List of life insurance companies in India

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.
List of life insurance companies in India - IRDAI Approved
List of life insurance companies in India : IRDAI Approved

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 NameClaim settlement Ratio (2020-21)Founding YearMD / CEO NameHeadquarter Address
1Life Insurance Corporation of India96.70%1956Mr. M.R Kumar (Chairman)Central Office,
Yogakshema, Jeevan Bima Marg, Nariman Point,
Mumbai – 400 021
2Max Life Insurance Co. Ltd.99.35%2000Mr. Prashant Tripathy11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram, Haryana – 122002
3HDFC Life Insurance Co. Ltd.98.01%2000Ms. Vibha PadalkarLodha Excelus, 13th Floor, Apollo Mills Compound,
N.M. Joshi Marg, Mahalaxmi, Mumbai-
400 011
4ICICI Prudential Life Insurance Co. Ltd.97.90%2000Mr. N. S. KannanICICI Pru Life Towers, 1089 Appasaheb Marathe Marg,
Prabhadevi, Mumbai – 400025
5Aditya Birla SunLife Insurance Co. Ltd.98.08%2000Mr. Kamlesh RaoOne Indiabulls Centre, Tower 1, 15th & 16th Floor, Jupiter Mill Compound,
841, Senapati Bapat Marg,
Elphinstone Road,
Mumbai – 400013
6Kotak Mahindra Life Insurance Co. Ltd.98.50%2001Mr. Mahesh Balasubramanian2nd Floor, Plot # C- 12,
G- Block, BKC, Bandra (E),
Mumbai – 400051
7Pramerica Life Insurance Co. Ltd.98.42%2008Kalpana Sampat4th Floor, Building No. 9 B, Cyber City, DLF Phase III, Gurgaon – 122002, Haryana
8TATA AIA Life Insurance Co. Ltd.98.02%2000Mr. Naveen Tahilyani14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai – 400013
9Bajaj Allianz Life Insurance Co. Ltd.98.48%2001Mr. Tarun ChughBajaj Allianz House, Airport Road, Yerawada, Pune – 411006, Maharashtra
10SBI Life Insurance Co. Ltd.93.09%2001Mr. Mahesh Kumar SharmaNatraj, M.V. Road & Western Express Highway Junction, Andheri (East),
Mumbai – 400 069.
11Exide Life Insurance Co. Ltd.98.54%2001Mr. Kshitij JainThird Floor, JP Techno Park, No. 3/1, Millers Road, Bangalore- 560 001
12Reliance Nippon Life Insurance Company98.70%2001Mr. Ashish VohraUnit Nos. 401B, 402, 403 & 404, 4th Floor, Inspire-BKC, G Block, BKC Main Road, Bandra Kurla Complex, Bandra East, Mumbai – 400051
13Sahara India Life Insurance Co. Ltd.98.49%2000Shri Arun Kanti DasguptaSahara India Centre, 2 Kapoorthala Complex,
Lucknow – 226024
14Aviva Life Insurance Company India Ltd.98.01%2002Trevor Bull401-A, 4th Floor,Block A, DLF Cyber Park,Sector-20, NH-8, Gurugram, Haryana-122 008
15PNB MetLife India Insurance Co. Ltd98.17%2001Mr. Ashish Kumar SrivastavaUnit No. 701, 702 and 703, 7th floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
16Bharti AXA Life Insurance Company Ltd99.05%2005Mr. Parag RajaUnit No. 1902, 19th Floor, Parinee Crescenzo, ‘G’ Block, Bandra Kurla Complex, BKC Road, Near MCA Club, Bandra East, Mumbai – 400051
17Ageas Federal Life Insurance Co. Ltd. (formerly IDBI Federal Life Insurance Co Ltd.)95.07%2008Mr. Vighnesh Shahane22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, Maharashtra
18Future Generali India Life Insurance Co Ltd94.86%2006Mr. Anup RauUnit 801 and 802, 8th floor, Tower C, Embassy 247 Park, L.B.S. Marg, Vikhroli (W), Mumbai – 400083
19Shriram Life Insurance Co. Ltd.95.12%2005Mr. Casparus Jacobs Hendrik KromhoutRamky Selenium, Plot No:31 & 32, Beside Andhra Bank Training Center, Financial District, Gachibowli, Hyderabad-500032
20Aegon Life Insurance Co. Ltd.99.25%2008Mr. Satishwar BalakrishnanA – 201, 2nd Floor, Leela Business Park, Andheri-Kurla Road, Andheri (E), Mumbai – 400059
21Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.97.10%2007Mr. Anuj Mathur139 P Sector – 44,
Gurugram – 122003
Haryana, India
22Edelweiss Tokio Life Insurance Co. Ltd.97.01%2009Mr. Sumit Rai6th Floor, Tower 3, Wing ‘B’, Kohinoor City, Kirol Road, Kurla (W), Mumbai – 400070
23Star Union Dai-Ichi Life Insurance Co. Ltd.95.96%2007Shri Abhay Tewari11th Floor, Vishwaroop IT Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703
24IndiaFirst Life Insurance Co. Ltd.96.81%2009R.M. Vishakha12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063
List of Life Insurance Companies in India

Life Insurance Companies FAQs

Which is the best life insurance company in India?

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.

How to choose the best life insurance company in India?

Choose your life insurance companies on the factors like claim settlement ratio, customer care service, persistency ratio and feedbacks and reviews.

How many life insurance companies are listed in India?

There are 24 life insurance companies in India. LIC is the only public sector life insurance company, the remaining 23 are private sector companies.

What are the different types of life insurance policies?

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.

What is the claims settlement ratio of the company?

Claim settlement ratio is the percentage of claims settled out of the total number of claims filed in a financial year.

What is the persistency ratio of the company?

It is the ratio of the total number of policyholders to the number of policyholders who renewed their policies from the same insurer.

What is IRDAI?

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.

Official WebsiteClick Here
HomeClick Here

This covers all the topics on life insurance companies in India. Please comment if you need any further information on this.

Leave a Comment