Nowadays, people being cautious of their life, have understood the significance of Life Insurance. And thus, in last few years, the number of life insurance providers in India is considerably increased. At present, LIC of India is the only public sector insurance provider company; whereas all the other players are private insurance providers. Several companies are joint ventures between banks and insurance companies. This article aims to focus on five major life insurance companies in India. Life Insurance Corporation of India (LIC) LIC of India, established in 1956, is known as the oldest life insurance company in India and offers a wide range of life insurance policies to the customers. The company is the merger of more than 245 insurance providers and provident societies, headquartered in Mumbai with 8 zonal offices and 113 divisional centres. LIC is not only oldest but largest life insurance provider in India with over 2,048 branches and 14 Lakh insurance agents to cater the business. The company has Claim Settlement Ratio of 98.19% according to IRDAI. Bharti AXA Life Insurance Company Bharti AXA Life Insurance is a joint venture between Indian corporation Bharti Enterprises and the AXA Group, a Paris based investment-banking company with the stakes of 74% and 26% respectively. Bharti AXA Life Insurance commenced the operations in 2006, is headquartered in Mumbai and has a presence in 123 cities across India. The company offers different insurance products, ranging from Child Plans to Pension Plans, and Term Plans to Investment Plans. The grievances fixed by the company are high, and the Claim Settlement Ratio published by IRDAI is 80%. The age criteria for the life insurance policies is 18 years minimum and 65 years maximum. ICICI Prudential Life Insurance ICICI Prudential Life Insurance is a joint venture of ICICI Bank Ltd and UK based private financial services organization Prudential Plc., started its operations in December 2000. It is known as the first private sector life insurance company in India. ICICI Bank possesses 74% of the stakes whereas Prudential Plc. holds 26%. Future Generali India Life Insurance Future Generali Life Insurance is a joint venture of three market players’ viz. Future Group, Generali Group, and Industrial Investments Trust Ltd (IITL). The company initiated its operations in 2007 and currently has a network of 95+ branches all over India. The various insurance products served by the company can be issued for minimum 18 years and maximum 56 years of age. The Claim Settlement Ration of the company as per IRDAI is 90.61%. Birla Sun Life Insurance The company is a joint venture between Aditya Birla Group and Sun Life Financial Inc., having 560 branches over 500 cities across India. Known as a pioneer of ULIPs, the company offer a range of life insurance products such as Term Insurance, Savings Plans, ULIPs, Pension Plans, and many more. The company has a Claim Settlement Ratio of 88.45% as per IRDAI. These are the five major life insurance companies in India that cater to life insurance business and offer a wide-ranging list of products to the customers. Considering the various parameters, you can choose the best-suited insurer for you, and buy an appropriate life insurance policy.
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February 2022
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