Best Insurance Companies in India 2022 for Life, Health & Car

Content
1. Introduction & Factors
2. List of Insurance Companies
3. Conclusion
4. FAQ (Frequently Asked Questions)

1. Introduction

As there are a lot of Insurance companies in the Indian market which provides great offers. This causes it hard for people to choose any company. It is very important to choose insurance carefully so that it can help you to cover your loss in future.

To resolve this we are going to provide the best insurance companies based on factors that can help you to choose an insurance company easily. Below are some factors which you need to analyze before buying insurance from any company.

Things need to consider before buying an Insurance

1. Claim Settlement Ratio (CSR): It is an important factor in insurance to choosing any company. Here claim means when a person asks his insurance company to cover his loss. The Claim Settlement Ratio in simple words means how much percentage of claims settled against the total number of claims in a year.
   • Example- If any company has a claim settlement ratio of 90%. It means the company settled 90 claims out of 100 and reject 10 claims in every 100. There are many reasons why companies reject claims. So, It is always best to choose a company that has a CSR of more than 85%. The higher it is better.
2. Cost Coverage- Cost Coverage is the amount which an insurance company is going to cover any expenses if happened. The more it covers the better.
   
3. Customer satisfaction & Feedback: Before buying insurance from any company always check the customer care services of that company. You can also check good/bad reviews of an insurance company on google. So that in difficult situations they would listen to your problem.
   
4. Persistency Ratio of the Company: It shows the number of policyholders who have renewed their insurance from the same company. As it helps to increase the trust in any company.
   
5. Availability of Riders: Riders in insurance means add-ons. It means additional offers & services with any insurance policy. A person can add more services to their policy by paying a small amount. So, it is better to choose that company that provides good additional services.

2. Best Insurance Companies | India’s Top Insurance Companies

1. LIC
2. Max Life Insurance
3. HDFC Life Insurance
4. ICICI Prudential Life Insurance
5. SBI Life Insurance
6. Tata AIA Life Insurance Company

1. Life Insurance Company (LIC)

LIC is India’s biggest and most trusted Insurance company because it is owned by the government of India. LIC has started in 1956. It has branches everywhere which makes it easy for all people to get insurance. It has a majority share of policyholders in life insurance of over 64% in the market.

1. Claim Settlement (%)– 98.62% (means every 98 claims out of 100 get settled)
2. Insurance Product offers- Life Insurance and Health Insurance
3. Current Policyholders- 290 Million*
4. Customer Support– Excellent Service (8:00 AM to 8:00 PM)
5. Total Death Benefits Paid- ₹12797.85 Crore (7,33,809 Policies)

2. Max Life Insurance

Max Life Insurance is another good company in the Insurance sector. It is a private company which is founded in the year 2000. The aim of this company is to provide financial stability to families. Max Life Insurance holds a 10.8% market in India.

This company has the highest claim settlement ratio among other companies. This means they pay almost every claim when people make it in 2020-21.

1. Claim Settlement (%)– 99.35%
2. Insurance Product offers- Only Life Insurance
3. Current Policyholders- 25 Million*
4. Customer Support- Normal Service (9:00 AM to 6:00 PM)
5. Total Death Benefits Paid- 562.54 Crore (15,342 Policies)

3. HDFC Company Insurance

HDFC is a popular and well-known bank that also has an insurance company. It is a private & trustable group that started its operations in the insurance sector in 2000 and has its headquarters located in Mumbai, Maharashtra.

They offer a variety of insurance products such as Life, Health, Car & any others. HDFC health insurance has a good hospital network all over India.

For life insurances, they have HDFC Life Insurance Company and for Health, Car and other insurances, HDFC has HDFC Ergo insurance company.

1. Claim Settlement (%)– 98.01% (Means every 98 claims out of 100 get settled)
2. Life Insurance Company Name–
3. Health & other insurances Company Name–
4. Current Policyholders- 21.6 Million*
5. Customer Support- Best (From 9:00 AM to 9:00 PM)
6. Total Death Benefits Paid- Rs. 503.3 Crore (12,509 Policies)

4. ICICI Company Insurance

ICICI Prudential Life Insurance started its operations in 2001. It was launched as a joint venture between ICICI Bank & Prudential Corporation Ltd. It is also a well-known private company and has satisfied customers.

ICICI also has two different companies for their insurance. For Life insurance, It has ICICI Prudential Life Insurance company and ICICI Lombard General Insurance Company for Health, Car and other insurances.

ICICI insurance company offers a variety of insurance products. You can get any type of insurance from them such as related to Protection, Pension, Savings, Investment, and Health.

1. Claim Settlement(%)– 97.9% (Means every 98 claims out of 100 get settled)
2. Life Insurance Company Name–
3. Health & other insurances Company Name–
4. Current Policyholders- 16 Millions*
5. Customer Support– Best support (10:00 AM to 7:00 PM)
6. Total Death Benefits Paid- 1,023.64 Crore (11,212 Policies)

5. SBI Insurance

SBI (State Bank of India) is a public banking company that also has a private insurance company. The name of the company is SBI Life Insurance which is basically a partnership between SBI Bank and BNP Paribas Cardiff (a french bank).

SBI Life Insurance company is only for life insurance whereas, SBI general insurance company offers Health insurance, car insurance and others.

SBi life insurance has received many awards in the insurance sector. It is one of the market leaders for insurance policies in India. It offers all types of insurance policies.

1. Claim Settlement (%)– 93.09% (Means every 98 claims out of 100 get settled)
2. Life Insurance Company Name–
3. Health & other insurances Company Name–
4. Current Policyholders- 31 Millions*
5. Customer Support- Normal Response (9:00 AM to 9:00 PM)
6. Total Death Benefits Paid- 810.71 Crore (21,257 Policies)

6. Tata Insurance Company

Tata group is the most trusted private group in India. Everyone in India respects Mr Ratan Tata. As he donates most of the money to help other people. The name of companies for Life and General Insurance (Car, motor insurance) is Tata AIA Life Insurance & TATA AIG Insurance company.

TATA AIG General Insurance Company Limited is a joint venture between the TATA Group and the American International Group (AIG) is started in 2001. Tata AIA Life Insurance Company’s assets under management (AUM) in 2021 were 46,281 crores.

The primary insurance policies suggested by them include wealth plans, savings plans, protection plans, etc. with easy answers for special insurance needs & fantastic customer assistance.

1. Claim Settlement (%)– 98.02% (Means every 98 claims out of 100 get settled)
2. Life Insurance Company Name–
3. Health & other insurances Company Name–
4. Current Policyholders- 5Millions*
5. Customer Support- Excellent (10:00 AM to 7:00 PM)
6. Total Death Benefits Paid- 222.47 Crore (2,954 Policies)

3. Conclusion

The above companies have great offers and insurance products. However, while buying insurance, everyone should read all the terms & conditions. As there are a lot of cases where people got rejected for their claims as they didn’t read the rules.

Moreover, before buying insurance, you need to check their services, claim settlement ratio, insurance reviews and etc. Please also verify the premium and other things from their website. Among them, the most recommended company for Life Insurance is LIC (Life Insurance Company).

There are also other companies such as Bharti Insurance, Reliance and Star Health. You can check it online.

4. FAQ (Frequently Asked Question)