When it comes to safeguarding your future, picking the right insurance provider is crucial. In India’s evolving financial landscape, more people are realizing the value of insurance not just as a safety net, but as a smart investment in peace of mind.
With so many companies offering a wide array of plans, it’s important to know which insurers stand out in terms of reliability, claim settlement, and customer care. This blog takes a closer look at 20 top insurance companies in India, providing the insights you need to choose the best coverage for yourself and your loved ones.
Key Reasons to Choose Your Insurance Company Carefully
- Insurance awareness is rapidly increasing across India.
- Different companies specialize in various insurance products.
- Payouts are accelerated when the claim settlement ratio is high.
- Financial stability builds customer trust and security.
- Strong digital services simplify policy management.
- IRDAI regulates but company performance varies.
List of India’s Top 20 Insurance Companies
1. Life Insurance Corporation of India (LIC)
- Website: https://licindia.in/
- Type: Life Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 1956
- IRDAI Registration Number: Government PSU
LIC is India’s largest and oldest life insurer, with a trusted legacy spanning over six decades. It specializes primarily in life insurance products and holds a dominant market share with over 29 crore policyholders. LIC boasts an impressive claim settlement ratio consistently above 98%, reflecting its reliability in fulfilling customer claims.
As a government-owned entity, LIC enjoys widespread presence with more than 2,000 branch offices across the country. Its portfolio includes popular term plans, endowment policies, and ULIPs that cater to diverse customer needs. LIC has also won multiple awards for customer service excellence and innovation in insurance solutions.
Popular Insurance Products:
- Health Insurance: Jeevan Arogya
- Term Plans: LIC Tech Term Plan
- ULIPs: LIC’s New Jeevan Anand ULIP variants
Key Highlights:
- Claim Settlement Ratio: 98.74%
- Over 2,000 branches nationwide
- Strong government backing and trust factor
2. HDFC Life Insurance Company Ltd.
- Website: https://www.hdfclife.com/
- Type: Life Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2000
- IRDAI Registration Number: 101
HDFC Life is one of India’s leading private life insurers known for its comprehensive range of term plans, ULIPs, and retirement solutions. With more than 370 branches and a growing customer base, it has positioned itself as a pioneer in digital insurance sales and customer service. The company consistently reports a claim settlement ratio above 98%, earning trust among individual policyholders and corporates alike.
HDFC Life’s focus on innovation is seen through its online platforms, instant policy issuance, and customer-friendly claim settlement processes. It has won various industry awards for product innovation and digital transformation.
Popular Insurance Products:
- Health Insurance: HDFC Life Group Health Optima
- Term Plans: HDFC Click 2 Protect Plus
- ULIPs: HDFC Life Sanchay Plus
Key Highlights:
- Claim Settlement Ratio: 98.66%
- 370+ branches across India
- Having a strong web presence and issuing policies instantly
3. ICICI Prudential Life Insurance
- Website: https://www.iciciprulife.com/
- Type: Life Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2000
- IRDAI Registration Number: 102
With a broad portfolio that includes term insurance, ULIPs, endowment plans, and retirement solutions, ICICI Prudential is a seasoned player in the private life insurance market. It serves over 1.2 crore policyholders and operates through more than 800 offices nationwide. The company prides itself on a claim settlement ratio near 98%, reflecting its strong customer focus and operational excellence.
ICICI Prudential has received praise for its extensive range of products, simple claim procedures, and cutting-edge digital solutions that streamline the client experience. Among the leading insurance companies in India, it has garnered multiple accolades for best life insurer and digital innovation.
Popular Insurance Products:
- Health Insurance: ICICI Pru Health Protect
- Term Plans: iProtect Smart
- ULIPs: ICICI Pru Smart Kid Plan
Key Highlights:
- Claim Settlement Ratio: 97.82%
- 800+ offices throughout India
- Award-winning digital claims management system
4. Kotak Life Insurance
- Website: https://www.kotaklife.com/
- Type: Life Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2001
- IRDAI Registration Number: 104
Kotak Life Insurance, a relatively young but rapidly growing player, focuses on term insurance and savings products with a strong emphasis on online distribution. It has built a large customer base through seamless digital onboarding and quick claim settlements. The company maintains a claim settlement ratio above 98%, showcasing consistent reliability.
Kotak Life also integrates advanced tech-driven services, making it a preferred choice for tech-savvy customers. Their flagship offerings include affordable term plans and money-back policies tailored for diverse financial goals.
Popular Insurance Products:
- Health Insurance: Kotak Health Shield
- Term Plans: Kotak e-Term Plan
- ULIPs: Kotak Wealth Plan
Key Highlights:
- Claim Settlement Ratio: 98.82%
- Growing digital-first customer base
- Simple, fast online policy purchase and claim process
5. Aditya Birla Sun Life Insurance
- Website: https://www.adityabirlacapital.com/
- Type: Life Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2000
- IRDAI Registration Number: 105
Aditya Birla Sun Life Insurance blends international financial know-how with the Aditya Birla Group’s power. It offers a wide variety of insurance plans in India, including term plans, health insurance, and ULIPs, serving millions across the country through an extensive network of branches and agents. The business highlights its dedication to policyholder satisfaction with a claim settlement ratio of over 98%.
It has embraced digital initiatives such as instant policy issuance, online claim filing, and technological advancements like behavioral healthcare software to enhance customer experience. Recognized for its innovative products and customer-centric approach, Aditya Birla Sun Life Insurance continues to grow steadily.
Popular Insurance Products:
- Health Insurance: ABSL Health Insurance
- Term Plans: ABSL My Life Secure Term Plan
- ULIPs: ABSL Wealth Premier Plan
Key Highlights:
- Claim Settlement Ratio: 98.07%
- Strong presence with 150+ branches nationwide
- Digital initiatives including online policy and claim services
6. SBI Life Insurance Company Limited
- Website: https://www.sbilife.co.in/
- Type: Life Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2001
- IRDAI Registration Number: 106
SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Cardif, combining the trust of SBI with international insurance expertise. It is one of India’s largest private life insurers, with over 2.5 crore policyholders and a vast branch network across 1000+ locations. Among the leading insurance companies in India, SBI Life stands out for its wide reach and strong financial backing.
The company has maintained a consistent claim settlement ratio above 97%, demonstrating reliability and strong customer trust. Term insurance, ULIPs, pension plans, and health coverage catered to different client groups are just a few of the many products that SBI Life provides. It has been recognized for its customer service excellence and innovative insurance solutions.
Popular Insurance Products:
- Health Insurance: SBI Life Smart Health Insurance
- Term Plans: SBI Life eShield
- ULIPs: SBI Life Smart Wealth Builder
Key Highlights:
- Claim Settlement Ratio: 97.78%
- 1000+ branches covering India extensively
- Robust digital platforms for policy management and claims
7. Bajaj Allianz General Insurance
- Website: https://www.bajajallianz.com/
- Type: General Insurance
- Headquarters: Pune, Maharashtra
- Founded: 2001
- IRDAI Registration Number: 140
Bajaj Allianz is one of India’s leading general insurance companies, offering a wide range of health, motor, travel, and home insurance products. It has a customer base of over 2 crore policyholders and operates through more than 300 branches nationwide. Bajaj Allianz is well-regarded for its quick claim settlements, with an industry-leading claim ratio above 95%.
The company leverages advanced technology to provide seamless online policy buying and claim filing processes. It has received numerous awards for service quality, innovation, and customer-centric offerings.
Popular Insurance Products:
- Health Insurance: Health Guard
- Motor Insurance: Bajaj Allianz Car Insurance
- Travel Insurance: Bajaj Allianz Travel Care
Key Highlights:
- Claim Settlement Ratio: 95.44%
- 300+ branch network across India
- Strong digital and app-based customer service
8. New India Assurance Company Limited
- Website: https://www.newindia.co.in/
- Type: General Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 1919
- IRDAI Registration Number: Government PSU
The government owns all of New India Assurance, the biggest and oldest general insurance provider in India. It boasts an extensive network with over 1700 branches across India and abroad, serving millions of customers. The company specializes in health, motor, travel, and commercial insurance, and has a strong claim settlement ratio above 94%.
New India Assurance is known for its customer-friendly approach and wide portfolio catering to individual and corporate clients. Its legacy and government backing make it a preferred choice for many Indian customers.
Popular Insurance Products:
- Health Insurance: New India Mediclaim Policy
- Motor Insurance: New India Motor Policy
- Travel Insurance: New India Travel Insurance
Key Highlights:
- Claim Settlement Ratio: 94.48%
- 1700+ branches in India and overseas
- Government-backed with strong trust factor
9. Reliance General Insurance
- Website: https://www.reliancegeneral.co.in/
- Type: General Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2000
- IRDAI Registration Number: 141
With an emphasis on health, auto, house, and travel insurance, Reliance General Insurance is a major participant in the Indian general insurance market. It serves over 2 crore policyholders through an expansive distribution network including 100+ offices nationwide. The company offers hassle-free claim settlement and digital-first solutions, supported by advanced customer support tools, to enhance customer experience.
Reliance General Insurance maintains a claim settlement ratio above 85%, with continuous efforts to improve service efficiency and product innovation. Its extensive range of customized insurance products appeals to both retail and corporate clients, making it one of the leading insurance companies in India.
Popular Insurance Products:
- Health Insurance: Reliance Health Insurance Plan
- Motor Insurance: Reliance Car Insurance
- Home Insurance: Reliance Home Secure
Key Highlights:
- Claim Settlement Ratio: 85.20%
- 100+ offices nationwide
- Emphasis on digital claims and customer support
10. Tata AIA Life Insurance Company Limited
- Website: https://www.tataaia.com/
- Type: Life Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2001
- IRDAI Registration Number: 107
A joint venture between Tata Sons and AIA Group, Tata AIA Life Insurance is renowned for its robust distribution network and customer-focused life insurance offerings. The company offers a broad range of term insurance, ULIPs, savings, and retirement plans catering to individual and group customers.
With over 1 crore policyholders and 400+ offices, Tata AIA has earned a claim settlement ratio consistently above 97%. Its commitment to innovation includes digital platforms for policy management and claims, along with personalized financial planning services. Tata AIA has won several awards for brand trust and product excellence.
Popular Insurance Products:
- Health Insurance: Tata AIA Life Sampoorna Suraksha+
- Term Plans: Tata AIA Life Insurance Sampoorna Raksha
- ULIPs: Tata AIA Life Insurance Invest Assure
Key Highlights:
- Claim Settlement Ratio: 97.12%
- 400+ offices across India
- Strong digital integration and customer engagement
11. Bharti AXA General Insurance
- Website: https://www.bhartiaxa.com/
- Type: General Insurance
- Headquarters: Gurugram, Haryana
- Founded: 2008
- IRDAI Registration Number: 144
One of India’s top private general insurers, Bharti AXA General Insurance provides a variety of insurance products, such as house, auto, travel, and health insurance. Backed by Bharti Enterprises and AXA Group, the company serves over 1 crore policyholders through a network of 70+ branches and a strong digital presence. It has been recognized for its smooth claim settlement process with a claim settlement ratio of over 88%.
Bharti AXA continues to innovate by providing digital solutions like instant claims, healthcare compliance software, and cashless hospitals, making insurance convenient for modern customers.
Popular Insurance Products:
- Health Insurance: Health Premia
- Motor Insurance: Car and Two-Wheeler Insurance
- Travel Insurance: Travel Guard
Key Highlights:
- Claim Settlement Ratio: 88.67%
- 70+ branch network
- Strong digital claims and policy servicing platform
12. Future Generali India Insurance
- Website: https://www.futuregenerali.in/
- Type: General Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2007
- IRDAI Registration Number: 145
Future Generali India Insurance is a joint venture between Future Group and Generali Group, offering general insurance products tailored for both retail and corporate customers. It has a presence in over 120 cities with a customer base exceeding 75 lakh policyholders.
The company maintains a claim settlement ratio above 90% by emphasizing timely claim payments and creative insurance solutions. Future Generali is also known for its customer-centric services, digital platforms for policy purchases, and partnerships with leading hospitals and garages for cashless claims.
Popular Insurance Products:
- Health Insurance: Future Generali Health Suraksha
- Motor Insurance: Future Generali Car Insurance
- Home Insurance: Future Generali Home Insurance
Key Highlights:
- Claim Settlement Ratio: 91.62%
- Presence in 120+ cities
- Extensive network of cashless service providers
13. Reliance Nippon Life Insurance Company
- Website: https://www.reliancenipponlife.com/
- Type: Life Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2001
- IRDAI Registration Number: 108
Reliance Nippon Life Insurance, now merged with Nippon Life India Asset Management, offers a wide range of life insurance products including term plans, ULIPs, and savings schemes. It serves over 1 crore policyholders through a network of more than 300 offices. As one of the prominent insurance companies in India, it continues to play a key role in shaping the country’s life insurance landscape.
The company has a claim settlement ratio of around 96%, reflecting a strong commitment to customer service. Reliance Nippon focuses on digital innovation, including instant policy issuance and simplified claim processing, making insurance more accessible and convenient.
Popular Insurance Products:
- Health Insurance: Reliance Nippon Life Secure Health Plan
- Term Plans: Reliance Nippon Life Smart Term Plan
- ULIPs: Reliance Nippon Life Wealth Builder
Key Highlights:
- Claim Settlement Ratio: 96.10%
- 300+ branch offices
- Digital platforms for ease of policy purchase and claims
14. Oriental Insurance Company Limited
- Website: https://www.orientalinsurance.org.in/
- Type: General Insurance
- Headquarters: New Delhi, Delhi
- Founded: 1947
- IRDAI Registration Number: Government PSU
Oriental Insurance is a government-owned general insurance company with a strong presence across India, offering a variety of products such as health, motor, travel, and personal accident insurance. It serves millions of consumers across the country with more than 1700 offices and an extensive agent network.
The company has a claim settlement ratio above 85%, and is known for its affordable products and customer-friendly approach. Oriental Insurance also emphasizes cashless claims and digital platforms to enhance service efficiency.
Popular Insurance Products:
- Health Insurance: Oriental Mediclaim Policy
- Motor Insurance: Motor Vehicle Insurance
- Travel Insurance: Travel Guard
Key Highlights:
- Claim Settlement Ratio: 85.90%
- 1700+ offices nationwide
- Government backing with wide reach and trust
15. Max Life Insurance
- Website: https://www.axismaxlife.com/
- Type: Life Insurance
- Headquarters: New Delhi, Delhi
- Founded: 2000
- IRDAI Registration Number: 109
Max Life Insurance is a reputed private life insurer in India, known for its comprehensive range of term, health, and savings plans. It serves over 2 crore policyholders and operates through a wide network of 300+ branches. Max Life has consistently maintained a claim settlement ratio above 97%, earning customer trust and industry recognition.
The company invests heavily in technology to provide seamless digital policy management and claim services, focusing on personalized financial protection and wealth creation solutions.
Popular Insurance Products:
- Health Insurance: Max Life Health Returns Plan
- Term Plans: Max Life Smart Term Plan
- ULIPs: Max Life Fast Track Super Plan
Key Highlights:
- Claim Settlement Ratio: 97.02%
- 300+ branches across India
- Strong focus on digital innovation and customer experience
16. Navi General Insurance
- Website: https://navi.com/
- Type: General Insurance
- Headquarters: Bengaluru, Karnataka
- Founded: 2016 (as DHFL General Insurance; rebranded by Navi in 2020)
- IRDAI Registration Number: 158
Navi General Insurance, part of the Navi Group founded by Sachin Bansal (co-founder of Flipkart), is gaining attention for its tech-driven approach and simple, affordable insurance products. The company offers digital-first policies including health, motor, gadget, and travel insurance, all of which can be bought and managed via its mobile app.
With a strong focus on automation and quick claim settlement, Navi is especially popular among young, tech-savvy policyholders. Its health insurance offerings, which feature monthly EMIs and instant policy issuance, stand out in India’s crowded insurance space.
Popular Insurance Products:
- Health Insurance: Navi Health Insurance with monthly EMIs
- Motor Insurance: Car and two-wheeler insurance
- Travel Insurance: Domestic and international plans
Key Highlights:
- Known for quick policy issuance and low-cost premiums
- Claim Settlement Ratio: 97%+ (as per company disclosure)
- 100% digital purchase and claims via Navi app
17. Universal Sompo General Insurance
- Website: https://www.universalsompo.com/
- Type: General Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2007
- IRDAI Registration Number: 146
Universal Sompo General Insurance offers a comprehensive suite of general insurance products, including health, motor, travel, and property insurance. It operates through a network of over 60 branches and has been expanding its digital presence to provide seamless policy management and claim services. As one of the growing insurance companies in India, it continues to strengthen its reach and customer experience through innovation and accessibility.
The company focuses on delivering excellent customer service with an efficient claim settlement ratio of around 86%. Universal Sompo leverages technology to simplify the buying process and enhance customer satisfaction.
Popular Insurance Products:
- Health Insurance: Universal Sompo Health Plan
- Motor Insurance: Car and Two-Wheeler Insurance
- Travel Insurance: Travel Secure
Key Highlights:
- Claim Settlement Ratio: 86.14%
- 60+ branches across India
- Emphasis on digital claims and customer support
18. Bajaj Allianz Life Insurance
- Website: https://www.bajajallianzlife.com/
- Type: Life Insurance
- Headquarters: Pune, Maharashtra
- Founded: 2001
- IRDAI Registration Number: 110
Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited and Allianz SE, offering a wide range of life insurance products like term plans, savings, retirement, and health insurance. It is one of the leading providers of insurance plans in India, serving millions of customers across the country through a vast distribution network and digital platforms.
The company maintains a claim settlement ratio consistently above 97%, demonstrating reliability and efficiency. Bajaj Allianz Life is known for its customer-friendly policies and quick claim settlements supported by robust digital infrastructure.
Popular Insurance Products:
- Health Insurance: Bajaj Allianz Health Guard
- Term Plans: Bajaj Allianz Life Smart Protect Goal
- ULIPs: Bajaj Allianz Life Future Wealth Gain
Key Highlights:
- Claim Settlement Ratio: 97.67%
- Nationwide presence with 200+ offices
- Strong focus on digital innovation and customer engagement
19. National Insurance Company Limited
- Website: https://nationalinsurance.nic.co.in/
- Type: General Insurance
- Headquarters: Kolkata, West Bengal
- Founded: 1906
- IRDAI Registration Number: Government PSU
One of India’s first general insurance firms, National Insurance Company Limited is wholly controlled by the government. It offers a broad portfolio of products including health, motor, property, and marine insurance. With over 1400 offices nationwide, it serves millions of customers. The company maintains a claim settlement ratio above 85%, focusing on timely claims and comprehensive coverage.
National Insurance has a strong legacy and government backing, making it a trusted name in the Indian insurance landscape.
Popular Insurance Products:
- Health Insurance: National Mediclaim Policy
- Motor Insurance: Motor Vehicle Insurance
- Property Insurance: Fire and Special Perils Insurance
Key Highlights:
- Claim Settlement Ratio: 85.53%
- 1400+ offices across India
- Government-owned with a large customer base
20. SBI General Insurance
- Website: https://www.sbigeneral.in/
- Type: General Insurance
- Headquarters: Mumbai, Maharashtra
- Founded: 2010
- IRDAI Registration Number: 147
A joint venture between the State Bank of India and the Insurance Australia Group, SBI General Insurance provides a variety of general insurance products, including health, auto, home, and travel insurance. It has quickly grown to become a key player in the private general insurance sector with over 100 branches and millions of customers.
The company prides itself on a claim settlement ratio above 90%, coupled with a strong focus on digital transformation and the use of customer service software platforms to provide hassle-free policy management and claim processing.
Popular Insurance Products:
- Health Insurance: SBI General Health Insurance
- Motor Insurance: SBI General Motor Insurance
- Home Insurance: SBI General Home Insurance
Key Highlights:
- Claim Settlement Ratio: 90.39%
- 100+ branches across India
- Strong digital and customer service platforms
Quick Comparison Table
| Company | Type | CSR (Life) / CSR‑3M (Gen) | ICR | HQ |
| LIC | Life PSU | 98.74 % | – | Mumbai |
| HDFC Life | Private Life | 98.66 % | – | Mumbai |
| ICICI Pru | Private Life | 97.82 % | – | Mumbai |
| Kotak Life | Private Life | 98.82 % | – | Mumbai |
| Aditya Birla Sun Life | Private Life | 98.07 % | – | Mumbai |
| Tata AIA | Private Life | 98.53 % | – | Mumbai |
| SBI Life | Public‑Private | 97.05 % | – | Mumbai |
| Bajaj Allianz Life | Private Life | 99.02 % | – | Pune |
| Max Life | Private Life | 99.34 % | – | New Delhi |
| Axis Max Life | Private Life | >99 % | – | New Delhi |
| ICICI Lombard | Private Gen | 98.53 % | 78.85 % | Mumbai |
| HDFC ERGO | Private Gen | 98.59 % | 80.98 % | Mumbai |
| Bajaj Allianz Gen | Private Gen | – | 84.96 % | Pune |
| Tata AIG Gen | Private Gen | 95.46 % | 77.94 % | Mumbai |
| Reliance Gen | Private Gen | 98.75 % | 89.42 % | Mumbai |
| New India | PSU Gen | – | 97.36 % | Mumbai |
| Oriental | PSU Gen | – | 101.96 % | New Delhi |
| United India | PSU Gen | 96.33 % | 109.23 % | Chennai |
| SBI General | Private Gen | 96.47 % | 87.86 % | Mumbai |
| Star Health | Private Health | 99.21 % | 66.47 % | Chennai |
Conclusion
With so many insurance companies in India operating today, finding the right one can feel overwhelming. But by focusing on important factors like claim settlement ratios, product variety, and customer support, you can narrow down the choices to what truly fits your needs.
Whether you want life coverage, health protection, or motor insurance, the right company will give you peace of mind and financial security. Take your time to compare options and choose a trusted insurer that stands by you when it matters most.
Frequently Asked Questions
1. What is the Claim Settlement Ratio?
It is the proportion of claims that an insurer resolves out of all claims that are filed.
2. How can I Pick the Top Insurance Provider?
Look for a good claim settlement ratio, product variety, financial stability, and customer service.
3. Are Government-Owned Insurers Better?
They offer trust and reliability, but many private insurers provide competitive products and services.
4. Can I Buy Insurance Online?
Yes, most insurance companies offer online policy purchase and claim services.
5. Is Insurance Mandatory in India?
Certain types, like motor insurance, are mandatory, while others are optional but recommended.
