Life Insurance in the present era has become important as it provides financial assistance in critical time. Life Insurance is a contract in which the beneficiaries of the insured person receives money from the insurance company in case of death of the insured person. Different types of life insurance policies offered by companies in India are:
- Term Life Insurance Policy – Under this policy, beneficiaries of the insured person receive money in case of his/her death.
- Money Back Policy – Under this policy, the insured person receives money during the period of the policy and in case of death, his/her beneficiaries get the insured amount.
- Endowment Policy – Under this policy, the insured person gets money during the period of the policy in intervals and in case of death of the insured person or on the maturity of the policy, a lump sum amount is given to the beneficiaries.
- Unit Linked Investment Policy (ULIP) – Unit Linked Investment Policies offers the dual benefits of investment and insurance as in this policy one part of the premium goes as an investment in the fund and the second part is for the insurance cover.
- Whole Life Policy – Whole Life Policies offers insurance cover for the entire life, i.e. there is no fixed duration. In case of death of the insured person, the insured amount is paid to his/her beneficiaries.
The awareness regarding life insurance is growing swiftly among people, which has resulted in an increase in the sale of life insurance policies. Both Public as well as Private Insurance Companies have entered in this sector, which is full of demand and potential. This post describes about the top 10 Life Insurance Companies in India.
1. Life Insurance Corporation
When its about life insurance companies in India, then Life Insurance Corporation (LIC) is a leader among all the companies in this sector. Founded in the year 1956, LIC is a dominant player in Life Insurance Sector in India and holds a major share of this segment. Some of the key products of LIC are Insurance Plans, Pension Plans and Special Plans.
Winner of Multiple Awards for exceptional products and services, LIC has a strong network of more than 2000 branches and 109 divisional offices across the country. Some of the key policies of LIC are Jeevan Rakshak, Jeevan Sangam, Jeevan Lakshya, Bima Bachat and Jeevan Sangam.
2. Max Life Insurance
Max Life Insurance is a private sector life insurance company founded in the year 2000 by a collaboration of Max India Limited and Mitsui Sumitomo Insurance Co. Ltd. Winner of Global Finance Best Life Insurance Company 2014 Award, Max Life Insurance Company has a workforce of more than 8,000 employees and over 200 offices across the country. Super Term Plan, Whole Life Super, Maxis Super and Fast Track Super Plan are some of the insurance plans offered by the company.
Some of the products offered by this company are Online Term Plan, Savings Plan, Child Plan and Protection Plan.
3. Reliance Life Insurance
Reliance Life Insurance occupies the third position in the list of top 10 best life insurance companies in India. Headquartered in New Mumbai, the company offers feature packed plans like Protection Plan, Retirement Plan, Unit Linked Plan, etc.
A part of Reliance Capital, Reliance Life Insurance stands among the leading life insurance companies in India and accounts for a significant share in this sector. The company has a wide network across the country with more than 900 branches.
4. Kotak Life Insurance
Next on this list is Kotak Life Insurance (Kotak Mahindra Old Mutual Life Insurance Limited), a private insurance company came into existence in the year 2001. Kotak Life Insurance is known for its feature packed products and its product line consist of Insurance Plans and Group Plans.
Some of the life insurance plans offered by the company are Saral Suraksha, Platinum, Invest Maxima and Assured Savings Plan.
5. SBI Life Insurance
SBI Life Insurance is next on this list, which is a collaboration of the India’s largest bank, State Bank of India and BNP Paribas Cardif. Incorporated in the year 2001, SBI Life Insurance’s products include Individual Plans and Group Plans. Smart Shield, Grameen Bima, Saral Maha Anand and Smart Elite are some of the life insurance plans offered by the company.
Winner of Best Private Life Insurance Provider Award, SBI Life Insurance is a fast growing company and in the financial year 2013-2014, the company generated a profit of more than Rs 700 Cr.
6. Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance came into existence in the year 2001 in the form of a joint venture between Bajaj Finserv Limited and Allianz SE. The company offers various products that include Term Insurance, Saving Plans, Investment Plans, ULIP, Retirement Plans, etc. Some of its insurance plans are iSecure, Save Assure, Fortune Gain, Invest Assure and iSecure More.
Winner of Best Life Insurance Company in the Private Sector Award, Bajaj Allianz Life Insurance has a wide network with more than 750 offices across the country.
7. Birla Sun Life Insurance
Birla Sun Life Insurance is the next company on this list, which came into existence in the year 2000, when Aditya Birla Group and Sun Life Financial Inc. formed a joint venture. Headquartered in Mumbai, Birla Sun Life Insurance Company offers products that are rich in features and some of its products are Protection, Savings with Protection and Health & Wellness.
Protector Plus, Vision Star, Wealth Max and Fortune Elite are some of the plans offered by Birla Sun Life Insurance Company. The company has a strong presence in the country with more than 550 branches in over 500 towns and cities.
8. ICICI Prudential Life Insurance
A joint venture between ICICI bank and Prudential plc gave rise to ICICI Prudential Life Insurance Company, incorporated in the year 2000. ICICI Prudential Life Insurance Company holds a decent share of this sector and in the financial year 2013-2014, the company generated a total premium of more than Rs 120 Cr. Some of the key products of the company are Term Plans, Wealth Plans, Group Plans and Retirement Plans.
Apart from offering feature packed life insurance plans, the company also performs the Corporate Social Responsibility by contributing in the fields of Education, Health Care and Skill Development.
9. TATA AIA Life Insurance
Tata AIA Life Insurance Company came into existence in the year 2001. It is a joint venture between Tata Sons Limited and AIA Group Limited. Products offered by this company include Protection Solutions, Wealth Solutions and Savings Solutions.
Some of its key plans are Maha Raksha Supreme, MahaLife Supreme, MahaLife Magic and Money Maxima.
10. Exide Life Insurance
Exide Life Insurance Company is last on this list, which was established in the year 2001 and presently has presence across the country with more than 200 offices.
Products offered by the company are Protection Plans, Retirement & Pension Plans and Savings & Investment Plans. It is a fast growing insurance company and its growth can be traced from the fact that in the financial year 2013-2014, the company generated a total premium of more than Rs 1,800 Cr.