Every member of a family should get a life insurance policy, either one is the breadwinner of the family or not. The only thing to be kept in mind is to get it from a reliable and well-known source, for example, IRDA Ranking of Insurance Companies in India 2019 such type of lists can be very helpful. The current statistics show that there are nearly 24 life insurance companies in India. LIC of India is the one and only government based company and the rest 23 are private companies. Therefore, choosing the best insurance seems very confusing. Investing in a wrong and fraudulent company will result in loss of premiums paid along with non-payments of assured amounts at the time of claims.
Below Is a List of IRDA Ranking of Insurance Companies in India 2019.
The list has been designed based on the (CSR) claim settlement ratio of the last year.
- Life Insurance Corporation of India (LIC) – LIC is one of the most reliable and most excellent life insurance companies in the country. LIC was incorporated in the year 1956 and is one of the oldest life insurance companies. It is a government based company that present a comprehensive range of products like money back plans, pension plans, children plans, special plans, Endowment plans, unit-linked plans, group schemes, term assurance plans, etc. All these products have been designed to suit the needs of various individuals. The company has 2048 branches along with employees above 11,50,000 and an asset value of approx US$240.The company is ranked first based on the consistent (CSR) claim settlement ratio of about 98% in the IRDA insurance company ranking.
- ICICI Prudential Life Insurance – ICICI Prudential is the one among the various private insurance companies in this arena that has a very good reputation. The company presents a collection of products that are designed in a customized way to suit several requirements of the customers. It is the first Indian company that received AAA ratings from Fitch. ICICI Prudential Wealth Builder II was termed as one of the most popular product in the last financial year. The company is ranked second in the list of top 10 life insurance companies in India 2019 based on the excellent (CSR) of 96%.
- SBI Life Insurance – SBI Life Insurance Company is a joint venture between the leading bank of the nation and BNP Paribas, Finance based company of France i.e. one of the leading private sector and the third most reliable insurance company of India. The company offers multiple ranges of life insurance products like SBI Life Shubh Nivesh and SBI Life Saral Pension. These are some of the most popular plans presented by the company. The company has expanded to 60 round the clock branches and about 1500 SBI branches. The overall claim settlement ratio is more than 95% along with 20% of the market share i.e. remarkable.
- HDFC Standard Life Insurance – The HDFC Standard Life Insurance is ranked as one of the best insurance companies in the country. The two plans namely HDFC Click2 Invest and HDFC Click2 Protect Plus are the most demanded plans of the company. The company has expanded businesses to more than 1000 towns and cities all over the country. The company is famous for its strong claim settlement ratio above 97.62% of solving claim issues along with the first pension plan under the new IRDA system.
- Max Life Insurance – Max Life Insurance is one of the most excellent among the private insurance companies. It maintains a customer base through more than 200 branches and a customer base of approximately 3 Million. The Max Life Insurance offers a term plan which is the most renowned plan that offers a life cover of Rs. 1 Cr at Rs. 21/day. The company is also well-known for settling 100% customer complaints. In the year 2015, it won the award for resolving most of the customers claim. Along with 97% of claim settlement ratio, the company becomes a sought-after name in the list of top 10 life insurance companies in India, 2019.
By going through the above article one can know that how much a company is accurate about settling death claims in order to discover the top 10 insurance companies in India, 2019. The customers can contact Udta Paisa that offers best discounts and offers associated with insurance companies.