Check Below 24 Life Insurance Companies with Their Insurance Claim Settlement Ratio (2016-17) Top 10 life insurance companies.
Life Insurance Companies Brief Details
There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies. Many of these are joint ventures between public/private sector banks and national/international insurance-financial companies.
Private life insurance companies in India got access to the life insurance sector in the year 2000. Most private players have tied up with international insurance giants for their life insurance foray.
AEGON Life Insurance Company
AEGON Life Insuranceis a joint venture between one of the world’s leading financial service organization and Bennett, Coleman & Company. The company is focused to provide a customer centric business along with an excellent and innovative working professionals. Started its operation in year 2008 the company works with a multiple channel distribution strategy with an aim to help people to plan their life in a much better way. The company has launched an array of products that focuses on offering best suited plans to the customers to meet their financial goal. The plans offered by the company are term plan, endowment plan, Group plan, ULIP plan, pension plan, protection plan, saving plan, child plan and ruler plan.
Aviva Life Insurance Company
Aviva Life Insurance is the largest and the most popular insurance provider in the world. The company is a joint venture between the Dabur Group and Aviva Group. With 121 networked center across the country Aviva Life Insurance serves a large number of customer base country wise. Among the other insurance companies in India the company is known to first introduce Unit Link and Unitized With-Profit Plan in the market. The Aviva Life Insurance Company offers a wide variety of plans to the customers. These plans fulfills all the needs and necessities of the buyers at a very economical price. Some of the most common plan offered by the company are protection plan, ruler plan, child plan, retirement plan, saving plan, health plan, term plan and group insurance plan.
Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance is a joint venture between the European financial services company Allianz SE and Bajaj Finserv Limited. The company has gained name as one of the top most life insurance brand in India. Among the other life insurance companies in India Bajaj Allianz Life Insurance Company meet its customers need by providing them a huge range of products right from ULIP and Child Plan to Group and Health Insurance. The company provide a huge array of customized products that cater the every single demand of the customer and provide them a transparent benefit. Launched in year 2001 this life insurance company provides a one stop solution to the customers and help them in achieving their financial goals.
Bharti AXA Life Insurance Company
Headquartered in Mumbai Bharti AXA Life Insurance is a life and general insurance provider company. The company is a joint venture between Bharti Enterprises and AXA Group. The customers can choose from the wide range of policies offered by the company ranging from investment plans to traditional plan or life insurance plan to child plan. The company is flourishing immensely and has a network of 123 offices in different cities across India. The customers has witnessed a maximum grievances resolved by the company in a year and had experienced a claim settlement ratio of 80.00%. The policies offered by the company has a maximum tenure of 65 years and the age criteria for the plans starts from minimum 18 years to maximum 65 years.
Birla Sun Life Insurance Company
With a 2.5 million of customer base the Birla Sun Life Insurance is one of the leading insurance company in India. Birla Sun Life Insurance came in to existence with the joint venture between Aditya Birla Group and Sun Life Financial Inc. The company is known as a pioneer of Unit Linked Life Insurance plans and has over 600 branches spread over 500 cities across the country. A complete range of insurance services is offered by Birla Sun Life Insurance like protection plan, child plan, health and retirement solution, ULIP plan, customized group product and life stage product to provide compete satisfaction to the customers. With a claim settlement ratio of 88.45 % the company offers the best plans for the customers.
Canara HSBC OBC Life Insurance Company
Launched on year 2008 Canara HSBC OBC Life Insurance is a joint venture between HSBC Insurance Holding Ltd, Canara Bank and Oriental Bank. The company works as a pan India network with around 7000 branches of the three shareholder banks across the country. Moreover, the company provides necessary training and coaching to the bank staff across the 28 centers in country. With a huge customer base the company provides most customized products to meet the needs of the buyers. The policies offered by the company has a maximum tenure of 40 years and the eligibility criteria ranges from minimum 18 years – maximum 70 years.
DHFL Pramerica Life Insurance Company
Situated in Gurgaon DHFL Pramerica Life Insurance is considered to be India’s premier Life Insurance Providers. The company serves with 67 branches and 2000 employees spread across the country. Although despite of being a new company the firm is growing by heaps and bounds and had made a remarkable place in the market. The company offers a variety of plans to the customers within a maximum tenure of 30 years. The company has a claim settlement ratio of 84.00 % from year 2015-2016 and is ranked for maximum grievances settled over the year. DHFL Pramerica Life Insurance have a huge customer base and provide one stop solution for all insurance needs.
Edelweiss Tokio Life Insurance Company
Edelweiss Tokio Life Isuranceestablished in 2011 is a newly formed private sector insurance provider in India. Edelweiss Group of India and Tokyo Marine Holding of Japan joined hand together and has formed Edelweiss Tokio Life Insurance Company. The company offers a host of life insurance products to the customer with high returns and guaranteed interest payment. Some of the most common plans offered by the company are saving plans, endowment plans, child plans, protection plans and retirement plans. Above this to fulfill the requirements of the customer the company also provide add-on coverages like accidental death benefit rider, accidental total and permanent disability rider and critical illness rider.
Exide Life Insurance Company
Found in year 2000 the Exide Life Insurance Company started its operation in 2001. The company was formerly known as ING Vysya Life Insurance Company Ltd. and is 100% owned by Exide industries Ltd. Exide Life Insurance has a network of 200 offices across the country and is supported by over 35,000 advisors. The company is ranked as top 10 Trusted Life Insurance Brand in India. As compared to the other insurance companies in India the plan offered by the company is customized in a way to fulfill the requirements of the customer and is available at very affordable rates. With a customer centric approach the plans are categorized into protection, saving, investment and retirement plan. For all your insurance needs the Exide Life Insurance offers a one stop solution to the customers.
Future Generali India Life Insurance Company
Established in year 2007, Future Generali Life Insurance India is a joint venture between Generali Group, Future Group and Industrial Investment Trust Limited. The company has a network of 98 branches over India and since its inception it has sourced over 11 Lakh policies. The company offers one stop solution for all types of financial security to the customer and serves their products on different areas like saving protection, policies and Unit Linked Policies. The policies are offered with a maximum tenure up to 75 years and the eligibility criteria ranges from least 18 years to maximum 56 years. The company has a record of maximum grievances settled and provide a claim ratio of 90.61%.
HDFC Standard Life Insurance Company
HDFC Standard Life Insurance Corporation India is a joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus. Founded in year 2000 HDFC Standard Life insurance is one of the leading insurance firm in India. The company has currently 27 retail and 8 group products in portfolio. In order to meet the various needs of the customer the company provides an array of individual and group insurance solutions like pension plan, saving and health plan, protection plan, child plan and women plan. With over 414 branches spread in 900 cities and towns in India the company has a claim settlement ratio of 95.02%. HDFC Life Insurance Company offers plans in a much customized way to fulfill the requirements of the customer.
ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Corporation of India is a joint venture between ICICI Bank Ltd.; one of the India’s leading private sector bank and Prudential Plus; one of the largest international financial service group. The company began its operation in December 2000 as the first private sector Life insurance in India. For over a decade the company has maintained its top most position amongst the private life insurer in country. To fulfill the different life stage requirements of the customer, ICICI Prudential Life Insurance provides an array of products that enables the buyers to achieve the long term goal. ICICI Prudential life insurance offers products like term plan, ULIP plan, Pension Plan, Child Plan and Investment Plan.
IDBI Federal Life Insurance Company
Formed in 2008 IDBI Federal Life Insurance is a joint venture between IDBI Bank, Federal Bank and Ageas a European Insurance Company. With a partnered network of 2137 branches over the country the company offers a wide range of capital management solution,protection and retirement to the corporate customers as well as individual. The bank also offers ingenious technological solution to its customers. To be eligible for IDBI Federal Life Insurance one should have a minimum age limit of 18 years to maximum age limit of 55 years. The company has a record of maximum grievances over a short period of time and provide a claim settlement ratio of 84.79% for a year.
IndiaFirst Life Insurance Company
The two Indian public sector bank, Bank of Baroda and Andhra Bank went into a joint venture with U.K based investment firm Legal and General and has launched India First Life Insurance Company. Headquartered in Mumbai the company offers investment funds, insurance plans and other policies. The company offers a wide range of plans to cater the need of every individual like saving plans, protection plans, pension plans, term plans and child plans. With a network branches of 4,800 across the country the company serves over 1000 cities in India and offers a claim settlement ration of 72.21% over a year. India First Life Insurance Company Ltd not only fulfills all the needs of the customer additionally the plans offered to the customer is also very economical.
Kotak Mahindra Life Insurance Company
Headquartered in Mumbai the J.V between Kotak Mahindra Group and Old Mutual Fund is Kotak Mahindra Life Insurance. It is one of the fastest growing insurance company in India that has a 4 million trusted policyholder nationwide. Keeping their customers in high priority the company provides a much affordable range of term plan, ULIP plan, child plan, saving plan, investment plan, protection plan and retirement plan. The company has much gained name in the market for delivering outstanding value to its customer through customized products and excellent service. The Kotak Mahindra Life Insurance provide plans with a maximum tenure of 30 years and eligibility criteria with minimum 18 years to maximum 65 years.
Life Insurance Corporation (LIC) India Company
Life Insurance Corporation of India is the oldest insurance sector of our country. Established in 1956, one of the largest insurance company of India is a state owned insurance group and investment firm that offers a range of insurance products to its customers. Some of the common products that is offered by the company are life insurance plans, pension plans, child insurance plans, unit linked plans, special plans and group scheme. With a networkof 2,048branches the company has a huge number of employees operating in different cities and town all over the country. LIC has a claim settlement ratio of 98.19% with maximum grievances settled over year.
Max Life Insurance Company
Max Financial Service Ltd. and Mitsui Sumitomo Insurance Co.Ltd joined hands together and has launched Max Life Insurance as one of the foremost insurance company in India. With multi-channel distribution partner and high service providing agencies the company offers the most comprehensive long term protection, saving and retirement schemes. With a strong customer centric approach the company offers one stop solution for all types of insurance and investment needs. Max Life Insurance has a strong track record of 15 years and offers superb investment expertise. With a claim settlement ratio of 96.23% the company has a maximum grievances resolved over a year.
PNB MetLife Insurance Company
An association of Punjab National Bank PNB MetLife Insurance is one of the fastest growing life insurance company in India. The company has over 1,800 corporate clients in India and is spread over 150 different location in country. The company is well known for its protection and retirement products. Apart from this there are various plans like child plan, saving plan, ULIP plan, Monthly income plan and money back plan that is offered to the customer. PNB MetLife Insurance Company in India came into action in year 2008 and was recognized as best private sector insurance company for the year 2013-2014. For the insurance products offered by the company the eligibility criteria starts from minimum 18 years –maximum 65 years old.
Reliance Life Insurance Company
One of the India’s largest life insurance firm Reliance Life Insurance is a part of Reliance capital of the Reliance Group. The company has over 10 million policyholder country wise with a network close to 1,230 branches across the country. The company is currently the largest non-bank supported private life insurer in India. Reliance Life Insurance has claim settlement ration of approximately 95.01% and have a record of maximum grievances resolved over a year. The company mainly target products to individuals along with the group sand corporate entities. The company offers some of the most comprehensive plans like retirement, children, protection, investment and health plan. The maximum tenure of the policies are 35 years and the eligibility criteria to avail the criteria starts from minimum 18 years – maximum 55 years.
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Sahara Life Insurance Company
Established in 2004, Sahara Life Insurance is India’s first wholly owned private life insurance company. With acknowledgeable presence in most part of the country the company serves almost all the sections of the society right from ruler to middle class and urban based. With a customer centric approach the Sahara Life Insurance Provides an extensive range of products like money back plan, unit link plan, term assurance plan,endowment plan and group assurance plan to cater the insurance needs of every individual. The company has a claim settlement ration of 89.97% and has resolved the maximum number of grievances for the customer over the year.
SBI Life Insurance Company
Introduced in year 2001, SBI Life Insurance Company is a Joint venture between State Bank of India and BNP Paribas Cardif. Holding a share of 6.12% of the total market currently the company is the biggest private sector insurance company in India. SBI Life Insurance Company offers an inclusive range of life insurance and pension products at a very economical rate. With a claim settlement ratio of 95.70% the customers have testify the most number of grievances resolved by this company. As one of the top most insurance company in India it offers variant plans like saving plan, unit link plan, protection plan, child plan and pension plan to cater the need of an individuals.
Shriram Life Insurance Company
Shriram Life Insurance was established in year 2005, by a joint venture between Shriram Group and Sanlam Group. The company has a network of 630 branches across the different countries in India and caters the diverse needs of the customers from the different cities of the country. The company take pride for efficient usage of capital and low operation cost. The major key features of the company is that it focuses on ruler market and serve the more economically weaker section of the society. With a variety of plans offered by the company the maximum tenure of the policy ranges up to 25 years and the eligibility criteria ranges from minimum 18 years to maximum 65 years.
Star Union Dai-Ichi Life Insurance Company
The Bank of India, Union Bank of India and the largest life insurance company of Japan Dai-Ichi Life entered into joint venture and has launched Star Union Dai-Ichi Life Insurance Co.Ltd. As one of the paramount insurance solution provider in country the company provides a wide range of insurance products to the customers. Star Union Dai-Ichi Life Insurance cater a large number of customers and clients across the country from numerous economic and social background. The company pledge a long term commitment towards their buyers and have earned trust over long years. As a customer centric company this leading insurance company India offers various products like saving plan, wealth plan, protection plan, child plan, pension plan, credit life plan and term plan.
TATA AIA Life Insurance Company
TATA Sons and the AIA Group teamed up to form a joint venture and has launched TATA AIA life Insurance Company. In this venture the majority of stake i.e. 75% is held by TATA Sons and 26 % by AIA Group of company. The company works with a customer centric approach and offers an extensive range of Insurance Product to people, association and corporate insurance buyers. Started working in year 2001 the company provides various plan in multiple segments like group plan, child plan, wealth plan, protection plan, saving plan and micro insurance plan. Among the numerous insurance companies in India, TATA AIA Life Insurance has made a remarkable position in the insurance sector of the country.