Companies providing Life Insurance insure your entire life and income through its security. Life Insurance is the growing sector that is growing at quick pace in India since year 2000 as Government has permitted FDI and Private players up to 26% and lately Cabinet accepted a tender to grow it to 49%.
Life Insurance Companies has been instigating people by allowing several sorts of supplements like children, health, retirement, and other similar plans. As Life Insurance is categorised into two components i.e. temporary and permanent, the mentioned top companies provide insurance under both these categories.
Are you worried about plans, policies for Life Insurance and which company to contact for the same? Well, Here is the list of top 10 best life insurance companies in India in 2019.
10. HDFC Life:
HDFC Life has been founded in year 2000, but has now done outstandingly to reach at the top position. It was initially well-known for its mutual fund, but steadily its life Insurance section even topped the list. It is a joint venture among Standard Life PLC and Housing Development Finance Corporation Ltd (HDFC), since year 2000 founded by Hasmukhbhai Parekh and has its headquarters in Mumbai. This company has around 15500 and 500 branches all over India. It offers pension, protection, investment, savings, health along with children and women plans produces. Currently the company has 27 retail and 8 group products in its portfolio to satisfy the many needs of the customers.
9. Max Life:
Former identified as Max New York Life Insurance, this company is included in the category of one of the foremost MNC life insurance company in India. It is a joint venture between Mitsui Sumitomo Insurance Co. Ltd and Max India Ltd founded in year 2000 by Analjit Singh and has its headquarters in New Delhi. Max India is a foremost Indian multi-business company while Mitsui Sumitomo Insurance is an associate of famous MS & AD Insurance Group. This Life Insurance Company offers diverse type of Insurance Policies i.e. Individual Insurance as well as Group Insurance.
8. ING Vysya:
ING Vyasa is one of the oldest, amongst all the insurance companies prevalent today. It owns a great network that encompasses 200 cities and 7500 employees since last many years. It owns a customer or policy holder base of worth 1 million all over India. It was founded in year 2001 and has headquartered in Bangalore. It is a joint venture between ING Insurance International B.V and Exide Industries, spread in more than 200 cities and facilitates over 1 million policy holders in India with 7500 employees working. Through a customer centric method the plans are characterised into protection, investment, saving, and retirement plan.
7. Bajaj Allianz:
Bajaj Allianz is the segment of General Insurance with many policies and different schemes. It is a joint venture between Allianz and Bajaj Auto Limited, founded in year 2001 and has headquartered in Pune. Bajaj Allianz Life Insurance Company provides a varied range of life insurance plans i.e. ULIPs, Term Plans, Life & Health Insurance Plans, Traditional Plans, Pension Plans and Women Insurance Plans etc.
6. ICICI Prudential:
ICICI Prudential Life Insurance started working in financial year 2001 and since then it has been the market leader amongst many private players in the sector of life insurance in country. It encompasses various products like insurance for savings, investments and protection classes that suits the varying life stage necessity of the customers and allows them to make true their financial goals.
5. TATA AIG:
This life insurance company has merged two leading finance organisations i.e. the Tata Group’s famous headship in India and AIG’s worldwide presence as the world’s foremost international insurance and financial Organisation. It has started running since year 2001 by providing insurance to customers and corporate. The type of insurance it covers are general insurance products comprising insurance for home, automobile, personal accident, energy, property and some specialised financial brands.
4. Reliance life:
As compared to other Life Insurance Companies, this company was little newbie but it has claimed a great market for itself now. Apart from the property value and over a lakh agent, it is possessing 7 millions of policy holders. It has set a record in the country, for the fastest business evolving in the insurance segment. It is basically a part of Reliance Group, which is India’s greatest private sector financial services firm. It was founded in year 2001, has headquartered in Navi Mumbai and since then it works to offer Individual and Group Insurance Plans. The company is renowned as it has total assets around 15000 crores with 1230 branches, 1, 24,000 active agents, and 7 million policy holders.
3. SBI Life:
SBI Life Insurance is the major name in India, in field of banking sectors. It is holding about 76% of the total share in SBI Life and applying the customer base of the bank, standing as the second biggest insurance company all over India. It is having 96000 agents for itself till now, which is quite substantial figure. It is basically a joint venture between State Bank of India (SBI) & BNP Paribas Assurance. SBI holds 74% while BNP Paribas Assurance holds 26% of the Capital. It was founded in March’2001, has headquartered in Mumbai and possesses over 7,500 on-roll employees.
2. Birla Sun Life:
Birla Sun Life Insurance one is the second biggest insurance company in the country with a property size of 21 thousand crores. It has provided employment to more than one lakh employees and is one the topmost companies in insurance sector of India. It is basically a joint venture between the Aditya Birla Group and Sun Life Financial Inc. The foundation of the company was laid in year 2000 and has around 1,33,000 active employees. As the company is more than ten years old, it has present value of 21062 crores.
1. Life Insurance corporation of India (LIC):
LIC is the leading name in our country, in sector of Life insurance holding the first place. No other company whether domestic or MNC can compete it in sector of policy holders and market share. It owns the widest variety of schemes, both in Unit plan as well as traditional plans for customers. It was founded before six decades in year 1956 and now possesses great number of agents i.e. 1.2 lakhs. LIC deals to its customers such as pension plans, insurance plans, special plans and group schemes as well.
Several life insurance policies of these companies are remarkably flexible in matter of regulating to the policyholder’s needs. These top Life insurance Companies provides an infusion of cash for allocating with the adverse financial values of the insured’s death as well. Life insurance from any one of these obtains favourable tax treatment unlike any other financial tool.