Top 5 Insurance Companies in India

Life is quite uncertain and unpredictable, we never know what the next moment has in store for us. Though we cannot see or control the future, we can for sure prepare for it. Insurance can be your rescue aid during mishaps. In return for a few payments, they can be your and your beloved’s financial security umbrella.

The most important thing when it comes to buying insurance is choosing the right company. Here’s a list of the top 5 insurance companies in India to help you select the best one for yourself:

1. TATA AIA

The most renowned and trusted insurance company in India is TATA AIA. TATA Sons and AIA group run the venture jointly with a 74% and 26% stake respectively. The company has high global recognition and has been awarded as the “General Insurer Claims Team of the Year” by Claims Awards Asia 2013. It serves both individuals and corporates

The company is striving to offer high-end insurance solutions and capitalize on the increasing opportunities present in the market. Offering a claim settlement ratio of 99.06%, there is no better insurance partner than TATA AIG.

2. Bajaj Allianz

Starting its operations in the year 2001, Bajaj Allianz is one of the most successful insurance companies in India. It is a joint venture between the world’s leading insurance company Allianz SE and Bajaj Finserv.

The company has been receiving the ICRA’s iAAA rating for 10 consecutive years. This proves the excellence offered by Bajaj. It provides hassle-free claim settlement processes with an impressive claim settlement ratio of 91.67% for general insurances and 95.01% for life insurances.

3. Aditya Birla 

a) Aditya Birla Sun Life Insurance Company

A joint undertaking between the two extremely successful multinational enterprises, Aditya Birla Group and Sun Life Financial, this company started its operations in January 2001. It is one of the most trustworthy and premium life insurance companies operating in India. Its products cover almost all walks of a customer’s life including health, wealth, retirement and pension, children’s future plans, and a lot more. With an extremely vast network of branches and agents, the company has managed to excel in its field. It offers a claim settlement ratio of 97.15%.

b) Aditya Birla Insurance Brokers Limited

A subsidiary of the leading Insurance brokers, Aditya Birla Capital, the company was initiated to simplify the general insurance services to people. With a product range covering individuals, families and business organizations, ABIBL provides the right and the most affordable protection to its customers. They have policies to cover all stages of life. It is the largest general insurance company in the private sector which operates in more than 35 countries across the world. Offering a claim settlement ratio of 96%, the company gives every reason for one to trust them.

4. Bharti AXA

It is one of the largest private insurance companies in India. It is a joint venture between Bharti enterprises and the French MNC, AXA group. The majority of shares of 51% are held by the Bharati group.

The only objective of the company is to fulfill the financial requirements of an individual in times of need, in the best possible manner. It accomplishes that by offering a wide range of insurance products. It offers plans covering protection, savings, investments, health, assets, and family.

The company has operations in more than 200 cities in India. It is the first company to receive dual recognition, ISO 9001:2008 and ISO 27001:2005 within one year of its operation. It offers an excellent claim settlement ratio of 94.7% making it a reliable insurance partner.

5. Life Insurance Corporation of India (LIC)

LIC offers a multitude of life insurance products. Fulfilling its objective to offer satisfaction and convenience to its customers, LIC is recognized in every nook and corner of the nation.

With offices and intermediaries across the length and breadth of the country, LIC is a dominant player in the insurance industry with a huge customer base. It offers excellent digital customer assistance and services ensuring easy processing, hassle-free settlements, and quick grievance management to its clients.

It has been recognized and awarded for its quality and standards. LIC is consistently being chosen as India’s most trusted brand in the BFSI category for providing end-to-end services pan India. It has won the ‘Best Life Insurance Company of the Year’ and ‘Most Preferred Life Insurance Company of the Year’ awards for offering an excellent claim settlement ratio, standing by its commitments to offer nothing but the best.

Choose your insurance partner wisely, as you’re trusting them for safeguarding your and your family’s future.