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TThere are 24 Life Insurance Companies in India registered under the Indian regulatory body, IRDAI (Insurance Regulatory and Development Authority of India), that offer life insurance policies in India. Life insurance plan is a contract between an individual and an insurer under which the insurer promises to offer a death benefit to the policyholder’s family in case of an unforeseen demise during the policy term. You should always choose an insurance company which is reliable and credible. Thus, selecting the right insurance company is important before buying a life insurance plan. It is important to ensure that the Life Insurance Company you choose provides comprehensive coverage at low premium rates with a good track record and also offers customer service.
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Let’s take a look at the list of Life Insurance Companies in India and their claim settlement ratios:
Here is a list of India's Life Insurance Companies and their respective Claim settlement amounts and Claim settlement ratios for the financial year 2023-24.
| Name of the Life Insurance Company | Claim Settled Amount(in cr) | CSR(in %) | |
| Aditya Birla Sun Life Insurance Company Limited | 458 | 98.4 | |
| Aviva Life Insurance Company India Limited | 97.60493 | 98.75 | |
| Bajaj Allianz Life Insurance Company Limited | 603 | 99.23 | |
| Bandhan Life Insurance Limited | 86 | 99.7 | |
| Bharti Axa Life Insurance Company Limited | 147.8473 | 99.01 | |
| Canara HSBC Life Insurance Company Limited | 186 | 99.23 | |
| Edelweiss Life Insurance Company Limited | 59.01555 | 99.23 | |
| Future Generali India Life Insurance Company Limited | 32.81137 | 96.08 | |
| HDFC Life Insurance Company Limited | 1389 | 99.5 | |
| ICICI Prudential Life Insurance Company Limited | 1950 | 99.17 | |
| IndiaFirst Life Insurance Company Limited | 159.8145 | 98.04 | |
| Kotak Mahindra Life Insurance Company Limited | 320.9181 | 98.74 | |
| Life Insurance Corporation of India | 18397.77 | 98.5 | |
| Max Life Insurance Company Limited | 1242 | 99.7 | |
| PNB MetLife India Insurance Company Limited | 407 | 99.2 | |
| Pramerica Life Insurance Company Limited | 29.8 | 99.06 | |
| SBI Life Insurance Company Limited | 1676 | 98.3 | |
| Shriram Life Insurance Company Limited | 109.4 | 98.09 | |
| Star Union DAI-ICHI Life Insurance Company Limited | 113.4 | 96.27 | |
| Tata AIA Life Insurance Company Limited | 776 | 99.13 |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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Following is a list of the Life Insurance Companies in India:
Starting operations in January 2001, Aditya Birla Sun Life Insurance is a joint venture between the Aditya Birla Group and Sun Life Financial Inc. The company offers a range of products, such as protection, retirement, child plans, and health plans, to fit the needs of people from all backgrounds. This is because the company aims to serve customers pan-India with over 1,403 branches and more than 2,000 agents in the country.
Aviva Life Insurance Company India is a joint venture between UK-based Aviva Plc and India's Dabur Invest Corp. Guided by the motto "With you today, for a better tomorrow," Aviva helps customers safeguard what matters most. With core values of care, commitment, community, and confidence, Aviva focuses on empathy, innovation, and strong relationships, ensuring financial protection and a brighter future for its customers.
Bajaj Allianz Life Insurance is a joint venture between the European financial services company Allianz SE and Bajaj Finserv Limited. Launched in 2001, this Life Insurance Company provides a one-stop solution for customers' insurance needs and helps them achieve their financial goals by offering a wide range of products, from term insurance to group insurance. The company offers various customized products that cater to customers' needs and offer innovative services.
Established in 2008, Bandhan Life Insurance (formerly Aegon Life) stands as a trusted partner in securing your financial future. Leading a transformation in the insurance industry, the company aims to provide peace of mind and financial well-being to people across India. By embracing cutting-edge technology, they offer services that are accessible, user-friendly, and tailored for today’s digital world. Their mission is to simplify life insurance—making it affordable, transparent, and easy to navigate. With a leadership team that combines expertise in insurance, technology, and finance, the company is committed to putting customers at the center of everything they do.
Founded in 1976 by Sunil Bharti Mittal, Bharti AXA Life Insurance is a key part of the Bharti Group, which has grown into one of India’s largest business conglomerates. Combining Bharti’s expertise with AXA’s global insurance experience, the company offers innovative life insurance solutions to millions of customers. Bharti AXA simplifies life insurance, making it accessible and transparent. The Bharti Group operates in 18 countries and supports over 350,000 students through its foundation, with its initiatives impacting over 93,000 individuals in sanitation alone. This blend of business excellence and social responsibility sets Bharti AXA apart.
Launched in 2008, Canara HSBC Life Insurance is a joint venture between HSBC Insurance Holding Ltd, Canara Bank, and Oriental Bank. The company works as a pan India network with around 7000 branches of the three shareholder banks nationwide. Moreover, the company provides necessary training and coaching to the bank staff across the 28 centers in the country. With a huge customer base, the company provides customized products to meet the buyers' needs. The policies offered by the company have a maximum tenure of 40 years and the eligibility criteria range from a minimum of 18 years – a maximum of 70 years.
Edelweiss Life Insurance Company Limited is dedicated to helping individuals achieve their dreams and secure their future. Known for its unwavering commitment to quality, the company prioritizes excellence in all aspects, from personalized advice to reliable products and customer service. Focused on affordability, Edelweiss ensures that financial protection is within reach for everyone. With a customer-centric mindset, the company designs every product and service to meet clients' specific needs. As of June 2024, Edelweiss has over 89,471 agents, and 109 branches, reinforcing its role as a trusted insurance provider.
Future Generali India Life Insurance Company Ltd., established in 2006 and headquartered in Mumbai, operates across 1,300+ locations in India, offering comprehensive insurance solutions for both individuals and groups. Generali, the largest shareholder with a 73.99% stake, brings over 190 years of global insurance expertise to the company. With 1.6 million lives covered since inception and assets under management worth ₹79.58 billion, Future Generali India Life Insurance combines local presence with global best practices to deliver sustainable, customer-centric solutions across India.
HDFC Life Insurance Company India is a joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus. It was founded in 2000. The company currently has 38 individual and 13 group products in its portfolio. To meet the customer's various needs, the company provides an array of individual and group insurance solutions like pension plans, savings and health plans, protection plans, child plans, and women's plans.
ICICI Prudential Life Insurance Company of India is a joint venture between ICICI Bank Ltd. and Prudential Plus. The company began operating in December 2000 as India's first private-sector Life insurance. For over a decade, the company has maintained its topmost position amongst the private life insurers in the country. To fulfill the different life stage requirements of the customer, ICICI Prudential Life Insurance provides an array of products that enable buyers to achieve their long-term goals. ICICI Prudential life insurance offers products like term plans, ULIP plans, Pension Plans, Child Plans, and Investment Plans.
IndiaFirst Life Insurance Company Limited, headquartered in Mumbai with a paid-up capital of ₹754.37 crore, is one of India's fastest-growing private insurers in terms of New Business IRP in FY2023. Since its inception in November 2009, IndiaFirst Life has been committed to providing accessible, simple, and affordable insurance solutions. With a total AUM of ₹21,683 crore as of March 2023, the company ranks 10th amongst private insurers. Backed by Bank of Baroda, Union Bank of India, and Carmel Point Investments, IndiaFirst Life continues to expand, delivering on its promise of protecting Indian households.
Kotak Mahindra Life Insurance Company Limited is one of India's fastest-growing insurers, covering over 50 million lives as of June 2024. Guided by a mission to assure people's lives, Kotak Life aims to offer protection and long-term savings solutions. The company’s core values emphasize professionalism, innovation, continuous improvement, and financial prudence. With a focus on delivering real value to customers and fostering a people-friendly work environment, Kotak Life is committed to integrity, ensuring quality products, services, and sustainable solutions.
Life Insurance Corporation of India is the oldest insurance provider in our country's insurance sector. Established in 1956, it is one of the largest insurance companies in India. It is a state-owned insurance group and investment firm that offers its customers a range of insurance products. Some of the common products that are offered by the company are life insurance plans, pension plans, child insurance plans, unit-linked plans, special plans, and group schemes. The company has many employees operating in different cities and towns nationwide.
Max Financial Service Ltd. and Mitsui Sumitomo Insurance Co. Ltd. joined hands and launched Max Life Insurance. With multi-channel distribution partners and high-service-provider agencies, the company offers comprehensive long-term protection, saving, and retirement schemes. With a strong customer-centric approach, the company offers a one-stop solution for all types of insurance and investment needs. Max Life Insurance has a strong track record of 15 years and offers superb investment expertise.
PNB MetLife India Insurance company has clients all over India and is spread over 117 different locations. The company is well known for its protection and retirement products. Apart from this, there are various plans, such as a child plan, savings plan, ULIP plan, monthly income plan, and money-back plan, offered to the customer. PNB MetLife Insurance Company in India came into action in 2001. For the insurance products offered by the company, the eligibility criteria start from a minimum of 18 years –a maximum of 65 years old.
Pramerica Life Insurance Limited is a trusted provider of life insurance solutions, serving individuals and groups across India. With 137 branches and a wide range of distribution channels, Pramerica ensures comprehensive coverage for diverse financial needs, helping customers secure a worry-free future. Backed by over 3,219 employees and managing assets worth INR 9,105.14 crores (as of August 2024), the company boasts a 99.06% claim settlement ratio and a strong solvency ratio of 369%. Having secured over 5.2 million lives, Pramerica is committed to empowering people with informed insurance choices, driven by core values like agility, innovation, and customer focus.
Introduced in 2001, SBI Life Insurance Company is a Joint venture between the State Bank of India and BNP Paribas Cardif. SBI Life Insurance Company offers an inclusive range of life insurance and pension products at a very economical rate. You can also purchase pure protection plans, health insurance, and savings solutions. You can buy the SBI life insurance plans online and offline.
Shriram Life Insurance Company Limited is dedicated to bringing life insurance to every family in India, particularly those vulnerable to losing a breadwinner. With a focus on operational efficiency, integrity, and affordability, the company offers high-quality solutions tailored to the average Indian. Leveraging technology, Shriram Life provides innovative services like the "ShriMithra" app and eKYC facial recognition, ensuring seamless access for all customers. With over 40% of its business in rural areas, Shriram Life is committed to serving both urban and remote communities. As part of the Shriram Group, managing assets worth ₹2.08 lakh crore, it champions financial inclusion and stability.
Founded in 2009, Star Union Dai-ichi Life Insurance (SUD Life) is a joint venture between Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Holdings. With a vast distribution network of over 15,000 bank branches and access to 1,950 rural branches, SUD Life reaches more than 9.2 million customers across India, making life insurance accessible in both urban and rural areas. Backed by Dai-ichi Life's global expertise and the trust of two major Indian banks, SUD Life is committed to providing tailored insurance solutions, delivering exceptional value, and serving diverse customer needs with a long-term vision.
TATA Sons and the AIA Group teamed up to form and launch the TATA AIA Life Insurance Company. The company takes a consumer services approach and delivers an extensive range of Insurance Products to individuals, associations, and corporate insurance buyers. With a passion for excellence, the company provides various plans in multiple segments, such as group, child, wealth, protection, saving, and micro-insurance plans.
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Reliable Financial Backing: The life insurance companies in India have strong financial stability, ensuring they can meet their obligations and provide long-term security for policyholders and their families.
Diverse Product Offerings: Leading insurers provide various life insurance products, such as term, whole life, and endowment plans, allowing you to choose the coverage that fits your financial needs and goals.
Transparent Policy Terms: Established companies often have clear and simple-to-understand policy terms, helping you understand your coverage, benefits, and exclusions without confusion.
Innovative Technology Solutions: All the good insurers invest in technology, offering user-friendly online platforms for policy management, premium payments, and easy claim filing, enhancing the overall customer experience.
Reputation and Trust: Choosing a well-known life insurance company gives you peace of mind, as these companies have established a reputation for reliability and trustworthiness over the years.
Following are some of the important factors to consider before choosing the Life Insurance Companies in India for yourself:
Claim Settlement Ratio: Claim Settlement Ratio (CSR) values help you understand the company’s claims settlement ratio for the previous financial year. It is the number of claims registered to the number of claims settled by the company in a particular year. Before purchasing the most suitable life plan, you should compare term plans and CSR values.
Dedicated Customer Support: It is important to look into the company’s customer support system. You should purchase life insurance from a company with dedicated customer and claims support. The 24x7 assistance can help resolve any issues during the policy term.
Feedback and Customer Reviews: You should read the customer reviews for the Life Insurance Companies in India, as they can give you a better idea of the insurance company in India.
Available Riders: The Life Insurance Companies in India offer a wide range of term riders that you can include in the base plan to enhance its coverage by paying a minimal premium. You can add any of the following riders: Critical Illness rider, Accidental Death benefit rider, Accidental Total and Permanent Disability rider, and waiver of premium riders.
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India is home to several remarkable insurance companies which have earned the trust of the Indian citizens through their diverse range of policies, excellent customer service, and financial assistance. However, it is the duty of these citizens to make sure they buy the right life insurance policy. Policybazaar can help them by comparing all the insurers so that they can buy a plan from the company that suits them the most.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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