Here in this particular article, we are going to discuss the top 5 insurance companies in India. At this period of time Insurance are become very important for us to take because they give some kind of security to us and our family. In India there are many Insurance Companies are working to help the peoples in the best way. They all provide the best plane which suits us to take at very minimum cost. All the companies which we are going to discuss in the article here are well known and well developed for many years and doing a great job on their own. According to one ratio in India, there is a total of 24 Life Insurance companies are working in which only 1 LIC is government undertaking and the rest 23 companies have private ventures.
Top 5 Insurance Companies are as follows-
- LIC Insurance Corporation Of India-
LIC Insurance Corporation of India is one of the best and leading Insurance companies in India. Basically LIC stands for Life Insurance of India. LIC was founded on 1 September 1956. Its headquarters is situated in Mumbai. As we all know LIC is one of the oldest and trusted companies that provide you the best-suited policies on a low cost. LIC provides offline life insurance policies too. LIC is one of the most trusted companies by the peoples because it is a government undertaking. LIC has thousands of branches all over India. The claim settlement ratio of LIC is 98.31%. LIC had many planes like endowment plans, money back plans, term assurance plans, pension plans, children plans and many more.
- ICICI Prudential Life Insurance-
ICICI Prudential Life Insurance is a trusted name is the private sector. Its parent organization is the ICICI bank which is one of the leading and well-known banks in India. ICICI Prudential Life Insurance was founded on 12 December 2000. Its headquarters is situated in Mumbai. ICICI Prudential life insurance is a joint venture of ICICI Bank and Prudential Corporation Holdings Limited. ICICI Prudential Life Insurance is the first company that saves his place in the list of NSE and BSE. Claim Settlement ratio of ICICI Prudential Life Insurance is 96.68%.
- SBI Life Insurance-
According to IRDA (Insurance Regulatory and Development Authority Of India) SBI Life Insurance company is named one of the best Life Insurance Company in India. SBI Life Insurance is joint venture between State Bank of India and BNP Paribas Cardiff. BNP is one of the leading French multinational bank and financial company and its headquarters is located in Paris. SBI stands for State bank of India. SBI Life Insurance was founded in year 2001. Its headquarters is located in Mumbai. Claim settlement ratio of SBI Life insurance is 96.69%.
- HDFC Standard Life Insurance-
HDFC Standard life Insurance is one of the leading Insurance companies in India. HDFC stands for Housing Development Finance Corporation. It was founded in year 2000. Headquarters situated in Mumbai. If you are looking for long term Insurance policies then HDFC Standard Life Insurance is a good choice. Their Polices meet different customers need and policies are best suited to both the individuals and the groups. The types of plans they offer are Protection, Pension, Savings, Investments and Health. It is a joint venture between HDFC ltd and Standard Life Aberdeen PLC. Claim settlement ratio is 97.62%.
- Max Life Insurance Corporation ltd-
Max Life Insurance Corporation was founded in year 2000. Its Headquarters is located in Delhi. Max Life Insurance provides best life securing policies at very low cost. It is joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company. Claim settlement ratio is 97.81%.