Top 18 Life Insurance company in India

1. Life Insurance Corporation of India (LIC)

• Founded: 1956
• Ownership: Government of India
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~98.5%
• Overview: LIC is India’s oldest and largest life insurer, with the highest market share in terms of premiums collected and number of policies sold. It enjoys unmatched trust among Indian consumers.
• Key Products: Endowment plans, whole life policies, ULIPs, pension plans, term insurance.
• Why Choose LIC: Strong government backing, wide reach even in rural areas, long-standing reputation.

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2. HDFC Life Insurance

• Founded: 2000
• Joint Venture: HDFC Ltd. and Abrdn (UK)
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~99.4%
• Overview: Known for its digital approach and wide product range. One of the most trusted private players in the market.
• Key Products: Click 2 Protect term plan, pension plans, savings plans.
• Why Choose HDFC Life: Excellent digital services, high claim settlement, diverse products.

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3. SBI Life Insurance

• Founded: 2001
• Joint Venture: SBI & BNP Paribas Cardif
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~97.5%
• Overview: With SBI’s vast banking network, this insurer reaches customers even in remote areas.
• Key Products: Smart Shield, Smart Money Planner, ULIPs, endowment plans.
• Why Choose SBI Life: Strong bank-backed network, competitive pricing, reliable claim processing.

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4. ICICI Prudential Life Insurance

• Founded: 2000
• Joint Venture: ICICI Bank and Prudential Corporation (UK)
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~97.8%
• Overview: Among the first private life insurance companies in India. Offers tech-driven and customer-centric services.
• Key Products: iProtect Smart (term plan), savings and retirement plans.
• Why Choose ICICI Pru: Strong digital tools, transparent claim process, versatile policy options.

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5. Max Life Insurance

• Founded: 2000
• Joint Venture: Max Financial Services & Axis Bank
• Headquarters: Gurugram
• Claim Settlement Ratio (2022–23): ~99.3%
• Overview: Known for high customer satisfaction, simple policy terms, and efficient claim settlements.
• Key Products: Term plans, savings, retirement, and child plans.
• Why Choose Max Life: Strong claim settlement history and user-friendly digital tools.

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6. Bajaj Allianz Life Insurance

• Founded: 2001
• Joint Venture: Bajaj Finserv & Allianz SE (Germany)
• Headquarters: Pune
• Claim Settlement Ratio (2022–23): ~99.0%
• Overview: Combines Indian market understanding with global expertise.
• Key Products: ULIPs, iSecure term plans, retirement and savings plans.
• Why Choose Bajaj Allianz: Tech-driven services, investment-focused ULIPs, fast claims.

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7. Tata AIA Life Insurance

• Founded: 2001
• Joint Venture: Tata Sons & AIA Group (Hong Kong)
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~99.0%
• Overview: Merges Tata’s trust with AIA’s insurance prowess. Highly rated for customer experience.
• Key Products: Sampoorna Raksha Supreme, ULIPs, retirement plans.
• Why Choose Tata AIA: Great term insurance options and high customer service standards.

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8. Kotak Mahindra Life Insurance

• Founded: 2001
• Part of: Kotak Mahindra Bank Group
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~98.8%
• Overview: Offers innovative and affordable plans with good investment potential.
• Key Products: e-Term Plan, ULIPs, retirement and child plans.
• Why Choose Kotak Life: Flexible premium options and transparent communication.

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9. Aditya Birla Sun Life Insurance

• Founded: 2000
• Joint Venture: Aditya Birla Capital Ltd. & Sun Life Financial (Canada)
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~98.1%
• Overview: Offers a balanced range of investment and protection products.
• Key Products: Term plans, income plans, ULIPs.
• Why Choose Birla Sun Life: Strong legacy, good hybrid plans.

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10. PNB MetLife India Insurance

• Founded: 2001
• Joint Venture: PNB, MetLife Inc. (USA), and other stakeholders
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~99.1%
• Overview: Offers accessible plans through PNB’s branch network.
• Key Products: Mera Term Plan Plus, endowment and savings plans.
• Why Choose PNB MetLife: Strong rural reach and affordable premiums.

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11. Reliance Nippon Life Insurance

• Founded: 2001
• Joint Venture: Reliance Capital & Nippon Life (Japan)
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~98.7%
• Overview: Offers simple and affordable insurance solutions.
• Key Products: Term plans, ULIPs, retirement plans.
• Why Choose Reliance Life: Competitive pricing and solid claim record.

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12. Bharti AXA Life Insurance

• Founded: 2006
• Joint Venture: Bharti Enterprises & AXA Group (France)
• Merged with: ICICI Lombard in 2021 (life segment continues)
• Claim Settlement Ratio (2022–23): ~98.5%
• Overview: Known for quick policy issuance and good customer support.
• Key Products: Flexi Term, savings and investment plans.

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13. Canara HSBC Life Insurance

• Founded: 2008
• Joint Venture: Canara Bank, HSBC, and PNB (formerly)
• Headquarters: Gurugram
• Claim Settlement Ratio (2022–23): ~98.1%
• Overview: Offers personalized life insurance through a strong banking network.
• Key Products: iSelect Smart360 Term Plan, savings, ULIPs.
• Why Choose: Simple process and robust bank partnerships.

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14. IndiaFirst Life Insurance

• Founded: 2009
• Joint Venture: Bank of Baroda, Union Bank of India, and Warburg Pincus
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~96.9%
• Overview: Offers easy-to-understand insurance products at affordable premiums.
• Why Choose: Government bank trust, customer-friendly services.

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15. Edelweiss Tokio Life Insurance

• Founded: 2011
• Joint Venture: Edelweiss Group & Tokio Marine (Japan)
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~99.1%
• Overview: A relatively new player known for flexibility and unique products.
• Key Products: Zindagi Plus term plan, investment-linked plans.
• Why Choose: Highly customizable plans and good claim performance.

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16. Future Generali India Life Insurance

• Founded: 2007
• Joint Venture: Future Group & Generali Group (Italy)
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~95.3%
• Overview: Focuses on customer-centric, simplified insurance.
• Key Products: Term life, retirement, ULIPs.
• Why Choose: Simple plans and increasing presence.

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17. Shriram Life Insurance

• Founded: 2005
• Joint Venture: Shriram Group & Sanlam (South Africa)
• Headquarters: Hyderabad
• Claim Settlement Ratio (2022–23): ~95.1%
• Overview: Focuses on lower-income and rural segments.
• Key Products: Micro-insurance, term, and traditional savings plans.
• Why Choose: Affordable policies and rural focus.

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18. Star Union Dai-ichi Life Insurance

• Founded: 2009
• Joint Venture: Bank of India, Union Bank, Dai-ichi Life (Japan)
• Headquarters: Mumbai
• Claim Settlement Ratio (2022–23): ~96.6%
• Overview: Offers a strong mix of Japanese insurance practices with Indian banking reach.
• Key Products: Smart Shield Plan, endowment, and child plans.
• Why Choose: Great bank reach, steady claim ratio.