Top 13 Life Insurance Companies in India 2019

Insurance provides financial compensation in case of any unforeseen disaster in your life.

How?

If any such predicament happened to you where you are losing money with something irreversible, like health or life, insurance will help you to at least save your money for your loved ones.

An insurance company provides financial protection up to a prefix limit with easy yearly deposits which are affordable to your pocket.

Insurances include life insurance, health insurance , motor insurance and other types of  general insurances. In this post we provide you a list of  best insurance companies in India in life, health and motor insurance sectors.

Top 10 life insurance companies in India

Life insurance companies provide financial security to the family of policyholder. In the case of death of the policyholder within the term of policy, the maturity value of the policy is given to the nominee.

Insurance companies also provides the investment cum insurance plan in which the policyholder get the maturity value at the end of term of the policy i.e. benefit of your investment even when you are alive.

But first, let us understand the

Type of policies offered by life insurance companies in India

  • Term plan (Protection Plan)

In the term plan a fixed amount of premium is required to be paid at regular intervals till the maturity of policy. If the policyholder dies during the policy term, nominee will get the sum assured for the policy.

In case of survival nothing is given to the policyholder.

  • Endowment plan ( saving and investment plan )

In the endowment plan, everything is same except that the insurance company pays the maturity value in both the cases i.e. death and survival

  • Whole life insurance plan

In this type of plan, policy cover the life of policyholder even after the term of the policy. In most of the cases cover is provided up to the age of 100 years.

  • Money back policy

In the money back policy, insurance companies pay a fixed amount of sum assured at the regular intervals during the term of policy.

  • Group plan

This plan covers life of more than one person under a single policy. It covers family members in case of family group policy. In the most of the cases, employer takes a group life insurance plan for all his employees.

  • Unit Linked Insurance Plan (ULIP)

In ULIP some part of your premium is inverted in the financial market i.e share and debenture that is supposed to give higher returns in long term.

  • Child Plan

This plan provides security to child’s future. In case of death of parent the remaining premiums are paid by the insurance company. Thereafter on maturity, full maturity value is given to the child.

Here we provide a list of best life insurance companies in india with the main plans they offer to their clients.

#1. Life Insurance Corporation

LIC is the only public life insurance company. It is one of the best life insurance company due to its consistency in claim settlements.

According to the IRDA reports, LIC’s claim settlement ratio for three consecutive years are

  • 98.19% in year 2014-15
  • 98.40% in year 2013-14
  • 97.73% in year 2012-13

Claim rejected and pending ratio

  • For year 2014-15 rejected claim 1.1%  , pending claim 0.5%
  • For year 2013-14 rejected claim 1.1% , pending claim 0.52%

List of best plans by LIC

Endowment Plans

#New jeevan anand (815)

  • This plan provides coverage up to the age of 100 years.
  • You have to pay regular premium till the maturity of the policy. On the maturity you get maturity value.
  • After the maturity on the death within the age of 100 the nominee get another benefit of Rs equal to sum assured.

#New endowment plan (814)

  • After the death of policyholder, lump sum amount is given to the nominee, equal to the total of sum assured of the policy + simple reversionary bonus + additional bonus if any.
  • This sum total is known as maturity value. On the maturity of policy, policyholder gets that maturity value.

#Lic Jeevan Labh (836)

  • In this plan you have to pay premium up to a fixed period of time which is known as premium payment time. And policy provide coverage up to the term of the policy.
  • Like in one case of this policy you have to pay premium for first 15 years and company provides cover for 21 years.

#Lic Jeevan Pragati (838)

  • In this plan risk cover is automatically increase after every 5 years during the term of the policy.
  • It also provides loan facility. You can take loan against the policy.
  • This plan automatically increases the risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility .

Term Insurance Plan

#Anmol jeevan II (822)

  • If the policyholder dies during term of the policy sum assured is given to the nominee
  • In case of survival ,nothing is given.

#Amulya jeevan (823)

  • If the policyholder die during term of the policy sum assured is given to the nominee.
  • In case of survival ,nothing is given.

#2. Max Life Insurance

Max life insurance is one of the leading private life insurance companies. It is a joint venture of Max India Ltd. and Mitsui Sumitomo Insurance Co.

Claim settlement ratio of Max Life Insurance is

  • For year 2014-15  96.23%
  • For year 2013-14 is 93.86%
  • For year 2012-13 is 94.25%

Claim rejected and pending ratio

  • For year 2014-15 rejected claim 3.9%  , pending claim 0.1%
  • For year 2013-14 rejected claim 6.10%  , pending claim 0.04%

List of best Max Life Insurance Plans

Max Life Saving Plans

#Max life monthly income advantage plan

  1. It gives a offer of guaranteed monthly income for 10 years after policy term.

#Max life guaranteed income plan

  • Max life guaranteed income plan offers a regular monthly payout immediately after the policy terms.
  • In case of death of policyholder, nominee will have the option to either select lump sum amount or regular monthly income.

#Max whole life super

  • Max Whole life super plan offer the cover till the age of 100.

Max Term Plans

#Basic life cover

  • It provides basic cover as lump sum amount on the event of death
  • Policy provide cover of lump sum Rs 1 crore on premium paying 7100 annually.

#Life cover monthly income

  • Life cover monthly income provide basic cover with monthly additional extra payout.
  • Lump sum = 1 crore + 40,000 pm.
  • Annual premium amount is 9400.

#Life cover increasing monthly income

  • It provides basic cover with additional increasing monthly income 10% p.a.
  • Lump sum= 1 crore + 40,000 increasing 10% p.a.
  • Annual premium amount is 10400.

Note – In  these term plans the premium is calculated for 30 year old non smoking person with a policy term of 30 years.

Max Life Child Plan

#Max life shiksha plus super

  • In this policyholder cannot withdraw or surrender the policy before the completion of 5 years of policy

#3. Birla Sun Life Insurance

BSLI is a joint venture between aditya birla group and and sun life financial inc. BSLI was the first company to introduce the free look period before it was made mandatory by IRDA.

Claim settlement ratio of Birla Sun Life Insurance is

  • For year 2014-15 is 95.30%
  • For year 2013-14 is 87.76%
  • For year 2012-13 is 82.55%

Claim rejected and pending ratio

  • For year 2014-15 rejected claim 3.0%  , pending claim 1.7%
  • For year 2013-14 rejected claim 9.57%  , pending claim 2.67%

Saving with protection (Endowment Plan)

#BSLI vision Moneyback plus plan

  • This is a money bank life insurance plan that provides regular payout for fulfilling your needs. This payout is made after every 5 years till the term of the policy.

#BSLI vision life income

  • BSLI vision life income plan is whole life cover plan that covers your life till the age of 100 years and provides a regular income till the policy term.

#BSLI saving plans

  • This plans provide service to save money regularly and enables steady growth over time.

#BSLI income assured plan

  • It provides regular income after completing the premium paying period till the maturity along with life security.

Term Plans

#BSLI future guard plan

  • This plan is for the financial security of your family even when you are not around, with an increasing sum assured policy.

#BSLI easy protection plan

  • It provides option that you can choose constant or increasing sum assured per annum according to your requirements.

Child Plan

#BSLI vision star plan

  • This plan offers the payouts from the maturity value of the policy whenever you need it for for your child.

#4. ICICI Prudential life insurance

ICICI Prudential life insurance is a joint venture between ICICI bank and Prudential plc.

The claim settlement ratio of ICICI Prudential Life Insurance is

  • For year 2014-15 is 93.80%
  • For year 2013-14 is 94.01%
  • For year 2012-13 is  96.29%

Unit Linked Insurance Plans

#ICICI Prudential wealth builder II

  • This plan provides the choice to choose your investment strategy in equities and debentures along with life security.

#ICICI Prudential guaranteed wealth protector

  • This plan provides the guarantee on the money you invested along with life security.

#ICICI Prudential elite wealth II

  • This plan is good if you are looking for a policy having annual premium greater than 5 lakh per month because in this policy the minimum limit of premium is Rs 5 lakh per month.

Term Plans

#ICICI Prudential i-protect smart

  • This plan provides an option to choose the type of protection.
  • Payout in case of 34 critical disease.

#ICICI Prudential i-care II

  • It provide protection to the family in case of death of policyholder.
  • You can choose policy to least for 5, 10, 15, 20, 25 and 30 years.

Retirement Plans

#ICICI Prudential easy retirement

  • This plan provides regular income after your retirement.
  • This also provides security to your money invested in the assets.

#ICICI Prudential immediate annuity

  • In this plan you get regular income in your retirement days.
  • Minimum payout amount is Rs 1000 per month.

#5. Kotak Life Insurance

Kotak Life Insurance is a joint venture between kotak mahindra bank Ltd and old mutual’s.

The claim settlement ratio is

  • For  year 2014-15 is 90.73%
  • For year 2013-14 is 90.69%
  • For year 2012-13 is 92.04%

Claim rejected and pending ratio

  • For year 2014-15 rejected claim 6.0%  , pending claim 3.2%
  • For year 2013-14 rejected claim 7.66%  , pending claim 1.65%

Plans offered by Kotak Life Insurance

Saving and Investment Plan

#Kotak premier life plan

  • This plan provide protection up to the age of 99 years.
  • You will have the option to either receive the bonus payouts during the policy term or you can accumulate them under the policy.

#Kotak single investment plan

  • This is unit link insurance plan
  • This is a single premium plan in which you have to pay for a single time
  • Under this policy, both the husband and wife can get insured under one policy.

#Kotak Sampoorn Bima micro insurance plan

  • This is also a single premium plan.
  • The term of the policy is fixed for 5 years. You cannot extend the term of policy beyond 5 years.
  • Premium in this plan is less because this plan is for low income clients

#Kotak assured income accelerator

  • Under this plan  guaranteed income is paid every year during the payment period of policy.
  • Payouts will increase @ 5% – 7 % every year .

Protection Plan (Term Plan)

#Kotak preferred e-term plan

  • This term plan offers high level of protection with nominal premium.
  • In case of total and permanent disability, the remaining premium is waived off
  • It also provide payout options like lump sum or regular.

#Kotak Saral Suraksha

  • This plan is cost effective i.e. lesser amount of premium as compared to the other plans with significant cover.
  • You can choose the term of policy either for  5 or 10 years.

#Kotak preferred term plan

  • This plan is for high coverage.
  • You will have the option to change your cover.
  • Preferential rates for females and non-tobacco users.

Child Plan

#Kotak headstart child assure

  • It provides the corpus amount on the maturity of the policy.
  • On the death of policyholder company provides immediate cover value.
  • All future premiums are waived off and paid by the company
  • Policy continues even after the death of policyholder till the maturity and nominee get the maturity value of the policy at the end of the policy.

#6. SBI Life Insurance company

SBI life insurance is a joint venture between state bank of India and BNP Paribas Cardif.

The claim settlement ratio of SBI life insurance is

  • For year 2014-15 is 89.43%
  • For year 2013-14 is 91.06%
  • For year 2012-13 is 94.41%

Claim rejected and pending ratio

  • For year 2014-15 rejected claim 7.4%  , pending claim 3.2%
  • For year 2013-14 rejected claim 5.23%  , pending claim 3.71%

Different plans offered by SBI life insurance are

Endowment Plans

#SBI life smart women advantage

  • This insurance plan is designed for the females.
  • It provides benefits of life cover + saving and critical illness benefits.
  • You can also choose the additional pregnancy complication and congenital anomalies.

#SBI life smart Swadhan Plus

  • It provides 100% of the sum assured on the survival of the policyholder.

#SBI life smart Humsafar

  • This plan covers both the husband and wife under a single plan.
  • Even on the of death either husband or wife,  the policy continues and the remaining premiums are waived off.

#SBI life smart money planner

  • It provide regular income throughout the benefit payment period.
  • It also provides the feature of growth period.

#SBI life smart income protect

  • It provides both protection and saving
  • Guaranteed annual payment of 11% of sum assured over a period of 15 years after maturity .

#SBI life smart money back gold

  • Providing payout options on maturity as per your requirements.
  • Survival benefits of 110% of the sum assured on the maturity.

Terms Plan

#SBI life e-Income Shield

  • This plan is for securing your family life behind you with a regular monthly income.
  • It provides the option to can choose payouts monthly half yearly or yearly.
  • You also have the option to choose increasing monthly salary at a simple interest per year. For example 5% p.a increase in income.
  • Lower premium for females and non- smokers

#SBI life smart shield

  • This plan for high level coverage min level is Rs 25 lakhs.
  • On death, cover value is provided in lump sum.

#SBI life Grameen Bima

  • This plan is for the deprived section of the society to provide life coverage at very lower rate

Child Plans

#SBI life Smart Champ Insurance

  • In this plan company pay 4 instalments of the maturity value after your child attained the age of 18. These payments are on attaining age of 18,19,20 and 21.
  • On death, sum assured is immediately paid. The remaining premiums are waived off and the benefits on sum assured are paid on maturity of policy.
  • SBI life  smart scholar
  • It is a unit linked insurance plan. In this plan you can invest in the financial market.
  • Same death benefits are provided.

#7. HDFC standard life insurance

HDFC standard life insurance is a joint venture between HDFC Ltd. and Standard life plc.

The claim settlement ratio of the HDFC standard life insurance is

  • For year 2014-15 is 90.50%
  • For year 2013-14 is 94.01%
  • For year 2012-13 is 95.76%

Claim rejected and pending ratio

  • For year 2014-15 rejected claim 7.2%  , pending claim 2.3%
  • For year 2013-14 rejected claim 4.70%  , pending claim 1.29%

List of insurance plans offered by HDFC standard life insurance is

Endowment Plans

#HDFC click2invest

  • This is a unit linked plan in which you can invest in the financial market and can provide protection to your family and fulfil your investment requirement.

#HDFC life Sanchay

  • Premium paying term is limited to 5, 8 or 10 years.
  • The maturity value will lie between 220% to 325% of the sum assured of the policy.

#HDFC super income plan

  • Payout period of this policy is 8 or 15 years.
  • Every year payout or income comprises of guaranteed base income payouts, varying from 8 to 12.5% of sum assured on maturity.

#HDFC classic assure plan

  • The premium payment period is limited, 7 and 10 years.
  • Single life coverage.
  • EMI facility is also available for the HDFC credit card holders.
  • In this plan, you can choose an option in which additional sum assured is paid by the company for the treatment of 19 critical illnesses. These illnesses are defined in the policy documents.. For choosing this option, you have to pay a little more.

Term Plans

#HDFC life click2protect plan

  • You have the option to get lump sum payment on death
  • If cause of death is accident, extra sum assured is provided with basic sum assured.
  • The remaining part of sum assured after paying on death is given as monthly income for next 15 years.

#HDFC life CSC suraksha

  • It pay the lump sum amount on the death of policyholder. This plan is to cover village households so that the conditions are simple.

Child Plans

#HDFC SL YoungStar super premium

  • This plan gives you the option to invest your money according to your expected return on your investment.
  • The available options are – income fund, balanced fund, bluechip fund ,opportunity fund.

#HDFC life YoungStar udaan

  • This plan offers you to get the maturity level either as lump sum or as money bank for fulfilling your child’s academic or career needs.

Retirement Plans

#HDFC life personal pension plus

  • This plan is for single person.
  • Assured benefit equal to 101% of all regular premium paid.

#HDFC life click2 retire

  • In this plan death benefits given to the nominee is the fund value of your policy or 105% of the premium paid till the end, whichever is higher.

#HDFC life assured pension plan

  • This is a unit linked plan.
  • You can gain from the outside market.
  • Death benefits given to the nominee is the fund value of your policy or 105% of the premium paid till the end, whichever is higher.

#8. Bajaj Allianz Life Insurance

Bajaj allianz is a joint venture between bajaj finserv and allianz SE established in 2001.

The claim settlement of bajaj allianz life insurance is

  • For year 2014-15 is 91.85%
  • For year 2013-14 is 91.29%
  • For year 2012-13 is 88.67%

Claim rejected and pending ratio

  • For year 2014-15 rejected claim 5.1%  , pending claim 3.0%
  • For year 2013-14 rejected claim 6.30%  , pending claim 2.41%

Plans offered by bajaj allianz are

Endowment Plan ( Saving Plan)

#Save assure

  • This plan guaranteed maturity or death benefits of 115% of the sum assured.
  • Policy term available is 15 or 17 years.
  • Premium payment period 10 or 12 years.

#Guarantee assure

  • Fixed premium payment term of 5 years.
  • Policy term available 7, 8 , 9 years.
  • Guaranteed addition of 63% of the sum assured of the policy.

#Cash assure

  • Cash assure is a money back plan.
  • Guaranteed money back is up to 150% of the sum assured.
  • 4 options available for policy terms 16, 20, 24, 28 years.

Term Plans

#I-secure

  • It provides higher coverage at lower cost.
  • Nominee have the option to get the benefits over a period of 5 or 10 years.

#I-secure more

  • This plan is for fulfilling your families increasing financial requirements.
  • Increasing cover 5% every year. .

#I-secure loan

  • This plan is to secure your family from any type of loan i.e. house loan, car loan, personal loan ,credit card due etc

#Life secure

  • It Provides cover to the age of 100.
  • You have to choose coverage from 3 options death benefits, death benefits with extra accidental and death benefits and critical illness.

Child Plans

#Bajaj Allianz young assure

  • Multiple premium and terms of policy available for fulfilling the need of child  like education, health and marriage
  • Guaranteed maturity benefits, additions and bonuses ensures good return
  • Discounted rates for females.

#Bajaj Allianz lifelong assure

  • Cash bonus starts from the end of 6th year.
  • Life cover upto the age of 100.
  • 3 Premium payment period choice 10, 15, 20 years.

Retirement Plans

#Pension guarantee

  • In this plan regular annuity is given after the retirement on the basis of option you choose.

#Retire rich

  • This is a unit linked pension plan
  • This provide the option regarding the premium payment i.e. regular , limited or single.
  • Also provides the option to change the payment term of policy.

#9. Reliance Nippon Life Insurance

Reliance nippon life insurance policy is a joint venture between reliance group and a japanese company nippon life.

The claim settlement ratio of reliance nippon life insurance is

  • For year 2014-15 is 83.84%
  • For year 2013-14 is 81.87%
  • For year 2012-13 is 86.45%

Claim rejected and pending ratio

  • For year 2014-15 rejected claim 10.4% , pending claim 5.8%
  • For year 2013-14 rejected claim 10.87% , pending claim 7.16%

The policies offered by reliance nippon life insurance are

Saving and Investment Plans

#Reliance’s guaranteed money back plan

  • This plan provides periodic payouts after unforeseen event to fulfill families requirements.

#Reliance nippon life fixed saving

  • Under this plan you creates a corpus for unforeseen expenses. This offers guaranteed benefits includes fixed addition that accrue every year with an additional lump sum at maturity.
  • This provides up to 10% fixed regular additions

#Reliance increasing income insurance plan

  • This is a growing income plan in which the payouts increaseS at a fixed rate of interest per annum
  1. Reliance whole life income
  • Under this plan, company pays a regular income till the age of 85 years

Term Plans

#Reliance term plan

  • This plan provide higher coverage at reasonable premium.
  • You can enhance your protection through riders.

#Reliance online term

  • Under this plan company provide coverage of Rs 1 crore in just Rs 15 per day.
  • Medial texts are done at the doorsteps.

#Reliance online income protect

  • This plan provides both, the lump sum amount and regular monthly incomes.
  • The amount of monthly payouts and policy terms all based on your policy conditions.

#10. Exide Life Insurance

Exide life insurance also known as ING vysya life insurance is a joint venture between exide industries and ING insurance international.

Claim settlement ratio is

  • For year 2014-15 is 86.10%
  • For year 2013-14 is 83.16%
  • For year 2012-13 is 83.94%

Claim rejected and pending ratio

  • For year 2014-15 rejected claim 12.3%  , pending claim 1.6%
  • For year 2013-14 rejected claim 10.13% , pending claim 5.53

Plans offered by exide life insurance

Endowment Plans

#Exide life assured gain plus

  • In this plan you have to pay premium for 5 years and enjoy returns and cover till the term of policy.

#Exide life income advantage plan

  • In this the policyholder have to pay premium till the premium payment time of policy after that policyholder get regular annual returns up to the term of policy

#Exide life star saver

  • In this the policyholder have to pay a regular premium till the maturity of policy. On the maturity, the policyholder get lump sum amount = sum assured on maturity + accrued guaranteed additions +  loyalty  benefits

#Exide life guaranteed income insurance plan

  • In this policy a regular premium have to pay up to selected years and after that you receive regular income till the maturity of policy
  • You have the option to receive regular income on what interval i.e monthly , quarterly or yearly.

Term Plans

#Exide life smart term plan

  • In this plan higher cover is provided to the policyholder. If the policyholder dies during the term of the policy, company will pay full cover value. But in case of survival of policyholder, only total premium is paid to the policyholder.

Child Plan

#Exide life wealth maxima- maxima child

  • It is a unit linked plan
  • On the death of the policyholder, the insurance company will pay the remaining premiums and the policy continues.
  • At the end of maturity the fund value is paid to the beneficiary.

#Exide life Mera Aashirvad

  • In this plan, on the death higher of the sum assured, 10 times of annual premium or 105% of premium paid is given to the nominee.

Best Motor Insurance Companies In India

In india, mainly there are 2 types of motor insurances

  1. Liability / act policy
  2. Package policy

According to the motor vehicle act 1988 , it is mandatory that every vehicle must be insured for third party risk. It is called liability act policy insurance.

Under this insurance, companies provide cover risk for all the third parties who are injured by motor vehicle.

Second type of motor insurance is package policy. Under this insurance the company covers third party risk along with the motor owner’s risk  and motor vehicle damage risk which is optional and not mandatory by the law.

For buying motor insurance and renewing the existing policy, you can choose one of the insurance companies from this list of motor insurance companies.

#11. National Insurance Company

National insurance company is one of the leading public general insurance companies. It also a leading company in providing motor insurance in india.

Service provided –

  1. It provides coverage to third party property damage upto 7.5 lakhs.
  2. It provides discount on the anti- theft devices installed in your vehicles.
  3. The incurred claim ratio is 69.35%.
  4. It provide online facility for buying or renewing the insurance.

#12. ICICI Lombard Motor Insurance

ICICI Lombard motor insurance is privately owned general insurance company.

Service provided –

  1. Accident coverage available.
  2. Wide network of garages for cashless claim in india.
  3. Doorstep survey or facility.
  4. Online facility for buying.

#13. New India Assurance

New India assurance is fully government owned company holding first position in the IRDA annual report  on the basis of market share.

  1. It provides both type of motor insurances i.e liability insurance and motor vehicle insurance
  2. Claim is settled within 7 days.
  3. Grievance is resolved with in 18 days.

Market Share of General Insurance Companies in India

According to the annual report of IRDA for year 2014-2015 top 11 general life  insurance companies on the basis of market share of premium

Rank Company name Amount of premium

Lakh

Market share
1 New india 1320939 15.60%
2 National insurance company 1124189 13.28%
3 United insurance company 1069026 12.62%
4 Oriental 740794 8.75%
5 Icici lombard 667780 7.89%
6 Bajaj allianz 522985 6.18%
7 Iffco – tokio 332997 3.93%
8 Hdfc ergo 318221 3.76%
9 Aic 273970 3.24%
10 Reliance 271584 3.21%
11 Tata aig 271414 3.20%

Conclusion

Agents of the Insurance companies will never tell you all the briefs (especially the drawbacks) of their company. There is a greater change for you to get trapped in their tricky methods of convincing you.

It is always better to compare one two or more insurance policies and then apply for anyone.

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