Life insurance companies in India provide a wide range of life insurance products, including ULIPS, endowment plans, retirement plans, income plans, and others. The top insurance companies in India have seen an increase in the Indian population's investment in life insurance products and the life insurance sector in India witnessed a growth rate of 12.5% in 2022. IRDAI has registered 24 life insurance companies in India that provide the best life insurance solutions.
Policyholders must always invest in the best insurance company in India as they are credible and reliable. Top life insurance companies in India can provide efficient customer service, claim settlement services, and guide you toward the right investment options. The standard eligibility criteria for Life Insurance Policy are 18 years to 65 years and 3 months to 25 years for dependent children.
When investing in a life insurance plan one must take a look at the top insurance companies in India. PolicyX has compiled a list of life insurance companies for you to gain a better perspective in your purchase decision.
|S.No||Company||Annual Premium for 2021-2022 (Rs. in crores)||Claim Settlement Ratio 2021-2022||Solvency Ratio|
|1||Life Insurance Corporation of India||428,024.97||98.74%||1.79|
|2||HDFC Life Insurance||45,962.83||98.66%||1.89|
|3||SBI Life Insurance||58,759.64||97.05%||2.1|
|8||Aditya Birla Sunlife||12,140.23||98.07%||1.88|
|11||PNB Met life||7,348.26||97.33%||1.87|
|12||Canara HSBC OBC||5,889.92||98.44%||2.79|
|19|| IDBI Federal |
Ageas Federal Life
Below mentioned are the top life insurance companies in India with respect to their claim settlement ratio for FY 2021-22.
Max Life Insurance is one of the top insurance companies in India and offers a plethora of insurance products that offer up to 2Cr life cover and various investment options. The company has 24/7 customer service and served more than 20 lakh customers in 2022.
Bharti AXA is amongst the leading life insurance companies providing 24/7 customer service and served more than 20 lakh customers in 2022.
Kotak Mahindra Life Insurance is amongst the fastest-growing insurance providers in the country and caters to over 45 million customers as of 2023.
LIC is the oldest insurance provider in India. The company commenced its operations in the year 1956 and serves more than 250 million customers across the country. The company has an impressive CSR and offers various insurance solutions.
Reliance Life Insurance serves 10 million customers across the nation and provides them with the best insurance solutions. The company was awarded the "Top 3 Most Trusted Life Insurance Service Brands".
In the following sections, we will briefly discuss the list of all 24 life insurance companies operating in India.
Life Insurance Corporation of India (LIC) is the largest and oldest insurance company in India. It offers a wide range of insurance products to its customers including life insurance plans, pension plans, child insurance plans, unit-linked plans, special plans, and group schemes.
This government-owned entity continues to remain relevant in present times owing to its constantly updated suite of insurance solutions. LIC has also been recognised for consistently managing customer expectations, having established itself as one of the most trusted insurance companies in India.
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Headquartered in Mumbai, the company operates through over 372 branches and additional distribution touch-points through several new tie-ups and partnerships. The count of our partnerships is over 300, comprising traditional partners such as NBFCs, MFIs and SFBs, and including new-ecosystem partners.
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SBI Life Insurance Company Limited is one of the most renowned life insurance companies in India. It currently deals in an inclusive range of life insurance solutions to cater to the multiple needs of its customers (at a very economical rate). Some of the popular life insurance plans offered by SBI Life Insurance Company are traditional life insurance plans, child plans, pension plans, and savings plans.
SBI Life continuously strives to improve its operating efficiency and easing its claim settlement process. Over the years, it has established an extensive network of distribution comprising 947 offices pan India, in addition to 28,000 partner branches and a bancassurance network of 14 partners.
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ICICI Prudential began its operations in 2001 and since then, it has maintained the position of being a top player in the insurance market. The company operates on the core philosophy of customer-centricity and has developed and implemented several initiatives to provide affordable insurance solutions, quality services, better fund performance, and a hassle-free claim settlement experience to its customers. The insurance products offered by ICICI Prudential include term plans, ULIP plans, retirement plans, etc.
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Founded in 2000, Max Life Insurance is among the top insurers in India. It works to secure the financial strength of its customers and for this reason, the company offers a wide variety of life insurance plans including long-term savings, protection, child insurance, retirement, investment, and group solutions, etc. All such policies launched by Max Life are loaded with benefits and features as per the requirements of the people.
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Bajaj Allianz Life Insurance Company Limited strives to launch innovative solutions to cater to the needs of its vast customer base. It offers a range of effective life insurance products such as term plans, ULIP plans, retirement, child insurance plans, etc. Notably, Bajaj Allianz Life Insurance Company became the first company to offer Return on Mortality Charges as a key feature of their ULIPs.
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Kotak Mahindra Life Insurance Company Ltd. is one of the fastest-growing insurance companies in India, covering over 34.8 million lives nationwide (as of 31st December 2021). Kotak Life Insurance Company was founded in 2001 and has 232 branches in around 167 cities and towns in India
The company is a collaboration between Kotak Mahindra Bank Ltd, a leading bank in India, and Old Mutual, which is an international long-term saving, investment, and protection group. The company has its headquarters in Mumbai and is well known for delivering outstanding value to its customers through various customized products and excellent service. The life insurance plans offered by this company include the term, ULIP, child, savings, investment, protection, retirement plans, among others.
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Formerly known as Birla Sun Life Insurance Company, Aditya Birla Sun Life Insurance Company Limited (ABSLI) is currently ranked 7th in the Individual Business domain, in addition to being recognized as one of India's leading life insurance companies. It has been successful in establishing a huge customer base of 17 Lakh policyholders. The company offers a range of insurance products to the customers including child plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans, and unit-linked insurance plans.
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Tata AIA Life Insurance is another renowned life insurance company in India. It has adopted a customer-centric approach, offering multiple life insurance policies to its customers to meet their future requirements. Some of the major insurance products include protection plans, wealth plans, savings plans, among others.
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IndiaFirst Life Insurance Company Limited offers a wide range of plans like saving plans, protection plans, pension plans, term plans, child plans, etc. to cater to the needs of every individual. Customers can leverage the diverse suite of policies comprising 31 need-based products as of March 2020.
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PNB MetLife India Insurance Company Limited is one of the leading life insurance providers in India. PNB MetLife operates a large network of offices in 107 locations across India. The company offers a variety of insurance policies to its customers for their protection and future needs. Some of these products include protection plans, pension plans, ULIP plans, and monthly income plans.
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Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was awarded Life Insurance Company of the Year 2020 (Large) by CMO Asia.
The company has a pan India network and offers a range of life insurance products that are customized according to the requirements of its customers. These products include term insurance plans, child insurance plans, health insurance plans, savings plans, retirement plans, group insurance plans, among others.
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Reliance Nippon Life Insurance Company Limited is an integrated part of Reliance Capital, one of the top-ranking private economic service companies in India. The company started its operations in 2001 and has gained a reputation for offering highly trusted service to its customer base of 10 million policyholders. In fact, it is currently one of the largest non-bank-supported life insurers among private players.
It is worth noting that the company was presented with the Best Digital Customer Experience Award of the Year in 2021 in the insurance domain. The company has its headquarters in Mumbai and manages a strong distribution network of 713 branches and 42,604 advisors. There are five different segments of life insurance plans offered by Reliance Nippon, namely Protection, Retirement, Child, Saving & Investment, and Health (for individuals and groups/corporate entities).
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Exide Life Insurance Company Limited adopts a customer-centric approach and at present serves over 15 lakh customers across India. Headquartered in Bengaluru, the company has a network of 200 offices across the country and is supported by over 45,000 advisors. It utilizes a variety of network channels to distribute its products such as bancassurance, agency, corporate agency, direct channels & broking. The insurance plans offered by this company are categorized into protection, saving, investment, retirement plans, among others.
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Bharti AXA is one of the leading insurance companies in India, offering a wide range of policies to its customers including protection plans, savings plans, investment plans, child plans, health plans, and group plans. The primary objective of all these policies is to ensure that all the needs of an individual are taken care of with the utmost focus on customer trust and innovation in its offerings.
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Star Union Dai-Ichi Life Insurance Company Limited works to provide insurance products to every stratum of society. The company has 11000+ branches in India and serves over 64 million customers. As a customer-centric company, Star Union provides a variety of insurance products such as saving plans, wealth plans, protection plans, child plans, among others.
Future Generali Life Insurance Company offers specialised rural insurance plans designed to feature lower premiums for increased access to people from any part of India. It provides a wide range of effective life insurance products including ULIPs, child insurance, health, savings, retirement, and group insurance plans. All these plans are designed to deal with the different financial needs of consumers. Since its inception, the company claims to have covered over 1.2 Crore lives.
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Shriram Life Insurance Company Limited is a joint venture between Shriram Group and Sanlam Group. It was formed in the year of 2005 and is recognized as one of the largest Indian life insurance companies, especially in rural areas. The company intends to reach out to the common man while providing quality and affordable products to the average public to grow financially and secure their future.
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As per a survey conducted by the Economic Times Brand Equity, IDBI Federal Life Insurance Company falls into the list of top 10 trusted life insurance brands in India. Being one of the fastest-growing life insurance companies in India, it offers a wide variety of life insurance products such as wealth management plans, child plans, protection plans, retirement plans, and group solutions for individuals as well as corporate customers.
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Pramerica Life Insurance Company is among the top life insurance companies in India. It offers a wide range of life insurance products for individuals as well as groups. All these products are focused on catering to the customers' various financial needs such as securing their child's future, retirement planning, savings, and wealth creation.
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Aviva Life Insurance Company India Limited was recognised as the Most Trusted Brand by TRA Brand Trust Report for 3 consecutive years from 2019-2020!
Among all other insurance providers, Aviva Life Insurance was the foremost company in India to initiate unit-linked and uniform participating plans. Being one of the biggest insurance providers in India, it offers a variety of insurance products to its customers such as term plans, savings plans, child plans, retirement plans, together with group solutions.
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Aegon Life Insurance Company was the first insurance provider in India to offer online term insurance plans. Currently, it operates through several branches across various cities in India and has successfully created a broad customer base with over 3 Lakh policyholders. The company offers a wide array of products to help the customers in meeting their long-term financial goals.
These products include term insurance plans, child plans, savings, and investment plans, endowment plans, pension plans, unit-linked insurance plans (ULIPs) as well as group solutions. Further, the company follows a Direct to Customer approach that focuses on creating a direct channel for dialogue between customers and their service team specialists.
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Sahara India Pariwar is a privately-owned company, also known as Pariwar's Life Insurance Company. It was certified by IRDAI in 2004, following which it became the first Indian company to operate without any foreign collaborators to enter the Indian life insurance market. It adopts a customer-centric approach and provides a variety of efficient plans to fulfill the needs of individuals belonging to any age group. Some of the common insurance products offered by the company include money-back plans, unit-link plans, endowment plans, and group assurance plans.
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Edelweiss Tokio Life Insurance Company Limited was established with a vision to promote quality, customer-centricity, and cost-consciousness. At present, it has 55,749 agents operating across 116 branches in India. The plans offered by the company feature significant flexibility for buyers to personalize per their convenience. Since its inception, it has received several awards in recognition for its insurance policies. Most of these come with high returns and guaranteed interest payments.
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Before selecting an insurance provider from the list of life insurance companies in India, several elements must be considered, such as claim settlement ratio, customer service, plan types, features and perks, and more. The characteristics that make a life insurance company the top insurance company in India are listed below.
A wealth of benefits are available when acquiring a life insurance plan from one of the best life insurance companies, which are listed below to assist you in making an informed selection.
People purchase life insurance for various reasons apart from getting a life cover. Life insurance can prove to be a great way to leave a legacy for your forthcoming generations. So, choosing one of the best life insurers can ensure that your family is in a good financial shape. A good insurance company's performance speaks volumes for it. It settles the claims on time and comes with a certain transparency baring you from the end time hassles.
A good life insurance company offers a big buffett of life insurance products. You can choose from various options, apply riders to your base plans and have the sum assured of your choice. It gives you a sense of security and prevents the chaos of buying multiple plans from multiple insurers.
A competent life insurance company gives productive and satisfactory solutions rather than making the customer all the way more confused. A reputed life insurance company which has been in the market for a significant time treats its customers with utmost priority and is readily available with useful solutions. This in turn, leads to customer satisfaction.
Since there are a lot of life insurance providers in the Indian insurance market, companies keep the premiums affordable to maintain a healthy amount of competition. Some companies, due to this, compromise the services they offer. There are a lot of hidden conditions and sub-limits to make up for the competitive price they are offering. Whereas, the best life insurance companies in India, offer fair rates without sacrificing service.
Life insurance companies in India offer multiple life insurance plans that act as tools to create wealth and provide you and your family with the required financial safety.
Life insurance companies offer unit-linked investment plans that offer not only protection but investment options that will help you in creating a corpus required to fulfill your goals such as building your dream home, providing fine education for your children or building a post-retirement fund.
Life Insurance plans in India are eligible for tax benefits under Income Tax Act which can be availed by customers.
Choosing a top life insurance company holds as much importance as choosing a good life insurance policy. Doing so ensures that you have a life insurance policy at hand that suits your needs and serves its purpose well. Let us have a look at a few points that we recommend to consider while buying from a life insurance company.
Claim settlement ratio also known as the CSR of the company is the most important factor that you should consider while selecting a company. CSR is the percentage of claims that a company settles in response to the claims it received from its customers in a certain time period. Higher the claim settlement ratio, more the reliability of the company.
Solvency ratio denotes the financial solidity of a company. It denotes the number of assets of the company in comparison to its liabilities. More the assets of a company against its liabilities, higher will be its solvency ratio. The insurance regulator of India, IRDAI, has mandated every insurance company to maintain a solvency ratio of 1.5.
Incurred claims ratio, the ICR, speaks about the insurer's ability to pay claims. It is the percentage of the value of claims paid against the total amount of premiums collected in a year.
Customer reviews also play an important role in determining the performance of a life insurance company. Ask around the people who already have life insurance or have tried buying policies from different insurers. Talk to insurance experts like that on PolicyX. Read the reviews of the company online and then choose the best suitable one for yourself.
Higher premiums do not necessarily mean the best insurance policy or the company. Different life insurance companies provide different life insurance products. Similarly, cheaper premium policies can compromise on necessary services. Therefore, compare the policies and premiums of different companies before you find the best life insurance company for yourself.
PolicyX offers life insurance plans from the top 24 life insurance companies in India. Customers can purchase the best life insurance policy through our portal in easy steps.
Insurance is a long-term relationship and you must make sure that the company you select is reliable and will be around if there is ever a need to make a claim down the road. The claim settlement ratio and the solvency ratio are good benchmarks and information in the table above should be key in your decision making.
Make use of online comparison tools to get the best quotes. At PolicyX.com, you get online quotes from the best life insurance providers in India without paying a penny, in addition to 24x7 consultation with experts.
Consider the end goal or the primary reason why you are looking to invest, and then shortlist specific plans. Remember that every insurance company is unique in its product offerings. It has been observed that insurance companies that offer flexibility in their policies and allow scope for personalization have been more popular among the buyers.
Read reviews, customer feedback, and other important reports related to the insurance company or the plans that you have shortlisted.
We cannot stress enough on the importance of riders. In order to create an exhaustive financial net for yourself and your family, riders are crucial. Most life insurance companies in India have been actively introducing new and improved versions of riders such as critical illness, accidental death, permanent disability, etc. at reasonable rates.
Buying an insurance plan is essentially ensuring that there is a financial net for the dependents to fall back on in the event of the policyholder's death under unfortunate circumstances or to evade the possibility of a future funds crunch.Based on the factors that we discussed above, you should be in a good position to choose a provider that you and your family can depend on for a secured financial future.
The advent of the digital medium has facilitated an easier buying process for consumers today. PolicyX.Com is a reliable certified insurance regulator that offers a convenient platform for users to compare and buy the most suitable plans per needs. In order to buy life insurance from PolicyX.com, please follow the steps below -
The cost of a life insurance policy depends on the type of insurance plan you have opted for. Also, the premium of policy effects due to several factors such as the sum insured, age, policy coverage, and so on. Hence, you should get in touch with the life insurance company to get the cost of life insurance or connect with leading insurance aggregators like PolicyX.
Yes, the best life insurance companies in India provide life insurance plans online as well as offline. Moreover, most life insurance companies have special plans and customization options for their online customers.
PolicyX has curated all the important information required to understand which are the best Life insurance companies in India and to make an informed decision.
Life insurance is a long-term contract. You need to ensure that the life insurance company you select is capable of managing your funds prudently and able to honor its commitment. That is why it becomes essential to trust life insurance companies that have a good reputation and financial strength in the market.
All the above-listed insurance companies are IRDAI specified and most trusted insurance companies in India. However, determining the best company among these 24 is completely based upon the personal preferences and needs of the policyholders.
Claim settlement ratio can be an important factor to determine a life insurance company is right for you or not. It shows us the percentage of claims settled in a year by the insurance company. So, buying a policy from a company that has a high claim settlement ratio would be beneficial because you can file a claim without risk of rejection.
Life insurance companies offer 7 types of policies which include Term insurance plans, ULIP Plans, Retirement plans, Child plans, Money-Back plans, Endowment plans, Whole life insurance.
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