Top Life Insurance Companies in India to Consider in 2024

Are you looking for the Best Life Insurance Companies in India? See Who Tops the List in 2024!

Life insurance is one of the most important financial decisions you can make for yourself and your loved ones. It can provide security and protection in case of unforeseen events. But with so many options available in the market, how do you choose the best insurance company in India for your needs? We have created a list of 10 top life insurance companies in India based on their performance, product offerings and more. 

This could help you choose the best insurance company in India and also discover which one holds the title of being the biggest insurance company in India.

Let us begin with the details of the life insurance companies in India!

Life Insurance Companies in India

In India, there are 26 life insurance companies approved by the IRDAI (Insurance Regulatory and Development Authority of India). These companies provide different kinds of life insurance, like term plans, endowment plans, unit-linked plans, and pension plans. They offer various products to meet the different needs of customers.

To find the best insurance company in India, you should compare the features, benefits, costs, and limitations of plans of the top life insurance companies in India.

List of Life Insurance Companies in India

The list of Life Insurance Companies in India includes 26 names as of Nov 5th, 2024.

1. Life Insurance Corporation of India
2. Max Life Insurance Company Limited
3. HDFC Life Insurance Company Limited
4. ICICI Prudential Life Insurance Company Limited
5. Kotak Mahindra Life Insurance Company Limited
6. Aditya Birla SunLife Insurance Company Limited
7. TATA AIA Life Insurance Company Limited
8. SBI Life Insurance Company Limited
9. Bajaj Allianz Life Insurance Company Limited
10. PNB MetLife India Insurance Company Limited
11. Reliance Nippon Life Insurance Company Limited
12. Aviva Life Insurance Company India Limited
13. Sahara India Life Insurance Company Limited
14. Shriram Life Insurance Company Limited
15. Bharti AXA Life Insurance Company Limited
16. Future Generali India Life Insurance Company Limited
17. Ageas Federal Life Insurance Company Limited
18. Canara HSBC Life Insurance Company Limited
19. Bandhan Life Insurance Limited
20. Pramerica Life Insurance Company Limited
21. Star Union Dai-Ichi Life Insurance Company Limited
22. IndiaFirst Life Insurance Company Limited
23. Edelweiss Tokio Life Insurance Company Limited
24. Credit Access Life Insurance Limited
25. Acko Life Insurance Limited
26. Go Digit Life Insurance Limited.

Which are the top 10 Insurance Companies in India in 2024?

Here is a table of the 10 top life insurance companies in India in 2024, based on the latest data shared by IRDAI.

Company	Policies Issued
LIC of India	9187321
SBI Life	986876
HDFC Life	582628
Tata AIA Life	389665
Bajaj Allianz Life	386126
Max Life	358239
ICICI Prudential Life	300900
Shriram Life	281076
Aditya Birla Sun Life	150484
PNB Met Life	149443

Overview of 10 Top Life Insurance Companies in India 2024

Let’s look at the brief details of the best life insurance companies in India.

The top 10 insurance companies in India include names such as LIC, HDFC Life, ICICI Prudential, SBI Life, Max Life, and many more!

Here is a detailed analysis of the top 10 life insurance companies in India:

Life Insurance Corporation of India (LIC)

LIC, as known to most of us, is the top insurance company in India. It was established in 1956 and is the largest and oldest state-owned life insurance company. It is often regarded as the best life insurance company in India due to its extensive reach and government backing.

Insurance Plans:

• Insurance Plans
• Pension Plans
• Unit Linked Plans
• Micro Insurance Plans
• Withdrawn Plans
• Health Plans
• LIC’ Amritbal

According to the latest figures from Sep 2024, this is the biggest life insurance company in India, which has:

• Policies Issued: 9187321
• 1st Year Premium Income: ₹115550 Cr.

The famous policies issued by this life insurance company in India include:

1. LIC’s Bima Jyoti and Bima Ratna.
2. Jeevan Utsav and LIC’s Jeevan Umang.
3. Dhan Rekha and LICs New Money Back Plan – 20 Years.

SBI Life Insurance Company Limited

SBI Life Insurance, recognised as one of the biggest insurance companies in India, was incorporated in October 2000. 

SBI Life offers a variety of insurance plans that provide financial protection for you and your family. Their plans include term insurance options like eShield Next for enhanced protection. Then, there is Saral Jeevan Bima, which offers affordable coverage with simple terms. Some policies, such as Smart Swadhan Neo, even return your premiums if no claim is made. With accessible premiums, flexible options, and tax benefits, SBI Life helps you secure a safer financial future.

Latest Statistics of SBI Life as of September 2024: Top Life Insurance Companies in India

• Premium Collected- 15724Cr
• No of policies issued- 986876
• Branches Across India: 1040
• Policy Holders: 8,19,05,672

Insurance Plans:

• Insurance Protection Plan
• Retirement Benefits
• Child’s Future Planning

HDFC Life Insurance Company Limited

Currently, it holds the 3rd position among top life insurance companies in India. It was established in 2000.

HDFC Life offers a variety of life insurance plans tailored to meet different needs. Established in 2000, HDFC Life has grown to become one of India’s trusted life insurers, and it is now promoted by HDFC Bank. They provide solutions for both individuals and groups. With over 60 product options and a wide network of partnerships, they’re committed to helping people secure their future.

 HDFC Life is a trusted provider of life insurance dedicated to securing the lives and futures of millions of individuals and families across India.

Let’s reflect on the latest insights gathered up to March 2024:

• Number of Lives Insured: 6.8 crore in FY 22-23
• Assets Under Management: ₹2,38,782 Crs in FY 22-23
• 498 branches across India
• Premium Collected- 14706CR
• Policies issued- 582628
• Recognised as a Superbrand for the 9th time in 2023-24

ICICI Prudential Life Insurance Company Limited

Recognized as one of the top life insurance companies in India, the company offers long-term savings. ICICI Prudential Life Insurance Company Limited, commenced operations in fiscal year 2001.

ICICI Prudential Life Insurance offers the iProtect Smart term insurance plan. This is designed to provide comprehensive financial protection for your family. With options for death, terminal illness, and permanent disability coverage, this plan ensures financial security for families. Additionally, the policy also offers a lifetime online discount, tax benefits, and a quick claim settlement process.

• Claim Settlement Ratio: 99.35% (Q1 FY25)
• Lives Covered: 9.69 crore as of March 31, 2024
• Total Benefits Paid: ₹2.76 lakh crore till March 31, 2024
• Claim Settlement Time: 1 day
• Premium Refund Option: Available
• Lifetime Online Discount: Up to 5%
• Salaried Discount: Up to 15% for the first year
• Critical Illness Coverage: Extra cover for 34 specified illnesses
• Tax Benefits: Up to ₹54,600 under sections 80C, 80D, and 10(10D)

• Consistent Performance among the best life insurance companies in India based on retail weighted received premium.
• First insurance company in India to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
• Gross Premium Income: `1,515,002 million as of March 2024 (consolidated result).

TATA AIA Life Insurance Company Limited

Tata AIA Life Insurance Company Limited (Tata AIA) is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. Ranked among the top life insurance companies in India, it has a reach across 18 markets in the Asia Pacific region.

Tata AIA Life Insurance offers a term insurance plan that provides comprehensive financial security for you and your family. It is designed to meet the unique needs of policyholders.

• Start young to enjoy lower premium rates.

• It provides coverage for up to 100 years, ensuring lifelong financial security for your family. You can choose between a lump sum or instalment payments for death benefits.
• Even female policyholders receive a 15% discount on premiums.
• In case of terminal illness, you can receive 50% of the sum assured to manage expenses.

Reflecting on the insights gathered up to March 2024

• Individual Death Claim Settlement Ratio: Improved from 98.53% in FY22 to 99.01% in FY23
• Families Protected: 77,75,708 families so far
• Retail Sum Assured: Rs 4,00,000 Crore+
• Assets Under Management (AUM): 1 Lakh Crore+
• Branches: Over 500 branches across major cities in India

Bajaj Allianz Life Insurance Company Limited

One of the leading names among the 10 top life insurance companies in India, it started operations in August 2001 from Pune, Maharashtra. It offers innovative products and tech-enabled services, serving over 4.19 crore individuals with Rs. 1,09,829 crore Assets Under Management (as of 31 March 2024).

Bajaj Allianz Life Insurance is a leading private life insurer in India, dedicated to providing innovative insurance products that help you achieve your life goals. Here are some key statistics about the company:

• Claim Settlement Ratio: 99.23%
• Claim Approval Time: 1 day for non-investigative claims
• Assets Under Management (AUM): ₹1,21,338 Crores
• Lives Covered: 4.09 Crores
• Solvency Ratio: 432%, well above the regulatory requirement of 150%
• Products Offered: Term plans, ULIPs, savings plans, retirement plans, and more.

Bajaj Allianz aims to ensure customer satisfaction with a range of services, including easy claim assistance and policy renewals.

Statistical Overview of Bajaj Allianz Life Insurance Co. Ltd., as of March 2024:

• Over 534 branches nationwide
• More than 1,50,841 agents
• Partnerships with major banks like AXIS, Bandhan, IDFC First
• AAA-rated for safety
• 99.23% Claims Settlement Ratio (as of 31 March 2024)

Max Life Insurance Company Limited

Ranking 6th among the top 10 insurance company in India, Max Life is a join venture between Max Financial Services Limited and Axis Bank Limited. It was established in 2000.

Max Life Insurance offers a variety of plans.

The Smart Secure Plus Plan provides a comprehensive death benefit and maturity options. Smart Term Plan protects against critical illnesses with flexible payment options. There is an Online Savings Plan that offers death benefits, monthly income, and bonuses. You can also explore the Cancer Insurance Plan, which covers all cancer stages. For wealth growth, the Smart Wealth Plan combines life cover with maturity benefits. Additionally, short and long-term income plans offer guaranteed payouts, and a Return of Premium Term Plan gives premiums back on survival. Riders like Critical Illness and Disability, plus Waiver of Premium, add extra protection to these policies.

Based on the most recent data available as of Sep 2024:

• Premium Collected: 5088 Cr
• Policies Issued- 358239
• Claims Paid Percentage: 99.65%
• Sum Assured In force (individual): ₹1,779,409 Cr.
• Assets Managed: ₹150,836 Cr.
• Max Life Presence: 304 Offices

Shriram Life Insurance

Shriram Life Insurance has been operational for 17 years of experience in the industry. It aims to provide insurance solutions to underserved segments. The company has served over 7.2 crore customers through a network of 403 branches across the country.

1. Life Insurance Plans
   • Shriram Life Assured Income Plan
   • Shriram Life Early Cash Plan
   • Shriram Life Premier Assured Benefits
   • Shriram Life New Shri Vidya Plan
   • Shriram Life New Shri Life Plan
2. Savings Plans
   • Shriram Life Assured Savings Plan
   • Shriram Life Fortune Builder
3. Retirement Plans
   • Shriram Life Saral Pension
   • Shriram Life Immediate Annuity Plus
4. Child Plans
   • Shriram Life New Shri Vidya Plan
5. Special Plans
   • Pradhan Mantri Jeevan Jyoti Bima Yojana

Aditya Birla Sun Life Insurance Company

Aditya Birla Sun Life Insurance Company Limited- ABSLI is, established on August 4th, 2000 offers a wide range of financial solutions.

• 98.40% claim settlement ratio for individual policies.
• 99.59% claim settlement ratio for group policies, with an average turnaround time (TAT) of 2 days.
• Insurance options include Term Plans, Endowment Plans, Whole Life Insurance, and Unit Linked Insurance Plans (ULIPs).
• Life insurance can help cover educational expenses, debt protection, and retirement planning.
• ABSLI offers several popular plans, including the Nishchit Aayush Plan and DigiShield Plan.

ABSLI offers a diverse range of insurance plans, including:

• ABSLI Savings Plan
• Activ Assure Diamond for cancer insurance
• Retirement plan
• Term insurance plan, ULIP plan, etc.

PNB MetLife India Insurance Company Limited

One of the best insurance companies in India, PNB MetLife currently holds a strong position among the top 10 insurance companies in India. It was founded in 2001.

It caters to various needs like Child Education, Family Protection, and Retirement Planning.

PNB MetLife India Insurance Company Limited is a prominent joint venture between Punjab National Bank and MetLife, Inc.

Check out the list of top public banks in India!

According to the latest figures from March 2024, PNB, ranking among the top life insurance companies in India, has: 

• Wide distribution network across 149 locations
• Access to customers in approximately 16,500 locations through bank partnerships
• Strong collaborations with PNB, JKB, KBL, and other bank associates

What is Life Insurance, and Why Do You Need One

Life insurance is a contract between you and an insurance company that provides financial protection to your loved ones in case of your untimely death. When you purchase a life insurance policy, you pay regular premiums to the insurer. In return, the insurer promises to pay a specified sum of money, known as the death benefit, to your beneficiaries.

Life insurance is important because it helps keep your family financially secure if something happens to you. It can cover everyday costs, debts, and even your kids’ education. Some life insurance policies can even grow cash value over time, which can be useful for savings. 

Factors to Keep in Mind When Choosing the Best Insurance Company in India

You must take these things into account when evaluating insurance companies in India.

1. Claims Settlement Ratio

The Claims Settlement Ratio (CSR) is crucial. It’s the ratio of settled claims to the total received annually. A higher CSR suggests the company efficiently resolves claims. You must evaluate this ratio to review the performance of top insurance companies and, thus, choose the best life insurance company in India.

2. Service Quality

The level of service matters. Service is the must-check factor when selecting the top life insurance company out of the list of 26 life insurance companies in India.

3. Price

While life is priceless, you must compare rates and associated charges of different insurance policies. Don’t forget that the chosen provider aligns with your insurance needs and fits within your budget.

4. Reviews and Ratings

Consistent complaints may indicate issues with client satisfaction.

5. Solvency Margins

Understand the reputation and fiscal strength of the insurance company’s promoters. You must evaluate the solvency margin- a metric indicating the company’s ability to meet debt and claims obligations. Higher solvency margins indicate better claim settlement capabilities. 

Conclusion

Life is unpredictable, but your financial future doesn’t have to be. 

You must choose the best insurance company by evaluating its offerings and reputation. Whether it’s the reliability of LIC, the innovation of private insurers, or the customer-centric approach of companies like SBI Life and Bajaj Allianz, make a decision that aligns with your needs.

FAQs| Top Life Insurance Companies in India

Source- IRDAI

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Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.