Insurance is a contract designed to provide financial security to you and your family. When you buy insurance, the insurance company charges you a fixed premium and pays you a fixed sum of money in case of a future event (such as death, illness, accident, property loss, etc.). Insurance not only provides protection against risk, but also offers tax benefits and investment options.
How to get insurance in India? (Step-by-step process)
1. Assess your needs
- First decide what type of insurance you need (life, health, vehicle, etc.). Term life plans for youth, health insurance for family, and flexi-plans or group insurance for businessmen may be suitable.
2. Choose the right insurance company and plan
- Claim settlement ratio
- Solvency ratio
- Annual premium collection
- Customer reviews, convenience, branch/online access
3. Understand the terms and conditions of the insurance plan
- Sum assured, premium, term, benefits and discounts
- Policy exclusions, claim rules
- Assess the utility of add-ons (riders) like critical illness, disability, accident benefit rider, etc. as needed.
4. Application process
- Choose the plan as per your requirement and apply through the company website or authorized portal/agent.
- Submit the required documents – Identity proof (Aadhaar, PAN), Address proof (Voter ID, Passport), Income proof (Salary slip/Income tax return)
- Sometimes, medical test is also required for health insurance.
- Fill the form and complete e-KYC.
5. Pay the premium
- Pay the premium online/offline as lump sum (single premium) or on yearly/monthly/quarterly basis.
- On making the payment, you will receive the policy document or e-policy.
6. Policy issuance and documentation
- The insurer company issues the policy after reviewing the application and documents.
- The digital copy is sent via email or courier.
7. Claim process – when and how?
- Inform the insurance company with the required documents on the occurrence of the insured event.
- Fill the required claim form, attach death certificate/bills/reports etc.
- After the claim is evaluated by the company, the amount is transferred to your or the nominee’s account.
Best Life Insurance Companies in India – Detailed Review
There are more than 24 IRDAI registered life insurance companies in India, and choosing the “best” among them depends on several factors like claim settlement, premium, diversity, customer experience, financial status etc.
Top Life Insurance Companies –
| Company Name | Solvency Ratio (2023-24) | Claim Settlement Ratio (CSR, 2023-24) | Annual Premium (₹ Crore) |
| Axis Max Life | 1.8 | 99.65% | 29,528 |
| hdfc life | 1.9 | 99.50% | 63,076 |
| ICICI Prudential | 1.9 | 99.17% | 43,235 |
| Tata AIA Life | 1.8 | 99.13 | 25,692 |
| Bajaj Allianz Life | 4.5 | 99.23% | 23,043 |
| Kotak Mahindra Life | 2.6 | 98.29% | 17,708 |
| Aditya Birla Sun Life | 1.8 | 98.40% | 17,260 |
| SBI Life | 2.0 | 98.25% | 81,431 |
| LIC | 1.9 | 93.48% | 4,75,752 |
Key Points:
- Max Life, HDFC Life, ICICI Prudential, Tata AIA and Bajaj Allianz are known for their innovative products, high claim settlement and comprehensive customer support.
- LIC is India’s oldest and most trusted company, known for its wide network in both rural and urban areas.
Things to keep in mind while buying insurance
- Before buying insurance, read the company background, financial soundness, customer experience and policy details.
- Choose the company with the highest retained claim settlement, in case of claim rejection.
- Also review the turnaround time (TAT), i.e. time taken to approve the claim, customer support and digital features.
- Avoid lapses in premium payments – opt for auto-debit, SMS reminders.
How to buy insurance online/offline?
- Most of the major insurance companies have a “Buy Now”/”Apply Online” section on their website.
- Comparative evaluation of multiple companies/plans is possible on online aggregator portals like “Policyx.com”, “Policybazaar” etc.
- Offline service through branch, authorized agent or broker.
Conclusion
Insurance is an essential financial security blanket. Choosing the right insurance company and policy can help you secure your and your family’s future. Companies like LIC, HDFC Life and Bajaj Allianz offer reliable options in India. By comparing online and consulting agents, you can choose the best insurance plan that suits your needs.