all your insurance needs the Exide Life Insurance offers a one-stop solution to the customers.
Established in: 2001
Headquarter(s): Bangalore, India
CEO: Kshitij Jain
Official website: https://www.exidelife.in/
11. IndiaFirst Life Insurance Company Ltd – India First
Mr.Pranab Mukherjee, the ex-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 a network of branches across India.
Established in: 2009
Headquarter(s): Mumbai, India
CEO: Ms. R. M. Vishakha
Official website: https://www.indiafirstlife.com/
Conclusion
So this was all about the best life insurance companies in India. we introduced the eleven best life insurance companies in India. India is one of the fastest-growing economy countries in the world so it’s necessary to know about India’s top insurance companies.
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