A person spared a considerable amount from his moderate salary each month in order to pay premiums for his insurance policy.
Given that he is the only breadwinner in the family, he considered buying a life insurance policy with a good sum assured so that his family is financially safe if something unfortunate happens to him. One day, something distressing happens and the breadwinner is no more.
After much effort and emotional turmoil, the family begins to recoup. They recollect that they have an insurance policy that should give them a good amount to count on. They approach the insurance company but it turned out that their claim paying process is not much cordial.
This made the family of the departed do a hundred rounds of insurance company’s office only to get a meagre part of their dues. Given their poor emotional state, the entire phase for the family became more than awful.
Not getting the claim, getting it in parts or after so much exertion defeats the entire purpose getting the insurance. Being unable to realize the benefits of an insurance is worse than not having an insurance at all.
Therefore, choosing the best insurance companies in India for your insurance needs is as important as getting an insurance policy. Otherwise, you bear the loss of premiums paid plus the non-payment of sum assured acts as the cherry on top. And this holds equally true for all types of insurances including life, health, travel, automobile, property and all others.
One can buy insurance for anything and everything- life, medical expenses, personal vehicle, commercial vehicle, property, mobile phone, laptop, other electronics, furniture, stock of raw material and/or finished products in a factory or a warehouse.
Technically, insurance is of two types, life and general. Life of a person can be insured by a life insurance policy and to get everything else insured, there are general insurance policies.
However, people’s needs of types of insurance are mostly restricted to life insurance and general insurance of health and vehicles.
To save you and your near ones from any kind of hassles resulting from buying an insurance policy from a company that cannot be trusted for your insurance needs, we have assessed all the prominent players in the Indian market. Having done that, we have arrived at the list of best insurance brokers in India after taking into consideration the important factors such as market reputation, number of policies sold, total volume of business, claim settlement ratio and customer satisfaction.
Here is a comprehensive list of top insurance brokers in India offering best plans and services in three categories- Life, Health and General.
Top 10 Life Insurance Companies in India
Whether one is an earning member of the family or not, life insurance is something everyone must possess, that too from an established and popular life insurance company.
At present, there are 24 life insurance brokers in India with only LIC of India being the government undertaking and other 23 are either privately owned or joint ventures between two or more private companies (national and/or international) or between private companies and public sector undertakings.
Here are the top ten life insurance companies of India:
1. Life Insurance Corporation of India (LIC)
LIC is the oldest and most trusted brand amongst the best life insurance companies in India. Established in 1956, this is a state-owned enterprise which offers a huge and diverse variety of life insurance products such as endowment plans, money back plans, term assurance plans, pension plans, unit-linked plans, children plans, group schemes, special plans and many more. The company is a favoured choice amongst millions of Indians also for its best claim settlement ratio of over 98%.
2. ICICI Prudential Life Insurance
The first private player in the insurance sector of India, ICICI Prudential has a good popularity amongst its clients. The company offers an array of policies to suit all kinds of needs of insurers and has a good claim settlement ratio of over 96%. ICICI Prudential Wealth Builder II has been its most appreciated life insurance product during previous financial year.
3. SBI Life Insurance
A joint venture between State Bank of India, the largest bank of our country and BNP Paribas, a France-based Banking and Financial Services Company is the largest in private segment and third most dependable insurance company of India. Offering a diverse variety of life insurance products, its customer service mechanism is one of the strongest. The claim settlement ratio of more than 95% is quite impressive. Two plans namely ‘SBI Life Saral Pension’ and ‘SBI Life Shubh Nivesh’ are the most sought-after plans offered by the company.
4. HDFC Standard Life Insurance
The company stands third in the list of the top private insurance companies in India with regards to total volume of business. HDFC Click2 Invest and HDFC Click2 Protect Plus are the two remarkable and most demanded life insurance products of HDFC Standard Life Insurance. It is best known for its healthy claim settlement ratio and percentage of customer grievances resolved. Also, marketing its products using the HDFC Bank channel, this company has its reach in about 1000 towns and cities of India.
5. Max Life Insurance
Recognized for solving all of its customer grievances (yes! 100% of them), Max Life Insurance was also awarded for settling most claims in the year 2015. Overall, the claim settlement ratio is close to 97%, the best among all private insurance brokers in India. It reaches its customer base through its network of more than 200 branches, agents and insurance and bancassurance partners. The most popular of all the plans by Max Life Insurance is the term plan under which it offers Rs.1 crore life cover at Rs.21* per day. (*subject to terms and conditions).
6. Bajaj Allianz Life Insurance
The company lives up to the expectations people have with the name of Bajaj brand by offering a wide range of customization in products and transparency in benefits. The plans of Bajaj Allianz have been conceptualized and composed for all age and income groups. Guided by the principle of customer delight, the insurer manages to resolve more than 99% of its customer complaints and settle 91% of its claims.
7. Birla Sun Life Insurance
Backed by globally renowned Aditya Birla Group, Birla Sun Life Insurance has more than 600 branches and an extensive network of banks, brokers and corporate agents marketing its products. The first insurance company to introduce Unit Linked Plans to the insurance sector, it has ever been known for offering the most innovative products to its client base. The maximum maturity age for its plans is 80 years, while for most others it is 65 to 75 years.
8. Reliance Nippon Life Insurance
With a network of more than 800 branches and 1 lakh advisors across the country, Reliance Nippon Life Insurance is another well-known name in the insurance industry of India. The term plan that offers Rs.1cr life cover at Rs.15* per day is quite a unique plan by the company. A claim settlement ratio of around 95% and grievance redressal ratio of close to 99% also deserve a mention.
9. Tata AIA Life Insurance
TATA AIA Life Insurance is a joint venture between Tata Group, the unmatched name in the world of business and AIA Group, the largest, independent listed pan-Asia life insurance company in the world. By resolving 100% of its customer grievances and settling more than 96% claims, the company becomes a sought-after name in the list of best life insurance companies in India.
10. PNB Metlife India Insurance
Punjab National Bank is an established name in the banking industry of India. Metlife, on the other hand is a famed global brand of insurance products. PNB Metlife India Insurance is a joint venture between the two honchos.
Showing a growth rate faster than its peers, the company has spread its network to 7,000 locations across the country.
The percentage of customer grievances solved is a whopping 99.97 %. The insurer is known for offering cost effective life insurance products.
Top 10 Health Insurance Companies in India
Enabling you to keep up with the ever-rising costs of healthcare and hospitalization, a health insurance is a must have for young and old alike.
With the advent of thousand and one innovative products in the category and gobs of terms and conditions applied by the companies, buying a suitable health insurance has become a tricky thing.
So here is the unfailing list of top health insurance companies in India that can be trusted for your medical insurance policy needs.
1. Max Bupa Health Insurance
A standalone health insurance company, Max Bupa has plans to offer for individuals, couples, family and even extended family with up to 14 members. This is the very factor that led to the steady popularity of this health insurer. Enabling cashless treatment in more than 3500 network hospitals across the country, it offers lifetime renewal for its policies.
2. Apollo Munich Health Insurance Company Limited
Permitting cashless treatment in its wide network of more than 4000 hospitals across the country, Apollo Munich is the industry leader in introducing innovations such as portability benefits and lifetime renewal of policies. Its policies also entail multiplier benefits in which sum assured automatically increases by 50% in the year following a claim-free year.
3. Star Health and Allied Insurance Company
Accredited with a number of accolades in the year 2014 and 2015, Star Health and Allied Insurance Company is one of the most trusted brands in the list of best health insurance companies in India. The company has a network of over 7000 hospitals for cashless and reimbursable treatment. Moreover, instead of depending on a third party for claim settlements, this company does it through an in-house settlement department.
4. ICICI Lombard General Insurance Company Limited
Offering a better claim ratio than its peers, ICICI Lombard General Insurance is another reliable name in health insurance segment. Insurers can even avail 2 free health check-ups every year. It has tie-ups with 4000+ hospitals all over India and the policies have no sub-limits for room rent. Lifelong renewability, daily cash allowance for hospital expenses and convalescence benefits are some other advantages.
5. Religare Health Insurance Company Limited
Specializing in health insurances, Religare Health Insurance Company offers a huge variety when it comes to choices of plans and their customization. Insurers can avail free health check-up once in a year and cashless and/or reimbursable treatment across the world at the company’s network of hospitals. No Claim Bonuses can be availed up to 150 %, depending upon the policy terms.
6. Cigna TTK Health Insurance Company Limited
Launched in 2014, the company is a joint venture between India-based TTK Group and Cigna Corporation, global health services leader based in U.S.A. Relatively new to the industry, the company has swiftly gained a good reputation as one of the best health insurance companies in India. The standalone benefits that customers of Cigna TTK enjoy are expense cover of 60 days prior to hospitalization and 90 days post hospitalization, cover for critical illness and worldwide emergency treatment, and a network of over 4000 hospitals.
7. Bajaj Allianz General Insurance Company Limited
Over the years, Bajaj Allianz has proved itself as a favored choice amongst health insurance buyers by offering world-class products and efficient after-sales and customer support mechanism. The company is also known for affordable insurance plans and a robust claim-settlement ratio. The insurance provider has extensively networked with more than 5000 hospitals across the country. One of the best additional features it allows is personal accident cover to its health insurance buyers.
8. New India Assurance Company Limited
An enterprise completely owned by the government of India, the company is operational since 1919 and is most known for its medi-claim policies. The company has a great complaint management structure, advanced technology, powerful national and international presence, and an assortment of cost-efficient insurance products for individuals, couples as well as families to suit everyone’s needs.
9. Oriental Insurance Company Limited
A government-owned general insurance company, Oriental Insurance is a prominent name among public sector insurance companies of India. One can buy a health insurance policy up to the age of 60 years without having to undergo a medical examination. The options of Life Hardship Survival and Personal Accident Cover can be added to its plans to avail more benefit.
10. National Insurance Company Limited
More than a century old government-owned company, National Insurance Company is most famed for its Varishtha Medi-claim plan, a health insurance policy for senior citizens. The plans by the company are flexible, comprehensive and economical. This enterprise is one of the health insurance providers that have the widest network of more than 6000 hospitals in over 1500 locations across the country.
Top Vehicle Insurance Companies in India
In today’s fast-paced life, it is next to impossible to draw breath without owning a vehicle. Having a vehicle gives you comfort and getting it insured gives you a lot more than peace of mind.
In fact, as per Indian Motor Act, it is mandatory for any motor vehicle owner in India to get his/her vehicle insured. But while spending money to get your vehicle insured, doing so for the right plan from a reliable insurance provider would be an intelligent decision.
Here is the list of top 5 vehicle insurance brokers that offer most comprehensive, flexible and cost-effective plans, take care to serve their customers well, have a strong claim settlement ratio and a good presence across the country.
1. National Insurance Company Limited
Having its ambit in rural and urban areas of the country alike, National Insurance Company is the top choice among best vehicle insurance companies of India. One can get a two-wheeler, four-wheeler or even a commercial vehicle insured conveniently by the company at economical premiums and for an expansive range of possibilities and mishaps.
2. ICICI Lombard General Insurance Company
The largest private player in the general insurance market, ICICI Lombard offers zero depreciation for up to two policy covers. Its dedicated customer support mechanism has helped the company win the accolade of most customer responsive insurance company. Also, one can avail doorstep surveyor facility and request for cashless settlement at more than 29,000 garages in the country. Other conveniences offered by the insurer include towing assistance, facility of purchasing EMIs online and a digitally signed policy.
3. TATA AIG General Insurance Company
All thanks to the company’s easy claim settlement procedure, and power distribution channels, TATA AIG has successfully captured the market of motor insurance in India to a good extent, despite being a younger player in the industry. The company offers noteworthy services of warranty on repairs, free car pick-up, quick claim settlement, cashless settlement at network garages and innovative add-ons.
4. The Oriental Insurance Company Limited
Winner of the most worthy awards in the industry, the Oriental Insurance Company is one the most dependable government-owned general insurance company. The idea of associating with a government company renders an altogether different kind of relief to the mind. Living up to the expectations of its client base, the company serves them from over 1800 offices in the country and is best known for its prompt and hassle-free claim settlement and useful add-ons. Insurers buying their policy can also avail benefits of emergency services at selected outlets free of cost.
5. United India Insurance Company
Another most trustworthy government player in the list of top motor insurance companies in India, United India Insurance Company has been in the business of general insurance for close to eight decades now. It has grown by leaps and bounds, especially since nationalization. Insurers can make use of the ingenious and easy mobile app to keep a track of their policy. Another good part of associating with this government company is its extensive reach across the country, in rural and urban areas alike.
The lists of top ten life insurance, health insurance and vehicle insurance companies in India given above should be of great help if you are planning to buy one or more of these insurances but are not sure of which insurance company to rely on. However, the insurance market in India is extremely dynamic and competitive in which positions of service providers keep changing.
Therefore, to be able to make a wise decision for your insurance, you must consider some key factors before trusting any private or government insurance companies India for your coverage needs. The most important of these criteria are:
- The company should be offering the plans that suit your requirements and aspirations.
- The premiums should be competitive.
- The company must have a good market rating, that is to say, it should be one of the top insurance companies in India.
- Experience and expertise are always a great plus.
- Is the claim paying process friendly enough? Their claim refusal record also deserves a check.
- Is their financial strength good enough to handle claims?
- Is there a local office nearby, if proximity is a concern for you?
- What are the types of insurances you need to buy?
- Is there any other company that is offering an additional benefit that you would like to avail?
- Are there any terms and conditions on purchase or renewal of policy that could be of particular concern to you and your near ones?
After taking under advisement all of these factors, you can also go for comparing a few plans on one of the many online portals dedicated to the purpose such as Policybazaar, Policyx, Comparepolicy, Myinsuranceclub or any other.
Once you have done all of these things before coming into agreement with an insurance company, you can be confident that you have nailed the herculean task of trusting the best company for your insurance needs.