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Best Life Insurance Companies in India 2024

In India, there are currently 24 life insurance companies authorised by IRDAI to operate. When you're in the market for life insurance, it's easy to feel overwhelmed by the choices. Each of these companies has its own strengths and weaknesses. So, when picking the best one for you, look at things like Claim Settlement Ratio, Sum Assured, Assets Under Management, Solvency Ratio, etc. These factors altogether can help you figure out which life insurance company suits you best.

Coming to the role of life insurers, the main function of every life insurance company is to evaluate each policyholder's risk based on lifestyle, age, occupation, health, and other characteristics, and then set premiums appropriately. Not only this, but life insurance companies also manage investment portfolios in order to fulfill their financial commitments to policyholders.

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Written by Saad Ahmad

Updated Dec 10, 2024

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Anurag Kuma.
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Choosing the Right Life Insurance Company

When choosing one of the best life insurance companies, consider the following factors to ensure you are selecting a company that can provide support when you need it most:

  • Claim Settlement Ratio (CSR): The Claim Settlement Ratio of life insurance companies indicates the percentage of claims settled by them compared to the total number of claims received by the company in that same financial year. One must always choose a life insurance provider with a high CSR as it suggests that the company is more likely to pay the claim in case of a covered loss.
  • Solvency Ratio: The solvency ratio is a measure of an insurance company's ability to cover its liabilities with its available assets. It is a significant metric for not only policyholders but also for regulators and investors because it displays the company's financial stability and strength. A high solvency ratio shows that the life insurance company is well-capitalised to handle potential losses.
  • Sum Assured: Sum assured is the amount of money that the insurance company guarantees to pay in the event of the insured person's death or another specified event such as critical illness, accident, or disability. Always remember that Sum Assured is the core benefit of every term insurance policy and should be chosen in a way that covers the financial obligations of you and your family.
  • Assets Under Management (AUM): AUM represents the total market value of assets managed by the insurance company. The metric reflects how financially stable and capable the life insurance company is, which in turn affects the insurer's ability to pay claims.
  • Amount Settled: This refers to the total amount of money paid out by the insurance company as claim settlements to policyholders or beneficiaries. It's an important indicator of the company's commitment to fulfilling its promises and providing financial support to its customers.
  • Customer Reviews and Ratings: Customer reviews and ratings will provide insights into other policyholders' experiences with the insurance company. Positive reviews and high ratings indicate that the insurer is good, whereas negative reviews may raise concerns about the insurer's reliability and customer service. So, it's imperative to check reviews and ratings before making a decision.
  • Customer Support: Customer Support is all about how well the insurance company helps its customers with things like policy questions, claims, and general support. A good customer support service always improves the policy experience and builds trust with the insurer.

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Best Life Insurance Companies in India (Top 10)

The list of the top 10 life insurance companies in India is included below, by comparing each insurer based on Claim Settlement Ratio (CSR) and Assets Under Management (AUM):

Rank

Company Name

Claim Settlement Ratio

Assets Under Management (AUM)

(in Rs. Crore)

No. of Products and Riders

Sum Assured

(in Rs. Crore)

1

Max Life Insurance

99.51%

1 Lakhs

 24

11 Lakhs

2

HDFC Life Insurance

99.39%

2 Lakhs

35

15 Lakhs

3

Bandhan Life Insurance

99.37%

4 Thousand

6

1 Lakhs

4

PNB Metlife India Insurance

99.06%

40 Thousand

12

2 Lakhs

5

Bajaj Allianz Life Insurance

99.04%

89 Thousand

30

3 Lakhs

6

TATA AIA Life Insurance

99.01%

69 Thousand

25

13 Lakhs

7

Canara HSBC Life Insurance

99.01%

30 Thousand

11

1 Lakhs

8

Life Insurance Corporation of India

98.52%

40 Lakhs

16

114 Lakhs

9

SBI Life Insurance

97.05%

3 Lakhs

11

9 Lakhs

10

ICICI Prudential Life Insurance

95.28%

2 Lakhs

 27

14 Lakhs


Disclaimer: The list of insurers mentioned below is organized in descending order based on their respective Claim Settlement Ratios. InsuranceDekho neither endorses, rates nor recommends any specific insurer or insurance product offered by any insurer. The insurance plans included herein represent products offered by our partner insurers. For a comprehensive list of insurers operating in India, please refer to the official website of the Insurance Regulatory and Development Authority of India (IRDAI) at www.irdai.gov.in.

Solvency Ratio of Life Insurance Companies

Solvency Ratio is a measure of an insurance company's financial strength. This ratio indicates whether the life insurance provider has enough assets to cover its liabilities, especially the claims that may arise from policies it has issued.

This ratio is calculated by comparing an insurance company's available assets with its liabilities. Please note that insurance regulators often impose a minimum solvency ratio requirement of 1.5 to ensure that insurance companies can meet their financial commitments to policyholders. A high solvency ratio indicates that an insurance company is financially stable and capable of fulfilling its promises to policyholders, even during adverse economic conditions.

Top 10 Life Insurance Companies in India with Highest Solvency Position

The solvency position of the top 10 life insurance companies in India is tabulated below for the FY2022-23, bifurcating it further for June’22, September’22, December’22, and March’23.

Company Name

June 2022

September 2022

December 2022

March 2023

Bajaj Allianz Life Insurance

5.27

5.32

5.29

5.16

Bandhan Life Insurance

3.29

3.23

3.14

2.75

Canara HSBC Life Insurance

3.02

2.9

2.68

2.52

SBI Life Insurance

2.21

2.19

2.25

2.15

ICICI Prudential Life Insurance

2.04

2.01

2.12

2.09

HDFC Life Insurance

1.78

2.1

2.09

2.03

Max Life Insurance

1.96

1.96

2

1.9

Life Insurance Corporation of India

1.89

1.88

1.85

1.87

PNB Metlife India Insurance

2.09

1.98

1.94

1.86

TATA AIA Life Insurance

1.91

1.79

1.76

1.86

Disclaimer: The list of insurers mentioned below is organized in descending order based on their respective Solvency Ratios. InsuranceDekho neither endorses, rates nor recommends any specific insurer or insurance product offered by any insurer. The insurance plans included herein represent products offered by our partner insurers. For a comprehensive list of insurers operating in India, please refer to the official website of the Insurance Regulatory and Development Authority of India (IRDAI) at www.irdai.gov.in

Claim Settlement Ratio

A Claim Settlement Ratio, often abbreviated CSR, of a life insurance company tells us how many claims the insurer has successfully settled compared to the total number of claims they have received in a year.

For example, if XYZ company gets 100 claims in a year and they settled 96 of them properly, their CSR would be 96%.

When you're buying a policy, you must always choose an insurance company with the highest CSR. This way, there are high chances that your beneficiary will get the benefits from your life insurance policy.

Claim Settlement Ratio (CSR) = Total number of claims settled in a year/ Total number of claims received in a year) X 100

No. of Products & Riders

Number of Products refers to the different types of life insurance plans available. Each term insurance product comes with its unique features, allowing individuals to choose the one that aligns best with their long-term financial plans and protection needs.

Riders are the supplementary features that individuals can add to their base life insurance policies in order to get enhanced benefits. These riders function as optional add-ons, allowing policyholders to customise their coverage to meet specific needs or preferences.

Understanding Linked & Non-Linked Premium

Linked premiums are connected to insurance policies that include an investing component. In linked premiums, a portion of the premium paid by the policyholder goes towards providing life cover, while the remaining amount is invested in various investment funds chosen by the policyholder. The performance of these investments determines the value of the policy over time.

On the other hand, Non-linked premiums are associated with traditional insurance policies where the premium paid by the policyholder is not directly linked to any investment component. Instead, the entire premium goes towards providing life cover and other benefits specified in the insurance policy.

NOTE: Traditional Guaranteed Investment Plans also fall under the non-linked category. These plans are not linked to the market and are safe and guaranteed.

Top 10 Life Insurance Companies with Highest Linked & Non-linked Premium

As per the IRDAI Annual Report for the FY 2022-23, the Total Linked, Total Non-Linked, and Gross Total Premiums of the top 10 life insurance companies in India are represented in a tabular format below:

Company Name

Linked Premium

(in Rs. Crore)

Non-Linked Premium

(in Rs. Crore)

Total Premium

(in Rs. Crore)

Life Insurance Corporation of India

5 Thousand

5 Lakhs

5 Lakhs

SBI Life Insurance

36 Thousand

31 Thousand

67 Thousand

HDFC Life Insurance

12 Thousand

45 Thousand

57 Thousand

ICICI Prudential Life Insurance

19 Thousand

21 Thousand

40 Thousand

Max Life Insurance

6 Thousand

19 Thousand

25 Thousand

TATA AIA Life Insurance

5 Thousand

16 Thousand

20 Thousand

Bajaj Allianz Life Insurance

6 Thousand

14 Thousand

19 Thousand

PNB Metlife India Insurance

2 Thousand

7 Thousand

9 Thousand

Canara HSBC Life Insurance

2 Thousand

5 thousand

7 Thousand

Bandhan Life Insurance

72

3 Hundred

4 Hundred

Disclaimer: The list of insurers mentioned below is organized in descending order based on their Total Premium. InsuranceDekho neither endorses, rates nor recommends any specific insurer or insurance product offered by any insurer. The insurance plans included herein represent products offered by our partner insurers. For a comprehensive list of insurers operating in India, please refer to the official website of the Insurance Regulatory and Development Authority of India (IRDAI) at www.irdai.gov.in

Understanding Assets Under Management (AUM)

Assets Under Management (AUM) in life insurance refers to the total value of funds that an insurance company manages on behalf of its policyholders within its investment portfolio. These assets typically include premiums paid by policyholders, as well as any returns generated through investments made by the insurance company.

For policyholders, understanding the AUM of the life insurance company is important because it reflects the company's financial strength and ability to effectively manage investments.

Understanding Sum Assured

The sum assured in a life insurance policy refers to the guaranteed amount of money that the insurance company promises to pay to the policyholder's nominee in case of the policyholder's death.

The sum assured is specified by the policyholder at the time of policy issuance and is typically based on factors such as the policyholder's financial needs, future expenses, and desired level of protection for their dependents.

Life Insurance Companies In India

Here’s a detailed list of all the life insurance companies in India that operate under IRDAI - Insurance Regulatory and Development Authority of India:

1. Life Insurance Corporation of India

The Life Insurance Corporation of India (LIC) is a leading public-sector life insurance company based in Mumbai, India. Established on September 1, 1956, under the Life Insurance of India Act, LIC started its operation as an insurance company by merging over 245 insurance companies and provident societies.

LIC offers a diverse range of life insurance schemes tailored to different segments of the Indian economy. Some notable policies include LIC’s Jeevan Pragati, Jeevan Labh, Single Premium Endowment Plan, Jeevan Lakshya, and Jeevan Tarun. Alongside these, LIC provides various life insurance plans, such as ULIPs, Pension Plans, Child Plans, and Term Insurance Plans.

With a strong presence in both urban and rural areas of India, LIC operates under the motto "Yogakshemam Vahamyaham," which translates to "Your Welfare is Our Responsibility.”

Key Products:

  • Life insurance
  • Term life insurance
  • Unit-linked insurance plan
  • Endowment policy
  • Money-back policy
  • Whole life insurance
  • Retirement plans
  • Health insurance
  • Investment management
  • Asset management
  • Risk management
  • Mutual funds
  • Exchange-traded funds
  • Index funds
  • Fund of funds

2. Max Life Insurance

Max Life Insurance began as a partnership between Max Financial Services and Mitsui Sumitomo Insurance Group in 2001. Initially, Max Financial Services owned 68% of the company, while Mitsui Sumitomo had 26%. This collaboration led to a name change from Max New York Life to Max Life in 2012. Later, in February 2016, Axis Bank acquired a 6% share in Max Life.

Max Life Insurance Company provides specialised plans like Retirement Plans, Child Protection Plans, Savings Plans, and Growth Plans, catering to both individuals and groups. Whether you're looking for life coverage, health benefits, or planning for your future, Max Life Insurance offers a variety of options to suit your needs.

Key Products:

  • Life insurance
  • Term life insurance
  • Unit-linked insurance plan
  • Endowment policy
  • Money-back policy
  • Whole life insurance
  • Retirement plans

3. HDFC Life Insurance

HDFC Life Insurance Company Limited, also known as HDFC Life, is a major provider of long-term life insurance plans. This insurer provider is headquartered in Mumbai and was founded on August 14, 2000. HDFC Life operates as a joint venture between Housing Development Finance Corporation Ltd (HDFC), a leading housing finance institution in India, and Abrdn, a global investment company.

This life insurance company offers a wide range of individual and group insurance services and the insurer's goal is to provide innovative products and services that help people lead fulfilling lives.

For over twenty years, HDFC Life has been offering life insurance solutions that address various needs, including Protection, Pension, Savings, Investment, Annuity, etc.

Key Products:

  • Life insurance
  • Term life insurance
  • Unit-linked insurance plan
  • Endowment policy
  • Money-back policy
  • Whole life insurance
  • Retirement plans

4. ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company, known as ICICI Prudential Life, is a collaboration between ICICI Bank Ltd., India's largest private sector bank, and Prudential. Established in December 2000, it is one of the great private-sector life insurance companies, authorised by the Insurance Regulatory Development Authority of India (IRDAI). Notably, in 2016, ICICI Prudential Life became the first insurance firm in India to be publicly listed on domestic stock exchanges.

The insurer offers a wide range of life insurance products, including Term Insurance, Unit-linked Insurance Plans (ULIPs), Savings Plans, Retirement Plans, etc. Furthermore, ICICI Prudential is dedicated to providing long-term savings and protection solutions to meet the evolving needs of customers at different stages of life.

Key Products:

  • Life insurance
  • Term life insurance
  • Unit-linked insurance plan
  • Endowment policy
  • Money-back policy
  • Whole life insurance
  • Retirement plans

5. SBI Life Insurance

SBI Life Insurance Company Limited came into existence as a joint venture between the State Bank of India (SBI) and French financial institution BNP Paribas Cardif. This life insurance provider has been serving the Indian population since its inception in October 2000.

Officially registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001, SBI Life is renowned as one of India's most reliable life insurance providers.

SBI Life offers an ample number of products covering Protection, Pension, Savings, and Health solutions. With a commitment to making insurance accessible to all, SBI Life boasts a vast nationwide presence, comprising 1000+ offices, and an extensive network of approximately 200000+ agents.

Key Products:

  • Life insurance
  • Term life insurance
  • Unit-linked insurance plan
  • Endowment policy
  • Money-back policy
  • Whole life insurance
  • Retirement plans

6. Bandhan Life Insurance

Bandhan Life Insurance Company, previously known as Aegon Religare Life Insurance Company, is a prominent player in the Indian life insurance sector. Established in 2008 and headquartered in Mumbai, India, the company offers a comprehensive range of individual and group insurance products.

Originally a joint venture between Dutch multinational Aegon N.V. and The Times Group, one of India's largest media conglomerates, Aegon Life Insurance underwent a significant change in February 2024 as it was announced that Bandhan Financial Holdings Ltd acquired the company.

Bandhan Life Insurance is dedicated to meeting the diverse needs of policyholders by providing a wide array of life insurance plans. These include Retirement Plans, ULIP Plans, Term Plans, Savings Plans, and more. Some of the notable term plans offered by Bandhan Life include Bandhan Life Saral Jeevan Bima, Bandhan Life Group Term Plus Insurance, and Bandhan Life Group Credit Protection Insurance Plan.

Key Products:

  • Retirement plans
  • ULIP plans
  • Term plans
  • Savings plans
  • Pension plans
  • Money Back insurance plans

7. Bajaj Allianz Life Insurance

Established in August 2001, Bajaj Allianz Life Insurance Co. Ltd. is a well-known player in the private life insurance sector of India. This insurance company operates as a joint venture between Bajaj Finserv Limited, and Allianz SE. The former is a widely diversified non-banking financial institution and the latter is a renowned global insurer and asset manager.

Headquartered in Pune, Maharashtra, Bajaj Allianz Life Insurance has strategically positioned itself to meet the diverse insurance needs of individuals and families across the country.

Key Products:

  • Term insurance
  • ULIP plans
  • Saving plans
  • Investment plans
  • Retirement plans
  • Child insurance plans

8. TATA AIA Life Insurance

Tata AIA Life Insurance Company Limited, commonly known as Tata AIA Life Insurance, functions as one of the top life insurance providers. The insurance company is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd.

With a strong commitment to protecting families against unexpected losses, the insurer has already covered more than 7.9 million families. Furthermore, the company excels in offering a diverse range of life insurance products including Protection Plans, Wealth Plans, Child Plans, Savings Plans, and more.

  • Saving plans
  • Term plans
  • Retirement plans
  • Wealth plans
  • Child plans

9. PNB Metlife India Insurance

PNB MetLife India Insurance Company Limited, known as PNB MetLife, ranks among India's top life insurance companies. Since the insurer's inception in 2001, PNB MetLife has become a trusted name in the insurance sector. PNB MetLife is backed by renowned shareholders such as MetLife International Holdings LLC (MIHL), Jammu & Kashmir Bank Limited (JKB), Punjab National Bank (PNB), and M. Pallonji and Company Private Limited.

Operating across more than 7,000 locations nationwide, PNB MetLife offers a wide range of health, life, and retirement insurance solutions to meet the diverse needs of people.

Key Products:

  • Life insurance
  • Term life insurance
  • Unit-linked insurance plan
  • Endowment policy
  • Money-back policy
  • Whole life insurance
  • Retirement plans

10. Canara HSBC Life Insurance

Incorporated in 2008, Canara HSBC Life Insurance Company Limited is a joint venture between Canara Bank, with a 51 percent stake, and HSBC Insurance (Asia Pacific) Holdings Limited, with a 26 percent stake. With its headquarters located in Gurugram, Haryana, Canara HSBC Life Insurance boasts more than 100 branch offices across India.

Furthermore, this life insurance provider offers a wide array of life insurance solutions that cater to both individual and group needs. These solutions include life, health, online term plans, retirement solutions, and more.

Key Products:

  • Life insurance
  • Term life insurance
  • Unit-linked insurance plan
  • Endowment policy
  • Money-back policy
  • Whole life insurance
  • Retirement plans

11. Kotak Mahindra Life Insurance

Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company that was founded in 2001. Popularly known as Kotak Life Insurance, the insurance provider has grown rapidly, and serves over 46 million clients today.

Not only this, but Kotak Life Insurance is one of the nation's fastest-growing life insurance companies that has a strong nationwide presence with more than 230 locations spread across 160+ cities.

Kotak Life Insurance offers an extensive selection of life insurance options to meet a variety of requirements and preferences. These options include Saving Plans, ULIP Plans, Term Insurance Plans, etc.

  • Life insurance
  • Term life insurance
  • Unit-linked insurance plan
  • Endowment policy
  • Money-back policy
  • Whole life insurance
  • Retirement plans

12. India Firstlife Life Insurance

IndiaFirst Life Insurance is a trusted life insurance company headquartered in Mumbai. This well-known life insurance provider started operating in 2009 through a partnership between the Bank of Baroda, Union Bank of India, and Carmel Point Investments India. The insurer focuses on providing simple insurance plans that are priced just right and the IndiaFirst's offerings include various types of life insurance plans like term plans, pension plans, and savings plans to meet different needs.

Moreover, the insurance provider has a wide network of 4800+ branches and is spread across over 1000 cities in India.

Key Products:

  • Term plans
  • Savings plans
  • Retirement plans
  • Child Plans
  • Investment plans - ULIPs
  • Saral plans
  • Micro Life Insurance plans

13. Bharti Axa Life Insurance

Bharti AXA Life Insurance started its journey in 2006 when private insurance in India was booming. This insurance company is a partnership between AXA Group from Paris and Bharti Enterprises, a major Indian business group involved in telecom, agriculture, and finance.

Operating through 200+ offices across India, Bharti AXA is committed to providing a wide range of insurance options including Term Plans, Savings Plans, ULIPs etc.

Known as one of India's top life insurance providers, Bharti AXA keeps things simple and offers various life insurance plans and policies to help you plan your finances.

Key Products:

  • Term plans
  • Savings plans
  • Retirement plans
  • Child Education plans
  • Pension plans
  • ULIPs

14. Edelweiss Tokio Life Insurance

Edelweiss Tokio Life Insurance Company is a collaboration between Edelweiss Financial Services Ltd. and Tokio Marine Holdings Inc., a reputable insurance company from Japan. This company started its operations in 2011 with a mission to offer life insurance products with a personalised touch, focusing on quality, cost-effectiveness, and customer satisfaction.

At Edelweiss Tokio, the range of life insurance products includes options for guaranteed interest payments, retirement benefits, child education funds, and more. With 130+ branches, Edelweiss Tokio is dedicated to reaching out to communities across the country and providing accessible insurance solutions to all.

Key Products:

  • Savings and Investment plan
  • Guaranteed returns
  • Market-linked savings
  • Participating returns

15. Pramerica Life Insurance

Pramerica Life Insurance Limited came into existence as a result of a merger between two esteemed companies i.e. DHFL Investments Limited (DIL), a subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), and Prudential International Insurance Holdings, Ltd. (PIIH), a subsidiary of Prudential Financial, Inc. (PFI).

This life insurance provider in India offers reliable guidance on a variety of life insurance options, for both individuals and groups. With a presence across India through 120+ branches, the insurer aims to help customers secure a tension-free future.

As of September 2023, Pramerica Life Insurance Company has insured more than 5.2 million lives. This huge number reflects the trust and confidence people place in their life insurance services.

Key Products:

  • Term plans
  • Savings plans
  • ULIPs
  • Child Insurance plans
  • Retirement plans
  • Health plans
  • Group plans

16. Exide Life Insurance

Exide Life Insurance Company Limited is a well-known name in the Indian insurance sector. Established in the year 2001-2002, with its headquarters situated in Bengaluru, India, Exide has become a trusted provider of life insurance products.

Over the years, Exide Life Insurance has built a strong reputation for delivering high-quality products and services. The insurer's diverse product portfolio includes both traditional and unit-linked insurance plans, allowing customers to choose the policy as per their financial goals and requirements.

In a significant development, HDFC Life acquired Exide Life Insurance in January 2022.

Key Products:

  • Term plans
  • Savings and Investment plans
  • Retirement plans
  • Health insurance

17. Reliance Nippon Life Insurance

Reliance Nippon Life Insurance Company Limited stands out as one of the leading private-sector life insurance providers in India. With more than 10 million policyholders, Reliance Nippon ranks among the largest non-bank-supported private life insurers in the country.

In FY23, Brand Finance recognised Reliance Nippon Life Insurance as India's 5th Most Valuable Insurance Brand, highlighting the insurer's strong brand value and market position.

The company offers a comprehensive range of life insurance products that are broadly categorised into four segments: Protection, Children, Retirement, and Investment plans.

Key Products:

  • Term plans
  • Investment and Savings plans
  • Retirement plans
  • Health plans
  • Child plans
  • ULIPs
  • NRI plans

18. Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance started its journey on August 4, 2000, and began serving customers in 2001. This life insurance provider is a part of Aditya Birla Capital Ltd (ABCL), which is a financial services company under the Aditya Birla Group. The Aditya Birla Group owns 51% of ABSLI, while Sun Life Financial Inc. owns the remaining 49%.

Aditya Birla Sun Life Insurance offers a wide variety of plans for securing your children's future, protecting your wealth, planning for retirement, ensuring your health, and even investment plans. Whether you're a parent looking to save for your child's education, or someone planning for your retirement, this life insurance company has something for everyone.

Key Products:

  • Endowment plans
  • Savings plans
  • Term plans
  • Retirement plans
  • Critical Illness plans
  • Child plans
  • ULIPs

19. Shriram Life Insurance

Shriram Life Insurance began its journey in 2005 and officially started selling insurance products in 2006. The life insurance provider stands as a joint venture between three business groups: Sanlam Group, Piramal Group, and Shriram Group. Sanlam Group, based in South Africa, holds a 26% stake in the company, while Piramal Group and Shriram Group are well-established Indian conglomerates.

Shriram Life Insurance has received some of the prestigious awards like the Indian Insurance Award for providing coverage in non-urban areas. Additionally, the company has been honored with awards for offering the best life insurance policy in the private sector.

Whether it's financial protection for your family or securing your own financial future, Shriram Life Insurance offers cost-effective and reliable life insurance solutions.

Key Products:

  • Savings plans
  • Retirement plans
  • Child plans
  • Investment plans
  • Protection plans
  • Microinsurance plans

20. Sahara India Life Insurance

Sahara India Life Insurance Company Ltd. received its license from the IRDAI on February 6th, 2004. This life insurance provider became the first fully Indian-owned company to enter the Indian life insurance market without any foreign collaboration.

As the first entirely Indian-owned private life insurance company, Sahara offers a diverse range of life insurance products dedicated to meeting the different needs and expectations of people across the nation.

Key Products:

  • Endowment plans
  • Micro Insurance plans
  • Money Back plans
  • Annuity plans
  • ULIPs

21. Ageas Federal Life Insurance

Ageas Federal Life Insurance (AFLI), previously known as IDBI Federal Life Insurance, stands as a notable player in India's life insurance sector. Since its inception in 2008, the company has offered a wide range of products covering savings, retirement plans, child plans, as well as individual and group protection plans.

The company is a joint venture between Ageas, holding a 74% stake, and Federal Bank, holding a 26% stake, and the insurer's primary goal is to deliver exceptional service to clients during times of need.

Key Products:

  • Child plans
  • ULIPs
  • Term plans
  • Savings plans
  • Retirement plans

22. Aviva Life Insurance

Aviva operates as a joint venture with Dabur Invest Corp., a well-established Indian business group, since July 2002. This partnership combines Aviva's global expertise with Dabur's local knowledge, which in turn aims to serve Indian customers effectively.

Today, Aviva serves more than 34 million customers across 16 countries, including Ireland, Hong Kong, Spain, Italy and Canada. This extensive reach allows Aviva to offer a wide range of insurance products tailored to meet diverse needs. Moreover, with a focus on customer satisfaction and financial security, Aviva continues to be a trusted name in the insurance industry, both in India and around the world.

Key Products:

  • Term plans
  • Savings plans
  • ULIPs
  • Child insurance plans
  • Retirement plans

23. Star Union Dai-ichi Life Insurance

Star Union Dai-ichi Life Insurance (SUD Life) was founded in 2009 as a joint venture between Dai-ichi Life Holdings, a top life insurance provider from Japan, and two of India's most well-known public sector banks, Bank of India and Union Bank of India.

SUD Life is one of India's biggest providers of life insurance, with a broad distribution network that includes more than 15,000 bank branches. This vast network has served more than 9.2 million customers, reflecting the insurer's widespread accessibility and reach.

Key Products:

  • Protection plans
  • Savings plans
  • Retirement plans
  • Wealth plans
  • Child insurance plans
  • Health insurance

24. Future Generali India Life Insurance

Future Generali India Life Insurance Company Limited, shortened as FGILI, is a joint venture between the Generali Group, a global insurance giant, and the Future Group, a well-known retailer in India.

This life insurance company in India aims to make term insurance simple and accessible for everyone. Moreover, the insurer offers various plans to help customers manage their finances better. These include saving for different goals, protecting the family's financial future, ensuring a child's education, investing wisely, and planning for retirement.

Key Products:

  • Term plans
  • ULIPs
  • Health insurance
  • Child insurance plans
  • Retirement plans
  • Savings plans
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  • Securing Family

    I was looking for a meaningful gift for my niece’s wedding when I came across the Life Insurance policy from InsuranceDekho. I gifted her LIC Life Insurance, and there couldn’t have been a better gift for her future. Thank you, team. You are doing a wonderful job. 

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    LIC
    By Sandeep Bishnoi
    On: June 24, 2024
  • Perfect Gift for my family

    My parents are getting older, I surprised them with a life insurance policy from Bajaj Allianz Life Insurance. I purchased it through InsuranceDekho; the process was smooth and a totally easy breeze. Thank you team, for helping me secure my family.

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    A
    Bajaj Allianz
    By Asraf Ali
    On: June 24, 2024
  • User-Friendly Portal

    InsuranceDekho has helped me find a perfect Life Insurance Plan from ICICI Prudential. It fits my budget and all my family's needs. Thanks to the online premium calculator, I was able to compare all my plans before making a decision. They have such an easy-to-use portal. Recommend to everyone. 

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    J
    ICICI Prudential
    By Jipin TP
    On: June 21, 2024
  • Supportive team

    Insurancedekho helped me understand the importance of a joint life insurance plan for both me and my wife. Based on their recommendation, we bought HDFC Life Insurance. Their advice has come in handy, and now we enjoy the benefit of safety it provides. Thank you so much, team. 

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    K
    HDFC
    By Karthick arjuna
    On: June 21, 2024
  • Customer Satisfaction

    My child has special needs, and upon referral from my family friend, I bought PNB MetLife Insurance for my kid from InsuranceDekho. Shruti from the customer support team helped me at every stage, and now my family has financial security for their care after I am gone. Thank you. 

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    N
    PNB Met
    By Niliska D’Souza
    On: June 21, 2024

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Best Insurance Advisors in Your City.

  • What are the top 10 Life Insurance companies in India?

    The top 10 life insurance companies in India include HDFC Life, Max Life, LIC (Life Insurance Corporation of India), SBI Life, PNB MetLife, Bajaj Allianz Life, Kotak Life, Aegon Life, Canara HSBC, and ICICI Prudential Life.

  • Which is the No. 1 life insurance company in India?

    Deciding the top life insurance company depends on various factors. Some key indicators include the Claim Settlement Ratio (CSR), Asset Under Management (AUM), and the Sum Assured in force. Taking CSR into consideration, Max Life Insurance Company tops the list of the best life insurance companies in India. On the other hand, the Life Insurance Corporation of India (LIC) ranks high in terms of AUM and Sum Assured in Force.

  • What are the Top 3 factors that help decide the best life insurance company?

    The top factors to consider when determining the best life insurance company are:

    • Claim Settlement Ratio: This shows the percentage of claims settled by the insurer against the total claims received.
    • Solvency Position: Indicates the financial stability and ability of the insurer to meet its obligations.
    • Sum Assured in Force: Reflects the total amount of life cover provided by the insurer to its policyholders.

  • How do I compare the financial strength and ratings of life insurance companies?

    To compare the financial strength and ratings of life insurance companies, look at their solvency ratios, credit ratings assigned by top agencies, and their financial statements published annually. These indicators provide insights into the company's ability to meet its financial commitments.

  • How many life insurance companies are listed in India?

    In India, there are 24 life insurance companies. Among these, the Life Insurance Corporation of India (LIC) is the only public sector company, with the rest being private sector companies.

  • Can I switch my life insurance policy from one company to another?

    Yes, you can easily switch your life insurance policy from one insurance provider to another using the portability feature offered by InsuranceDekho. This feature allows policyholders to transfer their existing policies to another insurer without losing continuity benefits like waiting periods.

  • What is the significance of the claim settlement ratio when evaluating life insurance companies?

    The CSR or Claim Settlement Ratio is a significant metric as it indicates the insurer's reliability in settling claims. A higher ratio implies that more claims are being settled by the company. This also shows the insurer's commitment to policyholders during times of need.

  • What customer service options do life insurance companies offer?

    Life insurance companies provide various customer service options, including policy issuance, assistance with making claims, resolving policy-related queries like claim rejections, and offering support throughout the policy lifecycle.

  • Which is the most popular insurance company?

    The popularity of an insurance company varies based on individual priorities such as claim settlement efficiency, product range, customer service, and brand reputation. Therefore, the most popular company can differ depending on what factors are most important to you.

  • Is LIC better than private insurers?

    LIC, as a public sector company, has a significant market share and longstanding trust among policyholders. However, private insurers also offer competitive products and services. The choice between LIC and private insurers depends on individual preferences and specific requirements.

  • Which is the fastest-growing life insurance company in India?

    The growth of a life insurance company can be influenced by factors like innovative product offerings, efficient customer service, strong distribution channels, and effective marketing strategies. Assessing these factors can help you identify the fastest-growing company. 

  • Which is better LIC or Max life insurance?

    To determine which is better between LIC and Max Life Insurance, consider factors like premium rates, customer service quality, financial stability, CSR, sum assured in force, the amount settled, and the company's reputation in the market. Each insurer may excel in different areas, so it is important to evaluate based on your specific needs and priorities.

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