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.
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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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