Life is unpredictable and uncertain. An individual can just have a proactive step in place to take care of unpleasant conditions. Therefore, the idea of insurance was released using a motive to reevaluate the threat and also to give protection. Here are top biggest life insurance companies.
Insurance is the principal method of handling life danger. In a life insurance plan, Insurance indemnifies to cover the insured individual’s household a particular amount of money in case of the insured’s passing. If it comes to picking the ideal insurance program, you’re spoilt with choices since there are many different insurance players in the industry that offer lots of special plans.
In India, you will find 24 life insurance companies working that have been accepted and approved by IRDAI (Insurance Regulatory and Development Authority in India), which is a regulatory body for the insurance and reinsurance industries.
To shortlist the best term insurance policy coverage depending on your needs, we advise that you click the button below, fill out a few insurance-related areas and allow our system to suggest that the acceptable insurance coverage depending on your requirements.
Importance of insurance
Insurance is an essential cost that one ought to make so as to guarantee the future of their family. The financial advisors suggest you avail of insurance coverage before you begin with your financial planning. Insurance is an important requirement for variety of reasons. Following are a few of the reasons:
1. Insurance provides you with financial security and safety net:
If something unexpected happens to the bread earner of the household, the fiscal situation of the household could come to a standstill. Insurance reimbursement can develop into a source of income for your family members and stabilize the finances. With insurance, your family is financially protected even if you’re not around.
2. Insurance safeguards you and your family’s future goals:
The abrupt passing of a family’s breadwinner could have the worst consequences on the family’s financial stability. With insurance, your loved ones can attain financial stability even if you aren’t around. Also, their potential financial goals will remain intact.
3. Insurance encourages savings:
There is an assortment of products supplied by life insurance firms that doesn’t only offer life cover but additionally supply a supply for wealth development to attain future objectives. The need for periodic investment into these products promotes economies. By way of instance, endowment programs, cashback programs, unit-linked investment strategies, etc.
4. Insurance is an effective risk management tool:
The insurance covers doubts like the chance of death, the danger of getting hit, falling ill, and a lot more. Insurance is all about handling these risks efficiently. Each insurance policy offers protection against guaranteed risk.
5. Insurance provides peace of mind:
As insurance manages risk effectively, you may just make normal payments towards insurance and remain tension-free. Peace of mind is exactly what you get by insuring.
Top 10 insurance companies in India:
1. Life Insurance Corporation of India
Ife Insurance Corporation of India popularly called LIC is the biggest life insurance provider in India possessed by the Government of India. LIC, among the top 10 insurance companies in India, was created in the year 1956. LIC makes insurance available for each and every individual in almost any corner of the nation with 2048 branch offices, 113 divisional offices, 8 zonal offices, and 1381 satellite offices.
Presently, LIC’s total asset under control is INR 3,111,847 crores (USD 450 billion). LIC functions as a dominant insurance participant have a massive customer base of over 29 crores policyholders. LIC is a trustworthy insurance company that provides a great advantages to its clients through its exceptional customer solutions on the online platform and through division offices and several different tie-ups. LIC offers numerous life insurance products which can satisfy the special needs of many different consumer segments. For all the landmarks it has attained, LIC was recognized and awards. Following are a few of the awards obtained by LIC:
- LIC has been winning the Reader’s Digest Trusted Brand Award
- As Stated by This Brand Trust Report, LIC has been consistently voted as India’s Most Trusted Brand’ at BFSI Class
- LIC has won’Best Life Insurance Company of the Year’ and ‘Most Preferred Life Insurance Company of the Year’ award
2. Max Life Insurance Company
Max Life Insurance Company situated in the year 2000 is your biggest non-bank private industry insurance provider in India. Max Life Insurance Company is a joint venture between Indian Max India Ltd, a multi-business Indian company, and Mitsui Sumitomo Insurance Company, a Japanese Insurance Provider.
It’s among those fastest-growing insurance firms in India and Max Life’s advantage under control has touched the sign of INR 50,000 crores. Max Life has a client base of over 30 lakhs. With a powerful internet presence, a broad portfolio of goods, a multi-distribution channel, and 1090 offices throughout the nation, Max Life Insurance Company provides high-quality customer solutions. Max Life has been getting awards and recognitions always. With a higher maintain settlement ratio, Max Life was given as claims Service Leader’ and excellence in Claims Service’ from CMO Asia Awards.
3. HDFC Life Insurance Company
HDFC Life Insurance Company, among the best insurance companies in India, is a joint venture between HDFC Ltd, a major home finance institution in India, and Standard Life Aberdeen, an international investment firm. Launched in the year 2000, HDFC Life provides a vast selection of investment and insurance options to several customer segments.
HDFC Life serves its clients throughout the nation via 412 branches and extra supply touchpoints and bancassurance partners. With a powerful digital stage, services are available easily to clients. HDFC Life has received many accolades and awards for its constant contribution to the Indian Insurance Industry. Following are a few of the facts:
- HDFC Life is ranked as ‘Most Valuable Private Life Insurance Indian Brand’
- HDFC Life has Obtained’Creative Excellence Award’ in INDIAA awards 2018
- HDFC Life has Obtained’Best Life Insurance Company’, ‘Finest Analytic Initiative of the Year’, and ‘Best Underwriting Initiative of the Year’ in BFSI awards.
- HDFC Life is called the Greatest 50 PCI Firms for 2019
4. ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is Encouraged by ICICI Bank Limited and Prudential Corporation Holdings Limited. Launched in the year 2000, ICICI Prudential Life is among the greatest insurance business in India with its existence all around the nation now with its powerful bancassurance channel and numerous distribution channels.
Total assets under the control of this organization are INR 1,604.10 billion. Together with the customer-centric strategy, ICICI Prudential Life delivers various long-term security and savings strategies for a varied client section. Because of the excellence in the area of insurance, ICICI Prudential Life Insurance Company has been receiving many accolades and awards. Let us look at a couple of these recognitions.
- ICICI Prudential Life has Obtained’Life Insurance Company of the Year’ award at India Summit and Prizes 2019
- ICICI Prudential Life has Obtained’Life Insurance Provider of the Year’ by Outlook Money Awards 2018
- ICICI Prudential Life has Obtained’Best Term Insurance Provider of the Year’ award by Money Today Financial Awards 2017-18
- ICICI Prudential Life is Given as’Best Client Orientation in Life Insurance’ award by Emerging Asia Awards 2018
- ICICI Prudential Life is Given as ‘Best Growing in Life Insurance’ Class by Emerging Asia Awards 2018
5. Tata AIA Life Insurance Company
Tata AIA Life Insurance Company is a joint venture between Tata Sons Private Limited, among the greatest industry groups, and AIA Group Limited, Asia’s largest insurance group. Tata AIA Life Insurance Company’s asset under control in 2019 is INR 28,430 crores.
Being among those reputable insurance companies in India, Tata AIA Life delivers numerous insurance solutions beginning from coverage to wealth production. The policies give easy solutions for unique insurance requirements along with exceptional customer services.
6. Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance Company Situated in the year 2001 is a joint venture between Bajaj Finserv Limited of Bajaj Group. Bajaj Allianz Life has 759 branches throughout the nation to provide innovative insurance solutions to several customer segments. Bajaj Allianz Life Insurance is popularly famous for its powerful innovative merchandise and timely client support.
The business has won awards and recognition for its contribution to the insurance industry. Following are a few of the awards obtained by Bajaj Allianz Life Insurance:
- Bajaj Allianz Life continues to be recognized since the digital Marketer of the Year 2018′ from the insurance group
- Bajaj Allianz won the customer Service Excellence Award’ in the NASSCOM BPM Strategy Summit 2018.
- Bajaj Allianz Life rated amongst the Top-75 Most Valuable Indian Brands
7. SBI Life Insurance Company
SBI Life Insurance Company is a joint venture between State Bank of India (SBI), India’s biggest lender, and BNP Paribas Cardif, a French multinational bank, and financial services firm. Presently, SBI Life Insurance has an authorized capital of INR 20 billion (USD 290 million). SBI Life was started as a bancassurance company That’s currently extended to the multi-distribution station
With client service excellence and product innovations, the business has been growing year on year. SBI Life has obtained many awards and accolades for its job within the area. Following are a number of these:
- SBI Life has won the ‘Brand of the Year 2016-17’ award at the insurance group
- SBI Life has won the ‘Private Sector Life Insurance Company of the Year’ award at Fintelekt Insurance Awards
- SBI Life has won ‘Bancassurance Leader, Life Insurance’ in the massive companies category.
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8. Reliance Nippon Life Insurance Company
Reliance Nippon Life Insurance Company, based in the year 2001 is among the main insurance companies in India catering to several sections of individuals. Reliance has over 10 million policyholders. The business has made insurance available for all through its powerful distribution system of 727 branches. Right now, the organization’s assets under control are INR 20,281 Cr. The business has received several awards.
- Reliance Life has received ‘Sophisticated Insurance Supplier of the Year’ in ET BFSI Excellence Awards 2019
- Reliance Life has received ‘Best Risk Innovation of the Year’ award
- Reliance Life has won ‘Best Life Insurance Company (Advanced Products)’ Name
9. Kotak Life Insurance Company
Kotak Life Insurance Company is among the fastest-growing and best insurance companies in India using a base of 20 million + policyholders. Kotak Mahindra Bank is the parent firm to get Kotak Life Insurance. Kotak Life Insurance Company provides a wide array of insurance providers to each part of society with exceptional capabilities. Right now, the business has 32+ goods, 18 riders, 10 Unit Linked Investment Plans, and 9 collection products to supply.
The business’s assets under management stand at INR 25,936 crore. Kotak Group has achieved many milestones in the financial services area and continues to be recognized and awarded consistently for its accomplishments.
Kotak Life Insurance provides several advantages like protection, wealth creation, tax advantages, and much more. The business provides several plans for example investment and savings strategies, kid plans, savings plans, and retirement plan about which you decided.
10. PNB MetLife Insurance Company
PNB MetLife Insurance Company is among the greatest insurance companies in India situated in the year 2001. The business serves clients in over 7,000 places through its multi-distribution stations by providing numerous life savings and insurance products. PNB MetLife has received several awards for its excellence in the area of insurance.
- PNB MetLife has won the award for ‘Best in Diversity and Inclusion’ by Individuals Things Awards 2019
- PNB MetLife has Obtained the ‘Best Product Innovation’ award for Mera Heart and Cancer Care Programs at National Awards for Excellence in Motor
- PNB MetLife Continues to Be Given as ‘Most Sustainable Business of India’