Hello Dear Friends in this Article we will talk about Top Life Insurance Companies in India 2022, The Indian insurance market has 22 trusted best life insurance companies that offer comprehensive insurance solutions to individuals, families, and businesses.
Life insurance also called life assurance, is a contract between an insurance policyholder or occupant and an insurer or assured. There are several insurance policies available in India. Different policies come with different features.
Top Insurance Companies in India 2022
Life insurance is an agreement between an individual and the insurance company under which the insurance company promises to provide a death benefit to the family of life assured in case of an unfortunate demise of the life assured during the policy tenure.
The policyholder or the insured person generally pays a premium, either regularly or as one lump sum. The basic benefits of these insurance policies are:
- Financial Security: Even when the person passes away, the insurance policy helps the family of that insured person to have financial protection.
- Death Benefits: The family of the policyholder is provided with a death benefit by the life insurance companies in case of the demise of the policyholder. If the policyholder outlives the policy terms, no payout is made.
- Savings from tax: When the premiums are paid, a tax deduction of up to Rs.1.5L is available under Section 80C of the Income Tax Act.
Max Life Insurance Company is amongst the top life insurance companies in India and it was founded in the year 2000. The aim of this life insurance company is majorly to offer adequate financial strength to its policyholders and for this reason, the insurance provider offers various types of life insurance policies including child insurance, long-term savings, protection, investment, and various other group solutions, etc. All of these insurance plans offered by Max Life are full of benefits and various essential features according to the needs of the individual.
HDFC Life Insurance Company is a collaboration between Standard Life Aberdeen PLC and Housing Development Finance Corporation Limited. It began its operations in the year 2000 and has its headquarters located in Mumbai, Maharashtra.
This company offers various types of life insurance plans to its customers such as protection plans, pension plans, women plans, child plans, health plans, etc.
This life insurance company provides several insurance policies especially created for children and women. A policyholder can include additional riders to the plans in order to enhance the coverage.
This life insurance company came into existence as a joint venture between AIA Group Ltd and Tata Sons Pvt Ltd. It is another popular life insurance company and was started in the year 2001. Tata AIA follows an entirely customer-centric approach and offers various life insurance plans to its policyholders in order to meet their future needs.
SBI life insurance is one of the most successful and reliable life insurance companies in India. SBI Life Insurance is a joint venture between India’s largest bank, State Bank of India and the leading global insurance company BNP Paribas Cardiff, a French multinational bank and financial services company.
It was established in the year 2001. Today, it is a well-known insurance company in the entire nation. The authorized capital of SBI life insurance company is USD 290 million, and its claim settlement ratio is 95.03%.
Bajaj Allianz Life Insurance
In the year 2001, Bajaj Allianz Life Insurance Company was founded. Like Max Life, this insurance company is also a joint venture of Bajaj Finserv Limited of Bajaj Group and a German company, Allianz SE.
This company is prominent for its creative and innovative products, and also for the timely customer service provided through its 759 branches spread across the nation. Bajaj Allianz Life Insurance has a claim settlement ratio of around 95.01%.
Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance Company was founded in the year 2000. This company is a joint venture between Aditya Birla Group and Sun Life Financial, a Canadian financial services organization.
Aditya Birla Sun Life Insurance has a strong presence across the nation with 425 active branches and 9 bancassurance partners. It has a Claim Settlement Ratio of 97.15%.
Reliance Nippon life insurance company was formed as a result of a collaboration between Reliance Capital and Nippon Life. It began with its operations in 2001 and is known to be one of the popular life insurance companies amongst insurance policy buyers.
They have been known to offer insurance plans to over 10 million customers. As a matter of fact, at present, it is said to be one of the largest non-bank-supported life insurance companies amongst private insurance companies.
The insurance company mainly deals with 5 different insurance segments i.e. retirement, protection, child, health, investment and saving for both individuals as well as corporate or group entities.
Bharti AXA Life Insurance
Founded in 2006, Bharti AXA Life Insurance is a joint venture between Bharti Enterprises and AXA Group which is a French multinational insurance firm.
Since then it has formulated a dispersion network across 123 cities in the country and also has a tremendous base of customers which is more than 1 million. The company has a claim settlement ratio of 97.28%.
PNB Metlife India Insurance
PNB Metlife India Insurance is the tenth best life insurance company in India. PNB Metlife India Insurance is one of the best life insurance companies in India. This life insurance company is basically a joint venture between PNB and Metlife companies.
The full- form of PNB is ‘Punjab National Bank. PNB Metlife India Insurance company combines the financial strength of Metlife and reliability and credibility of PNB.
Kotak Mahindra Life Insurance Company Limited is an Indian private life insurance firm. In the year 2001, the company was established. The organization offers numerous protection policies, savings and investment plans, child plans, and retirement plans under the umbrella.
Kotak Life Insurance’s products are available at low premium rates to meet individual investment needs. Each insurance plan is tailored to give optimal safety and benefits while considering the demands of diverse social groups.
The gross premium collected by life assurance companies in India increased from Rs. 2.56 trillion.
Top Life Insurance Companies (FAQs):
Which are the Best Life Insurance Companies in India?
the top life insurance companies are Max Life Insurance, Aegon Life Insurance, Bharti AXA Life Insurance, LIC, and Pramerica Life Insurance.
Do the best life insurance companies sell insurance online?
Yes, the best life insurance companies in India provide life insurance plans online as well as offline.
|1||Life Insurance Corporation of India||1.66|
|2||HDFC Life Insurance||1.99|
|3||SBI Life Insurance||2.33|
What are the 5 main types of insurance?
- Health insurance.
- Motor insurance.
- Home insurance.
- Travel insurance.
- Term life insurance:
- Endowment plans.
- Money-back policies.
Which is the best LIC policy?
|LIC Policies||Plan Type||Policy Term|
|LIC Bima Jyoti Plan||Endowment Plan||15-20 years|
|LIC Jeevan Labh||Traditional savings plan||16, 21, or 25 years|
|LIC Jeevan Umang||Whole Life Insurance||100 years minus(-) the age at entry|
|LIC Bima Ratna||Money Back Policy||15, 20, or 25 years|
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