Life Insurance is an important investment that you’ll have to make to ensure that at the time of need your finances are taken care of.
Life insurance provides our family with the required funds in case we suddenly die. This protects a family from any kind of liability or financial burden in our absence.
You can buy life insurance by paying fairly small premium payments and receive huge benefits out of it.
In this article, we will provide you with a list of life insurance companies in India which you can purchase your insurance from, types of life insurance, and much more.
But first, let’s find out what is Life Insurance.
Table of Contents
What is Life Insurance?
Life Insurance is an insurance policy that enables the policyholder to secure his/her future by enacting a contract between him/her and the insurance company.
The policy dictates that in case of the death of the policyholder, the family of the policyholder or nominee will receive a Sum Assured on death by the insurance company. For this service, the policyholder will pay a premium amount every month.
Types of Life Insurance
There are additional benefits of life insurance as well depending on the contract and policy type. There are different types of life insurance and each of them has different benefits and facilities, which are as follows-
Term Insurance Plans
Term Insurance Plans are those plans that do not have any maturity benefits but comes with lower premium and high dead cover. This is one of the best insurance schemes that allows the policyholder to secure his/her family’s future and protect them financially by just paying some amount every month.
ULIPs – Unit Linked Insurance Plans
A linked Insurance Plan is a life insurance plan that not only provides insurance security but also provides market-linked maturity benefits.
It is a blend of insurance and investment as your premiums are invested in the financial market to read the benefits of the booming economy.
You can receive a higher return in this type of scheme especially when it comes to the growing economy like India. You can tweak your risk and play safe or risky depending on your assessment of the financial market.
As your ULIP policy performs, your sum assured will be determined and you’ll receive the Maturity or death benefit based on that.
Endowment Insurance Plans
You get life coverage along with savings in this type of insurance scheme. If the policyholder dies then a sum assured will be provided to the family and if the policyholder survives then the maturity amount is provided. It is a low-risk investment option suitable for long-term financial goals and guaranteed returns upon completion of the policy.
Money Back Insurance Plans
As the name suggests, you get money as a periodic payout during the policy tenure. It is a combination of savings and protection that you enjoy during the policy tenure. You can plan various types of essential purchases like a home, the marriage of children, etc. by carefully aligning the pay-outs.
Whole Life Insurance Plans
It is a lifelong insurance protection plan and the premium that you have to pay is throughout the policyholder’s life. It accumulates cash value over time and provides death benefits to the beneficiaries. This can be a good insurance policy for long-term wealth generation for your family even after your death.
Child Insurance Plans
It is an insurance plan that provides financial security for the children’s future along with maturity benefits when the child reaches a certain age. You’ll also get financial support for education and other expenses. In case of policyholder demise, the child receives the sum assured which helps the child in following his/her life journey seamlessly.
Retirement Insurance Plans
As the name suggests, Retirement Insurance Plans focus on building a retirement corpus for the individual. Here you’ll have to make regular premium payments or a lump sum payment towards the insurance plans. After your retirement, you’ll get a regular pension into your bank account which ensures financial freedom and your post-retirement needs.
List of Life Insurance Companies in India
The following is the list of companies providing life insurance in India-
|Sl.No||Name||Regn. No||Head Office Address|
|1||Life Insurance Corporation of India||512||Yogakshema, Jeevan Bima Marg, Post Box No. 19953, Mumbai – 400 021|
|2||HDFC Life Insurance Co. Ltd||101||13th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Road, Mahalaxmi, Mumbai 400 011, Maharashtra|
|3||Max Life Insurance Co. Ltd.||104||3rd, 11th, 12th Floor, DLF Square Building, Jacaranda Marg, DLF City, Phase – II, Gurgaon – 122002, Haryana|
|4||ICICI Prudential Life Insurance Co. Ltd,||105||ICICI Prulife Towers,1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025|
|5||Kotak Mahindra Life Insurance Co. Ltd.||107||7th Floor, Kotak Infiniti, Building No.21, Infinity Park, Off Western Express Highway, General AK Vaidya Marg, Malad (East), Mumbai – 400 097|
|6||Aditya Birla SunLife Insurance Co. Ltd.||109||One India Bulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai-400013.|
|7||TATA AIA Life Insurance Co. Ltd.||110||14th Floor, Tower A, Peninsula Business Park Lower Parel, Senapati Bapat Marg, Mumbai – 400013|
|8||SBI Life Insurance Co. Ltd.||111||“Natraj”, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai 400069|
|9||Bajaj Allianz Life Insurance Co. Ltd.||116||Bajaj Allianz House, Airport Road,Yerawada,Pune – 411 006|
|10||PNB MetLife India Insurance Co. Ltd,||117||Unit No. 101, 1st Floor, Techniplex-1, Techniplex Complex, Veer Savarkar Flyover, Off S V Road Goregaon (West), Maharashtra- 400062.|
|11||Reliance Nippon Life Insurance Company Limited,||121||Reliance Centre, Off Western Express Highway, Santacruz East, Mumbai – 4000 055.|
|12||Aviva Life Insurance Company India Ltd.||122||Aviva Tower, Sector Road, Opposite Golf Course, DLF-Phase V, Sector 43, Gurgaon 122003|
|13||Sahara India Life Insurance Co. Ltd.||127||Sahara India Centre,1, Kapoorthala Complex, Aliganj, Lucknow – 226 024|
|14||Shriram Life Insurance Co. Ltd.||128||Ramki Selenium, Plot No:31 & 32, Beside Andhra Bank Training Centre, Financial District, Gachibowli, Hyderabad – 500032.|
|15||Bharti AXA Life Insurance Company Ltd,||130||Unit no:1904,19th Floor, Parinee Crescenzo, ‘G’ Block, Bandra Kurla Complex, BKC Road, Behind MCA Ground, Bandra East, Mumbai – 400051|
|16||Future Generali India Life Insurance Company Limited,||133||Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai – 400 013|
|17||Ageas Federal Life Insurance Company Limited,||135||22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel – East, Mumbai – 400013|
|18||Canara HSBC Life Insurance Co. Ltd||136||Orchid Business Park, Second Floor, Sohna Road, Sector-48, Gurgaon 122 018, Haryana, India, Phone: +91 124 4535 5794|
|19||Aegon Life Insurance Company Limited,||138||Aegon Life Insurance Company Limited – A-201, 2nd Floor, Leela Business Park, Nr. Airport Road Metro Station, Andheri Kurla Road, Andheri (East), Mumbai – 400459|
|20||Pramerica Life Insurance Co. Ltd.||140||4th Floor, Tower B, Building No.9, DLF Cyber City, Phase-III, Gurgaon 122002|
|21||Star Union Dai-Ichi Life Insurance Co. Ltd.||142||11th Floor, Plot No:34,35 & 38, Vishwaroop IT Park, Sector-30A of IIP, Vashi, Navi Mumbai 400703|
|22||IndiaFirst Life Insurance Company Ltd.,||143||12th and 13th Floor, North [C] wing, Tower 4, NESCO IT Park, NESCO Centre, Western Express Highway, Goregaon (East), Mumbai – 400 063|
|23||Edelweiss Tokio Life Insurance Company Limited,||147||3rd & 4th Floor, Tower 3, Wing B, Kohinoor City, Kirol Road, Kurla (West), Mumbai -400070|
No, Life insurance only covers the death benefits meaning, if the policyholder dies within the tenure of the policy then the family of the policyholder will receive the Sum Assured on Death.
The Claim Settlement Ratio is a ratio that shows how much the claim is settled by the insurance companies within that year. It is calculated in percentage format and a good insurance company must have more than 95% of the claim settlement ratio. The higher the claim settlement ratio, the better the insurance company is for purchasing the insurance.
There are 24 life insurance companies in India.