Top 18 Life Insurance company in India

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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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