Best Life Insurance Companies in India 2022

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Best Life Insurance Companies in India 2022: Life is uncertain and unpredictable. One can only have a proactive measure in place to deal with unpleasant situations. Hence, the concept of ‘insurance’ was introduced with a motive to mitigate the risk and to provide protection. Insurance is the primary way of managing life risk.

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There are various types of insurance policies available today to protect your loved ones and the things you love. In a life insurance policy, Insurance indemnifies to pay the insured person’s family a certain sum of money in the event of the insured’s demise.

When it comes to choosing the right insurance plan, you are spoilt with choices as there are various insurance players in the market offering plenty of unique plans.

In India, there are 24 life insurance companies operating which have been approved and recognized by IRDAI (Insurance Regulatory and Development Authority in India), which is a regulatory body for insurance and reinsurance industries.

To shortlist the best term insurance plan as per your requirements, we recommend that you click on the button below, fill in a few insurance-related fields and let our system suggest a suitable insurance policy as per your requirements.

Following is the list of best insurance companies in India

Sl. No.

Company Name 

Claim Settlement Ratio (2017-18)

Claim Settlement Ratio (2018-19)

Premium (in INR)

1.

Life Insurance Corporation of India

94.45%

97.79%

17,228

2.

Max Life Insurance Company

95.26%

98.74%

10,148

3.

HDFC Life Insurance Company

88.63%

99.04%

12,478

4.

ICICI Prudential Life Insurance

92.03%

98.58%

12,502

5.

Tata AIA Life Insurance Company

94.00%

99.07%

9,912

6.

Bharti AXA Life Insurance Company

96.29%

97.28%

9,440

7.

Bajaj Allianz Life Insurance Company

83.94%

95.01%

14,067

8.

SBI Life Insurance Company

92.13%

95.03%

15,070

9.

Reliance Nippon Life Insurance Company

86.11%

97.71%

11,012

10.

AEGON Life Insurance Company

94.58%

96.45%

8,331

11.

Aviva Life Insurance Company

92.25%

96.06%

9,007

12.

Aditya Birla Sun Life Insurance Company

90.51%

97.15%

10,270

13.

Kotak Life Insurance Company

88.88%

97.4%

9.558

14.

PNB MetLife Insurance Company

82.40%

96.21%

10,146

15.

Canara HSBC OBC Life Insurance Company

92.03%

94.04%

9,491

 

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Frequently Asked Question (FAQs):

  1. What is the claim settlement ratio?
    The claim settlement ratio in insurance is the total number of death claims approved by an insurance company out of the total number of death claims received by an insurance company for the financial year. The claim settlement ratio denotes the company’s ability to pay or compensate.
  2. What is life insurance?
    Life insurance is a legal agreement between two parties insured (policyholder) and the insurer (insurance company), wherein the insurer indemnifies to pay a certain sum of money to the designated nominee in the event of the demise of the policyholder (insured) in return of premium paid by the insured.
  3. How does life insurance work?
    Life insurance covers the risk of death. In case the policyholder dies during the policy term, compensation, as agreed in the life insurance agreement, will be paid to the designated nominee of the policyholder.
  4. What are the tax benefits offered under life insurance plans?
    Premium paid towards life insurance investment qualifies for tax deduction under Section 80C of the Income Tax Act, 1961. The benefits paid out in a Lump Sum are exempt from income tax under Section 10 (10D) of the Income Tax Act, 1961.

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Hey! Gys My name is Montu rai and I am 22 Years Old and I am from Haryana in Gurugram. And I am recently completed, my 12th class and then i am start doing blogging since 2014 now i am also a technical analyst traders , fianncer

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