10 Best Insurance Companies In India In 2021

Life is the most unpredictable and uncertain when it comes to accidents and mishappenings. The death of a family member or someone close leaves the family in a financial and emotional crisis. Life insurance is the best way to keep the life on track even after a major earning hand of the family dies.

In that case, the best way to secure the potential crisis from distorting lives is to get yourself insured with the best insurance company available. In short, a provided sum of money of the policyholder is handed over to the family in his name. In India, the Insurance Regulatory and Development Authority of India (IRDAI) has approved 24 companies to operate.

Listed below are the top 10 insurance companies of India according to the 2021 list.

10 best general insurance companies in india 2021

1. Max Life
Established in the year 2000, Max Life is the largest non-bank private insurance company in India. The company is a joint venture between the Indian company Max Financial Services and the Japanese Insurance company, Mitsui Sumitomo insurance company. The Claim Settlement Ratio of the company is 99.2% having over 8,804 claims to date.

2. TATA AIA Life Insurance Company
This is a joint venture of an Indian (TATA AIG Life Insurance company) and a Hong Kong-based company (AIA). the company has proved to be a reliable one in the Indian markets among al its Indian clients. It is globally the largest independent operating company. Its Claim Settlement Ratio is 99.07% with almost 3,659 claims paid.

3. HDFC Life
HDFC Life, one of the well-known insurance companies of India stands at the third position in terms of the top companies of the nation. This is a joint venture between HDFC Ltd. and Standard Life Aberdeen, a global investment. Established in the year 2000, the company has been doing wonders in the Indian market and to the Indian clients as well. Its Claim Settlement Ratio is 99.04% and has paid about 11,031 claims in total.

4. ICICI Prudential
The company established in the year 2000, has managed to conquer the Indian market really well. It is also a joint venture between two notable companies, ICICI Bank and Prudential Corporation Holdings Ltd. with a stakeholding ratio of 74:26. The company holds more of a customer-centric approach which makes it the best among its competitors. With 11,546 paid claims, it has a Claim Settlement Ratio of 98.58%.

See also  Wargaming shows off World of Tanks spectating in augmented reality

5. Life Insurance Corporation Of India
This is the sole public company among the 24 listed insurance companies in the nation. Established in the year 1956, this is one of the oldest companies that India has. The company has built a huge faith in the customers for itself over the years. It has a Claim Settlement Ratio of 97.79% after paying off about 25 crore claims to date.

life insurance corporation - wikipedia

6. Reliance Life Insurance Company
Established in the year 2001, it is a joint venture between Reliance Capital and a Japanese based insurance company, Nippon Life. both these companies hold the stakes in 51:49.  97.71% is the Claim Settlement Ratio of the company after having paid off 15,211 claims to date.

7. SBI Life Insurance Company
State Bank Of India Insurance Company is a joint venture between two well-known companies. One is the largest known bank of India, State Bank Of India and the other is BNP Paribas Cardiff. It has an authorized capital of 29,000 crores. The claim settlement ratio of the company at 13,303 paid claims is 95.03%.

8. Bharti AXA Life Insurance Company
This is a joint venture between Bharti Enterprises and the AXA group. Established in the year 2006, the company has set a true example of how time does not define the kind of popularity that a company will attain. It has a Claim Settlement Ratio of 97.28%.

9. Aditya Birla Sun Life
Aditya Birla Sun Life is also a joint venture between two well know groups. First is the Aditya Birla Group and the second is Sun Life Financial Inc. it was founded back in the year 2000 and has paid 8,055 claims to date, making the Claim Settlement Ratio 97.15%.

See also  Spaceflight Industries to sell its satellite rideshare launch business to Japan’s Mitsui & Co. and Yamasa

10. Exide Life Insurance Company
Established in the year 2001, the company is owned and managed by Exide Industries Ltd. the company has managed to serve almost 15 lakh customers so far. The Claim Settlement Ratio is at 97.03%.

exide life insurance - wikipedia

Related Articles

Back to top button
%d bloggers like this:

Adblock Detected

Please consider supporting us by disabling your ad blocker