Top 15 Life Insurance Companies in India: Updated List

Top #15 insurance companies in India:

Following is the list of top insurance companies in India

1. Life Insurance Corporation of India:

   Life Insurance Corporation of India, popularly known as LIC is the largest life insurance company in India owned by the Government of India. LIC, one of the top 10 insurance companies in India, came into existence in 1956. LIC makes insurance accessible for every person in any corner of the country with 2048 branch offices, 113 divisional offices, 8 zonal offices and 1381 satellite offices.

   Currently, LIC’s total assets under management are INR 15 lakh crores. LIC being the dominant insurance player has a huge customer base of over 29 crore policyholders. LIC is a trusted insurance brand that offers great convenience to its customers through its excellent customer services on the digital platform, branch offices, and other tie-ups. LIC offers numerous life insurance products that can meet the unique needs of a variety of customer segments. For all the milestones it has achieved, LIC has been consistently recognised and awarded. Following are some of the awards received by LIC:

   • LIC won a whopping 35 Awards in 2021–2022; the most significant ones include the 
     • FICCI Insurance Industry Award Best Campaign Award
     • India Most Trusted Insurance Brand Award Honored by Insurance Alerts
     • Customer Service Excellence Award and Claims service leader Large.
   • LIC has been consistently winning the Reader’s Digest Trusted Brand Award
   • According to the Brand Trust Report, LIC has been consistently voted as ‘India’s Most Trusted Brand’ in the BFSI category
   • LIC won ‘Best Life Insurance Company of the Year’ and ‘Most Preferred Life Insurance Company of the Year’ award
   • In fact, the flexibility offered with the LIC plans is so diverse that choosing a LIC policy itself can be quite a dilemma. To make things easier for you, we have compared the top policies offered by LIC along with their features and benefits in the post linked below.
   • LIC has also launched their own chatbot ‘LIC Mitra’ to address all the queries of its customers effectively.

2. Max Life Insurance Company:

   Max Life Insurance Company founded in the year 2000 is the largest non-bank private sector insurance company in India. Max Life Insurance Company is a joint venture between Indian Max India Ltd, a multi-business Indian corporation and Mitsui Sumitomo Insurance Company, a Japanese Insurance Company. Max life insurance company is one of the fastest-growing insurance companies in India with assets under management of INR 1,07,510 crores.

   The company has a customer base of more than 32 lakhs, with 269 offices present all over India. Its strong online presence, wide portfolio of products, multi-distribution channels and high-quality customer services has earned it awards and recognition consistently.

   • The company was awarded ‘Best Finance Team Of The Year’ by ET Ascent in 2022
   • Economic Times recognised Max Life Insurance as one the ‘Best BFSI Brands 2022’
   • Max Life Insurance had a claim settlement ratio of 99.34% in 2021-22
   • Max Life was awarded as ‘Claims Service Leader’ and ‘Excellence in Claims Service’ by CMO Asia Awards.

Max Life Insurance allows you to select from multiple types of products being offered by them in the market. You can read more about Max Life Insurance and check their insurance plans below.

3. HDFC Life Insurance Company

   HDFC Life Insurance Company, one of the top insurance companies in India is a joint venture between HDFC Ltd, a leading housing finance institution in India and Standard Life Aberdeen, a global investment company. Founded in the year 2000, HDFC Life offers a wide array of insurance and investment solutions to various customer segments. HDFC Life serves its customers across the country through 372 branches and additional distribution touchpoints and bancassurance partners. With a strong digital platform, services are accessible easily to customers. HDFC Life has received many accolades and awards for its continuous contribution to the Indian Insurance Industry. Following are some of the details:

   • HDFC Life was awarded ICAI Silver Shield award in 2023
   • It was recognised as one of the ‘Best Companies for Women in India 2022’ by Avatar and Semount
   • HDFC Life received the YUVA Unstoppable Changemaker award in 2021
   • The company was recognised as Superbrand 2021
   • HDFC Life recognised as the Best 50 PCI Companies for 2019
   • HDFC Life was ranked as ‘Most Valuable Private Life Insurance Indian Brand’
   • HDFC Life received ‘Creative Excellence Award’ at INDIAA awards 2018
   • The company received ‘Best Life Insurance Company’, ‘Best Analytic Initiative of the Year’ and ‘Best Underwriting Initiative of the Year’ at BFSI awards.
   • HDFC life insurance offers considerable flexibility with their insurance policies, at 98.66%, their claim settlement ratio of 2021-22 is quite impressive as well. Click the link below to know more about the life insurance plans offered by HDFC.

4. ICICI Prudential Life Insurance

   ICICI Prudential Life Insurance Company is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Founded in the year 2000, ICICI Prudential Life is one of the best insurance companies in India having its presence all over the country today with its strong bancassurance channel and multiple distribution channels. ICICI Prudential Life’s assets under management as of 31st December 2022 are INR 2,518.84 billion. With the customer-centric approach, ICICI Prudential Life offers various long-term protection and savings plans for a diverse customer segment. For its excellence in the field of insurance, ICICI Prudential Life Insurance Company has been receiving many accolades and awards. Let’s take a look at a few of such recognitions.

   • Along with multiple awards, ICICI Prudential Life Insurance was awarded Gold in the ‘BFSI category’ in ET BrandEquity Kaleido Awards 2022
   • ICICI Prudential Life Insurance was featured as one of the Top 20 BSE100 companies by Institutional Investor Advisory Services India (IiAS) in 2022
   • ICICI Prudential Life was ranked as one of the ‘BrandZ Top 75 Most Valuable Indian Brands 2020’ and also awarded as ‘’Best Contact Centre’’ by the Customer Fest Leadership Awards 2021.
   • ICICI Prudential Life received the ‘Life Insurance Company of the Year’ award at the India Summit and Awards 2019
   • ICICI Prudential Life received ‘Life Insurance Provider of the Year’ by Outlook Money Awards 2018.
   • ICICI Prudential Life received the ‘Best Term Insurance Provider of the Year’ award by Money Today Financial Awards 2017-18
   • ICICI Prudential Life was awarded as ‘Best Customer Orientation in Life Insurance’ award by Emerging Asia Awards 2018
   • ICICI Prudential Life was awarded as ‘Best Growth in Life Insurance’ category by Emerging Asia Awards 2018.

5. Tata AIA Life Insurance Company

   Tata AIA Life Insurance Company is a joint venture between Tata Sons Private Limited, one of the largest business groups and AIA Group Limited, Asia’s largest insurance group. Tata AIA Life Insurance Company’s assets under management on 31st December 2021 are INR 55,492 crores. Being one of the trusted insurance brands in India, Tata AIA Life offers numerous insurance solutions starting from protection to wealth creation. The policies provide simple solutions for unique insurance needs along with excellent customer service. Let’s look at some of the achievements the company has earned.

   • The claim settlement ratio of Tata AIA Life Insurance in the fiscal year 2021-22 was 98.53%
   • Tata AIA Life Insurance was awarded the Extraordinaire Award at the 5th edition of Brand Vision Summit 2019-20
   • In 2019, Tata AIA Life Insurance was awarded the 2019 Aon Best Employer Award
   • The company was awarded the Kincentric Best Employer Award for six years in a row
   • Tata AIA Life Insurance offers a range of plans to make the life insurance affordable for everyone. Read more about Tata AIA Life Insurance and get information on their insurance plans to secure your future today.

6. Bharti AXA Life Insurance Company

   Bharti AXA Life Insurance was founded in the year 2006. It is a joint venture between AXA Group and Bharti Enterprises. The strong financial expertise and domestic business excellence of these companies have laid a strong background for the company. The company’s assets under management as of 30th June 2022 were INR 11,025 crores. Bharti AXA Life has introduced various innovative insurance products to cater to the unique needs of customers. Bharti AXA Life’s distribution network is spread across 123 cities in the country with 254 offices. The company offers various plans starting from protection plans to save, health and group plans and most of them are offered conveniently on an online platform. The claim settlement ratio of the company if the fiscal year 2021-22 was 99.09% which was really incredible.

   Bharti AXA won the ASSOCHAM Award in March 2019 in recognition of excellence in the field of insurance and also received the award for customer service excellence!

7. Bajaj Allianz Life Insurance Company<

   Bajaj Allianz Life Insurance Company founded in the year 2001 is a joint venture between Bajaj Finserv Limited of Bajaj Group. The assets under management of the company during the fiscal year 2021-22 were INR 24,633 crore. Bajaj Allianz Life has 582 branches across the country to offer innovative insurance solutions to various customer segments. Bajaj Allianz Life Insurance is known for its strong innovative products and timely customer service. Its claim settlement ratio was 98.48% in 2021-22. The company has won various awards and recognition for its contribution to the insurance industry. Following are some of the awards received by Bajaj Allianz Life Insurance:

   • Bajaj Allianz Life won the Best Risk Management Initiative – Life Insurance Award at InsureNext Awards & Summit 2022
   • Bajaj Allianz Life Insurance was featured as Top Riser Brand in Kantar BrandZ India 2022 Report
   • Bajaj Allianz Life received Digital Technology Senate Awards 2021
   • Bajaj Allianz Life won the Red Hat APAC Innovations Award 2020.
   • Bajaj Allianz Life has been recognised as the ‘Digital Marketer of the Year 2018’ in the insurance category
   • Bajaj Allianz won the ‘Customer Service Excellence Award’ at the NASSCOM BPM Strategy Summit 2018.
   • Ranked amongst the Top 75 Most Valuable Indian Brands 2019, Bajaj Allianz is one of the leading Indian insurance providers. Read about Bajaj Allianz Life insurance plans and check out their policies by clicking below.

8. SBI Life Insurance Company

   SBI Life Insurance Company is a joint venture between the State Bank of India (SBI), India’s largest bank and BNP Paribas Cardif, a French multinational bank and financial services company. Currently, SBI Life Insurance has an authorised capital of INR 20 billion (USD 290 million). SBI Life was first started as a bancassurance business which is now extended to the multi-distribution channel. With customer service excellence and product innovations, the company has been growing year on year. SBI Life has received many awards and accolades for its work in the field. Following are some of them:

   • Besides multiple awards, SBI Life Insurance was acknowledged as an Amiable Insurer in Life Insurance-Large Category in 2022.
   • In 2022, the “Certificate of Excellence” for “Most Trusted Private Life Insurance Company” was awarded to SBI Life Insurance.
   • SBI Life was awarded the Golden Peacock Award 2021 for Risk Management.
   • SBI Life won ‘Insurer of the Year’ in 2020 by FICCI
   • SBI Life won Best Covid Response-Towards Customers Towards Communities award at ASSOCHAM 13th Global E-Summit 2020
   • SBI Life won the ‘Brand of the Year 2016-17’ award in the insurance category
   • SBI Life won the ‘Private Sector Life Insurance Company of the Year’ award at the Fintelekt Insurance Awards
   • SBI Life won ‘Bancassurance Leader, Life Insurance’ in the large companies category.
   • SBI Life Insurance is one of the market leaders for life insurance policies in India. It offers different policies with several benefits for the policyholders.

9. Reliance Nippon Life Insurance Company

   Reliance Nippon Life Insurance Company, founded in the year 2001 is one of the leading insurance companies in India, catering to various segments of people. Reliance has more than 10 million policyholders. The company has made insurance accessible for many through its strong distribution network of 713 branches. Reliance Life has a product for every possible need of the individual. The claim settlement ratio of Reliance Nippon Life Insurance was 98.7% on 31st march 2022. The company has received many awards.

   • Reliance Life was awarded Insure Next Conference & Awards 2023 by Banking Frontiers for best claims settlement.
   • The company received BFSI Leadership Awards 2022 for being Life Insurer Of The Year.
   • In 2022, Reliance Life was certified as Great Place To Work For.
   • Reliance Life received Best Digital Customer Experience Award and TechCircle Business Transformation Awards 2021. 
   • Reliance Life received ‘Innovative Insurance Provider of the Year’ at ET BFSI Excellence Awards 2019
   • Reliance Life received the ‘Best Risk Innovation of the Year’ award
   • Reliance Life won the ‘Best Life Insurance Company (innovative Products)’ title
   • Browse different insurance plans by Reliance Nippon by clicking below and get a life insurance cover today.

10. AEGON Life Insurance Company

    AEGON Life Insurance Company, founded in the year 2008, is one of the best to offer various life insurance solutions to various customer segments. AEGON Life is a new-age company with a strong digital presence and a diverse product portfolio. It recorded a 99.03% claim settlement ratio in the year 2021-22.Owing to his diverse range of products and excellent services, the company has received many awards and recognition.

    • AEGON Life has received the ‘’Digital Company of the Year – 2020’’ award and ET BFSI Award in 2019.
    • AEGON Life has received the ‘E-business Leaders Award’ at Indian Insurance Awards
    • AEGON Life has received the ‘Celent Model Insurer Asia Award’
    • AEGON Life received the ‘Best Service Quality Program’ at Service Quality Awards in 2016.
    • AEGON Life has won ‘Most recommended Life Insurance Brand 2013’.

11. Aviva Life Insurance Company

    Aviva Life Insurance Company is a joint venture between Aviva plc, a British Assurance Company and Dabur Group, an Indian conglomerate. With more than 121 branches and 9000+ employees, Aviva Life has been offering a wide array of insurance products starting from protection plans to savings and retirement plans. Online products, customer service and many more areas make the company one of the top insurance companies in India. 

    • Aviva Life has been awarded as the ‘Best and Most Trusted Brand, 2019’.
    • Aviva Life Insurance Company was declared to be the Most Trusted Private Life Insurance Brand for the years 2018 and 2019 by TRA, Brand Trust Report – India Study. You can read more about the company to select a plan from Aviva Life Insurance below.

12. Birla Sun Life Insurance Company

    Aditya Birla Sun Life Insurance Company, founded in the year 2000 is a subsidiary of Aditya Birla Capital Limited. Aditya Birla Sun Life Insurance Company was formed by the coming together of Aditya Birla Group and Sun Life Financial, the leading international financial services organisation in Canada. Birla Sun Life is one of the best insurance companies in India that offers a diverse range of insurance solutions starting from protection plans to pension plans, savings plans and many new-age products.

    Total assets under management of the company are INR 6,06,604 million as of June 2022. The company has a presence across the country with more than 340 branches, 8 bancassurance partners, 6 distribution channels and 49,000+ direct selling agents. Birla Sun Life Insurance Company has received many accolades and awards for its continued contribution to the industry.

    • Birla Sun Life Insurance was awarded Domestic Life Insurer of the Year by Insurance Asia Awards.
    • In 2018, besides several awards, Birla Sun Life Insurance won 4 awards at the ET Now BFSI Awards 2018.
    • The company was awarded Best Risk Management Team at Legal Era Risk Award 2017.
    • Birla Sun Life Insurance Company received the ‘Successful Performance’ for 4 years Award in April 2005 by The Indo-Canadian Business Chamber. You can get complete information about plans from Birla Sun Life on this page.

13. Kotak Life Insurance Company

    Kotak Life Insurance Company is one of the fastest-growing and top insurance companies in India with a base of nearly 32.8 million policyholders. Kotak Mahindra Bank is the parent company of Kotak Life Insurance. Kotak Life Insurance Company offers a diverse range of insurance products to every section of society with unique features.

    The claim settlement ratio of the company was 98.50% in the fiscal year 2020-21. Kotak Group has achieved many milestones in the financial services field and has been awarded and recognised consistently for its achievements.

    Kotak Life Insurance offers several benefits such as protection, wealth creation, tax benefits, and more. The company offers several plans such as savings and investment plans, child plans, savings plans, and retirement plans which you can read below.

14. PNB MetLife Insurance Company

    PNB MetLife Insurance Company is one of the best insurance companies in India founded in the year 2001. The company serves customers in over 7,000 locations through its multi-distribution channels by offering numerous life insurance and savings products. The claim settlement ratio of the company during the year 2021-22 was 97.33%. PNB MetLife has received many awards for its excellence in the field of insurance.

    • PNB MetLife was awarded the Insure Next 2023 under the ‘Best Credit Protection’ category.
    • PNB MetLife won an award for ‘Best in Diversity and Inclusion’ by People Matters Awards 2019
    • PNB MetLife has received the ‘Best Product Innovation’ award for Mera Heart and Cancer Care plans at National Awards for Excellence in Insurance
    • PNB MetLife has been awarded as ‘Most Sustainable Company of India’
    • PNB MetLife helps its customers to achieve their financial & security goals through its flexible insurance options. It also offers excellent customer support services for a smooth purchase and redressal. Read more about the Life insurance plans offered by the company by clicking below.

15. Canara HSBC OBC Life Insurance Company

    Canara HSBC OBC Life Insurance Company was founded in the year 2008 and today it is one of the top insurance companies in India. The company came into existence by coming together of the two largest public sector banks in India – Canara Bank and Bank of Commerce along with HSBC Insurance Holdings Limited. Canara HSBC OBC Life has a customer base of around 60 million customers. With its huge network of banks and distribution channels, the company is offering insurance products accessible to everyone across the country. The claim settlement ratio of the company was 98.57% in 2020-21. The company has been awarded several awards and recognitions for its incredible services.

    • Canara HSBC Life Insurance was awarded the Most Well-Planned Business Travel by MTM in 2023
    • The company was awarded as Amiable Insurer at ET Insurance Summit and Awards 2022
    • In the year 2020, Canara HSBC Life Insurance became the Life Insurance Company of the Year 2020 – CMO Asia
    • Canara HSBC Life Insurance was awarded as India’a Most Trusted Company in 2019
    • In 2016, it became the Most Trusted Financial Brand.

Following is the list of best insurance companies in India

(Please note: Sample premium for the term plans of the insurance company are calculated for INR 1 Cr sum assured taken for 30 years tenure by 30-year-old healthy man | Data as on February 2023)