Top 10 Life Insurance Companies
There are approximately 24 life insurance companies in India that offer various life cover products to the Indian citizens. Choosing the best ones among these can be done by analyzing some of their features like a good claim settlement ratio, solvency ratio, annual premiums and customer reviews. All of these factors together define a good life insurance company that values its customers and takes their claims seriously. It’s necessary for individuals to choose a life insurance company that has good market reputation and creditworthiness so that your loved ones are secured even in your absence.
List of Top 10 Life Insurance Companies
We have provided you with a list of the top 10 best life insurance companies in India that you can consider for buying life insurance.
S.NoInsurance CompanySolvency Ratio (2022-2023)CSR (2022-2023)Annual Premiums (2022-23)
(In crores)Official Website1.LIC of India1.898.74%Rs 4,74,668.14https://licindia.in/2.Max Life Insurance299.34%Rs 25,341.91https://www.maxlifeinsurance.com/3.HDFC Life Insurance1.998.66%Rs 57,533.42https://www.hdfclife.com/4.ICICI Prudential Life Insurance297.82%Rs 39,932.78https://www.iciciprulife.com/5.Kotak Mahindra Life Insurance2.698.82%Rs 15,320.46https://www.kotaklife.com/6.Aditya Birla Life Insurance1.998.07%Rs 15,069.69https://lifeinsurance.adityabirlacapital.com/7.Tata AIA Life Insurance1.998.53%Rs 20,503.5https://www.tataaia.com/8.SBI Life Insurance2.197.05%Rs 67,315.6https://www.sbilife.co.in/9.Bajaj Allianz Life Insurance6.199.02%Rs 19,461.43https://www.bajajallianzlife.com/9.PNB Metlife Life Insurance1.997.33%Rs 8,785.21https://www.pnbmetlife.com/
Overview of 10 Best Life Insurance Companies
We are providing you with a short overview of the best insurance companies in India for a better understanding and clarity.
LIC (Life Insurance Corporation of India)
Established in 1956, LIC (Life Insurance Corporation of India) aims to deliver complete financial security to the people of India. Over the years, LIC has gained the trust of millions by providing hassle-claim support and standing with customers in tough times.
As the largest life insurance company in India, LIC has 2048 branch offices, 113 divisional offices, 8 zonal offices, and 1381 satellite offices. LIC offers a wide range of insurance products including life insurance, pension plans, ULIPs, health plans, etc.
Max Life Insurance Company
Max Life Insurance Company Limited is a joint venture between Max Financial Services Limited and Axis Bank Limited. It started as a general insurance provider in the year 2000. It has a strong customer base of over 20 million.
It offers a wide range of insurance products including life insurance, ULIPs, child plans, investment plans, etc.
HDFC Life Insurance Company
HDFC Life Insurance is a joint venture of HDFC Limited, India’s leading housing loan company, and Aberdeen PLC (formerly Standard Life Aberdeen PLC). This global investment company started its business as a general insurance provider in the year 2000.
HDFC has more than 498 branches in the country, has 2,38,782 cr worth of assets under management, has insured 6.8 crore lives as of now, and has offered a sum assured of whooping 11 lakh crores. The company was awarded a ’Superbrand’ in the year 2023.
ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance is a joint venture between ICICI Bank Limited (India) and Prudential Group of Insurance, an American multinational company. It started its operation as a general insurance provider in 2001 in India. With over 600+ branches and thousands of employees, ICICI has crossed 2.5 trillion assets under management.
Kotak Mahindra Life Insurance Company
Kotak Mahindra Life Insurance Company is a subsidiary of Kotak Mahindra Bank Limited. It started its business as a general insurance provider in 2001. The company has insured over 50 million lives in India till now and has over 4.21 lakhs of assets under management.
Aditya Birla Life Insurance Company
Aditya Birla Sun Life Insurance is a joint venture between Aditya Birla. Capital Ltd (India) and Sun Life Group of Insurance, a Canadian-based insurance provider, started operating as general insurance providers in 2001. Aditya Birla Sun Life Insurance has collected over Rs 15,069.69 crores of premiums showcasing the insurer’s credibility among customers.
Tata AIA Life Insurance Company
Tata AIA Life Insurance is a joint venture between Tata Sons Pvt Ltd (India) and AIA Group of Insurance, an American insurance provider that started as a general insurance provider in 2001. Tata AIA life insurance has over Rs. 71,006 crores of assets under management increasing from 21% from the last year, showcasing the company’s strong financial performance after COVID-19.
SBI Life Insurance Company
SBI Life Insurance, a subsidiary brand of SBI Bank, started operations as a general insurance provider in 2000, with over 1000+ offices and over 20 thousands of employees. SBI Life has a total of Rs 3.451 assets under management.
Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance is a joint venture between Bajaj Financial Limited(India) and the Allianz Group of Insurance (Germany); it started operating as a general insurance provider in 2001. Bajaj Allianz has reported a collection of Rs 19,461.43 crores of premiums, with a 2 lakh crore of assets under management.
PNB Metlife Life Insurance Company
PNB Metlife Life Insurance is a joint venture between Punjab National Bank(PNB) and Metlife International Holdings Inc(MIHI)., an American-based insurance company that started as a general insurance provider in 2001. PNB Metlife has collected over Rs 8,785.21 crores of annual premiums in, with more than Rs. 350 million of assets under management.
Factors to consider while choosing the best term life insurance provider
We have explained factors that help you decide whether the life insurance company you are choosing is good or not. Let’s understand these factors in detail:
Claim Settlement Ratio
The claim settlement ratio of an insurer shows the number of claims settled by the insurance company out of the total claims received by them. This ratio is updated and provided annually by IRDAI. This is an ideal metric to consider when choosing a life insurance provider. A claim settlement ratio above 99% is considered a good one. It ensures that your loved ones are secure even in your absence.
Max Life Insurance has the highest claim settlement ratio of 99.51% as per the 2022-23 report issued by IRDAI.
Solvency Ratio
The solvency ratio of an insurer determines the capability of the insurer to settle the claims received by them during a particular period. It compares the assets and liabilities of an insurer along with its earnings. This ratio is used by insurers and investors to assess the sustainability and marketability of any insurer. A good solvency ratio makes sure that the company is financially sound to settle the received claims. Every insurer must maintain a solvency ratio of 1.5 during any particular year.
Bajaj Allianz has the highest solvency ratio of 5.2 as per the 2022-23 report issued by IRDAI.
Annual Premiums Received
The total claims received by an insurer show that people have trust in that insurer. The higher the annual premiums received the greater their market reputation and trust-worthiness in the market. An increasing trend of annual premiums received is a good indication for customers as well as insurers.
Life Insurance Corporation of India (LIC) has received the highest annual premiums of Rs 4,74,668.14 crores as per the 2022-23 report issued by IRDAI.
Customer Testimonials/ Reviews
To select the best life insurance company you can view the customer reviews and testimonials available on various websites, insurer partner’s website, search engines, social media handles, etc. These testimonials themselves speak a lot about the insurance company’s market reputation.
Range of offerings by insurer
A company offering a wide range of products is usually a good one. Generally, the company expands its product range only when its single product is doing good in the market. Choosing an insurer offering a wide range of products is considered good.
How to buy the best life insurance?
You can buy the best life insurance either from PolicyX.com or from the official website of the insurance company.
Buying from PolicyX.com
Fill out the form at the top of this page with the necessary details.Select your income and city. Click on ’Proceed’.Update your education and occupation details.Choose your preferred plan and click on ’Buy this plan’.Select the policy term, premium period, and riders (if required), and then proceed to pay.
* Once the payment is made, you will receive a confirmation at your registered email address.
Why Buy from PolicyX.com?
Here are the reasons for buying life insurance from PolicyX.com:
Compare and choose the best
PolicyX helps you compare a wide range of plans based on their features and choose the one that best fits your requirements.
Hassle-free purchase process
Buying term plans from PolicyX is a hassle-free process as it lets you compare various term plans within 30 seconds.
Customer’s choice
PolicyX is a leading insurance aggregator that is trusted and loved by customers due to its best services and support.
Good customer service
You can contact PolicyX through email or IVR number and one of their insurance experts will connect with you shortly to address all your concerns.
Claim settlement support
PolicyX stands with you even in the hardest of times and provides you with dedicated claim settlement support when required.
Buying from the insurer’s website
You can visit the official website of the insurer and buy life insurance plan you want, by paying the premiums.
Conclusion
Choosing the right life insurance company is as important as choosing the right life insurance policy to make sure that your loved ones are secured in your absence. We have provided you with a list of the top ten life insurance companies in 2024.
Still wondering or confused about which life insurance company is best for you? Then contact us at PolicyX. One of our insurance representatives will contact you shortly and help you choose the right insurer and plan that best fits your requirements.
