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10 min read
Updated on Feb 09, 2024
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 India 2024 and their key features in this post.
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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 (2022-23) |
1 | Max Life Insurance | 99.35% |
2 | Bharti AXA Life Insurance | 99.05% |
3 | AEGON Life Insurance | 99.25% |
4 | Bajaj Allianz Life Insurance | 98.48% |
5 | Life Insurance Corporation of India | 98.62% |
6 | HDFC Life Insurance | 98.01% |
7 | Tata AIA Life Insurance | 98.02% |
8 | Aviva Life Insurance | 98.01% |
9 | SBI Life Insurance | 93.09% |
10 | ICICI Prudential Life Insurance | 97.90% |
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 99.35% in 2022 – 23, 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:
Policies Offered by Max Life Insurance:
Riders Offered:
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 2024.
Some key features of Bharti AXA Life Insurance are:
Policies Offered by Bharti AXA Life Insurance
Riders Offered:
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 2022-23 was 99.25%.
Some key features of Aegon Life Insurance are:
Policies Offered by AEGON Life Insurance
Riders Offered:
Those interested to buy a life insurance policy in India in 2024 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:
Policies Offered by Bajaj Allianz Life Insurance:
Riders Offered:
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:
Policies Offered by LIC:
Riders Offered:
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:
Policies Offered by HDFC Life Insurance Company
Riders Offered:
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:
Policies Offered by Tata AIA Life Insurance:
Riders Offered:
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:
Policies Offered by Aviva Life Insurance:
Riders Offered:
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:
Policies Offered by SBI:
Riders Offered:
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
Policies Offered by ICICI Prudential Life Insurance:
Riders Offered:
Below are some factors to consider while finding the best policy to suit your purpose:
Take a look at some factors that you may consider while buying life insurance from the best life insurance company in India:
Conclusion
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.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
PayBima Team
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.
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