Following is the list of the best insurance companies in India
1. Life Insurance Corporation of India
LIC, commonly abbreviated to ‘LIC,’ is India’s largest state-owned life insurance company. One of the country’s top 10 life insurance companies, LIC was established in 1956.
LIC makes life insurance available to every person in every state and every corner of India with over 20,000 branches, 113 Divisional Offices, 8 Zonal Offices, and 1381 Satellite Offices.
2. Max Life Insurance Company
Max Life Insurance Company is India’s largest non-banking private sector insurance company which was established in 2000.
It is a Joint Undertaking between the multi-business Indian company Indian Max India Ltd and the Japanese insurance company Mitsui Sumitomo Insurance Company.
Max Life Insurance company is one of the most rapidly growing insurance companies in India with assets under management (AUC) amounting to around INR 1.07,510 Crores.
Max Life Insurance Company has over 32 lakh customers and has 269 offices all over India. It has a strong online presence, a wide range of products, multiple distribution channels, and excellent customer service. Max Life Insurance Company has consistently won awards and recognition.
3. HDFC Life Insurance Company
HDFC Life is one of the leading insurance companies in the country. It is a Joint Undertaking between the housing finance institution HDFC Ltd and the global investment company Standard Life Aberdeen.
The company was established in 2000 and provides insurance and investment services to different segments of the population.
It serves its customers all over the country through its 372 branches and other distribution touchpoints as well as through Bancassurance Partners.
With a robust digital platform, the company’s services are easily accessible to its customers. The company has won many awards and accolades for its ongoing contribution to the Insurance Industry in India.
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4. ICICI Prudential Life Insurance
ICICI Prudent Life Insurance Company is a product of ICICI Bank Limited and Prudential Corporate Holdings Limited.
Established in 2000, the company is one of India’s leading insurance companies. Today, the company has a presence across the country with a strong banking and distribution channel.
As of December 2022, the total assets under management (AUM) of the company stood at 2,518,84 billion rupees.
The company’s customer-oriented approach has enabled it to offer a wide range of long-term insurance and savings plans to a diverse range of customers.
For its excellent performance in the insurance sector, the company has won numerous awards and accolades.
5. Tata AIA Life Insurance Company
Tata is one of the most trusted insurance companies in India, offering a wide range of insurance solutions from protecting yourself to building wealth. Their policies are easy to use and provide great customer service.
They’re part of the AIA Group, Asia’s largest insurance group, and have assets under management of over 55 billion rupees as of December 2021.
6. Bharti AXA Life Insurance Company
Bharti Axa Life Insurance was set up in 2006, and it’s part of the AXA Group, which is part of the Bharti Enterprises group. The two companies have a lot of experience and know-how in finance, so they’ve built a solid foundation for the company.
As of June 2022, the company had assets under management of INR 11.025 crores. They’ve come up with lots of innovative insurance products to meet the needs of their customers.
They have a distribution network in 123 cities and have 254 offices. They offer a range of plans, from protection to savings, health, and group plans, all of which are easily accessible on their online platform.
Their claim settlement ratio in the last fiscal year was 99.09%, which is impressive.
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7. Bajaj Allianz Life Insurance Company
Bajaj Life Insurance Company was set up in 2001 and is part of the Bajaj group. It’s managed by Bajaj Finance Limited and had assets worth 24.633 crore in the last financial year.
It has over 582 branches all over the country and provides innovative insurance products to different customer groups. It’s known for its innovative products and great customer service.
In 2021-22, it had a claim settlement ratio of 98.48%. It has won lots of awards and recognition for its work in the insurance industry.
8. SBI Life Insurance Company
SBI is a company that’s been set up by the biggest bank in India, SBI, and a French banking and financial services firm. It’s got a capital of around 20 billion rupees, which is about USD 290 million.
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SBI started as a bankassurance business, but now it’s expanding into other channels. It’s been growing steadily, thanks to its customer service and product innovation. It’s also won lots of awards and recognition for its work.