Life Insurance Companies In India

The life insurance companies in India have a total count of 24. The best ones have features like high CSR, solvency ratio

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IRDAI-Approved Life Insurance Providers in India

Life is a valuable gift given by nature itself. But only humans can secure the lives of their loved ones with a Life insurance plan. It provides financial security to the policyholder's family in case of the sudden demise of the insured person.

However, the Indian market is packed with several choices for life buyers that can be an ideal fit for your coverage requirements and budget.

Research Indicates that there are around 23 leading life insurance providers in India, which have been approved by the IRDAI. These life insurers are known for tailor-made insurance plans that provide comprehensive coverage at low premium rates.

If you need to buy a life insurance plan, it is a perfect time to buy a policy so you can protect your family, even in your absence.

List of India's Best Life Insurance Providers

When it comes to purchasing a life insurance policy, it's important to choose the right one that fits your budget as well as fulfils your requirements. Based on the IRDAI report, India is the tenth-largest insurance market in the world.

So it's hard to pick one because there are lots of them, as well as their characteristics, may vary from company to company. For instance, some of them provide wide coverage at lower premiums, while other insurer offers extra benefits with higher premiums.

We've created a list of all the life insurance providers in India to make it easy for customers to select the best life insurance company for themselves.

No. Company Claim Settlement Ratio (2021-2022) Solvency Ratio
1 Life Insurance Corporation of India 98.74% 1.79
2 HDFC Life Insurance Company Limited 99.30% 1.89
3 SBI Life Insurance Company Limited 97.05% 2.1
4 ICICI Prudential Life Insurance Company Limited 97.90% 2
5 Max Life Insurance Company Limited 99.51% 2.04
6 Bajaj Allianz Life Insurance Company Limited 99.04% 6.14
7 Kotak Mahindra Life Insurance Company Limited 98.82% 2.64
8 Aditya Birla SunLife Insurance Company Limited 98.07% 1.88
9 TATA AIA Life Insurance Company Limited 99.01% 1.89
10 IndiaFirst Life Insurance Company Limited 96.92% 1.65
11 PNB MetLife India Insurance Company Limited 97.33% 1.87
12 Canara HSBC Life Insurance Company Limited 98.44% 2.79
13 Reliance Nippon Life Insurance Company Limited 98.67% 2.33
14 Bharti AXA Life Insurance Company Limited 99.09% 1.72
15 Star Union Dai-Ichi Life Insurance Company Limited 95.96% 2.0
16 Future Generali India Life Insurance Company Limited 96.15% 1.67
17 Shriram Life Insurance Company Limited 82.39% 2.15
18 Ageas Federal Life Insurance  97.03% 3.09
19 Pramerica Life Insurance Company Limited 98.3% 3.99
20 Aviva Life Insurance Company India Limited 98.39% 2.14
21 Bandhan Life Insurance Limited 99.37% 3.33
22 Edelweiss Tokio Life Insurance Company Limited 98.09% 1.97

Let's Understand the Life Insurance Providers Precisely

  1. LIC (Life Insurance Corporation of India)

    LIC (Life Insurance Corporation of India) is one of India's largest insurance companies. For life insurance buyers, LIC should be on the consideration lists due to its high claim settlement ratio. Since its establishment in 1956, the insurer has been rewarded with several awards and accolades. It has always been considered a safe insurance scheme because LIC is a government-backed entity. However, investing in government-backed insurance policies will surely give prospective buyers a sense of security as well.

    Policies Offered

    • Insurance Plans
    • Endowment Plans
    • Pension Plans
    • Unit Linked Plans
    • Micro Insurance Plans
    • Withdrawn Plans
    • Whole Life Plans
    • Money Back Plans
    • Term Assurance Plans

    Life Insurance Riders

    • Linked Accidental Death Benefit Rider
    • Accidental Death and Disability Benefit Rider
    • Accident Benefit Rider
    • Premium Waiver Benefit Rider
    • New Critical Illness Benefit Rider
    • New Term Assurance Rider
    • Premium Waiver Benefit Rider (With Auto Cover)
  2. HDFC Life Insurance Company Limited

    HDFC Life Insurance is a joint venture between HDFC (Housing Development Finance Corporation Ltd) and Abrdn Investment Company. It is one of the most trustworthy insurance providers in the Indian insurance market due to its tailor-made plans to fulfill the requirements of buyers. It is currently India's leading financial service provider, offering finance in various sectors such as housing, banking, life insurance and general insurance, education, Etc. In addition to this, it has more than 350 branches pan India in order to meet the various needs of the buyers.

    Policies Offered

    • Term Insurance Plans
    • Savings Plans
    • ULIP Plans
    • Retirement - Annuity Plans
    • Retirement - Pension Plans
    • Child Plans
    • Group Insurance Plans 

    Life Insurance Riders

    • Income Benefit on Accident Disability Rider
    • Accidental Death Disability and Dismemberment Benefit Rider
    • Critical Illness Plus Rider
    • Term Rider
    • Protect Plus Rider
    • Group Illness Rider
    • Critical Illness Rider
  3. SBI Life Insurance Company Limited

    SBI Life Insurance is known for offering a wide range of plans to fulfill both individual and group customers through Protection, Pension, Savings, and Health solutions. For group life insurance buyers, SBI Life Insurance should be on the consideration list due to its additional riders. However, the insurer aims to make insurance accessible to everyone, with its wide existence of 1,011 offices across India.

    Policies Offered

    • Wealth Creation with Insurance
    • Retirement Plans
    • Child Plans
    • Money Back / Income Plans
    • Combo Plans
    • Online Plans
    • Saving Plans
    • Protection Plans

    Life Insurance Riders

    Indvidual Riders

    • Accidental Death Benefit Rider
    • Accidental Total and Permanent Disability Benefit Rider
    • Preferred Term Rider

    Group Riders

    • Accidental Total Permanent Disability
    • Accidental Partial Permanent Disability
    • Additional Extended Critical Illness
    • Additional Core Critical Illness
    • Accident and Sickness Total Permanent Disability
    • Accident Death Benefit
    • Accelerated Extended Critical Illness
    • Accelerated Core Critical Illness
  4. ICICI Prudential Life Insurance Company Limited

    ICICI Prudential Life Insurance offers a wide range of insurance plans, along with extra benefits as well as comprehensive coverage. Since its establishment in 2001, it has continuously been amongst the country's leading insurance providers. With a CSR (Claim Settlement Ratio) of 97.82%, it offers long-term investment plans and life insurance products. It is basically engaged in the life insurance and asset management business. However, the insurer offers higher sum assured plans along with additional riders such as accidental death, critical illness, and terminal illness.

    Policies Offered

    • Term Insurance
    • Term Insurance With Returns
    • Unit Linked Insurance Plans
    • Guaranteed Return Plans
    • Child Plans
    • Retirement and Pension Plans
    • Savings / Endowment Plans

    Life Insurance Riders

    • Income benefit rider
    • Waiver of premium
    • Critical illness
    • Accidental death rider
    • Permanent & partial disability
    • Income benefit rider
  5. Max Life Insurance Company Limited

    Max Life Insurance Company is known for its wide range of insurance or investment plans. Since its establishment, the insurer aims to make insurance easy and reasonable for everyone. It offers a wide range of life insurance policies and features such as death benefits, return on premium options, retirement solutions, flexible policy guidelines, and adjustable tenure, which helps buyers attain long-term stability.

    Policies Offered

    • Term insurance plans
    • Term Insurance With Returns
    • Unit Linked Insurance Plans
    • Child Plans
    • Retirement Plans
    • Savings & Income Plans
    • Online Insurance Plans
    • Group Insurance Plans
    • Cancer Insurance Plan
    • NRI Plans

    Life Insurance Riders

    • Accident Benefit Rider
    • Waiver of Premium Plus Rider
    • Partner Care Rider
    • Critical Illness Benefit Rider
    • Critical Illness and Disability Rider
  6. Bajaj Allianz Life Insurance Company Limited

    Bajaj Allianz Life Insurance is a joint venture between Allianz SE, one of the world's prestigious insurance providers, and Bajaj Finserv Limited. It is known for its tailor-made life insurance solutions and wide coverage at lower premiums. If you're looking for a wide sum assured at a low premium, then you may consider opting for Bajaj Allianz Life Insurance. It has earned the trust of policy buyers in a very short time and offers buyers a sense of security as well.

    Policies Offered

    • Term Insurance
    • ULIP
    • Saving Plan
    • Investment Plans
    • Pension Plan
    • Child Insurance Plans
    • Group Insurance Plans
    • On Sale Plans
    • Withdrawn Plans

    Life Insurance Riders

    • Individual Riders
    • Accidental Permanent Total/ Partial Disability Benefit Rider
    • Waiver of Premium Benefit Rider
    • Family Income Benefit Rider
    • Accident Death Benefit Rider
    • Critical Illness Benefit Rider
    • ULIP Rider
    • Life Linked Accident Protection Rider
    • ULIP Waiver of Premium Benefit Rider
    • ULIP Accidental Permanent Total/ Partial Disability Benefit Rider
    • Group Rider
    • Life Group Critical Illness Rider
    • Life Group Accidental Permanent Total/ Partial Disability Benefit Rider
    • Life Group Accident Death Benefit Rider
    • Life Accelerated Critical Illness Rider
    • Life Group New Terminal Illness Rider
  7. Kotak Mahindra Life Insurance Company Limited

    Kotak Mahindra Life Insurance is one of the fastest-growing insurers in the Indian market. Since its establishment in 2001, Kotak Life has served 50 million customers in 148 cities nationwide. It is a private insurance company that offers top-notch insurance products and round-the-clock customer service. However, Kotak Life offers a wide range of plans, such as protection, retirement, savings, investment, and annuity plans.

    Policies Offered

    • Term Insurance Plans
    • Savings Plans
    • ULIP Plan
    • Retirement Plans
    • Child Plan
    • Annuity Plans
    • Investment Plans

    Life Insurance Riders

    • Accidental Death Benefit Rider
    • Term Benefit Rider
    • Permanent Disability Benefit Rider
    • Life Guardian Benefit Rider
    • Accidental Disability Guardian Benefit Rider
    • Permanent Disability Benefit Rider
    • Accidental Death Benefit Rider
    • Critical Illness Plus Benefit Rider
  8. Aditya Birla SunLife Insurance Company Limited

    Aditya Birla Sun Life Insurance (ABSLI) is one of the country's most prestigious life insurers, formerly known as Birla Sun Life Insurance Company. However, the insurer offers a range of insurance solutions. The insurer aims to assist buyers in getting financial protection requirements for every important stage of their life. Since its establishment in 2000, ABSLI has built a strong brand value and has more than 385 branches across India in order to meet the various needs of buyers.

    Policies Offered

    • Endowment Plans
    • Saving Plans
    • Term Insurance
    • Retirement Plans
    • Child Plans
    • ULIP Plans
    • Group Insurance
    • Plans for Defence Peronnel

    Life Insurance Riders

    • Waiver of Premium Rider
    • Accidental Death and Disability Rider
    • Critical Illness Rider
    • Accidental Death Benefit Rider Plus
    • Waiver of Premium Rider
    • Accidental Death Benefit Rider Plus
    • Surgical Care Rider
    • Hospital Care Rider
  9. TATA AIA Life Insurance Company Limited

    TATA AIA Life Insurance is one of India's most trustworthy insurance providers that offers life insurance policies at reasonable premiums. It is a joint venture Company formed by Tata Sons Pvt. Ltd. and AIA Group Ltd, making it a prominent independent pan-Asian life insurance group. The insurer offers a range of long-term savings and protection products such as life insurance, saving plans, ULIP plans, Etc. TATA AIA Life Insurance aims to make life insurance accessible for everyone and offers high insurance coverage along with good returns.

    Policies Offered

    • Term Insurance
    • Saving Plans
    • ULIP Plans
    • Term Plans with Market-linked Returns
    • Retirement Plans
    • Group Plans

    Life Insurance Riders

    • Traditional Riders
    • Vitality Protect
    • Non-linked comprehensive Protection rider
    • Accidental Death and Dismemberment Rider
    • Waiver of Premium Plus Rider
    • Ulip Riders
    • Vitality Protect Plus
    • Waiver of Premium Plus Rider
    • Waiver of Premium Rider
    • Linked Comprehensive Protection Rider
    • Accidental Death and Dismemberment Rider
  10. IndiaFirst Life Insurance Company Limited

    IndiaFirst Life Insurance Company is one of the country's rapidly growing life insurers in terms of new business. The insurer offers a range of life insurance policy products, such as whole life assurance policy, life insurance investment plans, pure protection life cover, etc, to fulfill the requirements of every buyer.

    Policies Offered

    • Term Plans
    • Investment Plans - ULIPS
    • Savings Plan
    • Retirement Plans
    • Micro Life Insurance Plans
    • Common Service Centre Plans
    • Child Plans
    • Saral Plans

    Life Insurance Riders

    • IndiaFirst Term Rider
    • Life Waiver of Premium Rider
  11. PNB MetLife India Insurance Company Limited

    PNB MetLife India Insurance is one of the country's leading insurance providers, along with 140 branches across the country. The insurer strives to offer a range of insurance solutions designed significantly to fulfill the buyers' personal and financial needs. If you wish to opt for a wide sum assured at a low premium, then consider opting for PNB MetLife Insurance. For instance, the one crore term insurance plan of PNB MetLife costs a mere ₹1000 per month premium.

    Policies Offered

    • Term Insurance Plans
    • Family Protection Plans
    • Long-Term Savings Plans
    • Child Plans
    • Retirement Plans
    • Group Plans

    Life Insurance Riders

    • Individual Riders
    • Accidental Death Benefit Rider Plus
    • Serious Illness Rider
    • Accidental Disability Benefit Rider
    • Critical Illness Rider
    • Group Riders
    • Accidental Permanent and Total Disability Plus
    • Accidental Permanent and Partial Disability Plus
    • Serious Illness Rider
    • Accidental Death Benefit Plus
  12. Canara HSBC Life Insurance Company Limited

    Canara HSBC Life Insurance Company Limited is a joint venture between Canara Bank and HSBC Insurance Company. The insurer offers a huge range of insurance products, wide sum assured, and add-on riders. The company's main headquarters is in Gurugram, and it has 10,000 branches across India and annually serves 115 million consumers. It is known for its excellent customer care service and a wide range of insurance products.

    Policies Offered

    • Online Life Insurance Plans
    • Term Insurance Plans
    • Tax Saving Plans
    • Saving Plans
    • Unit Linked Insurance Plans
    • Child Insurance Plans
    • Retirement Plans
    • Group Insurance Plans

    Life Insurance Riders

    • Income benefit rider
    • Waiver of premium
    • Critical illness
    • Accidental death rider
    • Permanent & partial disability
    • Income benefit rider
  13. Reliance Nippon Life Insurance Company Limited

    Reliance Nippon Life Insurance is a leading non-banks-supported private life insurance provider serving more than ten million policyholders. The company's main headquarters is in Mumbai, and it has 713 branches across India. The insurer offers a wide range of insurance products to fulfill both individual and group customers, catering to four distinct segments: ULIP, protections, child, and retirement plans.

    Policies Offered

    • Term Insurance Plans
    • Investment Plans
    • Pension Plans
    • ULIP
    • Child Plans
    • NRI Plans

    Life Insurance Riders

    • Accident Benefit Rider
    • Waiver of Premium Plus Rider
    • Partner Care Rider
    • Critical Illness Benefit Rider
    • Critical Illness and Disability Rider
  14. Bharti AXA Life Insurance Company Limited

    As the name suggests, Bharti AXA Life Insurance is a joint venture between Bharti Enterprises and the AXA Group, making it a prominent insurer in the Indian insurance market. With a network of 236 branches all over India, the insurer serves over 70 million buyers annually. The insurer also boasts an excellent impressive claim settlement ratio of 99.10%.

    Policies Offered

    • Term Insurance
    • Savings Plans
    • Investment Plans
    • Group Plans
    • Yoddha Plans
    • Endowment Plans

    Life Insurance Riders

    • Group Accidental Death Benefit Rider
    • Accidental Death Benefit Rider
    • Hospi Cash Benefit Rider
    • Premium Waiver Rider
    • Life Term Rider
    • Non-Linked Complete Shield Rider
    • Life Linked Complete Shield Rider
  15. Star Union Dai-Ichi Life Insurance Company Limited

    Star Union Dai-ichi Life Insurance is one of the leading private insurers in India. The company is a joint venture between India's two prominent banks- Bank of India and Union Bank of India, and Japan's second-largest life insurance company, Dai-ichi. The company is based out of Mumbai and has a solid network of over 15,000 bank branches serving more than 9.2 million customers.

    Policies Offered

    • Protection Plans
    • Retirement Plans
    • Saving Plans
    • Wealth Plans
    • Child Plans
    • Group Plans

    Life Insurance Riders

    • Accidental Death & Total & Permanent Disability Benefit Rider
    • Family Income Benefit Rider
  16. Future Generali India Life Insurance Company Limited

    Future Generali India Life Insurance offers a wide range of life insurance products that cater to the buyers' short-term, mid-term, and long-term financial goals. The insurer holds an impressive claim settlement ratio of 96.15% for the financial year 2021-2022, which allows buyers to easily opt for a claim and settle it as soon as possible. However, the company was established in 2007 with an aim to offer retail, commercial, and rural insurance products in India.

    Policies Offered

    • Term Insurance Plans
    • Unit Linked Insurance Plans
    • Child Plans
    • Retirement Plans
    • Savings Plan
    • Rural Plans
    • Group Plans

    Life Insurance Riders

    • Accident Benefit Rider
    • Waiver of Premium Plus Rider
    • Partner Care Rider
    • Critical Illness Benefit Rider
    • Critical Illness and Disability Rider
  17. Shriram Life Insurance Company Limited

    Shriram Life Insurance is one of the country's most trustworthy insurance providers and is a fully-owned subsidiary of the well-known Shriram Group. However, the company's main headquarter is in Chennai, and it has a solid network of over 4,050 branches across India. The insurer offers a wide range of both individual and group insurance products.

    Policies Offered

    • Term Insurance Plans
    • Savings Plans
    • ULIP Plan
    • Retirement Plans
    • Child Plan
    • Annuity Plans
    • Investment Plans

    Life Insurance Riders

    • Accident Benefit Rider
    • Waiver of Premium Plus Rider
    • Partner Care Rider
    • Critical Illness Benefit Rider
    • Critical Illness and Disability Rider
  18. Ageas Federal Life Insurance

    Ageas Federal Life Insurance, Formerly known as IDBI Federal Life Insurance. It is a joint venture between Federal Bank and Ageas Insurance International. Since its establishment in 2008, the IDBI Federal has been rewarded with several awards and accolades. However, the insurer offers a wide range of insurance products, including term plans, child insurance plans, ULIPs, savings, and retirement plans.

    Policies Offered

    • Online Plans
    • Term Plans
    • Child Plans
    • ULIP Plans
    • Retirement Plans
    • Savings Plans
    • Group Plans

    Life Insurance Riders

    • Accident Benefit Rider
    • Waiver of Premium Plus Rider
    • Partner Care Rider
    • Critical Illness Benefit Rider
    • Critical Illness and Disability Rider
  19. Pramerica Life Insurance Company Limited

    Pramerica Life Insurance is a leading multinational insurance company headquartered in Gurugram, Haryana. It offers a wide and simple range of life insurance policies for both individual and group customers. Whether you're looking for protection to secure your child's future, retirement planning, savings, or wealth creation, these insurance plans are designed to cater to the needs of every customer from different walks of life.

    Policies Offered

    • Protection Plans
    • ULIP Plans
    • Savings Plans
    • Child Progress Plans
    • Retirement Plans

    Life Insurance Riders

    • Accident Benefit Rider
    • Waiver of Premium Plus Rider
    • Partner Care Rider
    • Critical Illness Benefit Rider
    • Critical Illness and Disability Rider
  20. Aviva Life Insurance Company India Limited

    Aviva Life Insurance India is an Indian life assurance company. The company's main headquarter is in Gurugram, and it has a wide network of 93 branches spread across the country. The insurer strives to make life insurance easy for every buyer by offering wide coverage at very reasonable premium rates.

    Policies Offered

    • ULIP Plans
    • Online Insurance
    • Child Insurance
    • Retirement Plans
    • Group Insurance Plans
    • Rural/Credit Protection

    Life Insurance Riders

    • Accident Benefit Rider
    • Waiver of Premium Plus Rider
    • Partner Care Rider
    • Critical Illness Benefit Rider
    • Critical Illness and Disability Rider
  21. Bandhan Life Insurance Limited

    Bandhan Life Insurance is a leading digital life insurance company. The insurer provides a mix of life insurance policy products such as term plans, savings plans, retirement policies, and group life insurance policies. With a CSR (Claim Settlement Ratio) of 99.37%, it offers long-term investment plans and life insurance products.

    Policies Offered

    • Term Insurance Plans
    • Savings Plans
    • ULIP Plans
    • Retirement - Annuity Plans
    • Retirement - Pension Plans
    • Child Plans
    • Group Insurance Plans

    Life Insurance Riders

    • Accident Benefit Rider
    • Waiver of Premium Plus Rider
    • Partner Care Rider
    • Critical Illness Benefit Rider
    • Critical Illness and Disability Rider
  22. Edelweiss Tokio Life Insurance Company Limited

    Edelweiss Tokio Life Insurance is a well-known Indian life insurance company. Based on the CSR (claim settlement ratio), Edelweiss Tokio's life insurance ranking in India is 24th. Since its establishment in 2011, the company has been known for various types of terms, savings, wealth enhancement, and accumulation plans. However, it has more than 120 spread across the country in order to meet the various needs of the buyers.

    Policies Offered

    • ULIP Plans
    • Child Plans
    • Savings Plans
    • Term Insurance Plans
    • Group Insurance Plans
    • Retirement - Annuity Plans
    • Retirement - Pension Plans

    Life Insurance Riders

    • Partner Care Rider
    • Accident Benefit Rider
    • Waiver of Premium Plus Rider
    • Critical Illness Benefit Rider
    • Critical Illness and Disability Rider

How To Select the Best Life Insurance Provider?

According to the IRDAI report, the Indian life insurance market size was 2.61% in 2018 because people are not fully aware of the importance of life insurance. At present, life insurance providers in India are experiencing a dramatic change in the demand for life insurance buyers due to the coronavirus crisis.

There are so many types of life insurers in India ready to offer wide coverage to fulfill consumers' financial goals, protection plans for retirement, and provide financial support to your family in your absence.

Here are a few factors to help you find the right policy that suits all your needs.

  1. Understand Which Policy Suits Best your Needs

    Before buying a policy, it's important to understand which policy suits your needs and budget best. The Indian life insurance market is packed with so many life insurance providers. which offer comoprehensive at low premiums along with add-on riders, but it may vary from company to company. For instance, there are several types of life insurance that buyers can choose according to their needs, such as future plans, retirement plans, child plans, endowment plans, etc.

  2. Compare Life Insurance Plans

    As we know, the fixed amount provided by different life insurers may vary in terms of coverage and premium. To make sure you bought a suitable life insurance policy, connect with multiple insurer agents, get information on different policies, and then select the one from the multiple available options.

  3. Find Out If You Really Need Riders

    In case you're not able to find the life insurance that best suits your needs, then consider checking into the life insurance riders offered by the insurer. These riders give you the flexibility to add extra benefits to your basic life insurance policy at a low cost.

    There are several types of life insurance riders. Still, they may vary from company to company, such as waiver of premium, accident benefit rider, critical illness benefit rider, partial disability rider, etc. It is always advisable to consider add-on riders because they provide extra coverage, flexibility, and tax benefits.

  4. Prepare for Your Medical Check-up

    Before buying a life insurance plan, you may have to prepare for your overall medical check-up because it'll help the insurance providers to suggest the best plan for you. These medical texts include complete blood count, differential count, bio, fasting plasma glucose, cholesterol levels, blood test, and urine test, among other measurements.

  5. Check Out Insurers Claim Settlement Ratio

    Once you find the insurance provider from which you wish to buy a policy, then you must check the insurer claim settlement ratio (CSR). A CSR refers to the percentage of insurance claims the insurance provider settles annually out of the total claims. It is important to check out the insurer's claim settlement ratio because then you'll ensure that your nominee can get a claim hassle-free.

Conclusion

After the pandemic, people are fully aware of the need for life insurance because uncertainty is a part of life. In case you don't know where to start, then choosing the best life insurance policy can be challenging. On this page, we've covered all life insurance companies in India and how to find the best life insurance for your needs. We also provide a short overview of each life insurance provider so you can select the one that best suits you.

Life Insurance Companies in India: FAQ's

1. Top 5 life insurance companies in India based on claim settlement ratio.

The following are the top 5 life insurance companies in India based on the latest claim settlement ratio (CSR) for the year 2021–22:

  1. Life Insurance Corporation of India
  2. HDFC Life Insurance Company Limited
  3. SBI Life Insurance Company Limited
  4. TATA AIA Sampoorna Raksha Supreme
  5. Max Life Insurance Company Limited

2. How many life insurance companies in India 2024?

Research Indicates that there are around 22 leading life insurance providers in India, which have been approved by the Insurance Regulatory And Development Authority of India (IRDAI).

3. Which is the largest government life insurance in India?

Life Insurance Corporation of India (LIC) is a leading insurance provider in India under the ownership of Government of India. It has always been considered a safe insurance scheme because LIC is a government-backed entity.

4. What Does Life Insurance Cover?

A life insurance policy is designed to give a death benefit — a sum of money — to the selected nominee after the policyholder's demise. However, the death benefits from life insurance can be used in several ways, such as paying for debts, cremation costs, medical bills not covered by health insurance, replacing a lost income, and leaving a financial gift to your loved ones.

5. Why is Life Insurance Important In India?

Life insurance is the best way to secure the future of your family financially in your absence. It allows your family to stay financially independent, so they do not have to worry about expenses or compromise their lifestyle in your absence.

6. What is the difference between term life and whole life insurance?

While choosing between the term life vs. whole life insurance, the best choice may depend on buyers' financial goals. Term life insurance is typically affordable and ideal for buyers who want a safety net for a period of time. But if you're looking for lifelong protection, then you may consider opting for whole life insurance—or other forms of cash-value life insurance.

7. Can I withdraw money from my life insurance?

Yes, permanent life insurance policies allow buyers to withdraw money without canceling the coverage. Please remember that term life insurance does not allow buyers to access the money. If you want to use your policy as a financial backup resource, then avoid term policies.

8. What are the different types of life insurance companies in India?

There are so many types of life insurers in India ready to offer wide coverage to fulfill consumers' financial goals, including term plans, retirement plans, child plans, endowment plans, ULIP plans, retirement plans, etc.

9. Does the Insurer provide customizable policies in India?

Yes, the Insurer offers many options to the policy buyer for the customization of the policy. You can even add riders to your basic life insurance for extra benefits.

10. How Much Does a Life Insurance Policy Cost?

For an 18-year-old - Term life insurance costs an average of 700 per month for an 18-year non-smoker boy for a 60-year, one-crore term life insurance policy.

For a 30-year-old - Term life insurance costs an average of 1,000 per month for a 30-year non-smoker male for a 60-year, one-crore term life insurance policy.

For a 60-year-old - Term life insurance costs an average of 10,000 per month for a 60-year non-smoker senior citizen for a 75-year, one-crore term life insurance policy.

11. Do the best life insurance companies sell insurance online?

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.

12. Which is the best life insurance company in India?

All the above-listed insurance companies are IRDAI-specified and the most trusted insurance companies in India. However, determining the best company among these 24 is completely based on the personal preferences and needs of the policyholders.

Life Insurance Articles

Life Insurance FAQs

Life Insurance FAQsSeptember, 2021

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Kolkata

May 10, 2024

I was majorly focused on pre and post-hospitalization expenses coverage and found the best health coverage for these with the ManipalCigna ProHealth insurance policy.

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Kanupriya Ghadge

Nagpur

May 10, 2024

For anyone who’s looking for a comprehensive health insurance policy, I would recommend buying the ManipalCigna ProHealth Prime insurance plan as it provides maximum coverage.

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Neelam Sharma

Bengaluru

May 10, 2024

Star health has been my health insurer for more than 2 years and I am happy. Thanks to PolicyX for suggesting me Star Health

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Adi Kukreja

Jalandhar

May 10, 2024

My wife fell ill and was diagnosed with jaundice, due to which she had to be hospitalised for a week. But Star’s Family Health Optima Insurance Plan helped me pay the bill and PolicyX mad...

Sahil Singh Kathait

Written By: Sahil Singh Kathait

Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.