Top 10 Life Insurance Companies in India

Top 10 Life Insurance Companies in India

India’s life insurance sector is one of the fastest-growing segments in the country’s financial market. With a growing middle class and an ever-increasing awareness of the importance of financial planning, the demand for life insurance in India has skyrocketed in recent years. As a result, several life insurance companies have emerged to cater to this growing demand. In this article, we will take a look at the top 10 life insurance companies in India.

When ranking the top 10 life insurance companies in India, several factors were taken into account. These factors include claim settlement ratio, solvency ratio, annual premiums, and customer reviews. The companies were evaluated based on these criteria to determine the top 10 life insurance companies in India.

In this article, we will provide an overview of the life insurance sector in India and the criteria used to rank the top companies. We will then take a closer look at each of the top 10 life insurance companies in India, including Max Life Insurance, LIC of India, HDFC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, Bajaj Allianz Life Insurance, Reliance Nippon Life Insurance, Kotak Mahindra Life Insurance, and Tata AIA Life Insurance.

Key Takeaways

  • The top 10 life insurance companies in India were ranked based on factors such as claim settlement ratio, solvency ratio, annual premiums, and customer reviews.
  • The top 10 life insurance companies in India were ranked based on factors such as claim settlement ratio, solvency ratio, annual premiums, and customer reviews.
  • The top 10 life insurance companies in India include Max Life Insurance, LIC of India, HDFC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, Bajaj Allianz Life Insurance, Reliance Nippon Life Insurance, Kotak Mahindra Life Insurance, and Tata AIA Life Insurance.
Table of Contents

Overview of Life Insurance in India

Life insurance is a contract between the policyholder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. In India, life insurance is a highly regulated industry, overseen by the Insurance Regulatory and Development Authority of India (IRDAI).

There are two types of life insurance policies in India – term insurance and endowment policies. Term insurance policies provide coverage for a specified term, while endowment policies provide both insurance coverage and savings.

The life insurance industry in India has seen significant growth in recent years, with over 24 IRDAI-registered insurance companies offering life insurance plans. According to PolicyX, the life insurance sector in India is expected to grow at a CAGR of 12-15% over the next five years.

The top 10 life insurance companies in India, as per Ditto are Max Life Insurance Company, Life Insurance Corporation of India, HDFC Standard Life Insurance Company, SBI Life Insurance Company, ICICI Prudential Life Insurance Company, Bajaj Allianz Life Insurance Company, Kotak Mahindra Life Insurance Company, Tata AIA Life Insurance Company, Aditya Birla Sun Life Insurance Company, and PNB MetLife India Insurance Company. These companies offer a range of life insurance plans to cater to the diverse needs of customers.

Criteria for Ranking the Top 10 Life Insurance Companies

When ranking the top life insurance companies in India, several factors were taken into consideration. These factors include the claim settlement ratio, customer service, product portfolio, and market share.

Claim Settlement Ratio

The claim settlement ratio refers to the percentage of claims that an insurance company has settled against the total number of claims received. A high claim settlement ratio indicates that the company is reliable and can be trusted to pay out claims promptly. For this reason, it was a significant factor in determining the top life insurance companies in India.

Customer Service

Providing excellent customer service is crucial for any business, including insurance companies. A company that offers prompt and efficient customer service can help customers resolve issues quickly and efficiently. Therefore, customer service was also considered when ranking the top life insurance companies in India.

Product Portfolio

The product portfolio of an insurance company includes the variety of policies that it offers to its customers. A company with a diverse range of policies can cater to the different needs of its customers. The top life insurance companies in India were evaluated based on the range of policies they offer, including term plans, whole life plans, endowment plans, and ULIPs.

Market Share

The market share of an insurance company refers to the percentage of the total insurance market that it occupies. A company with a significant market share is likely to have a strong financial position and be well-established in the industry. Therefore, market share was also a factor considered when ranking the top life insurance companies in India.

Overall, the top life insurance companies in India were evaluated based on their financial strength, reputation, and customer satisfaction. These factors were used to determine which companies offer the best value to their customers and are most likely to provide reliable coverage in the event of a claim.

Also Read: Protecting Your Income: Income Protection Importance & Strategies

Quick Comparison of the Top 10 Life Insurance Companies in India

App Name Best Known For Claim Settlement Ratio Market Share
LIC of India Government-Owned Insurance Group 98.50% 58.50%
Max Life Insurance Highest Claim Settlement Ratio 99.65% 6.20%
HDFC Life Insurance Strong Digital Platform 99.50% 6.10%
ICICI Prudential Life Insurance Customer-Centricity 97.90% 4.01%
SBI Life Insurance State Government-Owned 93.09% 7.01%
Bajaj Allianz Life Insurance Variery of Insurance Provided 98.48% N.A.
Reliance Nippon Life Insurance – 98.49% N.A.
Kotak Mahindra Life Insurance – 98.50% N.A.
Tata AIA Life Insurance Brand Image 98.02% N.A.
Bharti AXA Life Insurance – 99.05% N.A.

Also Read: The Role of Life Insurance in Your Financial Planning

List of Top 10 Life Insurance Companies in India

(List updated on 26-06-2024)

We have ranked the top 10 life insurance companies in India based on their Claim Settlement Ratio, Customer Service, Product Portfolio and Market Share, in that order.

Government-Owned Insurance Group

LIC Top 10 Life Insurance Companies in India

LIC of India

LIC Banner Top Life Insurance Company

Life Insurance Corporation of India (LIC) is a state-owned insurance group and investment company headquartered in Mumbai, India. It is the largest insurance company in India with an estimated asset value of over INR 40 trillion ($545 billion USD) as of 2021. The company was founded in 1956 by the Government of India and has since grown to become a household name in the country.

LIC has a strong presence in the Indian insurance market, with over 29 crore policyholders across the country. The company has a vast network of 2,048 branch offices, 113 divisional offices, 8 zonal offices, and 1,381 satellite offices, making it easily accessible to customers in both urban and rural areas.

Product Offerings

LIC offers a wide range of life insurance products to suit the diverse needs of its customers. The company’s product portfolio includes term insurance, endowment plans, money-back plans, whole life plans, pension plans, and unit-linked insurance plans (ULIPs).

  • One of the most popular products offered by LIC is the Jeevan Anand plan, which is a combination of endowment and whole life insurance. The plan provides both life cover and savings benefits, making it a comprehensive financial solution for customers.
  • Another popular product offered by LIC is the New Jeevan Shanti plan, which is a pension plan that provides guaranteed returns to policyholders. The plan allows customers to choose between immediate and deferred annuity options and offers a wide range of annuity options to suit individual needs.

Overall, LIC of India has established itself as a reliable and trustworthy insurance provider in India. Its strong financial performance, vast network, and diverse product offerings make it a top choice for customers looking for a comprehensive insurance solution.

Claim Settlement Ratio: 98.5%

PAR Bonus Declared: ₹NA

Market Share: 58.50%

Highest Claim Settlement Ratio

Max Life Insurance

max life insurance best insurance companies in india

Max Life Insurance is a joint venture between Max Financial Services Ltd, a listed company in India, and Axis Bank. The company was established in 2000 and has a strong presence in the Indian life insurance market.

As of 2024, Max Life Insurance had over 19,000 employees and 304 offices across India. The company has a customer base of over 15 lakh (1.5 million) policyholders, Sum Assured of ₹1,779,409 Cr. and Assets Under Management of ₹150,836 Cr.

Max Life Insurance has received numerous awards and recognitions for its performance in the industry. In 2023, the company was awarded the “Swift and Prompt Insurance Company Award” award by Economic Times and “Most Trusted BFSI Brand 2023” award by Marksmen Daily.

Product Offerings

Max Life Insurance offers a range of life insurance products to cater to the diverse needs of its customers. The products are designed to provide financial protection and security to the policyholders and their families.

The company’s product portfolio includes term plans, savings plans, child plans, retirement plans, and group plans.

  • The term plans offered by Max Life Insurance provide high coverage at affordable premiums and are ideal for individuals looking for pure protection.
  • The savings plans offered by the company provide a combination of protection and savings and are suitable for individuals looking for long-term savings.
  • The child plans offered by Max Life Insurance are designed to provide financial security for the child’s future education and other needs.
  • The retirement plans offered by the company provide a regular income stream to the policyholder after retirement.
  • The group plans offered by Max Life Insurance are designed to cater to the insurance needs of groups such as employers, banks, and microfinance institutions.

Overall, Max Life Insurance has a strong product portfolio and a good track record of customer service. The company’s focus on innovation and customer-centricity has helped it establish a strong presence in the Indian life insurance market.

Claim Settlement Ratio: 99.65%

PAR Bonus Declared: ₹1,826 Cr

Market Share: 6.2%

Strong Digital Platform

HDFC Life Insurance

HDFC life

HDFC Life Insurance is a leading life insurance company in India that offers a range of individual and group insurance solutions to meet the various needs of its customers such as Protection, Pension, Savings & Investment, Health, and more. The company was established in 2000 and is a joint venture between HDFC Ltd, a leading housing finance institution in India, and Standard Life Aberdeen, a global investment company. HDFC Life Insurance has a strong financial performance, with over 6.8 crore lives insured as of June 2024 [1].

HDFC Life Insurance has a wide network of branches and partners across India, providing easy access to its customers. The company has been recognized for its excellent customer service, winning several awards such as the ‘Most Innovative Product Award’ at the Indian Insurance Awards 2021 [1].

Product Offerings

HDFC Life Insurance offers a wide array of insurance and investment solutions to various customer segments. The company’s product offerings include term insurance plans, savings and investment plans, child plans, pension plans, health insurance plans, and group insurance plans.

  • HDFC Life Insurance’s term insurance plans provide comprehensive life cover at affordable premiums.
  • Its savings and investment plans help customers save for their future financial goals.
  • The company’s child plans provide financial security for children’s education and future needs.
  • HDFC Life Insurance’s pension plans help customers plan for their retirement.

Overall, HDFC Life Insurance is a reliable and trusted life insurance company in India that offers a range of comprehensive insurance and investment solutions to meet the various needs of its customers.

Claim Settlement Ratio: 99.5%

PAR Bonus Declared: ₹3,722 crore

Market Share: 6.10%

Strong Digital Platform

ICICI Prudential Life Insurance

icici prudential

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank Limited (India) and Prudential Group of Insurance, an American multinational company. It started its operation as a private life insurance company in 2001 and has since grown to become one of the leading life insurance companies in India.

The company has a strong financial position with a solvency ratio of 2 as of 2022-2023. ICICI Prudential Life Insurance has a high claim settlement ratio of 99.34% for the same period, which indicates the company’s commitment to its policyholders.

Product Offerings

ICICI Prudential Life Insurance offers a wide range of life insurance products to cater to the diverse needs of its customers. The company’s product offerings include:

  • Term Insurance: ICICI Pru iProtect Smart is a term insurance plan that provides comprehensive protection to the policyholder and their family. The plan offers various options such as life cover, accidental death cover, critical illness cover, and waiver of premium.
  • Unit Linked Insurance Plans (ULIPs): ICICI Pru Wealth Builder II is a ULIP plan that offers market-linked returns along with life insurance coverage. The plan provides flexibility in terms of premium payment frequency, fund options, and policy term.
  • Savings and Investment Plans: ICICI Pru Future Perfect is a savings and investment plan that provides guaranteed benefits along with life insurance coverage. The plan offers various options such as regular income, lump sum payout, and maturity benefit.

ICICI Prudential Life Insurance has a strong distribution network with over 500 offices, 80,000 agents, and multiple online and offline channels. The company has won several awards and accolades for its products and services, which is a testament to its commitment to customer satisfaction.

Claim Settlement Ratio: 97.9%

PAR Bonus Declared: ₹968.8 Cr

Market Share: 4.01%

State Government Owned

sbi-life-insurance-Top 10 Life Insurance Companies in India

SBI Life Insurance

SBI Life Insurance

SBI Life Insurance is a joint venture between State Bank of India (SBI) and BNP Paribas Cardif, a French multinational bank and financial services company. The company was incorporated in 2000 and is headquartered in Mumbai, India. As of June 2024, SBI Life Insurance has an authorized capital of Rs. 20 billion (USD 290 million).

The company has a strong presence in the Indian life insurance market and is known for its wide range of insurance products that cater to the diverse needs of its customers. SBI Life Insurance has a pan-India presence, with over 1,000 branches and more than 50,000 advisors. The company has a strong distribution network, which includes bancassurance partners, brokers, and online channels.

Product Offerings

SBI Life Insurance offers a wide range of life insurance products, including term insurance, endowment plans, ULIPs, child plans, pension plans, and group insurance. The company’s term insurance plans provide comprehensive coverage at affordable premiums and are designed to protect the policyholder’s family in case of untimely death.

  • SBI Life Insurance’s endowment plans offer both insurance and savings benefit and are ideal for those who want to secure their future and build wealth over time.
  • The ULIPs offered by the company provide market-linked returns and offer flexibility in terms of investment options.
  • The company’s child plans are designed to meet the long-term financial needs of children, and offer features such as guaranteed payouts, waiver of premium, and flexible premium payment options.
  • SBI Life Insurance’s pension plans offer regular income after retirement and are designed to help policyholders maintain their standard of living even after they stop working.
  • In addition to these products, SBI Life Insurance also offers group insurance plans that cater to the needs of employers and their employees. These plans provide life insurance cover to a group of people and are ideal for organizations that want to provide financial security to their employees.

Overall, SBI Life Insurance is a reputable life insurance company in India that offers a wide range of products to meet the diverse needs of its customers. The company’s strong distribution network, innovative products, and customer-centric approach make it a popular choice among policyholders in India.

Claim Settlement Ratio: 93.09%

PAR Bonus Declared: ₹NA

Market Share: 7.01%

Variery of Insurance Provided

Bajaj Allianz Top 10 Life Insurance Companies in India

Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited, a part of the Bajaj Group of India, and Allianz SE, a European financial services company. The company started operating in 2001 as a general insurance provider before expanding into life insurance. Bajaj Allianz Life Insurance has reported a collection of Rs.17128 crores of premiums in the financial year 2021-2022, with a 2 lakh crore of assets under management by the year 2021-2022. The company has a pan-India presence with 582 branches and over 80,000 agents.

Bajaj Allianz Life Insurance has been recognized for its excellent customer service and innovative products. The company has received numerous awards, including the “Best Life Insurance Company in the Private Sector” award at the BFSI Awards in 2021.

Product Offerings

Bajaj Allianz Life Insurance offers a wide range of life insurance products to meet the diverse needs of its customers. The company’s product offerings include:

  • Term Insurance: Bajaj Allianz Life Insurance offers term insurance plans that provide financial protection to the policyholder’s family in case of their untimely demise. The plans are available for different tenures and offer various coverage options.
  • Unit-Linked Insurance Plans (ULIPs): Bajaj Allianz Life Insurance offers ULIPs that provide both insurance coverage and investment opportunities. The plans offer different investment options to suit the policyholder’s risk appetite and investment goals.
  • Endowment Plans: Bajaj Allianz Life Insurance offers endowment plans that provide both insurance coverage and savings benefits. The plans offer guaranteed returns and bonus payouts at the end of the policy term.
  • Retirement Plans: Bajaj Allianz Life Insurance offers retirement plans that provide financial security to policyholders after they retire. The plans offer regular income payouts and lump sum payouts to help policyholders meet their post-retirement expenses.

Bajaj Allianz Life Insurance has a strong online presence and offers its products through its website and mobile app. The company also offers customer support through various channels, including phone, email, and social media.

Claim Settlement Ratio: 98.48%

PAR Bonus Declared: ₹NA

Market Share: N.A.

Reliance_Nippon Top 10 Life Insurance Companies in India

Reliance Nippon Life Insurance

Reliance Nippon Life Insurance

Reliance Nippon Life Insurance Company is one of the leading life insurance companies in India. The company was founded in the year 2001 and is a joint venture between Reliance Capital Limited and Nippon Life Insurance Company, a leading life insurance company in Japan. The company has a strong presence in India with a network of over 700 branches and more than 70,000 advisors.

Reliance Nippon Life Insurance Company has a strong focus on customer satisfaction and has been recognized for its excellent customer service. The company has won several awards for its innovative products and services, including the Best Life Insurance Company at the Outlook Money Awards.

Product Offerings

Reliance Nippon Life Insurance Company offers a wide range of life insurance products to meet the diverse needs of its customers. The company’s product offerings include:

  • Protection Plans: These plans provide financial protection to the policyholder’s family in case of the policyholder’s untimely demise. The company offers a range of protection plans, including term plans, whole life plans, and endowment plans.
  • Savings Plans: These plans help policyholders save for their long-term financial goals, such as buying a house or planning for their child’s education. The company offers a range of savings plans, including traditional endowment plans, money-back plans, and unit-linked insurance plans (ULIPs).
  • Child Plans: These plans help parents save for their child’s future needs, such as education and marriage. The company offers a range of child plans, including traditional endowment plans and ULIPs.
  • Retirement Plans: These plans help policyholders plan for their retirement and provide financial security during their golden years. The company offers a range of retirement plans, including traditional pension plans and ULIPs.

Reliance Nippon Life Insurance Company also offers group insurance plans to corporates and institutions. The company’s group insurance plans include term plans, credit life plans, and employee benefit plans.

Overall, Reliance Nippon Life Insurance Company is a leading life insurance company in India with a strong focus on customer satisfaction and innovative product offerings.

Claim Settlement Ratio: 98.49%

PAR Bonus Declared: ₹NA

Market Share: N.A.

Kotak Life Insurance Top 10 Life Insurance Companies in India

Kotak Mahindra Life Insurance

Kotak Mahindra Life Insurance

Reliance Nippon Life Insurance Company is one of the leading life insurance companies in India. The company was founded in the year 2001 and is a joint venture between Reliance Capital Limited and Nippon Life Insurance Company, a leading life insurance company in Japan. The company has a strong presence in India with a network of over 700 branches and more than 70,000 advisors.

Reliance Nippon Life Insurance Company has a strong focus on customer satisfaction and has been recognized for its excellent customer service. The company has won several awards for its innovative products and services, including the Best Life Insurance Company at the Outlook Money Awards.

Product Offerings

Kotak Mahindra Life Insurance offers a range of life insurance products that provide financial protection and security to its customers. Some of its popular products include:

  • Kotak Term Plan: A pure protection plan that offers a high life cover at an affordable premium. It provides financial security to the policyholder’s family in case of his/her untimely demise.
  • Kotak Premier Life Plan: A savings plan that offers life cover and savings benefits. It provides guaranteed additions and bonuses that enhance the policyholder’s savings.
  • Kotak Child Edu Plan: A child plan that offers financial security and savings benefits for the child’s future education. It provides guaranteed payouts at key milestones in the child’s education journey.
  • Kotak Retirement Income Plan: A retirement plan that offers regular income after retirement. It provides a guaranteed income for life and ensures financial security in the post-retirement years.

Kotak Mahindra Life Insurance also offers group plans that cater to the insurance needs of employees of organizations. Its group plans include group term plans, group credit protection plans, and group gratuity plans.

Overall, Kotak Mahindra Life Insurance is a reliable and customer-centric life insurance company that offers a wide range of products to cater to the diverse needs of its customers.

Claim Settlement Ratio: 98.50%

PAR Bonus Declared: ₹NA

Market Share: N.A.

Strong Brand Image

Tata AIA Life Insurance Top 10 Life Insurance Companies in India

Tata AIA Life Insurance

Tata AIA Life Insurance

Tata AIA Life Insurance is a joint venture between Tata Sons Pvt Ltd (India) and AIA Group of Insurance, an American insurance provider that started as a general insurance provider in 2001. The company was founded in 2001 and is headquartered in Mumbai, India. Tata AIA life insurance has over Rs. 71,006 crores of assets under management in 2021-2022, increasing from 21% from the last year, showcasing the company’s strong financial performance after COVID-19.

Tata AIA Life Insurance is one of the leading life insurance companies in India, with a presence in 18 markets in the Asia Pacific region. The company has a strong distribution network, with over 1,000 branches and 13,000 agents spread across the country. Tata AIA Life Insurance has won several awards for its products and services, including the ‘Best Product Innovation’ award at the Indian Insurance Awards 2021.

Product Offerings

Tata AIA Life Insurance offers a wide range of life insurance products to cater to the diverse needs of its customers. The company’s product portfolio includes term insurance, endowment plans, money-back plans, child plans, and retirement plans.

  • The term insurance plans offered by Tata AIA Life Insurance provide comprehensive coverage at an affordable premium.
  • The company’s endowment plans offer both life cover and savings, making them an ideal choice for those looking for long-term financial security.
  • Tata AIA Life Insurance’s money-back plans provide regular payouts at specified intervals, ensuring that the policyholder’s financial needs are taken care of.
  • Tata AIA Life Insurance’s child plans are designed to secure a child’s future by providing financial support for their education and other needs.
  • The company’s retirement plans are aimed at helping policyholders build a retirement corpus that will provide them with a regular income after they retire.

Overall, Tata AIA Life Insurance is a reliable and trustworthy life insurance provider in India, offering a wide range of products to cater to the diverse needs of its customers.

Claim Settlement Ratio: 98.02%

PAR Bonus Declared: ₹NA

Market Share: N.A.

Bharti_AXA_logo Top 10 Life Insurance Companies in India

Bharti AXA Life Insurance

Bharti AXA Life Insurance

Founded in 2006, Bharti AXA Life Insurance is a joint venture between AXA Group and Bharti Enterprises. This partnership leverages AXA’s strong financial expertise and Bharti’s domestic business excellence, forming a solid foundation for the company. As of June 30, 2022, Bharti AXA Life managed assets worth Rs. 11,025 crores.

The company has introduced a range of innovative insurance products tailored to meet the diverse needs of its customers. Its extensive distribution network covers 123 cities across India, with 254 offices. Bharti AXA Life offers a variety of plans, including protection, savings, health, and group insurance, with most plans conveniently available online.

In March 2019, Bharti AXA Life received the ASSOCHAM Award for excellence in the insurance field and an award for outstanding customer service.

Product Offerings

Bharti AXA Life Insurance offers a variety of products designed to meet diverse customer needs:

  • Protection Plans: Comprehensive coverage to safeguard against unforeseen events.
  • Savings Plans: Solutions to help build wealth and achieve financial goals.
  • Health Plans: Insurance to cover medical expenses and ensure financial stability during health crises.
  • Group Insurance Plans: Customized coverage options for organizations to provide benefits to their employees.

Most of these plans are conveniently accessible online, ensuring ease of purchase and management.

Claim Settlement Ratio: 99.05%

PAR Bonus Declared: ₹NA

Market Share: N.A.

Frequently Asked Questions about Top 10 Life Insurance Companies

As of June 2024, the top leading life insurance companies in India are Life Insurance Corporation of India (LIC), Max Life Insurance, and HDFC Life Insurance. Other notable companies include ICICI Prudential Life Insurance, SBI Life Insurance, and Bajaj Allianz Life Insurance.

The claim settlement ratio (CSR) is an important factor to consider when evaluating life insurance companies in India. As of 2023-2024, Max Life Insurance has the highest CSR of 99.65%.

Customer satisfaction is a key metric for evaluating life insurance companies in India. As per a survey conducted by J.D. Power in 2023, HDFC Life Insurance ranked highest in customer satisfaction, followed by ICICI Prudential Life Insurance and SBI Life Insurance.

When evaluating the top life insurance providers in India, it is important to consider factors such as claim settlement ratio, premium rates, customer service, financial stability, and coverage options.

Several life insurance companies in India offer comprehensive coverage options, including LIC of India, Max Life Insurance, HDFC Life Insurance, and ICICI Prudential Life Insurance. These companies offer a range of policies, including term plans, endowment plans, ULIPs, and whole life insurance.

The top-ranked life insurance companies in India are known for their innovative offerings, such as online policy purchase and renewal, mobile apps for policy management, and value-added services such as health check-ups and wellness programs. These companies also offer customized plans to meet the specific needs of their customers.

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About the Author: Donald Gonsalves

Founder of SimplePath™ and a regular contributor to the website's blog, Donald brings with him more than a decade of experience working as a consultant for financial planning and insurance. Send your questions to donald@simplepath.in