Top 10 life insurance companies in India 2020

 The basic idea of life insurance is that if you take an insurance policy and you pass away, the insurance company will pay a huge sum to your family or the nominee, A insurance policy ensures a guarantee to your family to live off without a financial burden. No one can predict the future it's better to get insured so that it remains as a backup for your family.

There are many schemes and policies that you can avail that not only provide a huge sum to your family but also some policies that invest in stock markets and provide you with regular returns.

In this article, we will discuss the best life insurance companies that are very popular and were accredited by the IRDA(Insurance Regulatory Authority of India). There are many private and public life insurance companies, In fact, there are 24 insurance companies in India and only one is Public and the remaining 23 are privately held. These life insurance companies offer a wide variety of products for various insurance needs. You can save and track money using these interesting apps

The list of top 10 insurance companies in India are as follows

1) Life Insurance Corporation of India (LIC)

LIC- Life Insurance Corporation of India s a state-owned company started its operations from 1956 and provides various products to customers 

Life insurance corporation is one of the oldest and most trusted companies in India. LIC of India is the only public company among the 24 insurers in India that are approved by IRDA. Life insurance corporation has collected a total premium of Rs.318223.21 Cr for the financial year of 2017-18. LIC has secured more than 250 million lives and is still going strong with its various policies. LIC has a claim settlement ratio stands at 97.79 as of 2018-19

2) HDFC Life Insurance Corporation limited. 

HDFC - Home Development Finance Corp, Hdfc standard life insurance was founded in the year 2000 is a joint venture formed between HDFC and Standard Life plc, where the majority of stake is held by HDFC i.e 70.65% and standard life plc holds 26%.

HDFC is an Indian company and Standard insurance company is an American multinational company with lots of experience in the Insurance sector HDFC life insurance is one of the leading private life insurance companies in India. HDFC provides various life insurance products including health cover, child plans, savings, investment plans and also pension cover. HDFC life claims a settlement ratio of 99.04% for the year 2018-19 and has claimed to collect a total premium of Rs.11349.61 Cr for the financial year of 2017-18

3) Max Life Insurance Corporation limited.

Max life insurance India was formerly known as Max Newyork life insurance company limited was founded in the year 2000. Max life insurance is a joint venture between Max financial services and Mitsui Sumitomo Life Insurance. Where Max India owns the majority of 68% shares and Sumitomo owns 26%.

Max financial services corp is an Indian company and Mitsui Sumitomo is a Japanese multinational. Max life insurance company offers a very low premium for life insurance solutions to provide long term savings, protection, and retirement schemes. Max life insurance has a claim to settlement ratio of 98.74% for the year 2018-19 and has claimed to collect a total premium of Rs.4348.59 Cr for the financial year of 2017-18

4) ICICI Prudential Life Insurance Co Ltd

ICICI Prudential life insurance is a subsidiary of ICICI bank. ICICI Prudential is a joint venture between ICICI Bank and Prudential plc founded in 2001. Where ICICI bank holds the majority share i.e 74% and Prudential plc holds 24%. ICICI Bank is an Indian investment bank and prudential plc is one of the largest financial services player in UK

ICICI prudential life insurance offers a wide variety of policies like term plans, health cover, retirement cover, savings, ULIP(Unit Linked Insurance Plans). ICICI Pru offers a discount of 15% and other benefits from restaurants. ICICI Prudential life insurance has a claim to settlement ratio of 98.58% for the year 2018-19 and has claimed to collect a total premium of 9211.75 Cr for the financial year of 2017-18

5) Kotak Mahindra Life Insurance Co Ltd

Kotak Mahindra life insurance is a subsidiary of Kotak Bank. Kotak Mahindra life insurance is a joint venture between Kotak Mahindra Bank and Old Mutual plc founded in 2001. Where Kotak Bank holds the majority of 74% and Old Mutual plc holds 24%. Kotak Mahendra Group is a well-known brand in India with a presence in many sectors and OLD Mutual Ltd is a pan African financial services provider.

Kotak Mahindra life insurance is one of the fastest-growing insurance companies in India which offers a wide range of products like term plans, Health cover, savings, retirement cover, and ULIP schemes. Kotak Mahindra has a claim to settlement ratio of 97.4% for the year 2018-19 and has claimed to collect a total premium of Rs.3404.1 Cr for the financial year of 2017-18

6) Aditya Birla Sunlife Insurance Co Ltd

Aditya Birla Sunlife is a subsidiary of Aditya Birla Group. Aditya Birla Sunlife Insurance is a joint venture between Aditya Birla Group and Sun life Insurance founded in the year 2000. Aditya Birla Group is a well-known company in India with a presence in many sectors and Sun life insurance is a Canadian financial services company.  

Aditya Birla Sunlife insurance is a well-renowned insurer in India that offers products like term plans, wealth with protection, child cover, health cover, retirement, ULIP plan, and saving plans.  Aditya Birla Sunlife insurance has a claim to settlement ratio of 97.15% for the year 2018-19. 

7) TATA AIA Life Insurance Co Ltd

TATA AIA Life Insurance is founded in 2001, is a joint venture between Tata Sons and AIA Group company. Where Tata sons hold a majority stake of 75% and AIA Group holds 25% of the venture. TATA is a very reputed brand in India with its products varying from salt to software and AIA Group is a HongKong based group and is the largest independent pan-Asian life insurance company.

TATA AIA life insurance offers the trust and reliability that TATA provides and expertise of AIA group in Insurance, It offers various products to its customers like wealth solutions, savings, and protection. TATA AIA life insurance has a settlement ratio of 99.07% for the year 2018-19 and has collected a premium of Rs.1488.42 Cr for the year 2017-18

8) SBI Life Insurance Co Ltd

SBI - State Bank of India. SBI Life Insurance is a joint venture between SBI Bank and BNP Parabis Cardiff was founded in 2001. where the majority stake of 74% is held by SBI and BNP Parabis Cardiff holds 24% of the venture. SBI is an Indian PSU bank and BNP Parabis Cardiff is a French multinational bank and financial services company headquartered in Paris.

SBI life insurance is one of the most reliable life insurance companies in India, It offers a wide range of group insurance, individual insurances, Child cover, money back, investment and saving plans.  SBI life insurance has a settlement ratio of 95.03% for the year 2018-19 and has collected a premium of Rs.10966.14 Cr for the year 2017-18.

9) Exide Life Insurance Co Ltd

Exide life insurance is a fully owned subsidiary of Exide Industries founded in 2001 and is headquartered in Bangalore. Exide life insurance focused on providing long term protection and saving solution plans with a consistent bonus track record. Exide life insurance offers a wide range of schemes at affordable rates that are categorized into saving, protection, retirement plans and investment plans. Exide life insurance has a claim to settlement ratio of 97.03% for the year 2018-19.

10) Bajaj Allianz Life Insurance Co ltd

Bajaj Allianz life insurance is a joint venture of Bajaj Finserv and Allianz SE founded in 2001. Where Baja holds the majority stake of 74% and Allianz company holds 26%.  Bajaj Finserv is one of the most trusted brands in India is a part of the Bajaj group which has a diverse portfolio and Allianz is a german based insurance company and investment management company.

Baja Allianz life insurance is a well-known and trusted insurance company in India, It provides a wide range of products ranging from child plans to group plans and health insurance as well. Bajaj life insurance has a claim to settlement ratio of 97.28% for the year 2018-19 and has collected a premium of Rs. 4291.14 Cr. 

Key take away 

Life Insurance will secure the future of your loved ones and sail through the tough times choose any of these top insurance companies to invest.  

Source: To Be Frank