In the following sections, we will briefly discuss each of the 24 life insurance companies operating in India.
Life Insurance Corporation of 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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HDFC Life Insurance Company
Headquartered in Mumbai, the company operates through over 400 branches spread across 980+ cities and towns pan India. It deals in a range of customized life insurance plans including Pension plans, Protection plans, Savings & Investment plans, Child plans, Women plans, Health plans, etc.
In FY 2019-20 alone, HDFC Life has insured over 6 Crore lives in India. Further, to make the claim settlement process easier for the bereaved, HDFC Life guarantees claim settlement in 1-day, subject to terms and conditions.
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SBI Life Insurance Company
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 Life Insurance Company
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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Max Life Insurance Company
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
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
Kotak Mahindra Life Insurance Limited claims to have covered over 30 million lives across 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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Aditya Birla Sun Life Insurance Company
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 Company
The company with a record of achieving the highest CSR of 100% during the FY 2019-19.
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
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
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
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
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
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 Life Insurance Company
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
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.
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Future Generali Life Insurance Company
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
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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IDBI Federal Life Insurance Company
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
Pramerica Life Insurance Company 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
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
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 Life Insurance Company
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
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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