Life insurance is becoming popular among Indian citizens because people are now aware of life insurance needs and importance. Thanks to the excellent advertising campaign by companies, many finance influencers are also telling people about the importance of life insurance.
Now people see life insurance as an investment rather than an expense; that change in mentality brings the sale of insurance products in India rising, and I think this is good news.
As of now, so many companies are selling life insurance in India that it isn’t clear for people to select the best insurance companies. If you are also facing difficulty choosing the right insurance company, then there is no need to worry about this. In this blog, I will share the top 5 best life insurance companies in India, whose claim settlement ratio is the highest and excellent customer support. Let’s dive into this blog to learn about the top 5 best life insurance companies in India in 2022.
Top 5 Best Life Insurance Companies in India 2022
Life Insurance Company is one of the oldest insurance companies available in India. The government of India backs this company. LIC is known for its best insurance settlement rate; although this is a government-owned company, people have more faith in it than in other private companies. The insurance plans are affordable for middle-class families who can afford their premiums. LIC company has the largest market share of insurance schemes in India among its competitors. It is considered as the best life insurance company of India till date.
Max life insurance
Max life insurance is a private insurance company owned by Max group in India. This company was founded in 2000, and since then, it has been selling insurance policies in India. Although Max is a private insurance company, people still believe in this company due to government policies that make your investment safer. Max company’s insurance policies are also affordable for the middle class, and it has various insurance policies, including some high-premium insurance.
Hdfc life insurance company
HDFC’s life insurance company was made after a collaboration between Standard Life Aberdeen PLC and Housing Development Finance Corporation Limited. This company has insurance schemes for everyone but primarily focuses on children and women. The best thing about this company is that it guarantees policyholders that claims will stelled within a day. This is an excellent thing in the case of insurance companies. Otherwise, many people have to wait for a longer time in their claim settlement.
Tata aia life insurance company
With the collaboration of AIA Group ltd and Tata Sons Pvt, formed a joint venture named Tata AIA Life insurance company, launched in August 2000. Tata company is known for its values, and this company has earned people’s trust for a long time. That’s why people have no hesitation in buying insurance from this company. It offers many insurance schemes, including wealth plans, saving plans, and protection plans, as well.
Icici Prudential Insurance
ICICI Prudential insurance is a joint venture company of ICICI Bank and prudential plus, which has provided insurance schemes since 2002. Currently, the ICICI prudential insurance company is India’s first-ever private sector insurance company. This company has a variety of products, including child plans, pension plans, ULLP plans, etc. The claim settlement ratio of Icici prudential is among India’s top 5 best insurance companies.
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