Delhi is ranked 4th in terms of total life insurance premium paid in the country. It also boasts a 10% share of the overall premiums paid in the country. This tells us that this market is both better developed and better serviced by insurance providers than most other states. Delhi is only preceded by the bigger states of Maharashtra, Tamil Nadu, and Karnataka, in that order.
Besides hosting a large, growing, young, educated and financially savvy population, this is also a state which has seen costs sky-rocket over recent decades (as with all major Indian cities). The need for financial protection to ensure economic stability is more pronounced in a city such as Delhi. Providers are constantly banking on this by extending newer and better services to potential customers thereby marking its importance in the insurance industry.
Getting life insurance is one of the smartest things a person can do, with policies designed to provide safety against mortal risk for a person's dependents. When it comes to life, a big "What If" question should always be there at the back of your mind.
Top Life Insurance Companies in Delhi
Of the 24 life insurers that operate in India, about 20 have either their head office or regional office in Delhi.Public-Sector
- Life Insurance Corporation of India (LIC) with 75 branches
- Reliance Life with 17 branches
- Max Life with 16 branches
- SBI Life with 13 branches, along with a regional office
- HDFC Life, ICICI Prudential, and Birla Sun Life each with 12 branches
- Aviva Life with 7 branches
- PNB MetLife, Kotak Life and Shriram Life each with 6 branches.
LIC tops the list, outshining private companies, with the strongest presence in the state. Although LIC enjoys a strong reputation, historically, among Indians in general, many private companies which began operations around the year 2000, are fast gaining ground with new, innovative products and superior customer service, leveraged by technology.
Other Life Insurance Companies Established in Delhi Are
Tata AIA Life (5 branches), Edelweiss Tokio and Bharti AXA Life (4 branches each), Aegon Religare and Exide Life (3 branches each) and IDBI Federal Life, IndiaFirst Life, Future Generali India, and Sahara India Life (1 branch each)
The Canara HSBC Oriental Bank of Commerce Life Insurance Co Ltd is an amalgamation of the three banks in the namesake. As such, all branches of these banks, in Delhi, will entertain insurance enquiries and enrollment.
DHFL Pramerica has offices in Gurgaon and Faridabad in the National Capital Region (NCR), but does not have any branch in the city of Delhi.
What do they offer?
The insurance companies listed above offer various insurance policies in Delhi including term plans, endowment plans and ULIPs. These come with a wide range of choices on premium amounts as well as payment schedules. These policies can be availed either from the office directly or through an agent or via the increasingly popular online market.
Locating An Insurance Company’s Branch or Office
Knowing which insurer is present in your city is important when deciding which provider to deal with.
Insurers with a strong presence in your city are more accessible. It helps save time and money when making claims, surrendering or cancelling policies or settling discrepancies / disputes. It is also a positive indicator of the kind of demand such insurers enjoy which should be factored into when deciding on which product to go with.
The most likely situation in which you would deal with your insurer, is when making claims in the unfortunate event of the insured person’s death. It is easier and quicker to deal with the company if situated within a feasible distance.
Claim procedures involve a few steps starting with filling up a claims form. A list of related documents have to be submitted in either original or copies that have been attested by a gazetted officer. Documents required include death certificate, medical records, original policy document, FIRs and post mortem reports (if any), bank account details, and a few other transcripts. Documents, as requested by the insurance company, have to be submitted by the claimant along with the claims form. If required, insurance companies may required additional information/documentation. The faster these reach the company, the faster the process.
- Term Insurance Plans
- Endowment Plans
- ULIP Plans
- Money Back Policy
- Whole Life Insurance Plans
- Pension Plans
- Life Insurance for Child
- Family Life Insurance Plans
- Group Life Insurance Policies
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- Life Insurance for Senior Citizens
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