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IRDAI-Approved Life Insurance Providers in India
Life is a valuable gift, and humans can secure their loved ones’ lives with a life insurance plan. It provides financial security to the policyholder’s family in case of the sudden demise of the insured person.
However, the Indian market is packed with several choices for life insurance buyers that can be an ideal fit for their coverage requirements and budget.
There are 24 IRDAI-approved life insurance providers in India. These insurers offer tailor-made plans with comprehensive coverage at competitive premium rates.
It is an opportune time to buy a life insurance plan to protect your family, even in your absence.
List of Life Insurance Companies in India
When it comes to purchasing a life insurance policy, it’s important to choose the right one that fits your budget and fulfills your requirements. Based on the IRDAI report, India is the tenth-largest insurance market in the world.
Choosing one can be challenging, as their characteristics vary from company to company. For instance, some insurers provide extensive coverage at lower premiums, while others offer additional benefits at higher premiums.
To simplify your choice, we’ve compiled a list of all life insurance providers in India.
| No. | Company | Claim Settlement Ratio (2023-2024) | Solvency Ratio |
|---|---|---|---|
| 1 | Life Insurance Corporation of India | 98.48% | 1.98 |
| 2 | HDFC Life Insurance Company Limited | 99.5% | 1.87 |
| 3 | SBI Life Insurance Company Limited | 98.25% | 1.96 |
| 4 | ICICI Prudential Life Insurance Company Limited | 99.17% | 1.92 |
| 5 | Axis Max Life Insurance Company Limited | 99.65% | 1.72 |
| 6 | Bajaj Life Insurance Company Limited | 99.23% | 4.32 |
| 7 | Kotak Mahindra Life Insurance Company Limited | 98.29% | 2.56 |
| 8 | Aditya Birla SunLife Insurance Company Limited | 98.4% | 1.78 |
| 9 | TATA AIA Life Insurance Company Limited | 99.13% | 1.75 |
| 10 | IndiaFirst Life Insurance Company Limited | 98.04% | 2.01 |
| 11 | PNB MetLife India Insurance Company Limited | 99.2% | 1.71 |
| 12 | Canara HSBC Life Insurance Company Limited | 99.23% | 2.13 |
| 13 | Reliance Nippon Life Insurance Company Limited | 98.74% | 2.27 |
| 14 | Bharti AXA Life Insurance Company Limited | 99.01% | 1.62 |
| 15 | Star Union Dai-Ichi Life Insurance Company Limited | 98.66% | 2.03 |
| 16 | Future Generali India Life Insurance Company Limited | 96.08% | 1.83 |
| 17 | Shriram Life Insurance Company Limited | 98.09% | 2.06 |
| 18 | Ageas Federal Life Insurance | 96.49% | 2.97 |
| 19 | Pramerica Life Insurance Company Limited | 99.06% | 2.62 |
| 20 | Aviva Life Insurance Company India Limited | 98.98% | 1.83 |
| 21 | Bandhan Life Insurance Limited | 99.66% | 2.48 |
| 22 | Edelweiss Life Insurance Company Limited | 99.23% | 1.79 |
| 23 | Acko Life Insurance Limited | NA | 2.36 |
| 24 | Go Digit Life Insurance Limited | NA | 2.07 |
Let’s Understand the Life Insurance Providers Precisely
LIC (Life Insurance Corporation of India)
LIC (Life Insurance Corporation of India) is one of India’s largest public insurance companies. It is a strong contender for life insurance buyers due to its high claim settlement ratio. Since its establishment in 1956, the insurer has received numerous awards and accolades. As a government-backed entity, LIC is considered a safe insurance scheme, offering prospective buyers a sense of security.
Policies Offered
- Insurance Plans
- Endowment Plans
- Pension Plans
- Unit Linked Plans
- Micro Insurance Plans
- Withdrawn Plans
- Whole Life Plans
- Money Back Plans
- Term Assurance Plans
Life Insurance Riders
- Linked Accidental Death Benefit Rider
- Accidental Death and Disability Benefit Rider
- Accident Benefit Rider
- Premium Waiver Benefit Rider
- New Critical Illness Benefit Rider
- New Term Assurance Rider
- Premium Waiver Benefit Rider (With Auto Cover)
HDFC Life Insurance Company Limited
HDFC Life Insurance is a joint venture between HDFC (Housing Development Finance Corporation Ltd) and Abrdn Investment Company. It is one of the most trustworthy insurance providers in the Indian insurance market due to its tailor-made plans to fulfill the requirements of buyers. It is currently India’s leading financial service provider, offering finance in various sectors such as housing, banking, life insurance, general insurance, and education. It has over 350 branches across India to meet diverse customer needs.
Policies Offered
- Term Insurance Plans
- Savings Plans
- ULIP Plans
- Retirement - Annuity Plans
- Retirement - Pension Plans
- Child Plans
- Group Insurance Plans
Life Insurance Riders
- Income Benefit on Accident Disability Rider
- Accidental Death Disability and Dismemberment Benefit Rider
- Critical Illness Plus Rider
- Term Rider
- Protect Plus Rider
- Group Illness Rider
- Critical Illness Rider
SBI Life Insurance Company Limited
SBI Life Insurance offers a wide range of protection, pension, savings, and health solutions for both individual and group customers. For group life insurance buyers, SBI Life Insurance is a strong consideration due to its additional riders. The insurer aims to make insurance accessible to everyone, with 1,011 offices across India.
Policies Offered
- Wealth Creation with Insurance
- Retirement Plans
- Child Plans
- Money Back / Income Plans
- Combo Plans
- Online Plans
- Saving Plans
- Protection Plans
Life Insurance Riders
Individual Riders
- Accidental Death Benefit Rider
- Accidental Total and Permanent Disability Benefit Rider
- Preferred Term Rider
Group Riders
- Accidental Total Permanent Disability
- Accidental Partial Permanent Disability
- Additional Extended Critical Illness
- Additional Core Critical Illness
- Accident and Sickness Total Permanent Disability
- Accident Death Benefit
- Accelerated Extended Critical Illness
- Accelerated Core Critical Illness
ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life Insurance offers a wide range of plans with comprehensive coverage and additional benefits. Since its establishment in 2001, it has consistently been among the country’s leading insurance providers. With a CSR (Claim Settlement Ratio) of 99.17%, it offers long-term investment plans and life insurance products. It is primarily engaged in the life insurance and asset management business. The insurer offers plans with higher sum assured along with additional riders such as accidental death, critical illness, and terminal illness.
Policies Offered
- Term Insurance
- Term Insurance With Returns
- Unit Linked Insurance Plans
- Guaranteed Return Plans
- Child Plans
- Retirement and Pension Plans
- Savings / Endowment Plans
Life Insurance Riders
- Income benefit rider
- Waiver of premium
- Critical illness
- Accidental death rider
- Permanent & partial disability
- Income benefit rider
Axis Max Life Insurance Company Limited
Axis Max Life Insurance Company is known for its wide range of insurance and investment plans. Since its establishment, the insurer has aimed to make insurance accessible and affordable for everyone. It offers a wide range of life insurance policies with features such as death benefits, return on premium options, retirement solutions, flexible policy guidelines, and adjustable tenure, helping buyers attain long-term stability.
Policies Offered
- Term insurance plans
- Term Insurance With Returns
- Unit Linked Insurance Plans
- Child Plans
- Retirement Plans
- Savings & Income Plans
- Online Insurance Plans
- Group Insurance Plans
- Cancer Insurance Plan
- NRI Plans
Life Insurance Riders
- Accident Benefit Rider
- Waiver of Premium Plus Rider
- Partner Care Rider
- Critical Illness Benefit Rider
- Critical Illness and Disability Rider
Bajaj Life Insurance Company Limited
Bajaj Life Insurance is a joint venture between SE, one of the world’s prestigious insurance providers, and Bajaj Finserv Limited. It is known for its tailor-made life insurance solutions and wide coverage at lower premiums. If you’re looking for a high sum assured at a low premium, then you may consider opting for Bajaj Life Insurance. It has quickly earned the trust of policy buyers, offering a sense of security.
Policies Offered
- Term Insurance
- ULIP
- Saving Plan
- Investment Plans
- Pension Plan
- Child Insurance Plans
- Group Insurance Plans
- On Sale Plans
- Withdrawn Plans
Life Insurance Riders
- Individual Riders
- Accidental Permanent Total/ Partial Disability Benefit Rider
- Waiver of Premium Benefit Rider
- Family Income Benefit Rider
- Accident Death Benefit Rider
- Critical Illness Benefit Rider
- ULIP Rider
- Life Linked Accident Protection Rider
- ULIP Waiver of Premium Benefit Rider
- ULIP Accidental Permanent Total/ Partial Disability Benefit Rider
- Group Rider
- Life Group Critical Illness Rider
- Life Group Accidental Permanent Total/ Partial Disability Benefit Rider
- Life Group Accident Death Benefit Rider
- Life Accelerated Critical Illness Rider
- Life Group New Terminal Illness Rider
Kotak Mahindra Life Insurance Company Limited
Kotak Mahindra Life Insurance is one of the fastest-growing insurers in the Indian market. Since its establishment in 2001, Kotak Life has served 50 million customers across 148 cities nationwide. It is a private insurance company that offers top-notch insurance products and round-the-clock customer service. Kotak Life offers a wide range of plans, including protection, retirement, savings, investment, and annuity plans.
Policies Offered
- Term Insurance Plans
- Savings Plans
- ULIP Plan
- Retirement Plans
- Child Plan
- Annuity Plans
- Investment Plans
Life Insurance Riders
- Accidental Death Benefit Rider
- Term Benefit Rider
- Permanent Disability Benefit Rider
- Life Guardian Benefit Rider
- Accidental Disability Guardian Benefit Rider
- Permanent Disability Benefit Rider
- Accidental Death Benefit Rider
- Critical Illness Plus Benefit Rider
Aditya Birla SunLife Insurance Company Limited
Aditya Birla Sun Life Insurance (ABSLI), formerly known as Birla Sun Life Insurance Company, is one of the country’s most prestigious life insurers. The insurer offers a range of insurance solutions. The insurer aims to assist buyers in meeting their financial protection requirements at every important stage of life. Since its establishment in 2000, ABSLI has built a strong brand value with over 385 branches across India to meet diverse customer needs.
Policies Offered
- Endowment Plans
- Saving Plans
- Term Insurance
- Retirement Plans
- Child Plans
- ULIP Plans
- Group Insurance
- Plans for Defence Personnel
Life Insurance Riders
- Waiver of Premium Rider
- Accidental Death and Disability Rider
- Critical Illness Rider
- Accidental Death Benefit Rider Plus
- Waiver of Premium Rider
- Accidental Death Benefit Rider Plus
- Surgical Care Rider
- Hospital Care Rider
Tata AIA Life Insurance Company Limited
Tata AIA Life Insurance is one of India’s most trustworthy insurance providers, offering life insurance policies at reasonable premiums. It is a joint venture formed by Tata Sons Pvt. Ltd. and AIA Group Ltd, making it a prominent independent PAN-Asian life insurance group. The insurer offers a range of long-term savings and protection products such as life insurance, savings plans, ULIP plans, etc. Tata AIA Life Insurance aims to make life insurance accessible for everyone, offering high insurance coverage along with good returns.
Policies Offered
- Term Insurance
- Saving Plans
- ULIP Plans
- Term Plans with Market-linked Returns
- Retirement Plans
- Group Plans
Life Insurance Riders
- Traditional Riders
- Vitality Protect
- Non-linked Comprehensive Protection rider
- Accidental Death and Dismemberment Rider
- Waiver of Premium Plus Rider
- ULIP Riders
- Vitality Protect Plus
- Waiver of Premium Plus Rider
- Waiver of Premium Rider
- Linked Comprehensive Protection Rider
- Accidental Death and Dismemberment Rider
IndiaFirst Life Insurance Company Limited
IndiaFirst Life Insurance Company is one of the country’s rapidly growing life insurers in terms of new business. The insurer offers a range of life insurance products, such as whole life assurance policies, life insurance investment plans, and pure protection life cover, to fulfill the requirements of every buyer.
Policies Offered
- Term Plans
- Investment Plans - ULIPS
- Savings Plan
- Retirement Plans
- Micro Life Insurance Plans
- Common Service Centre Plans
- Child Plans
- Saral Plans
Life Insurance Riders
- IndiaFirst Term Rider
- Life Waiver of Premium Rider
PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance is one of the country’s leading insurance providers, with 140 branches across the country. The insurer strives to offer a range of insurance solutions designed to fulfill buyers’ personal and financial needs. If you wish to opt for a high sum assured at a low premium, consider PNB MetLife Insurance. For instance, PNB MetLife’s one crore term insurance plan costs a mere ₹1000 per month.
Policies Offered
- Term Insurance Plans
- Family Protection Plans
- Long-Term Savings Plans
- Child Plans
- Retirement Plans
- Group Plans
Life Insurance Riders
- Individual Riders
- Accidental Death Benefit Rider Plus
- Serious Illness Rider
- Accidental Disability Benefit Rider
- Critical Illness Rider
- Group Riders
- Accidental Permanent and Total Disability Plus
- Accidental Permanent and Partial Disability Plus
- Serious Illness Rider
- Accidental Death Benefit Plus
Canara HSBC Life Insurance Company Limited
Canara HSBC Life Insurance Company Limited is a joint venture between Canara Bank and HSBC Insurance Company. The insurer offers a wide range of insurance products, high sum assured, and add-on riders. The company’s main headquarters is in Gurugram, with 10,000 branches across India, serving 115 million consumers annually. It is known for its excellent customer care service and a wide range of insurance products.
Policies Offered
- Online Life Insurance Plans
- Term Insurance Plans
- Tax Saving Plans
- Saving Plans
- Unit Linked Insurance Plans
- Child Insurance Plans
- Retirement Plans
- Group Insurance Plans
Life Insurance Riders
- Income Benefit Rider
- Waiver of Premium
- Critical Illness
- Accidental Death Rider
- Permanent & Partial Disability
- Income Benefit Rider
Reliance Nippon Life Insurance Company Limited
Reliance Nippon Life Insurance is a leading non-bank-supported private life insurance provider, serving more than ten million policyholders. The company’s main headquarters is in Mumbai, with 713 branches across India. The insurer offers a wide range of insurance products for both individual and group customers, catering to four distinct segments: ULIPs, protection, child, and retirement plans.
Policies Offered
- Term Insurance Plans
- Investment Plans
- Pension Plans
- ULIP
- Child Plans
- NRI Plans
Life Insurance Riders
- Accident Benefit Rider
- Waiver of Premium Plus Rider
- Partner Care Rider
- Critical Illness Benefit Rider
- Critical Illness and Disability Rider
Bharti AXA Life Insurance Company Limited
As the name suggests, Bharti AXA Life Insurance is a joint venture between Bharti Enterprises and the AXA Group, making it a prominent insurer in the Indian insurance market. With a network of 236 branches across India, the insurer serves over 70 million customers annually. The insurer also boasts an impressive claim settlement ratio of 99.01%.
Policies Offered
- Term Insurance
- Savings Plans
- Investment Plans
- Group Plans
- Yoddha Plans
- Endowment Plans
Life Insurance Riders
- Group Accidental Death Benefit Rider
- Accidental Death Benefit Rider
- Hospi Cash Benefit Rider
- Premium Waiver Rider
- Life Term Rider
- Non-Linked Complete Shield Rider
- Life Linked Complete Shield Rider
Star Union Dai-ichi Life Insurance Company Limited
Star Union Dai-ichi Life Insurance is one of the leading private insurers in India. The company is a joint venture between India’s two prominent banks—Bank of India and Union Bank of India—and Japan’s second-largest life insurance company, Dai-ichi. The company is based in Mumbai and has a solid network of over 15,000 bank branches, serving more than 9.2 million customers.
Policies Offered
- Protection Plans
- Retirement Plans
- Saving Plans
- Wealth Plans
- Child Plans
- Group Plans
Life Insurance Riders
- Accidental Death & Total & Permanent Disability Benefit Rider
- Family Income Benefit Rider
Future Generali India Life Insurance Company Limited
Future Generali India Life Insurance offers a wide range of life insurance products that cater to buyers’ short-term, mid-term, and long-term financial goals. The insurer holds an impressive claim settlement ratio of 96.15% for the financial year 2021-2022, which facilitates easy claim processing for buyers. The company was established in 2007, offering retail, commercial, and rural insurance products in India.
Policies Offered
- Term Insurance Plans
- Unit Linked Insurance Plans
- Child Plans
- Retirement Plans
- Savings Plan
- Rural Plans
- Group Plans
Life Insurance Riders
- Accident Benefit Rider
- Waiver of Premium Plus Rider
- Partner Care Rider
- Critical Illness Benefit Rider
- Critical Illness and Disability Rider
Shriram Life Insurance Company Limited
Shriram Life Insurance is one of the country’s most trustworthy insurance providers and a fully-owned subsidiary of the well-known Shriram Group. The company’s main headquarters is in Chennai, with a solid network of over 4,050 branches across India. The insurer offers a wide range of both individual and group insurance products.
Policies Offered
- Term Insurance Plans
- Savings Plans
- ULIP Plan
- Retirement Plans
- Child Plan
- Annuity Plans
- Investment Plans
Life Insurance Riders
- Accident Benefit Rider
- Waiver of Premium Plus Rider
- Partner Care Rider
- Critical Illness Benefit Rider
- Critical Illness and Disability Rider
Ageas Federal Life Insurance
Ageas Federal Life Insurance, formerly known as IDBI Federal Life Insurance. It is a joint venture between Federal Bank and Ageas Insurance International. Since its establishment in 2008, Ageas Federal Life Insurance has received several awards and accolades. The insurer offers a wide range of insurance products, including term plans, child insurance plans, ULIPs, savings, and retirement plans.
Policies Offered
- Online Plans
- Term Plans
- Child Plans
- ULIP Plans
- Retirement Plans
- Savings Plans
- Group Plans
Life Insurance Riders
- Accident Benefit Rider
- Waiver of Premium Plus Rider
- Partner Care Rider
- Critical Illness Benefit Rider
- Critical Illness and Disability Rider
Pramerica Life Insurance Company Limited
Pramerica Life Insurance is a leading multinational insurance company headquartered in Gurugram, Haryana. It offers a wide and straightforward range of life insurance policies for both individual and group customers. Whether you’re looking for protection to secure your child’s future, retirement planning, savings, or wealth creation, these insurance plans are designed to cater to the needs of every customer.
Policies Offered
- Protection Plans
- ULIP Plans
- Savings Plans
- Child Progress Plans
- Retirement Plans
Life Insurance Riders
- Accident Benefit Rider
- Waiver of Premium Plus Rider
- Partner Care Rider
- Critical Illness Benefit Rider
- Critical Illness and Disability Rider
Aviva Life Insurance Company India Limited
Aviva Life Insurance India is an Indian life assurance company. The company’s main headquarters is in Gurugram, with a wide network of 93 branches spread across the country. The insurer strives to make life insurance accessible for every buyer by offering extensive coverage at very reasonable premium rates.
Policies Offered
- ULIP Plans
- Online Insurance
- Child Insurance
- Retirement Plans
- Group Insurance Plans
- Rural/Credit Protection
Life Insurance Riders
- Accident Benefit Rider
- Waiver of Premium Plus Rider
- Partner Care Rider
- Critical Illness Benefit Rider
- Critical Illness and Disability Rider
Bandhan Life Insurance Limited
Bandhan Life Insurance is a leading digital life insurance company. The insurer provides a mix of life insurance products such as term plans, savings plans, retirement policies, and group life insurance policies. With a CSR (Claim Settlement Ratio) of 99.66%, it offers long-term investment and life insurance products.
Policies Offered
- Term Insurance Plans
- Savings Plans
- ULIP Plans
- Retirement - Annuity Plans
- Retirement - Pension Plans
- Child Plans
- Group Insurance Plans
Life Insurance Riders
- Accident Benefit Rider
- Waiver of Premium Plus Rider
- Partner Care Rider
- Critical Illness Benefit Rider
- Critical Illness and Disability Rider
Edelweiss Life Insurance Company Limited
Edelweiss Life Insurance is a well-known Indian life insurance company. Based on its CSR (claim settlement ratio), Edelweiss Life Insurance ranks 24th in India. Since its establishment in 2011, the company has been known for various types of term, savings, wealth enhancement, and accumulation plans. It has over 120 branches spread across the country to meet diverse customer needs.
Policies Offered
- ULIP Plans
- Child Plans
- Savings Plans
- Term Insurance Plans
- Group Insurance Plans
- Retirement - Annuity Plans
- Retirement - Pension Plans
Life Insurance Riders
- Partner Care Rider
- Accident Benefit Rider
- Waiver of Premium Plus Rider
- Critical Illness Benefit Rider
- Critical Illness and Disability Rider
Acko Life Insurance Company Limited
Acko Life Insurance is a subsidiary of Acko Technology Solutions Private Limited, founded by Varun Dua. Acko received a Certificate of Registration for its life insurance business from the IRDAI on March 31, 2023. It offers transparent and easy-to-understand plans designed to cater to unique customer needs. Acko offers comprehensive coverage options to policyholders at affordable premiums. It has a good solvency ratio of 2.36.
Policies Offered
- Term Insurance
Life Insurance Riders
- Critical Illness Rider
- Accidental Death Benefit Rider
- Disability Income Rider
Go Digit Life Insurance Limited
Go Digit received its life insurance license from IRDAI on June 9, 2023. It offers various life insurance products including term life insurance, savings plans, retirement plans, ULIPs, and more. Its customizable life insurance products offer multiple benefits to policyholders along with different payout options. It follows a completely paperless and digital process for policy issuance and claim settlement.
Policies Offered
- Term Plans
- Saving Plans
- Retirement Plans
- ULIPs
- Group Insurance Plans
- Money-back Plans
- Child Insurance Plans
Life Insurance Riders
- Accidental Death Benefit Rider
- Accidental Total and Permanent Disability Rider
- Critical Illness Rider
- Waiver of Premium Rider
- Terminal Illness Rider
- Income Benefit Rider
How To Select the Best Life Insurance Provider?
According to the IRDAI report, the Indian life insurance market size was 2.61% in 2018, partly due to a lack of awareness about the importance of life insurance. Currently, life insurance providers in India are experiencing a dramatic change in demand from buyers, largely due to the coronavirus crisis.
Many life insurers in India offer extensive coverage to help consumers achieve financial goals, provide protection plans for retirement, and offer financial support to families in the policyholder’s absence.
Here are a few factors to help you find the right policy that suits all your needs.
Understand Which Policy Best Suits Your Needs
Before buying a policy, it’s important to understand which one best suits your needs and budget. The Indian life insurance market is filled with numerous life insurance providers. They offer comprehensive coverage at competitive premiums along with add-on riders, but these may vary by company. For instance, buyers can choose from several types of life insurance according to their needs, such as future plans, retirement plans, child plans, and endowment plans.
Compare Life Insurance Plans
The coverage and premium offered by different life insurers may vary. To ensure you buy a suitable life insurance policy, connect with multiple insurer agents, gather information on different policies, and then select the best option. You can also compare different life insurance plans using the PolicyX.com Life Insurance Premium Calculator.
Find Out If You Need Riders
If you’re unable to find a life insurance plan that perfectly suits your needs, consider checking the life insurance riders offered by insurers. These riders offer the flexibility to add extra benefits to your basic life insurance policy at a low cost.
They may vary by company and include options such as waiver of premium, accident benefit rider, critical illness benefit rider, and partial disability rider. It is always advisable to consider add-on riders as they provide extra coverage, flexibility, and potential tax benefits.
Prepare for Your Medical Check-up
Before buying a life insurance plan, you may need to undergo a medical check-up, which helps insurance providers suggest the best plan for you. These medical tests typically include complete blood count, differential count, fasting plasma glucose, cholesterol levels, and urine tests, among other measurements.
Check Out Insurers Claim Settlement Ratio
Once you find an insurance provider from whom you wish to buy a policy, you must check their Claim Settlement Ratio (CSR). CSR refers to the percentage of insurance claims an insurance provider settles annually out of the total claims received. Checking the insurer’s claim settlement ratio is important to ensure your nominee can receive a claim hassle-free.
Conclusion
After the pandemic, people have become more aware of the need for life insurance due to life’s inherent uncertainties. If you don’t know where to start, choosing the best life insurance policy can be challenging. On this page, we’ve covered all life insurance companies in India and provided guidance on how to find the best life insurance for your needs. We have also provided a brief overview of each life insurance provider to help you select the one that best suits you. If you are confused about which life insurer is best, contact us at PolicyX.com for expert insurance guidance.
