Want to know Top life insurance companies in India? Well you have landed on the right article
Life is full of uncertainties, which can be seen everywhere. There is hardly any situation in which anything can be predicted with 100% certainty. Even small happenings in our environment are tinged with septicemic.
Who will win the IPL, will it rain today, what will be for dinner today and so on are some of life's most common questions, the answers to which are merely predictable and cannot be guaranteed?
However, there are several important instances in which we must predict what will happen in the future and protect ourselves properly. Insurance is one such important precaution.
It's just another method of attempting to deal with the unforeseeable future. From insuring mobile phones and autos to safeguarding overall health and life, there is a lot that may be covered for the future.
Nothing, however, is more important than life itself. And, like everything else, our lives are uncertain. The harsh reality is that it must come to an end at some point, and death can strike at any time.
This is what causes many people to be concerned and wonder, "What will happen to my family once I die?" And, in this case, a sort of insurance can provide financial assistance to the deceased person's family. A life insurance policy is a name for this type of insurance.
There are 24 life insurance companies operating in India that have been certified and recognized by the IRDAI (Insurance Regulatory and Development Authority of India), which is the country's regulatory authority for the insurance and reinsurance industries.
What is a life insurance policy?
A contract between an insurance policyholder or occupier and an insurer or assured is known as life insurance or life assurance.
Upon the death of an insured individual, the insurer guarantees to pay a specified beneficiary a sum of money (the benefit) in exchange for a premium (also known as the policyholder).
A premium is usually paid by the policyholder or insured person, either on a regular basis or in one big sum. The following are the basic advantages of these insurance policies:
- Financial Security: Even if the insured person dies, the insurance policy provides financial security to his or her family.
- Death Benefits: Life insurance companies pay a death benefit to the policyholder's family in the event of the policyholder's death. No payment is made if the policyholder outlives the insurance terms.
- Tax savings: When premiums are paid, Section 80C of the Income Tax Act allows for a tax deduction of up to ₹1.5 lakh.
Importance of insurance
Insurance is an important investment that one must make in order to protect his or her family's future. Even financial advisors recommend getting insurance before starting your financial planning.
Insurance is necessary for a variety of reasons. Some of the causes are as follows:
- If something unexpected happens to the family's breadwinner, the family's financial position may come to a halt.
- Insurance compensation can help a family's finances by providing a source of income.
- Even if you are not present, your family is financially protected with insurance.
- The sudden death of a family's breadwinner can have disastrous consequences for the family's financial well-being.
- Even if you are not present, your family can obtain financial stability with insurance. Their long-term financial objectives will also be met.
- Life insurance firms offer a variety of solutions that provide not only life protection but also the opportunity to build wealth in order to reach future ambitions.
- The necessity to invest in such products on a regular basis encourages savings.
- Endowment plans, money back plans, unit-linked investment plans, and so on are examples.
- The insurance covers a variety of risks, including death, being hit by a car, becoming ill, and so on.
However, obtaining life insurance is not as simple as it appears. There are a few formalities that must be completed. But this is the last section.
The first thought that springs to mind is selecting a business from whom to purchase a life insurance policy.
Let's take a closer look at this to get a better understanding of the various life insurance policies.
Top Life Insurance Companies in India (2022)
1. Aditya Birla Sun Life Insurance
The Aditya Birla Sun Life Insurance Company was founded by the merger of the Aditya Birla Group and Sun Life Financial.
It is Canada's largest international financial services company.
Birla Sun Life is one of India's leading insurance firms, offering a wide range of insurance.
It Provides products ranging from protection plans to pension plans, savings plans, and a variety of new-age products. As of March 2021, the company's total assets under management were ₹5,26,151 million.
With 386 branches, 7 banc-assurance partners, 6 distribution channels, and 90,000+ direct selling agents, the company has a solid presence across the country.
For its sustained contributions to the industry, Birla Sun Life Insurance Company has garnered numerous accolades and awards. The seventh best life insurance company in India in 2021 is Birla Sun Life Insurance Company.
Birla Sun Life Insurance is Aditya Birla Group's and Sun Life Financial Inc.'s joint venture company. Sun Life Financial is a well-known Canadian multinational financial services company. Birla Sun Life Insurance company is one of the best insurance company in india.
ABSLI was the abbreviation for Aditya Birla Sun Life Insurance. Aditya Birla Life Insurance Firm is another well-known life insurance company.
The Indo-Canadian Business Chamber awarded Birla Sun Life Insurance Company the 'Successful Performance' award for four years in April 2005.
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2. AEGON Life Insurance
AEGON Life Insurance Company, which was created in 2008, is one of the best when it comes to providing various life insurance solutions to different customer groups.
AEGON Life is a modern company with a strong internet presence and a wide range of products, with a claim settlement ratio of 96.45%.
The company has garnered numerous awards and accolades, including the following-
- Digital Company of the Year 2020
- ET BFSI Award in 2019
- E-business Leaders Award at Indian Insurance Awards
- Celente Model Insurer Asia Award
- Most recommended Life Insurance Brand of 2013
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3. Aviva Life Insurance
Aviva Life Insurance Company is a partnership between Aviva plc, a British insurer, and the Dabur Group, an Indian conglomerate.
Aviva Life offers a comprehensive range of insurance products.
From protection plans to savings and retirement plans, Aviva serves through its 121 branches and 9000+ staff.
The company is one of India's top insurance companies in terms of online goods, customer service, and many other aspects.
Aviva Life has been named "2019's Best and Most Trusted Brand." TRA's Brand Trust Report of India Study named Aviva Life Insurance Company the Most Trusted Private Life Insurance Brand for the years 2018 and 2019.
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4. Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance Company is a joint venture between Bajaj Finserv Limited and the Bajaj Group, which was created in 2001.
It has 759 locations across the country that provide innovative insurance solutions to a wide range of customers.
Bajaj Allianz Life Insurance is noted for its cutting-edge products and prompt client
service. For its contributions to the insurance business, the company has received numerous awards and accolades.
The following are some of the prizes that Bajaj Allianz Life Insurance has received –
- Digital Technology Senate Awards, 2021
- Red Hat APAC Innovations Award 2020
- Digital Marketer of the Year 2018 in the insurance category
- Customer Service Excellence Award’ at the NASSCOM BPM Strategy Summit held in 2018
Bajaj Allianz is one of India's major insurance companies, having been named among the Top 75 Most Valuable Indian Brands in 2019.
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5. Bharti AXA Life Insurance
In the year 2006, Bharti AXA Life Insurance was established. AXA Group and Bharti Enterprises are partners in this endeavour.
These companies' strong financial knowledge and domestic business excellence have provided a solid foundation for the corporation.
It boasts a huge client base of over 1 million people.
Bharti AXA Life has launched a number of new insurance solutions to meet clients' specific needs.
The distribution network of Bharti AXA Life spans 123 cities across India. The organization offers a variety of policies, ranging from protection to savings, health, and group insurance, with the majority of them available on an online platform.
In March 2019, Bharti AXA was honored with the ASSOCHAM Award for Insurance Excellence, as well as the award for Customer Service Excellence.
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6. HDFC Life Insurance Company
HDFC Life Insurance Business is a joint venture between HDFC Ltd, a significant housing financing organization in India, and Standard Life Aberdeen, a worldwide investment company.
It is one of India's top insurance companies. HDFC Life, which was founded in the year 2000.
It provides a diverse range of insurance and investment products to a variety of customer categories. HDFC Standard Life Insurance is India's fourth largest life insurance company from 2019 to 2021.
HDFC Life is a prominent long-term life insurance solutions provider in India, with a wide range of individual and group insurance products to satisfy a variety of consumer needs, including Protection, Pension, Savings, Investment, and Health.
The HDFC Standard Life Insurance joint venture between HDFC Ltd. and Standard Life Aberdeen is well-known. HDFC Life has 390 branches and various distribution touch-points and banc-assurance partners across the country to serve its customers.
Customers can readily access services thanks to a powerful digital platform. For its sustained contribution to the Indian insurance industry, HDFC Life has garnered numerous honors and awards. Here are some of the specifics -
- Most Valuable Private Life Insurance Indian Brand
- Best Life Insurance Company’, ‘Best Analytic Initiative of the Year’ and ‘Best Underwriting Initiative of the Year’ at BFSI awards.
- YUVA Unstoppable Change-maker award in 2021
- Super-brand of 2021
- Best 50 PCI Companies for 2019
- Creative Excellence Award’ at INDIA awards in 2018
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7. Max Life Insurance Company
Max Life Insurance Company, established in the year 2000, is India's largest non-bank private sector insurer.
With assets under control of ₹90,407 crores, Max Life Insurance Company is one of India's fastest-growing insurance businesses.
Max Life has continuously received honors and accolades.
Max Life Insurance Company delivers high-quality customer service with a strong web presence, a diverse product portfolio, many distribution methods, and offices across the country.
Max Life was named 'Claims Service Leader' and 'Excellence in Claims Service' by CMO Asia Awards for their high claim settlement ratio.
Max Life Insurance is India's sixth largest life insurance company in 2019. One of the greatest life insurance plans in India is offered by Max Life Insurance.
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8. ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited.
With a robust banc-assurance channel and diversified distribution channels, ICICI Prudential Life, which was created in the year 2000.
It is one of the best insurance organizations in India today.
ICICI Prudential Life had $2,231.71 billion in assets under management as of June 30, 2021.
Because of ICICI Prudential Life's customer-eccentric approach, they are able to provide a comprehensive choice of long-term protection and savings products to a diverse group of consumers.
For its achievements in the insurance industry, ICICI Prudential Life Insurance Company has garnered various honors and medals. Take a look at some of the awards that ICICI Prudential Life Insurance Company has received:
- Best Contact Centre’ by the Customer Fest Leadership Awards 2021
- BrandZ Top 75 Most Valuable Indian Brands 2020
- Life Insurance Company of the Year at the India Summit and Awards 2019
- Life Insurance Provider of the Year by Outlook Money Awards 2018
- Best Term Insurance Provider of the Year by Money Today Financial Awards 2017-18
- Best Customer Orientation in Life Insurance by Emerging Asia Awards 2018
- Best Growth in Life Insurance category by Emerging Asia Awards 2018
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9. Tata AIA Life Insurance Company
Tata AIA Life Insurance Company is a partnership between Tata Sons Private Limited.
It is one of India's major commercial conglomerates, and Asia's largest insurance conglomerate.
Tata AIA Life Insurance Company will have ₹46,281 crores in assets under control.
Tata AIA Life, one of India's most reputable insurance brands, offers a wide range of insurance products, from protection to wealth development.
The policies combine exceptional customer service with straightforward solutions for specific insurance needs. The TATA AIA Life Insurance Company is ranked ninth among India's best life insurance firms for 2021.
Tata AIA Life Insurance Firm Limited, created by Tata Sons Ltd. and AIA Group Ltd., is a renowned joint venture company.
TATA AIA Life complements Tata's preeminent leadership position in India and AIA's position as the world's largest, independently recorded skillet Asian life insurance firm, with operations in 18 Asia Pacific nations.
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10. Kotak Life Insurance Company
With over 30 million customers, Kotak Life Insurance Company is one of India's fastest-growing and top insurance businesses.
Kotak Life Insurance Company provides a varied selection of insurance products with unique benefits to people from all walks of life.
Kotak Life Insurance's parent business is Kotak Mahindra Bank.
The company currently offers 32+ products, 18 riders, ten Unit Linked Investment Plans, and nine group products. The Kotak Group has accomplished numerous milestones in the financial services industry and has been continually recognized for its efforts.
Kotak Life Insurance provides a number of advantages, including protection, wealth creation, tax advantages, and more.
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11. PNB Met Life Insurance Company
PNB Met Life Insurance Company, created in 2001, is one of India's leading insurance firms.
One of the greatest life insurance companies in India is PNB Metlife India Insurance.
The tenth best life insurance company in India.
This life insurance company is really a partnership between PNB and Metlife. PNB Metlife India Insurance combines Metlife's financial strength with PNB's dependability and credibility.
The company offers a variety of life insurance and savings products to customers in over 7,000 locations through its multi-distribution channels. PNB MetLife has won numerous honors for its achievements in the realm of insurance, including the following -
- Best in Diversity and Inclusion by People Matters Awards 2019
- Best Product Innovation award for Mera Heart and Cancer Care plans at National Awards for Excellence in Insurance
- Most Sustainable Company of India
PNB MetLife's diverse insurance offerings assist consumers in achieving their financial and security goals. It also provides exceptional customer service to ensure a smooth purchase and resolution.
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12. SBI Life Insurance
SBI Life Insurance is one of India's most successful and dependable life insurance firms.
It is now a well-known insurance company throughout the United States.
SBI Life Insurance is India's third largest life insurance company in 2019.
SBI Life Insurance is a joint venture between India's largest bank, State Bank of India, and BNP Paribas Cardif, the world's leading global insurance company. In the year 2001, it was founded. SBI is one of the best life insurance company in India .
IRDA has rated this life insurance firm as one of India's finest life insurance companies (Insurance Regulatory and Development Authority of India). This life insurance business is considered to be one of the best in India.
The SBI Life Insurance Company is a joint venture between India's largest bank, State Bank of India (SBI), and BNP Paribas Cardif, a French multinational bank and financial services firm.
SBI Life began as a banc-assurance company and has now expanded to include other distribution channels.
The company has been increasing year after year because of excellent customer service and product developments SBI Life has won numerous honors and plaudits for its efforts. Some of them are listed below:
- Brand of the Year 2016-17 award in the insurance category
- Private Sector Life Insurance Company of the Year award at the Fintelekt Insurance Awards
- Banc-assurance Leader, Life Insurance in the large companies’ category
- Insurer of the Year in 2020 by FICCI
- Best Covid Response-Towards Customers Towards Communities award at ASSOCHAM 13th Global E-Summit 2020
SBI Life Insurance is a market leader in India for life insurance coverage. It offers a variety of plans with a variety of benefits for policyholders.
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Conclusion
A family encourages you to strive to be the best version of yourself. The well-wishers that surround you are the ones who assist your dreams take flight. As a result, taking care of the needs of your parents, children, or spouses becomes a critical job on your part.
However, as a responsible family caregiver, you must take all necessary steps to ensure your family's financial security even when you are gone.
With pandemics, climate change, political movements, and revolutions, the globe has become extremely unpredictable in recent years. Because nothing in life is guaranteed, it is all the more crucial to not take your own or your loved ones' lives for granted.
As a result, life insurance policies are not an option, but rather a need, and should be a part of anyone's financial preparation.
I hope you liked our article on Top life insurance companies in India, if you have any comments or suggestions do share them in the comments below
frequently asked question
1. Which is the no. 1 life insurance company in India?
Tata AIA Life Insurance is India's leading life insurance business, with a claim settlement ratio of 98.02% in 2020-21.
2. How many life insurance companies are listed in India?
There are 24 life insurance companies in India's life insurance industry. The sole public sector life insurance business in India is the Life Insurance Corporation of India (LIC).
3. Which company provides the most affordable life insurance policy?
Bajaj Allianz is a well-known insurance business that offers competitive rates on plans.
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