Top 24 Life Insurance Companies in India

At a Glance

India's life insurance market comprises 24 IRDAI-regulated players, with LIC dominating the market. Private insurers offer competitive policies with exclusive benefits. The best insurer to choose would be based on claim settlement ratio, premium, and coverage.

Research the top life 24 insurance companies in India to select an appropriate policy. Compare their stability, customer care, policy ease, and riders to get maximum coverage. Know these aspects in order to take a well-informed decision towards long-term safety.

Life insurance is a critical financial cover, providing safety for families and individuals. The life insurance market in India is extremely competitive with both public and private players in the market. LIC has the majority market share, while the private players provide new-age policies with customizable benefits. Selecting the right company involves considering issues such as the claim settlement ratio, affordability of premiums, and policy coverage. Knowledge of the largest life insurance firms in India assists policyholders in making the right choices. Comparing leading insurers enables people to choose the best policy for their financial objectives and future security.

How Many Life Insurance Companies Are Operating in India?

India's life insurance sector consists of 24 IRDA-approved life insurance corporations that are government and private organizations that provide several policies. The majority market is owned by LIC, while competitive policies are provided by private insurance organizations. Knowledge about the leading 24 Indian life insurance firms helps people pick the right policy based on the settlement ratio of claims, coverage, and affordability towards financial security. Knowledge of the top 24 life insurance companies in India assists one in choosing the proper coverage.

24 Best Life Insurance Companies in India

Life Insurance Corporation of India (LIC)

LIC is India's largest and most reliable insurer, providing government-guaranteed policies. Being one of the largest life insurance companies in India, it provides high claim settlement and long-term protection.

OneAssure

A digital-first insurance platform, OneAssure provides expert-curated plans for individuals and families. It makes it easy to select from the best 24 life insurance companies in India, offering customized policies with maximum coverage.

SBI Life Insurance

Supported by State Bank of India, SBI Life provides comprehensive cover with a broad banking network. Being one of the biggest life insurance companies in India, it provides customer-centric policies.

ICICI Prudential Life Insurance

One of the top insurers with robust digital facilities, ICICI Prudential specializes in protection and wealth-growth plans. It is one of the top 24 life insurance firms in India, with high claim settlement.

HDFC Life Insurance

HDFC Life offers extensive coverage, flexible plans, and solid financial support. It is one of the largest life insurance companies in India, guaranteeing high claim settlement percentages to policyholders.

Max Life Insurance

With customer-centric policies, Max Life boasts one of the highest claim settlement percentages. One of the Biggest life insurance companies in india, it definitely features as one of the top 24 life insurance companies in India, prioritizing long-term financial security.

Bajaj Allianz Life Insurance

A digital-led insurer, Bajaj Allianz provides flexible plans and investment-linked options. One of the largest life insurance firms in India, it provides hassle-free claims and sound financial support.

Kotak Mahindra Life Insurance

Kotak Mahindra Life offers wealth-building policies with flexible payouts. It is one of the top 24 life insurance firms in India, providing protection and investment solutions.

Tata AIA Life Insurance

A reliable joint venture, Tata AIA Life is one of the largest life insurance firms in India, providing high claim settlements and inclusive policies for various financial requirements.

Aditya Birla Sun Life Insurance

Reputed for investment-linked insurance, Aditya Birla Sun Life provides varied policies. It is among the top 24 life insurance firms in India, providing sound financial security.

Reliance Nippon Life Insurance

Reliance Nippon Life gives easy, economical insurance plans. Being one of the largest life insurance providers in India, it gives low prices and fast-settlement claims. 

PNB MetLife Insurance

Supported by Punjab National Bank, PNB MetLife offers low-cost life insurance policies. It is a part of India's top 24 life insurance providers, meaning that it covers large areas in terms of population.

Bharti AXA Life Insurance

A pioneer in insurance solutions in digital format, Bharti AXA offers flexible, contemporary policies. It is one of the largest life insurance corporations in India with a customer-centric approach.

Canara HSBC Life Insurance

Backed by a bank, Canara HSBC Life is one of the top 24 life insurance firms in India offering wide-ranging policies for different financial objectives. Its claim settlement is smooth and hassle-free.

IndiaFirst Life Insurance

Supported by leading banks, IndiaFirst Life offers low-cost and accessible policies. It is one of the largest life insurance organizations in India, committed to customer satisfaction.

Shriram Life Insurance

Shriram Life offers affordable protection to all, with its commitment to rural and semi-urban India. It is one of the top 24 life insurance organizations in India, with a commitment to unreached segments.

Edelweiss Tokio Life Insurance

A digital-insurer-first, Edelweiss Tokio provides easy-to-operate, customer-centric policies. It is one of the largest life insurance providers in India, providing ease of convenience and financial security.

Future Generali Life Insurance

With a global insurance giant as its partner, Future Generali provides internationally accepted policies. It is one of the top 24 life insurance providers in India, providing assured coverage.

Ageas Federal Life Insurance

A joint venture of Federal Bank, Ageas Federal provides tailored financial security. It is one of the largest life insurance companies of India, offering secure and clear services.

Sahara India Life Insurance

Being India's first privately-owned insurer that is Indian-owned, Sahara India Life provides economical plans of insurance. It is a part of India's top 24 life insurance companies, delivering affordable policies.

Aviva Life Insurance

Aviva Life, which is a joint venture with Aviva Group, offers globally-supported insurance solutions. It is one of the largest life insurance providers in India, offering strong financial protection.

Star Union Dai-ichi Life Insurance

Supported by Bank of India and Union Bank, Star Union Dai-ichi provides varied insurance solutions. It is among the top 24 life insurance providers in India, offering trust and security.

Exide Life Insurance

Recently taken over by HDFC Life, Exide Life has customer-centric policies. It is one of the largest life insurance players in India with high claim settlements.

Aegon Life Insurance

Aegon Life is a digital insurer, and thus policy management becomes hassle-free. It is one of the top 24 life insurance players in India, offering an easy and quick claim procedure.

How to Choose the Best Life Insurance Provider?

• Claim Settlement Ratio (CSR): A higher CSR guarantees that the insurer is reputable in the settlement of claims. Preferably, buy policies from companies that have a CSR of more than 95% for better comfort. This factor also mirrors the credibility of the insurer.
   
• Policy Offerings: Opt for an insurer that offers different policies in line with financial goals and future requirements. Term plans, ULIPs, and endowment plans are such options. Diverse options are a better way of ensuring flexibility.
   
• Premium Charges: Shop around the marketplace for all of the premiums charged by insurers to identify a cheaper but deserving policy. Premiums have to decrease, but not at the expense of coverage. Ensure the plan fits within the budget and does not include sneak invoices.
   
• Customer Service: Browse through the client reviews for grievance redressal and claim settlement assistance. A responsive insurer provides hassle-free services. Look for 24/7 support and an easy claim filing process.
   
• Extra Advantages: An additional few riders are available with the insurers, such as critical illness and-this- accidental death or disability benefits. As far as extra coverage is concerned, these benefits may be the important factor for most people. Check if these are relevant to your specific requirements.

Also Read: Difference Between Health Insurance and Life Insurance

Is Life Insurance the Same as Term Insurance? Which One to Choose?

Life insurance and term insurance are often used interchangeably, but they are not the same. While both provide financial security to dependents in case of the policyholder’s demise, they differ in features, benefits, and coverage duration. Understanding their differences can help you choose the right one based on your needs.

Difference Between Life Insurance and Term Insurance

• Term Insurance: This is a pure protection plan that offers financial coverage for a specific period (e.g., 10, 20, or 30 years). If the policyholder passes away during the term, the nominee receives the sum assured. However, if the policyholder survives the term, there is no maturity benefit. Term insurance is more affordable than other life insurance plans and provides high coverage at a low premium.
   
• Life Insurance (Traditional Plans): Life insurance includes a broader category of plans such as whole life insurance, endowment plans, and unit-linked insurance plans (ULIPs). These policies not only offer death benefits but may also provide maturity benefits, savings, and investment opportunities. The premium is higher compared to term insurance since they include a savings component.

Which One to Choose?

• Choose Term Insurance If: You want an affordable policy that provides maximum coverage for your family’s financial security in case of your untimely demise. It is ideal for individuals looking for pure risk protection.
   
• Choose Life Insurance If: You are looking for both protection and investment benefits. If you want to save for long-term goals like retirement or your child’s education while ensuring financial security, a life insurance plan may be a better option.

Ultimately, term insurance is best for financial protection, while life insurance suits those seeking additional savings or investment benefits. Choose based on your financial goals and risk appetite.

Conclusion

India's life insurance market is wide-ranging with 24 IRDA-regulated insurers offering policies for different financial requirements. Ranging from state-owned Life Insurance Corporation of India (LIC) to private players and online players, people have a wide range of possibilities to secure their future. It is important to understand the advantages and disadvantages of each insurer while deciding on the proper policy.

Factors such as claim settlement ratio, premium affordability, policy benefits, and riders should have an impact on your decision. LIC is still a trustworthy choice due to the guarantee by the government and high claim settlement ratio. However, private firms such as HDFC Life, ICICI Prudential, and Max Life have competition-sustained policies that offer wealth-building benefits. Online-first insurers like OneAssure offer end-to-end online solutions, and the process of choosing an insurance is made more efficient.

With numerous life insurance firms doing business in India, choosing the best one is daunting. Considering the top 24 life insurance companies in India enables one to compare policies based on financial goals. From long-term wealth accumulation to term cover or investment-linked policies, selecting the right insurer guarantees financial security.

For expert guidance, visit OneAssure to discover well-curated insurance plans that meet your needs. Plan your future today with the right life insurance plan!