Dangers to one’s life have always been numerous, whether it be deadly diseases or fatal accidents. Having life insurance protects your family from financial difficulties even after your death and helps them avoid additional hardships. However, before buying life insurance one must consider many factors, including the quality of the company offering life insurance. Choosing a good life insurance company can provide you with better claim processing and customer service as well as lower premiums. But how does one pick the best company for their life insurance?
Here is our list of the 10 best life insurance companies according to claim settlement ratio and market share in India 2021:
Max Life Insurance
The largest life insurance company of the private sector, Max Life Insurance is well known for its dedication towards providing the best life insurance plans and excellent customer service for its clients. It has a presence of 269 offices across India serving over 30 lakh customers, and manages assets over 50,000 crores. It has the highest claim settlement ratio of 99.2% among all life insurance companies despite having such a huge customer base, which is a testament to the high quality of its services.
HDFC Life Insurance
One of the leading life insurance providers from the private sector, HDFC Life Insurance is without a doubt one of the best companies for buying life insurance in India. Founded in 2000 as a joint venture between HDFC and Standard Life, it has 412 branches and an extensive network of agents and bancassurance partners to widen its reach. With one of the highest claim settlement ratios of 99.02%, it has a very efficient claim settlement service and provides various products and services to meet its customers’ needs.
Life Insurance Corporation of India
The biggest life insurance company in India, LIC is the market leader in life insurance and has over 3 lakh crores of assets under management of more than 29 crore policyholders. A public sector company founded in 1956, it is the most accessible insurance provider with 3000+ branches and over 1 lakh employees all over India. It offers a wide variety of flexible life insurance plans, and is an experienced expert player in the life insurance industry. With a high claim settlement ratio of 96.69% despite a customer base that is larger than all private life insurance companies combined, it remains one of the best and most trusted companies for buying life insurance in India.
Bajaj Allianz Life Insurance
A joint venture between Bajaj Finserv and Allianz SE from Europe, Bajaj Allianz Life insurance is a fast-growing private sector life insurance company in India. Founded in 2001, it has 509 branches and 80000+ agents to expand its reach throughout India. It offers innovative life insurance plans and high-quality customer service to meet the needs of millions of its customers. It has a superb claim settlement ratio of 98.02%, and is a strong competitor in the life insurance industry.
Tata AIA Life Insurance
Tata AIA Life Insurance is a private sector life insurance company founded in 2001. It is a joint venture between Tata Sons and AIA group, the largest insurance group in Asia. It is a rising company in the life insurance industry, and has a customer-centric approach. Some of its unique features are its 4 hours express claims and its online presence, with nearly 90% of its sales and services being conducted online. Its claim settlement ratio of 99.06% further justifies its position as a leading customer-centric life insurance company.
Founded in 2001, Reliance Nippon is one of the largest private life insurance companies in India. It is a joint venture of Reliance Capital and Nippon Life, a Japanese insurance company. It caters to more than 10 million policyholders with 713 branches and 42000+ advisors across the country. It offers life insurance plans in 4 segments: protection, children, retirement and investment. With a claim settlement ratio of 98.48%, it is a good choice for buying life insurance.
Exide Life Insurance
Exide Life Insurance company is a wholly-owned subsidiary of Exide industries, the largest Indian manufacturer of electric storage batteries. It owns over 200 offices across the country and employs 45000+ advisors, and is growing its reputation as a leading life insurance company. It serves 15+ lakh customers and has a high claim settlement ratio of 98.54%, making it a worthy choice for life insurance.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential Holdings Corporation, and was founded in 2001. It offers hassle-free claims and provides quality services to its customers, which has made it one of the leading companies in the life insurance industry. It has a claim settlement ratio of 97.84%, and is a reputed company for life insurance.
SBI Life Insurance
SBI Life Insurance company was founded in 2001, and is a joint venture of SBI and BNP Paribas Cardif, a French banking and financial services company. It is one of the market leaders in life insurance, and has a wide distribution network of 947 offices and 28000+ partner branches that make it accessible to all its customers. It provides various types of life insurance plans at affordable rates. Although its claims settlement ratio of 94.52% is slightly lower than its peers, given its large size and extensive reach, it still remains a top choice for buying life insurance policies in India.
Canara HSBC OBC Life Insurance
A joint venture between two large public banks Canara bank and Punjab National Bank, and a global private company HSBC insurance, Canara HSBC OBC Life Insurance was founded in 2008 and is a major player in the life insurance industry. It has an established presence in tier 1,2 and 3 cities and aims to make insurance products accessible for all. With 60 million plus policyholders and a claim settlement ratio of 98.12%, it is one of the best choices for life insurance.
That concludes our list of the top life insurance companies in India 2021. When buying life insurance, it is very important to choose the right company so that you receive the best claim settlement services, excellent customer service and affordable premiums. Life insurance is one of the longest insurance products, and hence it is necessary to be very diligent when choosing a life insurance plan and company. We hope this article helped you gain clarity regarding the best life insurance providers in India. If you liked this article, please share and comment below.