Secure Your Tomorrow: Explore the List of Top Life Insurance Companies in India

Life insurance is one of the most important financial decisions you can make for yourself and your loved ones. It can provide peace of mind, security, and protection in case of unforeseen events. But with so many options available in the market, how do you choose the best life insurance company for your needs?

In this blog post, we have created a list of top life insurance companies in India based on their performance, product offerings and more. This could help you choose the best insurance company for your needs.

What is Life Insurance, and Why Do You Need One?

Life insurance is an agreement between the insured (an individual) and an insurance company. The individual pays money regularly, and in return, their family gets a lump sum if they pass away or after a specific time. This lump sum, called life cover, helps support the family’s financial needs. Some policies also give a payout called maturity benefit at the end of the policy term.

Life Insurance Companies in India

In India, there are 24 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 life insurance company, you should compare the features, benefits, costs, and limitations of plans from different providers.

List of Life Insurance Companies in India

There are 24 life insurance companies in India:

1. Life Insurance Corporation of India
2. HDFC Life Insurance Co. Ltd
3. ICICI Prudential Life Insurance Co. Ltd
4. Max Life Insurance Co. Ltd
5. SBI Life Insurance Co. Ltd
6. Tata AIA Life Insurance Co. Ltd
7. Bajaj Allianz Life Insurance Co. Ltd
8. PNB MetLife India Insurance Co. Ltd
9. Aditya Birla SunLife Insurance Co. Ltd
10. Kotak Mahindra Life Insurance Co. Ltd
11. Aegon Life Insurance Co. Ltd
12. Aviva Life Insurance Co. India Ltd
13. Birla Sun Life Insurance Co. Ltd
14. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
15. Pramerica Life Insurance Co. Ltd
16. Edelweiss Tokio Life Insurance Co. Ltd
17. Exide Life Insurance Co. Ltd
18. Future Generali India Life Insurance Co. Ltd
19. IndiaFirst Life Insurance Co. Ltd
20. Reliance Nippon Life Insurance Co. Ltd
21. Sahara India Life Insurance Co. Ltd
22. Shriram Life Insurance Co. Ltd
23. Star Union Dai-ichi Life Insurance Co. Ltd
24. Ageas Federal Life Insurance Co. Ltd

Top 10 Insurance Companies in India

Here is a table of the top 10 life insurance companies in India, along with their years of establishment, headquarters and top executives:

Company Name	Year of Establishment	Headquarters	Top Executives
Life Insurance Corporation of India	1956	Mumbai	Mr. Siddhartha Mohanty (Chairman)
Max Life Insurance Company Limited	2000	Gurugram	Mr. Prashant Tripathy (MD & CEO)
HDFC Life Insurance Company Limited	2000	Mumbai	Ms. Vibha Padalkar (MD & CEO)
ICICI Prudential Life Insurance Company Limited	2000	Mumbai	Mr. Anup Bagchi (MD & CEO)
Kotak Mahindra Life Insurance Company Limited	2001	Mumbai	Mr. Mahesh Balasubramanian (MD)
Aditya Birla SunLife Insurance Company Limited	2000	Mumbai	Mr. Kamlesh Rao (MD and CEO)
TATA AIA Life Insurance Company Limited	2001	Mumbai	Mr. Naveen Tahilyani (MD & CEO)
SBI Life Insurance Company Limited	2001	Mumbai	Mr. Amit Jhigran (Managing Director & CEO)
Bajaj Allianz Life Insurance Company Limited	2001	Pune	Mr. Tarun Chugh
MetLife India Insurance Company Limited	2001	Mumbai	Mr. Ashish Kumar Srivastava

Overview of Top Life Insurance Companies in India

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

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) is the largest and oldest state-owned life insurance company in India, established in 1956. LIC is considered the the best insurance company in India; offers a wide range of life insurance products and services, such as term insurance, endowment plans, pension plans, health insurance, group schemes, and rural plans.

1. Endowment Plans: These plans offer both savings and protection benefits. They pay a lump sum at the end of the policy term or on the policyholder’s death. Examples include LIC’s Bima Jyoti and LIC’s Bima Ratna.
2. Whole Life Plans: These plans provide lifelong protection and savings benefits, paying a lump sum on the policyholder’s death. Examples include LIC’s Jeevan Utsav and LIC’s Jeevan Umang.
3. Money Back Plans: These plans offer periodic payments during the policy term and a lump sum at maturity or the policyholder’s death. Examples include LIC’s Dhan Rekha and LIC’s New Money Back Plan – 20 Years.
4. Term Assurance Plans: Pure protection plans that pay a lump sum on the policyholder’s death during the term, with no maturity benefit. Examples include LIC’s New Tech Term and LIC’s New Jeevan Amar.
5. Riders: Optional benefits added for an extra premium, providing additional coverage for events like accidental death, disability, and critical illness. Examples include LIC’s Linked Accidental Death Benefit Rider and LIC’s Premium Waiver Benefit Rider.

Performance Highlights for April – June 2023 (Q1) of FY 2023-24

• Made a profit of Rs. 9543.71 crore after taxes.
• The total premium from individuals increased by 4.61% to Rs. 62,773 crore.

For the June 30th, 2023 quarter, LIC (Life Insurance Corporation) earned a total premium income of Rs. 98,363 crore. 

Max Life Insurance Company Limited

It is a joint venture between Max Financial Services Limited and Axis Bank Limited, established in 2000. It ranks second on the list of best insurance companies in India, offering comprehensive and innovative solutions for long-term savings, protection, retirement, and child education.

Here are the types of insurance plans Max Life offers:

1. Protection Plans:
   • Plans provide pure protection benefits, paying a lump sum on the policyholder’s death during the term. Examples include Max Life Smart Term Plan and Max Life Online Term Plan Plus.
2. Savings and Income Plans:
   • Plans offering both savings and income benefits, providing regular income or a lump sum at the end of the policy term or on the policyholder’s death. Examples include the Max Life Guaranteed Income Plan and the Max Life Monthly Income Advantage Plan.
3. Retirement Plans:
   • Plans designed for retirement benefits, helping accumulate a corpus and providing regular income or a lump sum post-retirement or on the policyholder’s death. Examples include the Max Life Forever Young Pension Plan and the Max Life Guaranteed Lifetime Income Plan.

Financial Insights

• 99.51% – Claims paid a percentage (Individual Death Claim Paid Ratio, FY 2022-2023)
• ₹1,397,142 Cr. – Sum Assured In force (Individual, FY 2022-23)
• ₹122,857 Cr. – Assets Managed (FY 2022-23)

HDFC Life Insurance Company Limited

It is a joint venture between Housing Development Finance Corporation Limited (HDFC) and Standard Life Aberdeen plc, established in 2000. It is one of the most trusted and profitable life insurance companies in India, offering a wide range of products and services, such as term insurance, ULIPs, savings plans, retirement plans, child plans, and health plans.

• Term Insurance Plans: Pure protection plans paying a lump sum on the policyholder’s death during the term, with options like HDFC Life Click 2 Protect Life, HDFC Life Click 2 Protect Super, HDFC Life Saral Jeevan Bima, HDFC Life Click 2 Protect Elite, etc.
• Savings and Investment Plans: Providing savings and investment benefits, offering regular income or a lump sum at the policy term’s end or on the policyholder’s death. Examples include HDFC Life Sanchay Plus, HDFC Life Sanchay Par Advantage, HDFC Life Guaranteed Pension Plus, etc.

ICICI Prudential Life Insurance Company Limited

It is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, established in 2000. It is one of the fastest-growing and leading life insurance companies in India, offering various insurance products and services.

Financial Highlights

• The profit after tax has gone up from ₹3.55 billion in the first half of the financial year 2023 to ₹4.51 billion in the first half of the financial year 2024.

Performance highlights for the first half of the financial year 2024 include:

• Net premium earned (gross premium minus reinsurance premium) increased by 3.5% from ₹164.66 billion in the first half of the financial year 2023 to ₹170.42 billion in the first half of the financial year 2024.
• The total investment income rose from ₹45.26 billion in the first half of the financial year 2023 to ₹236.89 billion in the first half of the financial year 2024.

Kotak Mahindra Life Insurance Company Limited

It is one of the most innovative and customer-centric life insurance companies in India, offering a range of products and services.

As of June 30th, 2023, Kotak Mahindra Life Insurance Company Ltd. stands as one of the rapidly expanding insurance companies in India, safeguarding the lives of more than 50 million individuals across the nation.

Aditya Birla Sun Life Insurance Company

Aditya Birla Sun Life Insurance Company Limited- ABSLI is a subsidiary of Aditya Birla Capital Ltd (“ABCL”). It was established on August 4th, 2000, and commenced operations on January 17th, 2001.

ABSLI offers a diverse range of insurance plans, including the ABSLI Savings Plan, Activ Assure Diamond for cancer insurance, Retirement plan, Term insurance plan, ULIP plan, ABSLI DigiShield Plan, Absli Saral Jeevan Bima Yojna, and Activ Health Platinum Essential.

Financial Highlights

As of June 30th, 2023, ABSLI’s total Assets Under Management (AUM) reached Rs.744,998 million, indicating a significant 23% year-on-year increase.

• In Q1 FY24, ABSLI achieved a gross premium income of Rs. 31,048 million, reflecting a notable 19% year-on-year growth, with the Year-to-Date (YTD) Individual Business First-Year Premium (FYP) standing at Rs 5,425 million.
• ABSLI maintains a widespread national distribution network encompassing 348 branches, 9 bancassurance partners, 6 distribution channels, over 52,000 direct selling agents, additional Corporate Agents and Brokers, and an online platform. 
• With a dedicated team of over 18,000 employees and a customer base of 19.02 lacs active customers, ABSLI continues to solidify its presence in the insurance sector.

TATA AIA Life Insurance Company Limited

Tata AIA Life Insurance Company Limited, a collaborative venture between Tata Sons Pvt. Ltd. and AIA Group Ltd., brings together Tata’s prominent leadership in India and AIA’s status as the largest independent listed pan-Asian life insurance group globally, with a presence across 18 markets in the Asia Pacific region.

Financial Highlights

In FY23, Tata AIA reported significant growth, with an Individual Weighted New Business Premium (IWNBP) income of INR 7,092 Cr, marking a substantial increase of 59% over FY22. The company also demonstrated an improvement in the Individual Death Claims Settlement ratio, progressing from 98.53% in FY22 to 99.01% in FY23.

• 50 Lakh Term Insurance: Available at Rs 415 per month
• 1 Crore Term Insurance: Priced at Rs 547 per month
• 2 Crore Term Insurance: Offered at Rs 918 per month
• 5 Crore Term Insurance: Tailored coverage from Tata AIA Life Insurance Company

SBI Life Insurance Company Limited

SBI Life Insurance, recognised as one of the most reliable life insurance companies in India, was incorporated in October 2000 and officially registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.

Catering to millions of families nationwide, SBI Life offers a diverse collection of products designed for both individual and group customers, encompassing Protection, Pension, Savings, and Health solutions. 

Financial Highlights

With a commitment to making insurance accessible to everyone, the company has established a widespread presence across the country. 

This includes 1,011 offices, a dedicated workforce of 23,998 employees, and an extensive network of about 236,978 individual agents, 73 corporate agents, and 14 bancassurance partners spanning over 41,000 partner branches.

Total Benefits. Paid: Over 194,797 crores

• Number of Branches Across India: 1011
• Policy Holders: 65,814,443

(*As per public disclosure (L-7 – Benefits Paid) & Financial Statements (Schedule 4 – Benefits Paid) of the Company, benefits paid since inception up to the period ending 30th September 2023.)

Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life Insurance Company, a prominent private life insurer in India, boasts a remarkable 99.04% Claims Settlement Ratio, swift 1 Day Claim Approval, a AAA Stable Rating by CARE, substantial Total Assets Under Management (AUM), a significant number of lives covered, and a robust solvency ratio of 516%. Established as a joint venture between Bajaj Finserv Limited and Allianz SE, the company, founded in August 2001, has rapidly grown to become one of the fastest-growing life insurers in India. 

Highlights

With innovation and customer-centricity at its core, Bajaj Allianz Life serves as the life goals enabler for over 4.66 crore individuals, managing an impressive Rs. 96,896 crore in AUM as of August 31, 2023.

It has a widespread distribution network nationwide, comprising 503 branches, a dedicated team of over 1,36,453 agents as of August 31, 2023,

PNB MetLife India Insurance Company Limited

PNB MetLife India Insurance Company Limited stands as a leading life insurance provider in India, leveraging the financial strength of global life insurance provider MetLife, Inc., and the trustworthiness of PNB, one of India’s oldest nationalised banks. Since its inception in 2001, it has been offering a comprehensive range of life insurance solutions for Child Education, Family Protection, Long-Term Saving, and Retirement, showcasing its commitment to meeting diverse customer needs.

Financial Highlights

With a wide distribution network spanning 149 locations As of March 31, 2023, and access to customers in approximately 16,500 locations through strong bank partnerships with PNB, JKB, KBL, and other bank associates, PNB MetLife is established as a robust and reliable insurance provider. 

Factors to Keep in Mind When Choosing the Best Insurance Company 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, reflecting customer-friendliness. Evaluate this ratio to gauge the performance of life insurance companies and, thus, choose the best life insurance company in India.
2. Service Quality:
   • The level of service matters. Assess how the life insurance company treats customers, addresses queries, and provides support, whether over the phone or in person. Service is the must-check factor when selecting the top life insurance company out of the list of 25 life insurance companies in India.
3. Price:
   • While life is priceless, compare rates and associated charges of different insurance policies. Use online platforms to easily compare offerings. Ensure the chosen provider aligns with your financial strategy and fits within your budget.
4. Reviews and Ratings:
   • Reviews and ratings offer insights into overall performance and customer satisfaction. Look for patterns in feedback and be cautious of potential biases. Consistent complaints may indicate issues with client satisfaction.
5. Solvency Margins:
   • Understand the reputation and fiscal strength of the insurance company’s promoters. This reflects how prudently they manage policyholders’ funds and honour commitments. 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. Choose the best insurance company by evaluating its offerings and reputation. Whether it’s the reliability of LIC, the innovation of private players, or the customer-centric approach of companies like SBI Life and Bajaj Allianz, make a decision that aligns with your needs.

FAQs| Best Insurance Companies in India

Source- https://irdai.gov.in/list-of-life-insurers1

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