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All About Life Insurance Companies in India

Updated On Apr 26, 2021

To protect your loved ones, there are different insurance plans available today. There are plenty of options when it comes to finding the best insurance policy, as there are different insurance players in the market providing plenty of unique policies. There are 24 life insurance companies operating in India that have been licensed and recognised by the “Indian Insurance Regulatory and Development Authority (IRDAI)”, which is an insurance and reinsurance sector regulatory authority. 

Also Read: Five Reasons Why You Must Buy a Life Insurance Plan

Top 10 Life Insurance Companies in India 

Rank

Name of the Life Insurance Companies

CSR 

1

Max Life Insurance

99.22%

2

HDFC Life Insurance

99.07%

3

TATA AIA Life Insurance

99.06%

4

Reliance Nippon Life Insurance

98.14%

5

ICICI Prudential Life Insurance

97.84%

6

Aditya Birla Sun Life Insurance

97.54%

7

Aviva Life Insurance

97.53%

8

Bharti AXA Life Insurance

97.35%

9

PNB Metlife Insurance

97.18%

10

Life Insurance Corporation of India

96.69%

1. Max Life Insurance

Max Life envisions to be the most admired life insurance company in India by securing the financial future of their customers. Max life provides a range of life insurance,  linked, term insurance, participating and non-participating, health pension, retirement, annuity, child plan, protection, savings, and growth plans to individuals as well as to groups.

2. HDFC Life Insurance

They have 27 retail and 8 group products in their portfolio. To meet the various requirements of the customer, they provide an array of individual and group insurance solutions such as pension plans, saving and health plans, child plans, women plans, and protection plans.

3. TATA AIA Life Insurance

The company operates with a customer-focused approach and provides individuals, corporate and associations insurance buyers with a wide range of insurance products. The company offers different plans in various segments, such as group plan, wealth plans, child plans, saving plans, protection plans, and micro insurance plans.

4. Reliance Nippon Life Insurance

In terms of individual weighted premium received (WRP) and new business WRP, Reliance Nippon Life Insurance Company is one of the leading private sector life insurance firms in India. With over 10 million policyholders, the firm is one of the biggest non-bank-supported private life insurers, with a strong distribution network of 717 branches and 63016 advisors. 

Also Read: What Is the Right Age to Purchase Life Insurance?

5. ICICI Prudential Life Insurance

The company has held its top position among the country's private life insurers for over a decade. They offer a variety of policies that satisfy the customer's various life stage needs, enabling customers to accomplish long-term goals.

6. Aditya Birla Sun Life Insurance

Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of India’s foremost life insurance companies offering a range of products including wealth protection plans, children future plans, pension and retirement solutions, traditional term plans, health plans, and Unit Linked Insurance Plans (ULIPs).

7. Aviva Life Insurance

The company is known to first introduce unit link and unitised with‐profit plans in the market. Some of the plans offered by the company are ruler plans, protection plans, retirement plans, child plans, health plans, term plans, saving plans, and group insurance plans.

8. Bharti AXA Life Insurance

Customers can select from the company's wide variety of plans, ranging from pension plans to life insurance plans to traditional plans to child plans. The company has a network of 123 offices across India.

9. PNB Metlife Insurance

The company is famous for its retirement and protection products. Apart from this, there are various plans like saving plans, child plans, monthly income plans, ULIP plans, and money-back plans which are offered to the customer.

10. Life Insurance Corporation (LIC) of India

The products that they offer are life insurance plans, child insurance plans, pension plans, special plans, unit-linked plans, and group schemes. It is one of the oldest life insurance company in India having a network of 2048 branches across India.

Read More: Factors that Determine Your Life Insurance Premium

Conclusion

Life insurance offers beneficiaries with coverage in the form of a fixed sum after the policyholder's death. To give your family a financial peace in your absence, it is therefore vital that you choose a cover from the right life insurance provider in India and be stress-free. However, you must weigh your preferences towards choosing the right insurer carefully.

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