Best Life Insurance Company in India
There is a huge open market for life insurance companies in India. This is the reason why all the companies of the world are trying to do business in India. Today there are 24 Life Insurance companies operating in India.
If you are looking to buy a New Life Insurance Policy, which Life Insurance Company would be best for you and why? In this article on Jeevan Bima Bazaar, it is being explained in detail.
If you want to start Life Insurance Business as an Agent by joining any Life Insurance Company. So which life insurance company would be best for you and why? This information is also being presented in this article.
What is IRDA?
If you want to get accurate information about Life Insurance Companies in India. So for this it is very important to have information about the Insurance Regulatory and Development Authority i.e. IRDA first. So let's understand what is this IRDA?
The Reserve Bank of India was established to oversee the financial institutions in India such as Banks, Post Offices, Life Insurance, etc. But in view of the problems arising later and to reduce the burden of RBI, Government of India established IRDA in 1999. IRDA has been established by an Act of Parliament, IRDA Act 1999.
IRDA is also known as IRDAI. While the full name of IRDA is Insurance Regulatory and Development Authority.
What is the function of IRDA?
The Reserve Bank of India was established to administer and protect the Banking Sector. In the same way, IRDA has been established to protect and safeguard the Insurance Business.
But the work of IRDA is not only this. The work of protecting the Indian society from any kind of fraud in Insurance Business is also done by IRDA. Any Insurance Company, if it wants to do Insurance Business in India, then that Insurance Company needs to obtain a certificate from IRDA. A Life Insurance company can do business in India only after getting certified by IRDA.
If an Insurance Company is certified by IRDA and is doing its business. If such a company wants to launch a new product for the customers, then it cannot launch any new product on its own.
The company has to tell all the information about its product to IRDA. If IRDA feels that the product is in the interest of the customers. Only then that product is launched in the Indian market.
If the importance of IRDA is explained in brief, it can be said that the basic function of IRDA is to try to increase the Insurance Business to provide Insurance Protection to the Indian citizens. On the other hand, it is also the basic function of IRDA to protect any Indian citizen from loss in insurance related business.
Transparency in Insurance Business -
To protect Indian citizens from fraud in the Insurance Business, the main task of bringing complete transparency is done by IRDA. The Insurance Business is basically divided into three parts. That is- Life Insurance Business, General Insurance Business and Health Insurance Business.
Possible efforts are made by IRDA to bring complete transparency in all these three businesses. After the end of every financial year, how are all the insurance companies in India running, how is the new business of which insurance company, how is the renewal business, how are the insurance companies paying different types of claims etc., all the information is provided by IRDA. It is released on the official website of IRDA. So that any Indian citizen can choose the best insurance company and insurance policy for himself after getting complete information.
That is why, for this article on the Jeevan Bima Bazaar, we have based the annual report submitted by IRDA. Which is posted by IRDA on 23 December 2022 on their official website.
Best Life Insurance Company Selection -
If you want to buy a new insurance policy for yourself or want to work as an agent for a life insurance company. So our opinion for you would be that you must consider some important points.
The first thing you should see is how strong the Life Insurance Company is and it can be assessed on the basis of Asset Value and Life Fund Value of that company. Because if a company is not financially strong, then in such a situation the possibility of bankruptcy of that company becomes very high.
When you are choosing the Best Life Insurance Company for you. Then you must research the New Business of all Insurance Companies carefully. Because the company which is doing good business at present, that company is more likely to remain strong in future also.
When you are choosing the Best Life Insurance Company for you. Then you should look carefully at the payment of claims of that company. By doing this you get to know how that Life Insurance Company pays its customers for Death Claims, Maturity Claims, Surrender Claims and all other types of payments.
List of Indian Life Insurance Companies -
Till October 13, 2022, a total of 24 Life Insurance Companies were doing their Insurance Business in India. But as of 14 October 2022, a Private Life Insurance Company named Exide Life Insurance has merged with HDFC Life Insurance.
Thus today there are total 23 Life Insurance Companies in India doing their Insurance Business. In which there is only one Life Insurance Company in the Government Sector, named Life Insurance Corporation of India. The other 22 companies belong to the private sector. Let us now know the names of all Indian Life Insurance Companies.
- Aditya Birla Sun Life Insurance Company Limited
- Aegan Life Insurance Company Limited
- Aviva Life Insurance Company Limited
- Bajaj Allianz Life Insurance Company Limited
- Bharti AXA Life Insurance Company Limited
- Canara HSBC OBC Life Insurance Company Limited
- Edelweiss Tokio Life Insurance Company Limited
- Future Generali Life Insurance Company Limited
- HDFC Life Insurance Company Limited
- ICICI Prudential Life Insurance Company Limited
- IDBI Federal Life Insurance Company Limited
- India First Life Insurance Company Limited
- Kotak Mahindra Life Insurance Company Limited
- Life Insurance Corporation of India
- Max Life Insurance Company Limited
- PNB Mate Life India Insurance Company Limited
- Pramerica Life Insurance Company Limited
- Reliance Nippon Life Insurance Company Limited
- Sahara Life Insurance Company Limited
- SBI Life Insurance Company Limited
- Shriram Life Insurance Company Limited
- Star Union Dai-Ichi Life Insurance Company Limited
- Tata AIA Life Insurance Company Limited
Finding Best Insurance Company -
If you want to get information about the Best Life Insurance Company in India. So you should take the help of the official website of IRDA. IRDA submits annual reports of all Insurance Companies at the end of each financial year. On this basis, you will be able to know which would be the best life insurance company for you?
On 23 December 2022, IRDA has presented the Annual Report of the year 2021-22 on its official website. This report is available as a PDF file. Keeping in mind your convenience, Jeevan Bima Bazaar is sharing that PDF file with you. You can easily download it by clicking on the link given below.
To download the file - Click here
Our Opinion -
If you have downloaded the PDF file by clicking on the link given above, then after checking it you can get an idea for yourself which would be the best Life Insurance Company for you?
But still I would like to express my opinion. In our opinion, Life Insurance Corporation of India would be the best organization for you. If you want to take New Life Insurance Policy or want to do business as Life Insurance Agent. Then Life Insurance Corporation of India will prove to be the best option for you.
There are many reasons for this. Life Insurance Corporation of India is a Government Organization and is working in India since 1956. That is, Life Insurance Corporation of India has the largest experience of Life Insurance in India.
Another big reason is that LIC's Asset value is more than Rs 38 lakh crore and Life Fund is more than Rs 34 lakh crore. That is, Life Insurance Corporation of India is in a much stronger position than all other Life Insurance companies. If you choose a weak insurance company. So the chances of such companies going bankrupt increases.
The next biggest reason to choose Life Insurance Corporation of India is that this Life Insurance Company gives best performance in its New Business every year. Life Insurance Corporation of India is at the forefront of paying the highest number of claims and the highest amount among all.
Apart from this, the most important thing is that all the schemes of Life Insurance Corporation of India have been made keeping in mind the needs of the Indian society. So, we will give you opinion whether you want to take New Insurance or want to work as Life Insurance Agent, Life Insurance Corporation of India can prove to be best for you.
We have presented a video for you to understand each issue in detail. You can learn more about each subject matter by watching the video below.
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