7 Best Life Insurance Companies in India For 2016
Insurance serves as a practical means of protecting any kind of financial loss. Therefore, insurance is defined as a form of risk management that is primarily used as a hedge against any uncertain loss or contingent. The entity which provides you insurance, is recognized as an insurance company, or the insurer or the insurance carrier. In India, there are different types of insurance companies that offer comprehensive insurance plans involving various features and benefits.
List of Best Insurance Companies in India of the year 2016
Bajaj Allianz Life Insurance
The company is a joint venture between Allianze SE and Bajaj Finserv Limited.
Key highlights- You can get life cover under this policy at 18*/day. The claim settlement ratio was 01.85% between 2014 and 2015. As per records, Bajaj settled almost 98.61% grievances for years 2014 and 2015.
Eligibility- The minimum eligible age of the policyholder should be 18 years and the maximum age should be 60 years. The policy buyer should be engaged in a profession, or be self-employed or own his business or be a professional.
Features- It comes with guaranteed bonus, special rates for any female policyholder, includes comprehensive coverage for death, premium payment frequency selection option, etc. The Sum Assured is 10 times the annual premium. The guaranteed maturity benefit is 1 lac.
Max Newyork Life Insurance
The company is an amalgamation between Mitsui Sumitomo Insurance Co. Ltd., and Max Financial Services Ltd.
Key highlights- The policy comes with 1 crore life cover at 21*/day. The claim settlement ratio was 96.03% for the year 2014-2015. Grievances resolved have been approx 99.98% as of 2014-2015.
Eligibility- The minnimum age of the policyholder should be 18 years and maximum age should be 60 years. You should be self-employed or salaried person or a professional or have a business.
Types of plans offered by Max- Max Life Savings Plans, Max Life Growth/ULIP Plans, Max Group Plans, Max Life Child Plans, Max Life Retirement Plans, Max Life Online Term Plans,
Features- Premium payment modes are phone/online payments, auto debit facilities, other modes. The add-ons for the policy include max life comprehensive accident benefit rider, monthly income term plan and increasing monthly income term plan.
Birla Sun Life Insurance
Birla Sun life is a joint venture between two insurance companies Sun Life Financial Inc. and Aditya Birla Group.
Key highlights- The claim settlement ratio was 95.30% as of ’14 and ’15. The grievances settled was 99.95% for ’14-’15.
Eligibility- Mininimum age of the policyholder should be 18 years and the maximum age should be less than 56 years. He should be a salaried person or a professional or self-employed.
Types of plans offered by Birla- Birla Sun Life Pension Plans, Birla Sun Life Insurance Protection Plan, Birla Sun Life Rural plans, Birla Sun Life Investment Plans, Birla Sun Life Insurance Child Plans, etc.
Features- The claim amount of the policy is payable to assignee, nominee, appointee of the policy. When the policy has acquired surrender value, the policyholder can take a loan.
PNB Metlife Insurance
Being an associate of the Punjab National Bank, the company is one of the major insurance companies in India.
Key highlights- It offers 1 crore life cover at 14*/day. The claim settlement ration is 92.86% for 2014-2015. The record for grievances solved was 99.85% as of 2014-2015.
Eligibility- The minimum age of policyholder should be 18 years , and the maxinum age should be less than 65 years. The person should have earnings.
Types of plans offered by the company- PNB MetLife Protection Plan, PNB MetLife Monthly Income Plan, PNB MetLife MoneyBack Plans, PNB MetLife ULIP Plans, PNB MetLife Child Plans, etc.
Features- PNB offers retirement plans, protection plans, monthly income plans, child plans, investment plans, savings plan, health plans, etc.
TATA AIA Life Insurance
It is a joint ventured formed between AIA Group and Tata Sons.
Key Highlights- The minimum eligibility age should be 18 years and the max age should be less than 70 years. The policy buyer should be a professional/salaried/self-employed or own his business.
Eligibility- The policy has a maximum tenure of 40 years, while the minimum sum assured is Rs. 5 lakh, the maximum sum assured has no limit. If the policyholder commits suicide within first 12 months of buying the policy, the plan is dismissed.
Types of plans offered- TATA AIA Life Insurance Protection Plan, Tata AIA Life Insurance Savings Plans, Tata AIA Life Insurance Wealth Solutions, Tata AIA Life Insurance Group Insurance Plans, etc.
Bharti AXA Life Insurance
The business is a joint venture between AXA and conglomerate Bharti Enterprises.
Key Highlights- The plan offers 1 crore cover with pay at 17*/day. The claim settlement ratio was 80.90% for 2014-2015. Grievances resolved percentage was approx. 93.80% for 2014-2015.
Eligibility- To be eligible the minimum age of the policyholder should be 18 years and max age should be less than 65 years. The person should be salaried or self employed or own a business.
Features- The policy has a maximum tenure of 65 years. While the minimum sum assured is Rs. 25 lakhs and the max sum assured has no limit. If the policyholder commits suicide within 12 months of buying the policy, it gets dismissed. The process of making claims includes registering your claim with the website, submitting your documents, tracking your claims and receiving benefits.
Types of plans offered- Bharti AXA Life Protection Plans, Bharti AXA Life Investment Plans, Bharti AXA Life Group Plans, etc.
Canara HSBC OBC Life Insurance
Launched in 2008, this company was the outcome of joint venture between HSBC Insurance, Canara Bank, Oriental Bank of Commerce. The types of plans include ULIP Plans, Traditional Plans, Protection Plans, Group Plans, etc.
The claim process is simple. You will have to inform the company by providing a death claim form with a duly attested address proof and photo ID. After receiving your form, your claim is registered with the company. You may receive a quick call-back for claim guidance. Once your claim is registered, you will get a prompt supply of Fund Value amount. The company will process your request, but if any clarification is required it is resolved first. Also, documents are verified to make sure that the claims you make are perfectly right.
The abovementioned company names rank in the best List of Insurance Companies in India. An overview of the companies as mentioned in the discussion will help you understand which should be your ideal choice.