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 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 and the list of top 10 insurance companies in India!
- What is Life Insurance, and Why Do You Need One
- Life Insurance Companies in India
- List of Life Insurance Companies in India
- Top 10 Insurance Companies in India 2024
- Overview of 10 Top Life Insurance Companies in India 2024
- Life Insurance Corporation of India (LIC)
- Max Life Insurance Company Limited
- HDFC Life Insurance Company Limited
- ICICI Prudential Life Insurance Company Limited
- Kotak Mahindra Life Insurance Company Limited
- Aditya Birla Sun Life Insurance Company
- TATA AIA Life Insurance Company Limited
- SBI Life Insurance Company Limited
- Bajaj Allianz Life Insurance Company Limited
- PNB MetLife India Insurance Company Limited
- Factors to Keep in Mind When Choosing the Best Insurance Company in India:
- Conclusion
- FAQs| Top Life Insurance Companies in India
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.
Now, the list of Life Insurance Companies in India includes 26 names as of 10 June 2024.
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
There are 26 life insurance companies in India:
- Life Insurance Corporation of India
- Max Life Insurance Company Limited
- HDFC Life Insurance Company Limited
- ICICI Prudential Life Insurance Company Limited
- Kotak Mahindra Life Insurance Company Limited
- Aditya Birla SunLife Insurance Company Limited
- TATA AIA Life Insurance Company Limited
- SBI Life Insurance Company Limited
- Bajaj Allianz Life Insurance Company Limited
- PNB MetLife India Insurance Company Limited
- Reliance Nippon Life Insurance Company Limited
- Aviva Life Insurance Company India Limited
- Sahara India Life Insurance Company Limited
- Shriram Life Insurance Company Limited
- Bharti AXA Life Insurance Company Limited
- Future Generali India Life Insurance Company Limited
- Ageas Federal Life Insurance Company Limited
- Canara HSBC Life Insurance Company Limited
- Bandhan Life Insurance Limited
- Pramerica Life Insurance Company Limited
- Star Union Dai-Ichi Life Insurance Company Limited
- IndiaFirst Life Insurance Company Limited
- Edelweiss Tokio Life Insurance Company Limited
- Credit Access Life Insurance Limited
- Acko Life Insurance Limited
- Go Digit Life Insurance Limited.
Top 10 Insurance Companies in India 2024
Here is a table of the 10 top life insurance companies in India 2024, based on the latest data shared by IRDAI.
This list of life insurance companies in India also includes 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 10 Top Life Insurance Companies in India 2024
Let’s have a 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!
Detailed analysis of the top 10 insurance companies in India:
Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC), established in 1956, is the largest and oldest state-owned life insurance company in India. It is often regarded as the best 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 March 2024, the best insurance company in India has:
- Policies Issued: 2.04 Cr.
- 1st Year Premium Income: ₹2,31,899 Cr.
- Policies Market Share: 71.76% (As per LIC Report F.Y. 2022-23)
- Profit After Tax at Rs. 40,676 crores
The famous policies include:
- LIC’s Bima Jyoti and Bima Ratna.
- Jeevan Utsav and LIC’s Jeevan Umang.
- Dhan Rekha and LICs New Money Back Plan – 20 Years.
Max Life Insurance Company Limited
Ranking 2nd among the top 10 insurance company in India, Max Life offers innovative solutions for long-term savings, protection, retirement, and child education.
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.
Based on the most recent data available as of March 2024:
- Claims Paid Percentage: 99.65%
- Sum Assured In force (individual): ₹1,779,409 Cr.
- Assets Managed: ₹150,836 Cr.
- Max Life Presence: 304 Offices
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 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
- Sum Assured: ₹11 lakh crore in new business
- 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 and protection products. ICICI Prudential Life Insurance Company Limited, commenced operations in fiscal year 2001.
According to the latest figures from March 2024:
- Assets Under Management (AUM): `2,941.40 billion as of March 31, 2024.
- 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).
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 top life insurance companies in India. It is still expanding and 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, established on August 4th, 2000 offers a wide range of financial solutions, including loans, investments, insurance, and payments.
Based on the most recent data available as of March 2024:
- Workforce: 47,000 employees
- Over 1,474 branches and more than 200,000 agents/channel partners
- Assets Under Management: ₹4.36 Lakh Crore as of March 31, 2024
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.
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.
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
SBI Life Insurance Company Limited
SBI Life Insurance, recognised as one of the biggest insurance company in India, was incorporated in October 2000.
This life insurance company offers a wide range of plans to ensure your family’s financial security, retirement benefits, and your child’s future planning.
Latest Statistics of SBI Life as of March 2024| Top Life Insurance Companies in India
- Claims Paid Till Date: Over ₹2,20,490 crores
- Branches Across India: 1040
- Policy Holders: 8,19,05,672
Insurance Plans:
- Insurance Protection Plan
- Retirement Benefits
- Child’s Future Planning
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).
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)
PNB MetLife India Insurance Company Limited
One of the best insurance companies in India, currently holding a strong position among the top 10 insurance companies in India, has been offering a range of solutions since 2001.
It caters to various needs like Child Education, Family Protection, and Retirement Planning.
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
Factors to Keep in Mind When Choosing the Best Insurance Company in India:
You must take into account these things while evaluating the top 10 insurance companies in India.
- 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.
- 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 25 life insurance companies in India.
- 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.
- Reviews and Ratings:
Consistent complaints may indicate issues with client satisfaction.
- 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. 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| Top Life Insurance Companies in India
Life Insurance Corporation of India (LIC) is the largest and one of the oldest insurance companies in India. Established in 1956, LIC is a state-owned insurance group and investment firm.
The choice of the best insurance company depends on your personal insurance needs and goals. As of June 10, 2024, LIC holds the top position based on market capitalisation.
HDFC Life is a private insurance company, and LIC is a public insurance company in India. Both are top players in their categories. Your choice depends on whether you prefer private or public insurance.
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.