Life insurance policies are significant as they provide multiple options for debt compensation, income restoration and estate planning for the applicant’s family. In case of an unfortunate event, without a life insurance policy, an individual’s family and their dependents could potentially face financial adversity.
With the investment of adequate time and effort, an individual can approach a reputable broker or agent of a life insurance company, examine their options, choose the apt coverage, and ensure that his/her family will be protected if something untoward might happen.
Top 10 Life Insurance Companies in Chennai
- Life Insurance Corporation of India : The company has information centers in Mumbai, Delhi, Chennai, Kolkata, etc. There are about 44 LIC branches in Chennai. LIC is the largest life insurance company in India, and has a wide range of products for customers.
- SBI Life : It is a joint venture of BNP Paribas Assurance and SBI, the largest public sector bank in the country. It has 12 branches in and around Chennai.
- Reliance Life : It offers the most innovative and user friendly plans for Life Insurance in India. Reliance Life is an associate of Reliance Capital Limited , which is one of the dominant private sectors in India. As of March 31, 2013, Reliance Life has had 93.67% of claim settlement ratio. It offers life insurance claim settlement in just 12 days or interest at the rate of 6.5% p.a. is added in case of delayed payment. It has 8 branches in Chennai.
- Bajaj Allianz Life Insurance : Bajaj Allianz is an Indian Insurance company and is a joint venture of Allianz AE and Bajaj group. The Company has 9 branches in Chennai and offers products in all categories of life insurance.
- Birla Sun Life Insurance: It is a joint venture of Sun Life Financials and Aditya Birla group. The company has 6 branches across Chennai.
- HDFC Standard Life: It is one of the major market leaders in the insurance sector in India. It has 6 branches for service operations and its customer service center is also located in Chennai.
- Tata AIG Life : This renowned life Insurance company in India offers a wide array of products related to life insurance for individuals as well as businesses. The company puts forward high quality solutions to its corporate Indian clients. It has 4 branches in 4 major locations in Chennai that are easily accessible.
- Kotak Life Insurance: This life insurance company was established in 1985 and since then it has come up with creative solutions to promote a financial security. It has 4 main branches in Chennai.
- Max Life Insurance: This company is a partnership between Max India, one of India's leading multi-business corporations and New York Life International, Inc. It has 3 operational offices in Chennai.
- ICICI Prudential Life Insurance : ICICI Prudential is an asset management company which is a joint venture of ICICI and Prudential plc. It has 2 main branches in Chennai and the branch in Royapettah is an opat office, i.e, financial transactions can be submitted only at Official Point of Acceptance of Transaction (OPAT) offices.
HDFC Standard Life,ICICI Prudential, Kotak Mahindra Life Insurance, Max Life, SBI Life and LIC are some of the life insurance companies that project a high rate of claim settlement, with LIC having the highest ratio of claim settlement. LIC has outdone other private agencies in settling death claims in the year 2013-14, as per the report submitted by Insurance Regulatory and Development Authority of India.
Buying Life Insurance Through BankBazaar
BankBazaar is a financial services provider with a range of services across banking and insurance sectors, among others. The website offers a range of functionalities that help users in identifying the best life insurance plans for them and then applying for them through respective gateways, thus saving the trouble of going through agents or middlemen.
Through BankBazaar, customers can view various policies as per their requirements as well as select policies and compare them. After comparison, the customer can choose the best policy that meets his/her needs and can purchase the policy of their choice through BankBazaar in a quick and uncomplicated manner. The process is very transparent and user friendly and does not consume time or have other hidden complications or charges, thus providing users a quick way to obtain the best life insurance policies in Chennai.
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