Top 5 Life Insurance Companies in India Today

Close up of Life Insurance Policy with pen, calculator

In India, there are 24 life insurance companies operating which have been approved and recognised by IRDAI (Insurance Regulatory and Development Authority in India), which is a regulatory body for insurance and reinsurance industries.

To shortlist the best term insurance plan as per your requirements, we recommend that you click on the button below, fill a few insurance-related fields and let our system suggest the suitable insurance policy as per your requirements.

Top 5 life insurance companies in India:

1. Life Insurance Corporation of India

Life Insurance Corporation of India popularly known as LIC is the largest life insurance company in India owned by the Government of India. LIC, one of the top 10 insurance companies in India, came into existence in the year 1956. LIC makes insurance accessible for every person in any corner of the country with 2048 branch offices, 113 divisional offices, 8 zonal offices and 1381 satellite offices. Currently, LIC’s total asset under management is INR 3,111,847 crores (USD 450 billion). LIC being the dominant insurance player has a huge customer base of over 29 crores policyholders. LIC is a trusted insurance brand that offers great convenience to its customers through its excellent customer services on the digital platform and also through branch offices and various other tie-ups. LIC offers numerous life insurance products that can meet the unique needs of a variety of customer segments. For all the milestones it has achieved, LIC has been consistently recognised and awards. Following are some of the awards received by LIC:

  • LIC has been consistently winning the Reader’s Digest Trusted Brand Award
  • According to the Brand Trust Report, LIC has been consistently voted as ‘India’s Most Trusted Brand’ in BFSI category
  • LIC has won ‘Best Life Insurance Company of the Year’ and ‘Most Preferred Life Insurance Company of the Year’ award

In fact, the flexibility offered with the LIC plans are so diverse that choosing a LIC policy itself can be quite a dilemma. To make things easier for you, we have compared the top policies offered by LIC along with their features and benefits in the post linked below.

2. Max Life Insurance Company

Max Life Insurance Company founded in the year 2000 is the largest non-bank private sector insurance company in India. Max Life Insurance Company is a joint venture between Indian Max India Ltd, a multi-business Indian corporate and Mitsui Sumitomo Insurance Company, a Japanese Insurance Company. It is one of the fastest-growing insurance companies in India and Max Life’s asset under management has now touched the mark of INR 50,000 crores. Max Life has a customer base of more than 30 lakhs. With strong online presence, wide portfolio of products, multi-distribution channel and 1090 offices across the country, Max Life Insurance Company provides high-quality customer services. Max Life has been receiving awards and recognitions consistently. With high claim settlement ratio, Max Life has been awarded as ‘Claims Service Leader’ and ‘Excellence in Claims Service’ by CMO Asia Awards.

Max Life Insurance allows you to select from multiple types of products being offered by them in the market. You can read more about Max Life Insurance and check their insurance plans below.

3. HDFC Life Insurance Company

HDFC Life Insurance Company, one of the top insurance companies in India is a joint venture between HDFC Ltd, leading housing finance institution in India and Standard Life Aberdeen, a global investment company. Founded in the year 2000, HDFC Life offers a wide array of insurance and investment solutions to various customer segments. HDFC Life serves its customers across the country through 412 branches and additional distribution touchpoints and bancassurance partners. With strong digital platform, services are accessible easily to the customers. HDFC Life has received many accolades and awards for its continuous contribution to the Indian Insurance Industry. Following are some of the details:

  • HDFC Life is ranked as ‘Most Valuable Private Life Insurance Indian Brand’
  • HDFC Life has received ‘Creative Excellence Award’ at INDIAA awards 2018
  • HDFC Life has received ‘Best Life Insurance Company’, ‘Best Analytic Initiative of the Year’ and ‘Best Underwriting Initiative of the Year’ at BFSI awards.
  • HDFC Life is recognised as the Best 50 PCI Companies for 2019

HDFC life insurance offers considerable flexibility with their insurance policies, at 99.07%, their claim settlement ratio is quite impressive as well. Click the link below to know more about the life insurance plans offered by HDFC.

4. ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Founded in the year 2000, ICICI Prudential Life is one of the best insurance company in India having its presence all over the country today with its strong bancassurance channel and multiple distribution channels. Total assets under management of the company are INR 1,604.10 billion. With the customer-centric approach, ICICI Prudential Life offers various long-term protection and savings plans for a diverse customer segment. For its excellence in the field of insurance, ICICI Prudential Life Insurance Company has been receiving many accolades and awards. Let’s take a look at a few of such recognitions.

  • ICICI Prudential Life has received ‘Life Insurance Company of the Year’ award at India Summit and Awards 2019
  • ICICI Prudential Life has received ‘Life Insurance Provider of the Year’ by Outlook Money Awards 2018
  • ICICI Prudential Life has received ‘Best Term Insurance Provider of the Year’ award by Money Today Financial Awards 2017-18
  • ICICI Prudential Life is awarded as ‘Best Customer Orientation in Life Insurance’ award by Emerging Asia Awards 2018
  • ICICI Prudential Life is awarded as ‘Best Growth in Life Insurance’ category by Emerging Asia Awards 2018

5. Tata AIA Life Insurance Company

Tata AIA Life Insurance Company is a joint venture between Tata Sons Private Limited, one of the largest business groups and AIA Group Limited, Asia’s largest insurance group. Tata AIA Life Insurance Company’s asset under management in 2019 is INR 28,430 crores. Being one of the trusted insurance brands in India, Tata AIA Life offers numerous insurance solutions starting from protection to wealth creation. The policies provide simple solutions for unique insurance needs along with excellent customer service.

Read more about Tata AIA Life Insurance and get information on their insurance plans to secure your future today.

Add Comment

Click here to post a comment