Top 10 Life Insurance Companies in India Ranked by Performance

👪 Life Insurance Companies in India - Ranked by Performance:

Choosing the right life insurance provider is crucial for securing your family's financial future. In 2025, the Indian life insurance market features several reputable companies offering diverse plans tailored to various needs. When choosing a policy, consider factors like claim settlement ratio, product offerings, and customer service. Here's a list of the top 10 life insurance companies in India, based on performance and considering the various parameters. 

 

📌 1. Life Insurance Corporation of India (LIC) :

LIC is India's oldest, largest and most trusted life insurer, established in 1956. With over 250 million policyholders, it dominates the market in terms of trust, scale, and reach. It offers a wide range of policies, including term plans, endowment plans and pension schemes. Known for traditional life insurance and pension products, LIC is the go-to choice for millions of Indians.

 

•  Claim Settlement Ratio: 98.71% 

• Average Annual Business: ₹205,137 crore

•  Overview: Established in 1956, LIC is India's largest and most trusted life insurer. It offers a wide range of policies, including term plans, endowment plans, and pension schemes. 

 

 📢 Flagship Product: LIC – Jeevan Amar (Term Plan)

• Type: Pure term insurance

• Why it's popular: High claim settlement trust, flexible sum assured, and optional add-ons like accident benefits.

• Key Features:

     - Increasing sum assured option

     - No upper limit for sum assured
     - Non-smoker and female life premium rebate
     - Optional riders

    🌐 Website: Life Insurance Corporation of India 

 

📌 2. Max Life Insurance Co. Ltd. :

Max Life Insurance Co. Ltd., one of the top private life insurer in India, known for its customer focus and strong claim settlement ratio. A joint venture between Max Financial Services and Axis Bank. Max Life continues to grow as a reliable name in India’s life insurance sector, backed by financial strength and service quality.

• Claim Settlement Ratio: 99.40%

• Average Annual Business: ₹7,897 crore

• Overview: Max Life is known for its customer-centric approach and comprehensive product portfolio, including term insurance and savings plans. 

📢 Flagship Product: Max Life – Smart Secure Plus Plan

• Type: Term insurance with return of premium options

• Why it's popular: Flexible options including joint life, premium back, and added protection against critical illnesses.

 

• Key Features:

     - Terminal illness benefit
     - Option to increase cover at life milestones
     - Accidental death and waiver of premium riders

    🌐 Website: Max Life Insurance Co. Ltd. 

 

 

📌 3. HDFC Life Insurance Co. Ltd. :

HDFC Life Insurance Co. Ltd., established in 2000, is one of India’s leading private life insurance providers. HDFC offers a wide range of insurance products including term plans, ULIPs, savings and retirement solutions. 

• Claim Settlement Ratio: 98.69%

• Average Annual Business: ₹24,315 crore

• Overview: A joint venture between HDFC Ltd. and Abrdn, HDFC Life offers innovative plans like Click 2 Protect and Sanchay Plus, with a strong digital presence. 

 

📢 Flagship Product: HDFC Life – Click 2 Protect Life

• Type: Term plan with custom benefit options

• Why it's popular: Multiple cover options in one plan – life cover, income payout, and critical illness protection.

 

• Key Features:

     - Three plan options: Life Protect, Life & CI Rebalance,      - Income Plus
     - Riders: Accidental death, Waiver of Premium
     - Premium flexibility and long-term coverage

🌐 Website: HDFC Life Insurance Co. Ltd. 

 

 

📌 4. ICICI Prudential Life Insurance Co. Ltd. :

ICICI Prudential Life Insurance Co. Ltd. is a joint venture between ICICI Bank and Prudential Corporation Holdings Ltd. It is one of India’s top private life insurers, offering term plans, ULIPs, retirement and savings products. ICICI Prudential manages over ₹2.4 lakh crore in assets, making it a trusted choice for long-term financial protection.

• Claim Settlement Ratio: 97.09%

• Average Annual Business: ₹15,380 crore

• Overview: Backed by ICICI Bank and Prudential Corporation Holdings, this company offers customizable plans and has a high solvency ratio.

  

📢 Flagship Product: ICICI Prudential – iProtect Smart

• Type: Term insurance with comprehensive health benefits

• Why it's popular: Covers death, critical illness, disability, and terminal illness.

 

• Key Features:

    -    34 critical illnesses covered
    -    Income payout options
    -    Female-specific benefits
    -    Waiver of premium on disability

🌐 Website: ICICI Prudential Life Insurance Co. Ltd.

 

 

📌 5. SBI Life Insurance Co. Ltd. :

SBI Life Insurance Co. Ltd. is a joint venture between State Bank of India and BNP Paribas. It Known for its vast distribution network and affordable premiums with strong brand trust, digital services and over ₹3 lakh crore in AUM.

 

• Claim Settlement Ratio: 95.80%

• Average Annual Business: ₹25,223 crore

• Overview: A joint venture between State Bank of India and BNP Paribas Cardif, SBI Life provides a range of plans with a vast network across India.

📢 Flagship Product: SBI Life – eShield Next

• Type: Online term plan

• Why it's popular: Affordable premiums and strong brand trust via SBI.

 

• Key Features:

    -    Level/increasing cover
    -    Terminal illness and life-stage benefit
    -    Policy term up to 100 years
    -    Discounts for non-smokers

🌐 Website: SBI Life Insurance Co. Ltd.

 

📌 6. Tata AIA Life Insurance Co. Ltd. :

Tata AIA Life Insurance Co. Ltd. is another joint venture between Tata Sons and AIA Group. The company offers a wide range of products including term plans, savings, ULIPs and retirement solutions. Tata AIA is a leading and dependable life insurance provider in India.

 

• Claim Settlement Ratio: 98.53%

• Average Annual Business: ₹6,014 crore

• Overview: Combining the strengths of Tata Group and AIA Group, Tata AIA offers flexible term and investment-linked plans with a high solvency ratio.

 

📢 Flagship Product: Tata AIA – Sampoorna Raksha Supreme

• Type: Term + income plan

• Why it's popular: Lifetime protection with monthly income benefit option.

 

• Key Features:

    -    Choice of life cover or life cover with income
    -    Return of premium option
    -    Optional critical illness and accidental death riders
    -    Policy coverage up to age 100

    🌐 Website: Tata AIA Life Insurance Co. Ltd 

 

📌 7. Bajaj Allianz Life Insurance Co. Ltd. :

Bajaj Allianz Life Insurance Co. Ltd. is one of the world’s largest insurers. The company offers a diverse portfolio including term plans, ULIPs, child, savings and retirement solutions. Its popular plan is Smart Protect Goal, provides comprehensive life cover with critical illness and waiver of premium options. Bajaj Allianz Life had a high claim settlement ratio of 99.04% in FY 2023-24 and a strong solvency ratio. Known for innovation, digital services, and customer trust, the insurer manages over ₹85,000 crore in AUM, making it a reliable market player.

• Claim Settlement Ratio: 98.85%

• Average Annual Business: ₹8,729 crore

• Overview: A joint venture between Bajaj Finserv and Allianz SE, this company is known for its innovative products and strong digital platforms. 

 

📢 Flagship Product: Bajaj Allianz – Smart Protect Goal

• Type: Term insurance with bundled benefits

• Why it's popular: Offers survival benefits along with comprehensive protection.

 

• Key Features:

    -    55 critical illnesses covered
    -    Return of premium option
    -    Child education extra cover
    -    Waiver of premium benefit

🌐 Website: Bajaj Allianz Life Insurance Co. Ltd.

 

 

📌 8. Aditya Birla Sun Life Insurance Co. Ltd. :

Aditya Birla Sun Life Insurance Co. Ltd., founded in 2000, is a joint venture between Aditya Birla Capital Ltd. and Sun Life Financial Inc. of Canada. In FY 2023-24, the company achieved a claim settlement ratio of 98.12%, highlighting its commitment to policyholders. With a strong distribution network, digital services and over ₹60,000 crore in AUM, Aditya Birla Sun Life Insurance is a trusted name in India’s life insurance sector.

• Claim Settlement Ratio: 98.08%

• Average Annual Business: ₹5,967 crore

• Overview: Part of the Aditya Birla Group, this insurer offers a mix of protection and savings plans with a focus on customer satisfaction.

📢 Flagship Product: Aditya Birla Sun Life – DigiShield Plan

• Type: Multi-option term plan

• Why it's popular: 10 plan options for different life needs.

 

• Key Features:

    -    Level/increasing/decreasing sum assured options
    -    Joint life cover
    -    Critical illness and terminal illness riders
    -    Policy term up to 100 years

    🌐 Website: Aditya Birla Sun Life Insurance Co. Ltd 

 

📌 9. Kotak Mahindra Life Insurance Co. Ltd. :

Kotak Mahindra Life Insurance Co. Ltd. is a subsidiary of Kotak Mahindra Bank. The Kotak e-Term Plan is a popular offering that provides affordable and flexible life cover with optional riders. Kotak Life serves millions across India with reliable insurance solutions.

• Claim Settlement Ratio: 98.61%

• Average Annual Business: ₹6,356 crore

• Overview: A subsidiary of Kotak Mahindra Bank, it provides affordable and comprehensive insurance plans with a strong digital platform.

📢 Flagship Product: Kotak Life – e-Term Plan

• Type: Pure term insurance

• Why it's popular: Value-for-money plan with flexible options.

 

• Key Features:

    -    Coverage up to 75 years
    -    Special premium rates for women and non-        smokers
    -    Accidental disability rider
    -    Affordable premiums

🌐 Website: Kotak Mahindra Life Insurance Co. Ltd.

 

📌 10. PNB MetLife India Insurance Co. Ltd. :

PNB MetLife India Insurance Co. Ltd., is also one of the best Life Insurance Company. It is a joint venture between Punjab National Bank and MetLife International Holdings. The company is known for reliability and strong customer support. Leveraging PNB’s vast network and MetLife’s global expertise, PNB MetLife serves a broad customer base with trustworthy and affordable insurance solutions.

• Claim Settlement Ratio: 98.20%

• Average Annual Business: ₹8,508 crore

• Overview: A joint venture between Punjab National Bank and MetLife International Holdings, offering specialized plans and a strong offline presence.

 

📢 Flagship Product: PNB MetLife – Mera Term Plan Plus

• Type: Comprehensive term plan

• Why it's popular: Option for spouse coverage and life stage flexibility.

 

•  Key Features:

     - Choice of pay-out options: lump sum, monthly

        income or combination.
    - Coverage up to 99 years
    - Joint life option
   - Riders for critical illness, accidental death and 

      waiver of premium

🌐 Website: PNB MetLife India Insurance Co. Ltd. 

The above is the List of Top 10 Life Insurance Companies in India Ranked by Performance. When choosing a policy, consider factors like claim settlement ratio, product offerings and customer service. The top 10 life insurance companies in India mentioned above are known for their reliability and comprehensive plans. 

 

Please note “The Oriental Life Insurance Company, the first company in India offering Life Insurance coverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and others.”

I trust this information on the Top 10 Life Insurance Companies in India will be useful to you. Thanks for reading. Tada…😊😊

✎ Note: Always consult with a financial advisor before making insurance decisions to ensure the chosen plan aligns with your financial goals.