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Top 10 Life Insurance Companies in India

As the name suggests, Insurance is the ascertained provided to a person which he can count on, in his hard times. These hard times can be the loss of a loved one, a property, a vehicle, an ailment, or other such scenarios that can potentially put an individual in a vulnerable place in terms of fighting them and coming out with minimum loss inflicted. Life Insurance thus is the insurance that any threat to the life of the policyholder would be deterred or coped with, by the insurance provider, in return for which he should be paid a definite sum either in installments or as a lump sum at once.

The proper definition would be:

“Life insurance is contact between an Insurance Policyholder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policyholder).”

Life Insurance is also commonly called as Life Assurance in commonwealth countries. LI is a contract that has a certain set of terms that describe, categorize, and curb the limitations and benefits of the contract. There are certain incidents and possible scenarios like war, fraud, suicide, riot, etc that are counted out while the commencement of the contract so as to make sure the death of the person signing the contract is mostly by a natural cause.

Life-based contracts fall primarily into two categories:

Protection Policies: These policies are designed to provide a benefit in the wake of some ‘specified in the contract’ occurrences. A very common and recently popular form of this contract is term insurance and is commonly popular in India.

Investment Policies: This type of contract commands the growth of capital by regular or single premiums.  Common examples would be whole insurance, universal insurance, variable insurance, and is commonly popular in the U.S.

In this article, we are specifically talking about the various LI companies in India and how reliable they are. But of all the factors like objectionable clauses, insurance scams probability, etc. one such factor that can single handily make a company more reliable is the claim settlement ratio or the CSR. This ratio shows the percentage of the no. of claims that an insurer has paid out over a financial year. Simply, It’s the percentage of the insurance claims settled by an insurer to the total no. of claims received over a year. The more the percentage, the better reliable the company is. So, today we’d be discussing the best 10 Life Insurance Companies in India.

1. LIFE INSURANCE CORPORATION OF INDIA

LIFE-INSURANCE-CORPORATION-OF-INDIA

Life Insurance Corporation of India, commonly known as LIC is the oldest and the biggest Insurance Company in India which was founded back in 1956. There would be no exaggeration if we say this company was responsible for introducing the concept of Insurance in India. ‘zindagi ke saath bhi, zindagi ke baad bhi’ is the popular tagline, this company uses for winning the trust of its clients. Headquartered in Mumbai, they have a Claim Settlement Ratio of 97.79%.

2. ICICI PRUDENTIAL

ICICI-PRUDENTIAL

This company started its operations in 2001 and since then is known as one of the best in the field. It was the first Indian LI firm to be listed in both BSE and NSE. Headquartered in Mumbai, they have a Claim Settlement Ratio of 98.58%.

3. HDFC LIFE INSURANCE COMPANY LIMITED

HDFC-LIFE-INSURANCE-COMPANY-LIMITED

Established in 2000, it is known as one of the best insurance providers in India. It’s a venture which was the result of the collaboration of India’s biggest finance association HDFC Ltd. And a multinational investment company Standard Life. The main reason for their success in the Indian Market is their personalized Insurance Plans which makes them one of the companies with the best CSR. Headquartered in Mumbai, they have a Claim Settlement Ratio of 99.04%.

4. DHFL PRAMERICA LIFE INSURANCE 

DHFL-PRAMERICA-LIFE-`INSURANCE

In the inaugural seasons of the IPL, DHF was a very popular corporation with a fan base like none other. It was then, back in 2008 when Dewan Housing Finance Corporation Ltd. (DHFC) and Prudential International Insurance Holdings (PIIH), a subordinate of the Prudential Financial Inc. (a leading American business in Financial Businesses) collaborated to make this venture DHFL Pramerica LI. Headquartered in Gurugram, they have a Claim Settlement Ratio of 96.80%.

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5. MAX LIFE INSURANCE COMPANY LIMITED

MAX-LIFE-INSURANCE-COMPANY-LIMITED

Max Life Insurance company Ltd. Is a joint venture between Max India Ltd. Ad Mitsui Sumitomo Insurance Co. Ltd. This company also believes in personalized contracts for maximum consumer satisfaction. Benefits, perks, and features are mentioned as per the client’s requirements. Headquartered in New Delhi, they have a Claim Settlement Ratio of 98.74%.

6. BHARTI AXA 

BHARTI-AXA

This life insurance company is one of the most reputed firms in the Indian Market for its fair claim settlements. Established in 2008, this company was specifically raised with the collaboration of Bharti Enterprises and AXA business Group to meet the certain requirements from the client and customer set and fulfilled them successfully to emerge out as one of the best Insurance companies in India. Bharti AXA has 100+ branches all over India. Headquartered in Mumbai, they have a Claim Settlement Ratio of 97.28%.

7. KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

KOTAK-MAHINDRA-OLD-MUTUAL-LIFE-INSURANCE-LIMITED

Made as a result of the collaboration of Kotak Mahindra Bank, a leading bank in India and its partners and an international long-term saving, protection, and investment company, Old Mutual, this insurance company deals with the insurance plans provided alongside a security sum given alongside which results in the client handled with utmost responsibility. Headquartered in Mumbai, they have a Claim Settlement Ratio of 97.40%.

8. RELIANCE LIFE INSURANCE COMPANY LIMITED

RELIANCE-LIFE-INSURANCE-COMPANY-LIMITED

Established in 2001 by the Ambani Brothers, this insurance company deals with the insurance policies that are personalized to the client themselves. Reliance is a big name in the corporate world and hence their record is also impressive in this field. Headquartered in Mumbai, they have a Claim Settlement Ratio of 97.71%.

9. TATA AIA LIFE INSURANCE COMPANY LIMITED

TATA-AIA-LIFE-INSURANCE-COMPANY-LIMITED

Well known for their sponsorship of Tottenham Hotspurs in the PL, AIA, and Tata, both of which are highly reputed in their field came up to make this venture back in 2000. With a worldwide network of 18 markets in the Asia Pacific, it is one of the most reputed and well-spread firms. Headquartered in Mumbai, they have a Claim Settlement Ratio of 99.07%. 

10. EXIDE LIFE INSURANCE COMPANY LIMITED

EXIDE-LIFE-INSURANCE-COMPANY-LIMITED

You’d probably be knowing this name from the leading automobile Battery Producers. But yes, they also have an upper hand in the Indian Market in terms of Insurance Claims successfully settled. It was established at the start of the century back in 2001 and distribute its products and policies via various modes such as agencies, direct channels, bancassurance, corporate agency, and broking. Headquartered in Bengaluru, they have a Claim Settlement Ratio of 97.03%.

So, these were our top picks for the best Insurance companies in India. Which one of these companies have your family members been a customer to, in the past, and which ones you are looking forward to recommending to others? In case if you are looking forward to insuring yourselves, which firm would you possibly go for. Let us know in the comments section.

Till then. Stay safe. Stay Healthy.

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Best 10 Cars in India Under 10 Lakhs

The Automobile Industry in India has come a long way since it’s inception. Since the ages when royals used it for leisure and luxury purposes to a common man today traveling to his workplace, cars and their consumer ship has evolved into their availability, maintenance, and logistics’ support being provided in every corner of the country. India has shown a steady and progressive growth ever since Independence and the automobile industry has shown some splendid progress over the follow of half a dozen decades.

India had its first car back in 1897 which wasn’t owned by an Indian. The first automobile was manufactured in India in 1942, by Hindustan Motors a few years prior to Independence. Soon after Independence, the Government started uplifting and supporting the local automobile Industry to change the scene of cars being imported directly from European manufacturers. 

On a hierarchical basis, the third decade of India saw the import of cars, while the fifth decade saw the local initial attempts at having indigenous manufacture, the sixth decade saw those initial attempts tripping, while the seventh decade saw the Indian Market being dominated by Hindustan Motors, especially the Ambassador Model. In 1983 Maruti stepped into the Indian Market and took the Indian buyers by a storm. It’s been four decades already and Maruti is still solid in the Indian Market. 

This availability of the automobiles to the common masses have made a segment divide in the market of India. The prices of cars are regulated based on their features and characteristics by SIAM (Society of Indian Automobile Manufacturers) and FADA (Federation of Automobile Dealers Association) in India. The 4-10 lakh segment is what we would be focussing on our article today. Today, we are going to mention the best ten family cars under 10 lakhs in India.

1. Hyundai Venue

Hyundai-Venue

6.75-11.6 lacs

When Hyundai got an amazing response to Creta in the 13Lac+ segment, they decided to come up with a similar car in the prior segment so that the same feel of the look and architecture of the Creta Model can make its way to ardent Hyundai Costumers heart. And they’ve done a great job in doing so.

Popularly called as the ‘Creta with a different grill’, Hyundai Venue is a 5-seater family car with more than 9 color options. With a boasted mileage of 23.7 kmpl, this car has a BHP of 118.35. With an engine powering it with 1493 cc, it comes in both manual and automatic transmissions. With a boot space of 350, this car is a must-buy for any family who is willing to spend 10 lacs and even bag a better model if they can spend a few bucks more, which is a worthy deal.

2.Maruti Swift

Maruti-Swift

5.14-8.84 lacs

It’s an all-time favorite in the under 10 lacs segment of almost every other Indian and hence mentioning it in the list was a given. Swift has always been one of the high-in-demand cars manufactured by Maruti Suzuki ever. It’s VXi and VDi versions, along with their DZire versions still adorn the roads of India ad hence launched back in 2018, better amendments in designs and other accessories are made by Maruti’s every new rollout.

With an underwhelming mileage of just 21.21 kmpl (Swift used to boast 25+ in its predecessors), this car has a BHP of 81.8. With an engine powering it with 1197 cc, it comes in both manual and automatic transmissions. With a boot space of 268, this 5-seater car is a must-buy for anyone planning on their first car, as most of its buyers belong to their 20s, the age when most of us are buying our first car.

3. Hyundai Grand i10 Nios

Hyundai-Grand-i10-Nios

5.07-8.29 lacs

The i10 and i20 series both need no introduction as they have ruled the under 10 lac segment for a very long time alongside Swift. They have rolled out better and advanced models in this series since then. The i10 evolved into the Grand i10 which now has evolved into the grand i10 Nios. 

With a proud mileage of 26.2 kmpl (Gives this car a whole other edge in this segment), this car has a BHP of 98.63. With an engine powering it with 1197 cc, it comes in both manual and automatic transmissions. The service cost would be 3650 per year which is a pretty decent cost, this car is a must-buy for the Hyundai lovers. Preferably if you are buying your first car.

4. Tata Altroz

Tata-Altroz

5.44-9.09 lacs

The story is the same for Tata Altroz and Tata Nexon as it was for Hyundai Venue and Hyundai Creta. This car is being featured in the IPL 2020 a lot and hence the advertising stance is hot in the market.

With a decent mileage of 21+ kmpl (official figures haven’t been released yet), this car has a BHP of 88.76. With an engine powering it with 1497 cc (quite powerful for that frame though), it comes in the manual transmission only, as of now. This 5-seater car has a boot space of 345. Above all these features there is the Tata security and reliability that is well known in the India Market. Considerable, if you ask me, this car is a must buy if security comes as a priority in your list.

5. Datsun GO+

Datsun-GO+

4,20-6.89 lacs

A perfect car for a family as it has 7 seats and quite reputed in the non-nuclear families, this car is a must buy if you are living with your parents.  

With a mileage of 19.02 kmpl, this car has a BHP of 76.43. With an engine powering it with 1198 cc, it comes in both manual and automatic transmissions. The service Cost is 3400 per year and hence a pretty decent car for the boxes it ticks. 

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6. Maruti Baleno

Maruti Baleno

5.64-9.03 lacs

Quite popular in the market right now for its sleek impressive design, this car already has made fans with the class its appearance has. 

With a proud mileage of 23.87 kmpl, this car has a BHP of 88.5. With an engine powering it with 1197 cc, it comes in both manual and automatic transmissions. This 5-seater car has a service cost of 3600 per year and hence is a must-buy if you want an impressive buy in this segment.

7. Maruti Suzuki Vitara Brezza

Maruti-Suzuki-Vitara-Brezza

7.34-11.41 lacs

Maruti Suzuki Vitara Brezza grill modifications make it look like Range or Jeep compass or any such SUV of your choice.

With a decent mileage of 18.76 kmpl, this car has a BHP of 103.26. With an engine powering it with 1462 cc, it comes in both manual and automatic transmissions, another 5-seater car with a service cost of 3700 per year, this car is a must-buy for all the bit hatchback, bit SUV fanatics.

8. Kia Sonet

Kia-Sonet

6.71-12 lacs

After the amazing response, Kia Seltos had from the Indian costumers, Kia decides to roll out this one in this particular segment.

With a proud mileage of 24.1 kmpl, this car has a BHP of 118.36. With an engine powering it with 1493 cc, it comes in both manual and automatic transmissions. This 5-seater car has a boot space of 392 and hence is a must-buy for any SUV fanatic.

9. Mahindra XUV 300

Mahindra-XUV-300

7.95-12.30 lacs

This car was also a segment amendment for the response XUV 500 received and hence is a must-buy for all the XUV lovers.

With a mileage of 20 kmpl, this car has a BHP of 115. With an engine powering it with 1497 cc, it comes in both manual and automatic transmissions. This 5-seater car has a service cost of 3600 per year. All the XUV fans waiting for their first car, go for this one.

10. Maruti Celerio

Maruti-Celerio

4.41–5.68 lacs

This little beast kills it in the mileage section. With a claimed mileage of 30.47 kmpl, this car is powered by a 998-cc engine and a BHP of 67.04. It comes in both manual and automatic transmissions. It has a boot space of 235 liters and also is going to be available in the CNG variant soon, quite an environment friendly.

So, these were our picks for the best 10 cars under 10 lacs in the Indian market. Which one did impress you the most, please let us know in the comments section. Till then, Stay Safe, Stay healthy.

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