List of IRDAI-Approved Life Insurance Companies in India

IRDAI-Approved Life Insurance Companies in India - BimaBandhu

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 ReadDifferent 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 

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