Life Insurance is one of the major parts that almost everyone thinks about and posses at least one, from a leading insurance company. People usually purchase a life insurance policy from will pay your family a fat sum of money. Although, it is not the only advantage that comes with a life insurance policy in India.
You can buy a life insurance policy to plan for unforeseen and upcoming expenses through different life insurance schemes like Unit Linked Insurance Plans that provide a return through investment in the markets.
Here is the list of top life insurance companies in India:
Aditya Birla Sun Life
Aditya Birla Sun Life Insurance Company is a joint venture between Sun Life Financial Inc and Aditya Birla Group. The company commenced its insurance business in 2000. It offers protection, wealth with protection, health, child cover, retirement, and savings. Aditya Birla Sun Life has a claim settlement ratio of 97.15% in FY 2018-19.
Bharti AXA Life
The joint venture between Bharti Group and AXA Group, Bharti AXA Life holds 51% shareholding and AXA owns a 49% stake. It offers an innovative range of insurance products including health, savings, protection plans, investment plans, and many others. The insurance firms have a claim settlement ratio of 97.28% in FY 2018-19.
Life Insurance Corporation of India (LIC)
One of the public sector life insurance companies, LIC offers a variety of life insurance products like insurance plans, pension plans, unit-linked plans, special plans, and group schemes. It has secured more than 250 million lives with its varying life insurance solutions. LIC has a claim settlement ratio of 97.79%.
HDFC Life Insurance Company is a result of the joint venture between Standard Life Plc and Housing Development Finance Corporation Ltd. The firm owns 70.65% shareholding and the remaining 26% of shares are held by Standard Life. It offers a range of life insurance products including child plans, pension, and health cover, saving and investment plans.
ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company is another name to reckon in the insurance industry in India. It offers some very high-quality plans in different life insurance in different life insurance types. ICICI is a renowned name in India; you are assured of getting a good deal. The firm also has a very high and healthy claim settlement record.
SBI Life Insurance
One of the leading insurance companies in India, SBI Life Insurance Company is accountable for offering life insurance policies to over a million people today. It has collected a total premium of Rs. 2534.19 crore during the year 2017-18 and a total linked premium of Rs. 1414.43 crore during the year 2017-18.
Tata AIA Life Insurance Company
The joint venture of Tata Group and AIA Group Ltd, Tata AIA Insurance Company commenced its insurance business in 2001. Since then, this is offering life insurance products including protection, savings and wealth solutions to corporate customers and individuals. The company has a wide distribution channel incorporating direct channels, bancassurance, and agents brokers.
Max Life Insurance
The joint venture of Max Financial Ltd. and Mitsui Sumitomo Insurance Co. Ltd. max Life Insurance Company offers comprehensive life insurance solutions to meet the long-term savings and protection to more than 30 lakh customers. The company has a diversified distribution model, including agents, bancassurance, advisors, and other allied partners.