People work hard and plan their future lives, but life is full of uncertainties and surprises. The death of a close relative is a traumatic event that leaves the family in an emotional and financial crisis. To plan for our family’s security, we must cover ourselves with Life insurance and Life insurance companies.
CSR-based ranking of the top ten life insurance companies
1. Max Life
Top of the list is Max Life Insurance Company. The company was founded in 2000 and is India’s largest non-bank private sector insurance company. It is a partnership between Max Financial Services (India) and Mitsui Sumitomo Insurance Company (Japan), with assets under management exceeding Rs. 50,000 crores.
The claim settlement ratio is 99.2%, which is the highest in the life insurance industry, with 15,463 claims settled to date.
2. HDFC Life
HDFC Life Insurance Company comes in third place. It is a collaboration between HDFC Ltd, one of India’s largest financial institutions, and Standard Life Aberdeen (a global investment company).
The company was founded in 2000 and has since grown to become one of the most reputable insurance providers in the country.
The company’s claim settlement ratio is 99.07%, with 12,626 successful claims paid.
3. TATA AIA Life Insurance Company
Second, it is a collaboration between TATA AIG Life Insurance Company and AIA (American International Assurance), a Hong Kong-based company. Tata’s established position as a reliable brand in the Indian market has been one of the company’s strengths.
AIA is the world’s largest independent insurance group, with operations in 18 Asian markets. In 2019, Tata AIA’s asset under management is Rs. 28,430 crores.
According to the most recent data, the claim settlement ratio is 99.06%, with 3,659 claims paid.
4. Pramerica Life Insurance
Pramerica Life Insurance takes fourth place. The company was founded in 2008 and has remained one of the most widely recognised insurance companies in the country.
DHFL Investments Limited and Prudential International Insurance Holdings have partnered to form the insurance company. Its customer-centric approach, as well as strong bancassurance and distribution channels, have helped it to become one of India’s best insurance companies.
With 569 claims paid, the company has a Claim Settlement Ratio of 98.42%.
5. Exide Life Insurance Company
Exide Life Insurance Company, which is ranked tenth, was founded in 2001. Exide Industries Ltd. owns the company. The company serves over 15 lakh customers and manages over INR 15,795 crores in assets.
Exide Life sells its products through a variety of channels, including Agency, Bancassurance, Corporate Agency & Broking, Direct Channel, and Online.
The company’s claim settlement ratio is 97.03%, and it covers nearly 3,468 claims.
6. Reliance Life Insurance Company
Reliance Life Insurance, ranked sixth, is a joint venture between Reliance Capital and Nippon Life (the most extensive Japanese insurance company). The business was founded in 2001.
Reliance has a 51% stake in the company, while Nippon has a 49% stake. Reliance Nippon has Rs. 20,281 crores in assets under management.
The company had a claim settlement ratio of 98.12%, with 8,017 claims paid.
7. Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance is ranked seventh. It is a 2001 joint venture between India’s Bajaj Finserv Limited and the world’s leading insurance company, Allianz SE. Bajaj Allianz currently has 509 branches and over 1 lakh agents across the country. The company’s main strength is the trust it has gained among Indians as a result of its long-standing presence.
With an authorised capital of Rs. 73,773 crores, it is one of India’s best insurance companies. The company has a claim settlement ratio of 98.02%, with 12,127 claims settled.
8. Aegon Life Insurance Company
Aegon Life Insurance Company, ranked eighth, is a joint venture between Aegon and Times Group. Aegon Life Insurance Company has been in business for 175 years and operates in 20 countries around the world. The business was founded in 2008.
Aegon has continuously served and maintained the image of being India’s best insurance company since 2008. The company’s claim settlement ratio is 98.01%, with 351 claims settled.
9. ICICI Prudential
ICICI Prudential Life Insurance Company is ranked fourth. The company was founded in 2000 and has remained one of the most widely recognised insurance companies in the country.
The insurer is a partnership between ICICI Bank and Prudential Corporation Holdings Limited. ICICI Bank has a 74% stake in the venture, while Prudential Plc has a 26% stake.
Its customer-centric approach, as well as strong bancassurance and distribution channels, have helped it to become one of India’s best insurance companies.
10. Aditya Birla Sun Life
Aditya Birla takes the ninth spot. Sun Life Insurance Company It is a partnership between Aditya Birla Group and Sun Life Financial Inc. Sun Life Financial is a well-known international financial services firm in Canada.
ABSLI is an abbreviation for Aditya Birla Sun, which was founded in 2000. The company’s claim settlement ratio is 97.15%, which means that it has paid out 8,055 claims to date.
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