A person spared a considerable amount from his moderate salary each month in order to pay premiums for his insurance policy. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriting. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss.Here are the list of Top 10 Insurance Companies In India.
1. Life Insurance Corporation of India (LIC)
LIC is the oldest and most trusted brand amongst the best life insurance companies in India.
LIC was incorporated in 1956 in India, and it has now completed sixty-two years, and today it stands proudly of the fact that it has been able to attain and become what was envisioned way back at the time of its inception.The company is a favoured choice amongst millions of Indians also for its best claim settlement ratio of over 98%.
2. HDFC Standard Life Insurance
HDFC is a long-term life insurance offering individual and group insurance.
It the first private life insurance company to bring back pension plans under the new regulatory regime, with the launch of two pension plans –
HDFC Life Pension Super Plus and HDFC Life Single Premium Pension Super.
3. SBI Life Insurance
A joint venture between State Bank of India, the largest bank of our country and BNP Paribas, a France-based Banking and Financial Services Company is the largest in private segment and third most dependable insurance company of India.
Offering a diverse variety of life insurance products, its customer service mechanism is one of the strongest. The claim settlement ratio of more than 95% is quite impressive. Two plans namely ‘SBI Life Saral Pension’ and ‘SBI Life Shubh Nivesh’ are the most sought-after plans offered by the company.
4. ICICI Prudential Life Insurance
The first private player in the insurance sector of India, ICICI Prudential has a good popularity amongst its clients. The company offers an array of
policies to suit all kinds of needs of insurers and has a good claim laim settlement ratio* for FY 2016-17 is 96.68%.
ICICI Prudential Life began its operations in fiscal year 2001 and has consistently been amongst the top players* in the Indian life insurance sector.
Our Assets Under Management (AUM) as on 31st March 2018 were `1,395.3 billion.
5. Bajaj Allianz Life Insurance
It is a joint venture between Bajaj Finserv Limited owned by the Bajaj Group of India and Allianz SE, a European financial services company. Being one of the private insurance companies in India, Guided by the principle of customer delight,
the insurer manages to resolve more than 99% of its customer complaints and settle 91% of its claims.
6. Max Life Insurance
It is a part of the Max India Ltd. Group. It is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company.
The former owns 68% of the company while the latter owns 26%. It reaches its customer base through its network of more than 200 branches, agents and insurance and bancassurance partners. The most popular of all the plans by Max Life Insurance is the term plan under which it offers Rs.1 crore life cover at Rs.21* per day.
7. Reliance Nippon Life Insurance
(RNLI) is one of the largest life insurance companies in India with a market share of 5% .
The company has over 7 million policy holders and a distribution network of close to 1,230 branches
with over 124,000 agents. The firm offers life insurance products targeted at individuals and groups, catering to four distinct segments: protection, children, retirement and investment plans.The term plan that offers Rs.1cr life cover at Rs.15* per day is quite a unique plan by the company. A claim settlement ratio of around 95% and grievance redressal ratio of close to 99% also deserve a mention.
8. Birla Sun Life Insurance
Formerly known as Aditya Birla Financial Services Limited, ABCL is the holding company of all the financial services businesses of the Aditya Birla Group.
It has ever been known for offering the most innovative products to its client base. The maximum maturity age for its plans is 80 years, while for most others it is 65 to 75 years.
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9. Tata AIA Life Insurance
It is a joint venture company, formed by Tata Sons Ltd. and AIA Group Ltd. (AIA).
Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world spanning 18 markets in the Asia Pacific region. Tata AIA Life has written retail new business weighted premium of INR 784 crores till third quarter
ending 31 December, 2017. For the same period, the 13th month persistency of the company was at 81.6% and, the retail claims settlement ratio was 97.04%.
10. PNB Metlife India Insurance
Punjab National Bank is an established name in the banking industry of India. Metlife, on the other hand is a famed global brand of insurance products. PNB Metlife India Insurance is a joint venture between the two honchos.
The percentage of customer grievances solved is a whopping 99.97 %. The insurer is known for offering cost effective life insurance products.