Top 10 Insurance Companies in India


Life doesn’t come with a guarantee about the future. A sudden loss of life of the sole bread earner of a family could cause serious repercussions across the family. Thus, life insurance is not just an investment option, but also a necessity in this present time.

The importance of choosing a life insurance plan also comes with a set of questions. Which is the best company to invest in? Which life insurance company will cover my priorities correctly? What are the coverage clauses of the company?

In this blog, you will learn about different insurance companies in India which should make things a bit easier for you.

The Insurance Industry and the Top Insurance Companies in India

The insurance sector in India is quite vast, with 57 insurance companies including 24 life insurance companies and 33 other insurance companies. While, Life Insurance Corporation (LIC) is the only public sector life insurance company, there are 6 non-life public sector insurance companies in India.

The premium influx for life insurance companies in India has been increasing steadily over the years, where it recorded a 10.73% year-on-year increase to Rs 2.15 trillion (US$ 30.7 billion) in FY19. On the other hand premium influx for non-life insurance companies reached US$ 13.66 billion in FY20.

List of Top 10 Insurance Companies in India

Below is a curated list of some of the top insurance companies in India.

1.Life Insurance Corporation Of India (LIC)

Being one of the oldest life insurance company in India, and the only public sector life insurance company, still it has the best stronghold in the life insurance market.

Established in 1956, under the Life Insurance Corporation Act, which was passed in the Parliament in the same year, it is the most popular choice for life insurance policies in India and thus sits comfortably on the top of our list of top 10 insurance companies in India. It has a claim settlement ratio of 98.31% and has sold over 20 million policies to date.

Address: LIC Customer Zone, Mumbai Division Office -4, Madhuram, Opp. to Satellite Br 923, Harishankar Road, Dahisar-East, Mumbai – 400068, Maharashtra, India.

Contact information:+91 22 6827 6827

2. ICICI Prudential Life Insurance

One of the first private life insurance companies in India, ICICI Prudential Life Insurance was established in 2001 with the backing of ICICI Bank. It is also the first insurance company in India to be listed in BSE and NSE. With a Claim Settlement Ratio of 96.68% clearly holds the second place in our list of top insurance companies in India.

Market cap: 71,225.45 Cr INR

Address: ICICI Pru Life Towers, 1089, AppasahebMarathe Marg, Prabhadevi, Mumbai 400025, Maharashtra, India.

Contact information:+91 22 6193 0777

3. SBI Life Insurance

A joint venture between State Bank of India and a leading global insurance company BNP Paribas Cardiff, it is currently one of the top insurance companies in India.

Established in 2001, it has nearly sold 5 lakh policies to date. With a claim settlement ratio of 96.69%, it is undoubtedly one of the top 10 life insurance companies in India.

Market cap:94,735.37 Cr INR

Address: M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai – 400069, Maharashtra, India.

Contact information:+91 226191 0000

4. Aditya Birla Sun Life Insurance Company Limited

Another product of a joint venture – this time between Aditya Birla Group and a renowned international financial services organization in Canada, Sun Life Financial Inc.

Incorporated in 2000, it has sold over 5 lakh policies to date.  It has a good claim settlement ratio of 94.69%, which makes it another worthy contender in our list.

Market cap: 110 Cr INR

Address: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013, Maharashtra, India.

Contact information:+91 22 66917777

5. HDFC Life Insurance Company Ltd.

A leading life insurance company in India which is yet another product of a joint venture, between Housing Development Finance Corporation Ltd. (HDFC), and Standard Life Aberdeen, a renowned financial services company in the United Kingdom.

Incorporated as a public limited company in 2000, it has sold over 3 lakh policies to date. The claim settlement ratio is 97.62%.

Market cap:120,231.53 Cr INR

Address: HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited), 12th Floor, Lodha Excellus, Apollo Mills Compound, N .M. Joshi Road, Mahalaxmi, Maharashtra, Mumbai – 400011, Maharashtra, India.

Contact information:+91 22 67516666

6. ING Vysya Life Insurance

Also known as Exide, ING Vysya Life Insurance Company Limited is a subsidiary of Exide Industries Ltd. Initially, in 2001, it was a partnership between a Dutch sub-holding company, ING Insurance, and Vysya Bank, based in Bangalore. Later, Exide Industries acquired 50% stakes of ING Vysya Life Insurance in 2005 and subsequently absorbed the entire company, owing to the financial crisis faced by ING Vyasa Bank.

Its claim settlement ratio is 96.81%.

Market cap:120,231.53 Cr INR

Address: ING Vysya House, 5th Floor, 22, M.G. Road, Bangalore – 560001, Karnataka, India.

Contact information:+918025328000

7. Max Life Insurance

Founded in the year 2000, by the current CEO Analjit Singh, Max Life Insurance offers low premium rates and good coverage policies. Again, this is another product of a joint venture between Max India Ltd and Mitsui Sumitomo Insurance Co.Ltd.

It has claim settlement ratio is 97.81% and has sold over 4 lakh policies.

Market cap:12,925.67Cr INR

Address: Max Life Insurance Co. Ltd, 11th Floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurugram – 122002, Haryana, India.

Contact information:((0124)) 124 2561717

8. TATA AIA Life Insurance

A joint venture initiative between Tata Sons Ltd. and AIA Group Ltd (AIG), based in America in 2000. Owing to their individual market hold – Tata in India and AIG globally, this insurance company has been one of the most successful in the Indian insurance sector.

They have sold nearly2 lakh policies and have a claim settlement ratio is 98%.

Address:14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India.

Contact information:+91 226649 8000

9.Bajaj Allianz Life Insurance

Established in 2001, as a joint venture between Bajaj Finserv Limited owned by Bajaj Group and Germany based, Allianz SE, it is one of the best private life insurance companies in India, as per IRDA. The current CEO of the company is TarunChugh. Financial planning and security insurance plans are covered by the company.

Remarkably, they have sold over 6 lakh policies and have a claim settlement ratio is 91.67%.

Market Cap:153,051.08 Cr INR

Address: BajajAllianz House, airport road, Yerawada, Pune – 411006, Maharashtra, India.

Contact information:+91 2066026773

10. Reliance Nippon Life Insurance

Part of the Reliance Capital, a subsidiary of Anil Dhirubhai Ambani Group, this insurance company was established in 2001 with Anil Ambani as the chairman. In 2011, the Japanese insurance company Nippon Life acquired 26% stakes in the company. The company offers life insurance products covering four broad sections including retirement, protection, children, and investment plans.

They have sold nearly 7 lakh policies and have a claim settlement ratio is 95.17%.

Address: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai – 400710, Maharashtra, India

Contact information:+91 223033 8181