Best Life Insurance Companies in India 2022

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Best Life Insurance Companies in India 2022
Best Life Insurance Companies in India 2022

Best Life Insurance Companies in India 2022

Life is uncertain and unexpected. One can only have a proactive measure in place to deal with uncomfortable situations. Therefore, the concept of ‘insurance’ was introduced with a motive to mitigate the risk and to provide protection.

Insurance is the primary method of managing life risk. There are different types of insurance policies available today to protect your loved ones and the things you love.

In a life insurance policy, Insurance indemnifies to pay the insured person’s family a certain sum of money in the event of the insured’s demise.

When it comes to choosing the right insurance plan, you are spoiled with choices as there are different insurance players in the market offering plenty of unique plans.

In India, there are 24 life insurance companies operating which have been approved and recognized by IRDAI (Insurance Regulatory and Development Authority in India), which is a regulatory body for the insurance and reinsurance industries.

To shortlist the best term insurance plan as per your needs, we recommend that you click on the button below, fill in a few insurance-related fields, and let our system suggest a suitable insurance policy as per your needs.

Importance Of Insurance

insurance is an essential cost that one needs to make in order to secure the future of his / her family. Even the financial advisers suggest you avail of insurance before you begin with your financial planning. Insurance is an important requirement for various reasons. The following are some of the reasons:

  1. Insurance safeguards you and your family’s future goal:The sudden demise of a family’s breadwinner can have the worst repercussions on the family’s financial stability. With insurance, your family can achieve financial stability even when you are not around. Also, their future financial goals will stay intact.
  2. Insurance protects you and your family’s future goal: The sudden demise of a family’s breadwinner can have the worst repercussions on the family’s financial stability. With insurance, your family can attain financial stability even when you are not around. Also, their future financial goals will remain intact.
  3. Insurance encourages saving:There are different products offered by life insurance companies that not only provide life cover but also provide a provision for wealth creation to achieve future goals. The requirement of periodic investment in such products encourages savings. For example, endowment plans, money back plans, unit-linked investing plans, etc.
  4. Insurance is an effective risk management tool The insurance covers uncertainties such as the risk of death, risk of getting hit, falling ill and many more. Insurance is all about managing these risks effective. Every insurance policy offers coverage against insured risk.
  5. Insurance provides peace of mind: As insurance manage risk effectively, you can only make regular payments towards insurance and stay stress-free. Peace of mind is what you get by insulating.

Top #10 insurance companies in India:

Following is the list of the top insurance companies in India

1. Life Insurance Corporation of India

Life Insurance Corporation of India commonly known as LIC is the largest life insurance company in India owned by the Government of India. LIC, one of the top 10 insurance companies in India, came into existence in the year 1956. LIC makes insurance accessible for everyone in any corner of the country with 2048 branch offices, 113 divisional offices, 8 zonal offices, and 1408 satellite offices. Current, LIC’s total assets under management are INR 3,111,847 crores (USD 450 billion). LIC being the dominant insurance player has a huge client base of over 29 crores policyholders. LIC is a trusted insurance brand that offers great facilities to its customers through its excellent customer services on the digital platform and also through branch offices and various other tie-ups. LIC offers numerous life insurance products that can satisfy the unique needs of a variety of customer segments. For all the milestones it has achieved, LIC has consistently been recognized and awarded. The following are some of the awards received by LIC:

LIC has been continuously winning the Reader’s Digest Trusted Brand Award
According to the Brand Trust Report, LIC has been consistently voted ‘India’s Most Trusted Brand’ in the BFSI category.
LIC has won the ‘Best Life Insurance Company of the Year’ and ‘Most Preferred Life Insurance Company of the Year’ award

In fact, the flexibility offered with the LIC plans is so varied that choosing a LIC policy itself can be quite a dilemma. To make things easier for you, we have compared the top policies offered by LIC along with their features and benefits in the post linked down.

2. Max Life Insurance Company

Max Life Insurance Company established in the year 2000 is the largest non-bank private sector insurance company in India. Max Life Insurance Company is a joint venture between Indian Max India Limited, a multi-business Indian corporation, and Mitsui Sumitomo Insurance Company, a Japanese Insurance Company. Max life insurance company is one of the fastest-growing insurance companies in India with assets under management of INR 90, 407 crores. The company has a customer base of more than 32 lakhs. With a strong online presence, a wide portfolio of products, multi-distribution channels, and offices across the country, Max Life Insurance Company offers high-quality customer services. Max Life has been getting awards and recognitions consistently. With a high claim settlement ratio, Max Life has been awarded as ‘Claims Service Leader’ and ‘Excellence in Claims Service’ by CMO Asia Awards.

Max Life Insurance allows you to choose from multiple types of products being offered by them in the market. You can read more about Maximum Life Insurance and check their insurance plans below.

3. HDFC Life Insurance Company

HDFC Life Insurance Company, one of the top insurance companies in India is a joint venture between HDFC Ltd, a leading housing finance organization in India, and Standard Life Aberdeen, a global investment company. Founded in the year 2000, HDFC Life offers a wide array of insurance and investment solutions to different customer segments. HDFC Life serves its customers across the country through 390 branches extra distribution touchpoints and bancassurance partners. With a strong digital platform, services are accessible easily to the customers. HDFC Life has received several accolades and awards for its continuous contribution to the Indian Insurance Industry. Following are some of the detail.

  • HDFC Life is ranked as ‘Most Valuable Private Life Insurance Indian Brand’
  • HDFC Life has received ‘Creative Excellence Award’ at IndiaAA awards 2018
  • HDFC Life has received ‘Best Life Insurance Company’, ‘Best Analytic Initiative of the Year’ and ‘Best Underwriting Initiative of the Year’ at BFSI awards.
  • HDFC Life is recognized as the best 50 PCI companies for 2019
  • HDFC Life has received the yuva Unstoppable Changemaker award in 2021
  • HDFC Life is recognized as a Superbrand 2021

HDFC life insurance offers substantial flexibility with their insurance policies, at 99.07%, their claim settlement ratio is quite impressive as well. Click the link below to learn more about the life insurance plans offered by HDFC.

4. ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is promoted by ICICI Bank Ltd and Prudential Corporation Holdings Limited. Founded in the year 2000, ICICI Prudential Life is one of the best insurance companies in India having its presence all over the nation today with its strong bancassurance channel and multiple distribution channels. ICICI Prudential Life’s assets under management as of 30th June 2021 are INR 2,231.71 billion. With the customer-centric approach, ICICI Prudential Life offers various long-term protection and savings plans for a varied customer segment. For its excellence in the field of insurance, ICICI Prudential Life Insurance Company has been receiving several accolades and awards. Let’s take a look at a few of such recognitions.

  • ICICI Prudential Life is ranked as one of the ‘BrandZ Top 75 Most Valuable Indian Brands 2020’ and also awarded as “Best Contact Center” by the Customer Fest Leadership Awards 2021.
  • ICICI Prudential Life has received the ‘Life Insurance Company of the Year’ award at the India Summit and Awards 2019
  • ICICI Prudential Life has received the ‘Life Insurance Provider of the Year’ by Outlook Money Awards 2018
  • ICICI Prudential Life has received the ‘Best Term Insurance Provider of the Year’ award by Money Today Financial Awards 2017-18
  • ICICI Prudential Life is awarded as ‘Best Customer Orientation in Life Insurance’ award by Emerging Asia Awards 2018
  • ICICI Prudential Life is awarded as ‘Best Growth in Life Insurance’ category by Emerging Asia Awards 2018

5. Tata AIA Life Insurance Company

Tata AIA Life Insurance Company is a joint venture between Tata Sons Private Limited, one of the biggest business groups, and AIA Group Limited, Asia’s largest insurance group. Tata AIA Life Insurance Company’s assets under management in 2021 is INR 46,281 crores. Being one of the reliable insurance brands in India, Tata AIA Life offers numerous insurance solutions starting from protection to wealth creation. The policies provide simple solutions for unique insurance needs along with outstanding customer service.

Read more about Tata AIA Life Insurance and get info on their insurance plans to secure your future today.

6. Bharti AXA Life Insurance Company

Bharti AXA Life Insurance was established in the year 2006. It is a joint venture between AXA Group and Bharti Enterprises. The strong financial expertise and domestic business excellence of these companies have laid a strong background for the company. Bharti AXA Life has introduced various innovative insurance products to cater to the unique needs of clients. Bharti AXA Life’s distribution network has spread across 123 cities in the country. The company offers different plans starting from protection plans to save, health and group plans and most of them are offered conveniently on an online platform.

Bharti AXA won the ASSOCHAM Award in March 2019 in recognition of excellence in the field of insurance and also received the award for customer service excellence! To browse through the different plans offered by them, click on the link below.

7. Bajaj Allianz Life Insurance Company

Bajaj Allianz Life Insurance Company established in the year 2001 is a joint venture between Bajaj Finserv Limited of Bajaj Group. Bajaj Allianz Life has 759 branches across the country to offer innovative insurance solutions to different customer segments. Bajaj Allianz Life Insurance is known for its robust innovative products and timely customer service. The company has won several awards and recognition for its contribution to the insurance industry. The following are some of the awards received by Bajaj Allianz Life Insurance:

  • Bajaj Allianz Life has been recognized as the ‘Digital Marketer of the Year 2018’ in the insurance category
  • Bajaj Allianz won the ‘Client Service Excellence Award’ at the NASSCOM BPM Strategy Summit 2018.
  • Bajaj Allianz Life ranked amongst the top-75 Most Valuable Indian Brands
  • Bajaj Allianz Life has received the Digital Technology Senate Awards 2021.
  • Bajaj Allianz Life have won the Red Hat APAC Innovations Award 2020.

Ranked amongst the top 75 Most Valuable Indian Brands 2019, Bajaj Allianz is one of the leading Indian insurance providers. Read about Bajaj Allianz Life insurance plans and check out their policies by clicking below.

8. SBI Life Insurance Company

SBI Life Insurance Company is a joint venture between State Bank of India (SBI), India’s biggest bank, and BNP Paribas Cardiff, a French multinational bank, and financial services company. Presently, SBI Life Insurance has an authorized capital of INR 20 billion (USD 290 million). SBI Life was first started as a banking business which is now extended to the multi-distribution channel. With client service excellence and product innovations, the company has been growing year on year. SBI Life has received several awards and accolades for its work in the field. The following are some of them

  • SBI Life has won the ‘Brand of the Year 2016-17’ award in the insurance category
  • SBI Life has won the ‘Private Sector Life Insurance Company of the Year’ award at the Fintelekt Insurance Awards
  • SBI Life has won ‘Bancassurance Leader, Life Insurance’ in the large companies category.
  • SBI Life has won ‘Insurer of the Year’ in 2020 by FICCI
  • SBI Life has won Best Covid Response- Towards Customers Towards Communities award at ASSOCHAM 13th Global E-Summit 2020.


SBI Life Insurance is one of the market leaders for life insurance policies in India. It offers different policies with several advantages for the policyholders.

9. Reliance Nippon Life Insurance Company

Reliance Nippon Life Insurance Company, established in the year 2001 is one of the leading insurance companies in India catering to various segments of people. Reliance has over 10 million policyholders. The company has made insurance accessible for several through its strong distribution network of 713 branches. Reliance Life has a product for every possible need of the person. The company has received several awards.

  • Reliance Life has received the Best Digital Customer Experience Award and TechCircle Business Transformation Awards 2021.
  • Reliance Life has received ‘Innovative Insurance Provider of the Year’ at ET BFSI Excellence Awards 2019
  • Reliance Life has received the ‘Best Risk Innovation of the Year’ award
  • Reliance Life has won the title ‘Best Life Insurance Company (innovative Products)’

Browse various insurance plans by Reliance Nippon by clicking below and get a life insurance cover today.

10. AEGON Life Insurance Company

AEGON Life Insurance Company, founded in the year 2008 is one among the best to offer various life insurance solutions to different customer segments. AEGON Life is a new-age company with a strong digital presence and a varied product portfolio. The company has received several awards and recognition

  • AEGON Life has received the ”Digital Company of the Year – 2020” award and ET BFSI Award in 2019.
  • AEGON Life has received the ‘E-business Leaders Award’ at Indian Insurance Awards
  • AEGON Life has received the ‘Celent Model Insurer Asia Award’
  • AEGON Life has won ‘Most recommended Life Insurance Brand 2013’

How To Choose The Best Insurance Company?

While choosing a life insurance product, it is fairly natural to choose a product based on recommendations by your friends, colleagues, advisor or just based on the price alone. But, choosing the right insurance company is more important, which involves different aspects to consider. You need to consider some of the vital aspects while choosing the life insurance company so that you can reap the maximum benefit in times of need.

Following are the important factors to consider to select the best insurance company:

  • Financial solidity

While choosing a life insurance company, it is important to look at the financial soundness of the company as life insurance is a long-term investment. You need to look at the solvency proportion of the life insurance company. A high solvency ratio represents a company’s financial solidity to protect itself from the risk of insolvency during difficult times.

  • Service quality

Customer satisfaction and service quality are the two vital aspects to consider while choosing a life insurance company. It is vital to go with the insurance company that offers excellent quality customer service along with high-level customer satisfaction.

  • Claim settlement ratio

Claim settlement ratio refers to the percentage of insurance claims settled by the life insurance company against the total claims received in the specific year. The industry regulatory, IRDAI publishes the claim settlement ratio of each life insurance company in the annual report. It is always ideal to go with life insurance companies that have a high claim settlement ratio.

  • Premium and cost

Insurance companies will have to incur various expenses such as the commission for intermediaries, agents, cost of marketing, underwriting, etc. However, these expenses would be taken out of the premium charged. Therefore, the higher the expense ratio higher will be the premium. With the online plans, Insurance plans are offered at a decreased cost. The premium for the life insurance plans varies from insurance company to insurance company depending on your age, type of plan, features, and the coverage amount you are opting for. Therefore, while choosing the life insurance company, it is important to compare the plans offered based on the benefits and cost of the insurance products.

  • Product portfolio

Most of the life insurance companies in India offer a wide range of products. Each insurance company keeps coming up with innovative insurance products with unique features. While selecting the insurance company, you need to check the type of products it offers and its features that satisfy your life insurance and investment needs.

Frequently Asked Question (FAQs) :

What is the claim settlement proportion?

The claim settlement proportion in insurance is the total number of death claims approved by an insurance company out of the total number of death claims received by an insurance company for the financial year. The claim settlement ratio indicates the company’s ability to pay or compensate.

What is Life Insurance?

Life insurance is a legal agreement between two parties insured (policyholder) and the insurer (insurance company), wherein the insurer indemnifies to pay a certain amount of money to the designated nominee in the event of the demise of the policyholder (insured) in return of premium paid by the assured.

How does Life Insurance work?

Life Insurance covers the risk of death. In case the policyholder dies during the policy term, compensation, as agreed in the life insurance agreement, will be paid to the nominated of the policyholder.

What are the tax advantages offered under life insurance plans?

The premium paid towards life insurance investment qualifies for tax deduction under Section 80C of the Income Tax Act, 1961. The benefits paid out in a Lump Sum are exempt from income tax under Section 10 (10D) of the Income Tax Act, 1961.

What are the 4 kinds of insurance?

Various types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

How does Insurance work?

The basic concept of insurance is that one party, the insurer, will guarantee payment for an indefinite future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future.

How does the insurance company earn money?

Most insurance companies generate income in two ways: charging premiums in exchange for insurance coverage, then reinvesting those premiums into other interest-generating assets.

What is the advantage of insurance?

The obvious and most important advantage of insurance is the payment of losses. An insurance policy is a contract used to indemnify persons and organizations for covered losses. The second advantage of insurance is managing cash flow uncertainty. Insurance provides payment for covered losses when they happen.

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