There are 24 life insurance companies in India that provide comprehensive insurance solutions for individuals, families, businesses, and other stakeholders. These solutions offer financial protection for customers, helping them to manage risks and uncertainties. Besides, the insurers offer lucrative investment plans allowing the customers to secure their future and enjoy an independent life.
Life insurance companies offer a wide range of financial products at low premiums that make insurance affordable for everyone. It is important to choose a trustworthy company when purchasing an insurance plan. Before investing in a company, customers should evaluate their financial stability and the support services they offer. PolicyX.com has compiled a list of all 24 life insurance companies. We have compared their annual premiums, claim settlement rate, and solvency ratio in order to rank them.
A brief introduction to life insurance companies
We will briefly address each of the 24 Indian life insurance companies in the next sections.
Indian Life Insurance Corporation
The oldest and largest Indian insurance company, Life Insurance Corporation of India (LIC), is also the largest. It offers a wide range of insurance products to its customers including life insurance plans, pension plans, child insurance plans, unit-linked plans, special plans, and group schemes.
The constantly evolving suite of insurance options ensures that this government-owned entity is relevant today. LIC is also known for its ability to meet customer expectations and has been a trusted insurer in India.
HDFC Life Insurance Company
The company is headquartered in Mumbai and has over 400 branches located in 980+ Indian cities. It deals in a range of customized life insurance plans including Pension plans, Protection plans, Savings & Investment plans, Child plans, Women plans, Health plans, etc.
HDFC Life insures over 6 Crore Indian lives each year for FY 2019-20. HDFC Life offers a 1-day claim settlement guarantee to help grieving families.
SBI Life Insurance Company
SBI Life Insurance Company Limited, one of India’s most well-known life insurance companies, is among them. The company offers a wide range of life insurance options to meet the diverse needs of customers at a very affordable rate. SBI Life Insurance Company offers a variety of life insurance plans including traditional life insurance, savings plans, and pension plans.
SBI Life strives to increase its operational efficiency and reduce the time it takes to settle claims. It has built a vast network of distribution offices across India that includes 947 offices, 28,000 branch branches, and a bancassurance network with 14 partners.
ICICI Prudential Life Insurance Company
ICICI Prudential was established in 2001. It has remained a leading player in the insurance industry ever since. It is based on the principle of customer-centricity. The company has implemented many initiatives to offer affordable insurance solutions, high-quality services, improved fund performance, and hassle-free claims settlement to its customers. ICICI Prudential offers a variety of insurance products, including term plans, ULIP and retirement plans.
Max Life Insurance Company
Max Life Insurance was established in 2000 and is one of the most reputable insurers in India. Max Life Insurance is committed to ensuring the financial stability of its customers. The company offers many life insurance plans, including retirement, investment, group solutions, long-term savings, protection, and child insurance. Max Life offers a wide range of policies that meet the needs of its customers.
Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance Company Limited is committed to providing innovative solutions that meet the needs of its customers. It offers a range of effective life insurance products such as term plans, ULIP plans, retirement, child insurance plans, etc. Bajaj Allianz Life Insurance Company was the first to offer Return-on-Mortality Charges as a key component of their ULIPs.
Kotak Mahindra Life Insurance Company
Kotak Mahindra Life Insurance Limited claims that it has covered more than 30 million Indian lives. Kotak Mahindra Bank Ltd is the bank that created the company. Old Mutual is an international group for long-term savings, investment and protection. It is headquartered in Mumbai. The company is known for providing outstanding value to customers through a variety of customized products and exceptional service. This company offers life insurance plans including the term, ULIP and child, as well as investment, protection, retirement plans and savings plans.
Aditya Birla Sun Life Insurance Company
Formerly known under the name Birla Sun Life Insurance Company Limited, Aditya Birla Sun Life Insurance Company Limited is currently ranked 7th within the Individual Business domain. It is also recognized as one India’s top life insurance companies. It has built a large customer base of 17 Lakh policyholders. The company offers a variety of insurance products, including child plans and wealth protection plans. Retirement and pension solutions, traditional term plans, as well as unit-linked insurance plans.
Tata AIA Life Insurance Company
The company that achieved the highest CSR of 100 percent during FY 2019-19.
Tata AIA Life Insurance, another well-known life insurance company in India, is Tata AIA Life Insurance. The company has a customer-centric approach and offers multiple life insurance policies to customers to suit their future needs. Among the many insurance products offered are protection plans, wealth plans and savings plans.
IndiaFirst Life Insurance Company
IndiaFirst Life Insurance Company Limited offers many plans including protection plans, saving plans and term plans. Each individual’s needs are met. As of March 2020, customers can access a variety of products that are based on their needs.
PNB MetLife India Insurance Company
PNB MetLife India Insurance Company Limited (India) is one of India’s leading providers of life insurance. PNB MetLife has a vast network of offices located in 107 cities across India. For their protection and future requirements, the company offers a wide range of insurance policies. These products include protection plans and pension plans as well as ULIP plans and monthly income plans.
Canara HSBC Oriental Bank Of Commerce Life Insurance Company
CMO Asia awarded Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited the Life Insurance Company of the Year 2020.
The company operates a pan-India network and offers a variety of life insurance products that can be customized to meet the needs of its customers. These products include group insurance plans and term insurance plans.
Reliance Nippon Life Insurance Company
Reliance Nippon Life Insurance Company Limited, an integral part of Reliance Capital is one of the most respected private economic services companies in India. Since its inception, the company has been providing high-quality service to its 10 million customers. It is actually one of the most important private non-bank-supported life insurance companies.
It is noteworthy that the company received the Best Digital Customer Experience Award for the Year in insurance in 2021. The company’s headquarters is in Mumbai. It has a strong distribution network with 713 branches and 42 604 advisors. Reliance Nippon offers five types of life insurance plans: Protection, Retirement, Child, Saving & Investment, and Healthcare (for individuals and groups/corporate entities).
Exide Life Insurance Company
Exide Life Insurance Company Limited is customer-centric and currently serves more than 15 lakh customers in India. The company is headquartered in Bengaluru and has 200 offices throughout the country. It also has over 45,000 advisors. The company uses a variety network channels to distribute products, including agency, corporate agency and direct channels & broking. This company offers insurance plans that include protection, savings, investment, and retirement plans.
Bharti AXA Life Insurance Company
Bharti AXA, India’s largest insurance company, offers a variety of policies including savings, protection, investment plans and child plans. It also provides group plans for customers. All these policies are designed to meet the individual’s needs with innovation and trust.
Star Union Dai-Ichi Life Insurance Company
Star Union Dai-Ichi Life Insurance Company Limited provides insurance products to all strata of society. It has over 64 million customers and operates 11000+ branches across India. Star Union is a customer-oriented company that offers a range of insurance products including savings plans, wealth plans and protection plans.
Future Generali Life Insurance Company
Future Generali Life Insurance Company offers rural insurance plans that are affordable and accessible to anyone from India. You can choose from a variety of life insurance products, including ULIPs and child insurance. These plans can be tailored to meet the financial needs of different consumers. The company claims to have insured over 1.2 Crore people since its inception.
Shriram Life Insurance Company
Shriram Life Insurance Company Limited, a joint venture of Shriram Group and Sanlam Group, is called Shriram Life Insurance Company Limited. It was established in 2005. It is one of the most prominent Indian life insurance companies, particularly in rural areas. It aims to reach the common man and provide affordable quality products for the average citizen to help them grow and secure their future.
IDBI Federal Life Insurance Company
According to an Economic Times Brand Equity survey, IDBI Federal Life Insurance Company is among the top 10 most trusted life insurance companies in India. It is one of India’s fastest growing life insurance companies and offers a variety of life insurance products including wealth management plans, child plans protection plans, retirement plans and group solutions.
Learn More – Ageas Federal Life Insurance Company
Pramerica Life Insurance Company
Pramerica Life Insurance Company offers life insurance products that are suitable for both individuals and groups. These products address the financial needs of customers, such as saving for retirement, securing their children’s futures, and creating wealth.
Aviva Life Insurance Company
TRA Brand Trust Report recognized Aviva Life Insurance Company India Limited as the Most Trusted brand for three consecutive years, 2019-2020
Aviva Life Insurance was, among all insurance companies, the first to offer unit-linked and uniform participation plans. It is one of India’s largest insurance companies and offers many insurance products, including term plans, savings plans, child plans, retirement options, and group solutions.
Aegon Life Insurance Company
Aegon Life Insurance Company, the first Indian insurance company to offer online term insurance plans, was founded in 1999. It currently has branches in several cities across India and has a large customer base of over 3 Lakh policyholders. The company offers many products that can help customers achieve their long-term financial goals.
These products include term insurance plans, child plans, savings, and investment plans, endowment plans, pension plans, unit-linked insurance plans (ULIPs) as well as group solutions. The company also follows a Direct to Customer strategy that encourages direct communication between customers and service specialists.
Sahara India Life Insurance Company
Sahara India Pariwar, also known by Pariwar’s Life Insurance Company, is a privately owned company. In 2004, it was certified by IRDAI. This made it the first Indian company to be able to operate in the Indian life insurance market without foreign collaborators. It is customer-focused and offers a range of effective plans to meet the needs of all age groups. The company offers a variety of insurance products, including money-back plans and unit-link plans. Endowment plans are also available.
Edelweiss Tokio Life Insurance Company
Edelweiss Tokio Life Insurance Company Limited was founded with the vision of promoting quality, customer-centricity and cost-consciousness. It currently has 55,749 agents across 116 branches throughout India. It offers plans that are customizable to suit the needs of each buyer. It has been recognized for its insurance policies since its inception. These policies offer high returns and guaranteed interest payments.
Tips to Choose the Best Life Insurance Company
People looking to invest in life insurance should be aware of the many options available. As a policyholder, it is important to think about the future and determine your financial needs. Then, choose a provider that aligns with your goals.
We tried to provide key points that you should remember before buying a plan.
Financial Strength of the Company
Insurance is a long-term relationship. You need to ensure that the company you choose is reliable and available in the event of a claim. The claim settlement ratio and the solvency ratio are good benchmarks and information in the table above should be key in your decision making.
Online comparison tools can help you find the best rates. You get online quotes from the best life insurance providers in India without paying a penny, in addition to 24×7 consultation with experts.
Assess Products and Respective Features
The end goal, or primary reason you want to invest, should be considered before narrowing down your options. Every insurance company offers a unique product offering. The buyers are more likely to choose insurance companies that allow customization and flexibility in their policies.
You can read customer reviews and other important information about the insurance company you’ve chosen.
Seek Additional Riders
Riders are vital. Riders are essential in creating a comprehensive financial net for you and your family. Many Indian life insurance companies have introduced new and improved riders like critical illness, accidental death, permanent disabilities, etc. At reasonable rates.
You are basically buying insurance to ensure that your dependents have a financial safety net in case of an unfortunate event or to avoid future financial hardships.