Best life insurance companies in India


How can you decide which life insurance is the best? There are multiple parameters that must be considered while choosing a life insurance product. But Claims to Settlement ratio is one of most important factors that must be taken into the account. Claim settlement ratio is calculated as number of claims processed and settled against the number of claims submitted.

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Top 10 Life Insurance providers In India

IRDA Insurance Regulatory Development Authority (IRDA) releases a detailed report about the claim settlement ratios for all insurance companies in India. and based on the report for 2018-19 the top 10 life insurance companies are:

Life Insurance Company
Claim settlement ratio
Number of claims received
Tata AIA  
99.07%
2700
HDFC Life
99.04%
12946
Max Life
98.74%
15087
ICICI Life
98.58%
10826
LIC
97.79%
750950
Reliance Nippon
97.71%
8371
Kotak Life
97.4%
3038
Bharti Axa Life
97.28%
1065
Aditya Birla Sunlife
97.15%
5260
Exide Life
97.03%
3335

Market share of insurance providers in India

On the basis of total premium paid, LIC of India has the largest market shares in India. Its 66.42% for 2018-19, against the total market share of 33.58% for all the other private insurers included altogether.
Its also interesting to know that out of 286.48 lakh new individual policies, LIC has issued 214.04 lakh policies and all the other private life insurers issued 72.44 lakh policies.
Which clearly shows the life insurance market is majorly dominated by LIC of India.

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