Top 5 Private Life Insurance Companies in India in 2018

The insurance sector in India has seen an exponential rise in the past decade. With over 24 major life insurance companies, India generates over Rs. 4.58 trillionin the form of premiums in a financial year. The insurance industry is likely to reach US$ 280 billion by 2020.Moreover, the life insurance industry in the country is likely to grow by 12-15 per cent annually for the next five years.

These staggering stats confirm one thing that people are investing in insurance products. And these investments are likely to increase with the increase in awareness amongst people. Every day, insurance policies with new benefits are launched in the market by companies to draw more customers. Companies are getting customer-centric and are trying to resolve issues of their customers in real time. In addition, since the past decade,the claim settlement ratio has also increased. Some of the leading insurers who ace these factors are:

  1. Max Life Insurance

Often touted as one of the best life insurance company in India – Max Life Insurance, is a collaboration of Mitsui Sumitomo Insurance Company and Max Financial Service Ltd. The company offers the best comprehensive long-term protection, retirement and saving schemes. Its multi channel distribution and high-service providing agencies help in providing one-stop solutions for all types of investment and insurance needs.

The company’s robust customer-centric approach makes it the largest non-bank private sector life insurance company in India. Max Life Insurance has an excellent track record of 15 years with a claim settlement ratio of 98.36%(FY2017-18). The company surpassed India’s largest insurance provider LIC in terms of claim settlement ratio and also has the maximum number of customer grievances resolved over a year.

  • AEGON Life Insurance

AEGON Life Insuranceis a combined venture between Aegon N.V. and the Times Group (also known as Bennett, Coleman & Company). Started in 2008, the company is focused on providing innovate and excellent working professional to its customers. Its multi-channel distribution facility is mainly based on a strategy that aims to help people in planning their life.

The company offers various plans like ULIPs, Pension plans, Group plans, Saving plans, Child plans, Endowment plans and many more. With 95.67 percent claim settlement ratio(FY 2017-18), the company is extremely efficient in solving its customer’s problems.

  • ICICI Prudential Life Insurance

A collaboration between India’s leading banks and Prudential Plus, ICICI Prudential Life Insurance is one the best life insurance company in the country. The enterprise started its operations in 2000 as the first private sector Life insurance company in India.

The corporation provides an array of products that cater to the financial goals of their buyers. ICICI Prudential life insurance offers products like Child Plan, ULIP plan, Investment Plan, term plan and Pension Plan. Moreover, the company is also a leader in claim settlement ratio, with over 97.88 percent claim settlement (FY 2017-18).

  • HDFC Standard Life Insurance

Founded in the year 2000, HDFC Standard Life insurance is a joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus. The company currently owns 27 retail and 8 group products in its portfolio and is spread over 414 branches in 900 cities and towns in India.

Moreover, for meeting the needs of its customers, the company provides an array of individual and group insurance solutions like a pension plan, saving and health plan, protection plan, child plan and women plan. HDFC Life Insurance offers plans in a customized way to fulfil the requirements of the customer and has a claim settlement ratio of 97.80% (FY 2017-18).

  • Exide Life Insurance

Earlier known as ING Vysya Life Insurance Company, Exide Life Insurance started its operations in 2001. It has a network of 200 offices supported by more than 35,000 advisors across the country.

The corporation is well known for providing customised insurance plans to its customers at affordable rates. With a customer-centric approach, the company’s plans are categorised into saving, protection, retirement and investment plan. The company also has a claim settlement ratio of 96. 81 percent(FY 2017-18).

Leading Insurers with best claim settlement ratios according to IRDA (2017-18)

                           S.No Company Claim Settlement Ratio
1 Max Life Insurance 98.36%
2 LIC India 98.04%
3 ICICI Prudential 97. 88%
4 HDFC Life 97.80%
5 TATA AIA 98.00%
6 Exide Life 96.81%
7 SBI Life 96.76%
8 Birla Sun Life 96.01
9 Aegon Life 95.67%
10 Canara HSBC 95. 22%

Summing Up

If you are on a look out for a company that provides the best insurance products and easy settlement process, these five are at the top. Be it health, term, child, endowment, ULIP or savings plan; these companies are at the top of their game.

However, the volatility of the insurance market in India is high, so you must go for the product, not the company while choosing to buy insurance. You can compare the plans provided by these companies and choose the one that suits your requirements the best.