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IRDA Ranking of Insurance Companies in India 2020-2021

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 2020-2021 such types of lists can be very helpful. The current statistics show that there are nearly 24 life insurance companies in India. 

Therefore, choosing the best insurance seems very confusing. Investing in a wrong and fraudulent life insurance policy is not the right decision that you will make. It will result in loss of premiums paid along with non-payments of assured amounts at the time of claims. The below article will help you in identifying the best insurance companies in India. Also, in the end, you will find out how life insurance companies benefit you. 

Below Is a List of IRDA Ranking of Insurance Companies in India 2020-2021.

Based on the (CSR) claim settlement ratio of the last year, the list of IRDA Ranking of Insurance Companies in India 2020-2021 offering life insurance policy is : 

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 renowned term plan that offers a life cover of Rs. 1 Cr at Rs. 21/day. The company is also well-known for settling 100% of customer complaints. In the year 2015, it won the award for resolving most of the customer’s claim. Along with 97% of the claim settlement ratio, the company becomes a sought-after name in the list of top 10 life insurance companies in India, 2019.

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 presents a comprehensive range of life insurance policy. 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 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 one of the various private insurance companies in this arena that has a very good reputation. The company presents a collection of products 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 products in the last financial year. The company is ranked second in the list of top 10 life insurance companies in India 2020 based on the excellent (CSR) of 96%.

HDFC Standard Life Insurance

As reviewed by people, The HDFC Standard Life Insurance is one of the best insurance policy 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%. Because it solves claim issues along with the first pension plan under the new IRDA system.

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 sectors 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 as the company says. 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.

Benefits of Life Insurance Policy

Ignoring the idea of having a life insurance plan is wrong on your part. Keeping you secured is what a life insurance policy does for you. After all, financial security and protection is what an individual desire. Life insurance companies can save you always with the benefits of the life insurance policy listed below: 

Life Risk Cover 

Insurance companies offer you high life risk cover to keep and your family in protection if you face any sudden mishappening. 

Benefit After the Death of Insured Person 

In any case of death, the insurer pays you the entire amount which is the sum assured plus the bonus to the deprived family. 

Return on Investment 

Compared to the other investment options available, the life insurance policy offers you bonuses like nobody else. The money that you invest in the life insurance policy brings you good returns. Later, you get the full amount as a sum either after the demise of the insured or as the plan ends. Thus, a life insurance policy acts as a safety for you that brings you the return on investment. 

Easy Life Stage Planning 

Life insurance policy does not only offer you security when the insured person is not with you but also, helps you in planning your life effectively. You can easily plan your child’s education to marriage, building a home, or planning your retired life. 

Key Takeaway

To minimize the unfortunate risks in your life, a life insurance policy is a necessity. The life insurance policy is something that needs to be purchased with having no other choice. After all, life is precious, and to reduce the on-point stress, you need to make good decisions for yourself and your family. We sorted the above list of IRDA rankings of insurance companies in India that could suit your need. Also, for the best offers with insurance companies, Udta Paisa will act as a good supporter.