There is no guarantee as to who will be the victim of the accident. As the world moves faster, the chances of an accident seem to increase. That is why the protection of the dependent person of the family is necessary. Since the other members of the family depend on him, in his absence, the life insurance is in the interest of those members to get at least some financial protection.
There are different types of life insurance companies in this country. There are companies that offer the best project services at very low premiums. These companies are quite popular with the general public for that reason.
According to a report, there are 24 leading insurance companies in the country. Of these, Life Insurance Corporation of India or LIC is acquired by the government. The rest are either private, joint ventures or PSU initiatives.
Here's a brief look at the top 10 best life insurance companies:
1. LICI
Life Insurance Corporation of India is an ancient organization in the insurance business of India. The path of the organization started in 1956. LIC has various schemes including Endowment Plan, Money Back Plan, Term Assurance Plan, Pension Plan, Children Plan, Group Plan, Special Plan.
Settlement Ratio - 98.31 percent
2. ICICI Prudential Life Insurance
ICICI Bank Prudential Corporation Holding Limited is the second largest insurance company in 2019. This insurance company was established in 2001.
Settlement Ratio - 96.68 percent
3. SBI Life Insurance
According to the Insurance Regulatory and Development Authority of India (IRDAI), SBI Life is one of the best life insurance companies in the country. It is a joint venture between SBI, the country's largest state-owned bank, and BNP Paribas Cardiff, a multinational insurance company.
Settlement Ratio - 96.69 percent
4. HDFC Standard Life Insurance
Joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Aberdeen. It ranks fourth on the list of the best life insurance companies. Insurance companies offer a variety of services, including security, pensions, savings, investments, and health.
Settlement Ratio - 97.62 percent
5. Max Life Insurance
The company has a reputation for providing more affordable life insurance services at very low premiums. This is very interesting for insurers. Security, pensions, savings, investments, and health.
Settlement Ratio - 97.81 percent
6. Bajaj Allianz Life Insurance
A joint venture between Indian company Bajaj and German company Allianz. The company's Bajaj Allianz Life Goal is very popular with investors for Assure Life Goal Based Investment Plan or ULIP.
Settlement Ratio - 91.67 percent
7. Birla Sun Life Insurance
A joint venture between Aditya Birla Group and Sun Life Financial. Sun Life is a Canadian multinational financial institution. This joint venture of the two companies is known as ABSLI.
Settlement Ratio - 94.69 percent
8. Reliance Nippon Life Insurance
There are basically two types of plans for the company. 1. Reliance Nippon Life DG-Term Insurance Plan, 2. Reliance Nippon Life Term Plan.
Settlement Ratio - 95.17 percent
9. Tata AIA Life Insurance
A joint venture between Tata Sons Limited and AIA Group Limited. The world's largest company, AIA, has joined the independently recorded Skillet Asian Life Insurance Group, which has expanded to 16 markets across the Asian continent.
Settlement Ratio - 98 percent
10. PNB MetLife India Insurance
A joint venture between Punjab National Bank (PNB) and MetLife. Based on the financial capabilities of MetLife and the reliability and trustworthiness of PNB, the company ranks tenth on the list.
Settlement Ratio - 87.14 percent
