What is life insurance?
Before knowing the benefits of life insurance or life insurance, let's know what it is basically? In very general terms, it is a type of savings where you deposit a certain amount of money every month and the insurance company pays you that promised amount in case of any accident or loss.
Was it a little difficult to understand? Usually when we open a savings account in a bank, we deposit some money for a certain period of time in return for certain dividends every month. After a certain period, we do not withdraw that money with interest. But not so with insurance.
Suppose, you take out a life insurance policy of Rs.5 lakhs. Where you have to pay a premium of 3 thousand rupees per month. But the insurance company will not give you any benefit for this 3 thousand rupees. Rather, if you die in an unexpected accident or illness, they will hand over that 5 lakh rupees to your family with a profit which will be a financial help for your family. If you survive, you will get a customer with a profit of 5 lakh rupees.
So in simple words life insurance is a contract or guarantee arrangement, where you agree with the insurance company to pay compensation to your family after your death in case of any future unfortunate accident by depositing a certain monthly amount.
In today's post we will talk about Best Life Insurance Company in India in the year 2023 and know which company has the highest claim settlement ratio and which has the highest amount of annual fee from its customers in the financial year 2022-23. Let's see who the better.
Number 11: SBI Life Insurance : SBI Life Insurance which has earned premium of Rs 50254.17 crore in the year 2020 21 and its claim settlement ratio was 93.09%
Number 10 is Canara HSBC OBC which received handle premium of Rs 5116.03 Crore in the year 2020-21 and its claim settlement ratio was 97.10%
Number 9. The number is ICICI Prudential which received a net premium of Rs 35732.82 crore in the year 2020-21 and its claim settlement ratio was 97.93%
Number 8 is HDFC Life Insurance which received a new premium of Rs 38583.49 30583.49 crore in the year 2020-21 with a claim settlement ratio of 98.01%
Number 7 is TATA AIA who has received premium of Rs 11105.09 Crore in the year 2020 21st May and its claim settlement ratio was 98.02%
Number 6 is Aditya Birlasan Life in which the year 2020 21 May 2020 has received a near premium of Rs.9775.22 crores and has a claim settlement ratio of 98.04%.
Number 5 is PNB MetLife which received a handle premium of Rs 6032.82 crore in the year 2020-21 with a claim settlement ratio of 98.17%.
Number 4 is Bajaj Alliance Insurance in the year 2020 21 Rs 12024.84 Crore and received premium and its claim settlement ratio was 98.48%
Number 3 is Kotak Mahindra which received a handle premium of Rs.11100 crores in the year 2020-21 with a claim settlement ratio of 98.50%
Number 2 is LIC India which has received premium of Rs 379389 crore in the year 2021 and its claim settlement ratio was 98.62%
Number 1: Max Life Insurance has the highest claim ratio of Rs 19017.90 crore in the year 2020-21 and its claim settlement ratio was 99.5%