Top Insurance Companies in India for Different Sectors

An insurance company is a financial intermediary that sells insurance products to the businesses and the individual. And it offers a variety of insurance products like life, health, property and casualty coverage. Also, being one of the top finance companies in India in the industry, insurance companies provide financial protection against risks. Here we will explore top insurance companies in India and some points that you should know before choosing the best insurance company.

What is the Importance of Selecting the Right Insurance Company in India?

It is important that the insurance company that you choose for your needs is the right fit for your requirements. There are various types of insurance that a person can look for including life insurance, health insurance, home insurance, etc. And since there is a vast pool of companies, you might get confused and worrisome for choosing the right company. There may be various concerns upon how authentic the plan is. Finding the best insurance company in India has another concern which entails if your loved ones will get the money after you. Or if your health expenses will actually be covered as per the insurance policy.

What Criteria Should be Followed While Evaluating the Top Insurance Companies?

The major points to consider while choosing an insurance company includes:

Claim Settlement Ratio: This is the number of insurance claims that the insurance company has settled out of the total number of claims that they have received. IRDAI provides and updates this ratio on an annual basis. While choosing an insurance company, you should consider this metric and move further with making a choice. If a company has a claim settlement ratio above than 99%, it is considered to be a good ratio.

Solvency Ratio: It determines the capability of the best insurance company in India for claim settlement that they have received during a specific time-period. The assets and liabilities are compared along with the company’s earnings. The investors as well as the insurers check the solvency ratio to assess how sustainable and marketable the insurance company is.

Customer Service: Check the reviews that the insurance company has received. People usually leave their feedback about the customer service received by a company on various review websites. Go through them as these reviews speak for themselves about the company’s reputation.

Products Offered: A company is counted among the top insurance companies in India when it offers a wide-range of products to the customers. Typically, a company will extend their product range when their single product is being appreciated in the market. It is  smart to choose a company that offers a wide-range of good products.

Financial reputation 

Basically, financial reputation builds genuine trust. Trust from employees, clients, investors and shareholders is essential for survival. Also, it manages a secure lifelong customer.

Listing the Top Life Insurance Companies in India

LIC Life Insurance

LIC stands for Life insurance corporation of India. It is an Indian multinational public sector life insurance company. It is the largest insurance company in India owned by the government of India. It was established on 1st September 1956 by the government of India. Siddartha Muhanty is the current CEO of the Life Insurance Company. Current claim settlement ratio of this company is 98.71%. And the complaint volume is 10.5, amount settlement ratio is 95.1%. Average Annual Business (in crores) is Rs.205,137.

Key Features:

• Endowment Plans for growing your money
• Whole Life Plans for paying a benefit over the death of the insured
• Money Back Plans for financial protection and investment returns
• Term Assurance Plans for a specific period of time
• Riders for additional coverage and protection against risks

Max Life Insurance Co. Ltd

The owner of the Max Life Insurance is Axis Bank and the Max Group. It was founded by Analjit Singh on 11th July 2000. And the current COE of this insurance company is Prashant Tripathy. Claim settlement ratio of this company is 99.40%, annual amount settlement ratio is 95.5, complaint volume is 7.0 and Average Annual Business (in crores) is Rs. 7,897. It is a leading life insurance provider in India and its headquarter is in New Delhi. Max Life Insurance company is the largest non-bank private sector life insurer.

Key Features:

• Monthly income for 10 years guaranteed
• Get double of the monthly income for the second half payout period
• Conversion of monthly income into a lumpsum amount
• Option to choose 6 years or 12 years plan for paying your premiums

Aditya Birla Sun Life insurance Co. Ltd

Mr. Kumar Mangalam is the current chairman of the Aditya Birla sun Life insurance, an Indian multinational company. It has a strong financial reputation in the market in today's world. Seth shiv Narayan founded the Birla Group in 1857 in Rajasthan. And its headquarter is in Mumbai. The claim settlement ratio of this company is 98.08%, complaint volume is 2.3, amount settlement ratio is 93.9 and Average Annual Business (in crores) is 5,967.

Key Features: 

• Death benefit to be paid as a lump sum amount in case the insured loses their life during the period
• Accidental health benefit rider can be added at nominal charge
• Pay the premium in single or regular payments
• Cancel the single pay plan before maturity
• Pay the premiums on annual, semi-annual, or monthly basis

Kotak Mahindra Life Insurance Co. Ltd

Kotak Mahindra Life Insurance is a private sector insurance company in India. Mr. G Murlidhar is the founder of this insurance company and Uday Kotak is the founder and director of the bank. The claim settlement ratio of Kotak Mahindra Life Insurance is 98.61%, complaint volume is 5.8, amount settlement ratio is 93.1 and Average Annual Business (in crores) is RS. 6,356.

Key Features: 

• High level of protection provided at nominal charges
• Preferred rates for females
• Conversion to any other plan is possible
• Payment of premium yearly, half-yearly, quarterly, or monthly
• Additional riders for illness benefit, death benefit, permanent disability benefit

HDFC Life Insurance Co. Ltd

HDFC Life Insurance company is the long-term life insurance provider in India. Vibha Padalkar is the CEO of this company and it was established in 2000. HDFC bank and housing development finance corporation is the parent organization of HDFC life insurance company. The claim settlement ratio of HDFC Life Insurance is 98.69%, complaint volume is 2.7, amount settlement ratio is 87.3 and Average Annual Business (in crores) is RS. 24,315

Key Features:

• Conventional riders for premiums, disability, accidental disability, critical illness
• Convention plans immediate annuity, life protection, systematic pension plan
• Plans available for life pension guarantee, legacy, systematic retirement, super income
• Unit linked plans for retirement and investment

Best Health Insurance Companies in India Listed on ClipsTrust

Tata AIG MediCare

It is one of the best health insurance companies in India. Venkatachalam Iyer is the CEO of Tata AIG MediCare. It was established on 1st of April 2001, 23 years ago and has recorded the claim settlement ratio at 98.53%. Moreover, the complaint volume is 1, amount settlement ratio is 92.7, and Average Annual Business (in crores) is 6,014. The company is headquartered in Mumbai, India.

Key Features:

• In-patient hospitalization covers cost of injuries and illness
• Medical costs incurred 60 days before hospitalization covered
• All costs incurred 90 days after hospitalization covered
• Medical expenses including various day care procedures and surgeries
• Cost of medical care availed at home
• Medical and surgical cost for pledging and organ

ICICI Lombard General

ICICI Lombard General is promoted by ICICI bank limited and it was founded in 2000 by the board of directors of ICICI bank. The health insurance company is headquartered in Mumbai, India. This company has reached a ratio of 97.09% for claim settlement with a complaint volume of 14.3. Talking about the amount settlement ratio, it is 92.1 and the Average Annual Business (in crores) is RS. 15,380.

Key Features: 

• Foreign nationals can purchase the policy if self-proposed
• Medical treatment or surgical procedure under 24 hours covered
• Illness, disease, injury taken care of at home can be covered
• Medical expenses for surgeries of the insured being an organ donor
• Ayurvedic treatments are also covered

Star Health & Allied Insurance

This is one of the top health insurance companies in India that was co-founded as a join enterprise in 2006 with Allied Insurance. This company has network of over 14,000 hospitals and has a claim settlement ratio of 99.21%.

Key Features:

• Hospitalization expenses for critical illnesses and medical check-ups included
• Covering up maternity expenses with ambulance charges included
• Tailored to meet your diverse needs
• Comprehensive Insurance plan for senior citizens and health benefits

Care Health Insurance

A leading healthcare company in India, Care Health Insurance, formerly known as Religare Health Insurance offers a wide-range of health insurance policies for individuals and families. This company was established as a subsidiary of Religare Health Insurance in 2012 and renamed in August 2020.

Key Features:

• Offers supreme care plan to individuals and families
• Accidental death coverage with 100% sum insured
• Permanent total disablement covered with 100% sum insured
• Additional payout for permanent total disablement improvement
• Coverage for PTD or death while travelling in a common carrier with valid ticket

Niva Bupa Health Insurance

Another included health care insurance company in India list is Niva Bupa which was earlier known as Max Bupa Health Insurance Company Limited. It offers various insurance plans for not only individuals and families but senior citizens as well.

Key Features: 

• Comprehensive medical coverage options to the customers with various benefits
• No limit on the room rent to get treated at any hospital of your choice
• ReAssure+, M-iracle benefit, Booster+, lock the clock benefit, etc. provided

Comparison of the Insurance Companies Listed Above on Some Grounds

Life Insurance Companies

Policy Options

• LIC Life Insurance India: 29 types of policies ae provided by LIC with various modifications
• Max Life Insurance: More than 15 life insurance policies offered
• Aditya Birla Sun Life Insurance: About 8 groups of policies provided
• Kotak Mahindra Life Insurance: 5 types of life insurance policies available
• HDFC Life Insurance: 7 types of insurance plans with more policies included

Premium Rates

• LIC Life Insurance India: Depending upon the mode, minimum premium is Rs. 3000/-
• Max Life Insurance: Starting at Rs. 527/month for 1 Crore life cover
• Aditya Birla Sun Life Insurance: For 1 Crore life cover is Rs. 542/month
• Kotak Mahindra Life Insurance: Minimum annual premium starts at Rs. 30,000/-
• HDFC Life Insurance: The premium rates start at just Rs. 84/day

Additional Benefits

• LIC Life Insurance India: Offers bonuses, loan facilities, and a wide range of policy options.
• Max Life Insurance: Provides riders for critical illness, accidental death, and waiver of premium.
• Aditya Birla Sun Life Insurance: Features wellness programs, health check-ups, and chronic care management.
• Kotak Mahindra Life Insurance: Offers riders for accidental death, disability, and critical illness.
• HDFC Life Insurance: Provides benefits like accidental death benefit, critical illness cover, and waiver of premium.

Health Insurance Companies

Policy Options

• Tata AIG MediCare: Offers comprehensive health plans with coverage for hospitalization, pre-hospitalization and post-hospitalization.
• ICICI Lombard General: Provides health insurance plans with wellness programs, preventive healthcare, and cashless hospitalization.
• Star Health & Allied Insurance: Offers a range of health plans including family floater, senior citizen, and disease-specific policies.
• Care Health Insurance: Provides customizable health insurance plans with options for critical illness cover and international treatment.
• Niva Bupa Health Insurance: Offers plans with features like no room rent capping, direct claim settlement, and coverage for modern treatments.

Premium Rates

• Tata AIG MediCare: Premiums start at approximately ?5,000 annually for a sum insured of ?5 lakh.
• ICICI Lombard General: Premiums begin around ?13,000 per annum for a ?10 lakh sum insured.
• Star Health & Allied Insurance: Premiums start at ?9,000 annually for a family floater plan.
• Care Health Insurance: Premiums start at ?12,500 for a ?10 lakh sum insured.
• Niva Bupa Health Insurance: Premiums start at ?5,116 for a sum insured of ?3 lakh.

Additional Benefits

• Tata AIG MediCare: Covers daycare procedures, domiciliary treatment, and offers a restore benefit.
• ICICI Lombard General: Includes wellness programs, discounts on renewals, and 24/7 health assistance services.
• Star Health & Allied Insurance: Provides automatic restoration of sum insured, coverage for AYUSH treatments, and no pre-acceptance medical screening.
• Care Health Insurance: Offers annual health check-ups, no-claim bonuses, and critical illness riders.
• Niva Bupa Health Insurance: Provides direct claim settlement, no room rent capping, and coverage for modern treatments.

How to Choose the Right Insurance Company in India That Fits your Needs?

Choosing the right insurance company as listed on ClipsTrust is genuinely a hard task because for that there are several criteria and it is a crucial decision. Because the insurance provider that you will choose plays a significant role in safeguarding you and your family. And the factors are:

• Annual Premiums Received:- If an insurance company has a lot of claims, it means that people trust the insurer. The annual premiums number decide the market reputation and trustworthiness of the top insurance company in India. Having an increased number of annual premiums mean that the company is doing good and it sounds good for the customers as well.

• Premium Flexibility:- Choose a plan that offers you with flexible options to pay the premium. This is important for a lot of people so that they don’t feel burdened by the financial load that they have to pay when they cannot afford it.

• Claim Settlement Process:-Claim settlement process should be an easy and understandable process because in this process first of all claims investigation begins then your policy will be reviewed and so and this is the most common factor that we should keep in mind while choosing the top insurance company in India. 

• Customer Service & Support:-Customer Support is an essential feature for every insurance company and here are some key aspects of effective customer Support, 24/7 availability, FAQ sections, quick response times, multiple contact channels, knowledgeable staff and user feedback.

• TransparencyIn this field transparency is must because every person wants to know how the process is going on and when it will finish and what steps should be taken. As of now, the best insurance providers in India   provide full transparency among their customers.

Some of the Recent Developments in the Indian Insurance Industry

• Merger and Acquisitions:-The insurance broking platforms can be facilitated by a merger and acquisition plan which increases the valuation of these entities in the market. According to the recent stats, an NYSE-listed companies which is a leading global professional services firm has acquired an Indian insurance broker. This broker was registered with the IRDAI - Insurance Regulatory and Development Authority of India which is now owned by the global services firm. It will formally be merged with a whole different insurance broker, also Indian, and also owned by the same firm. The completion of the merger process is held with the NCLT - National Company Law Tribunal. With this merger and acquisition, the merger entity will become stronger and offer well-received products to the customers.

• Regulatory Changes:-The IRDAI - Insurance Regulatory Development and Authority of India has consolidated and implemented a few existing regulations and some new regulations have been introduced. This is done while keeping focus at the improvement of the efficiency of the insurance sector and to achieve the Insurance for All by 2047 objective. Moreover, with the introduction of new regulations, doing business becomes easier in this sector. The aim of these regulations also includes establishing a public platform digitally which is accessible to all the stakeholders. This will not only increase the coverage of social sectors but also rural sectors. Moreover, the corporate governance of insurers also gets robust frameworks which amplifies the ease of doing business.

• Technological Advancements:-There are various new models and personalized products that are available at these insurance companies. Flexible coverage options are not the only factor that attract users, but AI automation is also implemented. Robotic Process Automation and AI implemented and will soon take the center stage in the insurance sector. It is driven by better data processing capabilities, newer data channels, and advancements in AI algorithms.

Summarizing: Why Do We Need Insurance to Secure Life?

Basically, in today's world where money is the most important thing for all of us to survive. So, here insurance can help to protect you and your family from financial burdens. It provides financial stability for supporting your family in unexpected events and it also provides personal economic growth and a long-term wealth. There are several insurance companies in India so we should take care of different factors while choosing the best insurance company. And in this evolving world the demand of insurance companies goes up day by day. Because it provides strong financial strength to all individuals as well as businesses. Also Digital marketing companies in India is very crucial for helping insurance companies to reach their targeted audience and enhance customer engagement.

Frequently Asked Questions Are

Q1. Who are the top 3 insurance companies in India?

Ans. There are various companies that are considered to be the best but the most famously known companies are: 

1. Life insurance company  

2. Max life insurance 

3. HDFC life insurance 

Q2. Why should I buy Life Insurance?

Ans. Because, it provides financial stability at our worst time.

Q3. Which insurance company is best for me?

Ans. Here all insurance company is best, there are several criteria through which you can select the insurance company as per your preference or interest.

Q4. What are the grounds for comparing different insurance companies?

Ans. There are various factors that can help you compare various insurance companies that include the types of plans, insurance coverage provided, insurance premium, claim settlement ratio, reputation, and other factors.

Q5. Why should I pick a good insurer?

Ans. It is important to pick a good insurer so that even in your absence, your family members are well-protected providing you a stress-free life.