Insurance
Follow Us

Compare Life Insurance Companies in India

Your Details Show/hide

Life Insurance Companies in India


Currently there are 24 life insurance companies undertaking life insurance business in India. Government owned Public Sector Company, Life Insurance Corporation of India is the largest life insurer in the country. The Indian Insurance sector underwent several phases and changes, in 1999, when the Government of India opened up the insurance sector for private companies to solicit insurance, allowing FDI up to 26%, the Insurance sector in India is grew by leaps and bounds. The following are the details of the life insurance companies in India.

List of Life Insurance Companies in India


Following are the list of licensed life insurance companies in India by IRDA.

o    Bajaj Allianz Life Insurance Company Ltd

Bajaj Allianz is the joint venture of Bajaj Finserv -India‘s financial service giant and Allianz SE- Germany‘s financial services provider. Registered in 2001, Bajaj Allianz Life Insurance Company has become one of the top most life insurance brands in India. Bajaj Allianz Life Insurance Company aims to ensure excellent insurance and investment solutions by offering customized products, supported by the best technology.

o    Birla Sun Life Insurance Co. Ltd

Birla Sun Life Insurance Company Ltd. is a joint venture company between Aditya Birla Group and Sun Life Financial Inc. of Canada. Birla Sun Life offers a broad array of life insurance products to meet the actual needs and expectations of individuals and groups through a multi channel distribution network across the country. Birla Sun Life Insurance is distinguished as the first financial solutions company to introduce ‘Business Continuity Plan‘, the ‘Free Look Period‘ and ‘Unit Linked Life Insurance Plans‘ in the Indian insurance

o    HDFC Life Insurance Co. Ltd

HDFC Life Insurance Co. Ltd is a joint venture between the Indian housing finance institution, Housing Development Finance Corporation Limited or HDFC Ltd. and a Group company of Standard Life, UK. These two giants from India and UK joined hands together on 31st December 2007. HDFC Life Insurance is one of the top most life insurance companies in India; its venture is strong and has a good backing. HDFC Standard Life has about 568 branches and is present in over 700 cities and towns.

o    ICICI Prudential Life Insurance Co. Ltd

ICICI Prudential is one of the leading life insurance companies in India. ICICI Prudential Life Insurance Company is a joint venture company formed between the ICICI Bank, one of India‘s largest and most successful private financial services company and Prudential Plc., a leading international financial services group headquartered in the United Kingdom.

o    ING Vysya Life Insurance Company Ltd

ING Life Insurance Company is the joint venture between ING Insurance International B.V. and Exide Industries. ING is based out of Bangalore and has recently completed 10 years of operation in India. This company marked the entrance of Exide Industries Limited, India‘s largest producer of automotive and industrial batteries, into the insurance arena. ING hold 26% equity in this venture with Exide owning 50% and miscellaneous shareholders having the remaining 24%.

o    Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) is the only public sector life insurance company in India. It was formed on 1st September 1956 with the merger of more than 200 insurance companies and provident societies. LIC has its headquarters in Mumbai. It is the largest life insurance company in India with over 2000 branches and over 14 lakh agents to solicit life insurance business in the country. It has a phenomenal presence in both urban and rural India.

o    Max New York Life Insurance Co. Ltd

Max New York Life is a joint venture company formed between New York Life, a Fortune 100 company and Max India Limited. Max New York Life started its commercial operations in the year 2001. It is the first life insurance company in India to be awarded the IS0 9001:2000 certifications.

o    Met Life India Insurance Company Ltd.

MetLife India Insurance Co. Ltd is a joint venture between MetLife International Holdings Inc. and its Indian partners including J & k Bank, M. Pallonji and Co, Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth, Bonanza Insurance (Pvt) Ltd. and Mini Muthoothu.

o    Kotak Mahindra Old Mutual Life Insurance Ltd.

Kotak Life Insurance Company is a joint venture company between Kotak Mahindra Bank Ltd and Old Mutual plc. Kotak Mahindra is India's leading financial institution which offers a range of financial services ranging from commercial banking, stock broking to mutual funds, life insurance and investment banking.

o    SBI Life Insurance Co. Ltd

SBI Life Insurance Company Limited is a joint venture between the State Bank of India and BNP Paribas Assurance. State Bank of India owns 74% and BNP Paribas Assurance holds the remaining 26% of the stake of the joint venture.

o    Tata AIG Life Insurance Company Ltd

Tata AIG Life Insurance Company Limited is a joint venture between Tata Group and the renowned American International Group, Inc. This insurance firm got its license to operate in India on February 12, 2001 and finally started operations on April 1, 2001

o    Reliance Life Insurance Company Ltd.

Reliance Life Insurance Company Ltd. is a wholly owned Indian company and an associate of Reliance Capital Ltd., a part of Reliance - Anil Dhirubhai Ambani Group. This Group have its presence in Communications, Energy, Natural Resources, Media, Entertainment, Healthcare and Infrastructure segments in India.

o    Aviva Life Insurance Company India Ltd

Aviva Life Insurance Company India Pvt. Ltd is a well-known name among the several life insurance companies in India. Aviva pioneered the idea of Bancassurance and Financial Health Check-ups in India. It is a joint venture between Dabur Group, India‘s leading producer of health care products and Aviva Grioup, which is one of UK‘s leading insurance provider.

o    Sahara India Life Insurance Co Ltd.

Sahara Life is the one and only life insurance Company which is wholly owned by Indians, without any foreign collaboration in the private sector. Sahara Life Insurance Company came into force on 6 February 2004. The head office is based out of Lucknow.

o    Shriram Life Insurance Co Ltd.

Shriram Life Insurance Company Ltd. is a joint venture of the Shriram Group and Sanlam a South African firm holding 26 per cent stake. It is one of the new entrants amongst other life insurance companies in India

o    Bharti AXA Life Insurance Company Ltd.

Bharti AXA Life Insurance is a joint venture alliance between Bharti, one of India's leading groups with interests in telecom, agriculture business and retail, and AXA, a Peris Headquartered Company is a world leader in financial protection and wealth management.

o    Future Generali India Life Insurance Company Ltd.

Future Generali India Life Insurance Company Ltd. is a joint venture between the Future Group of industries, an Indian Company and Generali group, a Italy based Company. The Generali Group is a major participant in global market of insurance and financial product. Generali is the largest corporation in Italy. Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of India‘s leading business houses with multiple businesses spanning across the retail space.

o    IDBI Federal Life Insurance Company Ltd.

IDBI Federal Life Insurance Company Ltd. Established in March 2008, IDBI Federal Life Life Insurance Company, formally IDBI Fortis Life Insurance is a joint venture between three major companies- IDBI Bank- India’s premiere industrial bank, Federal bank – private sector bank and Ageas - international insurance company operating out of Europe. IDBI Bank holds 48% equity whereas Federal and Ageas hold 26% of equity each.

o    Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.

Canara HSBC Oriental Bank of Commerce Life Insurance Company (Canara HSBC) is backed by two of India‘s largest nationalized banks, Canara Bank and the Oriental bank joining hands with one of the world‘s largest banking and financial services organization, HSBC.

o    AEGON Religare Life Insurance Company Ltd.

Aegon Religare is a joint ventre between joint venture between Aegon, an international life insurance and Pension Company and Religare a global financial services group and Bennett, Coleman & company, a media group. The company is headquartered in Mumbai and launched its operations in July 2008. Aegon Religare Life Insurance Company is a pioneer in launching online term insurance plans in the market.

o    Pramerica Life Insurance Co. Ltd.

DLF Pramerica Life Insurance Company Limited is a joint venture between DLF Limited and Prudential International Insurance Holdings, Ltd. The Company is headquartered in Gurgaon.

o    Star Union Dai-ichi Life Insurance Co. Ltd.

Star Union Dai-ichi Life Insurance Company is a Joint Venture by Bank of India and Union Bank of India and Dai-ichi Mutual Life Insurance Company, leading Japanese Company in the Life Insurance market. The company is headquartered in Mumbai.

o    IndiaFirst Life Insurance Company Ltd.

IndiaFirst Life Insurance a joint venture of Bank of Baroda, Andhra Bank and Legal & General of UK . Its headquarters is located in Mumbai. Bank of Baroda holds a 44 per cent stake in IndiaFirst, while Andhra Bank and Legal & General hold a 30 per cent and 26 per cent stake respectively. It is one of the youngest life insurance companies in India

o    Edelweiss Tokio Life Insurance Co. Ltd.

Edelweiss Tokio Life Insurance Company is a 74%: 24% joint venture between Edelweiss, one of the leading financial services company in India and Tokio Marine, a growing life insurance company in Japan.

You may also know about:

Group Life Cover | Life Insurance Premium | Life Insurance Quotes | Types of Life Insurance | Permanent Life Cover | Endowment policy | Life Insurance Benefits | Death Claim Process | What is Life Insurance | Compare Life Insurance