Top 5 Life Insurance Companies
List of claim settlement ratio of Top 5 Insurance Companies, Tips to choose a best life insurance company
Life Insurance Companies: We all care for our family and try to provide the best of the facilities while we are with them. Life Insurance is a gift to our family which takes care of financial strength after the death of an earning member of the family. Life insurance is said to be the most preferred step to take before thinking of any investment. Here in this article, we will discuss the Top 5 Life Insurance companies in India, claim settlement ratio of life insurance companies in India, and we will also see how to choose a correct life insurance company.
First, let’s Top 5 insurance companies in India.
1. Max Life Insurance
Founded in 2000, Max Life Insurance Company has earned the tag of top life insurance companies in India amongst other life insurance companies. The claim settlement ratio of this company clearly indicates the aim of this life insurance company. Max Life Insurance Company offers adequate financial strength to its policyholders. The insurance provider offers various types of life insurance policies including child insurance, long-term savings, protection, investment, and various other group solutions, etc.
2. HDFC Life Insurance
Founded in 2000, Standard Life Aberdeen PLC and Housing Development Finance Corporation Limited have collaborated to form HDFC Life Insurance Company. The company has its headquarters in Mumbai, Maharashtra. This HDFC Life Insurance Company offers various types of life insurance plans such as protection plans, pension plans, women plans, child plans, health plans, etc. HDFC Life Insurance Company has created several insurance policies especially for children and women. The HDFC Life insurance company guarantees settlement of claims in a single day with easy processing and less follow-ups.
3. Tata AIA Life Insurance
Tata AIA Life Insurance Company is a joint venture between AIA Group Ltd and Tata Sons Pvt Ltd. Founded in 2001, Tata AIA Life Insurance Company is a popular life insurance company. The company follows a customer centric approach and offers various life insurance plans to its policyholders. The company has a good track record and high claim settlement ratio. The claim settlement ratio list is given below in this article.
4. Pramerica Life Insurance
The Prudential International Insurance Holdings Limited and Dewan Housing Finance Corporation Limited have jointly formed is formed as a result of joint efforts between. The company started operations in the life insurance segment in 2013. The insurance company has around 138 offices located all across the nation. It provides several life insurance products for both groups as well as individuals. The company offers a wide range of insurance products. The company has a good claim settlement ratio along with an easy claim settlement process.
5. Bharti AXA Life Insurance
The Bharti AXA General Insurance has been merged with ICICI Lombard General Insurance. Bharti AXA Life Insurance was a joint venture between the Indian conglomerate Bharti Enterprises and the AXA Group. Bharti AXA started its operations in 2006. It offers a wide range of life insurance policies and wealth management products to its customers. The company has a network spread around 123 cities across India.
List of claim settlement ratio of insurance companies in India
The claim settlement ratio plays a major role when we talk about top life insurance companies in India. CSR builds trust among the customer and convinces them to believe that the nominated person will get the benefits of insurance after him/her. The claim settlement ratio also indicates the ease of process of claim settlement. This parameter is considered as the main thing while buying a life insurance policy.
Let’s see the list of claim settlement ratios of top insurance companies in India.
| Life Insurance Companies in India | Claim Settlement Ratio |
| Aditya Birla Sun Life Insurance Company | 98.04% |
| Aegon Life Insurance Company | 99.25% |
| Ageas Federal Life Insurance Company | 95.07% |
| Aviva Life Insurance Company | 98.01% |
| Bajaj Allianz Life Insurance Company | 98.48% |
| Bharti AXA Life Insurance Company | 99.05% |
| Canara HSBC OBC Life Insurance Company | 97.10% |
| Edelweiss Tokio Life Insurance Company | 97.01% |
| Exide Life Insurance Company | 98.54% |
| Future Generali India Life Insurance Company | 94.86% |
| HDFC Life Insurance Company | 98.01% |
| ICICI Prudential Life Insurance Company | 97.90% |
| IndiaFirst Life Insurance Company | 96.81% |
| Kotak Mahindra Life Insurance Company | 98.50% |
| Life Insurance Corporation of India Company | 98.62% |
| Max Life Insurance Company | 99.35% |
| PNB MetLife India Insurance Company | 98.17% |
| Pramerica Life Insurance Limited | 98.61% |
| Reliance Nippon Life Insurance Company | 98.49% |
| Sahara India Life Insurance | 97.18% |
| SBI Life Insurance Company | 93.09% |
| Shriram Life Insurance Company | 95.12% |
| Star Union Dai-ichi Life Insurance Company | 95.96% |
| Tata AIA Life Insurance Company | 98.02% |
Tips to choose a good life insurance company
When we think of buying a life insurance policy, there are many options available in the market. The availability and marketing done by these companies make it difficult for us to choose a correct life insurance company. It is important to buy an insurance plan that caters to our requirements in our budget. Without getting influenced by low premiums one should research about the insurance company before buying a policy.
Let’s discuss key areas which we should consider while buying life insurance.
1. Claim Settlement Ratio:
The Claim Settlement Ratio of an insurance company reflects its effectiveness, loyalty and reliability. The claim settlement ratio of an insurance company represents the number of claims settled in the financial year against the total number of claims. The high claim settlement ratio of the insurance company shows the dedication of the insurance company in terms of claim settlement. An insurance company’s claim settlement ratio is reviewed by the Insurance Regulatory and Development Authority (IRDA).
2. Customer Care Service:
Customer Care Service is an important factor while purchasing an insurance plan. A person should choose an insurance company that provides 24×7 good quality customer care service and resolve all of their queries and provide assistance when needed.
3. Availability of Riders:
Life Insurance Riders are additional benefits that an insurance company offers when we purchase a life insurance plan. Rider increases the premium and enhances the life cover with additional benefits. Ensure the insurance company offers riders or offers an option to add riders to the insurance policy.
List of main riders of insurance –
- Critical Illness Rider,
- Accidental Death Benefit Rider,
- Accidental Total or Permanent Disability Rider,
- Waiver of Premium Rider
4. Persistency Ratio of the Company
Number of policyholders who have renewed their life insurance policy with the same insurance company is called persistence ratio. It represents the satisfaction of the consumers with the insurance provider. An insurance company’s persistency ratio is kept under observation by the Insurance Regulatory and Development Authority (IRDA).
5. Feedbacks and Reviews:
One should always go through the feedback/reviews of the company. Also, look out for the complaints/bad reviews. This gives an idea of which insurance company is better than others.
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