Life Insurance Companies in India

The Indian regulatory body IRDAI (Insurance Regulatory and Development Authority of India) enrolls a lot of insurance companies offering life and general insurance solutions. Life insurance products are created to provide financial security to your family in your absence while growing your wealth in the long run. Let us take a look at the various life insurance companies available in India and their claim settlement ratios. 

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Top Life Insurance Companies of India With Claim Settlement Ratio

Life Insurance Claim Settlement Ratio tells us about a company’s reliability to settle claims requested by customers. It is an important factor to consider when choosing an insurance company for a policy purchase. Here is a list of all the insurance companies in India and their respective Claim settlement ratios.

Life Insurance Companies in India Claim Settlement Ratio
Aditya Birla Sun Life Insurance Company 98.04%
Aegon Life Insurance Company 99.25%
Ageas Federal Life Insurance Company 95.07%
Aviva Life Insurance Company 98.01%
Bajaj Allianz Life Insurance Company 98.48%
Bharti AXA Life Insurance Company 99.05%
Canara HSBC OBC Life Insurance Company 97.10%
Edelweiss Tokio Life Insurance Company 97.01%
Exide Life Insurance Company 98.54%
Future Generali India Life Insurance Company 94.86%
HDFC Life Insurance Company 98.01%
ICICI Prudential Life Insurance Company 97.90%
IndiaFirst Life Insurance Company 96.81%
Kotak Mahindra Life Insurance Company 98.50%
Life Insurance Corporation of India Company 98.62%
Max Life Insurance Company 99.35%
PNB MetLife India Insurance Company 98.17%
Pramerica Life Insurance Limited 98.61%
Reliance Nippon Life Insurance Company 98.49%
Sahara India Life Insurance 97.18%
SBI Life Insurance Company 93.09%
Shriram Life Insurance Company 95.12%
Star Union Dai-ichi Life Insurance Company 95.96%
Tata AIA Life Insurance Company 98.02%

Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.

Life Insurance Companies

The Indian insurance regulatory body IRDAI (Insurance Regulatory Development Authority of India) enrolls various companies offering Life insurance plans every year. Some of the life insurance companies in India are as follows:

  1. Aditya Birla Sun Life Insurance Company

    Aditya Birla Sun Life Insurance came into existence when Aditya Birla Group collaborated with Sun Life Financial Inc. in the year 2000. The company is known as a pioneer of term insurance plans and Unit Linked Life Insurance plans and has over 600 branches spread over 500 cities across the country. The complete range of insurance services offered by Aditya Birla Sun Life Insurance is term insurance plans, child plans, health, and retirement solution, ULIP plans, customized group products, and life stage products to provide complete satisfaction to the customers.

  2. Aegon Life Insurance Company

    AEGON Life Insurance is focused on providing a customer-centric business through its excellent and innovative working professionals. Starting its operation in the year 2008 the company works with a multiple-channel distribution strategy with an aim to help people to plan their life in a much better way. The company has launched an array of insurance products that focuses on offering plans that help customers meet their financial goals. The plans offered by the company are online term plans, endowment plans, group plans, ULIP plans, pension plans, saving plans, child plans, and rural plans.

  3. Ageas Federal Life Insurance Company

    Formed in 2008 Ageas Federal Life Insurance is a joint venture between Ageas Bank, Federal Bank, and Ageas, a European Insurance Company. The company offers a wide range of insurance and investment solutions, protection, and retirement plans to corporate customers as well as individuals. The bank also offers an ingenious solution to its customers. The entry age to purchase Ageas Federal Life Insurance is 18 years to 60 years.

  4. Aviva Life Insurance Company

    Aviva Life Insurance company is a joint venture between the Dabur Group and Aviva Group. In India, the company is known to be the first to introduce Unit Link and Unitized With-Profit Plans in the market. The Aviva Life Insurance Company offers a wide variety of plans to customers. These plans are designed to satisfy the needs of policy buyers at affordable prices. Some of the most common plans offered by the company are a protection plan, rural plan, child plan, retirement plan, saving plan, health plan, term plan, and group insurance plan.

  5. Bajaj Allianz Life Insurance Company

    Bajaj Allianz Life Insurance is a joint venture between the European financial services company Allianz SE and Bajaj Finserv Limited. Launched in the year 2001, this life insurance company provides a one-stop solution for customer’s insurance needs and helps them in achieving their financial goals by providing them with a huge range of products, right from term life insurance to group insurance. The company provides a huge array of customized products that cater to the needs of the customers and provides them with innovative services.

  6. Bharti AXA Life Insurance Company

    Headquartered in Mumbai Bharti AXA Life Insurance is a life and general insurance provider company. The company is a joint venture between Bharti Enterprises and AXA Group. Customers can choose from the wide range of policies offered by the company ranging from investment plans to traditional plans or life insurance plans to child plans. The company is flourishing immensely and has many offices in different cities across India. The customers witnessed a maximum number of claims settled by the company in a year with a claim settlement ratio of 99.05% in the year 2020-21. The policies offered by the company have a maximum tenure of 65 years and the age criteria for the plans start from a minimum of 18 years to a maximum of 65 years.

  7. Canara HSBC OBC Life Insurance Company

    Launched in the year 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 across the country. 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 needs of the buyers. 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.

  8. Edelweiss Tokio Life Insurance Company

    Edelweiss Tokio Life Insurance established in 2011 is a newly formed private sector insurance provider in India. Edelweiss Group of India and Tokyo Marine Holding of Japan joined hands together and formed Edelweiss Tokio Life Insurance Company. The company offers a host of life insurance products to the customer with high returns and guaranteed interest payments. Some of the most common plans offered by the company are saving plans, endowment plans, child plans, protection plans, and retirement plans. Above this to fulfill the requirements of the customer the company also provides add-on benefits through riders like accidental death benefit rider, accidental total or permanent disability rider, and critical illness rider that you can add to your term plan to increase its coverage.

  9. Exide Life Insurance Company

    Exide Life Insurance Company Limited, is an established and profitable life insurance company, which commenced operations in 2001-02. The Company offers individual as well as group life insurance solutions. Recognized as the Economic Times Best Brand under the BFSI category in 2020, Exide Life Insurance Company Limited is 100% owned by Exide Industries Limited. One of the pioneers among private life insurers in India, the Company was founded in 2000 and started its operations in 2001. The company offers a wide range of life and general insurance solutions designed to fit the needs of every individual.

  10. Future Generali India Life Insurance Company

    Established in the year 2007, Future Generali Life Insurance India is a joint venture between Generali Group, Future Group, and Industrial Investment Trust Limited. The company has almost 121 branches in India and since its inception, it has sold all kinds of policies. The company offers a one-stop solution for all types of financial security to the customer and serves its products in different areas like saving protection, policies, and Unit Linked Policies. The policies are offered with a maximum tenure of up to 75 years and the eligibility criteria range from at least 18 years to a maximum of 65 years.

  11. HDFC Life Insurance Company

    HDFC Life Insurance Company India is a joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus. It was founded in the year 2000. The company has currently 38 individual and 13 group products in its portfolio. In order to meet the various needs of the customer the company provides an array of individual and group insurance solutions like pension plans, saving and health plans, protection plans, child plans, and women's plans.

  12. ICICI Prudential Life Insurance Company

    ICICI Prudential Life Insurance Company of India is a joint venture between ICICI Bank Ltd. and Prudential Plus. The company began its operation in December 2000 as the first private-sector Life insurance in India. For over a decade the company has maintained its topmost position amongst the private life insurer in the country. To fulfill the different life stage requirements of the customer, ICICI Prudential Life Insurance provides an array of products that enables 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.

  13. IndiaFirst Life Insurance Company

    The two Indian public sector banks, Bank of Baroda and Andhra Bank (current Union Bank) went into a joint venture with U.K based investment firm Legal and General and has launched India First Life Insurance Company. Headquartered in Mumbai the company offers investment funds, insurance plans, and other policies. The company offers a wide range of plans to cater to the need of every individual like saving plans, protection plans, pension plans, term plans, and child plans.

  14. Kotak Mahindra Life Insurance Company

    Headquartered in Mumbai the JV between Kotak Mahindra Group and Old Mutual Fund is Kotak Mahindra Life Insurance. Keeping their customers in high priority the company provides a range of term plans, ULIP plans, child plans, saving plans, investment plans, protection plans, and retirement plans. The company has gained a name in the market for delivering outstanding value to its customer through customized products and excellent service. Kotak Mahindra Life Insurance provides plans with a maximum tenure of 30 years and eligibility criteria with a minimum of 18 years to a maximum of 65 years.

  15. Life Insurance Corporation (LIC) India Company

    Life Insurance Corporation of India is the oldest insurance provider in the insurance sector of our country. Established in 1956, one of the largest insurance companies in India and is a state-owned insurance group and investment firm that offers a range of insurance products to its customers. 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 a huge number of employees operating in different cities and towns all over the country.

  16. Max Life Insurance Company

    Max Financial Service Ltd. and Mitsui Sumitomo Insurance Co. Ltd joined hands together and launched Max Life Insurance. With multi-channel distribution partners and high-service providing 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.

  17. PNB MetLife India Insurance Company

    PNB MetLife India Insurance company has clients all over India and is spread over 117 different locations in the country. The company is well known for its protection and retirement products. Apart from this, there are various plans like a child plan, saving plan, ULIP plan, Monthly income plan, and money-back plan that are offered to the customer. PNB MetLife Insurance Company in India came into action in the year 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.

  18. Pramerica Life Insurance Company

    Situated in Gurgaon Pramerica Life Insurance company is a collaboration between DHFL Investments Limited and Piramal Capital and Housing Finance Limited. The company was approved by IRDAI in 2008 and launched its first life insurance product in the same year. Despite being a new company, the firm is growing consistently and had made a remarkable place for itself in the market. The company offers a variety of plans to customers that provide them with extraordinary protections and benefits. 

  19. Reliance Nippon Life Insurance Company

    Reliance Nippon Life Insurance is a part of the Reliance capital of the Reliance Group. The company has over 10 million policyholders country-wise with a network of close to 713 branches across the country. Reliance Life Insurance has a claim settlement ratio of approximately 98.49%. The company mainly targets products to individuals along with the group and corporate entities. The company offers a range of plans some of the most comprehensive plans including retirement, children, protection, investment, and health plan. 

  20. Sahara India Life Insurance

    Established in 2004, Sahara Life Insurance is India’s first wholly-owned private life insurance company. With an acknowledgeable presence in most parts of the country, the company serves almost all sections of society right from rural to the middle class and urban-based. With a customer-centric approach, Sahara Life Insurance Provides an extensive range of products like money-back plans, unit linked plans, term assurance plans, endowment plans, and group assurance plans to cater to the insurance needs of every individual.

  21. SBI Life Insurance Company

    Introduced in the year 2001, SBI Life Insurance Company is a Joint venture between the State Bank of India and BNP Paribas Cardiff. 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 as well. You can buy the SBI life insurance plans online and offline.

  22. Shriram Life Insurance Company

    The company was established in the year 2005 when Shriram Group collaborated with Sanlam Group to form the Shriram life insurance company. It has a network of 4050 branches across different cities in India and caters to the diverse needs of the customers. The company takes pride in its efficient usage of capital and low operation cost. The key features of the company are that it focuses on the middle class and rural market and serves the economically weaker section of society. With a variety of plans offered by the company the eligibility criteria for its plans ranges from a minimum of 18 years to a maximum of 65 years.

  23. Star Union Dai-Ichi Life Insurance Company

    The Bank of India, Union Bank of India, and the life insurance company of Japan Dai-Ichi Life entered into a joint venture and has launched Star Union Dai-Ichi Life Insurance Co. Ltd. The company provides a wide range of insurance products to the customers and clients across the country from numerous economic and social backgrounds. The company pledges a long-term commitment to its buyers and has earned trust over long years. As a customer-centric company, it offers various products like saving plans, wealth plans, protection plans, child plans, pension plans, credit life plans, and term plans.

  24. TATA AIA Life Insurance Company

    TATA Sons and the AIA Group teamed up to form and launch the TATA AIA Life Insurance Company. The company works with 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 like group plans, child plans, wealth plans, protection plans, saving plans, and micro-insurance plans. 

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