10 Best Insurance Companies in India

Most of the time, people take life insurance for granted. As something that you won’t need immediately or as an “investment trap”.

In reality, life insurance is your best tool for averting risk. Something all of us should have bought well ahead of time.

If you’re thinking of getting a life insurance plan, it’s probably too late (usually).

Here are some of the best life insurance companies in India.

Also, read Best health insurance companies in India.

1. LIC ( Life Insurance Corporation of India )


LIC is one of the oldest insurance companies, still dominates the Indian market. It was formed in 1956 after passing the bill of Life Insurance Corporation Act, by the parliament, in the same year. Over a period of time, LIC has grown leaps and bounds and still continues to dominate. LIC has sold approximately up to 2, 04, 04,281 policies.

Policies & Products from LIC

2. ICICI Prudential Life insurance


ICICI Prudential life insurance is among the first private companies that began insurance by 2000 December. This is a joint venture between ICICI Bank and ICICI Prudential Life insurance company.  The capital of ICICI Prudential Life insurance stands at RS 4,793 Crores as of 31st March 2013. ICICI Prudential has sold up to 7,85,938 policies.

All policies and products from ICICI Prudential

3. Reliance Life Insurance


Reliance Life Insurance is a part of the Reliance group and is a Reliance Capital Company. In terms of net worth, Reliance Capital Company is one of the leading private sector financial services of India and ranks among the top three in the private sector financial services. Reliance Life insurance has sold up to 6,98,109 policies

Insurance products from Reliance Life Insurance

4. Bajaj Allianz Life Insurance


This is a joint venture between Bajaj Finserv Limited and Allianz SE.  In the last four years, Bajaj Allianz made a profit of about Rs.180 Crores and made a margin of 100 Crores before tax, which is a remarkable growth.  They have made a sale of about 6, 40,483 policies.

All Insurance policy details from Bajaj Allianz

5. Birla Sunlife Insurance


This is one of the leading insurance companies in India and is a joint venture between the Aditya Birla Group and Sun Life Financial INC, a leading financial corporate service from Canada. They have made a sale of about 5, 89,855 policies.

Insurance Plans & Policies from Birla Sun Life

6. SBI Life Insurance


SBI Life insurance is a joint venture between State Bank Of  India and BNP Paribas Cardiff. Of the total capital, SBI owns about 74%, and BNP Paribas owns the remaining 26%. They have made sales of about 4, 91,927 policies.

Insurance plans & offers from SB Life Insurance

7. Max Life Insurance


Max Life Insurance is a joint venture between Max India Ltd and Mitsui Sumitomo Insurance Co.Ltd Mitsui Sumitomo Insurance Co.Ltd is a member of MS&AD Insurance Group, which is one of the top general insurers in the world. They have a good number of customers and great policies. About 4,05,662 policies have been sold according to records.

Insurance Plan Finder from Max Life.

8. HDFC Standard Life Insurance

HDFC Standard Life Insurance

This is one among the leading private insurance companies and an outcome of the joint ventures between Housing Development Finance Corporation Ltd ( HDFC), and Standard Life plc, a leading provider of financial services in the United Kingdom. In this venture, HDFC Ltd holds about 72.37 % equity and Standard Life Ltd. holds about 26% equity. They have sole around 3, 97,408 policies.

Official Life Insurance products and plans from HDFC Standard Life: Term Plans

9. Tata AIA Life Insurance


A joint venture between Tata Group and American International Group, Inc (AIG) is what leads to Tata AIG Life Insurance. Tata’s position in India and AIG’s global position in financial services has made this company a huge success. They have made a sale of about 1,99,275 policies as per the study.

Insirance Products & Plans from Tata AIA Life Insurance

10. ING Vysya Life Insurance (Renamed “Exide”)


ING Vysya Life Insurance Company Limited is owned by Exide Industries Ltd and is one of the established companies that serves more than 1 million customers.  The products of ING Vysya Life insurance is distributed through Tied Agency, Alliances, and Banc assurance.

All Life Insurance Plans from ING Vysya, Children Plans, Investment Plans, Protection Plans, Retirement Plans, Savings Plans, Riders

These are just a few among the top list of insurance companies. There is plenty number of various other insurance companies too, that provide good services and products. The products offered by these organizations are versatile and suitable for all needs in one’s life. Taking up a policy, according to your priority needs is a very crucial aspect, as it definitely would be of help when your family faces a crisis in your absence. The best way to make sure that the members do not have any troubles in fulfilling their dreams, even when you could not be around is to secure their future, by taking up a policy from any of these organizations, which are tailored made for each situation.

Also read: 15+ Travel Insurance plans for parents visiting USA

Websites that review Insurance policies in India

My Insurance Club – Has reviews of almost all insurance policy plans in India.
My Investment Ideas – This site has several resources on Insurance policies and investment ideas.
Money Excel – Has several topics on investment ideas and financial tips.

How to select the Insurance company/policy that fits you – Video

Apart from life insurance, these organizations also provide insurance for other requirements whether it be Protection, Savings, Retirement, or even an Investment.  Choose one that best suits you, and secures your family, today.


Tips for Managing Insurance Policies in India for NRIs

Sanjiv Gupta, a Certified CPA in Fremont, CA talks about managing your LIC policies when you are in the USA.

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Mani Karthik

About the Author

Mani Karthik

Entrepreneur, Mentor & Blogger.
I help business grow & scale. Have helped 15+ companies scale in US, Middle East and India.
I share everything I learned on this blog, so that you benefit. Here’s more about me.

10 responses to “10 Best Insurance Companies in India”
  1. Ali Asgar

    Really, I enjoy your site with effective and useful information. LIC is the best life insurance company in India

  2. Hari

    Thanks for sharing nice information about life insurance

  3. AmitMarwah

    Hi Mani, do you’ve recommendation about home owners insurance in india.

  4. Bhargav

    My age is 30 now i want to apply an money back insurance policy…plz tell which is best

  5. kuanl raj

    call me adviser number

  6. Sujal Desai

    Nice Information.

  7. Shiva Shanker

    What about Exide life insurance wich is giving the best term policy by giving total premiums paid return
    After completing the Term period
    Is it can be believed?

  8. Krishna

    Kindly dont go for pvt companies.
    Go for Lic as its a trusted co to which surity is given by president in case if LIC shuts down.Kindly refer settlement ratio in IRDAI website. Dont look for premium. Look for security. Term plan is not for individual unlike traditional plans . It is for family.

  9. Mani Karthik

    Which policy Srikanth?

  10. G.srikanth

    Sir plz tell me what about kotak Mahindra. Life insurance.

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