Best Life Insurance Company in India 2017-2018

There is no single measurement to define the Best Life Insurance Company in India for 2017. There are many variables such as Insurance Claim Settlement time, Ratio of Insurance claims settled, Number of Insurance claims processed in India etc. To give you the result for Best Life Insurance Company for 2017, we have taken most important parameters and compared various companies. To declare the Best Life Insurance Company in 2017, we have taken the stats of each individual Insurance Company in India for 2016 year.

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Test 1 : Number of Claims Settled

This Test is more quantitative and not qualitative. Moreover, just because a company is top on the list, it does not mean that it is the best. The reason for this is, it is obvious that LIC comes first in this test due to its cultural and organisational advantage. See the Top Life Insurance Company List in terms of Cases settled:

Company Name Claims Settled
LIC 775,000
Bajaj Allianz 19,200
Reliance Life 16,400
SBI Life 15,100
ICICI Prudential 12,600

Going by the table, you can see how LIC has dominated the market. So, Life is the winner of Test 1 for Best Life Insurance Companies in India 2017.

Test 2 : Ratio of Claims Settled

This is one of the important tests to define the best insurance company in India 2017. You will see that, companies that stood top in the Test 1 may not maintain the same place in Test 2.

Company Name Ratio
LIC 98.2%
ICIC Prudential 96.4%
Max Life 96.2%
SBI Life 95.8%
Reliance Life 95.5%

You might have observed that, Bajaj Allianz stood in the second place in the Test 1, but was completely missing the Test 2.

And again the Winner of Test 2 for Best Life Insurance Companies in India 2017 is LIC.

Test 3 : Time to Settle Cases

This is another important criteria to define the Best Life Insurance Company in India for 2017.

Every company treats the customers well while accepting the applications for Life Insurance. However, what differentiates a great company and a good company is how it takes care of the customers while paying them back.

So, Average Claim Settlement Time is one of the important tests to define Best Life Insurance Companies in India in 2017. This is the average time the company takes to settle the life insurance claim of its customer.

Company Name Settlement Time
PNB Metlife 14 days
Start Union Daichi 18 days
ICICI Prudential 19 days
SBI Life 21 days
LIC 25 days

PNB Metlife which went missing in the first two tests has come back strong with a great performance. It occupies the first place.

ICICI Prudential keeps its spot intact. LIC also performs reasonably good and exceeding expectations (considering it is a Govt Company).

Winner of Best Life Insurance Company in India for 2017

Based on the three tests, LIC and ICICI Prudential competes to become the Best Life Insurance Company in India for 2017.

ICICI Prudential performs best in tests that matter the most. It showed clear dominance in Settlement Ratio and and Average Settlement Time.

LIC was the leader in Number of cases settled. However, as we already discussed, The test is not conclusive. It performed better, but still lagging behind ICICI Prudential in second and third tests.

Therefore, We conclude that, the Best Life Insurance Company in India for 2017 is ICICI Prudential Life.

Benefits of Life Insurance:

There are many number of hidden benefits that you earn from a Life Insurance which are enumerated below:

Life Insurance give you confidence about Future Ends

Once a goal has been set, life insurance policy is the best means to fund that goal. This is because it gives a peace of mind that in case of any unfortunate event such as death and critical illness; the sum assured paid by the life insurer will be sufficient to meet future goals of the policyholder or family.

People can worry less about what will happen to their families and loved ones in case something unfortunate or unexpected happens to them with an adequate life insurance cover.

Life Insurance offer numerous Tax Deductions & Savings

The maturity benefits offered by life insurance policies are eligible for tax benefits under Section 10(10D) of the Income Tax Act in India. Also, premiums paid on life insurance policy get tax deductions under Section 80C of the Act.

Planning your life insurance cover the best way possible may even mean that that your tax slabs will be different and you may be able to plan your income to fall under a lower slab than a higher one.

Life Insurance teaches you the sense of Saving

Most often, life insurance policy is taken for a specified goal, such as child’s education and marriage. In this way, it discourages the person from utilizing those funds for any other motive.

Slowly and steadily, your life insurance policy helps you to increase your corpus and allows you to realize your best dreams without too much effort. The only effort required from you is to pay the life insurance premium on time.

Life Insurance give you Retirement planning and benefits

Planning for retirement is the biggest advantage of life insurance plans. Most of the country’s working population are not covered under retirement plans. The EPF, PPF and other pension plans only cover a small portion of the population.

retirement benefits best life insurance company policy in india

The only way out seem to be life insurance as the life insurance policy helps build up a corpus for retirement and also provides life insurance cover against a myriad of life’s problems at the same time.

The best life insurance companies offer a range of payout options. These include lump sum payment, annuities, and monthly payments.

Life Insurance acts as back up against emergencies and contingencies

A life insurance policy safeguards against various small or big problems that life may throw at you.

Whether it’s providing life insurance cover against hospitalisation, day care, post surgical treatment, or simply helping you build up your wealth in a safe secure manner, a life insurance policy does all this and more.

Moreover, the Indian life insurance companies offer a range of policies that help the individuals to buy policies for themselves or their families for a variety of end purposes.

In addition, a life insurance cover guards against any unfortunate or unforeseen events such as critical illnesses and even death.

Conclusion : Best Life Insurance 2017

The decision of awarding ICICI Prudential Life the Best Life Insurance Company in India for 2017 was taken on logical level and we do not have any undisclosed commercial interests in the decision.