5 min read
Life insurance is a popular investment plan bought by several Indians, who want to secure the future of their family in case of an untimely death. All insurance companies in India are regulated by IRDAI or the Insurance Regulatory and Development Authority of India. With fierce competition between different life insurance companies in India, a potential policy buyer may find it difficult to choose the right policy.
So, we thought of sharing with you the list of the top 10 insurance companies in India2023 and their key features in this post.
The Insurance industry in India is expected to introduce various new trends in the coming years. If you are not yet aware of buying a life insurance plan then read on:
A life insurance plan can relieve your family from the financial burden in your absence in case of your untimely demise
Almost all life insurance plans come with a tax-free benefit according to the Income Tax Act 80C
A life insurance policy is a guaranteed way to grow your cash value to meet your various future financial goals
You will get several life insurance companies offering additional rider benefits on additional premium payments
Over the years, the following life insurance companies succeeded to emerge as the best ones to offer the best returns and minimum risk:
|S. No.||Life Insurance Company||Claim Settlement Ratio (2021-22)|
|1||Max Life Insurance||99.34%|
|2||Bharti AXA Life Insurance||99.09%|
|3||AEGON Life Insurance||99.03%|
|4||Bajaj Allianz Life Insurance||99.02%|
|5||Life Insurance Corporation of India||98.74%|
|6||HDFC Life Insurance||98.66%|
|7||Tata AIA Life Insurance||98.53%|
|8||Aviva Life Insurance||98.39%|
|9||SBI Life Insurance||97.05%|
|10||ICICI Prudential Life Insurance||97.82%|
We strongly advise you to go through the salient features of the top 10 life insurance companies in India before buying one, so have a look:
With a claim settlement ratio of 99.34% in 2021 – 222, Max Life has turned out to be the best life insurance company in India. Max life insurance is actually a joint venture between Mitsui Sumitomo Insurance Company Ltd. and Max Financial Services Ltd.
Some key features of Max Life Insurance are:
Offering a plethora of life insurance plans, Bharti AXA is a joint venture between Bharti Enterprises and AXA Insurance Company. It has emerged as one of the top life insurance companies in India in 2023.
Some key features of Bharti AXA Life Insurance are:
Founded in the year 2008, Aegon Life Insurance Company is run by highly talented and innovative people, who help people make better investment decisions. The claim settlement ratio of AEGON life insurance in 2021-222 was 99.03%.
Some key features of Aegon Life Insurance are:
Those interested to buy a life insurance policy in India in 2023 may consider buying one from Bajaj Allianz. It is a joint venture between Bajaj Finserv Ltd. and Allianz SE.
Some key features of Bajaj Allianz Life Insurance are:
LIC, or Life Insurance Corporation of India is one of the oldest and best insurance companies in India. The company started operating in 1956 and offers a good claim settlement ratio every year.
Some key features of LIC life plans are:
With over 372 branches PAN-India, HDFC is one of the most reliable life insurance companies in India. It has established partnerships with over 300 partners.
Some key features of HDFC Life Insurance are:
Founded in 2001, Tata AIA is a joint venture between Tata Sons Ltd. and AIA Group Ltd. It offers a wide range of life insurance plans in the form of savings, investments, retirement, health, and savings plans.
Some key features of Tata AIA Life Insurance are:
Offering strong customer support, Aviva Life Insurance is a joint venture between Aviva pLc and Dabur Group. It has won several awards for introducing some of the best services and products.
Some key features of Aviva Life Insurance are:
Offering a plethora of life insurance plans at very economical rates, SBI has over 947 offices across the country. It is slowly and steadily enhancing its claim settlement ratio year by year.
Some key features of SBI Life Insurance are:
ICICI Prudential is a trusted name when it comes to buying a life insurance policy in India. It has introduced various customer-centric plans with affordable premiums.
Some key features of ICICI Prudential Life Insurance are:
Wide range of term insurance, health insurance, savings, child, and investment plans
In a nutshell, do consider buying a life insurance policy to secure the future of your loved ones. Research well about the various plans offered by the top life insurance companies in India. Ensure that the life insurance company you choose offers a high claim settlement ratio, excellent customer service, and digital ease for premium payment and calculation.
When planning to buy a life insurance plan from an insurance company do consider these factors:
~ Premium amount
~ Digital capabilities
~ Claim settlement ratio
~ Customer care
~ Customer reviews
At present, there are 24 reliable insurance companies in India providing the best policies. These are registered by IRDAI and most of these are available to people aged between 18 to 65 years.
There are three popular types of life insurance plans. These include universal, whole, and variable. Besides, an interested person may opt for term insurance, child insurance, endowment insurance, and ULIP plan too.
Out of the various life insurance policies, term life insurance is the most affordable option. It is because it offers coverage for a limited time with no cash value.
Many life insurance companies in India offer plans to people aged between 18 to 65 years. The best age to buy life insurance is in the early 20s to get the best benefits and minimum premium payment.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Life insurance secures our families against unforeseen incidents, the armed forces protect the country against unseen enemies both within and outside the borders. Army sacrifices.
Life Insurance Corporation (LIC) of India presents a wide array of insurance products and service options to its customers. With millions of policyholders, the query.
India’s leading public sector insurer, LIC, is synonymous with security and trust. LIC has been serving Indian customers for a long time now. With a.
There are many policyholders who apply for policy cancellation just after a year of purchasing the plan. Why is it so? People generally buy insurance.
LIC is a public sector insurer that caters to the common people, including the rural population. LIC offers several cost-effective policies with attractive features and.
“What would happen to my family if I had to leave the world unexpectedly?” This is one question that strikes us all at some point.
Life insurance policies are a kind of security that people buy to protect their family members against the uncertainties of life. However, at times it.
Insurance is a safety net that safeguards against uncertainties in life. One significant aspect of insurance is the rider facility available with the basic policies..
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue