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There are approximately 24 life insurance companies in India that offer various life cover products to the Indian citizens. Choosing the best ones among these can be done by analyzing some of their features like a good claim settlement ratio, solvency ratio, annual premiums and customer reviews. All of these factors together define a life insurance company that values its customers and takes their claims seriously.
List of Top 10 Life Insurance Companies in India 2024
We have listed the top 10 life insurance companies in India as per the claim settlement ratio (CSR):
| S.no | Insurance Company | Solvency Ratio (2022-2023) | CSR (2022-2023) | Establishing Year |
| 1. | LIC of India | 1.8 | 98.74% | 1956 |
| 2. | Max Life Insurance | 2 | 99.34% | 2000 |
| 3. | HDFC Life Insurance | 1.9 | 98.66% | 2000 |
| 4. | ICICI Prudential Life Insurance | 2 | 97.82% | 2000 |
| 5. | Kotak Mahindra Life Insurance | 2.6 | 98.82% | 2001 |
| 6. | Aditya Birla Life Insurance | 1.9 | 98.07% | 2000 |
| 7. | Tata AIA Life Insurance | 1.9 | 98.53% | 2001 |
| 8. | SBI Life Insurance | 2.1 | 97.05% | 2000 |
| 9. | Bajaj Allianz Life Insurance | 6.1 | 99.02% | 2001 |
| 10. | PNB Metlife Life Insurance | 1.9 | 97.33% | 2001 |
A summary of the top 10 life insurance companies of India
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LIC
Established in 1956, LIC aims to deliver complete financial security to the people of India. Over the years, LIC has gained the trust of millions by providing hassle-claim support and standing with customers in tough times. As the largest life insurance company in India, LIC has 2048 branch offices, 113 divisional offices, 8 zonal offices, and 1381 satellite offices. In addition, in the financial year 2021-22 LIC recorded annual premiums of 4,28024.97 crores. -
Max Life Insurance Company
Max Life Insurance Company Limited is a joint venture between Max Financial Services Limited and Axis Bank Limited. It started as a general insurance provider in the year 2000. With over 20 million customers, Max Life has recorded a total annual premium of Rs 22,414 in the financial year 2021-2022. In 2023, the company had a claims paid percentage of 99.51, 269 offices in India, and has offered 1.397,142 cr worth of sum assured till now to its customers. -
HDFC Life Insurance Company
HDFC Life Insurance is a joint venture of HDFC Limited, India's leading housing loan company and Aberdeen PLC (formerly Standard Life Aberdeen PLC). This global investment company started its business as a general insurance provider in the year 2000. HDFC has more than 498 branches in the country, has 2,38,782 cr worth of assets under management, has insured 6.8 crore lives as of now, and has offered a sum assured of whooping 11 lakh crores. The company was awarded as 'Superbrand' in the year 2023. -
ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance is a joint venture between ICICI Bank Limited (India) and Prudential Group of Insurance, an American multinational company. It started its operation as a general insurance provider in 2001 in India. With over 600+ branches and thousands of employees, ICICI has crossed 2.5 trillion assets under management in the year 2022. -
Kotak Mahindra Life Insurance Company
Kotak Mahindra Life Insurance Company is a subsidiary of Kotak Mahindra Bank Limited. It started its business as a general insurance provider in 2001. The company has insured over 50 million lives in India till now and has over 4.21 lakhs of assets under management till the year 2022. -
Aditya Birla Life Insurance Company
Aditya Birla sun life insurance is a joint venture between Aditya Birla. Capital Ltd (India) and Sun Life Group of Insurance, a Canadian-based insurance provider, started operating as general insurance providers in 2001. Aditya Birla sun life insurance has collected over Rs. 12140 crores of premiums in 2021-2022, showcasing the insurer's credibility among customers. -
Tata AIA Life Insurance Company
Tata AIA Life Insurance is a joint venture between Tata Sons Pvt Ltd (India) and AIA Group of Insurance, an American insurance provider that started as a general insurance provider in 2001. Tata AIA life insurance has over Rs. 71,006 crores of assets under management in 2021-2022, increasing from 21% from the last year, showcasing the company's strong financial performance after COVID-19. -
SBI Life Insurance Company
SBI Life Insurance, a subsidiary brand of SBI Bank, started operations as a general insurance provider in 2000, with over 1000+ offices and over 20 thousands of employees. SBI Life has a total of Rs 3.451 assets under management. -
Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance is a joint venture between Bajaj Financial Limited(India) and the Allianz Group of Insurance (Germany); it started operating as a general insurance provider in 2001. Bajaj Allianz has reported a collection of Rs.17128 crores of premiums in the financial year 2021-2022, with a 2 lakh crore of assets under management by the year 2021-2022. PNB Metlife Life Insurance Company
PNB Metlife Life Insurance is a joint venture between Punjab National Bank(PNB) and Metlife International Holdings Inc(MIHI)., an American-based insurance company that started as a general insurance provider in 2001. PNB Metlife has collected over Rs 7348.46 crores of annual premiums in 2021-2022, with more than Rs. 350 million of assets under management.
How does Policyx.com help you to purchase the best life insurance?
Policyx .com is a web aggregator for insurance, commencing its operation in 2013. It aimed to provide its customers with expert guidance for choosing the right insurance product.
There are several reasons why should you choose policyx.com to purchase the best life insurance
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Better Comparison of Plans
The Policyx.com team has well-qualified insurance advisors who help you choose the correct life insurance Plans after Properly analyzing the requirements and needs of your family.
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Lesser Premiums Amounts
Purchasing a Life Insurance Plan Online makes you pay less premium than offline since online, less paperwork is required, and fewer steps should be taken, so all the other costs are waived off compared to offline purchases.
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24X7 Customer support
Even a seasonal insurance buyer has many questions regarding their term plans. Since you opt for long-term plans, you should have lots of queries from time to time. Seeing this scenario, Policyx has dedicated staff who work 24/7 to solve every inquiry of yours and support your family in tough times.
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Instant Tax Receipt
Since the tax filing season is approaching, almost everyone wants to save taxes on their hard-earned income by purchasing a life insurance Plan or other Plans from Policyx.com, which gives you instant tax receipts for saving taxes under sections 80C and 80D of the Income Tax Act 1961.
Conclusion
Several insurance companies have gained the trust of Indian citizens over the past decade, making decision-making quite tricky among customers. But wait, there are some parameters like CSR, Solvency Ratio, Annualized Premiums, Assets Under Management that can help you in deciding the top performers of the life insurance industry in India.
Top 10 Indian Life Insurance Companies: FAQ's
1. How many life insurance providers are currently working in India?
There are a total of 24 insurance companies working & providing a range of products and services to the customers of India.
2. What are the Top 10 life insurance companies available in India?
- LIC of India.
- Max Life Insurance.
- HDFC Life Insurance.
- ICICI Prudential Life Insurance.
- Kotak Mahindra Life Insurance.
- Aditya Birla Life Insurance.
- Tata AIA Life Insurance.
- Bajaj Life Insurance.
- SBI Life Insurance.
- PNB Metlife Insurance is the top 10 life insurance provider in India.
3. What factors should I consider before opting for life insurance?
Factors like solvency ratio, claim settlement ratio & annualise premiums are the factors you should primarily consider before opting for life insurance plans.
4. Can I get a tax exemption for opting for a life insurance plan?
You can get a tax exemption under section 80C of the Income Tax Act 1961 for opting for a life insurance plan.
5. Which is the best insurance provider in India?
LIC of India is considered the best life insurance provider according to the IRDAI list of life insurance providers.
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Written By: Varun Saxena
Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.
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