As we all know Life is uncertain and that’s why having some preparations is quite necessary. We might face terrible situations anytime that require a lot of money and if we are not financially stable then we have to get ready to face consequences.
Regularly, a lot of accidents are happening and no one is assured of these situations but planning may get you some relief.
If you are going with insurance then you can make yourself financially stable. In hospitals, money flows like water. We know that life is important but if we are practical then money is also important in that situation.
Having insurance is a relief that you will feel while going through treatment. The insurance companies will pay the amount required in hospitals.
But as we know there are many insurance policies and providers, choosing the best one is a bit of a confusing task. If we talk about India then there are 24 companies registered in IRDAI, which is the registered body of insurance and reinsurance industries.
Do you have any knowledge about the best insurance industries, if not then don’t worry, we will make your selection process easy by providing all the details of the best Insurance Companies in India? Before that, let us have a look at the importance of having Insurance.
Importance of Insurance
Insurance is an essential cost that a user needs to fulfill the security of loved ones or family. Even Financial Advisors suggest everyone go with insurance policies so that they can save your future financial deals. Let me tell you the importance of having Insurance.
Insurance always provides you with the security of your financial condition. If something happens to the bread earner of the family then it will be very tough for other members of the family to live their life.
If they have an insurance policy then they will get some financial support and that amount will be very helpful to satisfy future needs.
Insurance also promotes savings by launching different schemes and plans for its users. Insurance is not only about life and health but some policies can benefit you to raise your wealth to achieve future goals.
Insurance is always considered a risk management tool, as it covers uncertainties of death and the risk of falling. So it will be very helpful to cover insurance against risk and will help you to get rid of financial instability.
Insurance gives peace of mind where you just need to pay the premium amount every month without any hassles and can get covered fully.
So these are the importance of having Insurance now it is also necessary to know about the best Insurance company in India.
Here is the list.
Best Insurance Companies in India
1 Life Insurance Corporation of India
Life Insurance Corporation of India is one of the most popular Insurance companies in India. It is popularly known as LIC, which is run by the government of India.
This company came into existence in 1956 and they have 2048 branch offices in India so that every single person can reach their office.
LIC has a total asset of more than $450 billion and there are more than 29 crore policyholders in India. LIC is the trust and the best insurance company in India.
LIC has been awarded the Reader’s Digest Trusted Brand award and also an award of the Best Insurance Company in India.
Choosing the LIC policy is a dilemma but you can go with the best LIC agent having some realistic experience in doing policies for their holders. They will make your task easy by providing all the details briefly.
2 Max Life Insurance Company
Max Life Insurance is also a popular insurance company in India, which is the non-bank private sector. This company was started in 2000 and got huge popularity in a very short period.
They have a total asset under management of ₹90,407 crores. Max Life Insurance is a joint venture between Max India Limited and Mitsui Sumitomo Insurance company. This is one of the most growing insurance companies in India.
Max Life Insurance has a customer base of more than 32 lakhs, they have built an amazing presence on different channels and have proven themselves everywhere.
They also received too many awards for their amazing services and also ruling in India with their different policies. As they are providing multiple types of products for their users and now users have different options to choose from their plan.
3 HDFC Life Insurance Company
HDFC Life Insurance is another popular insurance company, which is a joint venture of HDFC Ltd and Standard Life Aberdeen.
This Insurance company was started in 2000 and provides a wide range of investment solutions to various customer segments.
HDFC Insurance company has 390 branches and all the services of this insurance company are easily accessible. Apart from that, HDFC is serving its amazing services to the Indian industry.
HDFC is also recognized as Superbrand 2021, as the best thing is that they are offering very flexible insurance policies for their users.
Apart from that, HDFC also has a very impressive claim settlement process so that users don’t have to face any issues after the redemption time.
4 ICICI Prudential Life Insurance
ICICI Prudential Bank is another Life Insurance company that is quite popular in the whole country.
ICICI Prudential is started by ICICI Bank and Prudential Holding Private Limited.
ICICI Prudential was started in 2020 and has brought its brand across different channels.
ICICI Prudential has an asset under the management of more than Rs.2271 billion. It is a trusted and one of the best Insurance Companies in India from where users can choose the plan at their convenience.
They are also providing some different long-term protection and saving plans so that the future of their clients can get fully secured.
For their excellence in this field, they got some amazing recognition and awards. As they have many trusted clients who are buying their plans regularly and that is the reason they are getting so many awards.
5 Tata AIA Life Insurance Company
TATA AIA is another popular Life Insurance company that is a joint venture of TATA SONS Private limited and the AIA group. TATA is one of the most trusted brands in India and that’s why we can say that this is one of the best Insurance companies in India.
They have total assets under management of more than Rs.46000 crores. TATA AIA is offering numerous plans for their customers so that they can choose the best plan at their convenience.
TATA AIA Life Insurance has various plans for protection and wealth creation as well.
Their policies provide simple solutions to the user’s insurance needs and the best thing is that they have an amazing customer support service so that their users don’t have to face any issues.
TATA AIA is always the first choice of many people because of its huge brand name.
6 Bharti AXA Life Insurance Company
Bharti AXA is a joint venture of AXA Group and Bharti Enterprises has set up its identity in a very short time.
Bharti AXA Life Insurance Company was started in 2006 and now provided some unique solutions to the customer’s insurance needs. The uniqueness of Financial expertise and the experience of Business merchandise bring this company to a high level very quickly.
This company has brands in 123 cities in India and is providing its services to fulfill unique customers’ needs.
As the company is offering various plans for the protection of the user’s health, life, and also they are providing many of these services on their online platform.
So users don’t need to move here and there, they can grab the best deal by just sitting at their home. Bharti AXA received the award of ASSOCHAM in 2019 for its insurance services and customer support excellence.
7 Bajaj Allianz Life Insurance Company
Bajaj Allianz is an insurance sector launched by the Bajaj group to provide an innovative solution to the customer’s Insurance needs.
This insurance company was started in 2001 and got huge recognition in a short period. Bajaj is providing their services in various other sectors also and that is the main reason that we can trust their policies.
Bajaj Alliance can make a good reputation in this insurance industry because of its unique plans and amazing customer support.
Here, users can easily get the best policy for their needs so that they don’t need to face any hassles. Bajaj also got many awards and recognition because of their services and support.
They are also listed on the list of the best 75 brands in India. Many other reasons make us say that Bajaj is one of the leading and the best Insurance Companies in India.
8 SBI Life Insurance Company
SBI Life Insurance Company is a joint venture of State Bank of India and BNP Paribas Cardiff, a French multinational bank and Financial Services company.
SBI is offering some amazing plans for their user’s life and health protection so that users can get ready for future uncertainties.
At present, SBI Life has an authorized capital of INR 20 Billion. SBI Life was started as bancassurance but later it switched to the multi-distribution channel.
They came with some amazing product innovations and amazing customer support. SBI has started getting some amazing awards and recognition for its work.
SBI Life started growing year by year just because of its amazing policies and protection plans. SBI is one of the market leaders in India that is offering several benefits for its policyholders.
9 Birla Sun Life Insurance Company
Birla Sun Life Insurance is a subsidiary of Aditya Birla Capital Limited, which was founded in 2000. This insurance company was founded by Aditya Birla Capital and Sun Life Financial, which is the leading International Financial service organization in Canada.
Birla Sun Life is one of the Best Insurance Companies in India who is providing diverse solutions to the user’s insurance needs.
They have different insurance plans including protection plans, health plans, pension plans, new-age plans, and various other plans for the user’s convenience. The total asset under management with Birla Sun Life is approximately 5,26,000 million.
The company has a presence of over 386 branches in the country and its services are widely spread in the country. They have more than 90,000 agents working with Birla Sun Life Insurance Company.
They also got some amazing awards and recognition from the Indo-Canadian Business Chamber because of the amazing services provided them.
10 Kotak Life Insurance Company
Kotak Life Insurance is one of the most popular Insurance companies in India. Kotak Mahindra Bank is the parent company of Kotak Life Insurance and they also have more than 30 million policyholders.
Kotak Life Insurance Company is providing a wide range of services for their policyholders so that they can choose the best plan at their convenience.
The company has more than 32 products and has achieved many milestones in its career and got many awards because of its services.
Kotak Life Insurance Company is offering various plans for protection, wealth creation, tax benefits, and many more things.
Apart from that, the company is also providing saving-related plans for children and future-related options.
Their amazing services and customer support make them different from many other insurance companies. Kotak is a popular name and now has built its identity in the Insurance industry, they are trusted and transparent about the services they are providing.
CONCLUSION
So these are the best Insurance companies in India, you can choose the best policies for you and your family from any of these companies.
After all, having Insurance is somewhere a very necessary thing that every financial advisor will also suggest to you. So just choose any of the companies above and can get more details of their web page.