1. LIC Insurance Corporation of India:
LIC is the best life insurance company to choose from in India in 2020. The meaning of LIC of India stands for “Life Insurance Corporation”. It is the oldest life insurance company in India which was founded in the year of 1956. LIC’s insurance corporation is well known for providing the facility of an offline life insurance policy. LIC’s insurance Corporation offers many different and valuable plans to their clients such as Endowment Plans, Money back plans, and Term assurance plans. LIC sells pension plans and children plans also. LIC is known for its highest claim settlement ration among all other life insurance companies which is approximately 98.31%. According to an estimate, approximately 7,42,243 claims have been paid by LIC Corporation till now.
- LIC is the largest covering company in India, which almost covers all states of India.
- LIC offers different valuable plans such as ULIP and Long-term Insurance plans.
- LIC is one of the best life insurance companies which provides child plans for their better future.
- It has a complete online system where it offers online brands and investment products to their clients.
- LIC insurance Corporation is equally good for both rural and urban areas.
- A delay in claim settlement can happen due to unknown reasons.
2. ICICI Prudential Life Insurance Company:
ICICI Prudential Life Insurance is another best life insurance company in India. It was promoted by ICICI bank Prudential Corporation Holdings Limited. ICICI Life insurance company was established back in 2001. From then, it serving to its million of clients having a claim settlement ration of 96.68%. Up till now, 11,546 claims have been paid by the ICICI Life insurance company. ICICI offers fabulous Life insurance plans to its clients such as Term insurance plans, ULIP Plans, Pension Plans, and Health Insurance Plans. ICICI has a complete online interface in the form of high quality designed website where you can get any kind of information and control your Life insurance plans by sitting in your home.
- ICICI Prudential Life insurance company started the covering of COVID-19 claims which is a very exciting thing for the clients.
- ICICI life insurance policy covers approximately 34 dangerous diseases including cancer.
- Child plans offer maximum protection to the future of the children.
- A complete online system through which the customer can handle all his plans by sitting at home.
- The coverage of ICICI in rural areas is less as compared to urban areas.
3. SBI Life Insurance:
SBI Life Insurance is the third top life insurance organization in India in 2020. This Life insurance organization is named a standout amongst other best Life insurance companies in India by IRDA (Insurance Regulatory and Development Authority of India). SBI Life Insurance Company is essentially a joint endeavor between India’s biggest bank State Bank of India and the main worldwide insurance agency BNP Paribas Cardiff. Full-type of SBI is ‘State Bank OF India’. This life insurance organization is a standout amongst other Life insurance companies in India. SBI Life Insurance Company has a claim settlement proportion of 96.69%. That is 13,303 claims have been paid by SBI Life insurance till present.
- SBI Life insurance offers a complete life coverage with an opportunity of savings.
- SBI provides the facility of family financial protection to its clients.
- Very low premium startup.
- SBI Life insurance offers different valuable plans such as a Term insurance plan, Health insurance plan, pension plan, and SBI Life Savings Plans.
- SBI has a well educated and skillful staff for customer support.
- SBI offers less life insurance plans in comparison with other best life insurance companies.
4. HDFC Standard Life Insurance:
HDFC Standard Life insurance ranked 4 in the list of Top 5 best life insurance companies to choose from in India. HDFC stands for “Housing Development Finance Corporation”. It is well-known for providing long-term life insurance to its clients. HDFC offers both life insurance solution, individual and grouped. There are five main focus points of HDFC standard life insurance,
HDFC Standard Life Insurance is parented by HDFC limited and Standard Life Aberdeen. The claim settlement ratio of HDFC insurance is very high approximately 97.62%, which means 11,031 claims have been settled between clients and the company.
- HDFC Standard Life Insurance is well known for its wide range of insurance plans. These plans include Protection plans, Health Plans, Savings and Investment plans, Retirement Plans, Women’s plans, Children Plans, and Rural and social plans.
- HDFC life insurance has 421 branches in approximately 980+ cities and towns in India.
- HDFC has the widest network of Insurance agents. Insurance policies can be obtained by visiting Direct channels, insurance Brokers & Online Insurance platforms.
- HDFC Life insurance policy is not available in some rural areas of India.
5. Bajaj Allianz Life Insurance:
Bajaj Allianz Life Insurance company is at the 5th position in the list of top 5 best life insurance companies to choose in India in 2020. This is another best company which is certified by IRDA. Bajaj company and Allianz company, both are the owners of the Bajaj Allianz Life Insurance company. Bajaj is an Indian company and Allianz is a German company. Bajaj Allianz offers goal-based investment plans (ULIP) to its clients with a very high claim settlement ratio (91.67%). 18,978 claims have been paid by Bajaj Allianz till now. Bajaj Allianz insurance company provides the best health insurance which has many features. This health insurance policy is very much affordable and protects individuals against medical bills. Bajaj Allianz health insurance is also known as Individual Health Guard Insurance.
- Bajaj Allianz Insurance company covers the whole country by its branches and insurance agents in every city and town of the country.
- Offers different valuable plans such as Health insurance plans, Investment plans, pension plans, and Retirement Plans. The Life insurance policy of Bajaj Allianz is best for securing your children and your future.
- An online system through which you can buy and handle your plans.
- The claim settlement ratio is low in comparison of the above four best insurance companies.