Life Insurance Companies in India

When it comes to choosing the best life insurance plan there are a lot of options available as there are many insurance companies in the market competing with each other. A potential buyer can get confused easily with all the facilities available with various insurance companies. It is very essential to opt for a life insurance company that is known for providing the best customer service. Following is the list of top 10 life insurance companies in India:

Life Insurance Company	Claim Settlement Ratio 2019-20
Max Life Insurance Company Ltd.	99.22%
HDFC Life Insurance Company Ltd.	99.07%
TATA AIA Life Insurance Company Ltd.	99.06%
Exide Life Insurance Company Ltd.	98.15%
Bajaj Allianz Life Insurance Company Ltd.	98.02%
ICICI Prudential Life Insurance Company Ltd.	97.84%
Aditya Birla Sun Life Insurance Company Ltd.	97.54%
Life Insurance Corporation of India (LIC)	96.69%
Kotak Mahindra Life Insurance Company. Ltd.	96.38%
SBI Life Insurance Company Ltd.	94.52%

1. Max Life Insurance Company Limited

Max Life Insurance Company Limited was founded in 2000 and it began its operation in 2001. Max Financial Services and Mitsui Sumitomo Insurance Company together created Max Life Insurance Company. Max Life Insurance Company is one of the leading insurance providers in India. It provides customers with Long-Term Savings, Protection and Retirement Solutions. Max Life Insurance continually tries to provide/create solutions to make life insurance plans easy, affordable, and suitable for every stage of your life. Max Life insurance has featured a high claim settlement ratio of 98.74% in the FY 2019-19. Following are the achievements of Max Life Insurance Company Limited:

• ‘Best Organization on Fraud Risk Mitigation processes 2020’ award by Fraud, Risk and Compliance Conference 2.0
• ‘Most Admired Campaign for Brand Revitalisation- Max Life India Protection Quotient’ by Asian Customer
• Engagement Forum (ACEF) 2019

2. HDFC Life Insurance Company Limited

HDFC Life commenced its operations in 2000 and has been one of the leading long-term insurance solutions providers in India. HDFC Life Insurance Company Limited (formerly known as HDFC Standard Life Insurance Company Limited) is a joint venture between Housing Development Finance Corporation Ltd (HDFC), a global investment company. HDFC provides a wide range of Term, Savings, Investment, Pension, Health and Child plans. The claim settlement ratio of HDFC Life Insurance company is 99.04% for the financial year 2018-19 according to IRDAI. HDFC Life Insurance company has been awarded many times that are as follows:

• ‘Best Term Plan of the Year’ for the HDFC Life Click2Protect 3D Plus insurance plan.
• 'Change Maker Award 2020’ 
• Platinum at the LACP Vision Awards’ for 2018-19.

3. TATA AIA Life Insurance Company Limited

Tata AIA Life Insurance Company Limited is a product of collaboration between Tata Sons Pvt. Ltd. and Tata AIA Life. Tata AIA Life Insurance commenced its operation in the year 2001. Tata AIA has a wide array of insurance products such as Term Insurance plans, Wealth plans, Savings plans and Retirement plans. Tata AIA Life Insurance has secured a high claim settlement ratio of 99.07% in the FY 2018-19. Tata AIA Life Insurance has a robust customer care service and offers 24x7 digital customer service to its customers. Following are the achievements of the insurance company:

• ‘Golden Peacock Award 2016’ for Best Risk Management
• ‘World Finance Award 2013’

4. Exide Life Insurance Company Limited

Exide Life Insurance company commenced its operation in 2001. The insurance company is 100% owned by Exide Industries itself. Exide Life Insurance offers a range of attractive insurance products such as Term Insurance, Savings and Investment, Retirement and Pension, and Group Insurance plans to suit the demands of its vast clientele. Exide Life Insurance Company has procured a claim settlement ratio of 97.03% in the year 2018-19. Exide has won several awards and following are some of the awards presented to the insurance company:

• ‘Digital Insurer of the Year 2018 (India)’
• ‘ET Best Brands 2020 (BFSI category)’ in 2020

5. Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life Insurance Company Limited is a venture that formed after collaboration of Bajaj Finserv Limited and Allianz SE. Bajaj Allianz Life initiated its operations in the year 2001. Bajaj Allianz Life strives to provide the best comprehensive budget friendly insurance plans such as Term Insurance, Unit-Linked Insurance Plans, Child, Retirement, Investments, Savings and Health Insurance plans. Bajaj Allianz has featured a high claim settlement ratio of 95.01% in the FY 2018-19. Bajaj Allianz Life Insurance Company has won following awards and accolades:

• ‘Best Fraud Intelligence’ at the Annual Insurance India Summit and Awards 2020
• ‘Best Digital Customer Experience Initiative’ at Customer Fest Leadership Awards 2020.
• ‘Best Digital Transformation Initiative’ at the BFSI Smart Tech Leadership Awards 2019

6. ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life commenced its operations in 2001 and from there it has constantly been one of the top providers of affordable policies and plans in the life insurance sector. ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential life insurance offers a wide array of life insurance plans such as Term Insurance, Health Insurance, Unit-Linked Insurance Plans (ULIPs), Savings, Retirement, Rural and Group Insurance plans. The claim settlement ratio of ICICI Prudential Life Insurance company is 98.58% for the financial year 2018-19. 

ICICI Prudential strives to operate on customer centric philosophy. ICICI Prudential has been presented with following awards:

• ‘Claims and Customer Service Excellence Award’ in Life Insurance Category by FICCI.
• ‘Customer Service Company of the year’ by Indian Insurance Summit and Awards 2020.

7. Aditya Birla Sun Life Insurance Company Limited

Aditya Birla Sun Life Insurance Company Limited(ABSLI) is owned by Aditya Birla Capital Limited. Aditya Birla Sun Life Insurance commenced its operations in 2001. This company is a joint venture between the Aditya Birla Group and Sun Life Financial Inc. Aditya Birla Sun LIfe has been one of the leading life insurance providers that  offers a range of products that includes children future plans, wealth protection plans, retirement and pension plans, health insurance plans, term plans and Unit Linked Insurance Plans. The claim settlement ratio of Aditya Birla Sun Life Insurance company for the year 2018-19 is 97.15%. Aditya Birla Sun Life has acquired following awards:

• ‘Best Fraud Intelligence’ by Insurance Indian Summit and Awards for the year 2018.
• ‘Customer Experience and Loyalty’ award

8. Life Insurance Corporation of India

Life Insurance Corporation of India (also known as LIC) is a Government insurance provider. Life Insurance Corporation commenced its operations in September 1956. Life Insurance Operations is the oldest and one of the largest life insurance providers Life Insurance Corporation of India provides a wide range of insurance plans such as Term Insurance, Whole Life, Endowment, Money Back, Pension and Health Insurance plans. LIC featured a high claim settlement ratio of 97.79% in the FY 2018-19. Lic has won several awards and accolades which are as follows:

• ‘Most Trusted Service Brand Of India’ by The Economic Times Brand Equity Service in 2012.
• ‘Reader’s Digest Trusted Brand’
• Life Insurance Corporation was voted ‘India’s Most Trusted Brand’ for four continuous years from 2011-2014 according to the Brand Trust Report.

9. Kotak Mahindra Life Insurance Company

Kotak Life Insurance Company Limited is one of the fastest growing, private Life Insurance providers in India. Kotak Life Insurance Company was founded in 2001. Kotak Life Insurance Company offers various insurance plans such as Protection, Savings and Investment, Retirement and Child Education Insurance plans. The company works with strong values such as Professional Approach, Innovation, Continuous Improvement, Financial Prudence, Real Value to Customers, People Friendly and Integrity to satisfy the needs of its customers. Kotak Mahindra Life Insurance has featured a high claim settlement ratio of 97.40% in the FY 2018-19. Here are some of the awards and accolades presented to the insurance company:

• ‘Best Customer Engagement Campaign Award (Silver Medal)’ at DMAsia 2017.
• ‘Outlook Money Award for Life Insurance Provider’ of the Year 2017
• ‘Best Persistency Award’ at Fintelekt's DMAi Awards 2017.

10. SBI Life Insurance Company Limited

SBI Life Insurance Company was founded in March 2001. SBI Life Insurance Company is a joint venture between the largest state-owned bank, State Bank of India (SBI) and a French multinational bank and financial services company, BNP Paribas. SBI provides a comprehensive range of Term, Unit-Linked, Savings, Investment, Retirement and Child plans. SBI Life Insurance Company has obtained a high claim settlement ratio of 95.03% in the FY 2018-19. 

SBI Life Insurance Company’s mission is to emerge as the leading company that offers a comprehensive range of life insurance plans at affordable prices and ensures high standards of customer satisfaction. Following are some of the the awards presented to the insurance company:

• ‘Life Insurer of the year 2019’ by Federation of Indian chambers of commerce (FICCI)
• ‘Best Life Insurance Company 2019’ by Indian Chambers of Commerce
• ‘Smart Life Insurance Company’ by Economic Times for the year 2019