Global News

Review of Insurance, Health, Loan and Hosting

The type of insurance everyone needs to know about.

In case you are always worried about different aspects of life, and there are always thoughts
that you should get insurance for yourself. But, there is no doubt it is a difficult decision
especially when you are not aware of the different insurance policies and types. Whenever
you are going for an insurance policy you should first get proper research done in this regard.
Let us explain a few types of insurance in this piece of writing that it is easy for you to
choose and make a decision. The types of insurance are as follows:

General Insurance:

In general insurance, one can include property insurance, any other form of insurance along
with liability insurance. Whereas the Fire and Marine insurance are the ones that fall in the
category of Property insurance. There are other types of insurance that you can get such as
Motor, Theft, and Machine insurances are dealt with under the umbrella of liability insurance
to an extent. If we talk about the strictest form of liability insurance then it is the fidelity
insurance, in case of liability insurance, the insurer pays on the behalf of the insured, the
insured is compensated whenever there is a liability on him such as payment to a third party

Liability Insurance:

As we have mentioned above that the liability insurance is the general insurance, where you
have this guarantee that the insurer will be paying the damages or compensation on your
behalf to a third party, in case you have cause any damage to a property, loss, injury or
death. There are some other types of insurance that fall under this category and which are
fidelity insurance, machine insurance, and automobile insurance.

Social Insurance:

This is one of the insurance policies that are specially designed for providing protection to
the weaker sections of the society, the ones who are not able to pay the premium amounts
for the adequate insurance policies, pension plans, any other benefits such as the disability,
unemployment benefits.

Guarantee Insurance :

This type of insurance policy covers the loss that takes place due to dishonesty, disloyalty,
and disappearance of the second party or of the employees. The party who is involved in this
type of insurance must be the party to a contract. The failure of a party can cause loss to the first party. This type of insurance can be explained with the help of an illustration. Let’s take
an example of export insurance, in case of such insurance the insurer will be compensating
you for the loss at the failure of importers, for instance, they failed to pay the amount of
debt.

Top Life Insurance Companies in usa 2022

By buying a life insurance policy, the insurance company promises you to pay the sum assured
as claim amount, in the event of the death of the insured within the policy term or at the
maturity of the policy (whichever occurs earlier). For life insurance policies that offer pure
risk cover such as term insurance plan, your family will receive the life cover amount. For
other life insurance policies like an endowment, money back, lips, etc., you will receive the
life cover amount or maturity benefit, depends on the earlier occurrence of the event.
When it comes to the settlement of death claims, the members of your family or nominee
will have to approach the insurance company and intimate them about your death and
provide them the duly filled death claim form. In order to ensure smooth and quick claims
settlement, you need to check the Claim Settlement Ratio (CSR) of life insurance companies.

Top 10 Life Insurance Companies in 2022

The top life insurance companies mentioned below are based on the claim settlement ratio of
the respective companies.

  1. Max Life Insurance
    Max Life Insurance is a joint venture of Max financial services Ltd. and Mitsui Sumitomo
    Insurance Co. Ltd. Max Life Insurance Company offers comprehensive life insurance solutions
    to meet the long-term savings and protection to over 30 Lakh customers. It has a diversified
    distribution model, including agents, advisors, bancassurance, and other allied partners. Max
    Life has the highest claim settlement ratio of 98.74% in FY 2018-19.
  2. Life Insurance Corporation of India (LIC)
    Life Insurance Corporation (LIC) is the only public sector life insurance company offering a
    variety of life insurance products such as insurance plans, pension plans, unit-linked plans,
    special plans, and group schemes. LIC has secured over 250 million lives with its varying life
    insurance solutions. It has a claim settlement ratio of 97.79% in FY 2018-19.
  3. Tata AIA Life
    Tata AIA Life Insurance Company is a joint venture of Tata Group and AIA Group Ltd. The
    company commenced its insurance business in the year 2001 and since then, it is offering life
    insurance products such as protection, savings, and wealth solutions to individuals and
    corporate customers. Tata AIA has a wide distribution channel including agents, brokers,
    7/28/22, 1:58 AM Review of Hosting, Insurance, Blogging – Health, Domain, Loan, Hosting, Insurance, Blogging Review
  4. ICICI Prudential Life
    ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential
    plc. ICICI Bank has 74% stakeholding and Prudential Plc holds a 26% stake in the joint venture.
    ICICI Prudential Life Insurance offers a wide range of products such as terms, health, ULIP,
    savings, and retirement plans to cater to the insurance needs of the customers. ICICI
    Prudential Life has a claim settlement ratio of 98.58% in FY 2018-19.
  5. HDFC Life
    HDFC Life Insurance Company is a result of a joint venture between Housing Development
    Finance Corporation Ltd and Standard Life plc. HDFC ltd owns 70.65% shareholding and the
    remaining 26% of shares are held by Standard Life. HDFC Life offers a range of life insurance
    products including term insurance, health cover, pension, child plans, saving, and investment
    plans. HDFC Life has a claim settlement ratio of 99.04% in FY 2018-19.
  6. Bharti AXA Life
    Bharti AXA Life Insurance is a joint venture between Bharti Group (India’s leading business
    group) and AXA Group (leader in insurance, investment & other financial services). Bharti
    holds 51% shareholding and AXA owns a 49% stake. Bharti AXA Life offers an innovative range
    of insurance products including protection plans, health, savings, investment plans, and many
    others. Bharti AXA Life has a claim settlement ratio of 97.28% in FY 2018-19.
  7. Exide Life
    Exide Life Insurance Company started the insurance business in the year 2001-02. The
    company is completely owned by Exide Industries Limited. Exide Life has multiple channels to
    distribute its insurance products via agents, brokers, bancassurance, direct channel, and
    online. The company has 200+ offices across the country along with 45,000+ advisors ensuring
    a wide reach to the customers. Exide Life has a claim settlement ratio of 97.03% in FY 2018-
    19.
  8. SBI Life
    SBI Life is a result of a joint venture between State Bank of India (largest banker in India) and
    BNP Paribas Cardiff (a leading global insurer). SBI holds the majority stake of 74% and PNB
    Paribas owns a 26% stake. SBI Life offers a multitude of individual and group insurance plans
    including protection, money back, child, investment, retirement, and savings plans. SBI Life
    has a claim settlement ratio of 95.o3% in FY 2018-19.
  9. Pramerica Life
    7/28/22, 1:58 AM Review of Hosting, Insurance, Blogging – Health, Domain, Loan, Hosting, Insurance, Blogging Review Pramerica Life Insurance Company comes into existence with a joint venture between
    Prudential International Insurance Holdings Ltd (a fully owned subsidiary of Prudential
    Financial). DPLI has 144 branches across India, 3143 employees, 4710.574 Crores Asset under
    Management, and more than 20 million lives secured as on 31st August 2019. Pramerica Life
    has a claim settlement ratio of 96.80% in FY 2018-19.
  10. Aditya Birla Sun Life
    Aditya Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group (a
    multinational conglomerate) and Sun Life Financial Inc (a renowned Canada-based
    international financial services company). The company commenced its insurance business in
    the year 2000. Aditya Birla Sun Life offers protection, wealth with protection, health, child
    cover, retirement, and savings plans. Aditya Birla Sun Life has a claim settlement ratio of
    97.15% in FY 2018-19.
    Note: The insurance companies mentioned above are based on the high claim settlement
    ratio extracted from IRDAI Annual Report for FY 2018-19. to know all Life Insurance
    companies claim settlement Ratio for FY 2018-19
    Top 10 Health Insurance Companies in India 2020
    In order to guide customers while buying health insurance, the Insurance Regulatory and
    Development Authority of India (IRDAI) has been coming out with a list of best health
    companies every year. Both General Insurers (private and public) and Specialized Health
    Insurance companies are authorized to offer health plans to the customers. Based on the
    performances with regards to companies’ Incurred Claims Ratio (ICR) and their overall
    financial standing, the top 10 Health Insurance Companies of India are as follows:
  11. HDFC ERGO Health Insurance Limited
    HDFC ERGO Health Insurance Limited (formerly, Apollo Munich Health Insurance) is a Joint
    Venture of HDFC Ltd and ERGO International AG. It has an impressive Incurred Claims Ratio
    (ICR) of 63% for the financial year 2018-19, and it has brought innovations like lifetime
    renewals and portability benefits of the existing policies.
  12. Star Health & Allied Insurance Company Limited
    Star Health & Allied Insurance Company is a joint venture between Oman Health Insurance
    Company, ETA Ascon Group and a few veterans of the country boasts of an Incurred Claims
    Ratio (ICR) of 63% for FY 2018-19. The company has an in-house TPA to deal with cashless
    facility seamlessly while also coming up with exciting products like Diabetes Safe (for
    diabetic patients) and Star NetPlus (for HIV+ patients).
  13. Max Bupa Health Insurance Company Limited
    7/28/22, 1:58 AM Review of Hosting, Insurance, Blogging – Health, Domain, Loan, Hosting, Insurance, Blogging Review Max Bupa Health Insurance Company is a joint venture between Max India Limited and Bupa
    Group brought into existence in 2010. The latest ICR for this health care company stands at
    54% for FY 2018-19 and offers enrollment to its policies for citizens of all age groups.
  14. SBI General Insurance Company Limited
    SBI General Insurance Co. Ltd comes with a joint venture of State Bank of India and Insurance
    Australia Group (IAG). SBI General has a wide presence in over 23,000 branches of State Bank
    Group. It covers over 110 cities across India along with over 350 locations through satellite
    resources. It has an Incurred Claims Ratio (ICR) of 72% for FY 2018-19.
  15. Religare Health Insurance Company Limited
    Religare Health Insurance Company is a joint venture between Religare Enterprises Limited,
    Union Bank of India, and Corporation Bank that was launched in 2012. However, in a short
    period of time, it has shown tremendous growth and made a mark in the insurance sector
    with an Incurred Claims Ratio (ICR) of 55% for FY 2018-19. It is being promoted by the
    founders of Fortis Hospitals.
  16. ManipalCigna Health Insurance Company Limited
    Manipal Cigna Health Insurance Company is a comparatively new player in the Indian
    insurance sector being launched only in 2014 and has immediately become part of the best
    health insurance companies in India. It’s Incurred Claims Ratio (ICR) for 2018-19 stands at an
    impressive figure of 62% that is a no mean feat considering it’s so new to the market.
  17. Bajaj Allianz General Insurance Company Limited
    Bajaj Allianz General Insurance Company is a joint venture between Bajaj Finserv Limited
    and Allianz SE has some health products up its sleeve. The three major products are Health
    Guard, Silver Health, and Star Package. Bajaj has the distinction of being the first company
    to provide captive TPA with certain efficiencies. Its Incurred Claims Ratio (ICR) is 69% for
    2018-19.
  18. New India Assurance Company Limited
    New India Assurance Company is a fully owned company by the government of India has been
    in operations since 1919 and is most famous for its Mediclaim policy. The most unique feature
    of this health insurance policy is that it provides a differential rating for major metros in
    comparison to other locations. The latest Incurred Claims Ratio (ICR) for FY 2018-19 is 95.39%
    that might be on the higher side, but it covers up for any losses or deficiencies from other
    insurance products.
  19. Oriental Insurance Company Limited
    Oriental Insurance Company is a public sector general insurance company that offers a
    number of health insurance products. The best part about this insurer is that it doesn’t
    7/28/22, 1:58 AM Review of Hosting, Insurance, Blogging – Health, Domain, Loan, Hosting, Insurance, Blogging Review require a medical examination of the prospective customers up to the age of 60 years, while
    other companies press for medical examinations for everyone over 45 years of age. Its
    Incurred Claims Ratio (ICR) stands at 106.10% as per IRDAI annual report for FY 2018-19.
  20. National Insurance Company Limited
    National Insurance Company is a fully government-owned general insurance company that is
    more than 100 years old and also provides health insurance coverage. Its Incurred Claims
    Ratio (ICR) is 109.94% for 2018-19, but it covers up its losses with other insurance products in
    various other categories. The most popular health product offered by the company is
    Varishtha Mediclaim for senior citizens.
    Hope this information was useful for you. Find out about various plans being offered by these
    General insurance companies in India and buy a health insurance policy for you and your
    family, now!
    Note: Latest IRDA Incurred Claims Ratio for FY 2018-19 of General Insurance Companies in
    India.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

Adblock Detected

Please Disable Your Ad Block