Top Life Insurance Companies in India, Top 10 list is here..

As we all know that Insurance business in India is very huge. Numerous companies are operating with a system of support and profit. Better competitive atmosphere in the country gives public more options. But we have to think a lot while choosing an insurance option. So, here we are going to discuss about the top companies in this field.

There are many different life insurance companies in India that provide the best term insurance plans at very low premiums. In Our Country there are 24 life insurance companies in India with just LIC of India being the government undertaking and the other 23 are either exclusive or joint ventures between at least two privately owned businesses (national and additionally global) or between privately owned businesses and public sector undertakings.

The Life insurance Corporation of India was founded on September 1,1956,when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India.

Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.Life Insurance Corporation of India had total life fund of ₹28.3 trillion.

The total value of sold policies in the year 2018-19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policy holders.

Top Life Insurance Companies in India
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ICICI Prudential Life Insurance

ICICI company is basically promoted by ICICI bank Prudential Corporation Holdings Limited.ICICI Prudential Life Insurance is the second-best life insurance company in India which is in the list of top life insurance companies in India 2020.

ICICI Prudential Life Insurance was established in the year 2001. From then it has been serving life insurance companies.Claim Settlement Ratio of ICICI Prudential Life Insurance is 96.68%. That is 11,546 claims have been paid by this life insurance company till present.

Top Life Insurance Companies in India
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SBI Life Insurance

SBI Life Insurance was established in 2000 as a JV between SBI and BNP Paribas Cardiff and has become one of the leading life insurers in the country.

The company has a range of life insurance and pension products which include individual and group products to cater to the insurance needs of diverse customer segments.Gross Written Premium of SBI Life has increased at a 23% y-o-y to reach Rs. 406.3 billion (US$ 5.76 billion) in FY20.

Top Life Insurance Companies in India
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HDFC Standard Life Insurance

HDFC Standard Life Insurance company ranks at the fourth top life insurance company in India 2020 – 2021.HDFC Life is a leading long-term life insurance solutions supplier in India, offering a scope of individual and group insurance solutions that meet different customer needs, for example, Protection, Pension, Savings, Investment and Health.

Max Life Insurance

Max Life Insurance Company Limited (formerly known as Max New York Life Insurance Company Limited) is a life insurance company in India. The company is a subsidiary of the publicly listed Max Financial Services and is the largest non-bank private-sector life insurer in India.

Top Life Insurance Companies in India
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HDFC Standard Life Insurance

HDFC Standard Life Insurance is a renowned joint venture between HDFC Ltd. and Standard Life Aberdeen.The claim settlement ratio of HDFC Standard Life Insurance is 97.62%. That means 11,031 claims have been settled by this life insurance company till the present.

It was founded in 2000 after the liberalization of the insurance sector in India and its operations began in 2001. Analjit Singh, founder of Max Healthcare, is the chairman of Max Life Insurance. The company is headquartered at New Delhi.

Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance began operations on 12 March 2001 and today has a pan-India presence of 759 branches.It is headquartered in Pune, India. Bajaj Allianz Life Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 3 August 2001 to conduct Life Insurance business in India.

Top Life Insurance Companies in India
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Birla Sun Life Insurance

Birla Sun Life Insurance Company is the seventh topmost best life insurance companies in India 2020.Birla Sun Life Insurance is basically a joint venture company between Aditya Birla Group and Sun Life Financial Inc.Sun Life Financial is a well renowned international financial services organization in Canada.

Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance was basically abbreviated as ABSLI.Aditya Birla Company is also a renowned life insurance company.Claim Settlement Ratio of Birla Sun Life Insurance Company is 94.69%. That is 8,055 claims have been paid by this life insurance company till present.

Reliance Nippon Life Insurance

Reliance Nippon Life Insurance Company (RNLI) is one of the life insurance companies in India. The firm offers life insurance products targeted at individuals and groups,catering to four distinct segments: protection, children, retirement and investment plans.

Top Life Insurance Companies in India
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TATA AIA Life Insurance

TATA AIA Life Insurance company with a claim settlement ratio of 96.01% is one of the most reputed insurance companies which offers a diverse range of insurance products ranging from protection plans, to wealth solution plans to savings plans.

Tata AIA Life Insurance Company (Tata AIA Life) is a joint venture company formed by Tata Sons Ltd. and the AIA Group (AIA).With sales offices in all major cities and towns across India,Tata AIA Life brings together Tata’s unrivalled leadership position in India and AIA’s presence as the largest, independent listed pan-Asia life insurance group in the world.

The company offers a wide range of insurance products to individuals,associations and businesses of all sizes and is one of the major private sector insurers in India that offers offering life, health and group insurance products to its customers.

PNB Metlife India Insurance

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life insurance companies in India present since 2001. PNB MetLife has as its shareholders MetLife International Holdings LLC (MIHL), Punjab National Bank (PNB),Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, MIHL and PNB being the majority shareholders. The company serves customers in over 7000 locations providing a range of health, life and retirement insurance products.

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