Best Insurance companies
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 by 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 companies in India offering best plans and services in three categories- Life, Health and General.
Top 10 Life Insurance Companies in India
Whether one is an earning member of the family or not, life insurance is something everyone must possess, that too from an established and popular life insurance company.Here are the top ten life insurance companies of India:
LIC is the oldest and most trusted brand amongst the best life insurance companies in India. Established in 1956, this is a state-owned enterprise which offers a huge and diverse variety of life insurance products such as endowment plans, money back plans, term assurance plans, pension plans, unit-linked plans, children plans, group schemes, special plans and many more. The company is a favoured choice amongst millions of Indians also for its best claim settlement ratio of over 98%.
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 settlement ratio of over 96%. ICICI Prudential Wealth Builder II has been its most appreciated life insurance product during previous financial year.
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. HDFC Standard Life Insurance
The company stands third in the list of the top private insurance companies in India with regards to total volume of business. HDFC Click2 Invest and HDFC Click2 Protect Plus are the two remarkable and most demanded life insurance products of HDFC Standard Life Insurance. It is best known for its healthy claim settlement ratio and percentage of customer grievances resolved. Also, marketing its products using the HDFC Bank channel, this company has its reach in about 1000 towns and cities of India.
Recognized for solving all of its customer grievances (yes! 100% of them), Max Life Insurance was also awarded for settling most claims in the year 2015. Overall, the claim settlement ratio is close to 97%, the best among all private insurance brokers in India. 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. (*subject to terms and conditions).
6. Bajaj Allianz Life Insurance
The company lives up to the expectations people have with the name of Bajaj brand by offering a wide range of customization in products and transparency in benefits. The plans of Bajaj Allianz have been conceptualized and composed for all age and income groups. 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.
7. Birla Sun Life Insurance
Backed by globally renowned Aditya Birla Group, Birla Sun Life Insurance has more than 600 branches and an extensive network of banks, brokers and corporate agents marketing its products. The first insurance company to introduce Unit Linked Plans to the insurance sector, 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.
8. Reliance Nippon Life Insurance
With a network of more than 800 branches and 1 lakh advisors across the country, Reliance Nippon Life Insurance is another well-known name in the insurance industry of India. 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.
9. Tata AIA Life Insurance
TATA AIA Life Insurance is a joint venture between Tata Group, the unmatched name in the world of business and AIA Group, the largest, independent listed pan-Asia life insurance company in the world. By resolving 100% of its customer grievances and settling more than 96% claims, the company becomes a sought-after name in the list of best life insurance companies in India.
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.Showing a growth rate faster than its peers, the company has spread its network to 7,000 locations across the country.The percentage of customer grievances solved is a whopping 99.97 %. The insurer is known for offering cost effective life insurance products.
