1. Max Life Insurance
Max Life Insurance is a joint venture of Max financial services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Company offers comprehensive life insurance solutions to meet the long-term savings and protection to over 30 Lakh customers. It has a diversified distribution model, including agents, advisors, bancassurance, and other allied partners. Max Life has the highest claim settlement ratio of 98.74% in FY 2018-19.
2. Life Insurance Corporation of India (LIC)
Life Insurance Corporation (LIC) is the only public sector life insurance company offering a variety of life insurance products such as insurance plans, pension plans, unit-linked plans, special plans, and group schemes. LIC has secured over 250 million lives with its varying life insurance solutions. It has a claim settlement ratio of 97.79% in FY 2018-19.
3. Tata AIA Life
Tata AIA Life Insurance Company is a joint venture of Tata Group and AIA Group Ltd. The company commenced its insurance business in the year 2001 and since then, it is offering life insurance products such as protection, savings, and wealth solutions to individuals and corporate customers. Tata AIA has a wide distribution channel including agents, brokers, bancassurance, and direct channels. Tata AIA Life has a claim settlement ratio of 99.07% in FY 2018-19.
4. ICICI Prudential Life
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. ICICI Bank has 74% stakeholding and Prudential Plc holds a 26% stake in the joint venture. ICICI Prudential Life Insurance offers a wide range of products such as terms, health, ULIP, savings, and retirement plans to cater to the insurance needs of the customers. ICICI Prudential Life has a claim settlement ratio of 98.58% in FY 2018-19.
5. HDFC Life
HDFC Life Insurance Company is a result of a joint venture between Housing Development Finance Corporation Ltd and Standard Life plc. HDFC ltd owns 70.65% shareholding and the remaining 26% of shares are held by Standard Life. HDFC Life offers a range of life insurance products including term insurance, health cover, pension, child plans, saving, and investment plans. HDFC Life has a claim settlement ratio of 99.04% in FY 2018-19.
6. Bharti AXA Life
Bharti AXA Life Insurance is a joint venture between Bharti Group (India’s leading business group) and AXA Group (leader in insurance, investment & other financial services). Bharti holds 51% shareholding and AXA owns a 49% stake. Bharti AXA Life offers an innovative range of insurance products including protection plans, health, savings, investment plans, and many others. Bharti AXA Life has a claim settlement ratio of 97.28% in FY 2018-19.
7. Exide Life
Exide Life Insurance Company started the insurance business in the year 2001-02. The company is completely owned by Exide Industries Limited. Exide Life has multiple channels to distribute its insurance products via agents, brokers, bancassurance, direct channel, and online. The company has 200+ offices across the country along with 45,000+ advisors ensuring a wide reach to the customers. Exide Life has a claim settlement ratio of 97.03% in FY 2018-19.
8. SBI Life
SBI Life is a result of a joint venture between State Bank of India (largest banker in India) and BNP Paribas Cardiff (a leading global insurer). SBI holds the majority stake of 74% and PNB Paribas owns a 26% stake. SBI Life offers a multitude of individual and group insurance plans including protection, money back, child, investment, retirement, and savings plans. SBI Life has a claim settlement ratio of 95.o3% in FY 2018-19.
9. Pramerica Life
Pramerica Life Insurance Company comes into existence with a joint venture between Prudential International Insurance Holdings Ltd (a fully owned subsidiary of Prudential Financial). DPLI has 144 branches across India, 3143 employees, 4710.574 Crores Asset under Management, and more than 20 million lives secured as on 31st August 2019. Pramerica Life has a claim settlement ratio of 96.80% in FY 2018-19.
10. Aditya Birla Sun Life
Aditya Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group (a multinational conglomerate) and Sun Life Financial Inc (a renowned Canada-based international financial services company). The company commenced its insurance business in the year 2000. Aditya Birla Sun Life offers protection, wealth with protection, health, child cover, retirement, and savings plans. Aditya Birla Sun Life has a claim settlement ratio of 97.15% in FY 2018-19. Note: The insurance companies mentioned above are based on the high claim settlement ratio extracted from IRDAI Annual Report for FY 2018-19. to know all Life Insurance companies claim settlement Ratio for FY 2018-19
