Top 10 Best Life Insurance Companies In India
Life Insurance term may be defined as, it is a kind of contract between an insurance policy holder and an assurer. In another word, life insurance policy is something that we all take nowadays. A life insurance policy is primarily aimed to provide money or financial help to the family of the insurance holder after his or her death. In this, the holder had to pay a premium for this insurance every year in a very small amount. Nowadays the numbers of life insurance policies are performed in various ways. Here, we have mentioned top 10 best life insurance companies in India.
- HDFC Life
HDFC means ‘Housing Development Finance Corporation Ltd’. HDFC Standard Life Insurance Company and it is a long-term life insurance provider offering individual and group insurance. It is the leading life insurance company in India. Headquarters of HDFC Life Insurance company in Mumbai. This HDFC Life insurance company was founded in the year 2000. They offer a huge range of insurance contracts with different rates of premiums that the premium holders may find easy to pay. This company has about 400 branches in the country that are present in the various cities and towns in India.
- Max Life Insurance
Max Life Insurance Company Limited is also known as Max New York Life Insurance Company Limited. Max Life Insurance is a topmost life insurance company in India, it was established in the year 2000. The company is a subsidiary of the publicly listed Max Financial Services Limited. The main headquarters of this Max Life Insurance company is in New Delhi. It was established in the year 2000, after the liberalization of the insurance sector in India. Analjit Singh is the chairman of Max Life Insurance who was the founder of Max Healthcare. The promotion scheme of the life insurance is also offered with the help of banks, brokers, corporate agents. The company has also provided insurances other than life that is health, retirement, child, protection etc.
- Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance is also a top leading life insurance company in India. Bajaj Allianz Life Insurance is a joint scheme between Bajaj Finserv Limited owned by the Bajaj Group of India and Allianz SE, a European financial services company was founded in the year 2001. The company’s headquarters is at Pune, India. Tarun Chugh is the head of the company who works as a Managing director and Chief Executive Office of the company. At present, there a total 759 branches of this insurance corporation are spread around the country.
- Tata AIG
Tata AIG is generally referred as Tata AIG General Insurance Company Limited. AIG means the ‘American International Group’. It is an Indian general insurance company and a joint venture between the Tata Group and American International Group. The headquarters of this Tata AIG general insurance company is in Mumbai, India, it was established in the year 2001. This company has many policies with different excellent schemes. It provides a wide range of general insurance products including insurance for automobile, home, personal accident, travel, energy, marine, property and casualty etc.
- ING Vysya Bank
ING Vysya Bank is one of the oldest insurance companies. ING Vysya is a public owned multinational financial corporation with retail, wholesale, and private banking platforms. The company is headquartered at Bangalore, India. On 20 November 2014, ING Vysya Bank has decided to combine with Kotak Mahindra Bank, creating the fourth largest private sector bank in India. ING Vysya bank had been ranked the ‘Safest Banker’ by the New Indian Express. It is one of the best banks in Top 5 Most Trusted Private Sector Banks.
- ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is one of the best life insurance companies in India. It is a life insurance company based in India. It is the topmost leading international financial services group headquartered in the United Kingdom. Sandeep Bakshi is the chairperson of this company. ICICI Prudential Life Insurance Company is a joint partnership between ICICI Bank and Prudential plc. The company provides a huge range of insurance policies relay on the appropriately of the holder to pay the premium.
- Birla Sun Life Insurance
Birla Sun Life Insurance Company is also one of the best life insurance companies in India. Birla Sun Life Insurance (BSLI) company insurance is a joint venture between the Indian group Aditya Birla Group and Sun Life Financial Inc. This Birla Sun Life Insurance Company was founded in the year 2000 by the Aditya Vikram Birla. The company’s headquarter is located at Worli, Mumbai, India. Kumar Mangalam Birla is the Chairman of this life insurance company. This insurance company has won the Gold Trophy for the best Financial Reporting by the Institute of Chartered Accountants of India.
- Reliance Nippon Life Insurance Company
Reliance Nippon Life Insurance Company is one of the biggest life insurance companies in India with a market share of 5 percent. In short, it is also known as Reliance Life Insurance. The company has its headquartered at Navi Mumbai, India. Ashish Vohra is the chief executive officer and Anmol Ambani is the Chairman of this insurance company. The company also offers a huge range of policy services just like other companies like property insurance, health insurance, vehicle insurance, child insurance and many more.
- SBI Life Insurance
SBI Life Insurance is a private company and is a joint venture life insurance company between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardiff. Means in another word, the State Bank of India shares a joint partnership with BNP Paribhas. Mumbai is the headquarters of the SBI Life Insurance and this insurance company was established in March 2001. Mr. Arjit Basu is the chairperson of the company.
Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. LIC is the largest insurance company in India with an evaluated asset value of 1,560,482 crores. The Life Insurance Corporation of India was founded on 1 September 1956. The chairman of this LIC insurance company is V.K. Sharma. This LIC Company’s headquarter is located in Mumbai, India. There are 3000 branches of LIC insurance company all over the country and having 11,50,000 employees.