Choosing the best life insurance company to work for primarily depends upon the type of insurance product that you wish to deal with. Principally, there are only two types of insurance–General Insurance and Life Insurance. Both of them are also referred to as Non-Life and Life insurance respectively.
Both these sectors have seen rapid growth in terms of business in the past years. The gross premiums in FY 2018 reached Rs 5.53 trillion, with Rs 4.58 trillion from life insurance and Rs 1.51 trillion from non-life insurance. These staggering stats suggest one thing that the options of a successful future have proliferated in the insurance sector.
The person aspiring to be an insurance agent needs to choose whether they want to sell general insurance products, life insurance products or both. They must have a separate license to sell different types of insurance as it is mandatory under government rules.
Moving forward, the insurance agent needs to research and evaluate various insurance companies available in the market. The evaluation can be based on various parameters - be it the countrywide network presence, the company’s products, AUM (Asset under Management), consumer base etc. These performance parameters of the insurers can help the aspiring insurance agent in selecting the company to work for.
In this article, we have noted down some of the best life insurance companies based on the parameters stated above. Read on to Know more.
1. Max Life Insurance
Max Life Insurance is one of the leading private insurance providers in the country. With over 210 offices, Max Life has a country-wide network that is further growing with every passing year.
The company has seen a recording breaking rise in its Asset Under Management in the past few years with a staggering growth of 24 per cent. It is also the only insurance company in the BFSI sector that has made in the list of the 15 best companies to work for.
2. Aditya Birla Sun Life Insurance
Birla Sun Life Insurance is a subsidiary of the Aditya Birla Group. Sun Life has a nation-wide presence with over 400 branches and 6 distribution channels. Not just this, the company has also registered the total asset under management value of Rs. 375,820 million. In a nutshell, Aditya Birla Sun Life Insurance is a name to reckon with in the finance industry.
3. ICICI Prudential
ICICI Prudential Life started its day-to-day operations in 2001 and has consistently been amongst the leaders in the Indian life insurance sector. The AUM of ICICI Prudential as of 2018 was seen at an astounding Rs. 1.395 Billion. Moreover, the company has a broad reach throughout the country with over 180 offices.
4. TATA AIA Life
Tata AIA Life combines AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world and Tata’s pre-eminent leadership position in India. The company is widespread across 18 markets in the Asia Pacific region.
Tata AIA Life has recorded a gross premium of INR 1,397 crores for the financial year 2017-18. The company also boasts over 200 offices across the country with over 9000 agents.
5. HDFC Standard Life
With over 149 authorised centres and 414 branches, HDFC Life insurance has its presence in more than 980 towns and cities in the country. The company as of now has 29 retail and 8 group products, combined with their7 optional rider benefits. Its products line includes Health, Protection, Savings, Pension along with Women and Children plans.
‘Summing Up’
Now, that you know about the best insurance companies to work for in the country, some other important things require your focus too. To become a successful insurance agent, you need to have a firm grip on insurance-based products. Thus, be informed about products that customers are interested in and stay updated with the latest trends. All these skills will not just help you get a job in some of the top life insurance companies but will also help you carve a distinct career niche for the future.
