Top 15 life assurance Companies in India: Updated List (2020)
Life is uncertain and unpredictable. One can only have a proactive measure in situ to affect unpleasant situations. Hence, the concept of ‘insurance’ was introduced with a motive to mitigate the danger and to supply protection. Insurance is that the primary way of managing life risk. There are various sorts of insurance policies available today to guard your loved ones and therefore the belongings you love. during a life assurance policy, Insurance indemnifies to pay the insured person’s family a particular sum of cash within the event of insured’s demise. When it involves choosing the proper insurance plan, you're spoilt with choices as there are various insurance players within the market offering many unique plans.
1. life assurance Corporation of India
Life Insurance Corporation of India popularly referred to as LIC is that the largest life assurance company in India owned by the govt of India. LIC, one among the highest 10 insurance companies in India, came into existence within the year 1956. LIC makes insurance accessible for each person in any corner of the country with 2048 branch offices, 113 divisional offices, 8 zonal offices and 1381 satellite offices. Currently, LIC’s total asset under management is INR 3,111,847 crores (USD 450 billion). LIC being the dominant insurance player features a huge customer base of over 29 crores policyholders. LIC may be a trusted insurance brand that gives great convenience to its customers through its excellent customer services on the digital platform and also through branch offices and various other tie-ups. LIC offers numerous life assurance products which will meet the unique needs of a spread of customer segments. For all the milestones it's achieved, LIC has been consistently recognised and awards.
LIC is that the largest life assurance company in India is that the only public company out of the 24 life insurers present within the Indian market. the govt entity came into existence within the year 1956 is additionally one among the oldest insurance companies in India. the corporate is legendary for its slogan “Zindagi Ke Saath Bhi, Zindagi Ke Baad Bhi”. The company’s main strength lies within the trust it's among Indians thanks to its well-established presence for over half a century and also due to it being a government entity. LIC’s total asset under management is Rs. 3,111,847 crores (USD 450 billion). The claim settlement ratio of the life assurance policy of this company is 97.79%. LIC has thus far secured over 250 million life assurance solutions.
2. Max life assurance Company
Max life assurance Company founded within the year 2000 is that the largest non-bank private sector insurance firm in India. Max life assurance Company may be a venture between Indian Max India Ltd, a multi-business Indian corporate and Mitsui Sumitomo insurance firm , a Japanese insurance firm . it's one among the fastest-growing insurance companies in India and Max Life’s asset under management has now touched the mark of INR 50,000 crores. Max Life features a customer base of quite 30 lakhs. With strong online presence, wide portfolio of products, multi-distribution channel and 1090 offices across the country, Max life assurance Company provides high-quality customer services. Max Life has been receiving awards and recognitions consistently. With high claim settlement ratio, Max Life has been awarded as ‘Claims Service Leader’ and ‘Excellence in Claims Service’ by CMO Asia Awards.
Max life assurance Company founded within the year 2000. The insurance firm may be a venture between Indian Max India Ltd, and Mitsui Sumitomo insurance firm , a Japanese insurance firm . Max life assurance Company is that the largest non-bank private sector insurance firm in India. one among the main reasons for its success has been the very low premium its offers making it one among the simplest policies in India. the corporate has an asset under management crossing Rs. 50,000 crores. With its high-quality customer service through its strong online presence, a good portfolio of products, multi-distribution channels, and 1090 offices across the country, the corporate has accumulated a customer base of quite 30 lakhs. The claim settlement ratio of Max life assurance Company is 98.74%.
3. HDFC life assurance Company
HDFC life assurance Company, one among the highest insurance companies in India may be a venture between HDFC Ltd, leading housing finance institution in India and Standard Life Aberdeen, a worldwide investment trust . Founded within the year 2000, HDFC Life offers a good array of insurance and investment solutions to varied customer segments. HDFC Life serves its customers across the country through 412 branches and extra distribution touchpoints and bancassurance partners. With strong digital platform, services are accessible easily to the purchasers . HDFC Life has received many accolades and awards for its continuous contribution to the Indian Insurance Industry.
HDFC Standard life assurance company may be a venture between HDFC Ltd, India’s biggest financial organization , and Standard Life Aberdeen, a worldwide investment trust . the corporate was founded within the year 2000 and went on to become one among the foremost reputed life assurance providers within the country. HDFC Life makes its services accessible easily to the purchasers through its 412 branches along side its strong digital platform. The claim settlement ratio of HDFC Standard life assurance is 99.04%.
4. ICICI Prudential life assurance
ICICI Prudential life assurance Company is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Founded within the year 2000, ICICI Prudential Life is one among the simplest insurance firm in India having its presence everywhere the country today with its strong bancassurance channel and multiple distribution channels. Total assets under management of the corporate are INR 1,604.10 billion. With the customer-centric approach, ICICI Prudential Life offers various long-term protection and savings plans for a various customer segment. For its excellence within the field of insurance, ICICI Prudential life assurance Company has been receiving many accolades and awards.
ICICI Prudential life assurance Company was founded within the year 2000 and since then has maintained its status together of the foremost extensively recognized insurance companies within the country. The insurance firm may be a venture between ICICI bank Prudential Corporation Holdings Limited. ICICI Bank holds a 74% stakeholding and Prudential Plc holds a 26% stake within the venture. Its customer-centric approach and powerful bancassurance and distribution channels have made it the second-best insurance firm within the country. the entire Assets Under Management of the corporate are Rs. 1,604.10 billion. the corporate features a Claim Settlement Ratio of 98.58%.
5. Bharti AXA life assurance Company
Bharti AXA life assurance was founded within the year 2006. it's a venture between AXA Group and Bharti Enterprises. Strong financial expertise and domestic business excellence of those companies have laid a robust background for the corporate . Bharti AXA Life has introduced various innovative insurance products to cater to the unique needs of consumers . Bharti AXA Life’s distribution network is spread across 123 cities within the country. the corporate features a customer base of quite 10, 50,000. the corporate offers various plans ranging from protection decide to save, health and group plans and most of them are offered conveniently on a web platform.
7. Bajaj Allianz life assurance Company
Bajaj Allianz life assurance Company founded within the year 2001 may be a venture between Bajaj Finserv Limited of Bajaj Group. Bajaj Allianz Life has 759 branches across the country to supply innovative insurance solutions to varied customer segments. Bajaj Allianz life assurance is understood for its strong innovative products and timely customer service. the corporate has won various awards and recognition for its contribution to the insurance industry.
8. SBI life assurance Company
SBI life assurance Company may be a venture between depository financial institution of India (SBI), India’s largest bank and BNP Paribas Cardif, French multinational bank and financial services company. Currently, SBI life assurance has an authorised capital of INR 20 billion (USD 290 million). SBI Life was first started as a bancassurance business which is now extended to the multi-distribution channel. With customer service excellence and merchandise innovations, the corporate has been growing year on year. SBI Life has received many awards and accolades for the add the sector .
SBI life assurance may be a venture between India’s largest bank – depository financial institution of India and therefore the leading global insurance firm BNP Paribas Cardiff a French multinational bank and financial services company. it had been founded within the year 2001 and is well-known insurance within the country. SBI life assurance has a licensed capital of USD 290 million. SBI life assurance Company features a claim settlement ratio of 95.03%.
9. Tata AIA life assurance
Tata AIA life assurance Company may be a venture between Tata Sons Private Limited and AIA Group Limited- Asia’s largest insurance group. The company’s strengths are in Tata’s established position as a reliable brand within the Indian market along side AIA being the most important independent insurance group within the world crossing 18 markets within the Asia Pacific. Tata AIA life assurance Company’s asset under management in 2019 is Rs.28,430 crores. The Claim Settlement Ratio of this life assurance company is 98%.
10. Reliance Nippon life assurance
Reliance Nippon life assurance Company may be a venture between Reliance Capital and Nippon Life the most important Japanese life assurance company. the corporate was founded in 2001 as a Reliance life assurance Company. In 2006 Nippon Life went on to accumulate a 26% share within the company. In 2011 Nippon went ahead to again acquire a further stake within the company making it the bulk shareholder at 75%. the corporate features a strong distribution network of 727 branches across the country. Reliance Nippon has assets under management is Rs.20,281 Cr and a Claim Settlement Ratio of 99.07%.
Reliance Nippon life assurance Company, founded within the year 2001 is one among the leading insurance companies in India catering to varied segments of individuals . Reliance has quite 10 million policyholders. the corporate has made insurance accessible for several through its strong distribution network of 727 branches. Reliance Life features a product for each possible need of the individual. Currently, the company’s assets under management is INR 20,281 Cr. the corporate has received many awards.
11. Aviva life assurance Company
Aviva life assurance Company may be a venture between Aviva plc, a British Assurance Company and Dabur Group, an Indian conglomerate. With quite 121 branches and 9000+ employees, Aviva Life has been offering a good array of insurance products ranging from protection decide to savings and retirement plans. Online products, customer service and lots of more areas makes the corporate one among the highest insurance companies in India. Aviva Life has been awarded because the ‘Best and Most Trusted Brand, 2019’ Aviva life assurance Company was declared to be the foremost Trusted Private life assurance Brand for the years 2018 and 2019 by TRA, Brand Trust Report – India Study. you'll read more about the corporate to pick an idea from Aviva life assurance below.
13. Kotak life assurance Company
Kotak life assurance Company is one among the fastest-growing and top insurance companies in India with a base of 20 million + policyholders. Kotak Mahindra Bank is that the parent company for Kotak life assurance . Kotak life assurance Company offers a various range of insurance products to each section of society with unique features. Currently, the corporate has 32+ products, 18 riders, 10 Unit Linked Investment Plans and 9 group products to supply . The company’s assets under management stands at INR 25,936 crore. Kotak Group has achieved many milestones within the financial services field and has been awarded and recognised consistently for its achievements. Kotak life assurance offers several benefits like protection, wealth creation, tax benefits, and more. the corporate offers several plans like savings and investment plans, child plans, savings plans, and retirement plans