Life Insurance in the present time has become one of the basic need and an important work to be done for better financial support in critical time. Life Insurance is nothing but just a contract where a person gets benefit that his family will get money from the insurance company in case of his death. Let’s talk about top 10 best Life Insurance companies presently working in India.
1. Life Insurance Corporation website : www.licindia.in
It is also known as LIC, it’s a state-owned insurance firm and also deals in financial services in India. The company was established in 1956. It is the largest insurance firm in the country with asset value of Rs. 1560482 crore. It has almost 2000 branches and 109 divisional offices in the country.
2. Max Life Insurance website : www.maxlifeinsurance.com
Max Life Insurance is a private sector insurance company started working in India in 2000 with the collaboration with Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance offers products such as Online Term Plan, Savings Plan, Child Plan and Protection Plan.
3. Reliance Life Insurance website : www.reliancelife.com Reliance Life Insurance company stands at the third position in the top 10 insurance firm in India. The company owns around 5% stake in the insurance market. It has products like Protection Plan, Retirement Plan, Unit Linked Plan and many more.
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4. Kotak Life Insurance website : insurance.kotak.com
Kotak Life Insurance started working in India in 2001. it is also known as Kotak Mahindra Old Mutual Life Insurance Limited, it is a joint venture of Kotak Mahindra Bank of India and Old Mutual of South Africa in 74:26 ratio respectively.
5. SBI Life Insurance website : www.sbilife.co.in
State Bank of India Life Insurance is a joint venture of State Bank Of India and BNP Paribas Assurance in 74:26 ratio respectively. It was founded in March 2001 and has around 7334 employees and 96000 agents in the country.
6. Bajaj Allianz Life Insurance website : www.bajajallianz.com
Sixth name in the top 10 insurance companies is Bajaj Allianz Life Insurance. It has its head quarter at Pune. It is a joint venture of Bajaj Finserv Limited and Allianz SE. it has products like Term Insurance, Saving Plans, Investment Plans, ULIP, Retirement Plans, etc
7. Birla Sun Life Insurance website : www.birlasunlife.com
Birla Sun Life Insurance has started working in India in 2000 after the joint venture of Aditya Birla Group and Sun Life Financial Inc. It deals in plans like Protection, Savings with Protection and Health & Wellness.
8. ICICI Prudential Life Insurance website : www.iciciprulife.com
ICICI Prudential Life Insurance stands 8th in the list of best Insurance companies in India. It is a joint venture of ICICI Bank and Prudential plc in 2000. It deals in plans like Term Plans, Wealth Plans, Group Plans and Retirement Plans etc.
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9. Tata AIA Life Insurance website : www.tataaia.com
With the collaboration of Tata Sons Limited and AIA Group Limited in 2001, Tata AIA Life Insurance company was formed. It has plans are Maha Raksha Supreme, MahaLife Supreme, MahaLife Magic and Money Maxima.
10. Exide Life Insurance website : www.exidelife.in
Last in the top 10 Insurance firms in the country is Exide Life Insurance formed with a joint venture between ING Vysya Bank and Exide Industries Ltd in 2001. It offers plans like Protection Plans, Retirement & Pension Plans and Savings & Investment Plans.