insurance companies in India

Top 10 insurance companies in India

Life is uncertain and unpredictable. There can be only one proactive measure to deal with unpleasant situations. Therefore, the concept of 'insurance' was introduced with the aim of reducing risk and providing protection. Insurance is the primary way to manage life risk. There are different types of insurance policies available today to protect your loved ones and the things you love. In a life insurance policy, the insured condemns the insured's family to pay a fixed sum in the event of the death of the insured. When it comes to choosing the right insurance plan, you are spoiled with choices as there are various insurance players in the market that offer a lot of unique plans.

In India, there are 24 life insurance companies approved and recognized by IRDAI (Insurance Regulatory and Development Authority in India), a regulatory body for the insurance and reinsurance industries.

To shortlist the best term insurance plan according to your needs, we recommend that you click the button below, fill in some insurance-related fields and suggest our system to the appropriate insurance policy to suit your needs.

Importance of insurance

Insurance is an essential cost that a person needs to make to secure the future of his family. Even financial advisors suggest you to avail insurance before starting with your financial plan. Insurance is an important requirement for various reasons. Following are some reasons:

Insurance provides you with financial security and safety net: If something unexpected happens to the family bread earner, the family's financial situation may come to a standstill. Insurance compensation can become a source of income for the family and stabilize finances. With insurance, your family is financially secure even when you are not around.

Insurance protects you and your family's future goals: The accidental demise of the family breadwinner can have the worst impact on the family's financial stability. With insurance, your family can achieve financial stability even when you are not around. Also, their future financial goals will remain intact.

Insurance encourages savings: Various products are offered by life insurance companies that not only provide life cover but also provide provision for wealth creation to achieve other goals. The need for periodic investment in such products encourages savings. For example, endowment plans, money back plans, unit-linked investment plans, etc.

Insurance is an effective risk management tool: Insurance covers uncertainties such as the risk of death, risk of being hit, falling ill, and more. Insurance is all about managing these risks effectively. Each insurance policy provides coverage against the insured risk.

Insurance provides peace of mind: Since insurance effectively manages risk, you can only make regular payments for insurance and remain stress-free. You get peace of mind by getting insurance.

Top  10 Insurance Companies in India:

Following is that the list of top insurance companies in India

1-Life Insurance Corporation of India Life Insurance Corporation of India, popularly known as LIC, is the largest life insurance company in India, owned by the Government of India. LIC is one of the top 10 insurance companies in India, which came into existence in the year 1956. LIC makes insurance accessible to every person in any corner of the country for 2048 branch offices, 113 divisional offices, 8 regional offices, and 1381 corporate offices. Currently, LIC's total assets under management are INR 3,111,847 crore (USD 450 billion). LIC being a major insurance player has a huge customer base of over 29 crore policyholders. LIC is a trusted insurance brand that provides great convenience to its customers on the digital platforms and through branch offices and various other tie-ups. LIC offers several life insurance products that can meet the specific needs of a wide variety of customer segments. For all the milestones it has achieved, LIC has been consistently recognized and given awards. Some of the awards received by LIC are:

LIC Continually Wins Readers Digest Trusted Brand Award
As per the Brand Trust Report, LIC has been consistently voted as 'India's Most Trusted Brand' in the BFSI category

LIC has won the 'Best Life Insurance Company of the Year' and 'Most Preferred Life Insurance Company of the Year' Award

In fact, the flexibility offered with LIC plans is so diverse that choosing a LIC policy can be quite a dilemma in itself. To make things easier for you, we have compared the top policies given by LIC with their features and benefits in the post below.

   

                                               

2-Max Life Insurance Company Max Life Insurance Company was established in the year 2000, which is the largest non-bank private sector insurance company in India. Max Life Insurance Company is a joint venture between Indian Max India Limited, a multi-business Indian corporate, and Mitsui Sumitomo Insurance Company, a Japanese insurance company. It is one of the fastest-growing insurance companies in India and Max Life's assets under management have now touched the INR 50,000 crore mark. Max Life has a customer base of over 3 million. With a strong online presence, a wide portfolio of products, a multi-distribution channel, and 1090 offices nationwide, Max Life Insurance Company provides high-quality customer services. Max Life continues to receive awards and recognition. With a high claim settlement ratio, Max Life has been awarded the President's Award for 'Claims Service Leader' and in Excellence in Claims Service.

Max Life Insurance allows you to choose from the many types of products offered by them in the market. You can read more about Max Life Insurance and check their insurance plans below.

3-HDFC Life Insurance Company HDFC Life Insurance Company is a joint venture between HDFC Limited, one of the top insurance companies in India, a leading housing finance institution in India, and a global investment company Standard Life Aberdeen. Established in the year 2000, HDFC Life provides insurance and investment solutions to various customer segments. HDFC Life serves its customers across the country through 412 branches and additional distribution touchpoints and bancassurance partners. With a strong digital platform, services are easily available to customers. HDFC Life has received numerous accolades and awards for its continued contribution to the Indian insurance industry. Following are some details:

max life insurance best policy

HDFC Life is ranked as 'Most Valuable Private life assurance Indian Brand'
HDFC Life has received the Exc Creative Excellence Award at the INDIANA Awards 2018
HDFC Life has received the Life Best Life Insurance Company ', ic Best Analytical Initiative of the Year' and it Best Underwriting Initiative of the Year 'BFSI Awards.
HDFC Life is recognized as the Best 50 PCI Companies for 2019
HDFC Life Insurance offers considerable flexibility with their insurance policies at 99.07%, their claim settlement ratio is also quite impressive. To know more about the life insurance plans offered by HDFC, click on the link given below...

4-ICICI Prudential Life Insurance ICI Prudential Life Insurance Company is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Established in the year 2000, ICICI Prudential Life is one of the best insurance companies in India, which today exists with its strong bancassurance channel and multiple distribution channels across the country. The total assets under management of the company are INR 1,604.10 billion. With a customer-centric approach, ICICI Prudential Life offers various long-term security and savings plans for a diverse customer segment. For its excellence in the field of insurance, ICICI Prudential Life Insurance Company has received many accolades and awards. Let's take a look at some such identities.

ICICI Prudential Life has received the 'Life Insurance Company of the Year' award at the India Summit and Awards 2019.

ICICI Prudential Life has received I Life Insurance Provider of the Year by the Outlook Money Awards 2018.

ICICI Prudential Life has received the 'Best Term Insurance Provider of the Year' award for Money Today Financial Awards 2017-18.

ICICI Prudential Life was awarded the 'Best Customer Orientation in Life Insurance' award by Emerging Asia Awards 2018

ICICI Prudential Life has been awarded the Best Growth in Life Insurance category by Emerging Asia Awards 2018

5-Tata AIA Life Insurance Companyata is a joint venture between AIA Life Insurance Company, Tata Sons Private Limited, one of the largest business groups and AIA Group Limited, Asia's largest insurance group. The assets under management of Tata AIA Life Insurance Company in 2019 are Rs 28,430 crore. Being one of the trusted insurance brands in India, Tata AIA offers many insurance solutions ranging from life protection insurance to wealth creation. Policies provide excellent customer service as well as simple solutions to unique insurance needs.

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6-Bharti AXA Life Insurance CompanyBharti AXA Life Insurance was established in the year 2006. It is a venture between AXA Group and Bharti Enterprises. The strong financial expertise and domestic business excellence of these companies have laid a strong background for the company. Bharti AXA Life has introduced various innovative insurance products to cater to the unique needs of the customers. Bharti AXA Life's distribution network is spread across 123 cities in the country. The company has a customer base of over 10, 50,000. The company starts various schemes to save conservation plans, health, and group plans, and most of them are easily offered on online platforms.
Bharti AXA won the Assocham Award in March 2019, recognizing excellence in the field of insurance! To browse through the various schemes offered by them, click on the link below.

7-Bajaj Allianz Life Insurance Company Bajaj Allianz Life Insurance Company was established in the year 2001, which is a joint venture between Bajaj Finserv Limited of Bajaj Group. Bajaj Allianz Life has 759 branches across the country offering innovative insurance solutions across various customer segments. Bajaj Allianz's life assurance is understood for its strong innovative products and timely customer service. The company has received various awards and recognition for its contribution to the insurance industry. Following are a number of the awards received by Bajaj Allianz Life Insurance:

Bajaj Allianz Life has been recognized as the 'Digital Marketer of 2018' in the Insurance category
Bajaj Allianz won the 'Customer Service Excellence Award' at the NASSCOM BPM Strategy Summit 2018.
Bajaj Allianz Life is one of the top-75 most valuable Indian brands
One of the top 75 most valuable Indian brands 2019, Bajaj Allianz is one of the leading Indian insurance providers. Read about the Bajaj Allianz Life Insurance Plan and check their policies by clicking below.

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8-SBI Life Insurance CompanySBI Life Insurance Company is a joint venture between State Bank of India (SBI), India's largest bank and BNP Paribas Cardiff, French multinational bank and financial services company. Currently, SBI Life Insurance has an authorized capital of INR 20 billion (USD 290 million). SBI Life was first started as a bancassurance business which has now been expanded into a multi-distribution channel. With customer service excellence and product innovations, the company has continued to grow year by year. SBI Life has received numerous awards and accolades for work in the field. Following are some of them:

SBI Life has won the 'Life Brand of the Year 2016-17' award in the Insurance category
SBI Life has won the Sector Private Sector Life Insurance Company of the Year award at the Finlect Insurance Awards.

SBI Life has won 'Bancassurance Leader, Life Insurance' in the category of large companies.
SBI Life Insurance is one of the market leaders for life insurance policies in India. It provides various policies for policyholders with many benefits.

9-Reliance Nippon Life Insurance CompanyReliance Nippon Life Insurance Company, established in the year 2001, is one of the leading insurance companies in India, dealing in different areas of people. Reliance has more than 10 million policyholders. The company has made insurance accessible to many through its strong distribution network of 727 branches. Reliance Life has a product for every possible need of the person. Currently, the company has assets under management of INR 20,281 Cr. The company has received several awards.

Reliance Life has received the Active Innovative Insurance Provider of the Year at the ET BFSI Excellence Awards 2019.

Reliance Life has received the 'Best Risk Innovation of the Year' award
Reliance Life has won the title of Life Best Life Insurance Company (Innovative Product)
Click below to browse various insurance plans by Reliance Nippon and get a life insurance cover today.

10-Aegon Life Insurance Company Aegon Life Insurance Company, established in the year 2008, is the best to offer various life insurance solutions for different customer segments. Aegon Life is a new age company with a strong digital presence and diverse product portfolio. The company has received many awards and recognition
Aegon Life has received 'E-Business Leaders Award' at the Indian Insurance Awards
Aegon Life receives 'Celent Model Insurer Asia Award'
Aegon Life wins recommended Most Recommended Life Insurance Brand 2013 '