Top 10 Best Life Insurance Companies in India 2018
Insurance is often referred to as gambling in reverse. Essentially, it serves two purposes- provides social security net to people and helps in nation-building by making available the investing capital. The life insurance industry is India is the biggest in the world and is predicted to grow at a Compound Annual Growth Rate of 12-15 percent.
Every life insurance company has their own pros and cons. After weighing in numerous factors, such as, claim settlement ratio and period, market share, customer base, usefulness of insurance schemes, and others, I have gathered a list of top 10 insurance companies in India.
10. PNB MetLife Insurance
The financial strength of MetLife and credibility of PNB, is often hailed as one the fastest growing insurance company . The presence of PNBMet Life Insurance has scattered across 600 cities with over 30 bank partners, since its inception.
Website : www.pnbmetlife.com
9. Star Union Dai-Ichi Life Insurance Co. Ltd.
The consortium of Bank of India and Union Bank of India with the Japan’s 2nd largest life insurance company, with its 1600 centers, especially, amongst rural areas of India, is serving the Indian populace well. They are more inclined towards the insurance needs of rural population. With the cash settlement ratio over 90 percent, you want to check out their policies and plans at the link that follows.
Website : www.sudlife.in
8. Birla Sun Life Insurance
Birla Sun Life Insurance has a very large customer base of over two million policyholders, 85000 empaneled advisors and distribution network in over 500 cities with 560 branches. They have a reputation of catering to their customers with a very competitive interest rate. They have a pretty good claim settlement ratio too. To find out more about their clauses and products, visit the link that follows.
Website : www.birlasunlife.com
7. Kotak Life Insurance
One of the most reputed and financial services organizations, Kotak Mahindra is a leading player in the domain of life insurance too. To know more about the portfolio of life insurance products, visit their website. The link is following,
Website : insurance.kotak.com
6. SBI Life Insurance
Leveraging from the 1500 SBI branches and over 60 full time life insurance branches, the SBI life insurance has a current market share of an overwhelming 20 percent. Owing to their previously established banking industry, people have with all the necessary credentials about them. To know more about their policies, hit the following link.
Website : www.sbilife.co.in
Read More : Top 10 Best Insurance Companies in India 2016
5. Max Life Insurance
With a market share close to ten percent in the financial year 2014-15 and a customer base of over three million, Max Life Insurance has landed in the middle. They have been conferred with the prestigious Outlook Money Award 2015, in the category of ‘Life Insurance Provider of the Year’. Visit the following link to know more about them.
Website : m.maxlifeinsurance.com
4. HDFC Standard Life Insurance
Established in 2000, presently, this private firm has spread across 980 cities in India. The cash settlement ratio is around 94 percent, which is overwhelming. Recently, it’s become the first life insurance company in India to offer pension plans to the new customers under the new IRDA regime by launching HDFC Life Pension Super Plus and HDFC Life Single Premium Pension Super. To know more and avail these insurance schemes, hit the following link.
Website : www.hdfclife.com
3. Bajaj Allianz Life Insurance
Serving customers in more than 70 countries, the joint venture between Bajaj Finserv and Allianz SE of Germany, insures people with the blend of global expertise and local experience. For their excellence in Life Insurance industry, they were awarded the “SKOCH Financial Inclusion & Deepening Award 2014”, in the Platinum Category. To get a life insurance policy from them, click on the url below.
Website : www.bajajallianzlife.com
2. ICICI Prudential Life Insurance
ICICI Prudential Life Insurance witnessed an incredible increase of 107 percent in market share, in 2014. It is the first private life insurance company in India to have received a National Insurer Financial Strength Ratings of AAA from Fitch ratings. Being voted as India’s ‘Most Trusted Private Life Insurer’ for three years in a row have further consolidated people’s faith, and every year millions of people are getting themselves insured by ICICI Prudential Life Insurance. To know more about them, click on the following link.
Website : www.iciciprulife.com
1. Life Insurance Corporation of India ( LIC)
Old is truly gold. Founded in 1956 with an association of more than 245 insurance companies and provident societies, it is the largest and sole public sector based insurance company in India. The factor which makes it the best in the business, is the incredible statistics of claim settlement ratio, as high as 99 percent. Here is a link to their webpage.
Website : www.licindia.in