Top 10 Life Insurance Companies In India
Talking about life insurance, the basic idea is that if you pass away, the insurance company from which you buy the life insurance policy will pay a hefty sum of money to your family. However, this is not the only benefit of a life insurance policy in India. There are many benefits that you get from life insurance.
There are many insurance companies today about which people are also aware. Below is a list of some of the top 10 companies in India that have made great strides and advancements in the insurance field. These insurance companies are earning a good name in India and abroad outside India. Also, these companies have been providing their service for many years.
1) Life Insurance Corporation of India
Life Insurance Corporation of India is the oldest and largest government insurance company in India. It was established in 1956. It has several insurance groups and investment firms. In addition, it offers several insurance policies to its customers. Some standard insurance policies provided by the company are – Life Insurance Scheme, Pension Scheme, Child Insurance Scheme (Bal Yojana), Unit Linked Plan, Special Plan and Group Plan. With a network of 2,048 branches, the company has many employees working in it.
2) ICICI Prudential Life Insurance Corporation
ICICI Prudential Life Insurance Corporation is a joint venture between ICICI Bank and Prudential Plus. It is one of the largest insurance companies in India. It is also one of the largest international financial services groups. The company debuted in December 2000 as the first private sector life insurance company in India. For over a decade, the company has maintained a high standing among private life insurers. ICICI Prudential Life Insurance offers plans like term plans, ULIP plans, pension plans, child plans and investment plans to meet the different life stage requirements of the customer. It has 1900 branches, and there are more than 2 lakh advisors.
3) State Bank of India
State Bank of India, i.e. State Bank of India, is the largest private sector bank in India, and you also get the facility of life insurance in SBI. SBI Life Insurance Company provides life insurance policies to cover one million Indians. This company offers a range of life insurance and pension plans at a very affordable rate. As one of the top insurance companies in India, it provides various plans like Savings Scheme, Unit Link schemes, Security Plan, Child Plans, and Pension plans to meet the need of the people.
4) HDFC Standard Life Insurance
HDFC Standard Life Insurance Corporation is a joint venture between India Housing Development Financial Corporation Limited and Standard Life Plus. It is one of the very reputed private sector insurance companies in India. It was established in the year 2000. To meet the customer's various needs, the company offers schemes in a very customized manner, such as pension plans, savings and health plans, protection plans, child plans and women's plans.
5) Max Life Insurance Company
Max Life Insurance Company is currently one of the most well-known insurance companies providing policies to crores of Indians. Both Max Financial Services Limited and Mitsui Sumitomo Insurance Company Limited have jointly launched Max Life Insurance as the foremost insurance company in India. The company offers Long Term Protection, Savings and Retirement Schemes, Multi-Channel Distribution Partners, and Highly Serviced Agencies. With a robust customer-centric approach, the company provides a one-stop solution for all types of insurance and investment needs. Max Life Insurance has a strong track record of 15 years.
6) Bajaj Allianz Life Insurance Company
Bajaj Allianz is one of the most reputed and well-known insurance companies. It is a joint venture between European financial services company Allianz SE and Bajaj Finserv Limited. The company is known as the top life insurance brand in India. Among other life insurance companies, Bajaj Allianz Life Insurance Company offers its customers a wide range of group and health insurance, from ULIPs and child plans. The company provides customized policies that meet every single demand of the customer and provide them with a transparent benefit. Starting in 2001, this life insurance company provided a one-stop solution to the customers and helped them achieve their financial goals.
7) Kotak Mahindra Life Insurance Company
Kotak Mahindra is one of the insurance companies currently dealing with lakhs of customers in India. Kotak Mahindra Group and Old Mutual Fund joined hands to form Kotak Mahindra Life Insurance Company with its head office in Mumbai. It is one of India's fastest-growing insurance companies, with over 4 million trusted policyholders. Keeping its customers on top priority, the company offers a very affordable range of Long Term Plans, ULIP Plans, Child Plans, Savings Plans, Investment Plans, Protection Plans and Retirement Plans.
8) TATA AIA Life Insurance Company
Tata AIA Life Insurance Company is responsible for providing all-inclusive life insurance cover to over one million people living in India. Tata Sons and AIA Group have joined hands to form TATA AIA Life Insurance Company. In this, 75% is with TATA Sons, and 26% is with AIA Group. The company works with a customer-centric approach and offers insurance policies to individuals, associations and corporate insurance buyers. Starting in 2001, the company offered group plans, child plans, wealth plans, protection plans, savings plans and micro-insurance plans.
9) Reliance Nippon Life Insurance Company
Reliance Nippon Life Insurance is currently one of the most renowned life insurance companies in India. It is a part of the Reliance Group of Reliance Capital. The company has over 10 million policyholders with a network of 1,230 branches across the country. The company offers a range of retirement plans, child plans, protection plans, investment plans and health plans. The maximum tenure of the policies is 35 years, and people from 18 to 55 years can avail of these policies.
10) PNB MetLife Life Insurance Company
PNB MetLife is one of the most preferred insurance companies in India. The company is currently providing life insurance policies to cover one million Indians. It has over 1,800 corporate clients and is spread across 150 locations in the country. The company is well known for its protection and retirement plans. Apart from this, many plans like Child Plan, Saving Plan, ULIP Plan, Monthly Income Plan and Money Back Plan are offered to the customer. PNB MetLife Insurance Company was started in India in 2008 and was recognized as the best private sector insurance company in 2013-2014. The age should be from 18 to 65 years for the insurance plan offered by the company.