Life Insurance Companies Of India: A life insurance is a contract between a company and an individual. According to the policy, some amount will be paid as death benefit to the insured person by the insurance company. Therefore, the person must choose such a plan to ensure that their family, spouses, children and siblings are financially secured, even in the case of unfortunate deaths.
If the insured dies during the plan coverage, his / her family members can claim death benefit. Some insurance companies offer optional coverage for serious illness. There are many insurance companies in India that actually offer the best term insurance plan at extremely cheap cost. Currently, there are 24 life insurance companies in India that offer life insurance plans.
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What is Life Insurance?
Life insurance refers to an agreement between a company and an individual under which a death benefit will be provided to the insured’s family in the event of an unfortunate accidental death. If the insured dies during the plan coverage, his / her family members can claim death benefit. Some insurance companies offer optional coverage for serious illness. There are currently 24 life insurance companies in India that offer life insurance plans.
Top 07 Life Insurance Companies Of India
01. HDFC Life Insurance Company:- The insurance company is a collaboration between Standard Life Aberdeen PLC and Housing Development Finance Corporation Limited. The head office of the HDFC Life Insurance Company is situated in Mumbai, Maharashtra. The insurance company was started its first operation in the year of 2000.
02. Life Insurance Corporation of India (LIC):- One of the oldest and best life insurance companies of India is “LIC Insurance Corporation Of India“, founded by the government of India in 1956. This insurance company offers numerous insurance policies such as pension plans, children plans, group schemes, money back plans and so on.
03. Max Life Insurance Company:- This insurance company offers various types of insurance policies including long-term savings, protection, investment, child insurance to its customer. The MAX Life Insurance Company was founded in 2000. The main goal of this company is to provide a adequate financial strength to its customers.
04. Kotak Life Insurance:- Another best life insurance companies of India is Kotak Mahindra Life Insurance Company. founded in 2001. This is an Indian private life insurance company. The company offers various savings and investment plans, child plans, retirement plans, etc.
05. Reliance Life Insurance Company:- Among the private insurance companies, Reliance Life Insurance Company is the largest non-bank supported life insurance company. It is a joint venture between Reliance Capital and Nippon Life. This company was started its first journey in the year of 2001. The company operates five different insurance segments such as retirement, protection, child, health, investment and saving.
06. Tata AIA Life Insurance Company:- This company is a joint venture between AIA Group Ltd and Tata Sons Pvt Ltd. Tata AIA Life Insurance Company is a popular insurance company, was founded in 2001. Tata AIA offers various life insurance plans to its policyholders such as wealth plans, savings plans, protection plans, etc.
07. Canara Bank Life Insurance:- This insurance company was founded in 2008 and one of the best life insurance companies of India. The best insurance plans of the company are Child Plan, Health Insurance Plan, Savings Plan, Retirement Plan and many more. The main goal of insurance companies is to provide customers with comprehensive insurance solutions that include competitive products, affordable fees and fast and efficient service.