Rating ⭐⭐⭐⭐⭐. 2,352 voted -Here we are giving Best life insurance companies in India: updated list 2022.
What is life insurance companies ?
A life insurance policy is something that provides a dedicated sum of money on the demise of the policyholder or after a certain period of time.
Life insurance is a contract wherein an individual is offered financial coverage by an insurance company in exchange for a payment over a period. The payment made to the insurer is referred to as the premium. In case the policyholder passes away during the policy tenure, the insurance company will offer a lump sum amount to his/her nominee. This lump sum amount is called the sum assured on death or the death benefit. Upon completion of the policy term, the policyholder receives a sum assured on maturity or the maturity benefit from the insurer along with some bonuses.
A pure protection plan, such as a term insurance policy, offers only the death benefit. However, there are several types of life insurance policies that offer savings in addition to protection. The savings can be in the form of a maturity benefit or bonus. Premiums paid and benefits received under life insurance are liable to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Here we are giving best life insurance policy and plan – insurance founder list of insurance companies & policy plan in india
Top 9 life insurance companies policy in india
Following is the list of top 7 life insurance companies in India:
1. max life insurance policy details and max life insurance term plan :
Max Life Insurance Company is amongst the top life insurance companies in India and it was founded in the year 2000. The aim of this life insurance company is majorly to offer adequate financial strength to its policyholders and for this reason, the insurance provider offers various types of life insurance policies including child insurance, long-term savings, protection, investment, and various other group solutions, etc. All of these insurance plans offered by Max Life are full of benefits and various essential features according to the needs of the individual.
Max Life Insurance Company with a claim settlement ratio of 98.26% is one of the leading insurance companies in India. It offers different types of insurance products ranging from protection plans to products offering the benefits of both protection and savings.max life insurance term plan
| Protection Plans | Growth Plan | Retirement Plans | |
| What does it offer? | Protection plan such as a term insurance plan, is the most basic type of life insurance where the focus is on the core proposition of insurance i.e. protection | A Growth plan, such as Child Plan, Savings Plan allows investment along with insurance cover | A Retirement plan offers a combination of protection and savings, helping you build a corpus for your retirement years |
| Who should you buy it? | Ideal to financially safeguard your family and protect them against long-term liabilities like home loans | Ideal to safeguard your family and create wealth for specific goals and milestones | Ideal to create long term savings, that can be withdrawn like monthly pension at retirement |
| How does it works? | You pay premiums, for a fixed no. of years, and in return, the insurance company offers you a life cover for that term | You pay premiums, for a fixed no. of years, and in return, the insurance company offers you a life cover and invests a significant part of the premium in funds. The returns can be availed either on maturity or at predetermined time intervals | You pay premiums, for a fixed no. of years, and in return, the insurance company offers you a life cover and invests a significant part of the premium in funds. The returns can be availed either on maturity or at predetermined time intervals |
| Types available | You can decide to opt for i) Simple lumpsum payout to cover immediate liabilities ii) Lumpsum + monthly income option to cover living expenses iii) Or lumpsum + increasing monthly income option to cover against inflation | You can choose from Growth plans, Savings plans, and Child plans based on your need | You can choose fCompared to a protection plan, these offer a smaller cover for the same premium. However, the focus is also on returns rom Immediate annuity plans, deferred annuity plans, etc |
| Core Benefit | A large sum of life cover for a cost-effective premium | Compared to a protection plan, these offer a smaller cover for the same premium. However, the focus is also on returns |
Benefits of max life insurance policy details :
Max Life Insurance not only offers a variety of plans and policies that can help in meeting the financial requirements of an extensive customer base, but it also has a quality distribution system in addition to multi-channel distribution partners.
2.hdfc life policy and hdfc life term plan
HDFC Life Insurance Company is a collaboration between Standard Life Aberdeen PLC and Housing Development Finance Corporation Limited. It began its operations in the year 2000 and has its headquarters located in Mumbai, Maharashtra. This company offers various types of life insurance plans to its customers such as protection plans, pension plans, women plans, child plans, health plans, etc. This life insurance company provides several insurance policies especially created for children and women. A policyholder can include additional riders to the plans in order to enhance the coverage. Moreover, the HDFC Life insurance company guarantees settlement of claims in a single day, taking into regards various terms and conditions so as to make the entire claim settlement process easier for the deprived.
HDFC Life Insurance with a claim settlement ratio of 97.62% is one of the most trusted insurance companies in India and is known to provide insurance products such as term insurance plans, ULIPs, women and children plans,savings and investment plans, etc.
Here we are giving best life insurance companies in India: updated list 2022
HDFC Standard Life Insurance Company Limited, or HDFC Life as it is more commonly called, is a merger between India’s largest housing finance company – HDFC Ltd., and a globally renowned long-term investment savings firm – Standard Life. At the moment, Standard Life holds 35% of the stake and HDFC Ltd. holds 61.63% of the stake in HDFC Life, and the remainder is held by other players.
3. Tata AIA Life Insurance Company
This life insurance company came into existence as a joint venture between AIA Group Ltd and Tata Sons Pvt Ltd. It is another popular life insurance company and was started in the year 2001. Tata AIA follows an entirely customer centric approach, and offers various life insurance plans to its policyholders in order to meet their future needs. Some of the main insurance products offered by them include wealth plans, savings plans, protection plans, etc.
4. Pramerica Life Insurance
Pramerica Life insurance company is formed as a result of joint efforts between the Prudential International Insurance Holdings Limited and Dewan Housing Finance Corporation Limited. They started with their operations in the life insurance segment in 2013. The insurance company has around 138 offices located all across the nation. It provides several life insurance products for both groups as well as individuals. All of these insurance products are designed specifically to cater to the needs of the policyholders like retirement planning, protecting the future of the children, wealth creation and savings.
5. Exide Life Insurance Company
This life insurance company follows a completely customer-centric approach and they are currently offering their services to over 15 Lakh consumers all over the nation. They have their headquarters in Bengaluru and have more than 200 offices over the nation and are offered support by more than 45,000 advisors. Exide life insurance makes use of various network channels to distribute their various products like agency, bancassurance, corporate agency, agency, broking and direct channels. The wide variety of insurance policies offered by them is categorized into savings, investment, protection, retirement plans, among others.
6. Reliance Life Insurance Company
Reliance Nippon life insurance company was formed as a result of collaboration between Reliance Capital and Nippon Life. It began with its operations in 2001 and is known to be one of the popular life insurance companies amongst the insurance policy buyers. They have been known to offer insurance plans to over 10 million customers. As a matter of fact, at present, it is said to be one of the largest non-bank supported life insurance companies amongst the private insurance companies. The insurance company mainly deals with 5 different insurance segments i.e. retirement, protection, child, health, investment and saving for both individuals as well as corporate or group entities. Here we are giving best life insurance companies policy in india – hdfc life policy and max life
7. Canara HSBC Life Insurance Company
This insurance company came into formation as a joint venture amongst 3 financial entities i.e. Punjab National Bank, Canara Bank, and HSBC Insurance Holdings Limited. They provide a wide variety of insurance plans to their customers that are customized as per their individual needs and also have a huge network all over India. The range of insurance products offered by them includes savings plan, health insurance plans, term insurance plans, child insurance plans amongst others. Here we are giving Best life insurance companies in India: updated list 2022
8.Future Generali Health Insurance
Future Generali is one of the major general insurance firms in the country. The company has a diverse range of health insurance policies to provide financial security to customers against various medical threats.
Future Generali general Insurance Company is a joint venture between the Future Group of industries, an Indian Company and Generali group, an Italy based Company. Future Generali offers a wide spectrum of general insurance products like Motor Insurance, Health Insurance, Travel Insurance, Personal Accident & Home Insurance.
Future general Insurance Highlights
| Features | Specifications |
| Network Hospitals | 4300+ |
| Waiting Period for Pre-existing Disease | 4 years |
| Incurred Claims Ratio | 75.72% |
| Number of Policies Issued | 48113 |
| Grievances Solved | 99.73%% |
| Renewability | Lifetime |
9.Edelweiss Tokio Life
with a claim settlement ratio of 93.29% is a well-known insurance company which was established in the year 2011. It is known to offer various types of protection, savings, wealth enhancement, and accumulation plans.
Edelweiss Tokio Life is a private sector insurance provider established in 2011. The company is a joint venture between Edelweiss Group of India, and Tokio Marine Holdings of Japan. It is among the fastest-growing private players in the life insurance sector in India . Edelweiss Tokio Life provides a host of life insurance products aimed at providing high returns, guaranteed interest payments, child education needs, retirement benefits etc. for customers across a wide spectrum. Here we are giving Best life insurance companies in India: updated list 2022.
Edelweiss Tokio Life Insurance PlansThe plans given below can be availed at any of the branches of Edelweiss Tokio Life in India.
| Online Plans | Edelweiss Tokio Life Zindagi PlusEdelweiss Tokio Life Totalsecure+Edelweiss Tokio Life MyLife+Edelweiss Tokio Life Wealth UltimaEdelweiss Tokio Life Wealth PlusEdelweiss Tokio Life GCAPEdelweiss Tokio Life POS Saral NiveshEdelweiss Tokio Life Wealth Accumulation Accelerated CoverEdelweiss Tokio Life CritiCare+ |
| Term Plans | Edelweiss Tokio Life Zindagi PlusEdelweiss Tokio Life Simply ProtectEdelweiss Tokio Life ProtectionEdelweiss Tokio Life Income ReplacementEdelweiss Tokio Life TotalSecure+Edelweiss Tokio Life MyLife+ |
| Investment Plans | Edelweiss Tokio Life Income BuilderEdelweiss Tokio Life Wealth UltimaEdelweiss Tokio Life Wealth PlusEdelweiss Tokio Life Smart LifeStyleEdelweiss Tokio Life Wealth BuilderEdelweiss Tokio Life GCAPEdelweiss Tokio Life Guaranteed Income PlanEdelweiss Tokio Life Wealth Accumulation (Privilege)Edelweiss Tokio Life POS Saral NiveshEdelweiss Tokio Life Dhan LabhEdelweiss Tokio Life Wealth Enhancement (Ace)Edelweiss Tokio Life Wealth Accumulation Accelerated CoverEdelweiss Tokio Life Wealth Accumulation (Cover Plus)Edelweiss Tokio Life Single Pay Endowment Assurance PlanEdelweiss Tokio Life Milestones PlanEdelweiss Tokio Life Safe n Sure Plan |
| Retirement Plans | Edelweiss Tokio Life Immediate Annuity PlanEdelweiss Tokio Life Cash Flow Protection PlusEdelweiss Tokio Life Triple Advantage PlanEdelweiss Tokio Life Cash IncomeEdelweiss Tokio Life Pension PlanEdelweiss Tokio Life Easy Pension |
| Health Plans | Edelweiss Tokio Life CritiCare+ |
| Group Plans | Edelweiss Tokio Life Group Credit ProtectionEdelweiss Tokio Life Group Employee Benefit PlanEdelweiss Tokio Life Pradhan Mantri Jeevan Jyoti Bima YojanaEdelweiss Tokio Life Group Life ProtectionEdelweiss Tokio Life Group Wealth Accumulation |
| Micro Plans | Edelweiss Tokio Life Raksha KavachEdelweiss Tokio Life Dhan Nivesh Bima Yojana |
| Child Plans | Edelweiss Tokio Life EduSave |
Online Plans
The different types of online plans offered by Edelweiss Tokio are:
| Type of the plan | Minimum and maximum entry age | Basic sum assured | Premium payment term (PPT) | Policy term |
| Edelweiss Tokio Life – Zindagi Plus | Minimum age of entry for life insured: 18 years Maximum age of entry for life insured:For life cover along with regular pay and level sum assured: 65 yearsFor life cover with payment option “Pay Till 60”: 50 yearsFor life cover with reducing sum assured and regular pay: 55 yearsFor life cover with reducing sum assured and payment option “Pay Till 60”: 50 years | Minimum basic sum assured:In case the policyholder selects Top Up Benefit, Better Half Benefit, or Life Stage Benefit: Rs.50 lakhIn case of any another scenario: Rs.25 lakhNo limitation (subject to Board-approved underwriting policies)Maximum basic sum assured: | For regular pay: 10 yearsFor ‘Pay Till 60’ payment option: (60 – Entry Age + 1) years | Minimum policy term:For regular pay: 10 yearsFor ‘Pay Till 60’ payment option: 15 yearsMaximum policy term: 62 years |
| Edelweiss Tokio Life – MyLife+ | Minimum age of entry: 18 years (as of last birthday of the policyholder) Maximum age of entry: 60 years (as of last birthday of the policyholder) | Minimum basic sum assured: Rs.25 lakh Maximum basic sum assured: No limitations (subject to Board-approved underwriting policies) | Regular pay only | Policyholder can choose policy term of 10, 15, 20, 25, 30, 35,40 years |
| Edelweiss Tokio Life – TotalSecure+ | Minimum age of entry – 18 years (as of last birthday of the policyholder) Maximum age of entry – 65 years (as of last birthday of the policyholder) | Minimum basic sum assured: Rs.25 lakh Basic sum assured for critical illness: Rs.5 lakh | For life cover: Single Pay Limited Pay: 5,10,15,20,25 years For Life and Comprehensive Cover and Life and Basic Health Cover: Regular pay | For life cover:Minimum policy term: 10 yearsMaximum policy term: 62 yearsFor Life and Comprehensive Cover and Life and Basic Health Cover:Minimum policy term: 10 yearsMaximum policy term: 40 years |
| Edelweiss Tokio Life Wealth Plus | Minimum age of entry – 1 year (as of last birthday of the policyholder)Maximum age of entry – 55 years (as of last birthday of the policyholder) | The basic sum assured offered in the plan is 10 times the annualised premium | For limited payMinimum PPT – 5 yearsMaximum PPT – One year less than the policy termFor regular pay: PPT is same as policy term | Policyholders can choose a policy term from 10 to 20 years |
| Edelweiss Tokio Life Wealth Ultima | Minimum entry age: With little champ benefit -For life insured: 0 yearsFor the policyholder: 18 yearsFor life insured: 0 yearsWithout the little champ benefit -Maximum age at entry for the option ‘With little champ benefit’: For 5 pay PPT:Life insured – 17 yearsPolicyholder – 70 yearsFor 6 & 7 pay PPT:Life insured – 17 yearsPolicyholder – 70 yearsFor 8 pay PPT:Life insured – 17 yearsPolicyholder – 70 yearsFor 9-13 pay PPT:Life insured – 17 yearsPolicyholder – 65 yearsFor 14-27 pay PPT:Life insured – 17 yearsPolicyholder – 60 yearsFor 28-30 pay PPT:Life insured – 17 yearsPolicyholder – 55 yearsMaximum age at entry for the option ‘Without the little champ benefit’ for the life insured only:For 5 pay PPT – 50 yearsFor 6 & 7 pay PPT – 55 yearsFor 8 pay PPT – 60 yearsFor 9-13 pay PPT – 60 yearsFor 14-27 pay PPT – 60 yearsFor 28-30 pay PPT – 60 yearsFor 31 and above PPT – 60 years | For base premium policies: For entry age 0 – 44 years:Minimum sum assured – Higher of (10, PT/2) * Annualised premium (AP)Maximum sum assured – Higher of (10, PT/2) * APFor entry age of 45 years or more:Minimum sum assured – Higher of (7, PT/4) * APMaximum sum assured – 10 * APFor top-up premiums: For entry age 0 – 44 years:Minimum sum assured – 1.25 * TPMaximum sum assured – 10 * TPFor entry age of 45 years or more:Minimum sum assured – 1.1 * TPMaximum sum assured – 5 * TP | For policy term of 10-30 years for option ‘With Little Champ Benefit’:Regular pay – Will be available if the maturity age of the life insured is either 30 years or less than thatFor limited pay – 5 years subject to a minimum of one year policy term or 30 years minus the entry age of the life insuredFor policy term of 31 years or more:Regular pay – UnavailableLimited pay – 5 years to 30 years minus the entry age of the life insuredFor policy term of 10-30 years for option ‘Without Little Champ Benefit’:Regular pay – AvailableLimited pay – 5 years to (1 year policy term)For policy term of 31 years or more:Regular pay – AvailableLimited pay – 5 years to 30 years | Minimum policy term that can chosen by the life insured – 10 years Maximum policy term -For 5-6 pay PPT – 70 minus the entry ageFor 7 pay PPT and above – 100 minus entry age |
| Edelweiss Tokio Life – GCAP | Minimum age of entry – 91 days (as of last birthday of the policyholder) Maximum age of entry – 55 years (as of last birthday of the policyholder) | Sum assured available upon death of the policyholder:Minimum – Rs.1.65 lakhMaximum – No limitationsSum assured available on maturity: Cumulative Annualized Premium = Annualized Premium X Premium Paying Term | The available premium payment terms are 5, 7, 10, and 12 years | The policy is offered for fixed terms of 10, 15, 20, 25 and 30 years |
| Edelweiss Tokio Life POS Saral Nivesh | Minimum age of entry – 1 year (as of last birthday of the policyholder) Maximum age of entry – 50 years (as of last birthday of the policyholder) | Sum assured available on maturity:Minimum sum assured – Rs.50,000Maximum sum assured – Rs.10 lakh | The available premium payment terms are 5,7,10, and 12 years | The policy is offered for a term of 10 to 20 years if the PPT is 5, 7 or 10 yearsThe policy is offered for a term of 12 to 20 years if the PPT is 12 years |
| Edelweiss Tokio Life Wealth Accumulation Accelerated Cover | Minimum age of entry – 5 years (as of last birthday of the policyholder) Maximum age of entry – 65 years (as of last birthday of the policyholder) | Minimum basic sum assured -If entry age is less than 45 years – AP × Higher of (10, 0.5 × PT)If entry age is 45 years or more – AP × Higher of (7, 0.25 × PT)Maximum basic sum assured -For regular and limited pay, if the entry age is less than 45 years, maximum sum assured will be AP × 25If the entry age is 45 years or more, then maximum sum assured will be AP × 20 | For regular premium – equal to the policy term For limited premium – 5, 7, or 10 years | The policy is available for fixed terms of 10, 15, 20, 25, and 30 years |
| Edelweiss Tokio Life – CritiCare + | Minimum age of entry – 18 years (as on last birthday of the policyholder) Maximum age of entry – 65 years (as on last birthday of the policyholder) | Minimum basic sum assured – Rs.5 lakh Maximum basic sum assured – Rs.1 crore | Regular pay only | Minimum policy term available – 5 years Maximum policy term available – 30 years |