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Life insurance is a long-term and cost-intensive investment. Most individuals see the cover that their life insurance policies provide as a guarantee against unforeseen and unfortunate circumstances that might happen in future. In addition, insurance also acts as provisional income for the family, should an earning member become indisposed due to injury, illness or face an untimely demise.
As per a report of IRDAI (Insurance Regulatory and Development Authority of India), the life insurance sector was opened for private companies in 2000. Now there are almost 24 life insurance providers in the Indian market out of which 23 are private companies. But the big question is how do consumers decide which insurance provider is best for their requirements?
Well, a proper evaluation of life insurance companies’ details and stats can be beneficial. One of the most appropriate ways is to check the claim settlement ratio (2017-18) of the provider. It shows the number of claims that have been settled by the company that year. Higher the ratio, more the number of claims resolved. Thus, the better choice for customers.
Top Life Insurers in India
1.Life Insurance Corporation of India (CSR – 98.04%)
Life Insurance Corporation or LIC is the biggest life insurance provider in the country. Owned by the Government, the company specialises in individual life insurance, group insurance plans, and pension plans.
As of now, LIC has almost 12 million policyholders and over 9 lakh agents. It has issued a record-breaking 120 million policies over the years. The primary reason for the organisation’s success has been its adaptability to the customer’s requirements. In all, the financial expertise of this insurer is yet to be matched.
2.Max Life Insurance (CSR – 98.36%)
Max Life Insurance is one of the most renowned and often touted the best life insurance company in India. A collaboration of Mitsui Sumitomo Insurance Co. Ltd. and Max India Ltd, the company offers various term plans, pension plans and ULIPs.
The success mantra of Max Life Insurance is the assurance of offering products loaded with benefits at reasonable rates, including term plans, retirement plans, child plans etc. With 210 offices around the country and over Rs 51,237 crore Assets Under Management, the company has become a name to reckon with. Its customer-centric approach can also be seen by its staggering claim settlement ratio of 98.36%, which is higher than that of Life Insurance Corporation of India.
3.ICICI Prudential (CSR – 97.88%)
ICICI Prudential Life Insurance was the first private life insurance provider in India. It is known for its extensive network that comprises over 1900 branches, including 1074 micro offices and more than 210,000 advisors. This extensive reach of ICICI Prudential makes it one of the best customer support service providing insurance companies.
It is also one of the first life insurers to receive the AAA (Ind) National Financial Strength rating from Fitch. It has been voted the most trusted life insurer (Private) for three straight years (2013-2016)
4.Birla Sun Life Insurance (CSR – 96.38%)
Birla Sun Life Insurance has been a foremost contributor to the development of India’s life insurance sector. It is presently renowned as one of the best private insurance companies in India. Birla Sun Life Insurance was also the first financial services provider to have come up with Unit Linked Life Insurance plans, business continuity plans, and free look period facility in the country.
The organisation believes in values like commitment, passion, and support for their customers and assists people with their risk management. The company is well known for catering to both institutional and individual clients.
5.HDFC Standard Life Insurance (CSR – 97.80%)
HDFC Standard Life Insurance is one of the leading private insurance enterprises functioning in India. It offers both individual and group insurance products. The company has a credible presence in more than 700 towns and cities and has over 568 branches.
Moreover, it has employed over 2 lakh advisors who deal with the different requirement of their customers like investments, health, protection, savings and pension. It also provides customised plans to its customers for their convenience.
Life insurance is the central core of everyone’s financial plan. But, many are still unable to comprehend it quickly because of its complexity and the options available in the market. Thus, it is crucial to gather proper information and research to simplify choices and arrive at the option that is perfect for you and your family.