Best Life Insurance Companies in India 2024

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

Below is the summary of all the life insurance companies in India including the year in which they were incorporated, the company size in terms of employees, and the number of products and riders offered by the life insurer.

Company Name	Founded In	No. of Employees	No. of Products and Riders
Max Life Insurance	2000	14000+	24
HDFC Life Insurance	2000	16000+	35
ICICI Prudential Life Insurance	2001	20000+	27
Bandhan Life Insurance	2008	29000+	6
Bajaj Allianz Life insurance	2001	24000+	30
TATA AIA Life Insurance	2001	5000+	25
SBI Life Insurance	2000	18000+	11
Life Insurance Corporation of India	1956	95700+	16
PNB Metlife India Insurance	2001	10000+	12
Canara HSBC Life Insurance	2008	7000+	11
Kotak Mahindra Life Insurance	2001	36000+	16
IndiaFirst Life Insurance	2009	3400+	7
Bharti Axa Life Insurance	2005	5000+	8
Edelweiss Tokio Life Insurance	2011	2500+	5
Pramerica Life Insurance	2007	2000+	3
Exide Life Insurance	2001	5500+	1
Reliance Nippon Life Insurance	2001	10000+	4
Aditya Birla Sun Life Insurance	2000	42000+	24
Shriram Life Insurance	2005	800+	7
Sahara India Life Insurance	2004	500+	0
Ageas Federal Life Insurance	2008	1940+	10
Aviva Life Insurance	2000	31000+	9
Star Union Dai-ichi Life Insurance	2009	6200+	7
Future Generali India Life Insurance	2007	82000+	2