About Life Insurance Companies

We cannot ignore the stress pertaining to our daily life, like we often come across the event of people meeting an early end, often leaving their entire families devastated after their demise. So it is not hard to understand that why one must consider investing in a life insurance plan. A life insurance policy provides compensation or financial shield in the form of lump sum amount to you and your dependents after your demise.

Hence to offer a financial security and sense of peace to your family after your demise, it is essential to select a life insurance policy from the right life insurance company in India that can easily go well with the requirements of your dependants. In India there are approximately 24 life insurance companies and Life Insurance Corporation (LIC) is the only public sector insurance company among them. However, you should consider your preferences towards choosing the right life insurance company.

Following are the list of Life Insurance companies in India that will sure help you to settle with the correct insurer.

  • 1. Life Insurance Corporation of India (LIC)

    Founded in the year 1956, Life Insurance Corporation is considered as India’s oldest and largest insurance sector. It is a fully government owned group and investment company. Headquartered in Mumbai, LIC has 2048 branches across India. The company has a huge number of employees operating in different cities and town all over the India. Some of the products that is offered by Life Insurance Corporation are pensions plan, life insurance plans, child insurance plans, special plans, unit linked plans and group scheme. The remarkable slogan of this public sector insurer is “Your welfare is our responsibility”. This insurer has highest number of claim settlement ratio and it is approx 98.33%.

  • 2. Bandhan Life Insurance Company

    Bandhan Life Insurance is a joint undertaking between one of the world’s leading financial service organization and Bennett, Coleman & Company. The company started its operation in India in the year 2008, July. Bandhan Life Insurance is mainly focused to offer a consumer centric business along with an excellent working professionals. It has it’s headquarter in Mumbai and serves more than 4.4 lakh people in India. The company offers plans like pension plan, term plan, group plan, endowment plan, protection plan, ULIP plan, child plan, saving plan, and ruler plan. The main focus of this insurer is to help people to plan their life in a better way. The claim settlement ratio of Bandhan Life Insurance Company is approx 95.31%.

  • 3. Aviva Life Insurance Company

    Aviva Life Insurance, the largest and renowned insurance provider, is a joint undertaking between the Aviva Group and Dabur Group. With 121 networked centers all over the country Aviva Life Insurance Company aims to be one of the leading insurers in India. This insurer serves a large number of customers and offers quality products to its purchaser. Some of the policies offered by this insurer are ruler plan, protection plan, child plan, saving plan, retirement plan, health plan, group insurance plan and term plan.

  • 4. Aditya Birla Sun Life Insurance Company

    Aditya Birla Sun Life Insurance is the joint undertaking between Aditya Birla Group and Sun Life Financial Inc. This insurer is considered to be one of the leading life insurance companies in the country. The main USP of Aditya Birla Sun Life Insurance Company is that it offers tailor-made insurance plans as per your requirements. This insurer is known as a pioneer of Unit Linked Life Insurance plans. It has over 600 branches in different cities across India. Some of the common plans offered by Aditya Birla Sun Life Insurance Company are child plan, protection plan, health and retirement solution, customized group product, ULIP plan and life stage product to offer satisfaction to its customers.

  • 5. Bajaj Allianz Life Insurance Company

    When it comes to the life insurance industry, Bajaj Allianz Life Insurance Company is considered to be the most trusted life insurance company. Launched in year 2001, Bajaj Allianz Life insurance is a joint venture between the Bajaj Finserv Limited and Allianz SE. This insurer meets its customers need by offering them a huge range of products such as ULIP plan, child plan group and health insurance plan etc. Bajaj Allianz Life Insurance Company offers a huge array of customized products to their consumers. It is an ultimate solution to the customers for their life insurance needs.

  • 6. Bharti AXA Life Insurance Company

    Founded in the year 2006, Bharti AXA Life Insurance is a joint undertaking between Bharti Enterprises and AXA Group. The company has it’s headquarter in Mumbai. This insurer offers a wide range of innovative plans ranging from investment plans to traditional plan. Bharti AXA Life Insurance Company aims to focus on its customers and become the most trusted insurer by 2020. This insurer has more than 123 network offices all over the country. Currently the company has a national footprint of distributors well equipped to offer eminence financial advice and insurance solutions to the huge customer base. The claim settlement ratio of Bharti AXA Life Insurance Company is 80.02% and it has fixed maximum grievances.

  • 7. Canara HSBC OBC Life Insurance Company

    Established in the year 2008 Canara HSBC OBC Life Insurance Company is a collaboration of HSBC Insurance Holding Ltd, Canara Bank and Oriental Bank. This insurer has approximately 7000 of the three shareholder banks across India and more than 60 million customers pan-India are using services from this life insurance company. This Canara HSBC Oriental Bank of Commerce Life Insurance Company offers customized insurance products which have maximum tenure of 40 years to meet the necessity of customers. Furthermore, the company offers essential training and coaching to the bank staff across the 28 centers in India. This insurer main provides Endowment plans and ULIPs Plans.

  • 8. DHFL Pramerica Life Insurance Company

    Based in Gurgaon DHFL Pramerica Life Insurance Company is a joint project between Dewan Housing Finance Corporation Ltd and Prudrential International Insurance Holdings Ltd. This insurer is considered as premier life insurance provider in India. In spite of being the new firm, the company is growing rapidly and has made a notable place in the insurance industry. The claim settlement ratio of DHFL Pramerica Life Insurance is around 97% and it has the record of highest numbers of complaint solved. The company has its 67 branches and over 2000 employees across the country. This renowned life insurer offers a huge number of customized insurance products to its policyholders.

  • 9. Edelweiss Tokio Life Insurance Company

    Edelweiss Tokio Life Insurance Company is a collaboration of Edelweiss Group of India and Tokyo Marine Holding of Japan. It is a newly formed private life insurance sector and launched in the year 2011. In the year 2013, the company is rewarded as ‘Rising Star Insurer’. This insurer offers a wide range of life insurance products, such as saving plans, child plans, endowment plans, retirement plans and protection plans. All these plans come with high return and interest payment. Edelweiss Tokio Life Insurance Company also provides add-on covers like critical illness rider, accidental total and permanent disability rider and accidental death benefit rider. The claim settlement ratio of Edelweiss Tokio Life Insurance Company is 85.11%.

  • 10. Exide Life Insurance Company

    Launched in 2000 Exide Life Insurance Company initiated its operation in the year 2001. Headquartered in Bangalore, this insurer is owned by Exide Industries Ltd. And Exide is India’s biggest manufacturers of electric storage batteries. The company was previously known as ING Vysya Life Insurance Company. It has 200 offices in different cities across the country and is supported by over 35,000 advisors. Some of the common plans offered by this insurer are protection plan, saving, investment and retirement plan. All these plans are designed as a customer centric approach. Hence, you can consider this insurer as your one stop insurance solution.

  • 11. Future Generali India Life Insurance Company

    Future Generali Life Insurance Company is a joint undertaking between Future Group and the Generali Group. Incorporated in the year 2007, Future Generali Life Insurance Company offers a wide range of customized insurance products that offer financial protection and sense of security to the customers. The products are like Saving protection, Unit Linked Policies etc. The plans are on offer with an utmost tenure up to 75 years and the eligibility criteria ranges from 18 years to highest 56 years. This life insurance company has a record of maximum complaints settled and provides a claim settlement ratio of 90.61%.

  • 12. HDFC Standard Life Insurance Company

    Established in the year 2000, HDFC Standard Life Insurance Company is a collaboration between Housing Development Financial Corporation Limited and Standard Life Plus. The company is one of the leading long-term insurance providers in India. HDFC Standard Life Insurance Company has presently 27 retails and 8 group products in portfolio. This insurer offers an array of customized insurance products to its consumers, like saving and health plan, pension plan, protection plan, women plan and child plan. The company has more than 414 offices in 900 different cities and towns across the country.

  • 13. ICICI Prudential Life Insurance Company

    ICICI Prudential Life Insurance Company is a joint undertaking between ICICI Bank Ltd.; leading private sector bank in India and Prudential Plus; one of the biggest international financial service groups. This insurer started its operation in the year 2000, December. ICICI Prudential Life Insurance Company is considered to be the first life insurer in India from the private sector to touch Rs. 1 trillion in FY 2015. The company holds the record of top most position amid the private life insurer in country. To accomplish the different life stage necessities of the customer, this insurer offers a range of products like term plan, pension plan, ULIP plan, child plan and investment plan. All these plans offered by ICICI Prudential Life Insurance Company enable the buyers to attain the long term goal.

  • 14. IDBI Federal Life Insurance Company

    When it comes to renowned life insurance providers in India, how can you forget the name of IDBI Federal Life Insurance Company? Launched in 2008 IDBI Federal Life Insurance Company is joint venture between IDBI Bank, Federal Bank and Ageas a European Insurance Company. The company has 2137 branches all over the India in different cities and towns. To fulfill the requirements of customers this life insurance company offers an array of products, such as capital management solution, protection and retirement. One must have a minimum age limit of 18 years to maximum age limit of 55 years in order to be eligible for getting IDBI Federal Life Insurance plans. This insurer also offers resourceful technological solution to its customers.

  • 15. IndiaFirst Life Insurance Company

    IndiaFirst Life Insurance Company is a group effort of two Indian public sector banks - Bank of Baroda and Andhra Bank and U.K based investment firm Legal and General group. The President of India, Mr.Pranab Mukherjee has launched IndiaFirst Life Insurance Co.Ltd in the year 2010. Headquartered in Mumbai, this company has more than 8000 branches across India and serves over 1000 cities. The company offers an ample range of policies to cater the need of different sector of people like saving plans, pension plans, protection plans, term plans and child plans. It also offers investment funds and other policies. India First Life Insurance Company Ltd has claim settlement ratio of 71.87%.

  • 16. Kotak Mahindra Life Insurance Company

    Kotak Mahindra Life Insurance Company is a group effort of Kotak Mahindra Old Mutual Life Insurance and Kotak Mahindra Bank. The company is one of the fastest growing insurers that has more than 200 branches across the country. This insurer serves to over 4 million customers nationwide. To fulfill the requirements of customers, Kotak Mahindra Life Insurance Company offers a range of products, like ULIP plan, saving plan, child plan, term plan, investment plan, retirement plan and protection plan. The company offers plans with a maximum occupancy of 30 years and solutions for long term saving. This company has become a well-known insurer by delivering outstanding customized products to its customers.

  • 17. Max Life Insurance Company

    Max Life Insurance Company is a joint business enterprise between an Indian multi-business corporate, Max India Limited and a prominent insurance company from Japan, Mitsui Sumitomo Insurance Company. This insurer offers the long term protection with the help of its multi-channel distribution partner. With a customer centric approach, this life insurance company provides the ultimate solution for all kinds of investment and insurance needs. Some of the most common insurance plans offered by Max Life Insurance are saving plan, long term protection and retirement schemes. It has a maximum grievances resolved over a year with the record of 96.23% claim settlement ratio.

  • 18. PNB MetLife Insurance Company

    PNB MetLife Insurance Company is a collaboration of MetLife International Holdings, Punjab National Bank Limited, Jammu & Kashmir Bank Limited, M. Pallonji and Company Private Limited and other private investors. This company is considered to be the highest growing life insurance company in India. It has more than 1,800 corporate consumers in 150 different cities and towns across the country and is renowned for its retirement and protection products. The company came into existence in the year 2008 and it was accepted as best private sector insurance company for the year 2013-2014. Products offered by this insurer are saving plan, child plan, ULIP plan, money back plan and monthly income plan. Persons between the age group of 18 years – 65 years old can avail these insurance plans.

  • 19. Reliance Life Insurance Company

    Reliance Life Insurance Company is a wholly owned subsidiary of Reliance Capital, of the Anil Dhirubhai Ambani Group. It is one of the largest growing life insurance companies in India and has over 10 million customers nationwide. This renowned life insurer has approx 1230 branches all over the India. The company has claim settlement ratio around 95.01% and has a record of highest grievances resolved over a year. All the products offered by Reliance Life Insurance are designed to cater the requirements of all stages of life. The products are like pure protection solutions, investment plans, health plans, child plans and pension plans. Minimum tenure of these policies is 35 years and maximum 55 years.

  • 20. Sahara Life Insurance Company

    Launched in the year 2004, India’s fastest growing insurer Sahara Life Insurance Company is a wholly owned private life insurance company. With a customer centric approach, this insurer serves almost all the segments of the society right from ruler to middle class and urban. The company offers a wide range of insurance products, such as unit link plan, money back plan, term assurance plan, group assurance plan and endowment plan to fulfill the requirements of different sectors of individuals. The claim settlement ratio of Sahara Life Insurance Company is 90.30% and this insurer has the fixed the maximum number of grievances.

  • 21. SBI Life Insurance Company

    SBI Life Insurance Company is a joint effort of State Bank of India and BNP Paribas Cardif. Founded in the year 2001, the company holds the share of 6.12% of the total market. Lately the SBI Life is considered as India’s largest private sector insurance company. With a claim settlement ratio of 95.70%, the company offers in three categories – group plans, individual plans and online plans. Basically this insurer is famous for its versatile products collection. To cater to the need of every individual, SBI Life Insurance Company offers various products like unit link plan, saving plan, protection plan, pension plan and child plan. So, one should not think twice while go with SBI Life Insurance Policies.

  • 22. Shriram Life Insurance Company

    One of the leading insurance providers in rural areas Shriram Life Insurance Company is a joint undertaking of Shriram Group and Sanlam Group. The company was introduced in the year 2005. To cater the diverse needs of the policyholders mainly in the rural section from the different cities and towns of the country, the company offers various kinds of insurance products. It has the network of 630 branches across the country. The most important feature of Shriram Life Insurance Company is it focuses on weaker section of the society. The claim settlement ratio of Shriram Life Insurance Company is around 60.24%.

  • 23. Star Union Dai-Ichi Life Insurance Company

    Star Union Dai-Ichi Life Insurance Company is a joint venture Union Bank of India, Bank of India and Dai-ichi Life which is the second largest leading insurance companies in Japan. This life insurer offers a range of insurance products to cater the large number of customers across the country from economical and social background. It is considered to be India’s paramount insurance solution provider. The company has earned trust over the years as it promises long term commitment towards the customers. This leading life insurance company offers various types of insurance plans - wealth plan, saving plan, protection plan, pension plan, credit life plan, child plan and term plan. The company has won many awards and one award was for ‘Highest Claim Settlement’ at BFSI Awards, the year 2015, February. The claim settlement ratio of Star Union Dai-Ichi Life Insurance Company is around 80.73%.

  • 24. TATA AIA Life Insurance Company

    TATA AIA Life Insurance Company is a joint project of TATA Sons and the AIA Group. In this teamed up venture the majority strike is 75% and is held by TATA Sons and 26 % by AIA Group of company. The company has started its operation in the year 2001, 1st April and presence in 17 markets in Asia Pacific. Amongst the abundant insurance companies in the country, TATA AIA Life Insurance has made a notable position in the insurance industry of the country. To satisfy different sector of customers, the company provides various types of insurance plans, like child plan, group plan, wealth plan, saving plan, protection plan and micro insurance plan. TATA AIA Life Insurance Company has resolved maximum number of grievances and has the record claim settlement ratio approx 96.80%. This insurer also has a strong distribution network of agents and branches.