Life insurance recognizes the value of human life and compensates for the irrecoverable loss of that value in monetary terms. The fragility of human life is understood when sudden death or disability occurs due to natural and accidental causes. When these calamities occur, a household suffers income losses and struggles to make both ends meet. Life insurance is a financial cover for unexpected contingencies attached to human lives.
In India there are around 52 insurance companies providing both life and non-life coverage. Out of that, 24 companies provide life insurance for individuals. In Bangalore, there are a lot of options to buy life insurance with all the major companies providing a variety of life insurance plans.
Bangalore is the third most populated city in India with over 10 million people (as of 2104). This capital state of Karnataka is also estimated to be 89% literate. This creates a viable market for life insurers as is evident from the fact that Bangalore has been among the leading metros contributing to overall life insurance premium collections in the industry.
This metropolitan continues to attract people from all over the country given its vibrant economy which provides attractive job opportunities. Along with higher incomes, residents of Bangalore are becoming more financially acute. Personal economic stability and sustaining improved lifestyles have prompted demand for products such as life insurance plans that assure financial protection of oneself or one’s dependents in the face of uncertain events viz. Death.
Bangalore also boasts a very tech-savvy population which fuels demand for online insurance plans. The online insurance space is well-targeted by all leading providers. Some of the key advantages of online plans are low costs, easy accessibility and ease of renewability.
Top 10 Life Insurance Companies In Bangalore
The following companies have the strongest presence in Bangalore and have been listed in order of the number of offices they operate.
- LIC of India is the only public sector insurer providing a vast variety of plans across the country with around 31 branches in Bangalore.
- SBI Life is controlled by the State Bank of India, a well-established banking institution across the country. Along with BNP Paribas Assurance, SBI Life provides excellent life insurance options to its customers with 9 branches operating in Bangalore.
- ICICI Prudential was one of the first private sector companies to start providing life insurance plans in Bangalore currently with 6 branches in the city.
- Max Life Insurance provides excellent choices in insurance plans and has 5 branches in Bangalore and is headquartered in New Delhi.
- HDFC Standard Life is one of the top life insurance providers with a vast range of life insurance products having 5 branches in Bangalore.
- Bharti AXA Life, made up of Bharti, a leading telecom provider in India and AXA, a foreign insurer, provides premium life insurance plans to suit every individual through its 4 branches in Bangalore.
- Kotak Life, led by the Kotak Mahindra Group, as a leading financial institution, offers multiple life insurance options in collaboration with Old Mutual Plc operating with 4 branches across Bangalore.
- Exide Life based out of Bangalore, is the erstwhile ING Life Insurance Co. has 4 branches spread across Bangalore providing tailor-made plans to suit every customers needs.
- PNB Metlife offers a wide variety of life insurance plans through a collaboration between PNB and Metlife, with 3 branches in Bangalore.
- Bajaj Allianz, as a joint venture between Bajaj Finserv and Allianz SE, is a leading life insurance provider in Bangalore with 3 branches and is headquartered in Pune.
Along with the above mentioned insurers IDBI Federal, Canara HSBC, Reliance Life, TATA AIG Life, India First Life, Aegon Religare, Future Generali, Shriram Life, Aviva Life, Sahara Life, Star Union, DLF Pramerica and Birla Sun Life also provide different types of life insurance plans in Bangalore.
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