Which is Best Life Insurance Company in India [2021]

Life insurance is a thriving industry in India. Since everyone needs life cover, there are many good life insurance policies available in India right now. Some of the best insurance providers offer these plans at some good rates. 

Which is Best Life Insurance Company in India
Which is Best Life Insurance Company in India


You need to choose your coverage carefully. Different insurance companies have different features in different plans. You need to decide which plan will meet your needs. In this article we list the best life insurance companies in India and explain why they and their products are good. Look and make your decision accordingly.

Which is Best Life Insurance Company in India

1. LIC 

LIC is the largest life insurance company in India and the only public company out of 24 life insurance companies present in the Indian market. Founded in 1956, it is one of the oldest insurance companies in India. The company is famous for its slogan 'Zindagi Ke Saath Bhi, Zindagi Ke Baad Bhi'. The main strength of this company, which has been in existence for more than half a century and is a government institution, is its trust in Indians. The total assets of LIC under management are (51 000 billion). The claim settlement ratio of this company’s life insurance policy is 97%. LIC has so far acquired over 250 million life insurance solutions. 

2. ICICI Prudential Life Insurance 

ICICI Prudential Life Insurance Company has been promoted by ICICI Bank Limited and Prudential Corporation Holding Limited. Founded in the year 2000, ICICI Prudential Life is the best insurance company in India that exists across the country today and has strong bancassurance channels and multiple distribution channels. 

The total assets under management of the company are Rs 1,700 billion. With a customer-centric approach, ICICI Prudential Life offers a variety of long-term protection and savings plans for different customer segments. For excellence in the insurance sector, ICICI Prudential Life Insurance Company has received many accolades and awards. Let's take a look at some of these identities. 

ICICI Prudential Life wins India Summit and Awards 2019 Life Insurance Company of the Year ICICI Prudential Life has been named Life Insurance Provider of the Year by Outlook Money Awards 2018 ICICI Prudential Life has won the Money Today Financial Awards 2011-18-1 'Best Term Insurance Provider of the Year' award. ICICI Prudential Life has been honored with the Emerging Asia Award 2018 as the ‘Best Customer Orientation in Life Insurance’ award. ICICI Prudential Life has been honored as the 'Best Growth in Life Insurance' by Emerging Asia 2018 Awards

3. Max Life Insurance  

Max Life Insurance Company was established in 2000 and is a joint venture between Indian company Max India Limited and a Japanese insurance company called Mitsui Sumitomo Insurance Company. It is the largest non-bank private sector insurance company in India. 

Extremely low premium rates are one of the main reasons for success in the Indian market. Under management, the company has Rs. 50,000 crore. With the help of a strong online presence, a wide portfolio of products, multi-distribution channels and high-quality customers from 1090 offices across the country, Max Life has earned more than 3 million customers. Max Life Insurance Company has a claim settlement ratio of 98%.

4. HDFC Standard Life Insurance 

HDFC Standard Life Insurance Company is the fourth largest life insurance company in 2019-2020. The full form of HDFC is "Housing Development Finance Corporation". HDFC Life is India's leading long-term life insurance solution provider, offering a range of individual and group insurance solutions to meet the diverse needs of its customers, for example, protection, pension, savings, investment and health. 

HDFC Standard Life Insurance is a joint venture between HDFC Limited and Standard Life Aberdeen. HDFC Standard Life Insurance has a claim settlement ratio of 97%. This means that the life insurance company has settled 11,000 claims so far.

5. SBI Life Insurance 

SBI Life Insurance Company is currently responsible for providing life insurance policies to more than one million Indians. In the year 2018-18-1, the total personal death claims or claim settlement ratio of SBI Life Insurance Company was ..7676%. SBI Life has raised a total of around Rs. 25400 crore in the year 2017-18. SBI Life also raised Rs. 142000 crore in the year 2017-18. In 2017-18, SBI Life paid a combined non-linked premium of around Rs. 11300 crore. SBI Life Insurance Company has raised a total of Rs. 10966 crore in the year 2017-18. 

6. Bajaj Allianz Life Insurance 

Again, the joint venture between Bajaj Allianz Life Insurance Company Limited is the result of a collaboration between Allianz SE and Bajaj Finserv. Headquartered in Europe, Alliance SE is the largest insurance company in the world. In 2015, Bajaj Alliance Life Insurance Company was awarded the BSFI Award for "Best Life Insurance Company". 

They have several options to choose from with a premium of Rs. 1500 per year. Various schemes include iCure Plan, Future Gain Plan, Retirement Rich Plan, Young Assurance Plan, Save Assurance Plan and Life Long Assurance Plan. 

The Bajaj Lian's Save Assurance Scheme is one of the major schemes which is a traditional non-participating endowment scheme where you pay premium for a limited period only and pay 11 % of the selected amount after death or maturity. Nominee or policyholder Under this plan you can change the premium payment frequency and borrow up to a maximum of 90 per cent of the surrender value. The minimum entry age is 1 year and the maximum is 60 years. 

7. Tata AIA Life Insurance  

Tata AIA Life Insurance Company is a joint venture between Tata Sons Pvt Ltd, one of the largest business groups and AIA Group Limited, Asia's largest insurance group. Tata AIA Life Insurance Company's assets under management in 2019-2020 are 2 IN, Rs 4,400 crore. 

As Tata AIA Life is one of the trusted insurance brands in India, it offers a wide range of insurance measures ranging from protection to wealth creation. Policies provide simple solutions to address unique insurance needs with excellent customer service. Read more about Tata AIA Life Insurance and get information about their insurance plan to secure your future today. 

8. Reliance Nippon Life Insurance  

Reliance Nippon Life Insurance Company is the eighth largest life insurance company in India in 2019-2019. This life insurance company has been classified as one of the best life insurance companies in India. Reliance Life Insurance Company offers two life insurance plans- Reliance Nippon Life Digi-Term Insurance Plan Reliance Nippon Life Term Plan The claim settlement ratio of this life insurance company is around 96%. This means that the life insurance company has filed 15,211 claims. 

9. Bharti AXA Life Insurance 

Bharti AXA Life Insurance is a French multinational insurance company - Bharti Enterprises and XA Group. The company was founded in 2006 and has since developed a distribution network in 123 cities and has more than 10 million customers. The company’s claim settlement ratio is 97.28%. 

10. Birla Sun Life Insurance Company 

Birla Sun Life Insurance Company Limited (BSLI), Aditya Birla Group and Sun Life Financial Inc. of Canada. Together they have another fantastic company to choose from when choosing life insurance. Based on more than two million customers, they offer a number of strategies including future solutions for children, wealth with protection solutions, health and wellness solutions, retirement satisfaction and savings with protection solutions. 

Cities are spread across 1000 cities and have more than 550 branches across India with a wide network. In addition to many options, they are behind the introduction of Unit Linked Life Insurance Plan in the country. The life insurance plans offered by the company are as follows - Life Term Solutions, Savings with Protection, Children's Future Solution, Pension Solution Plan, ULIP Solution Plan, Rural and NRI based plans. 


As you can see, there are many good life insurance companies in India and each company has a detailed plan on offer. Choose wisely and cover your life in a good and appropriate way.

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