Updated: Aug 13, 2020
There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies. Many of these are joint ventures between public/private sector banks and international insurance-financial companies. Private life insurance companies in India got access to the life insurance sector in the year 2000. Best life insurance companies in India Most private players have tied up with international insurance giants for their life insurance.
Best life insurance companies in India
Life Insurance is one thing that almost all of us have to think about and indeed should be possessing at least one, from a leading insurance company. The need for insurance would arise only when a liability or financial loss occurs when a family member passes away, especially who was the bread winner of the family.
List of Best Insurance Companies in India Claim Settlement Ratio
AEGON Life Insurance - 97.11%
Aviva Life Insurance - 90.60%
Bajaj Allianz Life Insurance - 91.67%
Bharti AXA Life Insurance - 92.37%
Birla Sun Life Insurance - 94.69%
Canara HSBC OBC Life Insurance - 94.95%
DHFL Pramerica Life Insurance - 90.87%
Edelweiss Tokio Life Insurance - 93.29%
Exide Life Insurance - 96.40%
Future Generali India Life Insurance - 89.53%
HDFC Standard Life Insurance - 97.62%
ICICI Prudential Life Insurance - 96.68%
IDBI Federal Life Insurance - 90.33%
IndiaFirst Life Insurance Company Ltd – India First - 82.65%
Kotak Life Insurance - 91.24%
Life Insurance Corporation of India - 98.31%
Max Newyork Life Insurance - 97.81%
PNB MetLife Insurance - 87.14%
Reliance Life Insurance - 94.53%
Sahara Life Insurance - 90.21%
SBI Life Insurance - 96.69%
Shriram Life Insurance - 63.53%
Star Union Dai-ichi Life Insurance - 84.05%
Tata AIA Life Insurance - 96.01%
AEGON Life Insurance Company
AEGON Life Insurance is a joint venture between one of the world’s leading financial service organization and Bennett, Coleman & Company. Best life insurance companies in India
Aviva Best life insurance companies in India
Aviva Life Insurance is the largest and the most popular insurance provider in the world. The company is a joint venture between the Dabur Group and Aviva Group.
Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance is a joint venture between the European financial services company Allianz SE and Bajaj Finserv Limited.
Bharti AXA Life Insurance Company
Headquartered in Mumbai Bharti AXA Life Insurance is a life and general insurance provider company. The company is a joint venture between Bharti Enterprises and AXA Group.
Birla Sun Life Insurance Company
With a 2.5 million of customer base the Birla Sun Life Insurance is one of the leading insurance company in India. Birla Sun Life Insurance came in to existence with the joint venture between Aditya Birla Group and Sun Life Financial Inc.
Canara HSBC OBC Life Insurance Company
Launched on the year 2008 Canara HSBC OBC Life Insurance is a joint venture between HSBC Insurance Holding Ltd, Canara Bank, and Oriental Bank.
DHFL Pramerica Life Insurance Company
Situated in Gurgaon DHFL Pramerica Life Insurance is considered to be India’s premier Life Insurance Providers. The company serves with 67 branches and 2000 employees spread across the country.
Edelweiss Tokio Life Insurance Company
Edelweiss Tokio Life Isuranceestablished in 2011 is a newly formed private sector insurance provider in India.
Exide Life Insurance Company
Found 2000 the Exide Life Insurance Company started its operation in 2001. The company was formerly known as ING Vysya Life Insurance Company Ltd.
Future Generali India Life Insurance Company
Established in year 2007, Future Generali Life Insurance India is a joint venture between Generali Group, Future Group and Industrial Investment Trust Limited.
HDFC Standard Life Insurance Company
HDFC Standard Life Insurance Corporation India is a joint venture between Housing Development Financial Corporation Ltd. and Standard Life Plus.
ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Corporation of India is a joint venture between ICICI Bank Ltd.
IDBI Federal Life Insurance Company
Formed in 2008 IDBI Federal Life Insurance is a joint venture between IDBI Bank, Federal Bank and Ageas a European Insurance Company.
IndiaFirst Life Insurance Company
The two Indian public sector bank, Bank of Baroda and Andhra Bank went into a joint venture with U.K based investment firm Legal and General and has launched India First Life Insurance Company.
Kotak Mahindra Life Insurance Company
Headquartered in Mumbai the J.V between Kotak Mahindra Group and Old Mutual Fund is Kotak Mahindra Life Insurance.
Life Insurance Corporation (LIC) India Company
Life Insurance Corporation of India is the oldest insurance sector of our country. Established in 1956, one of the largest insurance company of India is a state owned insurance group and investment firm that offers a range of insurance products to its customers.
Max Life Insurance Company
Max Financial Service Ltd. and Mitsui Sumitomo Insurance Co.Ltd joined hands together and has launched Max Life Insurance as one of the foremost insurance company in India.
PNB MetLife Insurance Company
An association of Punjab National Bank PNB MetLife Insurance is one of the fastest growing life insurance company in India. The company has over 1,800 corporate clients in India and is spread over 150 different location in country.
Reliance Life Insurance Company
One of the India’s largest life insurance firm Reliance Life Insurance is a part of Reliance capital of the Reliance Group.
Sahara Life Insurance Company
Established in 2004, Sahara Life Insurance is India’s first wholly owned private life insurance company.
SBI Life Insurance Company
Introduced in year 2001, SBI Life Insurance Company is a Joint venture between State Bank of India and BNP Paribas Cardif as Best life insurance companies in India.
Shriram Life Insurance Company
Shriram Life Insurance was established in the year 2005, by a joint venture between Shriram Group and Sanlam Group as Best Life Insurance company in India.
Star Union Dai-Ichi Life Insurance Company
The Bank of India, Union Bank of India and the largest life insurance company of Japan Dai-Ichi the Life entered into joint venture and has launched Star Union Dai-Ichi Life Insurance Co.Ltd & Best Life Insurance company in India.
TATA AIA Life Insurance Company
TATA Sons and the AIA Group teamed up to form a joint venture and has launched TATA AIA life Insurance Company. In this venture the majority of stake i.e.