Life insurance has become an inseparable part of our lives these days. No one can afford to live without a life insurance plan. This is because life itself has become unpredictable and no one can tell what fate awaits them at the next corner. To ensure their loved ones remain safe even after their demise, people opt for the best life insurance plans. Thankfully, there are some very good life insurance plans available in India from the best life insurance companies. Take a look at this article to know more about these companies and what makes them stand out from the rest.
The Best Life Insurance Companies in India
Here’s a list of the most trusted life insurance companies in India currently:
Life Insurance Corporation (LIC)
The Life Insurance Corporation of India is the oldest and perhaps the most trusted name in the Indian insurance industry. It is the pioneer of life insurance in the country. It has a high claim settlement ratio of over 98%. This is very impressive and goes on to know the integrity with which LIC works.
The next big name in the Indian life insurance sector is HDFC Life. It is one of the oldest private insurance companies in India. It has some of the best life insurance policies on offer. From term insurance plans to retirement plans, you will find all kinds of life insurance plans from this insurance company. HDFC Life also has a good customer support team who always help you with your queries.
ICICI Prudential is another well-loved private life insurance company in India. The insurer has a high claim settlement ratio of close to 99%. The plans are available online and you can get them with ease. There are many plans on offer as well and these reasons together make ICICI Prudential a very popular life insurance company in India.
- SBI Life - The next company on the list is SBI Life Insurance. Another old and well-established provider of life insurance, SBI Life has a healthy claim settlement ratio. It also sells all types of life insurance plans and offers excellent customer support services.
- Max Life - Max Life is one of the best private life insurance companies in India. It has a high claim settlement ratio. It also offers a large number of plans that include all types of life insurance products. The company has won many awards and accolades and has made it to the list of the top Indian life insurance companies.
What Makes an Insurer Good?
Take a look at the factors that make a life insurance company good and trusted:
- High claim settlement ratio -
The claim settlement ratio refers to the rate of claims that a particular insurance company pays out in a year. Any company that has a high claim settlement ratio is considered to be good and reliable. All the top life insurance companies in India boast of good claim settlement ratios. When you look to buy a life insurance policy, make sure you buy it from a company that has the highest possible claim settlement ratio.
- Excellent customer support -
Your relationship with your insurer does not end when you finish purchasing the life plan. In fact, that is just the beginning. This is why you need to have a very good life insurance company that has an excellent customer support team. Unless you can reach out to your insurer when you have a doubt and get it cleared, you won't be able to get much value out of the life cover. So choose your insurance provider carefully and ensure you will get ample support from them whenever needed.
- Easy online access -
Your insurance company should have a very strong online presence. The company must have a good website and mobile app through which you can buy the plans, renew them, pay premiums, etc as the best and top-rated life insurance companies have an excellent digital presence that makes it easy for the customers to buy and maintain their life insurance plans.
- Wide range of products -
And finally, a good life insurance company has a wide range of life plans to choose from. You should be able to find term insurance plans, endowment insurance plans, child plans, retirement plans, ULIPs, etc all at the same place. A company that offers variety is always considered to be good and useful.
When you buy life insurance, make sure you choose your plan from a good insurance company with whom you can have a long and trusted relationship.
The Final Word
It is important to have a life insurance cover, but it is also important for you to have a good policy from one of the best life insurance companies. Fortunately, there is not one, but many excellent providers of life insurance in India. Do your research, run a comparison and then choose your ideal plan from the best insurance provider and stay properly and comprehensively covered.