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 the future. Also, insurance acts as a provisional income for the family should an earning member become indisposed due to injury or illness or face an untimely demise. As per a report by IRDAI (Insurance Regulatory and Development Authority of India), the life insurance sector was opened to private companies in 2000. There are almost 24 life insurance providers in the Indian market, of which 23 are private companies. But the big question is, how do consumers decide which insurance provider is best for their requirements?
A proper evaluation of life insurance companies’ details and stats can be beneficial. One of the most appropriate ways is to check the provider’s claim settlement ratio (2017-18). It shows the number of claims settled by the company that year. The higher the percentage, the 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. The government is owned by the government, specializing in individual life insurance, group insurance plans, and pension plans. Currently, 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 organization’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 among the most renowned and often touted as India’s best life insurance company. A collaborator between Insurance Co. Ltd. and Max India Ltd, the comLtd’s collaborations 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 in 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 India’s Life Insurance Corporation.
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-insurance companies. It is also one of the first life insurers to receive Fitch’s AAA (Ind) National Financial Strength rating. 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 India’s best private insurance companies. Birla Sun Life Insurance was the first financial services provider to develop Unit Linked Life Insurance plans, business continuity plans, and a free look period facility. The organization 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 India’s leading private insurance enterprises. It offers both individual and group insurance products. The company has a credible presence in over 700 towns and cities and over 568 branches. Moreover, it has employed over 2 lakh advisors who deal with their customers’ requirements like investments, health, protection, savings, and pension. It also provides customized plans to its customers for their convenience.
‘The Takeaway’
Life insurance is the central core of everyone’s financial plan. Many are still unable to comprehend it quickly because of its complexity and market options. Thus, gathering pertinent information and research is crucial to simplify choices and arrive at the perfect opportunity for you and your family.