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India's Top Three Life Insurance Providers

Life insurance provides a dedicated sum of money on the demise of the policyholder or after a certain amount of time. It is one of the essentials which an individual should have for the more stable future of his family in his absence. In India, 24 Life Insurance Companies are operating, approved, and Recognized by IRDAI (Insurance Regulatory and Development Authority of India), a regulatory body of the insurance and reinsurance industry.

Top 3 Life Insurance Companies

We have shortlisted the Top 3 Life Insurance Companies in India (2021-22) based on The Claim Settlement Ratio (CSR), customer satisfaction level, and after-sale services. 

1. Max Life

Max Life Insurance Company acquires top of the list. The company came into existence in 2000 and is the largest non-bank private sector insurance company in India. It is a joint venture between Max Financial Services (Indian Company) and Mitsui Sumitomo Insurance Company (Japanese Insurance company), with assets under management crossing Rs. 50,000 Crores.

2. HDFC Life

The third place is occupied by HDFC Life Insurance Company. It is a joint venture between HDFC Ltd, India’s one of the biggest financial institutions, and Standard Life Aberdeen (a global investment company). The company came into existence in 2000 and went on to become one of the most reputed insurance providers in the country.

3. TATA AIA Life Insurance Company

In the second place, it is a joint venture of TATA AIG Life Insurance Company and AIA (American International Assurance) Hong Kong-based Company. The company’s strengths have been in Tata’s established position as a reliable brand in the Indian market. AIA is the largest independent insurance group globally, crossing 18 markets in the Asia Pacific. Tata AIA  asset under management in 2019 is Rs. 28,430 Crores.

Conclusion

Policies serve as the best possible tool for the coverage of loans and mortgages availed by the policyholder. Suppose there is ever any unforeseen situation due to which the policyholder is not able to repay his / her loan or mortgage. In that case, the bereaved family members will not have the burden of repayment, and the policy can be used to repay the loan or mortgage.

Also read- Know How To Borrow Money Against Your Life Insurance Plan

Why Is Life Insurance A Good Investment?

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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