Life insurance is the common risk management contract held between insured and an insurer, where the privacy holder insures a premium amount to the insurer and gets return upon death or other medical ailments. It is better called as life assurance as it provides dual benefits to the user in terms of savings and security. Many financial organizations offer Life insurance policies with a promise to pay the money in return with added benefits. These are legal contracts signed with the banks with some terms and conditions. Insurer pays the premium amount to the bank either regularly or as installments and based upon the time period of contract Policies fall in to two categories like Protection policies and Investment policies. Life policies stand as secure and risk management schemes where the insurer benefits during his life time or even after death.
There are many life insurance companies in India but the insurer need to select the Best Term policies offered by the banks. Even some banks provide added benefits like health insurance or sometimes they pay funeral expenses in some cases. Here we are providing list of Top 10 Life Insurance Companies In India, which can be helpful to choose the best bank to insure securely.
Best Life Insurance Companies in India
10. Bajaj Allianz Life Insurance:
It is an alliance company between Allianz SE and Bajaj Fiserv and stands as one of the best insurance company in India with 119 years of financial experience. Bajaj offers many Life Insurance plans like Investment plans, term plans, group policies, Retirement solutions and guaranteed savings. It offers lifelong assurance on all retirement plans. One can even use online calculators and life tools access services provided in the site. It also offers additional benefits like premium Renewal and benefit illustration services. Incase if you have any queries related to policies or services Bajaj alliance is providing life chat option on the site, where you have call back option or you can continue chat to solve your issues.
9. Reliance Life Insurance:
Life policies are mainly meant for protection and Reliance assures to serve financial needs of customers which include return policies to clear mortgage, liabilities, medical expenses or loans. It includes many other plans like child plan, health plan, retirement plans, savings and investment plan and unit plans. It has been maintaining its dominant position in settling claims related to deaths, accidents, disabilities and many more. It offers easy way to clear claims by just submitting your documents to the claims department which is nearer to you. Reliance provides easy access of payment mode through online, IVR , ECS and debit cards. It cares about the customer needs and offers help desk with customer care number .
8.Tata AIG Life Insurance:
It is an alliance company between Tata group and American International group and provides insurance for Motors, Health, Home, Travel and Lifestyle. It offers policies with very low cost term and offers to repay the amount in case accidental deaths or diseased deaths. Tata insurance company received best “Claims Service Company” award in 2012. It offers instant online purchase of vehicles with no paper work. Customers can register and track your claims in the option provided on site. Tata offers excellent customer support team who work 24/7 , in case of any queries related to policies you can contact by calling to toll free numbers provide there or you can even enter your number by asking them to call back to solve issues.
7. Max Life Insurance:
Max life insurance offers insurance to everyone and it is the one of the largest life insurance company and offers insurance plans like online term plans, protection plans, child plans, retirement plans, growth plans, savings plans and group plans. It was awarded as ‘India’s Best Companies to Work for 2013’ by a survey conducted by Great Place To Work Institute. You can even manage your policy by paying online through phone or by Credit card, Debit card and Electronic bill payment Process. After payment company offers download option for service forms to ensure safety. It also offers fast settlement of claims within 10 working days and incase of delay it offers to repay with 6% per annum interest. In case of any queries you can even contact to the Toll free number provided there to solve your issues.
6. HDFC Standard Life Insurance:
It is one of the leading insurance companies in India which is an alliance between HDFC Ltd and Standard Life. It is the most successful and trusted company for the years and offers best value for the money and offers repayment on every plan with premium benefits. It provide wide variety of plans like protection plan, health plan, young star plan, retirement plan, woman’s plan and savings and investment plan. It also offers easy mode of online payment through credit cards, debit cards and net banking. Company provide claim process evaluation chart for the customers to understand the process easily along with the claim request form. It also offers Track record option to know the claim status along with the option to buy key online insurance plans. In view to serve the needs of customers HDFC offers customer support team, you can contact them by phone or Email provided on the site.
5. ICICI Prudential Life Insurance:
It is the leading financial services group and maintained its dominant position among other companies in India. It offers term plans, wealth plans, health plans, retirement plans, rural plans, group plans, ULIPs and serves to repay the insurer with the premium amount along with added benefits. It maintains excellent track record in settling claims and provide easy access to file claims and track claims through online. It offers easy access of payment mode through ICICI debit card and customers can even check the application status by entering policy number online. In case of any queries related to the policies or services you can make a call to the phone numbers provided on the site or you can even Email or SMS your queries during week days, where customer support team will assist you to resolve your problem.
4. ING Vysya Life Insurance:
It is one of the best life insurance companies in India and offers insurance plans like term plans, health plans, child plans, retirement plans etc. It is head quartered in Bangalore and with the decade of experience it is serving 1 million customers across 200 cities in India. It offers repayment option with premium benefits to the customers. It offers easy mode of paying premium amounts online through credit cards, debit cards and net banking and also it offers to pay by walk-in to any of the South Indian Bank Branches along with renewal receipts. It also provides easy option to file a claim through online and also you can meet the ING Life Advisor by using the tool provided on the site. ING stands first in providing the services to its customers; you can contact the technical team by calling to the toll free number provided on the company website.
3. Birla Sun life Insurance:
It is 3rd most trusted insurance company in India formed by joint venture between Aditya Birla group and Sun Life Financial Inc. It is contributed to growth and development in the insurance sector by offering many insurance plans like protection plan, health and wellness plan, children future plan and retirement plan. For all policy Holders Company offers to repay money in case of accidents or deaths. You can even use the search tool to find the policies provided by the company and pay premium amount through online mode. In case of queries Birla offers customer support team to solve the issues of the customers, you can contact them through phone numbers or Email Id provided on the website.
2. SBI Life Insurance:
It is one among the preferred insurance companies in India and it is a joint venture between SBI and BNP Paribas Cardiff where SBI owns 74% of the total capital and rest holds BNP Cardiff. It serves many customers across India with wide range of policies like child plan, group plan, pension plans, savings plans, health plans, unit Linked Plans, Protection plans. It offers wide range of services by providing easy tools and planners to calculate the premium, by online claim settlement process and NRI services. It also offers facility to buy policy online along with a Proposal tracker to know the status of your claims and many more. It cares about the customer needs and assists them in solving the issues by providing excellent technical team. You can call on customer care number or you can even chat online with the team to get immediate solution.
1. Life Insurance Corporation of India (LIC):
It is the top most company in India which is established in 1956. With its experience it serves 1 million agents with insurance plans like endowment plans, money back plans and term assurance plans along with other plans like pension plans, unit plans, micro Insurance plans and health plans etc. It is the largest life insurance company headquartered in Mumbai and consists of 2048 branches and 101 divisional offices at different parts of India. It offers premium calculator for easy access along with online mode of payment through debit card, VISA/Master credit card or through net banking from wide range of banks in India. It also offers customers services with tools like Customer Education, Policy Status, Insurance sector, NRI center, Tax Benefit etc. In case of queries customers can call to the help line number during the weekdays or you can SMS the query to the support team for assistance.