How to ensure that your Insurance Claims gets Paid.

When the time comes to pay the claim, the insurance company experiences the moment of truth.  That is the single most (or some would say the only) criteria that insurance companies are judged on. The customers have paid their premium for years and now had an unfortunate event in their life. They expect the insurer to help them. Treat a customer well during this time and you have him/her for life. What’s more, the customer will spread the good word. Treat them badly and you not only have an irate customer but also a negative amplifier for your business.

All insurers do want to pay legitimate claims. The difficulty for claims evaluators is that the moment of claims also presents the best opportunity for fraudsters to strike.  If you are too lax you are frittering away the premium of your customers. The claims evaluator faces a really difficult task. They typically look for patterns that seem to indicate a dodgy claim. The best thing you can do is not to get caught in that unintentionally. Here are some tips that will help you.

Declare all information truthfully

Insurance forms are lengthy and we often tend to skip or overlook sections. We fail to declare our previous claims history, pre-existing diseases, smoking habits etc. While insurers may accept these declarations at face value at the time of buying a policy, the claims adjustor would scrutinize these a lot more carefully. So make sure you declare everything and not hide anything.

Better to undergo tests.

Lots of people try to avoid medical tests while buying life or health insurance policies. Medical tests are a hassle, you need to fast, probably take a day off from work and it is not the easiest thing to do. But I would advise you that it is well worth the hassle to go thru a medical test.  Medical tests allow the insurer to be sure of what he is insuring and gives the insurer and more importantly the claims evaluator more certainty. Do not avoid medical tests and repent later.

Keep your documentation in proper order.

This is especially important for claims related to car and property. Ensure that you keep the ownership documents and purchase documents with you. In case of a car under insurance, ensure that you have the registration in your name and have a valid driving license. Lack of proper documentation is a big red flag for the insurer.

Take these three simple steps and ensure that your claims never get rejected. Remember again that most insurers do want to service you well at the time of claims. Make their job easy by declaring all information, undergoing a pre-policy test if needed and keep your documentation in order.

If you are still worried that an insurer may not pay your claim, check out the claims payment record of all the insurers in India before buying a policy.

The Beneficiaries in an Insurance Claim: Nominees and Appointees

The term “beneficiary” is defined as “a person who derives advantage from something, especially a trust, will, or life insurance policy”. In India rarely is the word beneficiary used.

In the case of a general insurance or a health insurance policy the person who can claim is usually the policy owner himself, because he is alive and capable of claiming.

In a life insurance policy, the policy holder is usually dead before claim occurs. (LIC of India uses the word “claim” for maturity proceeds and interim survival proceeds: in standard terminology these are not “claims” but contractual payouts). Here is a list of payees who can potentially receive amounts from claims on a life insurance policy.

1.  Nominee
2.  Appointee
3.  Assignee
4.   Trustee
5.   Joint Life Policy Holder
6.  Policy Owner
7.  Court Appointed Receiver
8.   Government Authorities

Nominee: This entity is almost unique to India and has an entire clause in the Insurance Act (S.39) governing his status. The name of the nominee is usually indicated at the start of the policy and normally is the close relative of the policyholder. Thus a spouse, children, brothers, sisters, and parents are the usual nominees. By convention, Insurance companies frown upon strangers being made nominees. It is almost impossible to nominate a friend. A policyholder can change his nominee any number of times during the currency of the policy at no cost. Only the name of the new nominee and a simple notice is required. Nominees have no role to play till the policy results in a death claim. Nominees do not have the right to retain the money, and their role is limited to giving the insurance company a discharge for the claim payment. Thus the cheque is made out in the name of the nominee although as per law, he may not have any right to use the money! But, since a vast majority of the nominees are also rightful heirs, complications are few. As a corollary, it is open to a non-nominee heir to challenge the nominee to give up the proceeds. It must be observed here that the rights of a nominee are most easily challenged amongst all beneficiaries.

A policy can have more than one nominee, but as will be seen the outcome of a policy with multiple nominees is complicated. Indian Law does not allow specifying shares for nominees (remember they are not entitled to use the money, they can just give a discharge to the insurer). Thus if any cheque is made out, it is made jointly to the nominees. Irrespective of the policy having a valid nomination, at the time of claim any person who is a legal heir can bring an order from a court to stop the claim being paid to the nominee. If such an order is received by the insurer after the payment has been made, no blame can be ascribed to the insurer, since he has acted in good faith and in accordance with S.39 of the Insurance Act. But even if a simple letter is received by the insurer after the death of the policyholder but before any payment is made, disputing the rights of the nominee, the insurer will refuse to pay till clear title is established.

Nominees can be major or minor in age.  Since minors cannot execute a valid contract, at the time of death of the policyholder, if the nominee is a minor, claim cannot be discharged by him. To avoid a sticky situation, the policyholder has to appoint another person called the Appointee.

Appointee: As described above the role of an Appointee is to give discharge to the insurance company on behalf of the minor nominee. He is appointed by the policyholder at the time of nominating the minor nominee. His role is extinguished when the nominee acquires majority. Interestingly, there is no restriction on who can be an Appointee. Anyone who is above the age of 18, and of sound mind can become an Appointee, even if he or she is not related to the nominee or the policyholder. The Appointee’s status is governed by the same S.39 of the Insurance Act.

We strongly advocate that if you are a policyholder you must unfailingly appoint a nominee. Please review your life insurance portfolio and check for missing nominations and nominate right away. There are terrible stories of people forgetting that their mother/father was nominated at the time of purchase of the policy and the wife at the time of claim was made to run from pillar to post proving her right to receive the policy monies. Whether you are nominating, or are a nominee, or are invited to act as an Appointee, it is important to know your rights and your limitations. There will be more on the other “beneficiaries” in a further blog. We at Policylitmus strongly believe that it is important to be fully informed to make the right choices while choosing your insurance needs and that the best policy for you  is just a click away.

Should I buy a ULIP

ULIPs or Unit Linked policies are a variety of life insurance where a part of the premiums you pay are invested in stock market instruments. To get a more detailed description of ULIPs please refer to our earlier blog .  The stock markets are rising and the SENSEX and Nifty are at never seen before highs. ULIPs are back with a bang and every insurer has more than one offering.

So should you buy a ULIP?

The simplest life insurance product one can buy is a term plan. However as everyone is aware if you survive the duration of the policy, nothing is returned to you. Because of the fact that ULIPs have a savings element attached to them, ULIPs can help a purchaser maintain a periodic savings habit. The risk attached to the savings portion is equal to the risk of investing in mutual funds. This being said there are several important caveats before you buy such a policy.

Caveat 1: The investment risk in the investment portfolio is borne by the policyholder. 

What this means is that while the chances of an upside in your portfolio exists because of a general rise in the stock market, or the savviness of the insurance fund manager, you stand an equal chance of not meeting your investment goals and ending up with less money than what you invested. This is unlike an endowment policy where bonuses are generally declared, though the rates may be meagre.

Caveat 2: The policyholder will not be able to surrender / withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year.

It is important to be aware that there is no liquidity in the first 5 years, and though your obligations to pay premiums continue, you cannot withdraw any of your funds.

Caveat 3: The entire premium is never invested. 

There are several deductions that apply on your premium before it is invested. The first is allocation charge. This charge is primarily used to pay commission to the distributor and to defray some part of the initial expenses in issuing a policy. These can range from zero to a total of 15% in the first 3 years. Then there is a policy administration charge which is a fee deducted to manage your policy year on year. These can range from zero to a total of Rs. 100 per month. Each of the funds will carry a fund management charge (maximum of 1.35% of the investment amount). In all cases a mortality charge which is the amount of premium required to cover death risk is also deducted.

Caveat 4: Servicing is not free. 

Unlike other policies any transaction that you effect within your policy is chargeable. Such servicing includes switching between funds, partial withdrawals, premium redirections and so on.

Caveat 5: Fund performance can vary widely even within the Company for different funds.  

It is necessary for you to study fund performance before you buy such a policy. Average CAGR (Compound Annual Growth Rates) of funds can vary. Most policyholders are inactive fund managers, preferring to forget about any insurance policy once purchased. Lack of vigilance can give a nasty shock after 20 or so years at maturity.

This being said, ULIPs have been cleaned up considerably after Regulatory intervention. Charges are now reasonable and policy brochures are less complex. Earlier if a policyholder had lapsed his policy, hardly any amounts were returned to him. Currently if a policyholder is unable to pay premiums for the full 5 years, amounts are not lost, because companies have to mandatorily operate a Discontinued Policy Fund that provides a guarantee of 4% return. These amounts are paid the moment the policy completes 5 years.

Our view therefore is to buy a ULIP only if you are able to keep track of your funds, because you are responsible for your investment decisions and the company has already disclaimed responsibility for investment performance. If you decide to go ahead, you will find all the key information on www.policylitmus.com to help you choose the best policy for you.

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ULIPs: An Introduction

ULIPs are an acronym for Unit Linked Insurance Policies. As the name suggests these are life insurance policies. A life insurance policy covers the risk of death, by paying a pre-decided sum of money to the policyholder who has purchased the policy by paying a premium. This simple transaction is called a term insurance policy. In its simplest version if the policyholder dies, the insurance company pays the claim but if the policy holder survives, he gets nothing back.

Perceiving that this “get-nothing-back” is not appealing to a vast majority of people, insurance companies introduced a savings element, in such a way that while the policyholder’s family would get the claim amount on his death, if he survived he would still get some amount back. There are 3 versions of this theme:

Term Return of Premium Policies:  Varying proportions of the premium are returned to the policyholder on survival. Amounts can range from half of the total premiums paid to twice the total premiums paid.

Endowment Policies: 

A portion of the premiums paid by the policyholder is invested by the company in various interest bearing instruments like government bonds. A minor portion is also invested in stock markets. Investment policies are tightly governed by IRDA (the Regulator). The policyholder has little control over the kind/type of investment made. Since safety is a primary concern, companies sacrifice risk for returns. Thus earnings are fairly low. These earnings (net of company expenses) are returned to policyholders in the form of bonuses. The upshot of this control and rigidity is that while earnings are almost certain, they are quite meagre in comparison to most investment instruments.

ULIPs: 

Here too a portion of the premium is set aside for investment. The difference is that the policyholder has greater control of the type and kind of investment she can make.  Investments are made in the stock market through designated funds by purchasing units at the current price.

Let us say a company has created 2 Funds called Fund A (High Risk) and Fund B (Low Risk). Each Fund’s objective is to purchase shares and stocks and trade in them for a profit. (The technical difference is that High Risk Funds are more Equity oriented and Low Risk Funds are more Debt oriented. The higher the risk the higher are the chances of making a good profit, but you stand an equal chance of making a loss, and vice versa for a low risk proposition – but let us move on). Initially the company seeds both funds by putting in some money. A policyholder can participate in the trading actions of the funds thereby participating in the loss or profit that may occur. He participates by purchasing portions of the fund arbitrarily designated as “units”.

By convention when a fund starts all units are available at a price of Rs 10/unit. This is called the Net Asset Value (NAV) of each unit. After several sessions of trading (over weeks/months/years) the NAV can be higher (say Rs 15.60/unit) or lower (say Rs 9.65/unit) based on whether the fund manager has been wise and made profits or been unlucky/incompetent and made losses. Let us say a policyholder purchases a ULIP and pays a premium of Rs 1000. The insurance company will keep Rs 100 for death risk, which leaves Rs 900 for investment. Say the policyholder divides this equally between Fund A and Fund B. This means he invests 450 in Fund A and 450 in Fund B. If he invests at Rs 10/unit, he will get 45 units of Fund A and 45 units of Fund B.

Total Investment/NAV of 1 unit, i.e. 450/10 =45 units.

Let us say after a year NAV of Fund A is 15.60 and Fund B is 9.65. The value of the units with the policyholder is:

Value of Units in Fund A: No. of Units X NAV, i.e. 45X15.60 = 702

Value of Units in Fund B: No. of Units X NAV, i.e. 45X9.65 = 434.25

Thus:

Original Investment: Rs (450 + 450) = 900

Value after 1 year: Rs (702 + 434.25) = 1136.25

If another policyholder buys a similar policy today and follows a similar investment pattern as the earlier policyholder, this is what will happen.

Premium - Cost of Death Risk = Premium available for Investment.

1000-100 = 900

He wishes to invest half in Fund A and half in Fund B, i.e. 450 in Fund A and 450 in Fund B.

He will now get:

Total Investment/Current NAV of 1 unit, i.e. 450/15.60 =28.846 units of Fund A

Total Investment/Current NAV of 1 unit, i.e. 450/9.65 =46.632 units of Fund B

The new policyholder has to buy units at current cost.

It is important to note that a policyholder can buy either or both funds and in any proportion that she chooses. Thus, for example, she may choose to invest 100% in Fund B and nothing in Fund A, or 20% in Fund A and 80% in Fund B. It is important to read the objectives of the fund and see if they match your risk profile. If you are close to retirement it may make better sense to invest in a debt oriented fund. If you have just embarked on your career, equity oriented funds may be your choice. Companies have anywhere between 2 and 13 funds, each with differing objectives – hence choice is usually not an issue. Companies also allow you to move your money between funds if you perceive an advantage in such movement. We do not recommend active management unless you are proficient to make such movements. Many companies also have options that restrict such active management in the interest of more stable returns. If you have questions talk to our experts at www.policylitmus.com.

As a general rule ULIPS provide a better investment return than endowment policies. But this is not guaranteed. All the rules and caveats that apply to stock market investments in general, apply to ULIPs. Thus, if units were purchased in a rising stock market and if the market goes down for a prolonged period, unit values will drop. There are 2 factors that may be considered.

Maintaining a steady investment pattern by paying regular premiums does help in getting fair returns.

Insurance fund managers are instinctively conservative. While this may depress earnings somewhat, the losses too will not be dramatic.

Note: The insurance company deducts some charges from the policyholder for managing these investments.

All figures are illustrative and not in relation to exact values or proportion.

This is how ULIPs work. In my next post we shall debate on whether one should buy a ULIP and if so what needs to be the basis for such purchase.

Three Reason why you should buy Life Insurance Before the Age of 30.

If you are below 30 years of age, you probably feel you are invincible. You have a good job, in a happy relationship and nothing can go wrong. Unless you are God or some invincible vampire, unforeseen events can change all that in a jiffy. While people may call it luck or fate, your loved ones and people who are dependent on you are often left to pick up the pieces.  You need to ensure that your loved ones are taken care of.

1.   Earlier you buy cheaper the premium

Most of us know that it is always better to start saving early. Effect of compounding means that small savings done early and regularly will results in large savings in your older years. Same is true about life insurance. If you buy life insurance at an early age, you will pay lot less for same amount of cover. The following graphs shows you what you will pay for a cover of 1 Crore up to 65 years of age for a non-smoking male.

As you pass the age of 30, premiums tend to shot up dramatically.

2.   Avoid age and lifestyle related issues

Not only does premiums shoot up after the age of 30, but you may also find it difficult to get cover. Let me explain why. Current day sedentary life style means that one is more likely to suffer from age and lifestyle related diseases early and often in the thirties. Insurers see these diseases are major risks and tend to be very careful in providing cover to people with diseases like Diabetes, hypertension etc. You may be altogether refused cover or may have to pay a premium as much as 3 times what the cost of a standard cover.

3.   Financial Planning must include Life Insurance

Insurance is an integral part of a financial planning. There are a number of instruments to enhance your wealth but only one to protect it. You wouldn't think twice before buying a lock for your house or valuables, but we often don’t think about protecting our wealth and sources of our wealth. There is no greater sources of wealth than one’s life. It is imperative that you protect your wealth thru a life insurance early. Life insurance should be an integral part of your financial planning.

Also look at 5 questions to ask before buying life Insurance. 

Why are Surrender Values for life Insurance So Low

Background: 

If you have ever surrendered a policy, you would have been shocked at the meager amount you received. It would have been much lesser than the amounts paid by you. Let us try and explain why this was so.  

Insurance is a long term contract. Your obligation is to pay the premium on a regular basis. The insurer is obliged to provide cover against the insured event. Contracts can be terminated by either party usually by paying a penalty. Insurers rarely terminate a contract unless the policyholder has committed a breach of his obligations. In rare cases if an insurer goes out of business or winds up his business he may opt to pre-maturely terminate the policy. On the other hand, if you voluntarily terminate the contract before you pay all the premiums, and intimate the company that you are not going to continue, and seek a refund of premium, you have indicated a desire to surrender the policy. The entire premium is almost never refunded. The difference is the penalty for early termination and is called the surrender charge. These charges can be quite steep and is the reason why surrender values are so low.  

Insurance contracts can range from a few days to many years. As a general rule: 

• The shorter the contract the lesser the chances of getting any refund via surrender. 
• Pure risk policies have no surrender values (i.e. entire premiums paid is confiscated). 
• Indemnity policies have little or no surrender value. 
• The longer the duration of the policy, the greater the surrender value the policyholder will get.  

In India long term contracts are usually life insurance contracts and surrender is a provision in most of these provided they are savings policies. Pure Term policies have no surrender value. 

So why is Surrender Value Low? 

Unlike other products and services insurance is bought in installments: however the insurer is fully liable from day 1. Further, insurers spend a lot of money in the initial years for acquiring the policy, pay large distribution expenses and keep aside reserves for claims. These amounts are recovered by them over a period of time from the subsequent premiums paid by the policyholder. Thus if a policyholder breaks the contract by surrendering, the insurer will remain out-of-pocket. These are the amounts recovered by the insurer as surrender charge. 

We are not debating if the charges are justified or can be reduced. The fact is that surrender charges will always exist. Our advice is that one should always aim to continue a contract till the stipulated date. A roundabout way of minimizing loss is by splitting the policy at purchase such that the entire policy need not be surrendered if there is an urgent need for money. Insurers try and restrict this by offering rebates if the premium is large enough. As always, you can count on us to help you solve any questions you have on this issue. 

We at www.policylitmus.com try to offer the best possible advice and options for customers of insurance. Visit our website to find out more. 

Insurance Application Forms: The Truth, the Whole Truth and Nothing but the Truth

I like to read what I sign. So, when my agent asked me to put my signature next to the “x” on a printed form while buying a life insurance policy, I balked. I wanted to fill it up myself, I said.

The first thing that struck me was that the form ran into 5 pages of really small font. After the usual stuff regarding my name and address and phone number, I entered tortuous territory. My height (umm…5 feet 11?), my weight (78 according to the weighing machine in my gym, 75 according to what I tell my friends, 80 is what it really is), my chest size in centimetres (no clue), waist size in centimetres (10 centimetres more than what I would like it to be) and so on.

Still more difficult questions were coming.

No one seems to have told the insurance company that I do not understand their language. They use words that have no meaning for me. For example, have I ever lapsed a policy? What on earth is a lapsed policy? I could not find an explanation, so I said “no”. Have I ever been declined insurance? Wait a minute: I am paying money to you, what is going on? They also wanted to know if I will bungee jump, join a circus as a trapeze artist, drive a race car in my spare time, or jump off a mountain without wings? Most assuredly not I said. Do I suffer from a 100 diseases that I had never heard of? I travel to work by the Mumbai local train and that qualifies me as fit for the Olympics. 

Even if I did I would not know it, and I calmly answered in the negative. Do I drink (alcohol) or smoke (cigarettes, beedis, cigars), or chew (tobacco, gutkha)? Do I drug myself senseless? Have I ever seen a doctor? (I wish I had never).Do I have all my teeth? The only thing they did not ask me was if I kicked the neighbour’s cat on a daily basis. The last page was 30 lines of fine print that assured me that if I ever mentioned anything that was untrue, the most horrible consequences would visit me.

Most of us do not go through this exercise. We just sign next to the “x” and our agent fills up the form. When we get the policy, we dutifully file it, again without reading any of it.

What is it with insurance application forms that make them complicated and unfillable? Well insurance contracts are unequal in nature with the company knowing far less about you than you know about the company. Hence the company needs to know as much detail as it can. A word of warning to the wise: it is in our interest to fill up the form as truthfully as possible. Claims are settled based on the answers filled out.

Fine print and jargon are second nature to an insurance company because they need to protect themselves against fraud. Maybe they need to remember that most customers are honest and processes must be designed to help the good guys.

But you can trust www.policylitmus.com to make things clear to the insurance buying public. No fine print, just crystal clear unbiased information. Compare over 1000 policies and 50 insurance companies, without having to reveal your contact details. 

Best Life Insurance Companies in India in 2014

Best Life Insurance Companies in India in 2014.

Every month over one lakh searches are done in India on the Best Insurance companies in India. How do we define the Best Insurance Company? You may say that what is best for one person may not be the best for another. However there are some factors all of us can agree on that we look for in Insurance companies. We would all want our insurance companies to:

1.       Settle a high percentage of claims

2.       Have few complaints

3.       Have customers who come back to pay renewal commissions

1.    What percentages of claims do Insurers Reject?

The reason a customer pays premium is to ensure that the insurer is there for his/her dependents when he is no longer around. Acceptance of claims is the single most critical element of an insurer’s performance.

Here is the Data on claims rejection by Insurers.

Insurer	Percentage of Claims Accepted in FY 2013-14
	Overall	Within two years of taking Policy	Beyond 2 Years of taking Policy
LIC of India	98.9%	99.7%	99.2%
HDFC Standard Life	96.3%	96.4%	99.9%
ICICI Prudential Life	94.6%	94.9%	99.7%
IDBI Federal	94.4%	94.7%	99.7%
Max Life	93.9%	94.6%	99.3%
Bajaj Allianz Life	93.4%	94.1%	99.3%
SBI Life	93.2%	93.8%	99.4%
Sahara	93.1%	95.0%	98.1%
TATA AIA Life	92.5%	93.9%	98.6%
Star Union Daiichi	92.3%	92.4%	99.9%
Kotak Mahindra	92.2%	92.9%	99.3%
PNB Met Life	90.4%	90.5%	99.9%
Bharti AXA Life	90.0%	91.4%	98.6%
Birla Sun Life	89.9%	90.5%	99.5%
Exide Life	89.9%	90.6%	99.3%
Canara HSBC	89.1%	91.9%	97.2%
Reliance Life	88.1%	91.3%	96.8%
Aviva	84.1%	87.5%	96.6%
Future Generali Life	83.6%	84.2%	99.5%
AEGON Religare	81.0%	82.0%	99.0%
Shriram Life	79.9%	79.8%	100%
Edelweiss Tokio Life	76.2%	76.2%	100%
DLF Pramerica	61.7%	63.4%	98.3%
India First Life	61.3%	63.3%	97.8%

While an argument can be made that most of the rejections are within 2 years and may be a result of fraud, it still begs the question about the quality of controls (or the lack of it) that insurers have for acquiring new business. Ideally the Insurer should have an acceptance ratio in the high nineties. For the most part a customer should be fine with an insurer who acceptance is in the 90s.

2.    Do customers continue to pay their renewal premiums?

First thing that you may want to know is how many customers continue to pay their premiums after the first year.  If the customers are not paying renewals then it means that either they have been sold a policy that is not fit for purpose or it is a forced sale.Here are the results of the Financial Year ending March 2014

Insurer	Percentage Paying Premium into third Year
HDFC Standard Life	71%
Max Life	66%
ICICI Prudential Life	68%
Kotak Mahindra	77%
Birla Sun Life	60%
TATA AIA Life	60%
SBI Life	65%
Exide Life	57%
Bajaj Allianz Life	48%
PNB Met Life	47%
Reliance Life	58%
Aviva	52%
Sahara	73%
Shriram Life	82%
Bharti AXA Life	54%
Future Generali Life	33%
IDBI Federal	76%
Canara HSBC	86%
AEGON Religare	48%
DLF Pramerica	44%
Star Union Daiichi	44%
India First Life	56%
Edelweiss Tokio Life	45%
LIC of India	71%

Ideally you would want the insurance company to be able to retain over 80% of its customers into the third year.  There are only two insurers that meet this benchmark. Worryingly more than one in four insurers have a retention rate of less than 50%. Clearly there is a problem in the Industry where customers are often sold products that do not fit their needs or that they do not want. If a significant proportion of the customers do not like the products they have been sold , the chances are that neither will you.

3.    How many Complaints do the Insurers have?

Complaints are an accepted parameter of service performance of any industry and the Insurance industry is no exception.  Here is the data on Sales complaints per 10000 policies sold.

Insurer	Sales Complaints per 10000 Policies	Percentage complaints
LIC of India	20	0.2%
Shriram Life	21	0.2%
India First Life	33	0.3%
Edelweiss Tokio Life	69	0.7%
IDBI Federal	78	0.8%
Star Union Daiichi	103	1.0%
SBI Life	141	1.4%
PNB Met Life	218	2.2%
DLF Pramerica	223	2.2%
ICICI Prudential Life	246	2.5%
Exide Life	335	3.4%
Max Life	365	3.7%
Kotak Mahindra	382	3.8%
Aviva	509	5.1%
Reliance Life	523	5.2%
HDFC Standard Life	594	5.9%
TATA AIA Life	659	6.6%
Bharti AXA Life	662	6.6%
Birla Sun Life	740	7.4%
Canara HSBC	838	8.4%
AEGON Religare	868	8.7%
Bajaj Allianz Life	1150	11.5%
Future Generali Life	1434	14.3%

While the top 5 Insurers in this category fare quite well there are a few with a rate of complaints higher than 10%.

Hope this data helps you identify Insurers that you find acceptable. Once you have found companies that meet your criteria then look at premiums and select the best premium from the companies in your consideration set. You can get all the details of the Best Life Insurance Companies in India at www.policylitmus.com.