Top 10 Life Insurance Companies in India
Talking about life insurance, the basic idea is that if you pass away, the insurance company from whom you buy the life insurance policy will pay a hefty sum of money to your family. However, this is not the only benefit that comes with a life insurance policy in India. There are many benefits that you get in life insurance.
Nowadays there are many insurance companies about which people are also aware. Some of them are listed below the top 10 companies in India that have achieved great progress and advancement in the field of insurance. This insurance company is earning a good name not only in India but also abroad outside India. Also, these companies have been providing their services to the people 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. Also it provides many insurance policies to its customers. Some of the common insurance policies offered 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 a huge workforce of employees.
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. Also it is one of the largest international financial services group. The company made its debut in December 2000 as the first private sector life insurance company in India. For more than a decade, the company has maintained its high position among the private life insurers. ICICI Prudential Life Insurance offers term plans, ULIP plans, pension plans, child plans and investment plans to meet the needs of different life stages 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 more than one million Indians as on date. The company offers a range of life insurance and pension plans at a very affordable rate. As one of the top insurance company in India, it offers various plans like Saving Scheme, Unit Link Scheme, Security Plan, Child Plan and Pension Plan 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. The company offers schemes such as pension plan, savings and health plan, security plan, child plan and women plan in a highly customized manner to meet the various needs of the customer.
5) Max Life Insurance Company
Max Life Insurance Company is one of the most renowned insurance companies currently providing policies to crores of Indians. Max Financial Services Limited and Mitsui Sumitomo Insurance Company Limited both together launched Max Life Insurance as one of the leading insurance company in India. The company offers long term protection, savings and retirement schemes with multi-channel distribution partners and high service delivery agencies. With a strong customer centric approach the company provides one stop 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 renowned insurance companies. It is a joint venture between European financial services company Allianz SE and Bajaj Finserv Limited. This company is known as the top life insurance brand in India and among other life insurance companies, Bajaj Allianz Life Insurance Company offers its customers a wide range of ULIP (ULIP) and child plans to group and health insurance. The company provides customized policies that meet each and every demand of the customer and provide them with a transparent benefit. Started in the year 2001, this life insurance company provides one stop solution to customers and helps them achieve their financial goals.
7) Kotak Mahindra Life Insurance Company
Kotak Mahindra is one of the insurance companies currently working with lakhs of customers in India. Kotak Mahindra Group and Old Mutual Fund have joined hands to form Kotak Mahindra Life Insurance Company with its head office in Mumbai. It is one of the fastest growing insurance companies in India with 4 million trusted policyholders across the country. 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)
Tata AIA Life Insurance Company is responsible for providing all inclusive life insurance cover to more than one million people living in India. TATA Sons and AIA Group have joined hands to launch TATA AIA Life Insurance Company. The majority stake in this ie 75% is with TATA Sons and 26% is with AIA Group. The company works with a customer centric approach and provides insurance policies to individuals, association and corporate insurance buyers. Started in the year 2001, the company offers plans like Group Plan, Child Plan, Wealth Plan, Protection Plan, Saving Plan and Micro Insurance Plan.
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 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 plans such as Retirement Plan, Child Plan, Protection Plan, Investment Plan and Health Plan. The maximum term of the policies is 35 years and people from 18 years to 55 years can avail these policies.
10) PNB MetLife Life Insurance Company (PNB MetLife Insurance Company)
PNB MetLife is one of the most preferred insurance companies in India. The company is currently providing life insurance policies to more than one million Indians. It has more than 1,800 corporate clients and is spread across 150 different locations in the country. The company is well known for its protection and retirement plans. Apart from this, there are many schemes like child plan, savings plan, ULIP plan, monthly income plan and money back plan which are offered to the customer. PNB MetLife Insurance Company in India was started in the year 2008 and recognized as the best private sector insurance company in 2013-2014. The age should be in the range of 18 years to 65 years for the insurance plan offered by the company.