Table of Contents
- Introduction to Life Insurance
- What Does Life Insurance Cover?
- Common Types of Life Insurance Policies Offered
- Common Types of Life Insurance Policy Riders Offered
- What is a Life Insurance Company?
- Best Life Insurance Companies in India
- Top Life Insurance Companies in India with CSR
- Life Insurance Corporation of India (LIC of India)
- HDFC Life Insurance Company
- ICICI Prudential Life Insurance
- Tata AIA Life Insurance Company
- Bharti AXA Life Insurance Company
- Bajaj Allianz Life Insurance Company
- SBI Life Insurance Company
- Reliance Nippon Life Insurance Company
- AEGON Life Insurance Company
- Aviva Life Insurance Company
- Birla Sun Life Insurance Company
- Kotak Life Insurance Company
- PNB MetLife Insurance Company
- Canara HSBC OBC Life Insurance Company
- IndiaFirst Life Insurance Company
- Star Union Dai-Ichi Life Insurance Company
- Future Generali India Life Insurance Company Limited
- Shriram Life Insurance Company Limited
- Ageas Federal Life Insurance
- Pramerica Life Insurance Company Limited
- Edelweiss Tokio Life Insurance Company Limited
- Exide Life
- Factors to Consider Before Choosing Life Insurance Companies in India
- How to Buy a Life Insurance Plan with Turtlemint?
- FAQs
Introduction to Life Insurance
Life insurance is a mutual agreement between an insurance company and a policyholder. Under this agreement, the insurer provides the nominee of the insured a death benefit or fixed sum of money in the event of the demise of the insured within the policy duration. This ensures financial security for the loved ones of the policyholder in the unfortunate event of the latter’s demise. Your family can continue managing their expenses without worry with the lump sum amount provided by the insurer under your life insurance policy.
Before buying a life insurance plan, it is important to choose the best insurer among the long list of life insurance companies in India. You need an insurer that offers life insurance policies at affordable premiums and long-term coverage. This blog entails the top life insurance companies in India in 2024 to help you make an informed choice.
What Does Life Insurance Cover?
Life insurance policies are designed to offer financial protection to the family members and loved ones of the insured. The following expenses are covered by the best life insurance company in India:
- End-of-life expenses for the family of the deceased insured
- Costs involved in the long-term care of your loved ones in your absence
- Monthly expenditure, including care for children and other dependents of the deceased insured
- The pay-off for any outstanding debts in the name of the deceased insured
- Substitute for loss of income (especially if the insured was the primary bread-earner for the family)
- Education expenses (school and college expenses)
Common Types of Life Insurance Policies Offered
Life insurance plans in India are offered in various options to suit the varied needs of the customers. Some of the most common types of policies offered by the best life insurance companies in India are listed below:
- Moneyback policy
- Term insurance plans
- Retirement plans
- Term insurance with premium returns
- Child insurance plans
- Unit Linked Insurance Plans (ULIPs)
- Group life insurance policy
- Endowment plans
- Whole life insurance
Common Types of Life Insurance Policy Riders Offered
To enhance the coverage and benefits of your basic life insurance plan, adding a rider can be a great idea. Life insurance policy riders are add-on benefits that can easily be purchased over and above your base life insurance plan. The riders come at a relatively lower premium (owing to the small amount of underwriting involved) and work on offering added benefits to the insured and their loved ones.
Some of the most common types of life insurance policy riders offered by the best life insurance companies in India are given below:
- Family income benefit rider
- Guaranteed insurability rider
- Return of premium rider
- Accidental death rider
- Long-term care (LTC) rider
- Waiver of premium rider
- Child term rider
- Accelerated death benefit rider
What is a Life Insurance Company?
In simple words, a life insurance company refers to an organization that offers life insurance policies for customers. These plans are offered in return for a premium that the insured or policyholder pays to the insurer or the insurance company. The company provides coverage or protection to the customers against the premium paid.
Best Life Insurance Companies in India – Overview
Over 24 IRDAI-registered insurance companies in India offer life insurance plans. When you choose to buy a life insurance policy, the first thing to consider is its reliability. It is therefore necessary to identify the most trusted life insurance companies based on their varying characteristics.
Some of the top features of the insurance company to look out for are low premium rates and high claim settlement ratio CSR. The extent of coverage offered under the life insurance plan is another important aspect to take note of. Based on these parameters, the following section lists the top life insurance companies in India that are worth consideration when buying a life insurance policy:
Top Life Insurance Companies in India with CSR
| Life Insurance Companies in India | Claim Settlement Ratio (CSR) FY 2022-23 |
| Life Insurance Corporation (LIC) of India | 98.62% |
| HDFC Life Insurance Company | 98.01% |
| ICICI Prudential Life Insurance | 97.90% |
| Tata AIA Life Insurance Company | 98.02% |
| Bharti AXA Life Insurance Company | 99.05% |
| Bajaj Allianz Life Insurance Company | 98.48% |
| SBI Life Insurance Company | 93.09% |
| Reliance Nippon Life Insurance Company | 98.49% |
| AEGON Life Insurance Company | 99.25% |
| Aviva Life Insurance Company | 98.01% |
| Birla Sun Life Insurance Company | 98.04% |
| Kotak Life Insurance Company | 98.50% |
| PNB Metlife Insurance Company | 98.17% |
| Canara HSBC OBC Life Insurance Company | 97.10% |
| IndiaFirst Life Insurance Company Limited | 96.92% |
| Star Union Dai-Ichi Life Insurance Company Limited | 95.96% |
| Future Generali India Life Insurance Company Limited | 96.15% |
| Shriram Life Insurance Company Limited | 82.39% |
| Ageas Federal Life Insurance | 97.03% |
| Pramerica Life Insurance Company Limited | 98.30% |
| Edelweiss Tokio Life Insurance Company Limited | 98.09% |
| Exide Life | 99.04% |
Let us look at each of these life insurance providers in detail to help you make an informed decision when buying a life insurance policy:
1. Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India, popularly known as LIC, is the largest life insurance company owned by the Government of India. One of the best term life insurance companies, LIC came into existence in 1956 to make insurance accessible for every person in every corner of the country with 2,048 branch offices, 113 divisional offices, 8 zonal offices, and 1,381 satellite offices.
LIC, being the dominant insurance player, has a huge customer base of over 29 crore policyholders. It is a trusted insurance brand offering great convenience to customers through its wide range of services on the digital platform, branch offices, and other tie-ups. The company offers numerous life insurance products to meet the unique needs of a variety of customer segments. LIC also launched its chatbot, ‘LIC Mitra’, to effectively address all customer queries.
LIC has been consistently recognized and awarded for all the milestones achieved over the years. The company received 35 awards in 2021–2022; the most significant ones include the following:
- FICCI Insurance Industry Best Campaign Award
- India’s Most Trusted Insurance Brand Award honored by Insurance Alerts
- Customer Service Excellence Award
- Reader’s Digest Trusted Brand Award
- India’s Most Trusted Brand in the BFSI Category
- Best Life Insurance Company of the Year and Most Preferred Life Insurance Company of the Year Award
Life Insurance Corporation of India (LIC) Policies and Riders
| Policies Offered by LIC | Life Insurance Riders Available |
| Micro Insurance Plans | Premium Waiver Benefit Rider |
| Insurance Plans | Linked Accidental Death Benefit Rider |
| Term Assurance Plans | Premium Waiver Benefit Rider (with auto cover) |
| Endowment Plans | Accidental Death and Disability Benefit Rider |
| Money Back Plans | New Term Assurance Rider |
| Pension Plans | Accident Benefit Rider |
| Whole Life Plans | New Critical Illness Benefit Rider |
| Unit Linked Plans | |
| Withdrawn Plans |
3. HDFC Life Insurance Company
Another of the top insurance companies in India is a joint venture between HDFC Ltd, a leading housing finance institution in India, and Standard Life Aberdeen, a global investment company. Also founded in 2000, HDFC Life offers a wide array of insurance and investment solutions to various customer segments.
HDFC Life serves customers across the country through its 372 branches, additional distribution touchpoints, and bancassurance partners. With a strong digital platform, services are easily accessible to customers across India. HDFC Life has received several accolades for its consistent contribution to the Indian insurance industry, some of the most notable ones including:
- ICAI Silver Shield Award in 2023
- One of the Best Companies for Women in India 2022 by Avatar and Semount
- YUVA Unstoppable Changemaker Award in 2021
- Superbrand 2021
- Best 50 PCI Companies in 2019
- Most Valuable Private Life Insurance Indian Brand
- Creative Excellence Award at INDIAA Awards 2018
- Best Life Insurance Company in India, Best Analytic Initiative of the Year, and Best Underwriting Initiative of the Year at BFSI Awards
HDFC Life Insurance Company Policies and Riders
| Policies Offered by HDFC | Life Insurance Riders Available |
| Retirement – Annuity Plans | Term Rider |
| Term Insurance Plans | Income Benefit on Accident Disability Rider |
| Group Insurance Plans | Critical Illness Rider |
| Savings Plans | Accidental Death Disability and Dismemberment Benefit Rider |
| Child Plans | Group Illness Rider |
| ULIP Plans | Critical Illness Plus Rider |
| Retirement – Pension Plans | Protect Plus Rider |
4. ICICI Prudential Life Insurance
The company is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Founded in the year 2000, ICICI Prudential Life Insurance is one of the best insurance companies in India with a presence all over the country today, strong bancassurance channels, and multiple distribution channels.
ICICI Prudential Life’s assets under management as of 31st December 2022 are estimated at Rs. 2,518.84 billion. With a customer-centric approach, the company offers various long-term protection and savings plans for a diverse customer segment. ICICI Prudential Life Insurance Company has received several accolades for excellence in the field of insurance, which include the following:
- Gold in the BFSI category in ET BrandEquity Kaleido Awards 2022
- Top 20 BSE100 companies by Institutional Investor Advisory Services India (IiAS) in 2022
- BrandZ Top 75 Most Valuable Indian Brands 2020 and Best Contact Centre’ by the Customer Fest Leadership Awards 2021
- Life Insurance Company of the Year award at the India Summit and Awards 2019
- Life Insurance Provider of the Year by Outlook Money Awards 2018
- Best Term Insurance Provider of the Year award by Money Today Financial Awards 2017-18
- Best Customer Orientation in Life Insurance Award by Emerging Asia Awards 2018
- Best Growth in Life Insurance category by Emerging Asia Awards 2018
ICICI Prudential Life Insurance Policies and Riders
| Policies Offered by ICICI | Life Insurance Riders Available |
| Guaranteed Return Plans | Critical Illness |
| Term Insurance | Income Benefit Rider |
| Savings / Endowment Plans | Waiver of Premium |
| Term Insurance with Returns | Permanent & Partial Disability |
| Retirement and Pension Plans | Accidental Death Rider |
| Unit Linked Insurance Plans | |
| Child Plans |
5. Tata AIA Life Insurance Company
A joint venture between Tata Sons Private Limited, one of the largest business groups, and AIA Group Limited, Asia’s largest insurance group, Tata AIA Life Insurance Company’s assets under management on 31st December 2021 are Rs. 55,492 crores. One of the trusted insurance brands in India, Tata AIA Life offers numerous insurance solutions ranging from financial protection to wealth creation. The policies provide simple and easily affordable solutions for unique insurance needs along with excellent customer service.
Read more about Tata AIA Life Insurance and get information on its insurance plans to secure your future today.
Given below are some of the achievements earned by the company over the years:
- Extraordinaire Award at the 5th edition of Brand Vision Summit 2019-20
- 2019 Aon Best Employer Award
- Kincentric Best Employer Award for 6 years in a row
TATA AIA Life Insurance Company Policies and Riders
| Policies Offered by TATA AIA | Life Insurance Riders Available |
| ULIP Plans | ULIP Riders |
| Term Insurance | Traditional Riders |
| Group Plans | Accidental Death and Dismemberment Rider |
| Saving Plans | Vitality Protect |
| Retirement Plans | Linked Comprehensive Protection Rider |
| Term Plans with Market-Linked Returns | Non-Linked Comprehensive Protection Rider |
| Waiver of Premium Rider | |
| Waiver of Premium Plus Rider | |
| Vitality Protect Plus |
6. Bharti AXA Life Insurance Company
Founded in the year 2006, the company 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 foundation for the company. Its assets under management as of 30th June 2022 were Rs. 11,025 crores.
Bharti AXA Life has introduced various innovative insurance products to cater to the unique needs of customers. Its distribution network spreads across 123 cities in India with 254 offices. The company offers various plans including protection plans, savings, health, and group insurance plans. Most of these plans are conveniently offered online.
Bharti AXA won the ASSOCHAM Award in March 2019 in recognition of excellence in the field of insurance and the award for customer service excellence.
Bharti AXA Life Insurance Company Policies and Riders
| Policies Offered by Bharti AXA | Life Insurance Riders Available |
| Investment Plans | Premium Waiver Rider |
| Term Insurance | Group Accidental Death Benefit Rider |
| Endowment Plans | Life Linked Complete Shield Rider |
| Savings Plans | Accidental Death Benefit Rider |
| Yoddha Plans | Non-Linked Complete Shield Rider |
| Group Plans | Hospi Cash Benefit Rider |
| Life Term Rider |
7. Bajaj Allianz Life Insurance Company
Founded in the year 2001, Bajaj Allianz Life Insurance is a joint venture with Bajaj Finserv Limited of Bajaj Group. The assets under management of the company during the fiscal year 2021-22 were Rs. 24,633 crore. The company has 582 branches across India offering innovative insurance solutions and timely service to various customer segments. Bajaj Allianz Life Insurance Company won several awards and recognitions for its contribution to the insurance industry, some of the most notable ones being:
- Best Risk Management Initiative – Life Insurance Award at InsureNext Awards & Summit 2022
- Top Riser Brand in Kantar BrandZ India 2022 Report
- Digital Technology Senate Awards 2021
- Red Hat APAC Innovations Award 2020
- Digital Marketer of the Year 2018 in the insurance category
- Customer Service Excellence Award at the NASSCOM BPM Strategy Summit 2018
- Top 75 Most Valuable Indian Brands 2019
Bajaj Allianz Life Insurance Company Policies and Riders
| Policies Offered by Bajaj Allianz | Life Insurance Riders Available |
| Pension Plan | Life Linked Accident Protection Rider |
| Term Insurance | Individual Riders |
| Withdrawn Plans | Life Group New Terminal Illness Rider |
| ULIP | Accidental Permanent Total / Partial Disability Benefit Rider |
| On Sale Plans | Life Accelerated Critical Illness Rider |
| Saving Plan | Waiver of Premium Benefit Rider |
| Group Insurance Plans | Life Group Accident Death Benefit Rider |
| Investment Plans | Family Income Benefit Rider |
| Child Insurance Plans | Life Group Critical Illness Rider |
| Accident Death Benefit Rider | |
| Group Rider | |
| Critical Illness Benefit Rider | |
| ULIP Waiver of Premium Benefit Rider | |
| ULIP Rider |
8. SBI Life Insurance Company
It is a joint venture between the State Bank of India (SBI), India’s largest bank, and BNP Paribas Cardif, a French multinational bank and financial services company. Currently, SBI Life Insurance has an authorized capital of Rs. 20 billion (USD 290 million). SBI Life was first started as a bancassurance business but later extended to the multi-distribution channel. With pride in customer service excellence and product innovations, the company has been growing year after year and received a host of awards:
- Amiable Insurer in Life Insurance-Large Category in 2022
- Certificate of Excellence for Most Trusted Private Life Insurance Company in 2022
- Golden Peacock Award 2021 for Risk Management
- Insurer of the Year in 2020 by FICCI
- Best Covid Response Towards Customers, Towards Communities Award at ASSOCHAM 13th Global E-Summit 2020
- Brand of the Year 2016-17 Award in the insurance category
- Private Sector Life Insurance Company of the Year Award at the Fintelekt Insurance Awards
- Bancassurance Leader, Life Insurance in the large companies category
SBI Life Insurance is one of the market leaders for life insurance policies in India. It offers a variety of policies with several benefits for the policyholders.
SBI Life Insurance Company Policies and Riders
| Policies Offered by SBI | Life Insurance Riders Available |
| Income Plans / Money Back Plans | Accidental Total and Permanent Disability Benefit Rider |
| Wealth Creation with Insurance | Accidental Death Benefit Rider |
| Protection Plans | Preferred Term Rider |
| Retirement Plans | Accidental Core Critical Illness |
| Saving Plans | Accidental Total Permanent Disability |
| Child Plans | Accelerated Core Critical Illness |
| Online Plans | Accidental Partial Permanent Disability |
| Combo Plans | Accelerated Extended Critical Illness |
| Additional Extended Critical Illness | |
| Accident and Sickness Total Permanent Disability |
9. Reliance Nippon Life Insurance Company
Founded in the year 2001, Reliance Nippon Life Insurance is one of the leading insurance companies in India catering to various segments of people. The company has more than 10 million policyholders and has made insurance accessible for many through its strong distribution network of 713 branches.
Reliance Life has a product for every possible need of the policyholder. Some of the most popular recognitions earned by the company are listed below:
- Insure Next Conference & Awards 2023 by Banking Frontiers for Best Claims Settlement
- Life Insurer Of The Year at BFSI Leadership Awards 2022
- Great Place To Work For in 2022
- Best Digital Customer Experience Award and TechCircle Business Transformation Awards 2021
- Innovative Insurance Provider of the Year at ET BFSI Excellence Awards 2019
- Best Risk Innovation of the Year Award
- Best Life Insurance Company (innovative Products) Title
Reliance Nippon Life Insurance Company Policies and Riders
| Policies Offered by Reliance | Life Insurance Riders Available |
| Pension Plans | Partner Care Rider |
| Term Insurance Plans | Accident Benefit Rider |
| NRI Plans | Critical Illness and Disability Rider |
| Investment Plans | Waiver of Premium Plus Rider |
| Child Plans | Critical Illness and Disability Rider |
| ULIP |
10. AEGON Life Insurance Company
Founded in the year 2008, Aegon Life Insurance is one of 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 diverse product portfolio. Owing to his diverse range of products and excellent services, the company has received several awards and recognitions, some of which are shared as follows:
- Digital Company of the Year – 2020 Award
- ET BFSI Award in 2019
- E-business Leaders Award at Indian Insurance Awards
- Celent Model Insurer Asia Award
- Best Service Quality Program at Service Quality Awards in 2016
- Most recommended Life Insurance Brand 2013
AEGON Life Insurance Company Policies and Riders
| Policies Offered by AEGON | Life Insurance Riders Available |
| Retirement – Annuity Plans | Partner Care Rider |
| Term Insurance Plans | Accident Benefit Rider |
| Group Insurance Plans | Critical Illness and Disability Rider |
| Savings Plans | Waiver of Premium Plus Rider |
| Child Plans | Critical Illness Benefit Rider |
| ULIP Plans | |
| Retirement – Pension Plans |
11. Aviva Life Insurance Company
A joint venture between Aviva plc, a British Assurance Company, and Dabur Group, an Indian conglomerate, Aviva Life Insurance has more than 121 branches and 9000+ employees spanned across India. The company has been offering a wide array of insurance products from protection plans to savings and retirement plans. Online product offerings, exceptional customer service, and excellence in many more areas make Aviva one of the top insurance companies in India.
- Best and Most Trusted Brand, 2019
- Most Trusted Private Life Insurance Brand for the years 2018 and 2019 by TRA, Brand Trust Report – India Study
Aviva Life Insurance Company Policies and Riders
| Policies Offered by Aviva | Life Insurance Riders Available |
| Child Insurance | Partner Care Rider |
| ULIP Plans | Accident Benefit Rider |
| Rural/Credit Protection | Critical Illness and Disability Rider |
| Online Insurance | Waiver of Premium Plus Rider |
| Group Insurance Plans | Critical Illness Benefit Rider |
| Retirement Plans |
12. Birla Sun Life Insurance Company
Aditya Birla Sun Life Insurance Company was formed in the year 2000 and is a subsidiary of Aditya Birla Capital Limited. The company is the result of a joint venture between Aditya Birla Group and Sun Life Financial, the leading international financial services organization in Canada. Birla Sun Life is one of the best insurance companies in India offering a diverse range of insurance solutions from protection plans to pension and savings policies, and many new-age products.
Total assets under management of the company are Rs. 6,06,604 million as of June 2022. The company has a presence across India with more than 340 branches, 8 bancassurance partners, 6 distribution channels, and 49,000+ direct selling agents. Birla Sun Life Insurance Company has received several accolades for its continued contribution to the insurance industry:
- Domestic Life Insurer of the Year by Insurance Asia Awards
- 4 awards at the ET Now BFSI Awards 2018
- Best Risk Management Team at Legal Era Risk Award 2017
- Successful Performance for 4 years Award in April 2005 by The Indo-Canadian Business Chamber
You can get complete information about plans from Birla Sun Life here (can be interlinked).
Birla Sun Life Insurance Company Policies and Riders
| Policies Offered by Birla | Life Insurance Riders Available |
| Retirement Plans | Accidental Death Benefit Rider Plus |
| Endowment Plans | Waiver of Premium Rider |
| Plans for Defence Personnel | Hospital Care Rider |
| Saving Plans | Accidental Death and Disability Rider |
| Group Insurance | Surgical Care Rider |
| Term Insurance | Critical Illness Rider |
| ULIP Plans | Waiver of Premium Rider |
| Child Plans |
13. Kotak Life Insurance Company
One of the fastest-growing and top insurance companies in India with a base of nearly 32.8 million policyholders, Kotak Life Insurance is a subsidiary of the parent company, Kotak Mahindra Bank. Kotak Life Insurance offers a diverse range of insurance products with unique features to every section of society.
Kotak Group has achieved several milestones in the financial services domain and recognized consistently for its achievements.
Some of the top benefits offered by Kotak Life Insurance company include financial coverage, wealth creation, tax benefits, and the like. The company offers several plans such as savings and investment plans, child plans, and retirement plans to meet the varied insurance needs of the policyholders.
Kotak Life Insurance Company Policies and Riders
| Policies Offered by Kotak | Life Insurance Riders Available |
| Retirement Plans | Life Guardian Benefit Rider |
| Term Insurance Plans | Accidental Death Benefit Rider |
| Investment Plans | Critical Illness Plus Benefit Rider |
| ULIP Plans | Term Benefit Rider |
| Annuity Plans | Permanent Disability Benefit Rider |
| Child Plans | Accidental Disability Guardian Benefit Rider |
| Savings Plans |
14. PNB MetLife Insurance Company
It is one of the best insurance companies in India founded in the year 2001. The company serves customers in over 7,000 locations in India through its multi-distribution channels offering numerous life insurance and savings products. PNB MetLife has received several awards for excellence in the field of insurance:
- Insure Next 2023 under the Best Credit Protection category
- Best in Diversity and Inclusion by People Matters Awards 2019
- Best Product Innovation Award for Mera Heart and Cancer Care plans at National Awards for Excellence in Insurance
- Most Sustainable Company of India
PNB MetLife helps its customers to achieve their financial & security goals through its flexible insurance options. It also offers excellent customer support services for a smooth purchase and grievance redressal.
PNB MetLife Insurance Company Policies and Riders
| Policies Offered by PNB | Life Insurance Riders Available |
| Long-Term Savings Plans | Critical Illness Rider |
| Term Insurance Plans | Individual Riders |
| Group Plans | Accidental Death Benefit Plus |
| Family Protection Plans | Serious Illness Rider |
| Retirement Plans | Accidental Disability Benefit Rider |
| Child Plans | Accidental Permanent and Partial Disability Plus |
| Group Riders | |
| Accidental Permanent and Total Disability Plus |
15. Canara HSBC OBC Life Insurance Company
In existence since 2008, Canara HSBC OBC Life Insurance is one of the top insurance companies in India. The company came into existence by the coming together of the two largest public sector banks in India – Canara Bank and Bank of Commerce – along with HSBC Insurance Holdings Limited. Canara HSBC OBC Life has a customer base of around 60 million customers. With its huge network of banks and distribution channels, the company offers insurance products accessible to everyone across the country.
The insurer has been awarded several awards and recognitions for its incredible services:
- Most Well-Planned Business Travel by MTM in 2023
- Amiable Insurer at ET Insurance Summit and Awards 2022
- Life Insurance Company of the Year 2020 – CMO Asia
- India’s Most Trusted Company in 2019
- Most Trusted Financial Brand in 2016
Canara HSBC OBC Life Insurance Company Policies and Riders
| Policies Offered by Canara | Life Insurance Riders Available |
| Saving Plans | Critical Illness |
| Online Life Insurance Plans | Income Benefit Rider |
| Group Insurance Plans | Permanent & Partial Disability |
| Term Insurance Plans | Waiver of Premium |
| Retirement Plans | Accidental Death Rider |
| Tax Saving Plans | |
| Child Insurance Plans | |
| ULIPs |
Also Read: Life Insurance Premium Calculator
16. IndiaFirst Life Insurance Company
The company was first started in 2009 as a joint venture between the Union Bank of India and Bank of Baroda – India’s two major public sector banks – and UK-based Carmel Point Investments India Pvt Ltd. IndiaFirst Life Insurance is renowned for its wide array of life insurance products designed for both individuals and families. As a recognition to its valued service to customers, the company has been the recipient of varied top awards, some of which include:
- Leader in Customer Engagement Initiative Award at BFSI Tech Innovation Awards
- Top 50 Best Workplaces in India for 5 years in a row at BFSI 2023
- Great Place to Work-Certified Award for 5 years in a row
- Best Customer-Centric Company at the 16th Customer Fest Leadership Awards 2023
- InsureNext Awards 2023 for the Best HR Initiatives
Canara HSBC OBC Life Insurance Company Policies and Riders
| Policies Offered by IndiaFirst | Life Insurance Riders Available |
| Retirement Plans | Life Waiver of Premium Rider |
| Term Plans | IndiaFirst Term Rider |
| Saral Plans | |
| Savings Plan | |
| Child Plans | |
| Micro Life Insurance Plans | |
| Common Service Centre Plans |
17. Star Union Dai-Ichi Life Insurance Company
Emphasizing on a customer-centric approach, Star Union Dai-Ichi (SUD) Life Insurance has emerged as a credible life insurance provider. A joint venture between Dai-ichi Life Holdings, a Japanese multinational insurance company, and India’s two leading public sector banks – Union Bank of India and Bank of India. SUD Life Insurance aims to offer trustworthy and easily affordable life insurance products and services to customers around the country.
The company has a nationwide network spanning 15,000+ branches that cater to over 9.2 million customers. Additionally, the Union Bank of India and Bank of India provide sponsorship for specific Regional Rural Banks. This enables more than 1,950 branches to gain access to SUD Life Insurance. The company is able to provide life insurance solutions to rural areas in the country.
Some of the most popular accolades earned by SDU Life Insurance are listed below:
- Corporate Governance Excellence Awards by ASSOCHAM in 2015
- APAC Gartner Innovation Awards by Gartner Inc. in 2020
- Bancassurance Leader of the Year Award by Indian Insurance Awards in 2014
- National Award for Excellence in Corporate Governance by the Institute of Companies Secretaries in 2020
- Best Life Insurance Company in Private Sector at BFSI Awards in 2015 by ABP News
- Golden Peacock Award for Excellence in Corporate Governance by the Institute Of Directors (IOD) in 2017
- Company with Highest Claim Settlement at BFSI Awards in 2015 by ABP News
- Claims Leader Service Award by Indian Insurance Awards in 2017
- Claims Service Leader Award by Indian Insurance Awards in 2015
- Life Insurance Company of the Year by Indian Insurance Awards in 2015
Star Union Dai-Ichi Life Insurance Company Policies and Riders
| Policies Offered by Star Union | Life Insurance Riders Available |
| Saving Plans | Family Income Benefit Rider |
| Protection Plans | Accidental Death and Total & Permanent Disability Benefit Rider |
| Group Plans | |
| Retirement Plans | |
| Child Plans | |
| Wealth Plans |
18. Future Generali India Life Insurance Company Limited
Established in 2007, Future Generali India Life Insurance is a joint venture between the leading Indian group, Future Group, and Generali Group that is a renowned insurance company worldwide. Both these leading insurance providers bring together their best products and solutions for the life insurance market in India. The company has more than 100 branches in India with more than 3,000 corporate customers. It also boasts of a remarkable CSR ratio, having settled more than 2.6 lakh claims.
There is a wide array of life insurance plans that Future Generali India Life Insurance Company offers. These include savings plans, retirement plans, term plans, child plans, and health insurance plans. The company has been the recipient of several acclaimed awards over the years for its impeccable service:
- Economic Times Best Brand in 2020
- Finalist in the Banking and Insurance category at Global Enterprise Architecture Excellence in 2018
- Company of the Year in Mid Segment for the Event/Category by Navabharat BFSI Summit and Awards in 2022
- Best Use of Video Content award for the #AapkiHealthMereLiye campaign at the Asian Leadership Forum and Awards in 2018
Future Generali India Life Insurance Company Policies and Riders
| Policies Offered by Future Generali | Life Insurance Riders Available |
| Retirement Plans | Partner Care Rider |
| Term Insurance Plans | Accident Benefit Rider |
| Group Plans | Critical Illness and Disability Rider |
| ULIPs | Waiver of Premium Plus Rider |
| Rural Plans | Critical Illness Benefit Rider |
| Child Plans | |
| Savings Plan |
19. Shriram Life Insurance Company Limited
In operation since 2005, Shriram Life Insurance is a joint collaborative venture between South Africa-based global financial services provider, Sanlam, and Shriram Group, a renowned financial group in India. The company has more than 4,050 branches and affiliates with several top corporate agents, online portals, banks, and brokers.
The company has won many accolades over the years for its exceptional customer service and quality of life insurance solutions. Some of the prominent ones are listed below:
- Awarded one of the Iconic Brands of India by the Economic Times in 2022
- BFSI Excellence in Claims Management Award at the 7th BSFI CTO Summit Tech Innovation Awards in 2023
- Best Use of Technology in Customer Service by the Krypton Group at the BFSI Leadership Awards in 2022
- Best Life Insurance Company of the Year by Business Leadership Awards at the National Feather Touch
Shriram Life Insurance Company Policies and Riders
| Policies Offered by Shriram | Life Insurance Riders Available |
| Retirement Plans | Partner Care Rider |
| Term Insurance Plans | Accident Benefit Rider |
| Investment Plans | Critical Illness and Disability Rider |
| Savings Plans | Waiver of Premium Plus Rider |
| Annuity Plans | Critical Illness Benefit Rider |
| ULIP | |
| Child Plan |
20. Ageas Federal Life Insurance
Formerly addressed as IDBI Federal Life Insurance, Ageas Federal Life Insurance or AFLI is today one of the well-known names in the insurance industry. Customers are offered a wide range of products, such as savings, child plans, group coverage plans, wealth management, retirement plans, and individual coverage plans.
The company was established in 2008 as a joint venture between Ageas and Federal Bank. It is the first life insurance provider in India with the largest stake by a foreign partner. Ageas Federal Life Insurance has nearly 3,200 own as well as partner bank branches. The company is known for its exceptional customer service.
Some of the famous awards that the company has earned include:
- Service Provider of the Year 2019 at the Assocham Insurance Excellence Awards 2019
- One of India’s Top 3 Workspaces in the insurance industry in 2021
- Life Insurance Company of the Year 2017 at the India Insurance Summit and Awards
- Best Life Insurance Company-Work Culture Award in 2019
- Top 10 Most Trusted Life Insurance Brands in India in 2018
Ageas Federal Insurance Company Policies and Riders
| Policies Offered by Ageas | Life Insurance Riders Available |
| ULIPs | Partner Care Rider |
| Online Plans | Accident Benefit Rider |
| Group Plans | Critical Illness and Disability Rider |
| Term Plans | Waiver of Premium Plus Rider |
| Savings Plans | Critical Illness Benefit Rider |
| Child Plans | |
| Retirement Plans |
21. Pramerica Life Insurance Company Limited
Offering the perfect insurance solutions to a varied customer base, Pramerica is one of the well-known life insurance companies with headquarters in Gurugram. The company is a joint venture between DHFL Investments Limited and Prudential International Insurance Holdings Ltd. The company has nearly 131 offices nationwide and has issued over 2.6 million policies to individual customers and groups alike.
DHFL Pramerica also partners with the Indian Army to offer life insurance protection to our soldiers and their loved ones. In view of its outstanding service to a varied segment of customers in the country, Pramerica has been recognized by way of the following awards:
- National Award for Marketing Excellence by the Times Network in 2018
- Pride of the Nation Award by the Union Home Minister in 2018
- Ranked 74th in Great Places to Work in 2011
- Won the Sales Championship in life insurance category at the 5th Annual Economic Times Insurance Summit 2018
- Best Insurer in the technology category in 2011
- Skoch Order-of-Merit by the Skoch Group in 2018
- Celent Model Insurer Asia Award in the distribution category in 2014
- Golden Star Award in 2018 by CMO Asia
- Skoch Technology for Growth Silver Award in 2016
- Digital Industry Award for digital excellence in the insurance industry by Kamikaze B2B Media in 2018
- Red Hat Innovation Award in the Digital Transformation category in 2017
Pramerica Life Insurance Company Policies and Riders
| Policies Offered by Pramerica | Life Insurance Riders Available |
| Savings Plans | Partner Care Rider |
| Protection Plans | Accident Benefit Rider |
| Retirement Plans | Critical Illness and Disability Rider |
| ULIPs | Waiver of Premium Plus Rider |
| Child Progress Plans | Critical Illness Benefit Rider |
22. Edelweiss Tokio Life Insurance Company Limited
Established in 2011, Edelweiss is the result of the coming together of an Indian financial service company – Edelweiss Financial Services Limited – and Tokio Marine Holdings Inc. – Japan’s largest insurance provider since nearly 140 years. The company strives to enable every citizen in the country to achieve their financial goals and secure the future of their families and loved ones.
Some of the most popular accolades earned by Edelweiss Tokio are:
- Asia’s Best Insurance Company Award for the Digital Sales channel at Insurance Alerts Awards 2020
- Best Workplaces in Life Insurance India award by the Great Place To Work Institute in 2022
- Product Innovation Company of the Year for the Wealth Secure+ plan at the India Insurance Summit & Awards 2020
- 51st rank in India’s Best Companies to Work by the Great Place to Work Institute in 2022
- Best Innovation in Customer Service at the 25th BFSI Tech Innovation Forum organized by Alden Global & NASSCOM – COE
Edelweiss Tokio Life Insurance Company Policies and Riders
| Policies Offered by Edelweiss | Life Insurance Riders Available |
| Term Insurance Plans | Waiver of Premium Plus Rider |
| ULIPs | Partner Care Rider |
| Retirement – Pension Plans | Critical Illness and Disability Rider |
| Savings Plans | Accident Benefit Rider |
| Retirement – Annuity Plans | Critical Illness Benefit Rider |
| Group Insurance Plans | |
| Child Plans |
23. Exide Life
Headquartered in Bengaluru, Exide Life Insurance has been serving the insurance market since 2001-02 and is solely owned by HDFC Life. Exide Life Insurance employs various marketing channels for the sale of its products, including BancAssurance, direct channels, agency, corporate agency, online channels, and broking. The company has nearly 200 corporate offices around the country and more than 45,000 advisors are employed in the agency channel alone.
Exide Life offers a wide range of savings and long-term coverage solutions to customers. In recognition of its services, the company has received several awards, such as:
- Digital Insurer of the Year (India) by The Insurance Asia News Awards in 2018
- The Indian Insurance Awards for the Highest Average Productivity in Business Acquired in 2016
- Exide Life Smart Term Plan was awarded Product of the Year by a Nielsen national survey in 2019
- Best Use of Social Media award by the National Awards for Marketing Excellence for the #NoMoreShortCuts campaign in 2016
Exide Life Insurance Company Policies and Riders
| Policies Offered by Exide | Life Insurance Riders Available |
| Savings & Investment Plans | Life Critical Illness Rider |
| Health Insurance Plans | Life Term Rider |
| Term Insurance Plans | Life Accidental Death Disability and Dismemberment Rider |
| Retirement Plans |
How Much Life Insurance Cover Do I Need?
When buying a life insurance policy, you need to determine how much coverage you need. You must buy a plan with adequate coverage so that you can adequately meet all your financial goals. You may decide the coverage amount taking into consideration the following factors:
- Your dependents (parents, spouse, children)
- Your living costs
- Existing assets and liabilities
- Current value of investments
- Your financial objectives
There are 2 types of formulas commonly used to compute the exact amount of coverage required for your plan:
- Thumb Rule: Always choose a sum assured that is 10-20 times your total revenue per annum.
- Underwriter’s Thumb Rule: According to this rule, your age affects your eligibility to avail of insurance coverage:
- If you are between 20 and 30 years old, your coverage can be at least 15 times your annual income
- If you are aged 31-40 years, you are entitled to be covered up to 14 times your annual salary
- If you are between 41 and 45 years of age, your coverage amount should be 12 times your annual income
What Factors Affect Life Insurance Policy Premiums?
Just like deciding the coverage amount, you also need to determine the amount of premium that you need to pay to the insurance company. Here are some factors that must be taken into consideration before making this decision:
- Smoking increases the risk of health problems and therefore the amount of premium payable
- Drinking alcohol also puts you at a heavy risk of poor health and subsequently increases the premium rates
- Obesity also attracts higher premium rates on life insurance
- High-risk or adventure activities such as race car driving, sky diving, or river rafting puts the pressure of paying high premium
How to Choose the Right Life Insurance Company in India?
With a wide array of options on offer, it can be rather tricky at times to choose a life insurance company that best meets your requirements and also fits right in your budget. The following factors can help make an informed decision and opt for the best life insurance company in India:
- Check the company’s CSR: Claim Settlement Ratio (CSR) is one of the key factors to consider when selecting a company to buy life insurance. This ratio indicates the insurance company’s ability to settle claims in a policy year successfully. The higher the number of claims settled, the better the CSR of the company and the better credibility it enjoys in the market.
- Look for add-on riders on the plan: When buying a life insurance plan from an insurer, always ask for any additional rider facility that the company is offering. Riders are add-on benefits over and above your basic insurance policy which enhance the coverage of your base plan. A few common examples of riders are Accidental Death Benefit Rider, Waiver of Premium Rider, and Critical Illness Rider.
- Check out customer reviews and testimonials: They are generally the most accurate indicator of a company’s overall performance. They would tell you exactly which is the best life insurance company in India based on what its past customers say about the company. Do your research online or speak to people in person.
- Make sure that the company has strong financial stability: This is important to determine whether the company would be able to settle claims in the unfortunate event of your untimely demise. This is particularly important to consider in the case of buying life insurance.
- Check for service to customers: Customer service is one of the key strengths of any company. The same holds for a life insurance provider as well. When buying an insurance plan, keep an eye out for the quality of customer service that the company provides. This would be an important indicator of how well you are likely to be treated during your association with the insurer.
- Check out the product portfolio: Make sure that the company you choose has a wide range of products and services on offer to meet varied individual needs. It should not only offer life insurance policies but also other types of plans for other requirements of customers.
Factors to Consider Before Choosing Life Insurance Companies in India
As stated earlier, it is imperative to know which is the best life insurance company in India among the list of providers detailed above. Complete and accurate details on each can help make an informed choice and prove beneficial in the long term for your loved ones. Listed below are some factors that need to be considered while choosing life insurance companies in India:
- Look for need-based plans – While buying life insurance, it is better to go by the rule of thumb, which states that your life cover should be at least 10 times your annual income. Make sure that the plan you choose has sufficient coverage to support your family during financial instability in your absence.
- Check the Claim Settlement Ratio (CSR) – CSR is a very important aspect to take note of while buying a life insurance policy. CSR refers to the ratio of total claims settled by the insurer as compared to the total claims received in a policy year. The higher the CSR, the greater the chances of the insurer settling claims during the year.
- Read up on reviews and ratings of customers – They can be highly valuable in determining the right insurance company for buying life insurance. Make sure to go through the reviews of the company you opt for and check customer ratings to make an informed decision.
- Check the premium – The price of the insurance policy is the most important financial consideration to make. It is recommended to compare the policies offered by various insurers to find a policy at the best premium that suits your budget and other requirements.
Also Read: Difference Between Annuity & Life Insurance
How to Know Which Life Insurance Policy is the Best for You?
With several insurers, there are as many options on offer for life insurance products. It can sometimes get confusing as to which policy would be ideal for you – one that meets your requirements and also fits your pocket. Listed below are some pointers that can help make an informed decision:
- Premium flexibility: Look for a plan that offers flexible options to pay the premium amount. This would ensure that you don’t feel burdened by the financial load of paying a premium when you cannot afford it. Many life insurance policies come with single premium, regular premium, or limited premium options.
- Investment-cum-insurance: A plan that offers the dual benefits of investment and coverage is ideally the best. Make sure that the policy you opt for enables you to invest as well as provides the benefits of protection against liabilities when needed.
- Adequately covers your financial needs: You are likely to have different financial goals at different stages of life. Choose a policy that provides coverage for all your basic financial goals at various stages – marriage, kids’ education, higher studies abroad, kids’ marriage, retirement, and the like.
- Flexible coverage amount: Along with meeting all your financial objectives, the coverage amount under the plan must also be flexible. You should be able to increase the coverage amount with a change in your financial requirements.
- Look for a niche policy: Some of the best-term life insurance companies offer products that meet the specific niche needs of the customers. For example, there may be separate plans for women to cater to their individual needs or policies for critical illness insurance only. Such plans allow customers to cover their specific expenses without worrying about them.
How to Buy a Life Insurance Plan with Turtlemint?
Once you have made up your mind on which insurance company to choose for investing in a life insurance plan, you can proceed with buying a policy. The process is simple and hassle-free on Turtlemint, a one-stop solution for all your life insurance needs. Here’s how you can buy a life insurance policy with Turtlemint:
- Visit https://www.turtlemint.com/.
- Go to the ‘Term Life Plans’ tab on the home screen.
- You will be prompted to provide key details such as your date of birth, annual income, sum assured requirement, gender, marital status, lifestyle habits, contact details, and the like.
- Based on your submitted details, a list of various life insurance plans will appear on the screen.
- Compare the different plans and make an informed choice that best suits your insurance needs and budget preferences.
- Duly fill in an online proposal form.
- Submit all the documents required.
- Make the payment online and you will be issued your chosen life insurance plan online at the earliest.
FAQ’s
Yes, it is possible to withdraw money from a permanent life insurance policy without the need to cancel coverage by the insurer.
Term life insurance generally provides coverage for a specific period while life insurance is designed for lifelong protection.
LIC is a Govt-owned insurance company in India.
According to research data, the IRDAI has approved nearly 22 life insurance companies in India.
Listed below are the top 5 life insurance companies in India based on their CSR as per the FY 2021-22:
- Life Insurance Corporation of India
- HDFC Life Insurance Company Limited
- SBI Life Insurance Company Limited
- TATA AIA Sampoorna Raksha Supreme
- Max Life Insurance Company Limited
Some of the top life insurance companies in India in 2024 are:
- Life Insurance Corporation (LIC) of India
- Max Life Insurance Company
- HDFC Life Insurance Company
- ICICI Prudential Life Insurance
- Bharti AXA Life Insurance Company
The key difference between the two insurance products is that term insurance only offers limited coverage for a specified time duration. Life insurance plans however offer protection for the entire lifetime of the policyholder.
A life insurance plan secures your family financially in the event of the demise of the life assured during the policy term. This policy assures the financial stability of your loved ones to help them manage any financial crisis in your absence.
Some of the most dependable life insurers in India are:
- HDFC Life Insurance Company
- ICICI Prudential Life Insurance Company
- Life Insurance Corporation (LIC) India Company
Claim Settlement Ratio or CSR is an important distinguishing factor between different life insurance companies in India. It reflects the reliability of the insurer in settling claims promptly. The CSR of LIC was 98.62% in the FY 2022-23 while that of SBI fell relatively shorter at 93.09%.
Yes, several life insurance companies in India offer life insurance plans that can be easily customized with the help of add-on riders to suit the varied requirements of the policyholders. Riders are the perfect way to meet specific financial requirements and enhance the coverage of your existing life insurance policy without the need to buy a separate policy.
There are over 24 life insurance companies in India registered with the IRDAI.
Yes, you can buy life insurance plans both online as well as offline.
