Top 10 Life Insurance Companies In India 2017 | Best Insurance Companies
Top 10 Life Insurance Companies in India 2017
While you blissfully cross the milestones of your life, you must make sure that no gap is left for any unforeseen twist & turn. Here is exactly when insurance comes into play. Life insurance is a great tool that will help your family in their significant needs and lead a comfortable life even when you are not around. Life Insurance is one thing that almost all of us have to think about and definitely possess at least one, from a leading insurance corporation.
(1) LIC (Life Insurance Corporation of India)
The oldest and most trusted name among the life insurance companies in India, LIC (Life Insurance Corporation of India) is still standing tall on the top of the list. The Life Insurance Corporation of India came into existence in 1956 when the Parliament of India approved the Life Insurance of India Act which nationalized the private indemnity business in India. Over 245 insurance corporations and provident societies were amalgamated to create the nationalized Life Insurance Corporation. LIC puts forward a variety of insurance schemes to its customers such as indemnity plans, pension schemes, and unit-linked plans.
(2) ICICI Prudential Life Insurance
ICICI Prudential life insurance is one of the first private Corporations that initiated indemnity schemes by 2000 December. It is collaboration between ICICI Bank and ICICI Prudential Life insurance company. ICICI has managed to sell up to 7, 85,938 policies.
(3) HDFC Standard Life Insurance
This is one of the leading private insurance corporations and a product of the joint ventures between Housing Development Finance Corporation Ltd (HDFC), and Standard Life plc, a top contributor of financial services in the United Kingdom. In this business enterprise, HDFC Ltd has in its possession about 72.37 % equity and Standard Life Ltd. holds about 26% equity. They have sole around 3, 97,408 policies. Official Life Insurance products and schemes from HDFC Standard Life : Term Plans, Children’s Plans, Women’s Plans, Savings & Investment Plans, Health Plans, Pension Plans
(4) Bajaj Allianz Life Insurance
Bajaj Allianz is collaboration between Allianz and Bajaj Auto Limited. It came into existence in 2001 and has its head office in Pune, Maharashtra. Life & Health Insurance Plans, Pension schemes, conventional Plans, ULIPs, Women indemnity Plans are presented by this company.
(5) SBI Life Insurance Company Limited
SBI Life Insurance is a joint venture of State Bank of India and BNP Paribas Assurance. SBI holds 74% share while BNP Paribas Assurance has a 26% share of the ownership. It came into subsistence in the March of 2001. Its head quarter is in Mumbai, Maharashtra. SBI Life Insurance puts forward schemes in Life Insurance as well as Pension Plan. The company employs over 7,500 people on-roll and has over 96,000 agents.
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(6) Max Life Insurance
Standing at the 10th position, this company is the collaboration of Mitsui Sumitomo Insurance Company Ltd and Max India Ltd, which came into existence in 2000 by Mr. Analjit Singh. The corporation has its head quarters in New Delhi, India. Max Life Insurance offers personal and Group indemnity.
(7) Tata AIG Life Insurance
Tata AIG is a joint venture of Tata Group and the American International Group (AIG) in which Tata holds 74% and AIG holds 26% of the share of the business. It came into existence in 2001 and is headquartered in Mumbai, India. This company gives employment to over 2000 skilled individuals and has services accessible in over 160 locations all over the country. Tata AIG offers Travel, Motor, Health, and Accidental Insurance.
(8) Reliance Life Insurance Company (RLIC)
A newborn of the Reliance Group, RLIC came into existence in 2001 and has its head quarters in Navi Mumbai, Maharashtra. With personal and group indemnity plans on the offer, this company has capital of approximately 15000 Cr. To assist in the flawless implementation there are over 1, 24, 000 active agents and 1230 insurance branches with a total of 7 million policyholders.
(9) ING Vysya Life Insurance
ING Vysya Life Insurance Company Limited is in the possession of Exide Industries ltd and is among the conventional companies that serve more than 1 Million customers. The products of ING Vysya Life insurance is distributed through Tied Agency, Alliances and Banc assurance. Children Plans, Investment Plans, Protection Plans, Retirement Plans, Savings Plans, Riders
Taking up a policy, according to your priority needs is a very crucial aspect, as it definitely would be of help when your family faces a crisis in your absence. The best way to make sure that the members do not have any troubles in fulfilling their dreams, even when you could not be around is to secure their future, by taking up a policy from any of these organizations, which are tailored made for each situations.
(10) Oriental Insurance
Oriental Insurance is placed quite well when it comes to rankings and has received top honors from a number of leading credit ranking agencies of India. AM Best, an intercontinental rating agency has given it a B++ rating, which is a good ranking. It has 26 provincial offices and at least 900 working offices in India. Besides, it functions in locations such as Nepal, Dubai, and Kuwait.