Life is unpredictable, and where the uncertainties of life will take no one knows. However, one can be prepared for the aftermaths of uncertain events and therefore, the concept of insurance came into existence as protection for the risks. Today, various types of insurance plans are available under different categories. However, the imperative question that arises is which insurance provider to choose? We have shortlisted the Biggest Insurance Companies in India that are also amongst the fastest claim settlement companies for you to choose from.
But prior to that, you should know why it is imperative to get insurance for you and your loved ones.
Insurance can be seen as an investment for securing you and your family’s future. Your financial advisors and the company that you work in will advise you to get yourself an insurance policy, but why? Let us find out the answers.
Insurance provides you with the financial security that you may or may not need in the future. In the case of uncertainties, if the earning person of the house is no longer around, the financial condition becomes unstable. In situations like these having insurance from the fastest claim settlement companies can be a life saviour for the family. It will maintain financial stability even in your absence.
After the demise of the income maker of the house, everything feels scary and uncertain. However, you can put this thought to peace because with the help of a perfect insurance plan you can secure your loved ones’ future goals and plans.
Life insurance companies offer several types of products that will help you in saving for future goals and other unforeseen events. We have listed down the biggest insurance companies in India that provide you with cover charges along with policies that help you generate savings, for instance, endowment plans or money back plans.
Life is filled with risks such as death or accidents like getting hit or fire or some type of illness or something else. But when you are insured you don’t have to worry about any of the risks. Your insurance policy will manage all the risks with cover charges.
Now that you are aware of the importance of insurance and its cover, it is time for you to know some of the biggest insurance companies in India.
Life insurance corporation of India or LIC is one of the biggest insurance companies in India. Owned and regulated by the government of India, LIC has been serving people since 1956 with the aim of reaching every nook and corner with 2048 branch offices, 113 divisional offices, 8 Zonal offices and 1381 satellite offices pan India. With assets under management of ?39.51 lakh crores as of 2020, it is the second-largest financial institution in India. And due to that very reason, it has a customer base of approx 30 crore policyholders.
“Zindagi ke sath bhi and Zindagi ke baad bhi”, the slogan defines the very nature of the corporation. LIC is known to offer various products such as insurance plans, child insurance plans, pension plans, group schemes, plans related to education, and many special plans that suit the customer as per his/her requirements.
Claim Settlement Ratio (2018-2019) - 97.79%
Max Life Insurance is a joint venture between Max Financial Service Ltd. (an India based multi-business company) and Mitsui Sumitomo Insurance Co. Ltd. (Japanese Insurance Company). The companies joined hands in 2000 with a multi-channel distribution partner and high service providing agencies. With an operating network of 269 offices pan India, Max Life Insurance is the fastest growing and the largest non-bank private sector insurance company. As of 2020, the assets under management are ?68,417 Crores.
It has a customer base of above 30 lakhs and has a strong online presence and a wide product profile. It aims to serve its customers through long-term savings, protection and retirement solutions and supporting the causes of health and well-being. It is also one of the fastest claim settlement companies in India.
Claim Settlement Ratio (2018-2019) - 99.2%
Established in 2000, HDFC Life Insurance Company is another joint venture between India’s biggest financial association, Housing Development Financial Corporation (HDFC) Ltd. and a multinational investment company, Standard Life. It operates through a network chain of 420 branches and additional distribution channels across India with 36 individual and 13 group products in its profile. Its assets under management are ?1.5 Lakh Crores.
HDFC is known to provide individual and group products to its customers to meet their needs via pension, protection, saving, investments, child, women, health, education and other special plans. With a ratio of 99.04%, it is another fastest claim settlement company in India. It also holds the rank of ‘Most Valuable Private Life Insurance Indian Brand’ and is among 50 best PCI companies 2019.
Claim Settlement Ratio (2018-2019) - 99.04%
Whenever one thinks about top insurance companies, the name ICICI Prudential Life Insurance definitely pops up. It was formed in 2000 when ICICI Bank Ltd. and Prudential Corporation Holdings Limited joined their hands and commenced operation. As of 2020, their assets under management stand at ?2,048.72 Billion. For almost a decade, the company held the position of the top insurer in India.
The core philosophy of the company is customer-centricity which they achieve through various initiatives to provide cost-effective products, superior quality services, consistent fund performance and a hassle-free claim settlement experience to their customers. Their products include ULIP, effective term and pension plans, and many more.
Claim Settlement Ratio (2018-2019) - 98.58%
Tata is one name that you will find on top in almost every field, so why leave life insurance behind. Tata AIA Life Insurance Company was formed in 2000 after Tata Sons Pvt. Ltd. and AIA Group Limited teamed up to form a joint venture. The company has a network of 18 markets in the Asia Pacific Region in which Tata holds majority stakes at 74% and AIA at 26%. Currently, the Assets under the management of the company are ?28,430 crores.
The company operates with a vision of being a pre-eminent protection provider, enabling dreams, inspiring healthier and happier lives. They also believe in a passion for excellence and customer-centricity. Their products include protection solutions, wealth solutions, savings solutions, retirement solutions, Micro-insurance plans, etc.
Claim Settlement Ratio (2018-2019) - 99.07%
Choosing insurance can be confusing and a dilemma in itself. Hello policy will help you in finding the best insurance that will best fit the required criteria. Not only this, but it allows you to compare various top companies with similar policies which will help you in making out the best deal with maximum cover. Hello policy lets you know the details about the various products and long-term plans which simplify things.