Introduction – Insurance Company in india, Due to government initiatives, growing disposable income, and increased knowledge, the insurance industry in India has grown significantly in recent years. A number of insurance businesses have become industry leaders among the many players in this dynamic market by providing a wide range of goods and services to meet changing customer demands. We examine the market presence, product offerings, innovation initiatives, and contributions to the industry’s growth of the leading Indian insurance companies in this article.
What is Life Insurance Policy ?
A contract or agreement between the policyholder and the life insurance company is known as a life insurance policy. In the event that the policyholder or insured passes away, the insurer undertakes to pay the policyholder’s premium and to settle the entire amount of insurance. In this sense, even in their absence, the deceased’s family is secure financially.
Certain life insurance providers do not pay for suicide deaths, unintentional alcohol-related deaths, etc. But this is dependent on the life insurer’s terms and conditions. There are various kinds of life insurance policies on the market. They’re
Term Life Insurance
- Endowment life insurance
- whol life insurance
- Retirement Plan
- Investments and Saving plan
- child insurance policy
- Unit Linked Insurance Plans – ULIP
- Money Back policy
One must research the insurer’s reputation before investing in a life insurance policy. Metrics such as the solvency ratio and the life insurer’s claim settlement ratio can be used to evaluate it.
Claim settlement ratio Of Life Insures
A life insurance company’s claim settlement ratio provides information about how credible the company is. It is the ratio of the number of life insurance claims the company receives each year to the number of claims it settles during that same fiscal year, plus the amount of pending claims from the prior year.
The solvency ratio of life Insurers: Insurance Company
The solvency ratio indicates the overall financial health of the insurance organisation. This demonstrates the insurer’s ability to pay claims and solve its financial stability. Calculate Solvency Ratio = (Net Income + Depreciation)/Liabilities to find the solvency ratio.
In order to avoid insolvency risks, insurance companies must maintain a solvency ratio of 150% in accordance with IRDAI requirements. The IRDAI annual report includes a statement of the life insurance company’s solvency ratio each year.
Notice that the solvency ratios listed are based on the most recent IRDAI annual report for 2023.
1. Life Insurance Corporation of India
The only public sector insurer on this list is Life Insurance Corporation of India. It was founded in 1956 and is the oldest insurance industry in India. It’s among the biggest providers of insurance. Customers of LIC can choose from a wide range of insurance options, including child insurance plans, pension plans, insurance plans, and much more.
LIC cliam Settlement ratio :-97.79%
Solvency ratio of LIC 2024 :- 1.87( March 2023)
2. ICICI Prudential life Insurance Company
The British multinational insurance business Prudential Corporation Holdings Limited and the Indian multinational bank ICIC Bank have partnered to form ICICI Prudential Life Insurance business. It provides retirement plans, savings plans, term insurance policies, and a host of other options. The business commenced operations in 2001.
ICICI life Insurance cliam Settlement ratio :-97.79%
Solvency ratio 2024 :- 1.87( March 2023)
3. Kotak Mahindra Life Insurance
To meet the needs of its clients, Kotak Mahindra Life Insurance provides about 14 life insurance products in addition to additional group plans. Founded in 2001, it is among the fastest-growing insurance firms in India. With about 232 offices, it provides insurance to 34.8 million people countrywide.
Settlement ratio for Kotak life insurance claims: 97.40%
As of March 2023, Kotak Life Solvency Ratio is 2.83.
4. Bharti axa Life insurance Company
A joint venture between the French international insurance business Axa Group and the Indian behemoth Bharti Enterprises is called Bharti Axa Life Insurance business. The organisation provides a wide range of products in areas such as life insurance and investment programmes.
Settlement ratio for life insurance claims at Bharti Axa: 97.28%
March 2023: 1.63 (solvency ratio)
5. Relinace Nippon Life Insurance Company
Reliance Capital, a non-banking financial services enterprise in the private sector, includes Reliance Nippon Life Insurance Company. The company provides life insurance policies under several categories, including investment, retirement, protection, and children’s plans. It is among the biggest private life insurers in India that is not backed by a bank.
Settlement ratio for claims made by Reliance Nippon Life Insurance: 97.71%
March 2023: 2.29 (solvency ratio)
6. Shriram Life Insurance Company
A joint venture between the Indian conglomerate Shriram Group and the financial services firm Sanlam of South Africa is called Shriram Life Insurance Company. The goods and services are made to be accessible to the average person. The business received recognition for having one of India’s top 5 endowment policies.
Claim settlement ratio for Shriram life insurance: 85.30 percent
March 2023: 2.10 (Solvency Ratio)
7. Bajaj Allianz Life Insurance Company
A joint venture between European financial services provider Allianz SE and Indian non-banking financial services provider Bajaj Finserv Limited is Bajaj Allianz Life Insurance Company. ULIPs, term life insurance plans, child insurance plans, retirement plans, and many more are among the life insurance products it offers.
Settlement ratio for life insurance claims at Bajaj Allianz: 95.01%
As of March 2023, Bajaj Allianz Life Insurance’s solvency ratio was 5.16.
8 Aditya Birla Sun Life Insurance
Birla Aditya Aditya Birla Group, an Indian global conglomerate, and Sun Life Financial Inc., a Canadian financial services firm, are partners in Sun Life Insurance. It started providing services in 2001 and now provides a variety of options, including term insurance plans, children’s plans, wealth protection plans, and many more.
Ratio of Aditya Birla Sun Life Insurance claims paid out: 97.15%
March 2023: 1.73 (solvency ratio
9. Tata AIA Life Insurance Company
The main holding company of the Tata Group, Tata Sons Pvt. Ltd., and the American-founded, international insurance and finance company AIA Group Ltd. are partners in the joint venture that is Tata AIA Life Insurance Company. Life insurance products are available in several categories, including term insurance, wealth solutions, retirement solutions, savings solutions, and group solutions.
Ratio of Tata AIA life insurance claims settled: 99.07%
TATA AIA 2023’s solvency ratio is 1.86 as of March 2023.
10. SBI Life Insurance Company
The State Bank of India, a global public sector bank based in India, and BNB Paribas Cardif, a financial institution based in France, have partnered to form SBI Life Insurance Company. It was founded in 2001 and provides retirement solutions, savings plans, term insurance plans, and life insurance plans.
Settlement ratio for SBI life insurance claims: 95.03%
March 2023: 2.15 (solvency ratio)
11. PNB MetLife Insurance Company
The PNB MetLife Insurance Company provides long-term savings plans, family protection plans, child education options, and other life insurance products. Punjab National Bank and MetLife International Holdings are the company’s two largest owners. More than 1800 corporate clients use it.
Settlement ratio for PNB MetLife India life insurance claims: 96.21%
March 2023: 1.86 (solvency ratio)
12. HDFC Life Insurance Company
A multinational investment firm called Aberdeen plc (previously Standard Life Aberdeen plc) and HDFC Limited collaborated to develop HDFC Life Insurance Company. It started out in the year 2000. To satisfy the needs of its clients, it provides a large selection of individual and group insurance options.
99.04% is the claim resolution ratio for HDFC Life Insurance.
March 2023: Solvency ratio (2023): 2.03
