Life is full of uncertainties and you never know what the next moment has for you. One cannot keep a tab on life's misfortunes, but can very well prepare for its aftermath. Fortunately, insurance providers have come up with life insurance policies that look after your family's expenses in your absence. Here, you will make a payment (for a certain period) to the company in exchange for a financial umbrella for your family.
Now, comes the most important question- which life insurance provider should you prefer? As per the IRDAI, there are 24 trusted insurance companies in India. When it comes to selecting a life insurance provider, people tend to shift their attention to the provider's claim settlement ratio. For their convenience, we have updated the claim settlement ratio and solvency ratio of each company with the help of IRDAI's 2018-19 & 2017-18 reports.
Life Insurance Companies in India
Claim Settlement Ratio (2017-18)
Claim Settlement Ratio (2018-19)
Aegon Life Insurance Company
Aviva Life Insurance Company
Bajaj Allianz Life Insurance Company
Bharti AXA Life Insurance Company
Birla Sun Life Insurance Company
Canara HSBC Oriental Bank of Commerce Life Insurance Company
DHFL Pramerica Life Insurance
Edelweiss Tokio Life Insurance Company
Exide Life Insurance Company
Future Generali Life Insurance Company
HDFC Life Insurance Company
ICICI Prudential Life Insurance Company
IDBI Federal Life Insurance Company
IndiaFirst Life Insurance Company
Kotak Mahindra Life Insurance Company
Life Insurance Corporation of India
Max Life Insurance Company
PNB MetLife India Insurance Company
Reliance Nippon Life Insurance Company
Sahara India Life Insurance Company
SBI Life Insurance Company
Shriram Life Insurance Company
Star Union Dai-Ichi Life Insurance Company
Tata AIA Life Insurance Company
**Last Updated on 29-01-2021
Starting the operations from July 2008, Aegon Life Insurance Company Limited was previously known as Aegon Religare Life Insurance Company and was established to help people achieve a healthy and financially secure future. This company is held in collaboration with The Times Group (Bennett, Coleman & Co. Ltd), India's one of the largest media associations, and Dutch Aegon N.V., a multinational insurance company. At present, Aegon Life Insurance company operates several branches across various cities in India and has a broad customer base with more than 3 Lakh customers. It 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, which are designed to meet the different needs of a consumer and his/her family.
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Aviva Life Insurance Company India Limited was founded in 2002 and is a joint partnership between The Dabur Group, an Indian association considered among the oldest business firms, and Aviva plc, a British insurance group. 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 Indian insurance providers, 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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Bajaj Allianz Life Insurance Company Limited, established in the year 2001, is a joint venture between Bajaj Finserv Limited (ownership of Bajaj Group, India) and Allianz SE (European financial services company). It is one of the successful insurance companies in India, having more than 80000 agents and serving millions of customers at present. It offers a variety of effective life insurance products ranging from term plans, ULIP plans, retirement, child insurance plans, etc. to cater to the different needs of its customers.
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Bharti AXA was established in the year 2006 through an amalgamation of two great visionaries, Bharti Group and the AXA business group, with 51% stake from Bharti Enterprises and 49% stake of the AXA Group. At present, the company is recognized as one of the leading insurance companies in India and offers a wide range of policies to its customers ranging from protection, savings, investment, child, health, and group plans. The objective of all these policies is to make sure that all the needs of an individual are taken care of in the best manner possible.
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Formerly known as Birla Sun Life Insurance Company, Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a subsidiary of Aditya Birla Capital Ltd (ABCL). It was founded in 2000 as a joint venture between Sun Life Financial Inc. & Aditya Birla Group. The company is currently ranked 7th in Individual Business and is recognized as one of India's leading life insurance companies. Headquartered in Mumbai, it has a nation-wide distribution presence through 370+ branches, 6 distribution channels, 8 bancassurance partners, and over 82,000 direct selling agents. It 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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Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was established in the year 2008 in collaboration with leading public banks of India, viz. Canara Bank, Punjab National Bank, and HSBC Insurance (Asia Pacific) Holdings Limited. The company has a pan India network and offers a miscellaneous 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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Founded in 2008, DHFL Pramerica Life Insurance Company is a joint venture with Dewan Housing Finance Corporation Ltd & Prudential International Insurance Holdings Limited, a wholly-owned subordinate of Prudential Financial Inc. (PFI). The company is headquartered in Gurugram and operates a pan India network through its 138 branches. 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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Edelweiss Tokio Life Insurance Company Limited was established in the year 2011. It is a joint partnership between Edelweiss Financial Services, India's leading diversified financial services companies, and Tokio Marine Holdings Inc., one of the oldest and largest Japanese insurance companies. It has over 51,000 agents operating in 121 branches in India. It adopts a customer-centric approach and offers a host of life insurance plans with high returns and guaranteed interest payments.
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Exide Life Insurance Company Limited was founded in the year 2001. It is fully owned by Exide Industries Ltd., which is known as the largest manufacturer of electric storage batteries in 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. It adopts a customer-centric approach and at present serves over 15 lakh customers across India. The insurance plans offered by this company are categorized into protection, saving, investment, retirement plans, among others.
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Future Generali Life Insurance Company is a joint venture between three leading groups; the Future Group, Assicurazioni Generali, and Industrial Investment Trust Limited (IITL). The company was established in the year 2007 to actively protect and enhance peoples' lives. It has a network of 136 branches across India and offers 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.
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HDFC Life Insurance Company Ltd was established in the year 2000 and is known as one of the leading life insurance companies in India. It is a joint venture between HDFC Ltd. (India's biggest finance association) and Standard Life (a multinational investment company). Having its headquarters located in Mumbai, the company operates 420 branches in India. It deals in providing a wide range of customized life insurance plans to its customers including Pension, Protection, Savings & Investment, Child, Women, Health plans, among others.
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Formed in 2008, IDBI Federal Life Insurance Company Limited is a joint venture between three companies- IDBI Bank (an Indian commercial and development bank), Federal Bank (India's largest private sector banks), and Ageas (a multinational insurance giant in Europe). 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, child, protection, retirement, and group solutions to individuals as well as corporate customers.
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ICICI Prudential is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The company 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, among others.
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IndiaFirst Life Insurance Company Limited was established in 2009. It is a joint venture between two public sector banks of India - Bank of Baroda and Andhra Bank, and one of the UK's financial and investment companies (Legal & General). The company has its headquarters in Mumbai and offers a wide range of plans to cater to the needs of every individual like saving plans, protection plans, pension plans, term plans, child plans, etc.
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Launched in January 2001, Kotak Mahindra Life Insurance Ltd is a private life insurance company. It 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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Life Insurance Corporation of India (LIC) is the largest and oldest insurance company in India. The company was established in 1956 and has its headquarters located in Mumbai. It is a government based company and is well known for its slogan 'Your welfare is our responsibility' and 'Zindagi ke saath bhi, Zindagi Ke baad bhi', which implies the security of people in life and even the afterlife. 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.
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Founded in 2000, Max Life Insurance is among the top insurers in India. It is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. The company has its headquarters in New Delhi and operates a network of 269 offices across 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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PNB MetLife India Insurance Company Limited is in collaboration with Punjab National Bank Limited, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited, and other private firms. The company was established in 2001 and has now become 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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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 high reputation for offering highly trusted service to its customers. It was also rated amongst the Top 3 Most Trusted Life Insurance Service Brands by Brand Equity's Most Trusted Brands Survey 2018. The company has its headquarters in Mumbai and manages a strong distribution network of 717 branches and 63,016 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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Sahara India Pariwar is a privately-owned company, also known as the Pariwar's Life Insurance Company. It was founded in 2004 and is certified by the IRDAI. Ever since its certification, Sahara India has become the first wholly and purely Indian company (without any foreign collaboration) 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 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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SBI Life Insurance Company Limited is one of the renowned life insurance companies in India. The company was founded in the year 2000-2001 and is a joint venture between the State Bank of India, one of the leading state-owned banks of India, and BNP Paribas Cardif, international banking and finance company of Paris. It deals in providing 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.
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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 works intending to reach out to the 'Common Man' and deals in providing quality and affordable products to the average class public in society to grow awareness and secure their future.
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Star Union Dai-Ichi Life Insurance Company Limited was founded in 2009 and is a collaboration between Union Bank of India, Bank of India, and Dai-ichi Life Holdings (one of the leading Life Insurance companies in Japan). It works to provide insurance products across various strata of society. The company operates 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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Tata AIA Life Insurance is a renowned life insurance company in India. It is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd, wherein Tata Sons holds a majority of the stake (74%) whereas, AIA holds 26%. The company started its operations in 2001 and has a worldwide network of 18 markets in the Asia Pacific region. The company adopts a customer-centric approach and offers multiple life insurance segments 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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After reading about the above-listed insurance companies, it is quite obvious to feel confused about deciding which company you should select for yourself. Though all the insurance companies in India are good, you must select a life insurance company that suits your needs best. Given below are some tips that will help you in choosing the best life insurance company in India:
As children, we tend to irritate/disturb our loved ones. When we get older, we understand our mistakes and try our best to cover them up. Buying life insurance is a part of that process. Sadly, it won't be able to give emotional satisfaction in your absence but will act as a financial angel to your family.
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.
Last updated on 29-01-2021