Representational Image
Representational Image

By investing in a life insurance policy, the insured has to pay a certain amount of money, every month known as a premium, to the company. In the future, if something does happen to him, then the company will then pay this cover to his family and loved ones. This will ensure that they are financially protected, even after the passing of the insured.

It would be very unfortunate, for them to suffer economically, especially at a time when they are emotionally going through so much. Therefore, the life insurance plans in today’s day and age is a necessity and not a luxury, and will ensure that you live a peaceful and tension free life without having to worry about the financial status of your family after your death.

However, there are a plethora of life insurance companies to choose from, and they offer a number of insurance plans. You must select a company you can rely on and trust, as you are investing a decent amount of money from your salary every month in the form of premiums that you pay. It is the organization’s duty to hand over that cover to your family in case something unfortunate does happen to you. What is the point of paying monthly premiums if your loved ones aren’t even financially secure after your passing? This isn’t limited to life insurance alone, but to all kinds of insurance policies like travel, property, car, health, among others. There are life insurance policies - which are limited to life insurance alone, whereas general insurance policies will deal with health as well as automobiles.

In order to help you pick the right insurance company, we have enlisted below the best life insurance companies of 2018 in India after taking into account the services, number and types of policies they offer, premium to claim ratio and client satisfaction, among things. The following companies are known to offer the best policies to their customers in all 3 classes, namely – general, life as well as health insurance policies.

  1. The LIC
The Life Insurance Corporation of India, better known by the public as the LIC, its abbreviation is one of the oldest as well as the most reliable out of all the life insurance companies that are found in India. It is owned by the State and was established in the year 1956. It is known to offer a plethora of life insurance plans to its customers such as term plans, pension plans, endowment plans, among others. Every Indian is well aware of the company and about a million of them have turned to the company for the purpose of selecting a policy that’s best suited to them. It is known for having the best claim to settlement ratio, which is above 98%

  1. SBI Life Insurance
The State Bank of India, the biggest banking organization in India as well as the BNP Paribas, a banking organization that is based in France came together to start this endeavor. It is known to offer a wide range of life insurance commodities to its customers. It has a claim to settlement ratio of 95% and above, which is super remarkable. It is the third most popular among the insurance companies in the country. The most popular out of all their policies are namely the SBI Life Saral Pension as well as the SBI Life Shubh Nivesh.

  1. ICICI Prudential Life Insurance
It is one of the most popular life insurance companies in India that is privately owned. It is said to offer a plethora of insurance policies to its customers. Besides, it has a claim to settlement ratio of above 96%. In the year 2017, their Prudential wealth builder – II was the most loved insurance produce among their clients.

  1. Bajaj Allianz Life Insurance
The Bajaj brand has made a name for itself in India, and is known to be very reliable, it has existed since a very long period. This company offers a wide range of insurance policies to its customers that can be tailor made to suit each person’s needs and requirements. They have a plan to suit each person, no matter his age or the economic strata he belongs to. They are known to have happy customers as the organization works hard to resolve the issues faced by its clients, and they have been known to resolve 91% claims.

  1. TATA AIA Life Insurance
The Tatas have been leaders in various fields, so how could they not make a name for themselves when it comes to the insurance industry? The Tatas and the AIA group, the latter being the largest life insurance company in the world in the pan-Asia region, have come together to start this joint venture. It boasts of happy customers as it is known to solve all or 100% of their client’s complaints. By doing so, they have definitely earned a spot for themselves on the list of the best insurance companies of the country.


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