Top 10 Best Life Insurance Companies in India 2020

Top 10 Best Life Insurance Companies in India 2020

If you are talking about life insurance, the basic idea of the product is that in case you pass away, the insurance company you buy the life insurance policy from will pay your family a fat sum of money. However, this is not the only benefit which comes with a life insurance policy in India.

You can also purchase a life insurance policy to plan for unforeseen and upcoming expenses through various life insurance schemes like Unit Linked Insurance Plans (ULIPs) that provide returns through investment in the markets.

A person spared a considerable amount from his moderate salary each month in order to pay premiums for his insurance policy.

Given that he is the only breadwinner in the family, he considered buying a life insurance policy with a good sum assured so that his family is financially safe if something unfortunate happens to him. One day, something distressing happens and the breadwinner is no more.

After much effort and emotional turmoil, the family begins to recoup. They recollect that they have an insurance policy that should give them a good amount to count on. They approach the insurance company but it turned out that their claim paying process is not much cordial.

This made the family of the departed do a hundred rounds of insurance company’s office only to get a meagre part of their dues. Given their poor emotional state, the entire phase for the family became more than awful.

Not getting the claim, getting it in parts or after so much exertion defeats the entire purpose getting the insurance. Being unable to realize the benefits of an insurance is worse than not having an insurance at all.

Therefore, choosing the best insurance companies in India for your insurance needs is as important as getting an insurance policy. Otherwise, you bear the loss of premiums paid plus the non-payment of sum assured acts as the cherry on top. And this holds equally true for all types of insurances including life, health, travel, automobile, property and all others.

One can buy insurance for anything and everything- life, medical expenses, personal vehicle, commercial vehicle, property, mobile phone, laptop, other electronics, furniture, stock of raw material and/or finished products in a factory or a warehouse.

Technically, insurance is of two types, life and general. Life of a person can be insured by a life insurance policy and to get everything else insured, there are general insurance policies.

However, people’s needs of types of insurance are mostly restricted to life insurance and general insurance of health and vehicles.

To save you and your near ones from any kind of hassles resulting from buying an insurance policy from a company that cannot be trusted for your insurance needs, we have assessed all the prominent players in the Indian market. Having done that, we have arrived at the list of best insurance brokers in India after taking into consideration the important factors such as market reputation, number of policies sold, total volume of business, claim settlement ratio and customer satisfaction.

Here is a comprehensive list of top insurance brokers in India offering best plans and services in three categories- Life, Health and General.

Check out the top 10 life insurance companies in India on the basis of IRDA Annual Report 2017-18 on Total Business Premium:

Life Insurance Corporation of India (LIC)

  • Life Insurance Corporation of India (LIC) is one of the oldest state-owned insurance Companies in India.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of LIC was 98.04%.
  • During the year 2017-18, the total premium collected by LIC stood at Rs. 318223.21 crore.
  • During the year 2017-18, LIC a total linked premium of Rs. 889.75 crore.
  • During the year 2017-18, the total non-linked premium collected by LIC stood at Rs. 317333.46 crore.
  • For the year 2017-18, the total life insurance premium collected by Life Insurance Corporation of India stood at Rs. 318223.21 crore.
  • LIC offers 15% discount and various other benefits at leading restaurants all over India.
  • During the year 2017-18, LIC collected a total new business premium of Rs. 134671.70 crore.

ICICI Prudential Life Insurance

  • In today’s date, ICICI Prudential Life Insurance is undoubtedly one of the most extensively recognized insurance companies in India.
  • During the year 2017-18, the total individual death claims or claim settlement ratio of ICICI Prudential Life Insurance Company was 97.88%.
  • During the year 2017-18, the total premium collected by ICICI Prudential Life Insurance Company stood at Rs. 27068.77 crore.
  • ICICI Prudential collected the total linked premium of Rs. 20387.49 crore during the year 2017-18.
  • During the year 2017-18, the total non-linked premium collected by ICICI Prudential stood at Rs. 6681.28 crore.
  • ICICI Prudential Life Insurance Company collected the total life insurance premium of Rs. 27068.77 crore during the year 2017-18.
  • The company offers 15% discount and other benefits at leading restaurants all over India.
  • ICICI Prudential collected a total new business premium of Rs.9211.75 crore during the year 2017-18.

SBI Life Insurance 

  • SBI Life Insurance Company is accountable for providing life insurance policies to over a million Indians in the present date.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of SBI Life Insurance Company was 96.76%.
  • SBI Life collected a total premium of Rs. 25354.19 crore during the year 2017-18.
  • SBI Life also collected a total linked premium of Rs. 14114.43 crore during the year 2017-18.
  • During the year 2017-18, the total non-linked premium collected by SBI Life stood at Rs. 11239.76 crore.
  • SBI Life Insurance Company collected a total new business premium of Rs. 10966.14 crore during the year 2017-18.

HDFC Standard Life Insurance 

  • HDFC Standard Life Insurance is one of the highly reputed private sector insurance companies in India today.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of HDFC Standard Life Insurance Company was 97.80%.
  • For the year 2017-18, the total premium collected by HDFC Standard Life Insurance stood at Rs. 23564.41 crore.
  • HDFC Standard collected a total linked premium of Rs. 10267.91 crore during the year 2017-18.
  • During the year 2017-18, the total non-linked premium collected by HDFC Standard stood at Rs. 13296.50 crore.
  • HDFC Standard Life Insurance Company collected a total new business premium of Rs.11349.61 crore during the year 2017-18.

Max Life Insurance Company

  • Max Life Insurance Company is one of the highly renowned insurance companies currently providing policies to millions of Indians.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of Max Life Insurance was 98.26%.
  • Max Life Insurance collected the total premium of Rs. 12500.89 crore during the year 2017-18.
  • For the year 2017-18, the total linked premium collected by Max Life stood at Rs. 3562.48 crore.
  • Max Life Insurance Company collected a total non-linked premium of Rs. 8938.42 crore during the year 2017-18.
  • Max Life Insurance collected a total new business premium of Rs. 4348.59 crore during the year 2017-18.

Bajaj Allianz Life Insurance 

  • Bajaj Allianz is one of the highly reputed and renowned insurance companies that provides with the best deals on policies.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of Bajaj Allianz Life Insurance was 92.04%.
  • Bajaj Allianz Life Insurance Company collected a total premium of Rs. 7,578.37 crore during the year 2017-18.
  • During the year 2017-18, the total linked premium collected by Bajaj Allianz Life Insurance Company stood at Rs. 2,950.88 crore.
  • Bajaj Allianz Life Insurance collected a total non-linked premium of Rs. 4,627.49 crore during the year 2017-18.
  • During the year 2017-18, the total new business premium collected by the Company stood at Rs. 4,291.14 crore.

Kotak Mahindra Life Insurance 

  • Kotak Mahindra is one of the highly sought after insurance companies presently in India operating with millions of customers.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of Kotak Mahindra Life Insurance was 93.72%.
  • During the year 2017-18, the total premium collected by Kotak Mahindra stood at Rs. 6,598.67 crore.
  • Kotak Mahindra Life Insurance Company collected the total linked premium of Rs. 2,309.27 crore during the year 2017-18.
  • During the year 2017-18, the total non-linked premium collected by Kotak Mahindra stood at Rs. 4,289.41 crore.
  • During the year 2017-18, the Kotak Mahindra Life Insurance Company collected the total new business premium of Rs. 3,404.21 crore.

Tata AIA Life Insurance

  • Tata AIA Life Insurance Company is accountable for providing all-inclusive life insurance covers to more than a million people living in India.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of Tata AIA Life Insurance was 98.00%.
  • Tata AIA Life Insurance Company  collected a total premium of Rs. 4,162.95 crore during the year 2017-18.
  • The total linked premium collected by Tata AIA Life Insurance during the year 2017-18 stands at Rs.1,313.55 crore.
  • Tata AIA Life Insurance Company collected a total non-linked premium of Rs. 2,849.40 crore during the year 2017-18.
  • During the year 2017-18, the total business premium collected by the Company stood at Rs. 1,488.42 crore.

Reliance Nippon Life Insurance

  • Reliance Nippon Life Insurance is one of the most renowned life insurance companies presently operating in India.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of Reliance Nippon Life Insurance was 95.17%.
  • Reliance Nippon Life Insurance collected a total premium of Rs. 4,069.37 crore during the year 2017-18.
  • During the year 2017-18, the total linked premium collected by Reliance Nippon stood at Rs. 846.26 crore.
  • Reliance Nippon collected a total non-linked premium of Rs. 3,223.11 crore during the year 2017-18.
  • During the year 2017-18, the company collected a total business premium of Rs. 915.62 crore.

PNB MetLife Insurance

  • PNB MetLife is one of the most preferred insurance companies in India. The company is presently providing with life insurance policies to more than a million Indians.
  • For the year 2017-18, the total individual death claims or claim settlement ratio of PNB MetLife Insurance was 91.12%.
  • During the year 2017-18, the total premium collected by PNB MetLife Insurance stood at Rs. 3,953.51 crore.
  • PNB MetLife collected a total linked premium of Rs. 820.95 crore during the year 2017-18.
  • PNB MetLife collected a total non-linked premium of Rs. 3,132.67 crore during the year 2017-18.
  • During the year 2017-18, the total business premium collected by PNB MetLife stood at Rs. 1,427.08 crore.

Takeaway

Nothing in life is guaranteed. Life itself is a wild ride since you do not know what tomorrow may bring. It could be devastating for your family to deal with the financial matters as an aftermath of your unceremonious death. This is why life insurance is significant.

A life insurance policy will make sure that you family and dependents sail through the economic conditions without any worries and problems. Secure your loved ones with the best life insurance policy from the top insurance providers in India now.

Therefore, to be able to make a wise decision for your insurance, you must consider some key factors before trusting any private or government insurance companies India for your coverage needs. The most important of these criteria are:

  1. The company should be offering the plans that suit your requirements and aspirations.
  2. The premiums should be competitive.
  3. The company must have a good market rating, that is to say, it should be one of the top insurance companies in India.
  4. Experience and expertise are always a great plus.
  5. Is the claim paying process friendly enough? Their claim refusal record also deserves a check.
  6. Is their financial strength good enough to handle claims?
  7. Is there a local office nearby, if proximity is a concern for you?
  8. What are the types of insurances you need to buy?
  9. Is there any other company that is offering an additional benefit that you would like to avail?
  10. Are there any terms and conditions on purchase or renewal of policy that could be of particular concern to you and your near ones?

After taking under advisement all of these factors, you can also go for comparing a few plans on one of the many online portals dedicated to the purpose such as Policybazaar, Policyx, Comparepolicy, Myinsuranceclub or any other.

Once you have done all of these things before coming into agreement with an insurance company, you can be confident that you have nailed the herculean task of trusting the best company for your insurance needs.

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