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Updated on Apr 23, 2025 18 min read
Top 10 Life Insurance Companies in India in 2025
Finding the top insurance companies in India is not easy. There are approximately 24 life insurance companies in India that offer various life cover products to Indian citizens. Choosing the best insurance company in India among these can be done by analyzing some of their features, like a good claim settlement ratio, solvency ratio, annual premiums, and customer reviews.
All the factors combined make an insurer stand out from the rest. To be among the top insurance companies in India, the insurance provider must value its customers and take their claims seriously. Individuals must choose a life insurance company that has a good market reputation and creditworthiness so that their loved ones are secured even in their absence.
List of Top 10 Life Insurance Companies
Below are the top 10 insurance companies in India offering versatile life insurance plans.
| S.No | Insurance Company | Solvency Ratio (2023-2024) | CSR (2023-2024) | Annual Premiums (2023-24) (In crores) |
| 1. | Axis Max Life Insurance | 1.8 | 99.65% | Rs 29,528.97 |
| 2. | HDFC Life Insurance | 1.9 | 99.50% | Rs 63,076.48 |
| 3. | ICICI Prudential Life Insurance | 1.9 | 99.17% | Rs 43,235.64 |
| 4. | Tata AIA Life Insurance | 1.8 | 99.13% | Rs 25,691.82 |
| 5. | Bajaj Allianz Life Insurance | 4.5 | 99.23% | Rs 23,043.04 |
| 6. | Kotak Mahindra Life Insurance | 2.6 | 98.29% | Rs 17,708.38 |
| 7. | Aditya Birla Sun Life Insurance | 1.8 | 98.4% | Rs 17,260.12 |
| 8. | SBI Life Insurance | 2 | 98.25% | Rs 81,430.64 |
| 9. | PNB MetLife Life Insurance | 1.7 | 99.2% | Rs 9,732.8 |
| 10. | Life Insurance Corporation of India | 1.9 | 93.48% | Rs 4,75,751.92 |
Overview of the 10 Best Life Insurance Companies
Take a look at the features of the best life insurance companies in India. We have curated this list based on the company’s reliability, high claim settlement ratio, vast product portfolio to choose from, and performance throughout the years.
Axis Max Life Insurance Company
Axis Max Life Insurance Company Limited is a joint venture between Max Financial Services Limited and Axis Bank Limited. It started as a general insurance provider in the year 2000 and is considered among the top 10 insurance companies in India. It has a strong customer base of over 20 million across the world. It offers a wide range of life insurance products, including term insurance, ULIPs, child plans, investment plans, etc. One of the best-selling plans is the Axis Max Smart Term Plan Plus.
Key Features of Axis Max Life Insurance
- Highest claim settlement ratio of 99.65%.
- A wide range of product offerings, including term plans, ULIPs, pension plans, child plans, etc.
- Choice of policy tenure based on your requirements.
Why Choose Axis Max Life Insurance?
- Offers a high sum assured with their plans at affordable premiums.
- Offers a high sum assured with their plans at affordable premiums.
- Flexible premium payment tenure options.
- Premium break option to tackle uncertainties and financial struggles.
Best Life Insurance Plans By Axis Max Life Insurance
Plan Name Type of Plan Unique Features Entry Age Sum Assured Axis Max Smart Term Plan Plus Term Plan - Special Exit Value - 2X Premium Back
- Inbuilt Terminal Illness Cover
- Choice of Plan Variant
18 to 65 years Rs 25 lakhs to no limit Axis Max Life Future Genius Education Plan Child Plan - Guaranteed money back during the child’s graduation years.
- Multiple customization options.
- Enhanced protection with add-ons.
21 to 45 years Rs 2,12,000 to no limit Axis Max Life Guaranteed Lifetime Income Plan Retirement Plan - Guaranteed income for your needs.
- Monthly income for the whole life.
- Option to choose single life/ joint life option.
0 to 30 years - HDFC Life Insurance Company
HDFC Life Insurance is a joint venture of HDFC Limited, India’s leading housing loan company, and Aberdeen PLC (formerly Standard Life Aberdeen PLC). This global investment company started its business as a general insurance provider in the year 2000. HDFC has 535 branches in the country, has 2,92,220 crore worth of assets under management, has insured 6.8 6.6 crore lives as of now, and has offered a sum assured of whooping 13.34 lakh crores. The company was awarded a ’Superbrand’ in the year 2023 2025. It is known for some of the best life insurance policies in India.
Key Features of HDFC Life Insurance
- 24-hour claim processing for individual claims.
- Unique insurance solutions that cater to the needs of every customer.
- Exclusive discounts on online purchases.
Why Choose HDFC Life Insurance?
- Hassle-free claim settlement procedure.
- Customer-centric life insurance product offerings.
- Recognized as a ‘Superbrand’ for 10 years.
Best Life Insurance Plans By HDFC Life Insurance
Plan Name Type of Plan Unique Features Entry Age Sum Assured HDFC Life Click 2 Protect Super Term Plan - Increasing death benefit up to 200%.
- Spouse coverage option.
- Waiver of premium on critical illness.
18 to 65 years Rs 5,000 to no limit HDFC Life YoungStar Udaan Child Plan - 3 Plan options to choose from.
- Guaranteed additions for the first 5 policy years.
- Range of policy term and premium payment term.
30 days to 65 years 105% of total premiums paid HDFC Life ProGrowth Plus Plan ULIP - Choice of fund options to invest.
- Financial protection for your loved ones.
- 2 Plan options to choose from.
14 to 65 years Higher of 10X annualized premium or 0.5X policy term X annualized premium ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance is a joint venture between ICICI Bank Limited (India) and Prudential Group of Insurance, an American multinational company. It started its operation as a general insurance provider and has made its place among the top 10 insurance companies in India. It started its operation as a general insurance provider in 2001 in India. With over 600+ branches and thousands of employees, ICICI has crossed 2.5 trillion assets under management.
Key Features of ICICI Prudential Life Insurance
- 1 crore life cover starting at just Rs 410 per month.
- 9.69 crores live covered to date.
- A whopping Rs 3 trillion of assets under management.
Why Choose ICICI Prudential Life Insurance?
- 1-day claim settlement process.
- Additional riders to enhance plan coverage.
- The high solvency ratio showcases the strong financial strength of the company.
Best Life Insurance Plans By ICICI Prudential Life Insurance
Plan Name Type of Plan Unique Features Entry Age Sum Assured ICICI Prudential iProtect Smart Term Plan Term Plan - Four payout options to choose from.
- Whole life coverage.
- Low premiums for women and non-smokers.
18 to 65 years Subject to minimum sum assured ICICI Pru Smart Kid Solution Child Plan - Flexibility to choose the duration of guaranteed income.
- Waiver of premiums on death, disability, critical or terminal illness.
- Flexible payout duration.
20 to 54 years - ICICI Pru Signature ULIP - Systematic withdrawal plan to withdraw money regularly.
- Wealth boosters at the end of 5 years.
- Choice of 4 portfolio strategies.
0 to 60 years 5X Annualized Premium to 10X Annualized Premium Tata AIA Life Insurance Company
Tata AIA Life Insurance is a joint venture between Tata Sons Pvt Ltd (India) and AIA Group of Insurance, an American insurance provider that started as a general insurance provider in 2001. One of the best life insurance companies in India, Tata AIA Life Insurance, has over Rs. 71,006 crores of assets under management, which has increased 21% from last year, showcasing the company’s strong financial performance after COVID-19.
Key Features of Tata AIA Life Insurance
- Over 85 lakhs families secured to date.
- Coverage up to 100 years of age.
- Multiple premium payment options to choose from.
Why Choose Tata AIA Life Insurance?
- Offers express claim settlement under four years.
- Multiple plan options to choose from.
- 1 lakh crore+ assets under management.
Best Life Insurance Plans By Tata AIA Life Insurance
Plan Name Type of Plan Unique Features Entry Age Sum Assured Tata AIA Maha Raksha Supreme Term Plan - Life stage plus option.
- Payout accelerator option.
- Death benefits to safeguard your loved ones financially.
18 to 70 years Rs 50 lakhs to no limit Tata AIA Smart Pension Secure Pension Plan - Loyalty additions and maturity boosters as additional benefits.
- Zero premium allocation charges.
- Waiver of premium feature.
35 to 75 years Rs 10,000 to no limit Tata AIA Smart Fortune Plus ULIP Plan - Life coverage up to 100 years of age.
- High premium booster that increases the amount invested.
- Loyalty additions and maturity boosters.
30 days to 65 years 7 times annual premium to 30 times annual premium Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance is a joint venture between Bajaj Financial Limited (India) and the Allianz Group of Insurance (Germany). It started operating as a general insurance company but ranked among the top 10 life insurance companies in India in 2001. Bajaj Allianz has reported a collection of Rs 23,043.34 crores of premiums, with over Rs 2 lakh crores of assets under management.
Key Features of Bajaj Allianz Life Insurance
- 1 crore life insurance plan starting at just Rs 15/- per day.
- 1-day claim approval process.
- The highest solvency ratio of 4.32 highlights the financial strength of the company.
Why Choose Bajaj Allianz Life Insurance?
- 3.97 crores live secured to date.
- Multiple plan offerings to choose from.
- Choice of policy tenure & premium payment tenure.
Best Life Insurance Plans By Bajaj Allianz Life Insurance
Plan Name Type of Plan Unique Features Entry Age Sum Assured Bajaj Allianz e Touch II Term Plan - Flexibility to pay premiums throughout the policy term.
- Premium holiday option that helps you skip your premiums
- Choice of payout options.
18 to 65 years Rs 50 lakhs to no limit Bajaj Allianz Goal Assure IV ULIP - Choice of 4 investment portfolio strategies
- Multiple funds to choose from.
- Option to reduce the premium.
0 to 60 years 5 times annual premium to 20 times annual premium Bajaj Allianz Life Guaranteed Pension Goal II Pension Plan - No medicals required.
- Quick policy issuance.
- Guaranteed income throughout life.
30 to 45 years - Kotak Mahindra Life Insurance Company
Kotak Mahindra Life Insurance Company is a subsidiary of Kotak Mahindra Bank Limited. It started its business as a general insurance provider in 2001. The company has insured over 50 million lives in India till now and has over Rs 4.21 lakhs of assets under management.
Key Features of Kotak Mahindra Life Insurance
- 50 million lives covered to date.
- Simple and hassle-free claim settlement process.
- Multiple life insurance offerings, including term insurance, ULIPs, child plans, etc.
Why Choose Kotak Mahindra Life Insurance?
- Offers affordable premiums for higher coverage.
- Long-term coverage up to the age of 99 years.
- Offers accidental death cover to enhance protection against death.
Best Life Insurance Plans By Kotak Mahindra Life Insurance
Plan Name Type of Plan Unique Features Entry Age Sum Assured Kotak Mahindra e-Term Plan Term Plan - Affordable premiums.
- Multiple plan options to choose from.
- Three payout options to choose from.
18 to 65 years Rs 51 lakh to no limit Kotak e-Invest Plan ULIP - Yearly additions starting from the 6th policy year.
- Return of morality charges.
- 100% allocation of premiums.
3 to 55 years 10 times the annual premium Kotak Assured Pension Plan Pension Plan - Option to choose regular or limited premium.
- Additional annuity through top-up option.
- Higher annuity for higher premiums.
18 to 55 years - Aditya Birla Sun Life Insurance Company
Aditya Birla Sun Life Insurance is a joint venture between Aditya Birla Capital Ltd (India) and Sun Life Group of Insurance, a Canadian-based insurance provider that started operating as a general insurance provider in 2001. Aditya Birla Sun Life Insurance has collected over Rs 17,260.12 crores of premiums in FY 2023-24, showcasing the insurer’s credibility among customers.
Key Features of Aditya Birla Sun Life Insurance
- Flexible coverage options and policy tenure.
- Choice of payout options.
- Diverse plan options to choose from, including term insurance, ULIPs, pension plans, etc.
Why Choose Aditya Birla Sun Life Insurance?
- A high claim settlement ratio of 98.40% highlights their claim settlement ability.
- Comprehensive customer support to address your queries.
- Tax benefits up to Rs 1.5 lakhs on premiums paid under Section 80 (C).
Best Life Insurance Plans By Aditya Birla Sun Life Insurance
Plan Name Type of Plan Unique Features Entry Age Sum Assured ABSLI Digishield Plan Term Plan - 10 Plan options to choose from as per your needs.
- Flexible death benefit payout options.
- Coverage till 100 years of age.
18 to 65 years Rs 30 lakhs to no limit ABSLI Guaranteed Annuity Plus Pension Plan - Guaranteed lifetime income with multiple payout options.
- Option to increase annuity through top-ups
- Survival benefits
0 to 100 years - ABSLI Salaried Suraksha ULIP ULIP - Choice of sum assured multiple as high as 125X.
- Return of 2X premium allocation charges and 2X mortality charges.
- Choice of 5 investment strategies and 18 funds.
18 to 50 years Rs 50 lakhs to no limit SBI Life Insurance Company
SBI Life Insurance, a subsidiary brand of SBI Bank, started operations as a general insurance provider in the year 2000. They have 1000+ offices and over 20,000 employees all over India. SBI Life has a total of Rs 3,451 assets under management.
Key Features of SBI Life Insurance
- A wide range of products to choose from.
- Choice of sum assured.
- Various plan options to choose from.
Why Choose SBI Life Insurance?
- A wide branch network of 1086 branches across India.
- Over 2,56,473 crores claims have been paid to date.
- Choice of policy tenure and premium tenure.
Best Life Insurance Plans By SBI Life Insurance
Plan Name Type of Plan Unique Features Entry Age Sum Assured SBI Life Saral Jeevan Bima Term Plan - Affordable premiums.
- Life coverage up to 70 years.
- Instant policy issuance.
18 to 60 years Rs 5 lakhs to 25 lakhs SBI Life Saral Pension Plan Pension Plan - Guaranteed income payout.
- Return of purchase price.
- Loan and surrender facilities to tackle financial emergencies.
18 to 65 years 105% of the premiums paid SBI Life Smart Scholar Plus Child Plan - Boost your funds through loyalty additions.
- Death benefits in case of the policyholder’s death.
- 10 fund options to choose from.
0 to 50 years 10X annualized premium PNB MetLife Life Insurance Company
PNB MetLife Life Insurance is a joint venture between Punjab National Bank(PNB) and MetLife International Holdings Inc. (MIHI), an American-based insurance company that started as a general insurance provider in 2001. PNB Metlife has collected over Rs 9,732.8 crores of annual premiums in FY 2023-24, with more than Rs. 350 million of assets under management.
Key Features of PNB MetLife Insurance
- A high claim settlement ratio of 99.20% for individual claims.
- Offers plans for every stage of life, including term plans, child plans, retirement plans, etc.
- Expert advisors to assist you at every stage.
Why Choose PNB MetLife Insurance?
- Flexible policy tenure and choice of sum assured.
- Multiple customization options for policyholders.
- Ranked as one of the best life insurance companies in India.
Best Life Insurance Plans By PNB MetLife Insurance
Plan Name Type of Plan Unique Features Entry Age Sum Assured PNB MetLife Mera Term Plan Plus Term Plan - Spouse cover protection.
- Choice of plan options.
- Return of premium
18 to 60 years Rs 25 lakhs to no limit PNB MetLife Century Plan Child Plan - Income & protection till 100 years of age.
- Multiple income options available.
- Waiver of premium on policyholder’s death.
30 days to 65 years Rs 2,40,000 to no limit PNB MetLife Guaranteed Goal Plan Retirement Plan - Secure your future with guaranteed benefits.
- Guaranteed additions and wealth additions.
- Choice of policy tenure.
0 days to 65 years Rs 62,500 to no limit LIC (Life Insurance Corporation of India)
Established in 1956, LIC (Life Insurance Corporation of India) aims to deliver complete financial security to the people of India. Over the years, LIC has gained the trust of millions by providing hassle-free claim support and comforting customers in tough times. As the largest life insurance company in India, LIC has 2048 branch offices, 113 divisional offices, 8 zonal offices, and 1381 satellite offices. LIC offers a wide range of insurance products, including term insurance plans, pension plans, ULIPs, etc.
Key Features of Life Insurance Corporation of India
- 250 million customers across the world.
- Largest life insurer in India.
- Multiple product offerings, including term plans, ULIPs, child plans, etc
Why Choose Life Insurance Corporation of India?
- It has been trusted by millions for the past 65 years.
- Best customer support to assist customers.
- Highest market share of 69.91% in the life insurance industry.
Best Life Insurance Plans By (LIC) Life Insurance Corporation of India
Plan Name Type of Plan Unique Features Entry Age Sum Assured LIC Saral Jeevan Bima Term Plan - Loyalty Additions
- Death Benefits
- Maturity Benefits
18 to 65 years Rs 5 lakhs to 25 lakhs LIC Amritbal Child Plan - Guaranteed Additions
- High Sum Assured Rebate
0 to 13 years Rs 2 lakh to Rs 24 lakhs LIC New Jeevan Shanti Retirement Plan - No medical examination
- High purchase incentive
- Single premium
0 to 65 years -
Factors to Consider When Choosing the Best Term Life Insurance Company
We have explained factors that help you decide whether the life insurance company you are choosing is good or not. Let’s understand these factors in detail:
Claim Settlement Ratio (CSR)
The claim settlement ratio of an insurer shows the number of claims settled by the insurance company out of the total claims received by them. This ratio is updated and provided annually by IRDAI. This is an ideal metric to consider when choosing a life insurance provider. A claim settlement ratio above 99% is considered a great one. It ensures that your loved ones are secure even in your absence. Axis Max Life Insurance has the highest claim settlement ratio of 99.65% as per the 2023-24 report issued by IRDAI.Solvency Ratio
The solvency ratio of an insurer determines its capability to settle the claims received by it during a particular period. It compares the assets and liabilities of an insurer along with its earnings. This ratio is used by insurers and investors to assess the sustainability and marketability of any insurer. A good solvency ratio ensures that the company is financially sound to settle the received claims. Every insurer must maintain a solvency ratio of 1.5 during any particular financial year. Bajaj Allianz has the highest solvency ratio of 4.5 as per the 2023-24 report issued by IRDAI.Annual Premiums Received
The total claims received by an insurer show that people have trust in that insurer. The higher the annual premiums received the greater their market reputation and trustworthiness. An increasing trend of annual premiums received is a good indication for customers as well as insurers. Life Insurance Corporation of India (LIC) has received the highest annual premiums of Rs 4,75,751.92 crores as per the 2023-24 report issued by IRDAI.Customer Testimonials/ Reviews
To select the best life insurance company, you can view the customer reviews and testimonials available on various websites, insurer partners’ websites, search engines, social media handles, etc. These testimonials themselves speak a lot about the insurance company’s market reputation.Range of Offerings By Insurer
A company offering a wide range of products is usually considered a good one. Generally, the company expands its product range only when its single product is doing good in the market. Choosing an insurer offering a wide range of products is considered good.
What is the Importance of A Life Insurance Policy?
Apart from long-term security and wealth creation, a life insurance policy offers a range of benefits to the policyholders. Let’s understand these benefits in detail.
Financial Security
A life insurance policy offers financial security to the policyholder’s family in case of their death during the policy term. Having life insurance ensures your family can live a comfortable life even in your absence.Wealth Creation
Individuals have various financial goals they want to achieve in life. Various life insurance plans help policyholders earn extra income on invested amounts and create wealth.Debt Protection
You may have taken out a loan to complete your financial responsibilities. A life insurance plan protects your family from the burden of your outstanding debts in case of your unfortunate death during the policy tenure.Tax Benefits
Some life insurance plans offer tax benefits on premium payments. It helps to reduce the overall premium cost and provides various financial benefits to the policyholders.Retirement Planning
Life insurance products such as pension plans provide policyholders a stable source of income post retirement. It brings peace of mind that your future is financially secure.Choice of Additional Riders
A life insurance policy allows policyholders to choose additional riders with their plan. These riders enhance the overall coverage of the plan. There are various riders you can choose with your life insurance plan, including an accidental death benefit rider, a critical illness rider, a waiver of premium rider, etc.
How to Buy the Best Life Insurance in India?
You can buy the best life insurance either from PolicyX.com or from the official website of the insurance company.
Buying from PolicyX.com
- Fill out the form at the top of this page with the necessary details.
- Select your income and city. Click on ’Proceed’.
- Update your education and occupation details.
- Choose your preferred plan and click on ’Buy this plan’.
- Select the policy term, premium period, and riders (if required), and then proceed to pay.
* Once the payment is made, you will receive a confirmation at your registered email address.
Why Buy from PolicyX.com?
Here are the reasons for buying life insurance from PolicyX.com:
Compare Quickly and Choose the Best
PolicyX life insurance premium calculator helps you compare a wide range of plans based on their features and choose the one that best fits your requirements.Hassle-free Purchase Process
Buying term plans from PolicyX is a hassle-free process as it lets you compare various term plans within 30 seconds.Customer’s Choice
PolicyX is a leading insurance aggregator that is trusted and loved by customers due to its best services and support.Good Customer Service
You can contact PolicyX through email or IVR number and one of their insurance experts will connect with you shortly to address all your concerns.Claim Settlement Support
PolicyX stands with you even in the hardest of times and provides you with dedicated claim settlement support when required.Choice of Additional Riders
A life insurance policy allows policyholders to choose additional riders with their plan. These riders enhance the overall coverage of the plan. There are various riders you can choose with your life insurance plan, including an accidental death benefit rider, a critical illness rider, a waiver of premium rider, etc.
Buying From the Insurer’s Website
You can visit the official website of the insurer and buy the life insurance plan you want by paying the premiums.
Conclusion
Choosing the right life insurance company is important to make sure that your loved ones are financially secure even in your absence. We have provided you with a list of the top ten life insurance companies in 2025.
Still wondering or confused about which life insurance company is best for you? Then contact us at PolicyX. One of our insurance representatives will contact you shortly and help you choose the right insurer and plan that best fits your requirements.
We offer No Spam, No Gimmicks, and Only Xpert Insurance Advice.
FAQs: Top 10 Life Insurance Companies in India
1. What are the top 10 life insurance companies available in India?
LIC of India, Axis Max Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, Aditya Birla Life Insurance, Tata AIA Life Insurance, Bajaj Life Insurance, SBI Life Insurance, and PNB Metlife Insurance are the top 10 life insurance companies available in India.
2. What factors should I consider before opting for life insurance?
Factors like solvency ratio, claim settlement ratio & annualise premiums are the factors you should primarily consider before opting for life insurance plans.
3. Can I get a tax exemption for opting for a life insurance plan?
You can get a tax exemption under section 80C of the Income Tax Act 1961 for opting for a life insurance plan.
4. Which is the best insurance provider in India?
LIC of India is considered the best life insurance provider according to the IRDAI list of life insurance providers.
5. Which is the second largest insurance company?
The second largest insurance company in India is HDFC Life Insurance, with an impressive CSR of 99.5%. It is among the top insurance companies in India and offers extensive life insurance plans.
6. Can I switch my life insurance provider later?
Yes, you can port your life insurance provider, or life insurance policy if you are not satisfied with your plan benefits. Find the best life insurance company in India with our insurance Xperts before making the portability decision.
7. What are the riders or add-on benefits that I can include with my life insurance policy?
The best life insurance company in India offers various riders like critical illness riders, disability riders, accidental death benefits, waiver of premium, etc.
8. Are the policies from life insurance companies eligible for tax benefits?
Yes, policies from life insurance companies are eligible for tax benefits under the Income Tax Act, 1961.
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Written By: Himanshu Kumar
Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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