Life Insurance policy is something that we all opt for nowadays. A Life Insurance Policy is a contract between two parties, one being the holder of the policy and the other being the company who is insuring the holder.
A Life Insurance policy’s basic aim is to provide money to the family of the holder after his/her death. The holder has to pay a premium of this insurance every year in a very small amount. Various life insurance policies work in various ways. Some may provide high money in case the holder had suffered a terminal illness.
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Here are the top 10 best Life Insurance Companies in India for 2017-2018
10. HDFC Life
HDFC Life is an insurance company with its nerve center in Mumbai. The acronym of HDFC is Housing Development Finance Corporation Ltd. They provide a wide range of insurance contracts with different rates of premiums that the premium holders may find easy to pay. The firm has about 400 branches in the country that are present in 980+ cities and towns in India. The company apart from life insurance also looks after the welfare of women, children and retired souls by providing them with retirement plans, women’s plans, children’s plans. The tagline of the company is “SarUthaKeJiyoo”.
9. Max Life Insurance
Max Life Insurance Company Limited before known as Max New York Life Insurance Company Limited is a part of the Max India Ltd. It has its main office in New Delhi. The company was built in 2000 by Analjit Singh and its operations started by 2001. It shares a joint partnership with Mitsui Sumitomo Insurance Company. The insurance company now has over 3,00,000 customers to satisfy too. The promotion of their Life Insurance schemes to the public is also rendered through the help banks, brokers, corporate agents. The company has also to offer insurances other than Life that is health, retirement, child, protection etc.
8. Bajaj Allianz Life Insurance
Followed by Max Life Insurance is another life insurance company that does not have much to separate but of course, do excel in the main purpose. The Bajaj Allianz Life Insurance company is a joint venture with Bajaj Finserv Limited part of a European Financial Service Company. The head of the company is TarunChugh. The company has today 759 branches that are widespread in the country. The company came into existence in the year 2001 after they received the certificate from Insurance Regulatory And Development Authority (IRDA). The company’s prime objective being Life Insurance, they try to shine in that field only. The tagline of the Company is “JiyoBefikaar”.
7. Tata AIG
The Tata Aig Life insurance Company is a partnership between TATA and American International Group (AIG). The company has its nerve center in Mumbai. It was formed in the year 2001. LIke the other insurance companies, it also outsources its work of arousing interest among the consumers with the help of brokers, banks, agents. Apart from providing the persons with Life Insurance policy it also gives them the opportunity to have the various other policies such as health, vehicle, travel, property etc. The company has a trusted employee base of over 2000 qualified experts across the country, operating in 160 different locations. The tagline of the company is “With You Always”.
6. ING Vysya Bank
ING Vysya is a public owned multinational financial institution with its headquarters in Bangalore. The Vysya Bank merged with a Dutch Company ING Group in the year 2002 to maximize the transactions. In the year 2013, the Bank had bagged the title of the seventh largest private sector bank in India. It has its approach in over 200 cities with an employee base of 7500 to cater the needs of over 1 million insurance holders.
5. ICICI Prudential Life Insurance
The next in our list is ICICI Prudential Life Insurance CO with a joint partnership with ICICI Bank and Prudential plc. The ICICI Prudential was started in 2000 after attaining the certificate from IRDA. The chairperson of the company is SandeepBakshi. The company has a wide range of insurance policies depending upon the suitability of the holder to pay the premium. The insurance bureau mainly stresses on the Life Insurance policy issued by it and various terms and conditions related to it. The company has operating branches in more than 950 cities in the country with an employee base of over 6000 specialists which help to serve more than 5 lakh happy customers.
4. Birla Sun Life Insurance
The Birla Sun Life Insurance Co. was built in 2000 along with its headquarters in Mumbai. It basically is a partnership of Aditya Birla Group and Sun Life Financial Inc. Its claims to be among the largest and oldest financial institutions in the world with its history dating back to 1865. The company had bagged the “Gold Trophy” for the best Financial Reporting by the Institute of Chartered Accountants of India. It has a huge financial asset of above 21 thousand crores in Indian currency. The Company has more than 1000 branches in over 150 cities in the country.
3. Reliance Nippon Life Insurance Company
Third in our list is the Reliance Nippon Life Insurance Company with its headquarters in Navi Mumbai. The chief executive officer of the company is AshishVohra. The firm has more than 6 million customers with branches of more than 1200 that are widespread in the country. The company does not outsource its work of promotion but has a strong base of agents for this job. It was also in the limelight for quite some time now as the fastest business developing across India. The company also provides various policy services just like other companies ranging from property insurance, health insurance, vehicle insurance, child insurance and much more.
2. SBI Life Insurance
Second in our list is the insurance company provided by the largest public sector bank in the country. The State Bank of India shares a joint partnership with BNP Paribhas under the name of SBI Insurance. The financial institution was started in the year 2001 with its nerve center in Mumbai. The name of the chairperson is Mr. ArijitBasu. The company has over 1500 branches in the country and 96000 agents for itself to promote the cause. The SBI Life Insurance has been proved quite efficient in this field because of its banking services acting as an advantage to it. The company is authorised to raise Rs.20 billion capital out of which it has raised Rs.10 billion. It was also featured in the Fortune Global 500 for the world’s largest corporations.
Topping the list of best 10 life insurance companies in India is The LIfe Insurance Corporation of India. The Life Insurance Corporation is quite famous among the citizens of the country. The LIC has its headquarters in Mumbai and is a state owned insurance class. LIC is the biggest life insurance firm in India with an estimated asset value of (US$240 Billion). The company was built in 1956 and V.K. Sharma is the acting chairperson. It was formed after the Parliament of India had passed a bill of Life Insurance of India Act. It has above 3000 branches throughout the country along with above 11,50,000 employees. It was voted as the most trusted company by the Brand Trust report for 4 consecutive times. The tagline of LIC is “Your welfare is responsibility”.
These are the top 10 life insurance companies in India. Some of them provide only life insurance while others also give you the opportunity to access various other policy schemes. But it is advised to read all the scheme related documents before opting for life insurance.