List of 24 Life Insurance Companies in India 2021

Life insurance policies provide coverage against the risk of dying too young. Moreover, today’s life insurance plans have evolved to offer you various financial solutions. You can save and create a corpus through endowment and market-linked plans, secure your child’s future through child plans and even create a retirement corpus through pension plans. There are fixed benefit health insurance plans too that help you in medical contingencies. Life insurance policies, therefore, provide 36-degree financial protection and are a must in today’s age.

When it comes to the life insurance market, there are 24 insurance companies operating in the sector. LIC is the only Government-owned life insurance provider while the other 23 companies are privately owned either by an Indian conglomerate or as a joint venture between an Indian and an international company.

These life insurance providers offer a range of competitive life insurance plans tailor-made to suit the different requirements of the population.

How to choose the best insurance company?

Among the different insurance companies present, choosing the right company can prove challenging. So, here are some parameters that you can use to judge which company is better than the rest –

Companies that offer a wide variety of plans priced competitively, have a high CSR and solvency ratio and provide the best services should be chosen for buying life insurance plans.

Market share and Net Promoter Score (NPS) of life insurers

Market share of a company means the share of the total insurance market which an insurance company occupies. In India, LIC being the oldest and the most trusted insurer enjoys the largest market share compared to private players. Have a look –

The Net Promoter Score (NPS), on the other hand, measures an insurance company’s popularity. It shows how likely a customer would recommend an insurance company to his acquaintances. A high score is favourable for insurers as it increases word-of-mouth publicity. 

The NPS of some of the leading life insurance companies in India are as follows –

Now, let’s have a look at the life insurers in India and some of their important details.

List of 23 Life Insurance Companies in India 2021

1. Life Insurance Corporation of India

The Life Insurance Corporation of India (LIC) is a leading life insurer, formed in the year 1956. LIC is owned by the Government of India. 

Top LIC Plans

LIC’s Bachat Plus	A participating endowment plan where premiums can be paid either in a lump sum or for a limited tenure of 5 years
LIC’s Jeevan Umang	A participating whole life assurance plan where annual survival benefits are paid from the expiry of the plan till maturity
LIC’s New Endowment Plus	A unit-linked plan that offers four investment funds to suit your strategy

Key Metrics 

• Claim Settlement Ratio – 96.69%
• Premium starting rate – Rs.2475 onwards
• Solvency ratio – 1.55

 

2. Max Life Insurance Company Limited

Max Life is the largest non-bank private sector life insurance company in India with Assets Under Management of INR 68, 471 crores for the financial year 19-20 

Top Max Life Plans

Max Life Smart Wealth plan	A guaranteed benefit plan, Smart Wealth offers 4 flexible plan options and pays the benefit in the form of regular income or a lump sum
Max Life Savings Advantage plan	A participating endowment plan which also provides annual guaranteed additions from the 6th policy year
Max Life Smart Term plan	A smart term plan that offers comprehensive protection against 40 critical illness along with life risk coverage

Key Metrics 

• Claim Settlement Ratio – 99.22%
• Premium starting rate – Rs.4680 onwards
• Solvency ratio – 2.07

 

3. HDFC Life Insurance Company Limited

A leading private insurer, HDFC Life was awarded as ‘The Best Life Insurance Company’ in the BFIS Awards, 2018. 

Top HDFC Life Plans 

HDFC Life Click 2 Protect plan	A term plan that offers three plan options to choose from as per your needs along with the whole of life cover option
HDFC Life Click 2 Wealth	A ULIP, Click 2 Wealth offers 10 fund options to choose from with the benefit of unlimited free switching.
HDFC Life Sanchay Par Advantage	A traditional savings plan that offers an option to take a life cover up to 100 years of age

Key Metrics

• Claim Settlement Ratio – 99.07%
• Premium starting rate – Rs.6802 onwards
• Solvency ratio – 1.84

 

4. ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance is the first life insurance company to be listed on the Bombay Stock Exchange and National Stock Exchange. 

Top ICICI Prudential Plans

ICICI Pru iProtect Smart plan	iProtect Smart plan is a term plan which covers 34 critical illness along with an option of availing life cover till 99 years of age
ICICI Pru Signature Online	A unit-linked plan which offers a wide range of fund options and four portfolios strategies to choose from.
ICICI Pru Guaranteed Income for Tomorrow	Guaranteed Income for Tomorrow is the savings plan which offers guaranteed benefit either in a  lump sum amount or as regular income

Key Metrics

• Claim Settlement Ratio – 97.84%
• Premium starting rate – Rs.2400 onwards
• Solvency ratio – 1.94

 

5. Aditya Birla Sun Life Insurance Company Limited

Aditya Birla Sun Life is a trustworthy insurance company with Asset under Management of Rs.44,184.9 crores. 

Top Aditya Birla Plans

ABSLI Life Shield plan	Life Shield plan is a term insurance plan which offers eight plan options to suit your protection requirements
ABSLI Guaranteed Milestone plan	An endowment plan that can be taken on a joint life basis and it also offers guaranteed additions
ABSLI Fortune Elite plan	Fortune Elite is a unit plan with three investment options. It also pays guaranteed additions by allocating additional units for staying invested in the plan for a longer period

Key Metrics

• Claim Settlement Ratio – 97.54%
• Premium starting rate – Rs.5203 onwards
• Solvency ratio – 1.78

 

6. Kotak Life Insurance Company Limited

Kotak Life is one of India’s fastest-growing private sector insurance companies with a net worth of multi-thousand crores as of 31st March 2019

Top Kotak plans 

Kotak Term plan	Kotak term is a pure protection plan which offers an option to convert the term plan to a policy of any other plan offered by Kotak Life
Kotak Assured Income Accelerator	Assured Income Accelerator provides yearly guaranteed income during the payout period and the death benefit remains unaffected by the income paid
Kotak Invest Maxima	Invest Maxima is a unit-linked life insurance plan with zero allocation charge and choice of two portfolio strategies

Key Metrics

• Claim Settlement Ratio – 96.38%
• Premium starting rate – Rs.2000 onwards
• Solvency ratio – 2.90

 

7. SBI Life Insurance Company Limited

SBI Life is a leading life insurance company in India with Assets under Management of Rs.2095 billion

Top SBI Life plans

SBI Life eShield plan	eShield plan is a term plan which provides two benefit structures to suit your protection needs and the option of a second medical opinion
SBI Life Smart Platina Assure	Smart Platina Assure is a savings plan that provides annual guaranteed additions to build your corpus
SBI Life Smart Insure Wealth Plus	Smart Insure Wealth Plus is a ULIP that offers three investments strategies and a choice of 9 fund options under its Smart Choice Strategy

Key Metrics

• Claim Settlement Ratio – 94.52%
• Premium starting rate – Rs.1415 onwards
• Solvency ratio – 1.95

 

8. Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz life has expanded its presence across India and ensures one-day claim approval for non-investigative individual claims

Top Bajaj Allianz plans: 

Smart Wealth Goal	Smart Wealth Goal is a ULIP with three variants and systematic partial withdrawals through the periodical money back benefit
Smart Protect Goal	Smart Protect Goal is a comprehensive term plan which also covers 55 critical illnesses and allows whole life coverage
Flexi Income Goal	Flexi Income Goal is a money-back plan where a part of the policy portfolio is invested in the equities to fetch a higher bonus

Key Metrics

• Claim Settlement Ratio – 98.02%
• Premium starting rate – Rs.1000 onwards
• Solvency ratio – 7.45

 

9. Tata AIA Life Insurance Company Limited

Tata AIA Life Insurance is India’s one of the leading insurance company ranked fifth based on individual weighted new business premium

Top TATA AIA Plans

Maha Raksha Supreme	Maha Raksha Supreme offers the option of lifelong coverage and an inbuilt terminal illness benefit
Smart income plan	Smart Income Plus is the savings plan with guaranteed endowment or regular income benefit
Fortune Pro	Fortune Pro is the unit-linked plan with 11 fund options and choice of systematic investment with enhanced SMART portfolio strategy

Key Metrics

• Claim Settlement Ratio – 99.06%
• Premium starting rate – Rs.6850 onwards
• Solvency ratio – 2.35

 

10. PNB MetLife insurance company limited

PNB MetLife insurance is one of the leading life insurance providers in India offering three-hours easy, seamless and prompt assurance claim settlement for selected life insurance policies

Top PNB MetLife Plans

PNB MetLife Mera Term Plan Plus	Mera Term Plan Plus is a protection plan which offers a whole life cover option as well as a joint life protection option
PNB MetLife Century plan	Century plan offers 3 income options and pays incomes for the whole life along with whole life coverage i.e. 100 years of age
PNB MetLife Mera Wealth plan	Mera Wealth plan is a ULIP with multiple investment strategies and  loyalty additions after 6 years

Key Metrics

• Claim Settlement Ratio – 97.18%
• Premium starting rate – Rs.2000 onwards
• Solvency ratio – 1.89

 

11. Exide Life Insurance Company Limited

Exide Life is an established life insurance company with Asset under Management of Rs.15,795 crores. 

Top Exide Life Plans

Exide Life Smart Term Edge	Smart Term Edge is a comprehensive protection insurance policy with 3 different plan options
Exide Life Secured Income Insurance plan	A savings plan, the plan offers two coverage options and flexible premium payment modes
Exide Life New Fulfilling Life	New Fulfilling Life provides regular money back benefits along with life cover till 85 years of age

Key Metrics

• Claim Settlement Ratio – 98.15%
• Premium starting rate – Rs.1462 onwards
• Solvency ratio – 2.10

 

12. Reliance Nippon Life Insurance company

Reliance Nippon Life Insurance has been rated among the top 3 Most Trusted Life Insurance Service Brand by Brand Equity’s Most Trusted Brands Survey, 2018. 

Top Reliance Nippon Plans: 

Life Protection Plus	Life protection Plus is a term plan that offers four different plan options and premium discounts for maintaining a healthy lifestyle
Super Endowment plan	Super Endowment plan provides guaranteed returns in the form of maturity or death benefit
Smart Savings Insurance plan	Smart Savings Plan is a ULIP with two investment options and reduced charges for investing higher premiums

Key Metrics

• Claim Settlement Ratio – 98.12%
• Premium starting rate – Rs.4019 onwards
• Solvency ratio – 1.84

 

13. Sahara India Life Insurance Company Limited

Sahara India Life is the first wholly Indian life insurer in the private sector. It launched its operations on 30th October 2004.

Top Sahara India Plans: 

Sahara Sanchit Jeevan Bima	Sanchit Jeevan Bima is a single premium unit-linked insurance plan with different investment plan options
Sahara Shrestha Nivesh Jeevan Bima	Shrestha Nivesh Jeevan Bima is a single premium endowment assurance plan with guaranteed benefits
Sahara Dhanvriddhi Jeevan Bima	Sahara Dhanvriddhi Jeevan Bima is a money-back policy that provides guaranteed additions for maximum returns

Key Metrics

• Claim Settlement Ratio – 89.45%
• Premium starting rate – Rs.7515 onwards
• Solvency ratio – 9.13

 

14. Ageas Federal Life Insurance Company Limited

Ageas federal is one of the fastest-growing life insurance which ranked among the Top 10 Most Trusted Life Insurance Brands in India by ET Brand Equity Study.

Top Ageas Federal Plans 

Smart Growth plan	Smart Growth is a ULIP that offers six fund options to choose from as per your risk appetite
Income Protect plan	Income Protect is a term insurance plan which offers increasing monthly incomes if the insured dies
Young Star Plus plan	Young Star Plus is a traditional child plan with an Inbuilt premium waiver benefit and guaranteed returns

Key Metrics

• Claim Settlement Ratio – 96.47%
• Premium starting rate – Rs.4411 onwards
• Solvency ratio – 2.98

 

15. Aviva Life Insurance Company Limited

Aviva is a rapidly growing insurer with Assets under Management of Rs.9430 crore as of 31st March 2019 as compared to Rs.8957 crore in the previous year. 

Top Aviva Plans: 

Aviva Life Shield Advantage	Shield Advantage is a term insurance plan which pays back the premiums on maturity and an option of disability coverage
Aviva Affluence	Aviva Affluence is a ULIP that offers milestone and maturity boosters for staying invested in the plan
Aviva guaranteed income plan	Guaranteed Income is a traditional savings plans where guaranteed returns are paid through 11 pay-outs over 10 years

Key Metrics

• Claim Settlement Ratio – 97.53%
• Premium starting rate – Rs.413 onwards
• Solvency ratio – 2.42

 

16. Bharti AXA Life Insurance Company Limited

Bharti AXA Life Insurance is one of India’s leading insurance companies whose Assets under Management stood at Rs.7987 crores in the first quarter of 2020-21

Top Bharti AXA Plans: 

Bharti AXA Life Elite Advantage plan	Elite Advantage is a long-term savings plan which provides guaranteed payouts during the maturity payout period
Bharti AXA Life Grow Wealth	Grow Wealth is a ULIP that offers multiple investment options and the growth of your wealth through loyalty additions
Bharti AXA Life Flexi Term	Flexi Term Pro is a flexible term plan wherein you can choose the return of premium option as well as whole life coverage

Key Metrics

• Claim Settlement Ratio – 97.35%
• Premium starting rate – Rs.2380 onwards
• Solvency ratio – 1.86

 

17. Shriram Life Insurance Company Limited

Shriram Life Insurance is one of the best life insurance companies in India and it won the award for ‘Best Customer Experience in Financial Sector Non-Banking- 2020’

Top Shriram Life Plans 

Golden Premier Saver plan	Golden Premier Saver is a traditional savings plan which provides an option to choose life cover till the age of 80 years
Growth Plus	Growth Plus is a savings oriented ULIP plan offering investment strategies as well as fund options
Smart Protection plan	Smart Protection Plan provide life insurance cover along with optional critical illness and accidental cover

Key Metrics

• Claim Settlement Ratio – 91.61%
• Premium starting rate – Rs.2000 onwards
• Solvency ratio – 1.78

 

18. Aegon Life Insurance Company Limited

Aegon Life Insurance was the first insurance company to launch online term plans in India. The insurance company was awarded the ‘One of the Best BSFI Brands in India in the year 2019’

Top Aegon Life Plans 

Aegon Life iTerm Insurance plan	iTerm is a term insurance plan with three different plan options. Coverage against 36 critical illnesses can be availed with Aegon Life CI Care Rider
Aegon Life iInvest plan	iInvest is a unit-linked insurance plan with zero allocation charges and loyalty additions in the last 5 years of the policy
Aegon Life Regular Money Back Insurance plan	This is a money-back insurance plan which provides guaranteed payouts for 10 years and an option to get additional benefits against disability

Key Metrics

• Claim Settlement Ratio – 98.01%
• Premium starting rate – Rs.3360 onwards
• Solvency ratio – 2.36

 

19. Future Generali Life Insurance Company Limited

Future Generali Life is one of the fastest-growing life insurance companies with an AUM of Rs.4347.5 crores as of 31st March 2020

Top Future Generali Plans: 

Future Generali New Assured Wealth plan	New Assured Wealth Plan  is a traditional savings plans that pay guaranteed additions from the 8th policy year
Future Generali Flexi Online Term plan	Flexi Online Term plan provides four flexible coverage options to choose as per your insurance requirements
Future Generali Easy Invest Online ULIP plan	Easy Invest Online ULIP rewards you with the additional unit in the last 5 years of the policy as loyalty additions

Key Metrics

• Claim Settlement Ratio – 95.28%
• Premium starting rate – Rs.2000 onwards
• Solvency ratio – 1.59

 

20. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

Canara HSBC OBC Life brings together the market knowledge and trust of two public sector banks. It has Assets under Management of Rs.20, 586 crores as of 31st December 2020

Top Canara HSBC Plans: 

i-Select Star Term plan	I-Select Star Term plan provides different coverage options and the option to avail refund of premiums on maturity
Guaranteed Savings plan	Guaranteed Savings Plan is a traditional savings plan that offers guaranteed benefits along with premium waiver option
Invest 4G plan	Invest 4G is a unit-linked plan with multiple portfolio management strategies and 3 cover options to suit different life stages

Key Metrics

• Claim Settlement Ratio – 98.12%
• Premium starting rate – Rs.2219 onwards
• Solvency ratio – 3.65

 

21. Pramerica Life Insurance Company Limited

Pramerica Life Insurance Company offers a host of life insurance products and has an AUM of Rs.5652.11 crores.

Top Pramerica Plans:

Pramerica Life TruShield	Pramerica TruShield is a TROP that provides additional shield cover in case of unfortunate death of the life assured
Pramerica Life Wealth Maximiser	Wealth Maximiser is a ULIP that offers reduced charges for higher premium amounts and wealth boosters and persistency units for long term investments
Pramerica Life Smart Income	Smart Income is a traditional savings plan that provides dual benefits of life cover and guaranteed annual income in the form of annual pay-outs

Key Metrics

• Claim Settlement Ratio – 98.42%
• Premium starting rate – Rs.4000 onwards
• Solvency ratio – 3.50

 

22. IndiaFirst Life Insurance Company Limited

IndiaFirst Life Insurance is one of the youngest life insurance companies that ranks 12th in the private sector in individual NB APE for the financial year 2020.

Top IndiaFirst Plans 

Guaranteed Protection plan	Guarantee Protection plan provides term insurance with maturity benefit. You can also cover your spouse under the plan
Wealth Maximizer plan	Wealth Maximizer is a ULIP that offers the systematic partial withdrawal option any time after the first five years of the plan
Long Guaranteed Income plan	Long Guaranteed Income is a traditional savings plan where you can pay the premiums for a shorter period and enjoy long-term coverage

Key Metrics

• Claim Settlement Ratio – 96.65%
• Premium starting rate – Rs.1000 onwards
• Solvency ratio – 1.72

 

23. Star Union Dai-ichi Insurance Company Limited

Star Union Dai-ichi Life was awarded the National Award for Excellence in Corporate Governance by the Institute of Company Secretaries of India in 2020.

Top Star Union Dai-ichi Plans 

Star Union Dai-ichi Life Abhay	It is a term plan that offers a choice of life cover or a life cover with the return of premium option
Star Union Dai-ichi Life Aadarsh	An endowment plan, it offers enhanced life protection through additional death benefit in the case of accidental death
Star Union Dai-ichi Wealth Creator	A ULIP, this plan offers two investments strategies and multiple fund options to choose from as per your changing risk appetite

Key Metrics

• Claim Settlement Ratio – 96.96%
• Premium starting rate – Rs.3720 onwards
• Solvency ratio – 2.40

 

24. Edelweiss Tokio Life Insurance Company Limited

Edelweiss Tokio Life Insurance is a trusted insurance provider that won the ‘Asia’s Best Insurance Company Award, 2020’

Top Edelweiss Tokio Plans 

Zindagi Plus	Zindagi Plus is protected with an option to include your spouse and an inbuilt premium waiver benefit in case of any listed critical illness
GCAP	GCAP offers fully guaranteed maturity and death benefits and additional benefits from the 9th year through accrual additions
Wealth Secure Plus	Wealth Secure Plus is a ULIP that offers 3 variants and additional loyalty, boosters and maturity additions to increase your savings

Key Metrics

• Claim Settlement Ratio – 83.44%
• Premium starting rate – Rs.3000 onwards
• Solvency ratio – 2.32

So, compare the different insurers and choose a suitable plan based on your coverage needs.