5 Leading Life Insurers in India and Their Best Features

Life insurance purchase is a crucial decision to make, considering the uncertainties of life. Unfortunate events like critical illness, death, or accident of the bread earner of a family can out the rest of their family in a grave financial situation. Maintaining the living standard of each person in the family, including children’s education, becomes a complicated process which may have adverse consequences. Life insurance acts as a safeguard against such situations.

There are many companies in India offering life insurance as per the needs of its customers. Life insurance policy from major players such as Max Life Insurance of the segments typically covers death benefits, critical illness, and other add-ons, with a sum assured. The lumpsum amount or sum assured is given to the beneficiary or family upon the uncertain demise of the policyholder.

Significant companies providing life insurance in India are:

Life Insurance Corporation of India (LIC)

LIC was founded in 1956, making it the oldest company in the insurance sector of India. The government owns LIC. The company offers various financial plans for its customers, such as life insurance, pension plans, child insurance plans, ULIP, and more. The company operates all over the country. LIC achieved a claim-settlement ration of 98.04% for FY 2017-18.

Key features of LIC Jeevan Pragati Plan are:

All types of death including accidental death are covered

No add-on or rider options available

Covers upto 75 years age of the policyholder

Max Life Insurance

Max Life Insurance has a strong record of over 15 years of its service. The company offers the most comprehensive plans to its customers with a multi-channel distribution partner. Apart from life insurance plans, Max Life Insurance also provides savings and retirement schemes to its customers covering all primary insurance and investment needs. The company achieved a claim-settlement ratio of 98.74% for FY 2018-19.

Key features of Max Life Insurance Online Term Plan Plus are:

Lumpsum and monthly income payout option

Add-on or rider options available to maximize policy benefits

Opportunity to increase the sum assured at specific milestones

Coverage upto 85 years of the policyholder

Availability to NRIs of selected countries

ICICI Prudential

Established in 2001, ICICI Prudential has established itself in the segment of insurance, investment, and savings plans. It is the first company to get listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The company achieved a claim-settlement ratio of 97.88% for FY 2017-18.

Key features of ICICI Prudential iProtect Smart plan are:

Lumpsum and options to choose payout as fixed monthly income and increasing monthly income

Terminal illness benefit

Add-on or rider option available with accidental benefits

SBI Life Insurance

Established in 2001, SBI Life Insurance holds 6.12% of the market in the private sector. The company offers an affordable range of products in the segment of life insurance and pension plans. For FY 2017-18, SBI Life Insurance achieved a claim-settlement ration of 95.2%. It offers plans like ULIP, child insurance, pension, and more.

Key features of SBI Life eShield are:

Lumpsum with an option of monthly increasing income payout

Terminal illness benefit

Discounts on premium for non-smokers

TATA AIA Life Insurance

TATA AIA Insurance was established in 2001 to offer an extensive range of investment and life insurance plans for people, associations, and corporate insurance buyers. The company provides various plans like child insurance, group plans, health insurance, wealth plans, and more.

Key feature of TATA AIA Sampoorna Raksha plan are:

Lumpsum with an option to choose various payout methods

Life cover upto 85 years of age

Rider option available

Lower premium rates for female lives and standard rates for a non-smoker

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