Life insurance is essential for giving people and families peace of mind and financial stability. In India, the life insurance sector has grown significantly, offering a wide range of plans including term insurance, endowment policies, ULIPs, and retirement solutions. With rising awareness and a focus on long-term financial planning, people are increasingly turning to reliable insurance companies in India that offer trusted and customized life insurance solutions.
The industry is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), ensuring transparency and trust. Today, several well-established companies operate across the country, offering innovative products and efficient services tailored to diverse customer needs and financial goals.
In this blog, we will take a look at the Top 20 Life Insurance Companies in India.
Importance of A Life Insurance Policy
A life insurance policy is an essential component of a sound financial plan. In addition to offering your loved ones a safety net in the case of your sudden passing, it also helps you achieve long-term financial objectives like retirement, your children’s education, or building wealth.
Life insurance ensures that your family remains financially stable even when you’re not around. Additionally, it fosters a disciplined approach to saving and future planning.
Here’s why life insurance is important:
- Financial Security for Family: It ensures that your dependents continue to live comfortably and meet expenses after your passing.
- Debt Repayment: It helps clear liabilities like home loans or personal debts, saving your family from financial stress.
- Tax Benefits: Premiums paid are eligible for deductions under Section 80C, and maturity benefits are often tax-exempt under Section 10(10D).
- Wealth Creation: Policies like ULIPs or endowment plans also help in generating long-term savings with returns.
- Peace of Mind: Knowing that your family’s future is protected brings emotional and financial peace.
Life insurance, therefore, is more than just a policy-it’s a responsible step toward securing your family’s future.
Types of Life Insurance In India
1. Term Life Insurance
This type of life insurance is the most straightforward and reasonably priced. It provides pure life cover, meaning your nominee receives a death benefit if you pass away during the policy term. There is no maturity benefit if you survive the term.
Key Features:
- High coverage at low premiums
- Adding riders in the event of a serious illness or unintentional death
- Ideal for young earners and families looking for financial protection
2. Whole Life Insurance
A whole life policy offers coverage for the entire lifetime of the insured, typically up to 99 or 100 years. Upon the policyholder’s passing, the nominee receives the death benefit; certain plans may also accrue monetary value.
Key Features:
- Lifelong coverage
- Can be used for estate planning
- Builds cash value over time
3. Endowment Policy
An endowment plan combines insurance and savings. It offers a lump sum either on death or after a specific term (maturity). These are great for meeting long-term goals such as children’s education or marriage.
Key Features:
- Provides both death and maturity benefits
- Lower returns than market-linked products but stable
- Suitable for conservative investors
4. Unit Linked Insurance Plan (ULIP)
ULIPs are a mix of insurance and investment. A portion of your premium is used for life cover, while the rest is invested in market-linked funds like equity or debt.
Key Features:
- Potential for higher returns
- Flexibility to choose investment funds
- Transparent charges and fund performance tracking
- Lock-in period of 5 years
5. Money Back Policy
In this policy, the insured receives periodic survival benefits (a portion of the sum assured) during the policy term. Upon maturity, the remaining sum is paid, and the full amount is paid to the nominee in case of death.
Key Features:
- Regular payouts during the term
- Ideal for those needing liquidity at intervals
- Offers insurance along with savings
6. Child Insurance Plan
These policies are designed to secure a child’s future by offering a lump sum at key milestones like education or marriage. Even if the parent (policyholder) dies, the plan continues through a premium waiver.
Key Features:
- Helps fund education and future goals
- Premium waiver ensures continuity
- Offers both maturity and death benefits
7. Retirement/Pension Plans
These policies help build a retirement corpus. At maturity, the policyholder receives a lump sum or regular pension (annuity). Death benefits are paid to the nominee in case of early demise.
Key Features:
- Financial independence during retirement
- Regular income through annuities
- Tax benefits on premiums
List of Top 20 Life Insurance Companies in India
1. Life Insurance Corporation of India (LIC)
Established– 1956
LIC is the largest government-owned life insurance company in India which was established in the year 1956.
It was founded in 1956 and has become a trusted insurer, based on its high claim settlement ratio and large number of agents. LIC has term plans, endowment, pension, and ULIPs. It has unparalleled rural and urban penetration and is at the center of financial protection of families.
Its brand legacy, the broad policy portfolio, and India-wide presence make it a leader in the Indian insurance market.
- CSR: ~98.7% (FY 2022–23)
- Premium Rates: e.g., Saral Jeevan Bima – ₹1,533/month for ₹25 L cover
- Solvency Ratio: ~2.02 (Dec 2024)
Key Features:
- Broad portfolio: term, endowment, pension, ULIPs
- Extensive distribution via largest agent network
- Strong public trust backed by government ownership
2. HDFC Life Insurance Company Limited
Established– 2000
HDFC Life is a joint venture between HDFC Ltd. and Abrdn; the company is associated with innovation and digital first services.
It offers term insurance, pension, savings, and ULIP plans that are customised as per the changing financial needs. It has a high claim settlement ratio and an uninterrupted customer experience, aiming at long-term value creation.
HDFC Life is famous amongst salaried individuals and urban families seeking a combination of protection and investment.
- CSR: ~99.5% (FY 2023–24)
- Premium Rates: Click 2 Protect Super – ~₹743/month for ₹1 Cr cover
- Solvency Ratio: ~2.03 (2023)
Key Features:
- Digital-first interface with online issuance and claims
- Wide range of plans: term, savings, ULIPs, pension
- Personalised advisory & strong customer support
3. ICICI Prudential Life Insurance Company Limited
Established– 2000
This private insurer is a joint formation of ICICI Bank and Prudential Corporation and is a significant participant in the market with a large product portfolio.
It has term, savings and unit-linked insurance schemes. ICICI Prudential has strength in areas of digital integration, ease of access of policy and transparent servicing.
The company has a reputation of effective claim payment and strong financial support which attracts technologically savvy and investment oriented policy owners.
- CSR: ~99.17% (FY 2023–24)
- Premium Rates: iProtect Smart – ~₹449/month for ₹1 Cr cover
- Solvency Ratio: ~1.9–2.13 (FY 2023)
Key Features:
- Tech-enabled claims processed swiftly (<2 days)
- Broad product range: term, ULIPs, savings, retirement
- Multi-channel distribution via digital and bank partnerships
4. SBI Life Insurance Company Limited
Established– 2001
SBI Life, a joint venture between SBI and BNP Paribas Cardif, uses its robust banking distribution channel to distribute insurance products.
It provides affordable term plans and ULIPs and pension and endowment products. The company stresses on ease, access and broad demographic reach.
Being financially strong and having a good presence in rural India, SBI Life is promoting financial inclusion and insurance awareness in India.
- CSR: ~98.25% for individual death claims FY 2023–24
- Premium Rates: Revive Mia Pension Plus: approx ₹1,800/month for ₹50,000 annual annuity
- Solvency Ratio: ~2.04 as of Dec 2024
Key Features:
- Distributed via SBI’s extensive branch network
- Affordable plans focusing on financial inclusion
- Strong digital onboarding and servicing capabilities
5. Max Life Insurance Company Limited
Established– 2000
Max Life, a customer-centric company supported by Max Financial and Axis Bank, is one of a kind. It offers term plans, child insurance, savings and retirement products.
Max Life is a reputed brand in the sphere of life insurance, known by its stable claim settlement and credible service.
It emphasises family protection, wealth creation as well as financial planning with flexibility in policy features.
- CSR: 99.34% (individual policies FY 2023–24)
- Premium Rates: Smart Secure Plus term plan ~₹420/month for ₹1 Cr
- Solvency Ratio: ~1.90 (FY 2023)
Key Features:
- Term, child, and retirement-focused products
- Personalised financial planning and advisory
- High claim efficiency with fast payouts
6. Bajaj Allianz Life Insurance Company Limited
Established– 2001
This insurer is a joint venture between Bajaj Finserv and Allianz SE and provides a wide range of insurance choices such as term, ULIPs, child plans, and retirement plans.
Bajaj Allianz Life is an innovative insurer that offers cheap prices and good digital interfaces.
Its convenient applications, solvency margin, and the uniform quality of its services attract city-based professionals as well as first-time policy buyers.
- CSR: 99.02% (FY 2023–24 by amount)
- Premium Rates: Goal Assure IV ULIP ~₹1,099/month for ₹10 L sum assured
- Solvency Ratio: ~5.81 (~581%) for FY 2022
Key Features:
- Strong mobile app and digital-first services
- Broad product range including ULIPs, term, child, pension
- Excellent financial strength & solvency
7. Kotak Mahindra Life Insurance Company Limited
Established– 2001
Kotak Life is a life insurance offering bank Kotak Mahindra Bank. It has a range of products namely term, savings, retirement, and ULIP plans.
The company puts emphasis on customer service, use of technology, and flexibility on coverage.
However, competitive rates, easier procedures, and market stability render it appropriate to customers interested in versatile and safe plans.
- CSR: ~98.82% (FY 2023–24)
- Premium Rates: Kotak e-Term Plus: ~₹450/month for ₹1 Cr cover
- Solvency Ratio: ~2.83 (FY 2023)
Key Features:
- Quick online buying with minimal paperwork
- Competitive premiums with flexible options
- Support via Kotak Bank’s distribution network
8. Tata AIA Life Insurance Company Limited
Established– 2001
Tata AIA is the joint venture of Tata Sons and AIA Group. It sells protection, savings, and investment-linked policies with critical illness and health cover add-ons.
Tata AIA receives high ratings concerning fast issues of policy, efficient claims settlement and financial stability. It is a company of choice because of its dedication to the well being of customers and quality services
- CSR: ~98.53% (FY 2023–24)
- Premium Rates: iRaksha Supreme+ term plan ~₹490/month for ₹1 Cr
- Solvency Ratio: ~1.86 (FY 2023)
Key Features:
- Protection plans with health & critical illness riders
- Fast digital policy issuance and claim settlement
- Financial strength backed by AIA Group
9. Aditya Birla Sun Life Insurance Company Limited
Established– 2000
This insurer is a subset of the Aditya Birla Capital Group in collaboration with Sun Life Financial, offering different types of protection and investment products. These are term plans, ULIPs, savings, and retirement plans. It is one of the many fintech firms driving innovation in India’s insurance sector.
Aditya Birla Sun Life is known to have a broad financial network and focuses on personalised financial planning, digital, and customer-retention tools.
- CSR: ~98.07% (FY 2023–24)
- Premium Rates: Sun Life Shield+ term plan ~₹400/month for ₹1 Cr cover
- Solvency Ratio: ~1.73 (FY 2023)
Key Features:
- Tools for finance
- Customisable riders and flexible policy options
- Strong bancassurance and agency distribution
10. PNB MetLife India Insurance Company Limited
Established– 2001
This is a joint venture between Punjab National Bank and MetLife and the company aims at providing accessible and affordable life insurance. It provides term insurance, savings plans and ULIPs.
The customers can be reached easily with strong bank partnerships. PNB MetLife focuses on long term security and provides effective claims and after sales service.
- CSR: ~99.06% (FY 2022–23)
- Premium Rates: PNB MetLife Mera Term Plan: ~₹350/month for ₹1 Cr cover
- Solvency Ratio: ~1.86 (FY 2023)
Key Features:
- Affordable, bank-linked term & ULIP plans
- Simplified policy purchase via PNB branches
- Transparent claims process with fast turnaround
11. Canara HSBC Life Insurance Company Limited
Established– 2008
This insurer is a joint stock company among Canara Bank, HSBC and Punjab National Bank. It has term, savings, ULIP and pension products.
It has a reputation of insurance services linked to banking, which enables it to target the semi-urban and rural populations effectively.
The company emphasises low cost, reliability and easy administration of policies supported by good bank backing.
- CSR: 99.23% (FY 2023–24)
- Premium Rates: iSelect Term Plan: approx ₹380/month for ₹1 Cr
- Solvency Ratio: ~2.15 (FY 2023)
Key Features:
- Coverage: term, savings, ULIPs, pensions
- 1-day claim settlement initiative for quick payouts
- Strong semi‑urban/rural reach via Canara & PNB banks
12. Reliance Nippon Life Insurance Company Limited
Established– 2001
Reliance Nippon Life provides traditional and investment linked life insurance products such as term, savings and retirement products.
The company is a joint venture between Reliance Capital and Nippon Life, and it focuses on making it customer friendly, competitive premiums, and accessible (easy) to customers, via digital platforms, and advisors.
- CSR: ~98.67% (FY 2022–23)
- Premium Rates: Reliance Nippon iTerm Plus: ~₹450/month for ₹1 Cr
- Solvency Ratio: ~2.29 (FY 2023)
Key Features:
- Mix of term, ULIP, child, retirement solutions
- Advisor-led and digital policy support
- Competitive premiums, diverse plan options
13. Aviva Life Insurance Company India Limited
Established– 2000
Aviva India is the committed life insurance company supported by Dabur Group and Aviva plc that provides a selected product range in life insurance.
They are term plans, children savings, and ULIPs. Aviva pursues a long-term protection strategy with uncomplicated policy features and efficient service. By combining experience with robust customer service software, it ensures policyholders enjoy peace of mind.
- CSR: ~98.98% (FY 2023–24)
- Premium Rates: Term Plan: ~₹400/month for ₹1 Cr
- Solvency Ratio: ~1.84 (FY 2023)
Key Features:
- Transparent processes and ULIPs
- Strong customer education initiatives
- Integrated digital tools and advisory support
14. Bharti AXA Life Insurance Company Limited
Established– 2006
Bharti AXA is a joint venture between Bharti Enterprises and AXA Group which provides term insurance, ULIP and savings insurance. The tech-enabled services, low premiums, and easy claims are what the company is known for.
It is focused on the contemporary insurance requirements having flexible and easy policy terms and conditions to address the needs of the young and urban population.
- CSR: 99.01% (FY 2022–23)
- Premium Rates: Bharti AXA iTerm Cover: ~₹390/month for ₹1 Cr
- Solvency Ratio: ~1.63 (FY 2023)
Key Features:
- Tech-enabled onboarding and servicing
- Affordable term and ULIP products
- Strong focus on youth segment
15. Aegon Life Insurance Company Limited
Established– 2008
Aegon Life is providing digital-first insurance experience through easy online term plans and saving products. It serves millennials and technology-savvy clients who like fast policy delivery and minimal paperwork.
Aegon Life is appreciated in terms of transparency, fair prices, and simplistic product design.
- CSR: 99.37% (FY 2022–23)
- Premium Rates: iTerm Plan: ~₹370/month for ₹1 Cr
- Solvency Ratio: ~2.75 (FY 2023)
Key Features:
- Fully digital, paperless policy purchase
- ULIPs and savings plans with transparent charges
- Affordable with minimal underwriting
16. Edelweiss Tokio Life Insurance Company Limited
Established– 2011
Edelweiss Tokio is a joint venture of Edelweiss Group and Tokio Marine, which offers a wide range of products such as term, ULIP, and child plans.
Young investors are drawn to its novelty tools and customisable coverage as well as its hybrid advisory model.
The company is directed at the creation of wealth and protection with balanced product characteristics.
- CSR: 99.20% (FY 2022–23)
- Premium Rates: iTerm Plan: ~₹385/month for ₹1 Cr
- Solvency Ratio: ~2.20 (FY 2023)
Key Features:
- Customisable protection & ULIPs
- Hybrid advisory and digital support
- Strong youth-centric digital tools
17. IndiaFirst Life Insurance Company Limited
Established– 2009
IndiaFirst is bank-led distribution and is promoted by Bank of Baroda and Union Bank of India, known attributes of reliable service. It has products in term policy, pension policy and saving policies.
It favors convenience of access, speed and transparency and is attractive to both wage earners and self employed persons.
- CSR: ~99.94% (FY 2023–24)
- Premium Rates: iTerm Plan: ~₹360/month for ₹1 Cr
- Solvency Ratio: ~2.18 (FY 2023)
Key Features:
- Bank-linked distribution (BoB & UBI)
- Term, pension & savings plans
- Fast digital onboarding process
18. Future Generali India Life Insurance Company Limited
Established– 2006
This company is a joint venture between Future Group and Generali and has an extensive variety of plans such as protection, ULIPs and savings.
It focuses on new-age customers who seek easy and inexpensive insurance options with a solid online presence and responsive customer service.
- CSR: ~96.15% (FY 2023–24)
- Premium Rates: Term Plan: ~₹380/month for ₹1 Cr
- Solvency Ratio: ~1.96 (FY 2023)
Key Features:
- Combined term, ULIP, savings, retirement plans
- Efforts to digitise claims & customer support
- Responsive service and advisory solutions
19. Shriram Life Insurance Company Limited
Established– 2005
Shriram Life is a company that targets the underserved populations with low-cost life insurance.
It offers term plans, savings, and group insurance products with an easy onboarding process and effective customer outreach. It has a vast number of rural and semi-urban consumer bases in India.
- CSR: ~98.76% (FY 2023–24)
- Premium Rates: online term plan: ~₹320/month for ₹1 Cr
- Solvency Ratio: ~2.10 (FY 2023)
Key Features:
- Focus on rural & semi‑urban markets
- Wide portfolio: term, savings, child, pension plans
- Simplified claim & onboarding processes
20. Star Union Dai-ichi Life Insurance Company Limited
Established– 2007
Formed by Bank of India, Union Bank, and Dai-ichi Life, this insurer provides protection and long-term savings products. Its bank-led distribution makes insurance accessible to millions.
Star Union Dai-ichi focuses on building customer relationships and financial security through structured and flexible plans.
- CSR: ~96.27% (FY 2023–24)
- Premium Rates: iTerm Plan: ~₹400/month for ₹1 Cr
- Solvency Ratio: ~2.20 (FY 2023)
Key Features:
- Bancassurance via Bank of India & Union Bank
- Protection & savings policies with riders
- Flexible payment and claim settlement options
How to Choose the Right Life Insurance Company?
- Check Claim Settlement Ratio: Choose a company with a high and consistent claim settlement ratio to ensure your family faces no hassle during claim processing.
- Understand Your Insurance Needs: Identify whether you need term insurance, ULIP, or endowment based on your financial goals, family responsibilities, and future expenses.
- Evaluate Premium Affordability: Compare premiums for similar coverage across companies and ensure the plan fits comfortably into your long-term budget.
- Assess Company Reputation & Reviews: Research customer feedback, industry ratings, and company experience to gauge reliability and service quality.
- Check Product Flexibility: Go for insurers that offer riders (like critical illness, waiver of premium, etc.) and customisation options to suit your specific needs.
- Digital & Customer Support Services: Look for companies with strong online platforms, healthcare compliance software, app access, and responsive support for easy policy management and claim tracking.
Ending Thoughts
Life Insurance Companies in India have helped shape a sector that has grown into a robust and diversified industry, offering various products tailored to different life stages and financial goals. The leading companies stand out for their strong claim settlement records, innovative policy options, and customer-focused services. From government-backed giants to private players with digital agility, each insurer contributes uniquely to securing the financial future of millions.
Whether you’re planning long-term savings, retirement, or family protection, selecting the right provider ensures peace of mind. As life becomes increasingly uncertain, these trusted life insurance companies play a vital role in offering stability and assurance. Evaluating your needs and comparing offerings carefully can help you make a wise decision for your family’s future and your financial well-being.
FAQs
What factors should I consider while choosing a life insurance company in India?
Consider the company’s claim settlement ratio, product range, customer service, premium affordability, and market reputation.
Which life insurance company has the highest claim settlement ratio in India?
Life Insurance Corporation of India (LIC) consistently has one of the highest claim settlement ratios.
Can I switch life insurance companies after buying a policy?
No, but you can surrender the old policy and buy a new one. However, it may lead to financial loss or reduced benefits.
Do all life insurance companies offer online services?
Most major life insurers offer online policy purchase, renewal, and claim tracking for customer convenience.
