Updated List of India’s Top 15 Life Insurance Companies
Life is unpredictably uncertain. To deal with difficult events, one can only take proactive measures. As a result, the notion of ‘insurance’ was developed with the goal of reducing risk and providing protection. Insurance is the most common means of mitigating life’s risks. Today, you can safeguard your loved ones and the things you care about with a variety of insurance packages. In a life insurance policy, the insurer agrees to pay a certain sum of money to the insured person’s family in the event of the insured’s death.
There are 24 life insurance companies operating in India that have been certified and recognised by the IRDAI (Insurance Regulatory and Development Authority of India), which is the country’s regulatory authority for the insurance and reinsurance industries.
To narrow down the finest term insurance plan for your needs, click the button below, fill out a few insurance-related sections, and let our algorithm select a suitable insurance policy based on your needs.
The significance of insurance
- Insurance is an important investment that one must make in order to protect his or her family’s future. Even financial advisors recommend that you obtain insurance before beginning your financial planning. For a variety of reasons, insurance is a must-have. Some of the causes are as follows:
- Insurance protects you financially and provides a safety net:
- If something unexpected happens to the family’s breadwinner, the family’s financial position may come to a halt. Insurance compensation can help a family’s finances by providing a source of income. Even if you are not present, your family is financially protected with insurance.
- Insurance protects you and your family’s long-term goals: The unexpected death of a family’s breadwinner can have disastrous consequences for the family’s financial security. Even if you are not present, your family can obtain financial stability with insurance. In addition, their long-term financial objectives will not be jeopardised.
- Insurance stimulates savings: Life insurance firms offer a variety of products that not only provide life insurance but also allow for the accumulation of wealth in order to attain future goals. The necessity to invest in such items on a regular basis encourages savings. Endowment plans, money back plans, unit-linked investment plans, and so on are examples
- Insurance is an excellent risk management tool: Insurance protects against a variety of risks, including death, being hit by a car, becoming ill, and so on. The goal of insurance is to efficiently manage these risks. Every insurance policy protects you from the risks you’ve chosen.
- Insurance provides peace of mind: Because insurance efficiently minimises risk, all you have to do is make monthly insurance payments and you’ll be stress-free. When you insure, you have peace of mind.
India’s top 15 insurance companies:
Following is the list of top insurance companies in India
- India’s Life Insurance Corporation
The Government of India owns the largest life insurance firm in India, the Life Insurance Corporation of India (LIC). In the year 1956, LIC, one of India’s top ten insurance companies, was founded. With 2048 branch offices, 113 divisional offices, 8 zonal offices, and 1408 satellite offices, LIC makes insurance available to everyone in the country. LIC’s total assets under management are currently INR 3,111,847 crores (USD 450 billion). The largest insurance company, LIC, has a customer base of about 29 crore customers.
- LIC is a well-known insurance company that provides tremendous convenience to its customers through exceptional digital customer care, as well as branch offices and other partnerships. LIC has a wide range of life insurance policies to fulfil the demands of a wide range of customers. LIC has been regularly recognised and acknowledged for all of its accomplishments. The following are some of the awards that LIC has received:
- LIC has consistently won the Reader’s Digest Trusted Brand Award o * According to the Brand Trust Report, LIC has been voted “India’s Most Trusted Brand” in the BFSI category o * LIC has won the “Best Life Insurance Company of the Year” and “Most Preferred Life Insurance Company of the Year” awards
- In fact, the variety of options available with LIC insurance is so extensive that selecting one can be a difficult task. We’ve compared the top LIC policies, along with their features and benefits, in the post linked below to make things easier for you.
Max Life Insurance Company is a company that provides life insurance.
The Max Life Insurance Firm, which was established in the year 2000, is India’s largest non-bank private sector insurance company. Max Life Insurance Company is a joint venture between Mitsui Sumitomo Insurance Company, a Japanese insurance company, and Indian Max India Ltd, a multi-business Indian organisation. With assets under control of INR 90, 407 crores, Max Life Insurance Company is one of India’s fastest-growing insurance businesses. More than 32 lakh customers are served by the organisation.
- Max Life Insurance Company delivers high-quality customer service with a strong web presence, a diverse product portfolio, many distribution methods, and offices across the country. Max Life has continuously received honours and accolades. Max Life was named ‘Claims Service Leader’ and ‘Excellence in Claims Service’ by CMO Asia Awards for their high claim settlement ratio.
- Max Life Insurance gives you the option of choosing from a variety of products available on the market. You may learn more about Max Life Insurance and their insurance policies by clicking the links below.
HDFC Life Insurance Company is number four on the list.
HDFC Life Insurance Business is a joint venture between HDFC Ltd, a significant housing financing organisation in India, and Standard Life Aberdeen, a worldwide investment company. It is one of India’s top insurance companies. HDFC Life, which was founded in the year 2000, provides a diverse range of insurance and financial products to a variety of customer categories. HDFC Life has 390 locations around the country, as well as additional distribution touchpoints and bancassurance partners, to serve its consumers. Customers can quickly access services thanks to a powerful digital platform.
For its sustained contribution to the Indian insurance industry, HDFC Life has garnered numerous honours and awards. Here are some of the specifics:
- The ‘Most Valuable Private Life Insurance Indian Brand’ is HDFC Life.
At the INDIA awards 2018, HDFC Life earned the ‘Creative Excellence Award.’
At the BFSI awards, HDFC Life was named “Best Life Insurance Company,” “Best Analytic Initiative of the Year,” and “Best Underwriting Initiative of the Year.”
HDFC Life has been named one of the Top 50 PCI Companies for 2019.
In 2021, HDFC Life was awarded the YUVA Unstoppable Changemaker award.
HDFC Life has been named a Superbrand for the year 2021.
- HDFC Life Insurance provides a lot of flexibility with their insurance coverage, and their claim settlement ratio of 99.07 percent is also extremely good. To learn more about HDFC’s life insurance coverage, follow the link below.
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life Insurance Company Limited) (ICICI Pru
ICICI Bank Limited and Prudential Corporation Holdings Limited are the joint promoters of ICICI Prudential Life Insurance Company. ICICI Prudential Life, which was founded in the year 2000, is one of the best insurance firms in India today, with a strong bancassurance channel and diverse distribution channels. As of June 30, 2021, ICICI Prudential Life had INR 2,231.71 billion in assets under management.
- ICICI Prudential Life’s customer-centric approach allows them to offer a variety of long-term protection and savings plans to a wide range of customers. ICICI Prudential Life Insurance Company has received numerous honours and awards for its achievements in the world of insurance. Let’s have a look at a few examples of such honours.
- The Customer Fest Leadership Awards 2021 named ICICI Prudential Life as one of the ‘BrandZ Top 75 Most Valuable Indian Brands 2020’ and as the “Best Contact Centre”.
- o At the India Summit and Awards 2019, ICICI Prudential Life was named “Life Insurance Company of the Year.”
- o The Outlook Money Awards 2018 named ICICI Prudential Life ‘Life Insurance Provider of the Year.’
- The Money Today Financial Awards 2017-18 presented ICICI Prudential Life with the ‘Best Term Insurance Provider of the Year’ award.
- The Emerging Asia Awards 2018 honours ICICI Prudential Life with the ‘Best Customer Orientation in Life Insurance’ award.
- o The Emerging Asia Awards 2018 have named ICICI Prudential Life as the winner of the ‘Best Growth in Life Insurance’ category.
- Tata AIA Life Insurance Company is number ten.
- Tata AIA Life Insurance Company is a partnership between Tata Sons Private Limited, one of India’s major commercial conglomerates, and AIA Group Limited, Asia’s largest insurance conglomerate. The assets under management of Tata AIA Life Insurance Company in 2021 are INR 46,281 crores. Tata AIA Life, one of India’s most reputable insurance brands, offers a wide range of insurance products, from protection to wealth development. The policies give easy-to-understand solutions for a variety of insurance needs, as well as exceptional customer service.
- Learn more about Tata AIA Life Insurance and their insurance policies to start planning for your future today.
Bharti AXA Life Insurance Company is number 14 on the list.
In the year 2006, Bharti AXA Life Insurance was established. AXA Group and Bharti Enterprises have partnered to form this enterprise. These companies’ strong financial knowledge and domestic business excellence have provided a solid foundation for the organisation. Bharti AXA Life has created a number of cutting-edge insurance solutions to meet the diverse demands of its consumers. The distribution network of Bharti AXA Life spans 123 cities across India. The organisation offers a variety of policies, ranging from protection to savings, health, and group insurance, with the majority of them available on an online platform.
- In March 2019, Bharti AXA got the ASSOCHAM Award for excellence in the sector of insurance, as well as the award for outstanding customer service! Click on the link below to look at the various plans they have to offer.
- Bajaj Allianz Life Insurance Company is number fifteen.
- Bajaj Allianz Life Insurance Company is a joint venture between Bajaj Finserv Limited and the Bajaj Group, which was created in 2001. Bajaj Allianz Life has 759 branches across India that provide innovative insurance products to a wide range of customers. Bajaj Allianz Life Insurance is well-known for its high-quality, innovative products and prompt customer service. For its contributions to the insurance business, the company has received numerous awards and accolades. The following are some of the awards that Bajaj Allianz Life Insurance has received:
- Bajaj Allianz Life was named ‘Digital Marketer of the Year 2018’ in the insurance sector. o At the NASSCOM BPM Strategy Summit 2018, Bajaj Allianz got the ‘Customer Service Excellence Award.’
- o Bajaj Allianz Life is one of India’s Top 75 Most Valuable Brands.
- o Digital Technology Senate Awards 2021 went to Bajaj Allianz Life.
- o The Red Hat APAC Innovations Award 2020 went to Bajaj Allianz Life.
- Bajaj Allianz is one of India’s major insurance companies, having been named one of the Top 75 Most Valuable Indian Brands in 2019. By clicking on the links below, you can learn more about Bajaj Allianz Life insurance plans and policies.
- SBI Life Insurance Company.
- The SBI Life Insurance Company is a joint venture between India’s largest bank, State Bank of India (SBI), and BNP Paribas Cardif, a French multinational bank and financial services firm. SBI Life Insurance currently has a capital authorization of INR 20 billion (USD 290 million). SBI Life began as a bancassurance company and has now expanded to include a multi-distribution channel. The company has been increasing year after year because to excellent customer service and product developments. For its efforts in the sector, SBI Life has garnered numerous awards and medals. Here are a few of them:
- o In the insurance category, SBI Life earned the ‘Brand of the Year 2016-17’ award.
- o At the Fintelekt Insurance Awards, SBI Life was named “Private Sector Life Insurance Company of the Year.”
- o In the large corporations category, SBI Life earned ‘Bancassurance Leader, Life Insurance.’
- o SBI Life has been named FICCI’s ‘Insurer of the Year’ for 2020.
- o At the ASSOCHAM 13th Global E-Summit 2020, SBI Life got the Best Covid Response-Towards Customers Towards Communities award.
- SBI Life Insurance is a market leader in India for life insurance coverage. It offers a variety of plans with a variety of benefits for policyholders.
- Reliance Nippon Life Insurance Company is a Japanese life insurance company.
- Reliance Nippon Life Insurance Company, established in 2001, is one of India’s major insurance businesses, serving a wide range of customers. Reliance Insurance has almost ten million policyholders. Through its robust distribution network of 713 offices, the firm has made insurance accessible to a wide range of people. Reliance Life has a product to meet every individual’s needs. Many accolades have been bestowed upon the company.
- o The Best Digital Customer Experience Award and the TechCircle Business Transformation Awards 2021 have been given to Reliance Life.
- o At the ET BFSI Excellence Awards 2019, Reliance Life was named ‘Innovative Insurance Provider of the Year.’ o Reliance Life was named ‘Best Risk Innovation of the Year.’ o Reliance Life was named ‘Best Life Insurance Company (innovative Products).’
- By selecting the button below, you can view Reliance Nippon’s many insurance plans and apply for a life insurance policy today.
- AEGON Life Insurance Company, No. 25
- AEGON Life Insurance Company, which was created in 2008, is one of the best when it comes to providing various life insurance solutions to a variety of customer groups. AEGON Life is a modern corporation with a strong online presence and a wide range of products. Many awards and accolades have been bestowed upon the company.
- o In 2019, AEGON Life got the “Digital Company of the Year – 2020” award as well as the ET BFSI Award.
- o At the Indian Insurance Awards, AEGON Life won the ‘E-business Leaders Award.’ o At the Asian Insurance Awards, AEGON Life won the ‘Celent Model Insurer Asia Award.’
o AEGON Life has been named the “Most Recommended Life Insurance Brand” for 2013.
Aviva Life Insurance Company is a British life insurance company.
Aviva Life Insurance Company is a joint venture between Aviva plc, a British insurance company, and the Dabur Group, a multinational corporation based in India. Aviva Life offers a comprehensive range of insurance products, from protection plans to savings and retirement plans, through its 121 branches and 9000+ staff. The company is one of India’s top insurance companies in terms of online goods, customer service, and many other aspects. Aviva Life has been named the ‘Best and Most Trusted Brand of the Year,’ for 2019.
- TRA’s Brand Trust Report – India Study named Aviva Life Insurance Company the Most Trusted Private Life Insurance Brand for the years 2018 and 2019. You may learn more about Aviva Life Insurance and choose a plan by reading the information below.
Birla Sun Life Insurance Company (No. 26)
Aditya Birla Sun Life Insurance Company is a subsidiary of Aditya Birla Capital Limited, which was created in the year 2000. The Aditya Birla Sun Life Insurance Company was founded by the merger of the Aditya Birla Group and Sun Life Financial, Canada’s largest international financial services company. Birla Sun Life is one of India’s leading insurance firms, offering a wide range of insurance products ranging from protection plans to pension plans, savings plans, and a variety of new-age products. As of March 2021, the company’s total assets under management were INR 5,26,151 million.
With 386 locations, seven bancassurance partners, six distribution channels, and more than 90,000 direct selling agents, the company is well-represented across the country. For its sustained contributions to the industry, Birla Sun Life Insurance Company has garnered numerous accolades and awards.
The Indo-Canadian Business Chamber awarded Birla Sun Life Insurance Company the ‘Successful Performance’ award for four years in April 2005. On this page, you can find detailed information about Birla Sun Life plans.
Kotak Life Insurance Company is number 26 on the list.
With over 30 million customers, Kotak Life Insurance Company is one of India’s fastest-growing and top insurance businesses. Kotak Life Insurance’s parent business is Kotak Mahindra Bank.
Kotak Life Insurance Company provides a comprehensive selection of insurance products with unique benefits to people from all walks of life. The company currently offers 32+ products, 18 riders, ten Unit Linked Investment Plans, and nine group products. The Kotak Group has reached numerous milestones in the financial services industry and has been regularly recognised and acknowledged for its accomplishments.
Kotak Life Insurance provides a number of advantages, including protection, wealth creation, tax advantages, and more. The company provides a variety of savings and investment plans, as well as kid plans, savings plans, and retirement plans, which are detailed below.
- PNB MetLife Insurance Company is a subsidiary of PNB Bank.
- PNB MetLife Insurance Company, created in 2001, is one of India’s leading insurance firms. The company offers a variety of life insurance and savings products to customers in over 7,000 locations through its multi-distribution channels. PNB MetLife has won numerous honours for its achievements in the insurance industry.
- o PNB MetLife won the People Matters Award for ‘Best in Diversity and Inclusion’ in 2019. o PNB MetLife won the National Awards for Excellence in Insurance’s ‘Best Product Innovation’ award for Mera Heart and Cancer Care plans.
- o PNB MetLife has been named India’s “Most Sustainable Company.”
- PNB MetLife’s diverse insurance offerings assist consumers in achieving their financial and security goals. It also provides exceptional customer service to ensure a smooth purchase and resolution. Click the link below to learn more about the company’s life insurance options.
Canara HSBC OBC Life Insurance Company
Canara HSBC OBC Life Insurance Company, established in 2008, is one of India’s leading insurance companies. The corporation was formed by the merger of India’s two largest public sector banks, Canara Bank and Bank of Commerce, as well as HSBC Insurance Holdings Limited. Canara HSBC OBC Life serves around 60 million consumers. The organisation makes insurance products available to everyone across the country thanks to its extensive network of banks and distribution channels.
Following is the list of best insurance companies in India
|Sl. No.||Company Name||Claim Settlement Ratio (2017-18)||Claim Settlement Ratio (2018-19)||Premium (in INR)|
|1.||Life Insurance Corporation of India||94.45%||97.79%||17,228|
|2.||Max Life Insurance Company||95.26%||98.74%||10,148|
|3.||HDFC Life Insurance Company||88.63%||99.04%||12,478|
|4.||ICICI Prudential Life Insurance||92.03%||98.58%||12,502|
|5.||Tata AIA Life Insurance Company||94.00%||99.07%||9,912|
|6.||Bharti AXA Life Insurance Company||96.29%||97.28%||9,440|
|7.||Bajaj Allianz Life Insurance Company||83.94%||95.01%||14,067|
|8.||SBI Life Insurance Company||92.13%||95.03%||15,070|
|9.||Reliance Nippon Life Insurance Company||86.11%||97.71%||11,012|
|10.||AEGON Life Insurance Company||94.58%||96.45%||8,331|
|11.||Aviva Life Insurance Company||92.25%||96.06%||9,007|
|12.||Aditya Birla Sun Life Insurance Company||90.51%||97.15%||10,270|
|13.||Kotak Life Insurance Company||88.88%||97.4%||9.558|
|14.||PNB MetLife Insurance Company||82.40%||96.21%||10,146|
|15.||Canara HSBC OBC Life Insurance Company||92.03%||94.04%||9,491|
(Please note: Sample premiums for the insurance company’s term plans are computed for INR 1 Cr amount assured accepted for 30 years tenure by a 30-year-old healthy man.) The Indian life insurance market gives clients the freedom to choose the plans that best suit them. Today, choose a plan from one of India’s top 15 firms and give yourself the gift of a secure future.
How do you pick the best insurance provider?
- It’s normal to choose a life insurance product based on recommendations from friends, coworkers, or an advisor, or simply on pricing. However, selecting the correct insurance company is more crucial, and there are other factors to consider. When picking a life insurance company, you should think about a few key factors to ensure that you get the most out of your policy in times of need.
- The following are crucial elements to think about while selecting the best insurance company:
- Financial prudence
- Because life insurance is a long-term investment, it’s critical to consider the company’s financial stability when selecting a provider. You should check the life insurance company’s solvency ratio. A higher solvency ratio indicates a company’s financial stability, which helps it avoid insolvency during difficult times.
- The standard of service
- When picking a life insurance business, customer contentment and service quality are two crucial factors to consider. It is critical to choose an insurance provider that provides exceptional customer service and a high degree of client satisfaction.
- Ratio of claims settled
- The percentage of insurance claims settled by a life insurance company compared to the total claims received in a given year is referred to as the claim settlement ratio. In its annual report, the industry regulator, IRDAI, provides the claim settlement ratio of each life insurance firm. Going with a life insurance company with a high claim settlement ratio is always a good option.
- Cost and premium
- Insurance companies will have to pay commissions to intermediaries and brokers, as well as advertising and underwriting costs. These costs, however, will be deducted from the premium charged. As a result, the larger the expense ratio, the higher the premium. Insurance policies are given at a lower cost with the online plans. The cost of life insurance plans vary depending on your age, the type of plan you choose, the features you want, and the quantity of coverage you want. As a result, it is critical to examine the plans offered based on the advantages and costs of the insurance products when selecting a life insurance company.
- Portfolio of products
In India, most life insurance firms offer a wide selection of plans. Every insurance firm is always developing new insurance packages with distinct features. When choosing an insurance company, look at the products and features it offers to see whether they match your life insurance and investment demands.
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