Life insurance is an agreement between a policyholder and an insurance company where the insurance company promises to pay a lump sum amount to the policyholder’s nominee in case of the unfortunate demise of the policyholder. Policyholders have to pay a small premium for this contract for a selected period to the insurer.
- There are 24 life insurance companies approved by IRDAI which provide insurance plans in India.
- Choosing a right insurer is extremely important.
- You should always choose a brand which is trustable and which has a good claims settlement ratio.
- IRDAI is the regulatory body in India that governs the Life insurance companies in India.
Best Life Insurance companies in India – IRDAI Approved
Following is a list of all 24 life insurance companies with their claims settlement ratio, founding year, name of MD & CEO and headquarter address.
| Sr. No. | Company Name | Claim settlement Ratio (2020-21) | Founding Year | MD / CEO Name | Headquarter Address |
| 1 | Life Insurance Corporation of India | 96.70% | 1956 | Mr. M.R Kumar (Chairman) | Central Office, Yogakshema, Jeevan Bima Marg, Nariman Point, Mumbai – 400 021 |
| 2 | Max Life Insurance Co. Ltd. | 99.35% | 2000 | Mr. Prashant Tripathy | 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram, Haryana – 122002 |
| 3 | HDFC Life Insurance Co. Ltd. | 98.01% | 2000 | Ms. Vibha Padalkar | Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai- 400 011 |
| 4 | ICICI Prudential Life Insurance Co. Ltd. | 97.90% | 2000 | Mr. N. S. Kannan | ICICI Pru Life Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025 |
| 5 | Aditya Birla SunLife Insurance Co. Ltd. | 98.08% | 2000 | Mr. Kamlesh Rao | One Indiabulls Centre, Tower 1, 15th & 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013 |
| 6 | Kotak Mahindra Life Insurance Co. Ltd. | 98.50% | 2001 | Mr. Mahesh Balasubramanian | 2nd Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai – 400051 |
| 7 | Pramerica Life Insurance Co. Ltd. | 98.42% | 2008 | Kalpana Sampat | 4th Floor, Building No. 9 B, Cyber City, DLF Phase III, Gurgaon – 122002, Haryana |
| 8 | TATA AIA Life Insurance Co. Ltd. | 98.02% | 2000 | Mr. Naveen Tahilyani | 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai – 400013 |
| 9 | Bajaj Allianz Life Insurance Co. Ltd. | 98.48% | 2001 | Mr. Tarun Chugh | Bajaj Allianz House, Airport Road, Yerawada, Pune – 411006, Maharashtra |
| 10 | SBI Life Insurance Co. Ltd. | 93.09% | 2001 | Mr. Mahesh Kumar Sharma | Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai – 400 069. |
| 11 | Exide Life Insurance Co. Ltd. | 98.54% | 2001 | Mr. Kshitij Jain | Third Floor, JP Techno Park, No. 3/1, Millers Road, Bangalore- 560 001 |
| 12 | Reliance Nippon Life Insurance Company | 98.70% | 2001 | Mr. Ashish Vohra | Unit Nos. 401B, 402, 403 & 404, 4th Floor, Inspire-BKC, G Block, BKC Main Road, Bandra Kurla Complex, Bandra East, Mumbai – 400051 |
| 13 | Sahara India Life Insurance Co. Ltd. | 98.49% | 2000 | Shri Arun Kanti Dasgupta | Sahara India Centre, 2 Kapoorthala Complex, Lucknow – 226024 |
| 14 | Aviva Life Insurance Company India Ltd. | 98.01% | 2002 | Trevor Bull | 401-A, 4th Floor,Block A, DLF Cyber Park,Sector-20, NH-8, Gurugram, Haryana-122 008 |
| 15 | PNB MetLife India Insurance Co. Ltd | 98.17% | 2001 | Mr. Ashish Kumar Srivastava | Unit No. 701, 702 and 703, 7th floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka |
| 16 | Bharti AXA Life Insurance Company Ltd | 99.05% | 2005 | Mr. Parag Raja | Unit No. 1902, 19th Floor, Parinee Crescenzo, ‘G’ Block, Bandra Kurla Complex, BKC Road, Near MCA Club, Bandra East, Mumbai – 400051 |
| 17 | Ageas Federal Life Insurance Co. Ltd. (formerly IDBI Federal Life Insurance Co Ltd.) | 95.07% | 2008 | Mr. Vighnesh Shahane | 22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, Maharashtra |
| 18 | Future Generali India Life Insurance Co Ltd | 94.86% | 2006 | Mr. Anup Rau | Unit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S. Marg, Vikhroli (W), Mumbai – 400083 |
| 19 | Shriram Life Insurance Co. Ltd. | 95.12% | 2005 | Mr. Casparus Jacobs Hendrik Kromhout | Ramky Selenium, Plot No:31 & 32, Beside Andhra Bank Training Center, Financial District, Gachibowli, Hyderabad-500032 |
| 20 | Aegon Life Insurance Co. Ltd. | 99.25% | 2008 | Mr. Satishwar Balakrishnan | A – 201, 2nd Floor, Leela Business Park, Andheri-Kurla Road, Andheri (E), Mumbai – 400059 |
| 21 | Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. | 97.10% | 2007 | Mr. Anuj Mathur | 139 P Sector – 44, Gurugram – 122003 Haryana, India |
| 22 | Edelweiss Tokio Life Insurance Co. Ltd. | 97.01% | 2009 | Mr. Sumit Rai | 6th Floor, Tower 3, Wing ‘B’, Kohinoor City, Kirol Road, Kurla (W), Mumbai – 400070 |
| 23 | Star Union Dai-Ichi Life Insurance Co. Ltd. | 95.96% | 2007 | Shri Abhay Tewari | 11th Floor, Vishwaroop IT Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 |
| 24 | IndiaFirst Life Insurance Co. Ltd. | 96.81% | 2009 | R.M. Vishakha | 12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063 |
Life Insurance Companies FAQs
You should always choose a trustable and reputed insurance company. Each company comes with their plans which have benefits and drawbacks. It depends on your health status, lifestyle habits and your needs.
Choose your life insurance companies on the factors like claim settlement ratio, customer care service, persistency ratio and feedbacks and reviews.
There are 24 life insurance companies in India. LIC is the only public sector life insurance company, the remaining 23 are private sector companies.
Term plan, ULIPs, retirement plan, child plan, money back plan, whole life insurance and endowment plans are the types of life insurance policies in India.
Claim settlement ratio is the percentage of claims settled out of the total number of claims filed in a financial year.
It is the ratio of the total number of policyholders to the number of policyholders who renewed their policies from the same insurer.
The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of the Ministry of Finance that governs the life insurance and general insurance companies in India.
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This covers all the topics on life insurance companies in India. Please comment if you need any further information on this.