What is Insurance ?
Insurance can be regarded as a Guarantee of compensation over a eventual loss, illness and even death. This may be arranged by a company or a State for people or Industries.
The World is full of uncertainties , No one will always have a honey time throughout life. Thus, Insurance pays a part to avoid financial stress over those hard times.
From insuring protection over family’s health to your business and vehicle. Insurance can remove financial stress from an Individual.
Types of Insurance :-
Although there are 8 types of Insurance known in India but here are few commonly bought insurance plans by People around the country.
Health Insurance: This insurance provide financial aid to the customer when he is admitted to a medical institution due to illness and comes under policy’s terms.
Life Insurance: Under this the holder’s family and nominee is financially helped after the holder’s death. This usually help the family’s with lone earning member.
Motor Insurance: This insurance take care of our Motor’s (Car / Bike / etc. ) over accidents or Physical damages over terms of the insurance.
Best Insurance Companies in India
As You know insurance is Provided through Companies or states as it includes both Private and Public Sector. We will compare Top 10 Insurance providers in India.
10) Reliance Nippon Life Insurance
Reliance Nippon Life insurance holds 10th Position over this list. This includes two insurance plan Digiterm Plan which is comparatively a short time to the Life Term Plan. Reliance Life Insurance had over 96% of claim settlement over 2019. Means Out of 100 Deaths under insurance 96 people were helped.
9) TATA AIA Life Insurance
Tata AIA Insurance Takes 9TH position in the list. This Company provide a low priced plan with assured high pay, Which Makes it one of the most loved and Trusted among the Middle Class section of the Country. Due to AIA alliance it is available over 15+ countries over Asia Pacific. It have over 98% Claim settlement is one of the Highest in the Market.
8) PNB METLIFE Insurance
This is a Joined Venture of PNB and METLIFE to provide one of the best insurance services over the country.PNB being nation wide Bank also provide easy access to claim over the country.
PNB Metlife have around 90% claim settlement.
7) Aditya Birla Sun Life Insurance
Established in 2000 and started in 2001, It is again co operation of Aditya Birla Group and Sun Life Insurance. Its is also populary known as ABSLI.
It have a claim settlement of about 93%.
6) Max Life Insurance
One of the most Popular Insurance Company over India. Unlike Other in the list it is only owned by Max Capital Ltd. The Insurance claim of settlement 99.2 % and in 2019 it had over 8200+ claim and settlement of 98+ % over the annual time.
5) Bajaj Allianz Life Insurance
This Indo German alliance hold 5th Position in the list. It’s a Co operation of Popular Bajaj and Allianz (German). It was also recognised as one of best Life insurance company across India with settlement rate of 93%.
4) HDFC Standard Life Insurance
HDFC like PNB is a Banking and finance company came up with Standard Life Aberdeen and holds 4th Position in The List. Started in 2000 is now one of the leading Insurance Provider in the country.
Its has over 97% claim settlement in 2019.
3) SBI Life Insurance
SBI (Also Known as State Bank of India) is 3rd on the list. It is also one of the joined foreign ventures. BNP Paribas Cardiff is the global leader of insurance which shook hand with SBI to bring one of the best insurance alliance for the nation. It Has over 96% of claim settlement ratio.
2) ICICI Prudential life Insurance
ICICI yet another bank and Holding company of India , Prudential Started In 2001, Now Holds 2nd Position in our list.
ICICI Prudential has over 98% Claim settlement ratio which is one of the Highest in the country.
1) LIC of India
No Surprise the oldest yet the best Company insurance provider in India. Started in 1956. LIC include each every insurance and is most trustworthy among the population. LIC have paid 7.5 Million claims of life insurance. The Number is enough to tell why it rules the list.
As by now you know the importance of Insurance in one’s life, So choosing a good company is equally important, I hope the list helped you.