Life insurance products are in demand for the financial benefits they offer to beneficiaries after the policyholder’s death. However, with the increasing number of accidents and health issues, the demand for life insurance policies surged in the past few years. Around 24 Life insurance companies registered under IRDAI (Insurance Regulatory and Development Authority of India) provide life insurance policies.
Before relying on these policies, one must know several factors like Claim Settlement Ratio, Amount Settlement Ratio, Complaint Volume, Average Annual Business, and more. Here is the list of life insurance companies in India with market share that offer the best insurance policies.
Top 10 Life Insurance Companies in India
Here are the top 10 life insurance companies in India registered under IRDAI.
1. Life Insurance Corporation(LIC) Of India
Established in September 1956, Life Insurance Corporation of India, in short LIC became a state-owned insurance group when the Indian Parliament passed Life Insurance of India Act, therefore nationalizing the insurance industry in India.
Being the largest life insurance company in India, LIC offers a range of insurance products like life insurance plans, child insurance plans, unit-linked plans, pension plans, and special plans.
| Total Branches | 2048 |
| Solvency Ratio | 1.87 |
| Claim Settlement Ratio (CSR) | 92.65% |
| Assets Under Management | ₹52.52 trillion |
2. Max Life Insurance Company
Headquartered in New Delhi, Max Life Insurance Company is an 80:20 joint venture established in 2000 between Max Financial Services and Axis Bank.
Apart from life coverage, Max Life Insurance company covers health, pension, and annuity and offers child protection, retirement, savings, and growth plans to individuals and groups. Over the last three years, Max Life Insurance has excelled regarding Claim Settlement Ratio (CSR), Amount Settlement Ratio (ASR), and complaint volume data.
| Total Branches | 304 |
| Solvency Ratio | 1.90 |
| Claim Settlement Ratio (CSR) | 99.65% |
| Assets Under Management | Rs 1,50, 836 Crore |
3. Aditya Birla Sun Life Insurance Co. Ltd.
Aditya Birla Sun Life Insurance Co. Ltd. is a joint venture of Aditya Birla Group and Sun Life Insurance. It started its operation in January 2001and provides a complete range of insurance plans covering term insurance plans, savings plans, ULIP plans, retirement plans, and child plans.
Aditya Birla Sun Life Insurance Company has a claim settlement ratio of 98.40% and a solvency ratio of 1.78. Its customer-centric service and reliability attract many to buy a policy.
| Total Branches | 1403 |
| Solvency Ratio | 1.78 |
| Claim Settlement Ratio (CSR) | 98.40% |
| Assets Under Management | Rs 4.63 Lakh Crore |
4. ICICI Prudential Life Insurance Company Limited
Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life Insurance Company Limited started its operations in 2001.
The first private-sector insurance company /organization in 2016, it became the first insurance company in India to be listed on the domestic stock exchanges. With over 600+ branches and thousands of employees around the country and has crossed 2.5 trillion assets under management.
| Total Branches | 50+ |
| Solvency Ratio | 1.88 |
| Claim Settlement Ratio (CSR) | 99.17% |
| Assets Under Management | ₹ 3,204.91 billion |
5. SBI Life Insurance Company Ltd
SBI Life Insurance Company Limited was established in 2001 as a joint venture between the State Bank of India (SBI) and the French financial institution BNP Paribas Cardif.
Along with life insurance, it offers a wide range of pension products, health insurance, protection plans, and other plans that can be purchased both online and offline. Among the top 10 life insurance companies in India and is trusted by over 6 crore people.
| Total Branches | 1,082 |
| Solvency Ratio | 2.15 |
| Claim Settlement Ratio (CSR) | 98.30% |
| Assets Under Management | ₹352,422 crore |
6. Bajaj Allianz Life Insurance Co. Ltd.
Bajaj Allianz has been an important player in the insurance industry since its launch in 2001. A collaborative initiative between Bajaj Finserv Limited, which belongs to the Bajaj Group of India, and Allianz SE, a financial services firm based in Europe.
Bajaj Allianz Life Insurance Company Limited has introduced cutting-edge insurance products spanning insurance, lending, and wealth management.
| Total Branches | 511 |
| Solvency Ratio | 4.32 |
| Claim Settlement Ratio (CSR) | 99.04% |
| Assets Under Management | ₹1,20,733 crore |
7. HDFC Life Insurance Company
HDFC Life Insurance Company was founded as a joint venture of Standard Life Aberdeen PLC and Housing Development Finance Corporation Limited. It was established in 2000 and has headquarters in Mumbai, Maharashtra.
Among the Top 10 life insurance company in India provide different types of life insurance plans including protection plans, women’s plans, child plans, health plans, and pension schemes.
| Total Branches | 498 |
| Solvency Ratio | 1.87 |
| Claim Settlement Ratio (CSR) | 99.39% |
| Assets Under Management | ₹3 lakh crore |
8. Tata AIA Life Insurance Co. Ltd.
Launched as a joint venture of Tata Sons and AIA Group, Tata AIA Life Insurance Co. Ltd. started its operations in 2001. While Tata Sons holds a 51 percent stake in the insurance venture, the remaining 49 percent is retained by AIA Group.
It offers insurance products like life, savings, wealth, retirement, and protection and excels in CSR, ASR, and complaint volume metrics. For FY 2023-24, Tata AIA Life Insurance Co. Ltd. has a CSR of 99.13%, making it one of the trusted insurers in India.
| Total Branches | 600+ |
| Solvency Ratio | 1.83 |
| Claim Settlement Ratio (CSR) | 99.13% |
| Assets Under Management | 1 Lakh Crore+ |
9. Kotak Mahindra Life Insurance Co. Ltd.
Among the IRDAI Insurance Company list, Kotak Mahindra Life Insurance Co. Ltd. has a solvency ratio of 2.64 and a CSR of 98.29% which makes it one of the best life insurance companies in India.
Kotak Mahindra Life Insurance Co. Ltd. is a subsidiary of Kotak Mahindra Bank Limited. It started as a general insurance provider in 2001 and it has become one of the most credible insurance owning to its CSR, ASR, complaint volume, and average annual business income.
| Total Branches | 291 |
| Solvency Ratio | 2.64 |
| Claim Settlement Ratio (CSR) | 98.29% |
| Assets Under Management | ₹ 636,311 crore |
10. PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance Company Limited was established in 2001 with key shareholders- MetLife International Holdings LLC (MIHL), Punjab National Bank (PNB), Jammu & Kashmir Bank Limited (JKB), and M. Pallonji and Company Private Limited, and others.
Being India’s one of the best insurance providers, apart from life insurance plans, it offers various other plans such as savings plans, child plans, monthly income, ULIP, and money-back plans.
| Total Branches | 149 |
| Solvency Ratio | 1.74 |
| Claim Settlement Ratio (CSR) | 99.2% |
| Assets Under Management | ₹39,777 Crores |
List of Life Insurance Companies In India With Market Share
| Name | Market Cap. (in Crore) |
| Life Insurance Corporation Of India | 587,370 |
| Max Life Insurance Company | 43,173 |
| Aditya Birla Sun Life Insurance Co. Ltd. | 24,000 |
| ICICI Prudential Life Insurance Company Limited | 64,877 |
| SBI Life Insurance Company Ltd. | 1,43,152 |
| Bajaj Allianz Life Insurance Co. Ltd. | 6,544 |
| HDFC Life Insurance Company | 1,36,139 |
| Tata AIA Life Insurance Co. Ltd. | 254,513 |
| Kotak Mahindra Life Insurance Co. Ltd. | 358,992 |
Wrapping Up!
Relying on good life insurance would ensure financial security of the nominees in case of miss happening with the policyholder. Before choosing a policy, one needs to be sure of several factors like plans offered, claim settlement ratio, solvency ratio, and good customer reviews. Given above is the list of life insurance companies in India that offer considerable insurance policies.
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