Life insurance is an essential purchase in life as it offers a significant payout to the family of the insured individuals in case of their unfortunate demise. Buying these policies involves a standard procedure and legal agreement between the policy buyer and the insurance provider. It is the availability of several life insurance companies in India that makes it easier for us to buy the right plan.
Life insurance companies offer various insurance products for us to choose from depending on our needs and preferences. On one hand, it is crucial to understand what life insurance is before you buy any plan. While on the other, you should also know about various life insurance companies in India to make an informed decision.
Let’s start with the basics.
What is a Life Insurance Company?
Life insurance companies are organizations that create and offer life insurance policies for their customers. They design features and benefits of these policies depending on the needs they want to fulfil for their policyholders.
The life insurance policyholders pay them a premium to keep their policies in force. This premium depends on the chosen sum assured, policy period, and similar other factors. It is these life insurance companies that handle the claims filed by their customers as per the terms of the purchased policy.
Before providing the financial benefits of the policies, life insurance companies follow a stringent process to verify the insured’s information and reason for death. This is important as they do not offer any benefits for incidents like suicide and other exclusions.
Most of the life insurance companies offer the following types of policies in India:
- ULIPs
- Term plans
- Whole life insurance
- Endowment plans
- Moneyback policy
- Child insurance plans
- Retirement plans
You May Also Like to Read: Different Types of Life Insurance Policies in India
Details of Life Insurance Companies in India
| Life Insurance Company Name | Headquarter Location | Founding Year | Claim Settlement Ratio |
| Life Insurance Corporation of India | Mumbai | 1956 | 97.79% |
| Max Life Insurance Co. Ltd. | Gurgaon | 2000 | 99.22% |
| HDFC Life Insurance Co. Ltd. | Mumbai | 2000 | 99.04% |
| ICICI Prudential Life Insurance Co. Ltd. | Mumbai | 2000 | 98.58% |
| Kotak Mahindra Life Insurance Co. Ltd. | Mumbai | 2001 | 97.40% |
| Aditya Birla SunLife Insurance Co. Ltd. | Mumbai | 2000 | 97.15% |
| Pramerica Life Insurance Co. Ltd. | Gurugram | 2008 | 98.42% |
| Bajaj Allianz Life Insurance Co. Ltd. | Pune | 2001 | 95.01% |
| TATA AIA Life Insurance Co. Ltd. | Mumbai | 2000 | 99.07% |
| SBI Life Insurance Co. Ltd. | Mumbai | 2001 | 95.03% |
| Reliance Nippon Life Insurance Company | Mumbai | 2001 | 97.71% |
| Exide Life Insurance Co. Ltd | Bengaluru | 2001 | 97.03% |
| Aviva Life Insurance Company India Ltd. | Gurugram | 2002 | 96.06% |
| Sahara India Life Insurance Co. Ltd. | Kanpur | 2000 | 90.16% |
| PNB MetLife India Insurance Co. Ltd | Mumbai | 2001 | 96.21% |
| IDBI Federal Life Insurance Co. Limited | Mumbai | 2008 | 90.33% |
| Bharti AXA Life Insurance Co. Ltd | Mumbai | 2005 | 97.28% |
| Future Generali India Life Insurance Co. Limited | Mumbai | 2006 | 95.16% |
| Shriram Life Insurance Co. Ltd. | Hyderabad | 2005 | 85.30% |
| Aegon Life Insurance Co. Limited | Mumbai | 2008 | 96.45% |
| Edelweiss Tokio Life Insurance Co. Limited | Mumbai | 2009 | 95.82% |
| Canara HSBC Oriental Bank of Commerce Life Insurance Co. Limited | Gurugram | 2007 | 94.04% |
| Star Union Dai-Ichi Life Insurance Co. Ltd. | Mumbai | 2007 | 96.74% |
| IndiaFirst Life Insurance Co. Ltd. | Mumbai | 2009 | 92.82% |
Disclaimer: Insuropedia does not endorse, rate, or recommend any life insurance provider or its products. The above information about the Claim Settlement Ratio has been taken from IRDA Annual Report.
Make sure you select any life insurance company in India after conducting thorough research. You can also check the list of life insurers online. Consider the claim settlement ratio, insurer’s reputation, premium, and policy benefits before you decide on buying any life insurance product.
Also Read: A Complete Guide to Claim Settlement Ratio
