Life insurance companies in India
Life insurance is a complicated concept. Life insurance is a contract between the insurance holder and the assurer,
where an insurer pays the designated amount of money in exchange for a premium after the death of the insurance holder. When you are buying life insurance, it provides an allowance in the form of the massive amount of money which will benefit you when you are gone. But choosing appropriate life insurance is a complicated thing. So to give a financial peace to your family in your absence, it is essential to select the proper life insurance policy of the companies of India and be tension-free. You might get confused and choose the wrong plan for you and spoil your future needs, so you must weigh the preferences for selecting the appropriate assurer carefully.
List of companies which are offering Life insurance in India
- Future Generali India Life Insurance Co. Ltd.
- Aegon life Insurance Co.Ltd
- Aviva Life Insurance Co.India Ltd
- Bharti AXA Life Insurance Co.Ltd
- Bajaj Allianz Life Insurance Co.Ltd
- Birla Sun Life Insurance Co.Ltd
- DHFL Pramerica Life Insurance
- Canara HSBC Oriental Bank Of Commerce Life Insurance Co.Ltd
- Exide Life insurance Co.Ltd
- Edelweiss Tokio Life Insurance Co.Ltd
- HDFC Standard Life Insurance Co.Ltd
How to select the best life insurance company in India
To choose the best life insurance policy from the company, you have to keep some things in your mind. You have to follow some steps before selecting the appropriate insurance policy which is given below:
Consider your needs
Buying life insurance will help your family in financial support in your absence. So it is essential for you to determine the number of dependants in your family, your investments, the source of income and the outstanding loans, etc.
Compare the plans
The benefits which are given in an insurance policy by a company are completely different from each other. The reason is your age, coverage, sum assured and the type of insurance plan is entirely different from all other insurance holders. So compare the insurance policy to be in safe hands.
Know the claim settlement ratio of the insurer
Claim settlement ratio is the capability of the Life insurance Company to settle your claims. So it does not make any sound sense to purchase a life insurance policy with the insurance company which has the lousy claim history. So before buying an insurance plan check the claims which have made during the financial year and review the claims has been fulfilled or not and the time taken to pay the claims. It is essential to know the duration to settling the claims so your family can relax and be stress-free if you choose the insurance with the excellent claim settlement so that your family can get the claim in a short period.
Keep inflation in your Mind
Inflation is a thing which plays a huge role in your lifestyle, apart from the duration and the age of your policy. You need to narrow down the search for the sum assured and choose the appropriate plan which will be beneficial for your family when you are not there with them. This will also help you understand whether the company is capable of settling the claims in proper time or not.
Check for the riders
By opting for the riders, you can enhance the basic life insurance policy of yours. Firstly look out for the riders different insurer and select the one which is more appropriate for you. Also, you assure to purchase the riders as per your needs. You have to pay the extra premium for the riders; and this is not a part of the basic life insurance policy.
About ULIP policy:
ULIP or Unit Linked Insurance Plan is a wonderful concept and comparatively new than its other traditional plans. It provides dual benefits to the client, one it covers the risk of the insurer and also it offers an opportunity to invest in the other investment verticals like mutual funds, bonds, and stocks and so on. The first policy of this category was first launched by the UTI or unit trust of India in the year 1971. Since then the popularity of this product keeps growing due to its amazing benefits. There are various companies which offer this product and fortunately with us you can get all the ULIP products available in the market which suits your requirement properly.
Benefits of ULIP policy
- It comes with a lock in period of 5 years which makes a good habit of disciplined investment and gives your money to grow properly.
- Better return: as in this kind of product you can invest directly in the stock market or in the mutual fund so the growth rate and return percentage is also higher than its peer products.
- Flexibility: if you want you can switched the funds according to your own choice and in order to safeguard your principle amount.
- Tax benefits: along with good return and life cover it also offers a tax benefit to the insurer as well.
- Best for first timers: if you want return more than what your FD is offering then this is the best one. As your fund will be in best hands and also can gain more return than fixed deposit or recurring.