Top 20
Top 20 Life Insurance Companies in India For Best Services
A Life Insurance Company in India also called in short as LIC, is basically involved in providing financial security and solutions to the people to help safeguard their future and family in times of need. There are many insurance companies in India, which are either privately-owned companies or function under the state government. India is ranked tenth in the world, in terms of the life insurance market.
The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body of the insurance industry in India and functions under the IRDA Act, 1999. IRDAI is responsible for protecting the interests of the policyholders and also monitors activities for the proper growth of the insurance companies in the country.
Also, read our other articles:
“Top 20 Companies in India By Market Capitalisation” [link to article]
“Top 20 Hospitals in India” [link to article]
“Top 20 Banks in India” [link to article]
Here, we’re going to share with you the names of a few LIC companies in India that are well-known for their services offered and have a large customer base.
20 Best LIC Companies of India to Buy Insurance Policies
Listed below (in alphabetical order) are the top twenty Life Insurance Companies in India that offer a wide selection of insurance schemes/plans, where each one provides financial benefits, protection, claim settlements, premiums, and lots of options for every individual residing in the country.
Note: Due to the limited scope of this article, more details can be found on the respective insurance provider’s website. We have also included the websites of such companies.
1. Aditya Birla Sun Life Insurance Company
Claim Settlement Ratio: 98.04%
Aditya Birla Sun Life Insurance Company is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., which is a financial services company based in Canada. Aditya Birla Sun Life Insurance Company has contributed to the growth and development of the life insurance industry in India.
The company offers a complete range of plans/schemes comprising Protection Solutions, Savings, Wealth Protection, Health & Wellness Solutions, Child’s Future Solutions, and Retirement Solutions. The company has its distribution network in more than 500 cities, including 560 branches and over 140 partnerships with various banks, brokers, and corporate agents. Aditya Birla Sun Life Insurance Company caters to all the basic needs and necessities of customers by providing insurance against all sorts of risks and at a competitive rate of interest. The different types of insurance plans that are offered to customers include Life Term Solutions, Savings with Protection, Children’s Future Solution, Pension Solution Plans, ULIP Solution Plans, Rural Plans, and NRI Plans.
Claim settlement is carried out upon submission and verification of the required documents and identity proof of the customer.
Read more in detail on the company website: https://lifeinsurance.adityabirlacapital.com/
2. Aegon Life Insurance Company
Claim Settlement Ratio: 99.25%
Aegon Life Insurance Company Limited has emerged among the top insurance companies in India. It is a joint venture between Aegon N.V., a Dutch multinational company having business operations in insurance, pensions, and asset management, and the Times Group, one of India’s largest media conglomerates. Aegon Life was the first insurance provider in India to offer online term insurance plans. Currently, the company operates through several branches across various cities throughout the country and has successfully created a broad customer base.
The company offers a variety of life insurance plans that customers can choose as per their requirements to meet their long-term financial goals. Each plan provides unique features including protection, wealth management, child protection, savings, retirement planning, and much more. These various life insurance plans are offered by the company at competitive premium rates in the market. For example, the various types of insurance plans that are offered to customers are Term Insurance, Health Insurance, Investment plans, Savings plans, Child plans, Rural plans, Endowment Plans, Retirement & Pension Plans, Group Insurance Plans, and ULIPs.
The company follows a direct-to-customer approach, focusing on establishing a direct channel for dialogue between customers and their service team experts.
Read more in detail on the company website: https://www.aegonlife.com/
3. Aviva Life Insurance Company
Claim Settlement Ratio: 98.01%
Aviva Life Insurance Company is a joint venture of Aviva Group and Dabur InvestCorp. Aviva Group is a UK-based insurance group having a presence in 16 countries, while Dabur Invest Corp is a division of Dabur Group, and is engaged in the manufacturing and selling of healthcare products.
The company is among the first to have introduced modern unit-linked and utilized with-profit insurance plans to customers in the country. The company also leads the market in protection and child plans with world-class products and a strong sales force. Aviva Life Insurance offers a wide range of plans that cater to all the basic needs of customers against all sorts of risks and at competitive interest rates. A few such insurance plans include the Aviva Life Insurance Term Plan, Aviva Life Insurance Child Plan, Aviva Saving Plan, Aviva Retirement Plan, Aviva Endowment Plan, and Aviva Insurance Group Plan.
Aviva Life Insurance Company provides separate options to policyholders to carry out the process of claiming settlements. Each process also requires the submission of necessary documents that are then, verified for approval.
Read more in detail on the company website: https://www.avivaindia.com/
4. Bajaj Allianz Life Insurance Company
Claim Settlement Ratio: 98.48%
Bajaj Allianz Life Insurance Company, a life insurance brand in India, is a joint venture between Bajaj Finserv and a German-based Allianz SE company. Bajaj Finserv is a financial services provider company and is part of the Bajaj Group conglomerate.
The company offers a range of insurance plans to customers, which include Isecure Plan, Future Gain Plan, Retire Rich, Young Assure Plan, Save Assure Plan, Life Long Assure Plan, and iSecure Loan Plan. These insurance plans provide many benefits to policyholders and can also make faster settlement claims. A policyholder can also easily keep track of one’s plan status both online and offline in a few simple steps. This can be done by either visiting the branch office in person or contacting the office through phone, SMS, or by accessing the company’s website.
The company allows its policy-holders to quickly claim settlements upon submitting and after complete verification of the documents is done.
Read more in detail on the company website: https://www.bajajallianz.com/
5. Bharti AXA Life Insurance Company
Claim Settlement Ratio: 99.05%
Bharti AXA Life Insurance Company is a joint venture between Bharti Enterprises, an India-based conglomerate, and the France-based AXA Group, a multi-national investment banking firm. Bharti Enterprises is a leading company in the telecom sector, where the services are available to customers across the Asia Pacific, Africa, North America, and Europe under the company’s Bharti Airtel Limited division.
Bharti AXA Life Insurance Company offers a wide range of insurance policies and wealth management products and solutions to customers in India. At present, the company’s distribution network is spread around 123 cities across the country. The various insurance plans that are offered by the company include the New Flexi Term Plan, Bharti AXA Life Elite Secure Plan, Bharti AXA Life Monthly Advantage, Bharti AXA Life Elite Advantage, Bharti AXA Life Future Invest Plan, Bharti AXA Life Flexi Save, Bharti AXA eProtect Plan, Bharti AXA Life Child Advantage, and many more.
The company provides convenient ways for policyholders to claim policy settlements in case of the occurrence of unforeseen risks. The process involves filing necessary documents which are then submitted to either the brand office in-person or via agents or online, and upon successful verification of the documents, the settlement is carried out.
Read more in detail on the company website: https://www.bhartiaxa.com/
6. Canara HSBC Life Insurance Company
Claim Settlement Ratio: 97.10%
Canara HSBC Life Insurance Company is a joint venture between Canara Bank, a public sector bank in India, and HSBC Insurance (Asia Pacific) Holdings Limited, a part of the HSBC Group and wholly-owned by The Hongkong and Shanghai Banking Corporation. The company has a pan-India presence with a network of over 7,000 branch offices. It also has established 28 training and coaching centers for its staff.
The company offers a range of life insurance products that are customized according to the requirements of its customers. These products include Term Insurance, Child Insurance, Health Insurance, Savings, Retirement Solutions, Online Term Plans, ULIPs, and Group Insurance, among others. Additionally, the company offers credit life and employee benefit segments, as well.
The various life insurance plans that are offered by the company provide its customers optimum financial safety in case of the unfortunate demise of the policyholder. The plans can protect the future of the policyholders’ immediate family members, including children in their absence.
Read more in detail on the company website: https://www.canarahsbclife.com/index.html
7. Edelweiss Tokio Life Insurance Company
Claim Settlement Ratio: 98.09%
Edelweiss Tokio Life Insurance Company was formed in an agreement between Japan-based Tokio Marine Holdings Inc., and Edelweiss Financial Services, an India-based financial services company. The company has a presence in India through 109 branches and a large network of agents spread across 170 cities.
The company offers a range of insurance solutions to help individuals achieve their financial needs. Their products are generally categorized into six insurance solutions, which include Income Replacement, Wealth Enhancement, Wealth Accumulation, Living with Impaired Health, Retirement Funding, and Education Funding. The company offers term life insurance plans in the category of Income Replacement. The life insurance plan aims to provide families with financial protection in case of the unfortunate demise of the policyholder. The company provides high coverage at nominal premium rates.
The company has a diversified portfolio, including businesses ranging from the capital market, and asset management to housing finance and insurance.
Read more in detail on the company website: https://www.edelweisstokio.in/
8. Exide Life Insurance Company
Claim Settlement Ratio: 98.54%
Exide Life Insurance Company was previously called ING Vysya Life Insurance Company. It is now owned by HDFC Life Insurance Company Limited, a financial services company based in India. The company has a presence in more than 200 cities across the country and is planning to further expand its operations in several major cities.
The insurance plans offered by the company are categorized into Protection, Saving, Investment, and Retirement among others. The products offered to cater to all kinds of financial requirements and at all life stages. The company offers individual and group life insurance solutions as well. The term insurance plan offered by the company provides a protection plan where the policyholder can add one or more riders and benefit against critical illnesses and accidental disabilities.
Exide Life Insurance Company Limited adopts a customer-centric approach and has a network of 200 offices across the country and is supported by over 45,000 advisors. The company utilizes a variety of network channels to distribute its products through various agencies, corporate agencies, direct channels, and broking.
Read more in detail on the company website: https://www.exidelife.in/
9. Future Generali India Insurance Company
Claim Settlement Ratio: 94.86%
Future Generali India Insurance Company is a joint venture between Future Group, an Indian conglomerate, and Assicurazioni Generali, an Italian insurance company based in Trieste. The company provides insurance products that cater to personal, commercial, and social/rural segments throughout the country.
The company offers a range of affordable life insurance products including Savings, Child Insurance, Health, Retirement, Wealth Protection, ULIPs, and Group Loan Insurance plans. All these plans are developed taking into account the various financial needs of consumers. Future Generali India Insurance Company offers specialized social/rural insurance plans that are designed to feature lower premiums for increased access to people from low-income regions of the country. Additionally, the company offers insurance products to enterprises, as well.
The company also has a presence in various customer-centric businesses such as retail, media, brands, logistics, consumer finance, and insurance. It has a presence across India with more than 90 branches and a network of distribution channels.
Read more in detail on the company website: https://life.futuregenerali.in/
10. HDFC Life Insurance Company
Claim Settlement Ratio: 98.01%
HDFC Life Insurance Company is. The company has a presence in over 980 cities and towns across the country and operates through more than 372 branches and additional distribution touch-points through several new tie-ups and partnerships comprising traditional partners such as NBFCs, MFIs, and SFBs, and including new-ecosystem partners.
The company caters to all the insurance-related needs of the customers by offering a range of insurance products including Investment plans, Savings plans, Health plans, Pension plans, ULIPs, and other plans that fulfill the needs of children and women. These and more products that are offered by the company make up for a total of 37 retail products within an additional 8 group products. It also offers extra optional rider benefits to the customers which makes a total of 9 products. The company also offers pension plans to new customers under the latest IRDA Act, by launching two pension plans, namely HDFC Life Pension Super Plus and HDFC Life Single Premium Pension Super.
All of the insurance plans offered by the company come at competitive rates of premiums and help meet all kinds of requirements of the customers.
Read more in detail on the company website: https://www.hdfclife.com/
11. ICICI Prudential Life Insurance Company
Claim Settlement Ratio: 97.90%
ICICI Prudential Life is one of the best insurance companies in India having a presence all over the country with its strong channel and vast distribution channels. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited based in the United Kingdom. The company operates on the core philosophy of being customer-centric and has developed and implemented several initiatives to provide affordable insurance solutions, quality services, better fund performance, and a hassle-free claim settlement experience to its customers.
ICICI Prudential Life offers a wide range of long-term protection and savings plans for various customer segments. The insurance products offered by ICICI Prudential include Term Plans, ULIP Plans, Retirement Plans, and more. The term insurance plan provides comprehensive additional benefits that are available by way of various riders, like benefits towards critical illness covering 34 life-threatening illnesses and accidental death.
It is said that ICICI Prudential Life is the first privately-owned company to have received the National Insurer Financial Strength rating of AAA.
Read more in detail on the company website: https://www.iciciprulife.com/
12. IndiaFirst Life Insurance Company
Claim Settlement Ratio: 96.81%
IndiaFirst Life Insurance Company Limited is a joint venture between Bank of Baroda and Union Bank of India, two of India’s public sector financial institutions, and the UK-based Legal & General, a leading risk, wealth, and investment company. IndiaFirst serves more than 1,000 cities and towns across the country through a vast network of more than 4,000 partner bank branches.
The company offers a wide range of insurance plans which include Savings plans, Protection plans, Pension plans, Term plans, Child plans, Group Insurance, ULIPs, and more to cater to the needs of every individual. Customers can benefit from a diverse set of policies, including 31 need-based products. The product range covers the policyholders’ typical needs, such as savings, wealth, health, and term insurance, and which can further be customized to fulfill one’s needs at different stages of life.
IndiaFirst Life Insurance has a clear process for settling claims in which if an incident occurs, the policyholder is required to intimate the company about the incident within one week. The communication can take place by contacting the company’s branch office, approaching an advisor, sending the details through a courier, or it can be done online.
Read more in detail on the company website: https://www.indiafirstlife.com/
13. Kotak Mahindra Life Insurance Company
Claim Settlement Ratio: 98.50%
Kotak Mahindra Life Insurance Company, also called Kotak Life, is a subsidiary of Kotak Mahindra Bank Limited, which in turn, is part of the Kotak Mahindra Group conglomerate. Kotak Mahindra Group is a well-known organization providing banking and financial services in India. The company offers an extensive range of financial and insurance products and solutions to individuals and corporates to meet their needs.
The company’s range of insurance plans consists of pure risk cover plans, which provide high insurance coverage to policyholders and their families at a nominal premium rate. Their most popular insurance plans include the Kotak Life e-Term Plan and Kotak Life e-Term Plan – Monthly Plan. Kotak e-Term plans are online term insurance plans which are specifically designed to provide financial security to the family of the insured against any emergency. These plans offer financial protection in the form of the death benefit to the beneficiary in the event of the unfortunate demise of the insured person.
The process of filing a claim for settlement of the insurance policy can be done either online or offline. The process requires submitting necessary documents and upon verification, it could take 7-15 working days.
Read more in detail on the company website: https://www.kotaklife.com/
14. Life Insurance Corporation of India
Claim Settlement Ratio: 98.62%
Life Insurance Corporation (LIC) of India is the oldest insurance company in the country. It is also one of the largest insurance companies, which is a state-owned insurance group and investment firm. It has a network of over 2,048 branch offices located in different towns and cities across the country. LIC caters to urban, semi-urban, and rural regions.
The company offers a range of insurance products to customers including life insurance plans, child insurance plans, pension plans, unit linked plans, special plans, and group schemes. These insurance plans and schemes are provided by the company in various sub-categories that easily fit the needs of customers and at affordable monthly premiums and interest rates. LIC also offers e-services that allow customers to easily carry out insurance-related activities online on the company website or using a mobile application, without having to visit the branch office.
The settlement of policy claims is usually emphasized by the company during maturity or in case of the demise of the policyholder. Necessary documents are required to be filled and submitted either at the branch office in person or online and upon verification and approval, the process for claiming settlement is carried out. It generally takes a couple of days.
Read more in detail on the company website: https://licindia.in/
15. Max Life Insurance Company
Claim Settlement Ratio: 99.35%
Max Life Insurance Company is a joint venture between Max Financial Services Limited, a part of the Max Group conglomerate, and Axis Bank Limited. Max Life offers comprehensive protection, long-term savings, and retirement solutions to customers through its multi-channel distribution network including agency and third-party distribution partners.
The insurance policies offered by Max Life company are specifically designed to cater to the various needs of insurance seekers. The insurance buyers can choose from the extensive range of plans/schemes, such as Protection, Savings, Child, Retirement, etc., as per their requirements and suitability. Insurance buyers can choose a plan with a high level of coverage at an affordable premium rate. The plans offered include Max Life Online Term Plan Basic Cover, Max Life Online Term Plan Life Cover + Monthly Income, Max Life Online Term Plan Life Cover + Increasing Monthly Income, Max Life Platinum Protect II, Max Life Super Term Plan, and Max Life Premium Return Protection Plan. These plans are further divided into various sub-categories.
The process of claiming settlement at Max Life Insurance can be carried out both online and offline. A dedicated claims officer is assigned to the policyholder who can guide them through every phase.
Read more in detail on the company website: https://www.maxlifeinsurance.com/
16. PNB MetLife India Insurance Company
Claim Settlement Ratio: 98.17%
PNB MetLife India Insurance Company Limited is a joint venture between MetLife International Holdings Inc., (MIHI) and several banks such as the Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), and companies like the M. Pallonji & Co. Pvt. Ltd., as well as many private investors.
PNB MetLife, which was previously called MetLife, is a trusted life insurance company and is present in more than 120 locations throughout the country. The company serves customers across 7,000 locations through its partnerships with other banks including Karnataka Bank Limited in the southern regions. PNB MetLife offers a range of protection and retirement products through its Agency sales of more than 15,000 financial advisors and multiple bank partners. Their insurance plans offered include MetLife Family Income Protector Plus, MetLife Mera Term Plan, MetLife Smart Platinum, MetLife Smart Plan, MetLife Bachat Yojna, and MetLife Bhavishya Plus.
The company’s claim policy requires the policyholder to get in touch with the company through their branch office, claim department in the head office, advisors, or regional service team. Communication for claiming policy can also be made via e-mail, letter, or fax. Once all the required documents are submitted and verified, claims are settled within 30 days.
Read more in detail on the company website: https://www.pnbmetlife.com/
17. Pramerica Life Insurance Limited
Claim Settlement Ratio: 98.61%
Pramerica Life Insurance Company is one of the leading life insurance companies in India. Previously called DHFL Pramerica Life Insurance Company, it is a joint venture between DHFL Investments Limited, a wholly-owned subsidiary of DHFL (Dewan Housing Finance Limited), and Prudential International Holdings. The company has a Pan India presence with 135 branches as well as distribution channel partnerships and agencies.
The company offers a wide range of life insurance products for individuals as well as groups. All of these products are focused on meeting various financial needs of clients, such as securing their child’s future, retirement planning, savings, and wealth creation. Customers can easily buy the ideal insurance plan to safeguard one’s future. After choosing the ideal premium policy as per one’s requirements, customers are provided with a free-of-cost online insurance premium calculator tool that helps estimate the premium the policyholder is required to pay.
Read more in detail on the company website: https://www.pramericalife.in/
18. Reliance Nippon Life Insurance Company
Claim Settlement Ratio: 98.49%
Reliance Life Insurance is an essential part of Reliance Capital. Reliance Capital is also a financial service provider in India. It has a diversified business in terms of asset management, mutual funds, insurances of all kinds, commercial finance, and other such related financial activities.
Reliance Life offers a wide range of life insurance policies that meet the insurance requirements of both individuals and groups. Individuals can fulfill their insurance requirements at a single source with a range of different types of plans offered by the company. The plans are Protection Plan (Term Insurance Plan), Retirement Plan, Health Plan, Savings & Investment Plan, Child Plan, Unit Linked Insurance Plan (ULIP), and Solutions for Groups. These life insurance plans are further divided into various types of schemes that fit the needs of people.
The claim amount depends upon tenure, cause of death, and status of the policy. In the case of a participating policy, a declared bonus is added to the sum assured and any unpaid premium is deducted.
Read more in detail on the company website: https://www.reliancenipponlife.com/
19. SBI Life Insurance Company
Claim Settlement Ratio: 93.09%
SBI Life Insurance Company Limited is one of the most famous life insurance companies in India. It is a joint venture between the State Bank of India (SBI), India’s largest financial services provider, and BNP Paribas Cardif, a financial institution based in France.
The company currently offers an inclusive range of life insurance products and solutions to cater to the various needs of its customers at a very economical rate. A few of the popular life insurance plans offered by SBI Life Insurance Company are traditional Life Insurance Plans, Term Insurance, Child Plans, Pension Plans, Savings Plans, and ULIPs. Customers can select the plan that fits their requirements and budget. The company also provides online life insurance plans that help in the quick and hassle-free buying process. Every insurance policy differs in features and premium rates and comes with various options for its customers.
SBI Life continuously strives to improve its operating efficiency and ease its claim settlement process. Over the years, the company has established an extensive network of distribution comprising 947 offices pan India, with an additional 28,000 partner branches and a network of 14 partners.
Read more in detail on the company website: https://www.sbilife.co.in/
20. Tata AIA Life Insurance Company
Claim Settlement Ratio: 98.02%
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, and it was formed by Tata Sons Pvt. Ltd., and (AIA), AIA Group Ltd.
The various life insurance policies available in multiple segments that are offered to customers by Tata AIA Life include Protection Plan, Wealth Plan, Savings Plan, Group Plan, Micro Insurance Plan, and Other Rider Plans. Most of these insurance plans (and their sub-schemes) provide several benefits including flexible premium payment, exemption from income tax and quick processing of claim settlements, etc. The company also offers benefits, such as an additional payout on 40 critical illnesses related to Minor and Major Cancer, Cardiac, and other serious health problems. Tata AIA provides claim payments within 4 hours for policies with Death Benefits up to 50 lakhs.
Tata AIA Life Insurance Company offers a transparent claim process. The policyholder can register claims by registering their request at the customer help desk via phone, online or in-person at dedicated offices. Upon receiving complete documents, claims are usually settled within 7 working days.
Read more in detail on the company website: https://www.tataaia.com/
Wrapping Up
The LIC companies of India mentioned above provide customers with plenty of offers, from monthly premiums to medical benefits to availing claims, and much more.
Choosing the right insurance plan at an early stage can really prove beneficial since the monthly premiums of insurance policies vary by type and may increase with the aging of the policyholder.
