Life insurance in India today is different from the days her economic prosperity started. In those days, only one company ruled the roost where insurance policies were concerned- Life Insurance Corporation of India, or LIC as you might know it. As a result, people did not have much choice but to buy only a ‘policy’, as any product of LIC was colloquially called. But today, everywhere your eyes lay rest, you will find an insurance selling company of some scale.
Best Life Insurance Companies in India
TATA AIA Life Insurance
The name TATA is enough to set the trust factor rolling. Being one of the biggest homegrown companies in the world, TATA was sure to come up with some quality product when it joined hands with American International Group to make its mark in the insurance world.
TATA AIA has largely become one of the favorites among insurance companies in India. With three policies to choose from, the policies by this company are diverse enough to cater to the needs of many types of families.
The claim settlement ratio of 96.80%, while havin room to improve, is still very commendable compared to the three fourths of companies that won’t make this list. 100% of all grievances were settles in their last working year.
ICICI Prudential Life Insurance
ICICI has been a top and trusted name in the banking world, where people have been choosing having to pay higher starting deposits to open accounts rather than opting for cheaper local banks. And for a good reason too, ICICI monetary services brings a level of trust no other bank in India has mustered yet. It should be no surprise then that it is regarded as one of the best life insurance companies in India.
From various traditional products to ULIP products, ICICI Pru has plans that are chiseled to fit eactly the person applying for their services. There are various benefits attached to each plan too.
With a claim settlement ratio of 96.3%, you can be sure you are putting your money in the right hands.
Bajaj Allianz Life Insurance
A joint venture between another homegrown behemoth Bajaj and a European finance company Allianz SE, Bajaj Allianz definitely is one of the prime suppliers of insurance in this country.
The company has gained the favor and trust of people for giving uniquely convenient life insurance plans– for example, one life insurance plan even pays your pending loans after your death.
The claim settlement ratio definitely has some room for improvement- 91.30% in the last year is not the best, but still really good. It has a 99.90% grievances settlement ratio in the last year too.
Basically, you are being promised Rs 1cr of cover for paying only Rs 18/day. Even policies by some huge companies tend to max out at Rs 50 lakhs for similar premium payment.
HDFC Life Insurance
When India’s largest housing finance company- HDFC Ltd ventures into life insurance, we know something big and reliable is going to come out of it. Its merger company, Standard Life, is also a very renowned company worldwide.
One great thing about HDFC life insurance policies are- while the lowest sum assured is set to Rs 25 Lakhs, the highest sum assured you can buy is totally up to you as long as you are able to pay your premiums.
With an amazing claim settlement ratio of 95.2% and with 99.38% grievances settled in the past year, there is no doubt the company is flourishing due to its policy of customer satisfaction.
Life Insurance Corporation
Who can forget LIC, the oldest, time tested insurance companies in India. To this day, the biggest selling point of this company remains the trust factor. Generations after generations have made it family tradition to buy this policy.
Over time, people have argued that the plan fails compared to the newer plans available. But, with a claim settlement ratio of 98.3% and 100% grievance settlement, the policy can be bought for trust alone.
While the top insurance companies in India aren’t restricted to this list, if you’re feeling lazy about buying life insurance, you can take the people’s word on buying policies from these companies.