Check out below 24 life insurance companies with their insurance claim settlement ratio (2018-19)
|List of Life Insurance company list||
Claim Settlement Ratio
|AEGON Life Insurance||97.11%|
|Aviva Life Insurance||90.60%|
|Bajaj Allianz Life Insurance||91.67%|
|Bharti AXA Life Insurance||92.37%|
|Birla Sun Life Insurance||94.69%|
|Canara HSBC OBC Life Insurance||94.95%|
|DHFL Pramerica Life Insurance||90.87%|
|Edelweiss Tokio Life Insurance||93.29%|
|Exide Life Insurance||96.40%|
|Future Generali India Life Insurance||89.53%|
|HDFC Standard Life Insurance||97.62%|
|ICICI Prudential Life Insurance||96.68%|
|IDBI Federal Life Insurance||90.33%|
|IndiaFirst Life Insurance Company Ltd – India First||82.65%|
|Kotak Life Insurance||91.24%|
|Life Insurance Corporation of India||98.31%|
|Max Newyork Life Insurance||97.81%|
|PNB MetLife Insurance||87.14%|
|Reliance Life Insurance||94.53%|
|Sahara Life Insurance||90.21%|
|SBI Life Insurance||96.69%|
|Shriram Life Insurance||63.53%|
|Star Union Dai-ichi Life Insurance||84.05%|
|Tata AIA Life Insurance||96.01%|
Life Insurance Companies Brief Details
At present, there are a total of 24 life insurance companies in India. Of these, the Life Insurance Corporation of India (LIC) is the only public sector insurance company. All other private insurance companies are Many of these are joint ventures between public / private sector banks and national / international insurance-financial companies.
Private life insurance companies in India get admission in the life insurance sector in the year 2000. Most private players have entered into an agreement with international insurance companies for their life insurance sector.
Aegon Life Insurance Company
Agon Life Insurance is a joint venture between the world’s leading financial services organization and Bennett, Coleman & Company. The company is focused to provide a customer centric business with a excellent and innovative working professionals. Started operations in 2008, the company works with several channel distribution strategies aimed at helping people to plan their lives better. The company has launched a series of products that focus on offering customers the best suited plans to meet their financial goals. The plans given by the company are Term Plan, Endowment Plan, Group Plan, Ulip Plan, Pension Plan, Protection Plan, Savings Plan, Child Plan and Ruler Plan.
Aviva Life Insurance Company
Aviva Life Insurance is the largest and most popular insurance provider in the world. The company is a joint venture between Dabur Group and Aviva Group. Aviva Life Insurance works with a large number of customer base nationwide with 121 network centers across the country. Among the other insurance companies in India, the company is first known for introducing Unit Link and Unified With-Profit Plan in the market. Aviva Life Insurance Company offers many types of plans for customers. This plan caters to all the needs and needs of the buyers at very affordable prices. Some of the most common plans offered by the company are conservation planning, ruler plans, child plans, retirement plans, savings schemes, health plans, word plans and group insurance plans.
Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance is a joint venture between the European financial services company Allianz SE and Bajaj Finserv Limited. The company has received the name in the form of top life insurance brand in India. In other life insurance companies in India, Bajaj Allianz Life Insurance Company offers a large range of products ranging from Ulips and child plans to groups and health insurance to their clients. The company provides a vast array of customized products that meets every single demand of the customer and provides them with a transparent advantage. Launched in 2001, this life insurance company offers customers a one-stop solution and helps them achieve their financial goals.
Bharti AXA Life Insurance Company
Headquartered in Mumbai, Bharti AXA Life Insurance is a life and general insurance company. The company is a joint venture between Bharti Enterprises and Axa Group. From the policies given by the company to the company, from the traditional plan or life insurance scheme to the child scheme, many types of policies can be selected. This company is flourishing and has a network of 123 offices in various cities across India. Customers have seen maximum complaints resolved by the company in one year and have experienced claims settlement ratio of 80.00%. The maximum number of policies given by the company is 65 years and the age criterion for the schemes ranges from a minimum of 18 years to a maximum of 65 years.
Birla Sun Life Insurance Company
With 2.5 million customer base, Birla Sun Life Insurance is one of the leading insurance companies in India. Birla Sun Life Insurance came into existence with Joint Venture between Aditya Birla Group and Sun Life Financial Inc. The company is known as the leader of Unit Linked Life Insurance plans and has more than 600 branches spread across 500 cities across the country. Birla Sun Life Insurance offers a full range of insurance services, such as safety plans, child plans, health and retirement solutions, ULIP plans, customized group products and life-level products to provide competition for customers. With the claim settlement ratio of 88.45%, the company offers the best plan for the clients.
Canara HSBC OBC Life Insurance Company
Launched in 2008, Canara HSBC is a joint venture between OBC Life Insurance HSBC Insurance Holdings Limited, Canara Bank and Oriental Bank. The company works as a pan India network with around 7000 branches of three shareholding banks across the country. In addition, the company provides necessary training and coaching to bank employees in 28 centers in the country. With a large customer base, the company provides the most customized product to meet the needs of buyers. The maximum number of policies given by the company is 40 years and eligibility criteria are minimum 18 years – maximum up to 70 years.
DHFL Pramerica Life Insurance Company
DHFL Pramerica Life Insurance located in Gurgaon is considered as India’s leading life insurance provider. The company works with 67 branches and 2000 employees spread across the country. Although, despite being a new company, the firm was growing on the heaps and borders and made a remarkable place in the market. The company provides many types of plans to the customers within a maximum of 30 years. The company has a claim settlement ratio of 4.00% from the year 2015-2016 and it has been given the place for maximum complaints in the year. DHFL Pramerica Life Insurance has a large customer base and offers a stop solution for all insurance needs.
Edelweiss Tokyo Life Insurance Company
In 2011, Edelweiss Tokio Life Insurance is a newly formed private sector insurance provider in India. The Edelweiss Group of India and Japan’s Tokyo Marine Holding joined hands together and created the Edelweiss Tokyo Life Insurance Company. The company provides a host of life insurance products with higher returns and guaranteed interest payments to the customers. Some of the most common schemes offered by the company are savings plans, endowment plans, child plans, conservation schemes and retirement plans. In order to meet customer’s needs, the company also offers add-on coverage such as Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider and Critical Illness Rider.
Exide Life Insurance Company
In 2000, Exide Life Insurance Company started its operations in 2001. The company was first known as ING Vysya Life Insurance Company Limited and is 100% owned by Exide Industries Limited. Exide Life Insurance has a network of 200 offices across the country. And supported by more than 35,000 consultants. The company has been ranked as the top 10 trusted life insurance brand in India. Compared to other Indian insurance companies, the plan given by the company is optimized in a way to meet the customer’s needs and is available at very affordable rates. Schemes with a customer-centric approach are classified into conservation, savings, investment and retirement plans. Exide Life Insurance offers one stop solution for all your insurance needs.
Future Generali India Life Insurance Company
Founded in 2007, Future Generali is a joint venture of Life Insurance India, Generali Group, Future Group and Industrial Investment Trust Limited. The company has a network of 98 branches in India and since its inception it has implemented more than 11 lakh policies. The company provides a one stop solution to the customer for all types of financial security and presents its products in different areas like security, policies and unit linked policies. Policies are offered for a maximum of 75 years and eligibility criteria ranging from 18 years to a maximum of 56 years. The company has a record of recording maximum complaints and providing a claim ratio of 90.61%.
HDFC Standard Life Insurance Company
HDFC Standard Life Insurance Corporation is a joint venture between India Housing Development Financial Corporation Limited and Standard Life Plus. Founded in year 2000, HDFC Standard Life Insurance is one of India’s leading insurance companies. The company currently has 27 retail and 8 group products in the portfolio. In order to meet the client’s various needs, the company provides an array of personal and group insurance solutions such as pension plans, savings and health plans, security plans, child plans and women’s plans. With 414 branches spread over 900 cities and towns in India, the claim settlement ratio of the company is 95.02%. HDFC Life Insurance Company offers plans in a very optimized way to meet customer needs.
Shriram Life Insurance Company
Shriram Life Insurance was established in the year 2005 by a joint venture between Shriram Group and Sanlam Group. The company has a network of 630 branches in different countries in India and caters to the diverse needs of customers from different cities of the country. The company is proud of the efficient use of capital and low operating costs. The key feature of the company is that this ruler focuses on the market and serves more economically weaker sections of society. The maximum length of the policy up to 25 years and eligibility criteria ranges from 18 years to a maximum of 65 years, with different types of plans offered by the company.
Star Union Dai-ichi Life Insurance Company
Bank of India, Union Bank of India and Japan’s largest life insurance company Dai-ichi Life entered the joint venture and launched Star Union Dai-ichi Life Insurance Co.Ltd. As one of the paramount insurance solution providers in the country, the company offers a wide range of insurance products to the customers. Star Union Dai-ichi Life Insurance caters to a large number of customers and customers from across the country with many economic and social backgrounds. The company has pledged a long-standing commitment to its buyers and has gained long-standing trust. As a customer centric company, it provides various products like leading insurance company Bharat Savant Yojana, Money Planning, Conservation Planning, Child Planning, Pension Scheme, Credit Yield Plan and Term Plan.
Tata AIA Life Insurance Company
TATA Sons and AIA Group jointly created a joint venture and launched the TATA AIA Life Insurance Company. The majority of the share in this venture i.e. is 75% by TATA Sons and 26% of the AIA Group company. The company works with a customer-focused approach and provides a wide range of insurance products to people, associations and corporate insurance buyers. Started in the year 2001, the company provides various schemes in many sections like Group Plan, Child Planning, Money Planning, Conservation Planning, Savings Scheme and Micro Insurance Scheme. Of many insurance companies in India, TATA AIA Life Insurance has made a remarkable place in the insurance sector of the country.