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Commercial InsuranceBest Life Insurance Companies in India 2023
IndraJeet 25 Oct 2023
The Best Life Insurance Companies in India, regulated by the Indian regulatory body, IRDAI (Insurance Regulatory and Development Authority of India), that provide life insurance policies. A life insurance plan is a contract between an individual and an insurer, where the insurer commits to providing a death benefit to the policyholder's family in the unfortunate event of the policyholder's passing within the policy term. It's crucial to select a reliable and trustworthy insurance company when choosing a life insurance plan. Hence, choosing the right insurance company is an important step before purchasing a policy. The best life insurance company is one that offers you comprehensive coverage at affordable premium rates, with a strong track record and provides excellent customer service.
List of Best Life Insurance Companies in India
Here is a list of the top 10 insurance companies in India with their claim settlement ratio for the financial year 2021-2022, issued by IRDAI.
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Life Insurance Companies In India |
Claim Settlement Ratio (FY 2021-22) |
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Bajaj Allianz Life Insurance Company |
99.02% |
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Bharti AXA Life Insurance Company |
99.09% |
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Canara HSBC OBC Life Insurance Company |
98.44% |
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HDFC Life Insurance Company |
98.66% |
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ICICI Prudential Life Insurance Company |
97.82% |
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Life Insurance Corporation (LIC) India Company |
98.74% |
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Max Life Insurance Company |
99.34% |
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PNB MetLife India Insurance Company |
97.33% |
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SBI Life Insurance Company |
97.05% |
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TATA AIA Life Insurance Company |
98.53% |
Top 10 Life Insurance Companies in India
Look further details of the top 10 insurance companies in India that will help you to identify the best one according to your needs, budget, and accessibility.
1. Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance is a collaboration between the European financial services company Allianz SE and Bajaj Finserv Limited. Established in 2001, this life insurance company offers an easy solution for customers' insurance requirements, helping them achieve their financial goals. The company offers a wide range of products according to the customers' specific needs and provides innovative services.
Plans Offered by Bajaj Allianz Life Insurance:
• Retirement Plans
• ULIP Plans
2. Bharti AXA Life Insurance Company
Bharti AXA Life Insurance, located in Mumbai, offers both life and general insurance. It's a joint venture between Bharti Enterprises and the AXA Group. In FY 2020-21, the company achieved a remarkable milestone with a 99.05% claim settlement ratio, ensuring that the maximum number of claims were settled to customers' satisfaction.
The policies they offer can have a maximum tenure of 65 years, and the age criteria for these plans range from a minimum of 18 years to a maximum of 65 years.
Plans Offered by Bharti AXA Life Insurance Company:
• Child Plans
• Retirement Plans
3. Canara HSBC OBC Life Insurance Company
Canara HSBC Life Insurance, established in 2008, is a joint venture between HSBC Insurance Holding Ltd, Canara Bank, and Oriental Bank. This company operates in a pan-India network, having 7,000 branches of the three shareholder banks across the country. Additionally, they offer essential training to bank staff at 28 centers throughout India.
With a huge customer base, the company offers customized insurance products to meet the specific needs of buyers. The policies they offer come with a maximum tenure of 40 years, and eligibility criteria range from a minimum age of 18 years to a maximum of 70 years.
Plans Offered by Canara HSBC OBC Life Insurance Company:
• ULIP Plans
• Child Insurance Plans
• Group Insurance
4. HDFC Life Insurance Company
HDFC Life Insurance Company India, established in 2000, is a joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus. They offer a wide range of portfolios, 38 individual and 13 group insurance products to serve various customer needs.
Plans Offered by HDFC Life Insurance Company:
• Pension Plans
• Savings Plans
• Protection Plans
• Women's Plans
5. ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company of India, established in December 2000, is a joint venture between ICICI Bank Ltd. and Prudential Plus. As the first private-sector life insurance company in India, it has consistently held the top position among private life insurers for over a decade. The company offers a range of products to meet various buyer's requirements, helping customers achieve their long-term goals.
Plans Offered by ICICI Prudential Life Insurance Company:
• Term Plans
• ULIP plans
• Pension Plans
• Child Plans
6. Life Insurance Corporation (LIC) India Company
The Life Insurance Corporation of India, established in 1956, is India's oldest insurance provider. As a government-owned entity, it's not only one of the largest insurance companies but also serves as an investment firm. LIC offers a range of insurance products with a huge workforce, LIC operates in numerous cities and towns throughout the country.
Plans Offered by Life Insurance Corporation Of India:
• Life Insurance
• Pension Plans
• Unit-linked Plans
7. Max Life Insurance Company
Mitsui Sumitomo Insurance Co. Ltd. and Max Financial Services Ltd. collaborated to establish "Max Life Insurance." With 15 years of experience, Max Life Insurance has a strong track record and is known for its excellent investment expertise, providing a one-stop solution for various insurance and investment needs.
Plans Offered by MAX Life Insurance Company:
• Long-term Protection Plan
• Saving Plans
8. PNB MetLife India Insurance Company
PNB MetLife India Insurance company serves clients across 117 locations throughout India and is known for its protection and retirement products. PNB MetLife Insurance Company in India was established in 2001. For the insurance products offered by the company, the eligibility criteria range from a minimum age of 18 to a maximum of 65 years old.
Plans Offered by PNB MetLife India Insurance Company:
• Savings Plans
• ULIP Plans
• Monthly Income Plans
• Money-back Plans
9. SBI Life Insurance Company
SBI Life Insurance Company, established in 2001, is a joint venture between the State Bank of India and BNP Paribas Cardif. It offers comprehensive products at competitive rates. You have the option to purchase SBI life insurance plans both online and offline, making it convenient for customers.
Plans Offered by SBI Life Insurance Company:
• Pension Products
• Protection Plans
10. TATA AIA Life Insurance Company
TATA Sons and the AIA Group have joined hands to launch the TATA AIA Life Insurance Company. The company adopts a customer-centric approach and offers a wide range of insurance products to individuals, associations, and corporate insurance buyers.
Plans Offered by TATA AIA Life Insurance Company:
• Child Plans
• Wealth Plans
• Protection Plans
• Savings Plans
How To Select the Best Life Insurance Company In India?
Choosing an insurance provider is an important decision as it involves investing your earnings in a specific company. In a country where there may be limited social security support, the choice of an insurance company becomes crucial in protecting your financial future and that of your family. Therefore, making a well-informed and thoughtful selection after conducting thorough research is necessary.
Here are some key aspects to consider before finalizing your decision on a life insurance company:
Need-Based Investment
A common thumb rule suggests that your life coverage should ideally be around ten times your annual income. This level of coverage can provide financial safety for your family in the event of unforeseen circumstances. When choosing life insurance, it's important to consider your current medical conditions and any outstanding mortgages. Additionally, your financial portfolio should be customized to meet your specific needs and be well-balanced for optimal financial security.
The Price Tag
Although the value of life is beyond measure, it's wise to conduct a financial assessment when selecting an insurance company. Start by comparing rates and associated fees related to the insurance policies you're considering, using the easily available online aggregators. Afterward, make certain that the pricing offered by the chosen insurer aligns with your financial goals and fits within your budget.
Service Quality
Understanding the reputation and financial strength of an insurance company's promoters is crucial to understanding how effectively they manage policyholders' funds and fulfill their commitments.
Claim Settlement Ratio (CSR)
Claim Settlement Ratio values help you to understand the insight of the company's claim settlement ratio for the previous financial year. It is calculated by dividing the number of claims registered by the number of claims settled by the company in a specific year. When considering a life insurance plan, it's advisable to compare term plans and CSR values to make an informed choice.
Dedicated Customer Support
When purchasing life insurance, it's important to consider the company's customer support system. You should consider a company that offers dedicated customer and claims support. Having access to 24x7 assistance can help solve any issues or concerns that may arise during the policy term.
Feedback and Customer Reviews
You should read the customer reviews of life insurance companies in India which provide insights into the top insurance companies in the country. This feedback from customers can help you make an informed decision when choosing an insurance provider.
Available Riders
The Life Insurance Companies in India provide a variety of term riders that allow you to enhance the coverage of your base plan by paying a minimal additional premium. These riders include options like the Critical Illness rider, Accidental Death benefit rider, Accidental Total, and Permanent Disability rider, and waiver of premium riders. These riders offer extra protection to customize your insurance plan according to your specific needs.
Why Buy Life Insurance From Okbima?
When it comes to securing your family's financial future, choosing the right life insurance company is necessary. Among the many options available, OkBima stands out as a top choice for several reasons.
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Affordable Premiums: Life insurance involves a long-term commitment. OkBima offers affordable premiums and a range of plans for various budgets.
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Flexible Policy Options: OkBima provides various policy choices like term, whole, and universal life insurance to match your financial goals and family's needs.
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Ease of Application: Life insurance applications can be lengthy, but OkBima eases the process with its user-friendly online platform.
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Outstanding Customer Service: In life insurance, reliable support is important. Okbima's customer service ensures a smooth journey with a team of knowledgeable professionals.
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Transparency and Trustworthiness: Trust is very important in life insurance. Okbima's clear policies and procedures build trust and provide reassurance to policyholders.
Conclusion:
Whether it's saving for long-term goals, protecting your family from financial emergencies, or simply optimizing your tax situation – the right plan with the right insurance company can prepare you for any situation. I've compiled a list of the top 10 insurance companies based on their high claim settlement ratios to simplify your selection process. These companies are known for efficiently meeting consumer expectations.
Note: If you find yourself still unsure about choosing the right insurance company that aligns with your financial goals, Okbima is here to assist you.
Frequently Asked Questions:
Which one is the best life insurance company in India?
Based on the Claim Settlement Ratio (CSR) for the financial year 2019-20, the top life insurance companies are Max Life Insurance, HDFC Life Insurance, Tata AIA Life Insurance, Pramerica Life Insurance, and Exide Life Insurance.
How many life insurance companies in India?
India has a total of 24 life insurance companies that offer a variety of products to fill different needs and budgets.
Are there life insurance companies in India that offer customizable policies?
Many life insurance companies in India provide customizable policies to choose specific coverage options, riders, and sum assured based on their requirements.
Do life insurance companies sell policies online?
Yes, the life insurance companies provide life insurance plans online as well as offline.
Which life insurance company has the No.1 claim settlement in India?
Max Life Insurance has the highest claim settlement ratio in terms of the number of claims with 99.34% for the year 2021-22.