Best Life Insurance Companies in India

There are 24 life insurance companies that provide life insurance plans in India. Life insurance is an agreement between an individual and the insurance company under which the insurance company promises to provide a death benefit to the family of life assured in case of an unfortunate demise of the life assured during the policy.

Life Insurance Companies

Life insurance refers to an agreement between an individual and an insurance company under which the latter promises to provide a sum assured (death benefit) to the family of the insured in the misfortunate event of sudden death.

In case of no death, a sum assured known as the maturity benefit is provided at the time of maturity of the policy. Some insurance companies also offer optional coverage for critical illnesses. Currently, there are 24 insurance companies that offer life insurance plans in India.

Best Life Insurance Companies in India

Following is the list of best life insurance companies in India:

Life Insurance Company Claim Settlement Ratio 2019-20
Max Life Insurance 99.22%
HDFC Life Insurance 99.07%
Tata AIA Life Insurance 99.06%
Pramerica Life Insurance 98.42%
Exide Life Insurance 98.15%
Reliance Life Insurance 98.12%
Canara Hsbc Life Insurance 98.12%
Bajaj Allianz Life Insurance 98.02%
Aegon Life Insurance 98.01%
ICICI Prudential Life Insurance 97.84%
Aditya Birla Sun Life Insurance 97.54%
Aviva India Life Insurance 97.53%
Bharti Axa Life Insurance 97.35%
PNB MetLife Insurance 97.18%
Daiichi Life Insurance 96.96%
Life Insurance Corporation India (LIC) 96.69%
Indiafirst Life Insurance 96.65%
Ageas Federal Life Insurance 96.47%
Kotak Life Insurance 96.38%
Future Generali Life Insurance 95.28%
SBI Life Insurance 94.52%
Shriram Life Insurance 91.61%
Sahara India Life Insurance 89.45%
Edelweiss Tokio Life Insurance 83.44%

(Source: IRDAI Annual Report – Claim Settlement Ratio for the year 2019-20)

 

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