Life Insurance is such a valuable thing that most of us think about start a policy with a renowned and leading Insurance company. When we discuss on Life Insurance companies in India you will be surprised that there are 245 in January 1956. In this post, we are going to suggest you Top 20 Life Insurance Companies in India which can be beneficial for you.
Before discussing on top 20 listed Insurance companies, let’s know the history of Life Insurance. Life Insurance business was initiated in India with the Oriental Life Insurance Company which is based in Kolkata. Gradually other companies came into this business and started their life Insurance plans in India.
The miraculous growth of insurance companies was forced the Indian government to launch the Insurance Act in 1938 for the protection of the policyholders.
Formation of LIC (Life Insurance Corporation in India)
In 1956, Life Insurance Corporation of India (L.I.C) was created. During that time the government of India decided to nationalize the life insurance industry with all the existing firms.
Formation of the Insurance sector
From the year 1956 to 1999, LIC was a monopoly insurance brand in India. In 1999, IRDA OR Insurance Regulatory and Development was developed and it brings opportunity to start life insurance business to both foreign as well as Indian companies. Now if you will mark, you can find only 26% of the foreign participant is there in this business.
Post IRDA Period
Many private companies started their life Insurance business from the year 2000 in India. Now you can find only 23 such private insurance firms doing their business as tie up with India companies. Now it’s time to discuss on top listed life insurance companies in India which are ranked by IRDA (Insurance Regulatory and Development Authority).
All about IRDA its power duties and functions
IRDA which stands for Insurance Regulatory and Development Authority is an independent organization which develops and regulates the life insurance companies as well as general insurance companies in India.
IRDA founded in 1999 with the permission of constituted parliament which was passed by Indian Government.
The headquarter of this organization is in Hyderabad Andhra Pradesh, India but before it was in Delhi till 2001.
Now here we will discuss some of the crucial Duties, functions, and powers of IRDA
- Insurance Regulatory and Development Authority has the power to issue a certificate of registration to the applicant, renew it, modify, suspend, cancel the registration and withdraw it.
- IRDA look after the interests of every policyholder in terms of policy assign, insurance claim, insurable interest, and other terms and conditions.
- Insurance Regulatory and Development Authority take care of terms and condition, advantages and rate of interest.
- IRDA take necessary steps and take care of surveyors and loss assessors.
- Insurance Regulatory and Development Authority endorses effectiveness in the conduct of insurance relevant business.
Overall in one word IRDA control everything regarding insurance policies and take care of all the policyholders, the growth of insurance brands and other specifics interests.
Top 20 Life Insurance Companies in India 2018-2019
Here I am going to list out top ever life insurance companies in India. It’s very difficult to choose the top rank company on these life insurance companies because every insurance brand is good and their policies are beneficial for the policyholder. Here I am just suggesting you top 20 best lists of Insurance companies. It’s always depending on you to choose the best life insurance companies after doing proper market research to understand your budget and goal.
1. LIC (Life Insurance Corporation of India)
Who doesn’t know LIC? Yes, everyone! This is one of the top class life insurance companies ever in India. LIC has founded in 1st September 1956 with headquarters Mumbai. This is the oldest insurance company in India. Shri V.K Sharma is the chairman of this firm and this insurance company deals with several products like Life insurance, Investment management, Mutual fund, Health Insurance and much more. LIC comes at the top position in terms of highly growing insurance brand in India and most trusted one too.
- LIC Jeevan Akshaya
- LIC E-term Plan
- LIC New Children’s plan
- LIC Jeevan Saral
2. ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is one of the most preferred life insurance companies in India. This company was founded on 12th December 2000 with headquarters in Mumbai. This is a public type insurance company which offers amazing insurance plans. MR N.S Kannan is the Chief executive officer and Managing Direct of this company. If you need a good life insurance plan then you can definitely go with this company’s policy.
- ICICI Pru Heart Cancer Protect
- ICICI Prudential Smart Health Cover
- ICICI Pru iProtect Smart
- ICICI Pru Life Raksha
3. Reliance Life Insurance
If you are looking for some outstanding life insurance plans then Reliance Life Insurance Company is always the best choice for you. This is one of the best life insurance companies which offers insurance products on retirement, investment, individuals as well as groups. Ashish Vohra is the CEO of this life insurance company and the total asset of this company is almost 150 billion rupees.
- Reliance Protection plan
- Reliance term plan
- Unit-linked plan
- Reliance Retirement plan
- Reliance smart pension Plan
4. Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance is one of the renowned life insurance companies in India which deals with several classy insurance and investment products. This company was founded in the year 2001 with headquarter Pune. Tarun Chugh is the current MD and CEO of this insurance company. This is a joint venture between Allianz SE and Bajaj Finserv Limited. Now this company has almost 759 branches all over India. You can get several beneficial products from this insurance firm.
- Young Assure Plan
- Save Assure Plan
- Life Long ASSURE Plan
- iSecure Loan plan
- Retire Rich
5. Birla SunLife Insurance
Birla Sun Life Insurance is another popular and trusted life insurance companies where you can purchase your life insurance. This is a joint venture of Aditya Birla group and popular Sun Life Financial INC. This is an insurance brand which has a high aim of providing world class financial security to its customers and that’s the reason people love this insurance company. Nowadays this company is dealing with several beneficial products like Group plans, rural plans, Child plans, saving plans, protection plans and much more.
- BSLI Protector plus plan
- BSLI Protector Ease
- BSLI Secure Plus Plan
- BSLI Vision Endowment Plan
6. SBI Life Insurance
SBI Life Insurance is a popular and trustworthy brand for people in India. This is a joint venture of BNP Paribas and State bank of India. SBI holds almost 70.1% ownership and rest is in the name of BNP Paribas which is a French multinational bank. This insurance company was started in 2001 and at the initial stage this company was dealing from bancassurance but now it has its own agency and it deals with several life insurance products.
- SBI LIFE-eShield
- SBI LIFE-smart money planner
- SBI LIFE-Smart Humsafar
- SBI LIFE-CSC Saral Sanchay
7. Max Life Insurance
Max Life Insurance which formerly known as Max New York Life Insurance Company Limited is a reputed insurance company in India. In the year 2000, this company was entered into the insurance business and started service in 2001. Analjit Singh is the chairman of Max Life insurance who is also the founder of Max Health. This is a joint venture of Max Finance service and Mitsui Sumitomo Insurance Company. Till now Max Life has more than 3000 life insurance customer in India and it also provides several plans like child plans, Strategy plans, Growth plans, Term Plans and much more.
- Max Life Online Term plan
- Max Life Premium Return Protection plan
- Max Life Super Term Plan
- Guaranteed Lifetime income plan
- Shiksha Plus Super
8. HDFC Standard Life Insurance
HDFC Standard Life Insurance is a highly reputed long-term life insurance provider of India. Mumbai is the headquarter of this life insurance company. This is a life insurance firm with the joint venture between HDFC and Standard life Aberdeen PLC. HDFC insurance company deals with several products in which you will get Pension plans, protection, health plans, investment plans, and savings plan.
- HDFC Standard Life Insurance Term Plan
- HDFC Endowment Plan
- HDFC Retirement Plan
- HDFC Life child Plan
9. Tata AIA Life Insurance
Tata AIA life insurance is a joint venture of AIA group and Tata sons ltd. According to a recent record, this insurance company has almost INR 1397 crore premium business collections for the year 2017-2018. The settlement ratio of this company is quite high than its competitor which is almost 98%. This company always aims to provide hassle-free and smooth insurance solutions with a better plan.
- Tata AIA Life Insurance iRaksha Supreme
- Tata AIA Life Insurance Maha Raksha Supreme
- Tata AIA Life Insurance iraksha TROP
10. ING Vysya Life Insurance (Renamed “Exide Life Insurance”)
Exide Life Insurance Company which formerly known as ING Vysya Life Insurance Company is an Indian owned company. Exide Industries is the owner of this insurance company. It deals its product via several channels like corporate agency, Bancassurance and direct channels. Till the date, this insurance company has more than 15 lakh customers and almost INR 11, 015 crores assets.
- Exide Life term insurance plan
- Exide life term smart term plan
- Exide life term rider
- Exide life secured income insurance regular pay
11. PNB Metlife India Insurance Company
If you are looking for a leading life insurance company then you can go with PNB Metlife. This is a life insurance company which was started its service since 2001. This insurance company has three shareholders like Metlife international Holdings LLC, Punjab National Bank and Jammu & Kashmir Bank limited. Ashish Kumar Srivastava is the CEO and Principal Officer of PNB Met life India Insurance Company.
- PNB MetLife Mera heart and cancer care
- PNB Metlife Serious Illness rider
- PNB Metlife Mera Term Plan
- PNB Metlife Accidental Death benefit rider plus
12. Aviva India Life Insurance
Aviva India Life Insurance was started in the year 2002 July as a joint venture of two famous groups one is Dabber and Aviva Plc. As per the record, Aviva India life insurance Company consist of Dabur group has 51% of the stake and Aviva plc has 49% of stack partnership. This is the first Insurance Company which introduced modern unitized with profit policies and Unit-linked policies. It offers several attractive insurance plans to its customers and some of these are given below.
- Aviva i-term smart
- Aviva i-life Total
- Aviva Heart Care
- Aviva Extra Cover
- Aviva Health Secure
- Aviva i-shield
13. Bharti Axa Life Insurance Company Limited
Bharti Axa life Insurance company limited is a joint venture between two popular brands like Bharati Enterprises and AXA group. These both groups are listed on top business groups in India. This Insurance Company started its service in 2006 with its headquarter in Mumbai. Mr. Sandeep Ghosh is the chief executive officer of Bharati AXA life insurance. You can get several amazing and lucrative insurance offers from this company. Let’s know some of the best plans for this insurance group.
- Bharati AXA Samriddhi Plan
- Bharati AXA Life Elite Advantages Plan
- Bharati AXA Life Aajeevan Sampatti+Plan
- Bharati AXA Life secure Income plan
14. IDBI Federal Life Insurance
IDBI Federal life insurance was started in the year on 2006 and now it’s offering several amazing insurance plans for its customers. This is an insurance company with the three-way joint venture banks like IDBI Bank, Federal Bank, and Ageas. In December 2007, this insurance company received the license from IRDAI and started its insurance service officially. The headquarter of this insurance company is in Mumbai. Vighnesh Shahane is the all-time director and CEO of this life insurance company.
- IDBI Federal Wealthsurance Growth Insurance Plan
- IDBI Federal Wealthsurance Growth Insurance Plan Single Premium
- IDBI Federal Life Insurance Wealth Gain Plan
- IDBI Federal Group Microsurance Plan
- IDBI Lifesurance Savings Plan
15. Canara HSBC OBC
Canara HSBC OBC is one of the reliable and famous life insurance companies ever. It was launched in June 2008. This is an insurance company which is a joint venture of some reputed and leading public sector banks like Oriental bank of commerce (23%), Canara Bank (51%) and HSBC insurance holdings limited (26%). This insurance firm always focuses on fulfilling the customers need and provide plans accordingly.
- iSelect Term Plan
- iInvestshied Plan
- Smart Junior Plan
- Smart Suraksha Plan
- Jeevan Nivesh Plan
- Samridh Bhavishya
16. DHLF Pramerica
When it comes to top 20 life insurance companies in India you can’t neglect DHLF Pramerica. This is one of the fastest growing life insurance companies in India and its headquarter is in Gurgaon. This company was founded in 1984 by Shri Rajesh Kumar Wadhawan. DHLF is a joint venture of Dewan Housing Finance Corporation Ltd and Prudential International Insurance Holdings, Ltd.
- DHFL Pramerica family fast
- DHFL Pramerica family income
- DHFL Pramerica True Shield
- DHFL Pramerica U Protect
- DHFL Pramerica life cancer + heart shield
17. Aegon Life
If you need the best insurance plan for you then Aegon Life Insurance Company is always a better option for you. In 2008, Aegon Life has founded with headquarters in busy city Mumbai. Aegon Life insurance company was known as Aegon Religare Life Insurance Company. This insurance company is a joint venture of The Times Group and Dutch Aegon N.V firm. It offers Term life insurance, health insurance, savings, and other investment plans.
- iTerm insurances Plans
- iReturn Insurance Plan
- Future Protection Insurance Plan
- Rising Star Insurance Plan
- Jeevan Shanti Insurance Plan
18. India First
“India First” is a popular joint venture life insurance company in India. This is a joint venture between two Indian public sector banks like Andhra Bank, Bank of Baroda and one UK’S firm which is legal & general. The share percentages between these three are like 30%, 44%, and 26% respectively. In November 2009, India First bank was incorporated and Mumbai headquarters of this life insurance company. Ms. R.M, Vishakha is the MD& CEO of this famous insurance brand. India first Life Insurance sells various products like insurance plans, life insurance, group policies, and investment funds.
- Insurance Khata
- India first guaranteed retirement plan
- Indian First Any time plan
- India First Happy India Plan
- India First Life Little Champ
19. Shriram Life
Shriram Life is a well-recognized joint venture life insurance company. This is a combined life insurance company of Sanlam Company, South Africa and Shriram Group of companies. This company offers several outstanding insurance plans for its customers which can secure their future. Shriram Life Insurance company was founded in the year 2005, soon got popularity within few days only for its lucrative policy plans.
- Shriram Life Jana Sahay
- Group Traditional employee benefit plan
- Pradhan Mantri Jeevan Jyoti Bima Yojana plan
- Life unit-linked insurance plans
- Life pension Plans
20. Edelweiss Tokio
Edelweiss Tokio is a premium life insurance company established in the year 2011. In India, this life insurance company runs as a joint venture between Tokio Marine and Edelweiss. In Japan, Tokio Marine is one of the oldest life insurance companies. As of now, Tokio Marine has a 26% share in this joint venture. This insurance company was approved by IRDAI in January 2016 and get the chance to enhance its 49% stake.
- Group Protection plans
- My life+ term plan
- Wealth builder
- Critical care+
- Retirement Plans
IRDA ranking of Insurance companies in India
Many people have the wrong conception that IRDA (Insurance Regulatory and Development Authority of India) provides Rank to the insurance companies but the reality is, IRDA never ranks any insurance companies in India. It always gives equal value to every insurance companies.
Above given 20 best insurance companies in India lists are the best if you are looking for the best life insurance plan for your better future. If you are going to choose the right policy, you need to understand your aim and budget. Study all the policies of different firms and go for the best according to your judgment. Hope you guys get good knowledge on top 20 life insurance companies in India. If you have any question or doubt feels free to ask in the comment box I will definitely try to short out your doubt Thanks.