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Check Below 24 Life Insurance Companies with
Their Insurance Claim Settlement Ratio
| List of Life Insurance Companies | Claim Settlement Ratio |
|---|---|
| AEGON Life Insurance | 95.31 % |
| Aviva Life Insurance | 81.97 % |
| Bajaj Allianz Life Insurance | 91.30 % |
| Bharti AXA Life Insurance | 80.02 % |
| Birla Sun Life Insurance | 88.45 % |
| Canara HSBC OBC Life Insurance | 92.99 % |
| DHFL Pramerica Life Insurance | 83.64 % |
| Edelweiss Tokio Life Insurance | 85.11 % |
| Exide Life Insurance | 89.36 % |
| Future Generali India Life Insurance | 90.26 % |
| HDFC Standard Life Insurance | 95.02 % |
| ICICI Prudential Life Insurance | 96.20 % |
| IDBI Federal Life Insurance | 84.79 % |
| IndiaFirst Life Insurance Company Ltd - India First | 71.87 % |
| Kotak Life Insurance | 89.09 % |
| Life Insurance Corporation of India | 98.33 % |
| Max Newyork Life Insurance | 96.95 % |
| PNB MetLife Insurance | 85.36 % |
| Reliance Life Insurance | 93.82 % |
| Sahara Life Insurance | 90.30 % |
| SBI Life Insurance | 93.39 % |
| Shriram Life Insurance | 60.24 % |
| Star Union Dai-ichi Life Insurance | 80.73 % |
| Tata AIA Life Insurance | 96.80 % |
Life
Insurance Companies Brief Details
There are currently, a total of 24 life
insurance companies in India. Of these, Life Insurance Corporation of India
(LIC) is the only public sector insurance company. All others are private
insurance companies. Many of these are joint ventures between public/private
sector banks and national/international insurance-financial companies.
Private life insurance companies in India
got access to the life insurance sector in the year 2000. Most private players
have tied up with international insurance giants for their life insurance
foray.
AEGON Life Insurance Company
AEGON Life Insuranceis a joint venture
between one of the world’s leading financial service organization and Bennett,
Coleman & Company. The company is focused to provide a customer centric
business along with an excellent and innovative working professionals. Started
its operation in year 2008 the company works with a multiple channel
distribution strategy with an aim to help people to plan their life in a much
better way. The company has launched an array of products that focuses on
offering best suited plans to the customers to meet their financial goal. The
plans offered by the company are term plan, endowment plan, Group plan, ULIP
plan, pension plan, protection plan, saving plan, child plan and ruler plan.
Aviva Life Insurance Company
Aviva Life Insurance is the largest and the
most popular insurance provider in the world. The company is a joint venture
between the Dabur Group and Aviva Group. With 121 networked center across the
country Aviva Life Insurance serves a large number of customer base country
wise. Among the other insurance companies in India the company is known to
first introduce Unit Link and Unitized With-Profit Plan in the market. The
Aviva Life Insurance Company offers a wide variety of plans to the customers.
These plans fulfills all the needs and necessities of the buyers at a very
economical price. Some of the most common plan offered by the company are
protection plan, ruler plan, child plan, retirement plan, saving plan, health
plan, term plan and group insurance plan.
Bajaj Allianz Life
Insurance Company
Bajaj Allianz Life Insurance is a joint
venture between the European financial services company Allianz SE and Bajaj
Finserv Limited. The company has gained name as one of the top most life
insurance brand in India. Among the other life insurance companies in India
Bajaj Allianz Life Insurance Company meet its customers need by providing them
a huge range of products right from ULIP and Child Plan to Group and Health
Insurance. The company provide a huge array of customized products that cater
the every single demand of the customer and provide them a transparent benefit.
Launched in year 2001 this life insurance company provides a one stop solution
to the customers and help them in achieving their financial goals.
Bharti AXA Life
Insurance Company
Headquartered in Mumbai Bharti AXA Life
Insurance is a life and general insurance provider company. The company is a
joint venture between Bharti Enterprises and AXA Group. The customers can
choose from the wide range of policies offered by the company ranging from
investment plans to traditional plan or life insurance plan to child plan. The
company is flourishing immensely and has a network of 123 offices in different
cities across India. The customers has witnessed a maximum grievances resolved
by the company in a year and had experienced a claim settlement ratio of
80.00%. The policies offered by the company has a maximum tenure of 65 years
and the age criteria for the plans starts from minimum 18 years to maximum 65
years.
Birla Sun Life
Insurance Company
With a 2.5 million of customer base the
Birla Sun Life Insurance is one of the leading insurance company in
India. Birla Sun Life Insurance came in to existence with the joint
venture between Aditya Birla Group and Sun Life Financial Inc. The company is
known as a pioneer of Unit Linked Life Insurance plans and has over 600
branches spread over 500 cities across the country. A complete range of
insurance services is offered by Birla Sun Life Insurance like protection plan,
child plan, health and retirement solution, ULIP plan, customized group product
and life stage product to provide compete satisfaction to the customers. With a
claim settlement ratio of 88.45 % the company offers the best plans for the
customers.
Canara HSBC OBC Life Insurance
Company
Launched on year 2008 Canara HSBC OBC Life
Insurance is a joint venture between HSBC Insurance Holding Ltd, Canara Bank
and Oriental Bank. The company works as a pan India network with around 7000
branches of the three shareholder banks across the country. Moreover, the
company provides necessary training and coaching to the bank staff across the
28 centers in country. With a huge customer base the company provides most
customized products to meet the needs of the buyers. The policies offered by
the company has a maximum tenure of 40 years and the eligibility criteria
ranges from minimum 18 years – maximum 70 years.
DHFL Pramerica Life
Insurance Company
Situated in Gurgaon DHFL Pramerica Life
Insurance is considered to be India’s premier Life Insurance Providers. The
company serves with 67 branches and 2000 employees spread across the country.
Although despite of being a new company the firm is growing by heaps and bounds
and had made a remarkable place in the market. The company offers a variety of
plans to the customers within a maximum tenure of 30 years. The company has a
claim settlement ratio of 84.00 % from year 2015-2016 and is ranked for maximum
grievances settled over the year. DHFL Pramerica Life Insurance have a huge
customer base and provide one stop solution for all insurance needs.
Edelweiss Tokio Life
Insurance Company
Edelweiss Tokio Life Isuranceestablished in
2011 is a newly formed private sector insurance provider in India. Edelweiss
Group of India and Tokyo Marine Holding of Japan joined hand together and has
formed Edelweiss Tokio Life Insurance Company. The company offers a host of
life insurance products to the customer with high returns and guaranteed
interest payment. Some of the most common plans offered by the company are
saving plans, endowment plans, child plans, protection plans and retirement
plans. Above this to fulfill the requirements of the customer the company also
provide add-on coverages like accidental death benefit rider, accidental total and
permanent disability rider and critical illness rider.
Exide Life
Insurance Company
Found in year 2000 the Exide Life Insurance
Company started its operation in 2001. The company was formerly known as ING
Vysya Life Insurance Company Ltd. and is 100% owned by Exide industries Ltd.
Exide Life Insurance has a network of 200 offices across the country and is
supported by over 35,000 advisors. The company is ranked as top 10 Trusted Life
Insurance Brand in India. As compared to the other insurance companies in India
the plan offered by the company is customized in a way to fulfill the
requirements of the customer and is available at very affordable rates. With a
customer centric approach the plans are categorized into protection, saving,
investment and retirement plan. For all your insurance needs the Exide Life
Insurance offers a one stop solution to the customers.
Future Generali India Life
Insurance Company
Established in year 2007, Future Generali
Life Insurance India is a joint venture between Generali Group, Future Group
and Industrial Investment Trust Limited. The company has a network of 98
branches over India and since its inception it has sourced over 11 Lakh
policies. The company offers one stop solution for all types of financial
security to the customer and serves their products on different areas like
saving protection, policies and Unit Linked Policies. The policies are offered
with a maximum tenure up to 75 years and the eligibility criteria ranges from
least 18 years to maximum 56 years. The company has a record of maximum
grievances settled and provide a claim ratio of 90.61%.
HDFC Standard Life
Insurance Company
HDFC Standard Life Insurance Corporation
India is a joint venture between Housing Development Financial Corporation Ltd.
and Standard Life Plus. Founded in year 2000 HDFC Standard Life insurance is
one of the leading insurance firm in India. The company has currently 27 retail
and 8 group products in portfolio. In order to meet the various needs of the
customer the company provides an array of individual and group insurance
solutions like pension plan, saving and health plan, protection plan, child
plan and women plan. With over 414 branches spread in 900 cities and towns in
India the company has a claim settlement ratio of 95.02%. HDFC Life Insurance
Company offers plans in a much customized way to fulfill the requirements of
the customer.
ICICI Prudential Life
Insurance Company
ICICI Prudential Life Insurance Corporation
of India is a joint venture between ICICI Bank Ltd.; one of the India’s leading
private sector bank and Prudential Plus; one of the largest international
financial service group. The company began its operation in December 2000 as
the first private sector Life insurance in India. For over a decade the company
has maintained its top most position amongst the private life insurer in
country. To fulfill the different life stage requirements of the customer,
ICICI Prudential Life Insurance provides an array of products that enables the
buyers to achieve the long term goal. ICICI Prudential life insurance offers
products like term plan, ULIP plan, Pension Plan, Child Plan and Investment
Plan.
IDBI Federal Life
Insurance Company
Formed in 2008 IDBI Federal Life Insurance
is a joint venture between IDBI Bank, Federal Bank and Ageas a European
Insurance Company. With a partnered network of 2137 branches over the country
the company offers a wide range of capital management solution,protection and
retirement to the corporate customers as well as individual. The bank also
offers ingenious technological solution to its customers. To be eligible for
IDBI Federal Life Insurance one should have a minimum age limit of 18 years to
maximum age limit of 55 years. The company has a record of maximum grievances
over a short period of time and provide a claim settlement ratio of 84.79% for
a year.
IndiaFirst Life Insurance
Company
The two Indian public sector bank, Bank of
Baroda and Andhra Bank went into a joint venture with U.K based investment firm
Legal and General and has launched India First Life Insurance Company.
Headquartered in Mumbai the company offers investment funds, insurance plans
and other policies. The company offers a wide range of plans to cater the
need of every individual like saving plans, protection plans, pension plans,
term plans and child plans. With a network branches of 4,800 across the country
the company serves over 1000 cities in India and offers a claim settlement
ration of 72.21% over a year. India First Life Insurance Company Ltd not only
fulfills all the needs of the customer additionally the plans offered to the
customer is also very economical.
Kotak Mahindra Life
Insurance Company
Headquartered in Mumbai the J.V between
Kotak Mahindra Group and Old Mutual Fund is Kotak Mahindra Life Insurance. It
is one of the fastest growing insurance company in India that has a 4 million
trusted policyholder nationwide. Keeping their customers in high priority the
company provides a much affordable range of term plan, ULIP plan, child plan,
saving plan, investment plan, protection plan and retirement plan. The company
has much gained name in the market for delivering outstanding value to its
customer through customized products and excellent service. The Kotak Mahindra
Life Insurance provide plans with a maximum tenure of 30 years and eligibility
criteria with minimum 18 years to maximum 65 years.
Life Insurance Corporation
(LIC) India Company
Life Insurance Corporation of India is the
oldest insurance sector of our country. Established in 1956, one of the
largest insurance company of India is a state owned insurance group and
investment firm that offers a range of insurance products to its customers.
Some of the common products that is offered by the company are life insurance
plans, pension plans, child insurance plans, unit linked plans, special plans
and group scheme. With a networkof 2,048branches the company has a huge number
of employees operating in different cities and town all over the country. LIC
has a claim settlement ratio of 98.19% with maximum grievances settled over
year.
Max Life Insurance Company
Max Financial Service Ltd. and Mitsui
Sumitomo Insurance Co.Ltd joined hands together and has launched Max Life
Insurance as one of the foremost insurance company in India. With multi-channel
distribution partner and high service providing agencies the company offers the
most comprehensive long term protection, saving and retirement schemes. With a
strong customer centric approach the company offers one stop solution for all
types of insurance and investment needs. Max Life Insurance has a strong track
record of 15 years and offers superb investment expertise. With a claim
settlement ratio of 96.23% the company has a maximum grievances resolved over a
year.
PNB MetLife
Insurance Company
An association of Punjab National Bank PNB
MetLife Insurance is one of the fastest growing life insurance company in India.
The company has over 1,800 corporate clients in India and is spread over 150
different location in country. The company is well known for its protection and
retirement products. Apart from this there are various plans like child plan,
saving plan, ULIP plan, Monthly income plan and money back plan that is offered
to the customer. PNB MetLife Insurance Company in India came into action in
year 2008 and was recognized as best private sector insurance company for the
year 2013-2014. For the insurance products offered by the company the
eligibility criteria starts from minimum 18 years –maximum 65 years old.
Reliance Life
Insurance Company
One of the India’s largest life insurance
firm Reliance Life Insurance is a part of Reliance capital of the Reliance
Group. The company has over 10 million policyholder country wise with a network
close to 1,230 branches across the country. The company is currently the
largest non-bank supported private life insurer in India. Reliance Life
Insurance has claim settlement ration of approximately 95.01% and have a record
of maximum grievances resolved over a year. The company mainly target products
to individuals along with the group sand corporate entities. The company offers
some of the most comprehensive plans like retirement, children, protection,
investment and health plan. The maximum tenure of the policies are 35 years and
the eligibility criteria to avail the criteria starts from minimum 18 years –
maximum 55 years.
Sahara Life
Insurance Company
Established in 2004, Sahara Life Insurance
is India’s first wholly owned private life insurance company. With
acknowledgeable presence in most part of the country the company serves almost
all the sections of the society right from ruler to middle class and urban
based. With a customer centric approach the Sahara Life Insurance Provides an
extensive range of products like money back plan, unit link plan, term
assurance plan,endowment plan and group assurance plan to cater the insurance
needs of every individual. The company has a claim settlement ration of 89.97%
and has resolved the maximum number of grievances for the customer over the
year.
SBI Life Insurance Company
Introduced in year 2001, SBI Life Insurance
Company is a Joint venture between State Bank of India and BNP Paribas Cardif.
Holding a share of 6.12% of the total market currently the company is the
biggest private sector insurance company in India. SBI Life Insurance Company
offers an inclusive range of life insurance and pension products at a very
economical rate. With a claim settlement ratio of 95.70% the customers
have testify the most number of grievances resolved by this company. As one of
the top most insurance company in India it offers variant plans like saving
plan, unit link plan, protection plan, child plan and pension plan to cater the
need of an individuals.
Shriram Life
Insurance Company
Shriram Life Insurance was established in
year 2005, by a joint venture between Shriram Group and Sanlam Group. The
company has a network of 630 branches across the different countries in India
and caters the diverse needs of the customers from the different cities of the
country. The company take pride for efficient usage of capital and low
operation cost. The major key features of the company is that it focuses on
ruler market and serve the more economically weaker section of the society.
With a variety of plans offered by the company the maximum tenure of the policy
ranges up to 25 years and the eligibility criteria ranges from minimum 18 years
to maximum 65 years.
Star Union Dai-Ichi Life
Insurance Company
The Bank of India, Union Bank of India and
the largest life insurance company of Japan Dai-Ichi Life entered into joint
venture and has launched Star Union Dai-Ichi Life Insurance Co.Ltd. As one of
the paramount insurance solution provider in country the company provides a
wide range of insurance products to the customers. Star Union Dai-Ichi Life
Insurance cater a large number of customers and clients across the country from
numerous economic and social background. The company pledge a long term
commitment towards their buyers and have earned trust over long years. As a
customer centric company this leading insurance company India offers various
products like saving plan, wealth plan, protection plan, child plan, pension plan,
credit life plan and term plan.
TATA AIA Life Insurance Company
TATA Sons and the AIA Group teamed up to form a joint
venture and has launched TATA AIA life Insurance Company. In this venture the
majority of stake i.e. 75% is held by TATA Sons and 26 % by AIA Group of
company. The company works with a customer centric approach and offers an
extensive range of Insurance Product to people, association and corporate
insurance buyers. Started working in year 2001 the company provides various
plan in multiple segments like group plan, child plan, wealth plan, protection
plan, saving plan and micro insurance plan. Among the numerous insurance
companies in India, TATA AIA Life Insurance has made a remarkable position in
the insurance sector of the country.
