This article lists the top 10 life insurance companies in India in 2023 including LIC, SBI Life, HDFC Life, ICICI Prudential, Max Life, PNB MetLife, TATA AIA, Bajaj Allianz, Birla Sun Life & Kotak Life based on market share, revenue, claims settlement & policies sold.
The life insurance sector has grown tremendously driven by privatization and new product innovations. As per industry data, the total first year premium collected by life insurers touched Rs 2.14 lakh crore in FY 2020-21. With rising demand, the top life insurance companies are expanding their customer base by enhancing distribution networks and offering diverse products.
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LIC (Life Insurance Corporation of India)
LIC continues to be the largest life insurer in India with a market share of over 70%. It is state-owned and offers a wide range of term insurance, endowment, money-back, unit-linked insurance plans (ULIPs) and pension plans. LIC has over 2500 branch offices and over 1 million agents across the country.
Key facts:
- Founded in 1956
- Headquarters in Mumbai
- Total life insurance premium collection over Rs. 3.5 lakh crore
- Over 290 million policies sold
- Wide range of products catering to all segments
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SBI Life Insurance
A joint venture between State Bank of India and BNP Paribas Cardif, SBI Life Insurance is currently the largest private sector insurer. It offers varied products including protection, pension, savings, health and unit-linked plans. With over 1000 branches, SBI Life has a strong presence pan-India.
Key facts:
- Founded in 2001
- Headquartered in Mumbai
- Over INR 1.5 lakh crore assets under management
- Claims settlement ratio of 98.53% (2018-19)
- 13 million+ policies sold
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HDFC Life Insurance
HDFC Life is one of the leading private insurers in India backed by HDFC Ltd. It provides solutions for savings, investment, pensions, protection, and retirement. HDFC Life has one of the widest networks with branches in over 900 cities.
Key facts:
- Founded in 2000
- Headquarters in Mumbai
- Revenue of Rs. 326 billion (2018-19)
- Claims settlement ratio of 98.21%
- Over 50 million policies sold
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ICICI Prudential Life Insurance
A joint venture between ICICI Bank and Prudential Corporation, ICICI Prudential is the first private sector life insurer in India. It offers an array of products ranging from ULIPs, savings, retirement, term plans, child plans, protection plans, among others.
Key facts:
- Founded in 2000
- Headquarters in Mumbai
- Assets under management over Rs. 1.5 lakh crore
- Claims settlement ratio of 98.1%
- Sold over 20 million policies
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Max Life Insurance
Owned by Max Financial Services, Max Life Insurance offers comprehensive long-term savings, protection and retirement solutions. It has emerged as a leading brand with presence across many cities in India.
Key facts:
- Founded in 2000
- Headquarters in New Delhi
- Assets under management of over Rs. 77,000 crore
- Individual Claims settlement ratio of 99.22%
- 7 million+ policies sold
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PNB MetLife Insurance
PNB MetLife is a leading life insurer backed by Punjab National Bank and MetLife. It offers products such as term insurance, savings and income plans, retirement solutions, and critical illness coverage.
Key facts:
- Founded in 2001
- Headquarters in Gurgaon
- Assets under management over Rs. 21,000 crore
- Presence across 150 cities in India
- Over 20 million policies sold
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TATA AIA Life Insurance
A joint venture between Tata Sons and AIA Group Limited, TATA AIA offers a diverse range of insurance solutions for protection, health, savings, retirement and investment needs.
Key facts:
- Founded in 2001
- Headquarters in Mumbai
- Revenue of over Rs. 30,000 crore
- Claims settlement ratio of 96.8%
- Over 10 million policies sold
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Bajaj Allianz Life Insurance
Bajaj Allianz is a private life insurer backed by Bajaj Finserv and Allianz SE. It offers ULIPs, term plans, endowment plans, child insurance plans, etc catering to every life stage.
Key facts:
- Founded in 2001
- Headquarters in Pune
- Assets under management over Rs. 52,000 crore
- Claims settlement ratio of 96.53%
- Sold over 5 million policies
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Birla Sun Life Insurance
Owned by Aditya Birla Capital, Birla Sun Life insurance provides solutions for life protection, health, savings and investments, retirement and employee benefits.
Key facts:
- Founded in 2001
- Headquarters in Mumbai
- Assets under management over Rs. 30,000 crore
- Claims settlement ratio of 97.85%
- Over 7 million policies sold
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Kotak Mahindra Life Insurance
Kotak Life Insurance offers endowment plans, term insurance, ULIPs, pension plans, child plans, etc to meet diverse customer needs. It is a 100% subsidiary of Kotak Mahindra Bank.
Key facts:
- Founded in 2001
- Headquarters in Mumbai
- Assets under management over Rs. 28,000 crore
- Individual Claims settlement ratio of 96.76%
- Over 6.5 million policies sold