Best Life Insurance Companies in India? The concept of ‘insurance’ was introduced with the aim of reducing risk and providing protection.
Insurance is the primary method of managing life risk. There are various types of insurance policies available today to protect your loved ones and the things you love.
However, In a life insurance policy. The insured condemns the insured’s family to pay a certain amount in the event of the death of the insured.
Therefore, When it comes to choosing the right insurance plan. You are spoiled with choices as there are various insurance players in the market that offer a lot of unique plans.
In India, there are 24 life insurance companies operating which have been approved and recognized by IRDAI (Insurance Regulatory and Development Authority in India). A regulatory body for the insurance and reinsurance industries.
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Here are some Best Life Insurance Companies in India which are approved by Insurance Regulatory and Development Authority in India (IRDAI).
Best Life Insurance Companies in India
1. Life Insurance Corporation of India
Life Insurance Corporation of India, popularly known as LIC. It is the largest life insurance company in India, owned by the Government of India.
Therefore, LIC is one of the top 10 insurance companies in India, which came into existence in the year 1956.
In addition, It makes insurance accessible to every person in any corner of the country with 2048 branch offices, 113 divisional offices, 8 regional offices, and 1381 satellite offices.
However, LIC being a major insurance player has a huge customer base of over 29 crore policyholders.
The LIC is a trusted insurance brand that provides great convenience to its customers on digital platforms and through branch offices and various other tie-ups.
In addition, LIC offers several life insurance products that can cater to the unique needs of different types of customer segments.
2. Max Life Insurance Company
The Max Life Insurance Company, established in the year 2000, is the largest non-bank private sector insurance company in India.
However, Max Life Insurance Company is a joint venture between Indian Max India Limited, a multi-business Indian corporate, and Mitsui Sumitomo Insurance Company, a Japanese insurance company.
Therefore, It is one of the fastest-growing insurance companies in India, and Max Life’s assets under management have now touched the INR 50,000 crore mark.
Max Life has a customer base of over 3 million. With a strong online presence, broad portfolio of products, multi-distribution channels. And 1090 offices across the country, Max Life Insurance Company provides high-quality customer services.
However, Max Life Insurance allows you to select many types of products offered by them in the market.
In addition, With a high claim settlement ratio. Max Life has been awarded by the CMO Asia Awards as ‘Claim Services Leader’ and ‘Excellence in Claim Services’.
3. HDFC Life Insurance Company
HDFC Life Insurance Company, HDFC Limited, one of the top insurance companies in India, is a joint venture between the leading housing finance institution in India and global investment company Standard Life Aberdeen.
Established in the year 2000, HDFC Life provides insurance and investment solutions to various customer segments.
Therefore, HDFC Life serves its customers across the country through 412 branches and additional distribution touchpoints, and bancassurance partners.
However, With a robust digital platform, services are easily available to customers.
HDFC Life Insurance offers considerable flexibility with their insurance policies at 99.07%, their claim settlement ratio is also quite impressive.
4. ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company was promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Established in the year 2000, ICICI Prudential Life is one of the best insurance companies in India, which today exists with its strong bancassurance channel and multiple distribution channels across the country.
The total assets under the management of the company are INR 1,604.10 billion. With a customer-centric approach, ICICI Prudential Life offers various long-term security and savings plans for a diverse customer segment.
5. Tata AIA Life Insurance Company
The Tata AIA Life Insurance Company is a joint venture between Tata Sons Private Limited, one of the largest business groups, and AIA Group Limited, Asia’s largest insurance group.
However, Tata AIA Life Insurance Company has assets under management in 2019 at Rs 28,430 crore.
Being one of the trusted insurance brands in India, Tata AIA Life Insurance offers a range of insurance solutions ranging from insurance to wealth creation.
However, Policies provide excellent customer service as well as simple solutions to unique insurance needs.
6. Bharti AXA Life Insurance Company
Bharti AXA Life Insurance established in the year 2006. It is a joint venture between AXA Group and Bharti Enterprises.
Therefore, The strong financial expertise and domestic business excellence of these companies have laid a strong background for the company.
Bharti AXA Life has introduced various innovative insurance products to cater to the unique needs of the customers.
However, Bharti AXA Life’s distribution network spread across 123 cities in the country.
The company has a customer base of over 10, 50,000. The company offers various schemes launched to protect safety plans, health, and group plans, and most of them are easily offered on online platforms.
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7. Bajaj Allianz Life Insurance Company
The Bajaj Allianz Life Insurance Company, established in 2001, is a joint venture between Bajaj Finserv Limited of Bajaj Group.
Bajaj Allianz Life has 759 branches across the country, offering innovative insurance solutions across various customer segments.
However, Bajaj Allianz Life Insurance is known for its strong innovative products and timely customer service.
Therefore, it is one of the top 75 most valuable Indian brands in 2019, Bajaj Allianz is one of the leading Indian insurance providers.
8. SBI Life Insurance Company
SBI Life Insurance Company is a joint venture between State Bank of India (SBI), India’s largest bank, and BNP Paribas Cardif, a French multinational bank, and financial services company.
Currently, SBI Life Insurance has an authorized capital of INR 20 billion (USD 290 million). SBI Life was first started as a bancassurance business which has now been expanded to a multi-distribution channel.
In addition, With customer service excellence and product innovations, the company has continued to grow year by year.
Therefore, SBI Life Insurance is one of the market leaders for life insurance policies in India. It provides various policies for policyholders with many benefits.
9. Reliance Nippon Life Insurance Company
The Reliance Nippon Life Insurance Company, established in the year 2001, is one of the leading insurance companies in India, catering to different classes of people.
However, Reliance has more than 10 million policyholders. The company has made insurance accessible to many through its strong distribution network of 727 branches.
In addition, Reliance Life has a product for every possible need of the individual. Currently, the company has assets under the management of INR 20,281 Cr.
10. Kotak Life Insurance Company
The Kotak Life Insurance Company is one of the fastest-growing and top insurance companies in India with a base of 20 million + policyholders.
Kotak Mahindra Bank is the parent company of Kotak Life Insurance. Kotak Life Insurance Company offers a wide variety of insurance products for every section of society with unique characteristics.
However, Currently, the company has 32+ products, 18 riders, 10 unit-linked investment plans, and 9 group products.
In addition, Kotak Life Insurance offers many benefits such as security, wealth creation, tax benefits, and more. The company offers several schemes like savings and investment plans, child plans, savings plans, and retirement plans.
The company’s assets under management are INR 25,936 crore. Kotak Group has achieved many milestones in the financial services sector and has been consistently honored and honored for its achievements.
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