Top 10 Life Insurance Companies in India
Before knowing the list of Top 10 Life Insurance Companies in India one should know about (CRM)Claim Settlement Ratio first. What is Claim Settlement Ratio?
What Does Claim settlement Ratio Mean?
Claim Settlement Ratio = Total no. of death claims approved by the insurer
Total no. of death claims received by the insurer.
The claims settlement ratio is the proportion of death claims which have been settled by the insurance company from amongst the total claims received by the insurance company.
List of Top 10 Life Insurance Companies in India
|S.No.||List of Companies||CSR|
|1||LIC of India||98.31|
|2||Max Newyork Life Insurance||97.81|
|3||HDFC Standard Life Insurance||97.62|
|4||AEGON Life Insurance||97.11|
|5||SBI Life Insurance||96.69|
|6||ICICI Prudential Life Insurance||96.68|
|7||Exide Life Insurance||96.40|
|8||Tata AIA Life Insurance||96.01|
|9||Reliance Life Insurance||94.53|
|10||Kotak Life Insurance||91.24|
Brief Detail of above Top 10 Life Insurance Companies
Private life insurance companies in India got access to the life insurance sector in the year 2000. Most private players have tied up with international insurance giants for their life insurance foray.
There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies. Many of these are joint ventures between public/private sector banks and national/international insurance-financial companies.
1. Life Insurance Corporation(https://www.licindia.in/)
The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation. Know more…
2. Max Newyork Life Insurance(http://www.maxlifeinsurance.com)
Max New York Life Insurance Company Limited provides life insurance in India. The company is a no.1 subsidiary of Max Financial Services Limited. It was founded in 2000 and its operations began in 2001. Analjit Singh, the founder of Max Healthcare, is the chairman of Max Life Insurance. The company is headquartered in New Delhi and is one of the largest private, non-banking life insurers in India. Know more…
3. HDFC Standard Life Insurance(https://www.hdfclife.com/)
It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India’s leading housing finance institution and Standard Life Aberdeen PLC, leading well-known provider of financial savings & investments services in the United Kingdom. On August 14, 2015, HDFC Ltd. entered into a share sale agreement with Standard Life to sell a 9.00% stake in HDFC Life to the latter. The transaction is subject to receipt of regulatory approvals. Post the completion of the above transaction, HDFC will hold 61.65% stake in HDFC Life and Standard Life’s stake will increase to 35.00%, with rest to be held by others. Know more…
4. AEGON Life Insurance(https://www.aegonlife.com)
Insurance Company (formerly known as Aegon Religare Life Insurance Company) is an Indian life insurance provider founded in 2008 with headquarters in Mumbai, offering individual and group insurance online and offline.
It is a joint venture between Dutch Aegon N.V., a multinational insurance, pensions and asset management company, and The Times Group (also called Bennett Coleman & Co. Ltd), one of India’s largest media conglomerates. Know more…
5. SBI Life Insurance(https://www.sbilife.co.in)
SBI Life Insurance is a joint venture life insurance company between State Bank of India(SBI), the largest state-owned banking and financial services company in India, and BNP Paribas Cardif. BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris
6. Tata AIA Life Insurance – http://tataaia.com/
7. ICICI Prudential Life Insurance – https://www.iciciprulife.com/
8. Exide Life Insurance – https://www.exidelife.in/
9. Reliance Life Insurance – http://www.reliancenipponlife.com/
10. Kotak Life Insurance – https://insurance.kotak.com/