Did you know: there were more than 240 Life Insurance Companies in India in 1956. The Life insurance business started was in 1818 with the establishment of Oriental Company.
After that, many companies started business in India. The Government of India introduced the Insurance Act in 1938, which is mainly to protect the interests of the policyholders.
Let’s take a look at the list of life insurance companies in India based on IRDA.
Every Insurer is the best in its own ways. Insurance Regulatory and Development Authority does not rank life insurance companies in India.
It considers every company as equal. So it is a just list of life insurance companies in India. Please do not consider it as Top 10 life insurance companies in India.
Check out the IRDA approved list of life insurance companies in India.
- Aditya Birla SunLife
- Aegon Life.
- Ageas Federal.
- Aviva Life.
- Bajaj Allianz.
- Bharti AXA.
- Canara HSBC Oriental Bank of Commerce.
- Edelweiss Tokio.
- Exide Life.
- Future Generali India.
- HDFC Life.
- ICICI Prudential.
- IndiaFirst Life.
- Kotak Mahindra.
- Life Insurance Corporation of India
- Max Life.
- PNB MetLife.
- Pramerica Life.
- Reliance Nippon Life.
- Sahara India Life.
- SBI Life.
- Shriram Life.
- Star Union Dai-Ichi Life.
- TATA AIA Life.
Life Insurance Corporation of India is an investment corporation. Indian government owns LIC. The Insurer is under the ownership of Finance, Government of India.
LIC was founded on 1st September 1956. Government of India is the owner of LIC. Company headquarter is in Mumbai, Maharashtra, India.
It was established when Indian Parliament passed the Life Insurance of India Act that nationalized the insurance industry in India.
More than 245 Insurers & provident societies were merged to establish the state owned LIC. The Insurer deals in Life insurance, Health insurance, Investment management & Mutual fund.
As per 2020, 114,000 employees are working with LIC. LIC Housing Finance, LIC International Ltd, LIC Cards Services Ltd, LIC Mutual Fund Ltd, LIC Pension Fund Ltd & Industrial Development Bank of India are the subsidiaries of LIC.
The central office of LIC is based outside Mumbai; it sits The Chairperson, all 4-Managing Directors & all Department Heads.
It has total 8-zonal offices in Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal & Patna. Currently LIC board consists of Chairman M R Kumar & M Ds T. C. Suseel Kumar, Mukesh Kumar Gupta, Vipin Anand & Raj Kumar.
As of 2019, LICs’ total value of sold policies during 2018-2019 was 21.4 million and total life fund was 28.3 trillion. During 2018-19, LIC settled 26 million claims with 290 million policyholders.
HDFC Standard Life
HDFC Life Insurance Company Ltd. (HDFC Life) is a long-term life insurance provider. The tag line of the company is Sar Utha Ke Jiyo! It is a public company.
The company headquarter is in Mumbai, Maharashtra, India. It was founded in 2000. Vibha Padalkar is M.D & CEO of HDFC Life. From 14th August 2000, HDFC Life offers individual and group insurance services.
HDFC Life is a joint venture between HDFC (Housing Development Finance Corporation Ltd.) & Standard Life Aberdeen. HDFC is one of India’s leading banking and financial services company & Standard Life Aberdeen is a global investment company.
As of 31st March 2020, HDFC Ltd. & Standard Life hols 51.69 % & 34.75% stake in HDFC Life respectively. Public shareholders held remaining equity.
HDFC Life deals in Life insurance, Investment management & Consumer finance. As of 2020, revenue of HDFC Life was 1,687.70 crore (US$240 million).
On 12th October 2000, HDFC Life obtained the certificate of business & certificate of registration from Insurance Regulatory and Development Authority of India (IRDAI) to undertake the life insurance business.
HDFC Life had around 421 branches in more than 980 cities, villages & towns in India. 16,544 employees support the company. HDFC Life has established a liaison office in Dubai also.
Max Life was early known as Max New York Life Insurance Company Limited. Max Life is a joint venture between Mitsui Sumitomo Insurance Co Ltd and Max India Ltd.
Company was founded in 2001. The company headquarter is in New Delhi, India. Originally, it was founded in 2000 b but after 2000 after the liberalization of the insurance sector in India, it started working from 2001.
The founder of Max Healthcare Analjit Singh is the chairperson of Max Life. The company deals in financial services & insurance.
It is a part of Max India Ltd. Max India is India’s largest non-bank private-sector insurer. Axis bank held 6% share in Max Life in February 2016.
The distribution channel of Max Life includes banks, corporate agents, individual agents & brokers. The company provides participating, non-participating & linked products.
It deals with life coverage, health, annuity & pension plan. The company offers retirement, savings, growth plans, child plan & protection plans to individuals & groups.
ICICI Prudential is a life insurance company in India. It is a joint venture between Prudential plc and ICICI Bank. It was founded in 2000. Narayanan Srinivasa Kannan is key person (M.D) of ICICI Prudential Life Insurance Co. Ltd.
Vinod Kumar Dhall is the Chairperson of ICICI Prudential. Company headquarter is in Mumbai, Maharashtra, India.
ICICI Prudential mainly deals with life insurance & asset management business. It offers long-term plans.
It became the first insurance company in India, which listed in the domestic stock exchanges in 2016. Around 14,630 employees are working with ICICI Prudential.
The company collaborated with Paytm, an Indian e-commerce payment system and financial technology company, so that users can get the iProtect Smart plan benefits through it in December 2019.
Again, in January 2021, they collaborated with PhonePe so that users can get term life insurance instantly via the app without any health check-ups and paperwork.
They initiated ‘Claims for Sure’ for death claims settlement in July 2019. Around 65% death claims were received under ‘Claims for Sure’ and approx. 99.4% of them were settled within a single day. Mostly all (99%) claim settlements were paid digitally.
Kotak Life is a private life insurance company based in India. It was founded in 2001. Uday Kotak is Chairperson of the company; Gaurang Shah is President & G Murlidhar is M.D of the company.
Company headquarter is based in Mumbai, Maharashtra, India. It serves 15 million clients with 232 branches in around 167 cities & towns in India.
There are approx. 99,275 agents working with Kotak Life. Ltd. Kotak Mahindra Bank is the parent company of Kotak Life Insurance co.
The company offers various protection plans, investment plans, savings plans, retirement or pension plans & child plans.
Market shares of Kotak life increased by 1.6% as of 2019. They collected total premium of 8132 crore. As of March 2019, their asset was of Rs. 25,936 crore under management.
Aditya Birla Sun Life Asset Management
Earlier Aditya Birla Sun Life Asset Management Company Ltd. was known as Birla Sun Life Asset Management Company Limited. It is investment-managing company registered under the Securities and Exchange Board of India.
Aditya Birla Sun Life Asset Management Company Ltd. is a joint venture between the Sun Life Financial Inc. of Canada and the Aditya Birla Capital of India.
The company was founded in 1994 in India. It works in around 26 countries. Company headquarter is in Mumbai, Maharashtra, India.
A. Balasubramanian is CEO of the company. They mainly deals with Life insurance, Mediclaim, Vehicle and Travel insurance, Investment management, Mutual fund etc.
They offers sector-specific equity schemes, hybrid and monthly income funds, debt and treasury products, fund of fund schemes, debt and treasury products and offshore funds & monthly income funds.
Adita Birla Capital is holding 51% stake & Sun Life Financial Inc. is holding 49% stake in the company.
TATA AIA Life
Tata AIA Life is a joint venture of Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA is a combination of Tata’s leadership in India & AIA’s largest, independent listed pan-Asian group in the world. They are spanning 18 markets in the Asia Pacific region.
Tata AIA was founded in 2000. Company headquarter is in Mumbai, Maharashtra, India. Naveen Tahilyani is the CEO of the company. Tata sons is the parent organisation of Tata AIA Life Insurance.
Tata AIA is one of the leading insurers in the country. They offers plans in multiple life insurance segments such as protection plans, wealth plans, child plans, savings plans, group plans, and micro-insurance plans, among others.
It is one of the fastest growing companies in life insurance sector. Based on individual weighted new business premium, the company is ranked at No. 5.
They have presence in 18 markets in Asia-Pacific with wholly-owned branches and subsidiaries in Hong Kong SAR, Mainland China, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Taiwan (China), Vietnam, Brunei, Macau SAR, New Zealand, a 99 per cent subsidiary in Sri Lanka, and a 49 per cent joint venture in India.
SBI Life is a joint venture of BNP Paribas Cardif and State Bank of India. SBI is a public sector bank and one of the largest state-owned banking and financial services company in India & BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris.
SBI is holding 55.50% stake & BNP Paribas Cardif is holding 22% stake. Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., are holding 1.95% stakes each. Remaining 12% is free float stake with public investors.
SBI Life was founded in March 2001. Company headquarter is in Mumbai, Maharashtra, India. Mr Mahesh Kumar Sharma is MD & CEO of the company.
They mainly serves in Life insurance & Investment management. State Bank of India & BNP Paribas is the owners of the company. There are more than 12,000 employees working with SBI Life Insurance.
A subsidiary of global rating agency Standard & Poor’s and CRISIL Limited gave the company AAA/Stable/P1+ rating in 2007.
Exide Life is an India based life insurance company. As the name indicates, Exide Industries own it.
It was founded in 2001. Company headquarter is in Bangalore, Karnataka, India. Key people of the company are as bellow, Kshitij Jain is MD, CEO, Rangarajan BN is Appointed Actuary, and CRO & B. Ashwin is COO.
The company distributes its products through multi-channels viz. Agency, Corporate Agency, Broking as well as Direct Channels & Banc assurance. Around 50,000 advisors are working with the company from more than 200 company offices across the country.
They are serving over 15 lakh customers & manages over INR 15,795 crores in assets. The company is dealing with life insurance products with saving options & long-term protection.
As per the Economic Times, Brand Equity survey 2014, it is featured as one of the top ten most trusted life insurance brands in India.
Bajaj Allianz Life
Bajaj Allianz Life is one of the leading life insurance company based in India. It is a joint venture between Bajaj Finserv Limited & Allianz SE.
Bajaj Finserv Limited is a part of Bajaj Auto Limited & Allianz SE is a European financial services company. As a one of the private insurance companies in India, they offer insurance plans for security & financial planning.
Bajaj Allianz Life was founded in 2001. The company headquarter is in Pune, Maharashtra, India. Tarun Chugh who is the Managing director and Chief Executive Officer of the company leads it.
As of 2001, the company has expanded its presence across the country in less than two decades. As of March 2021, there are 80,000+ agents are working with the company from its 509 branches across the country.
They have comprehensive set of trusted partners and online sales channel. The company deals with launch innovative insurance solutions, including the revolutionary RoMC (Return of Mortality Charges), a feature in some of its new-age ULIPs, and thereby becoming the first company to do so.
They have secured a place in the Guinness Book of World Records with the Bajaj Allianz Life Plankathon 2020.
PNB MetLife India
PNB MetLife India is one of the leading life insurance companies in India. The company was founded in 2001.
The company headquarter is in Mumbai, Maharashtra, India & regional headquarter of the company is in Hong Kong. Ashish Kumar Srivastava is MD & CEO of the company.
As of March 2018, there are more than 10,444 employees working with the company from around 107 locations.
MetLife International Holdings LLC (MIHL), Jammu & Kashmir Bank Limited (JKB), Punjab National Bank (PNB), M. Pallonji and Company Private Limited and other private investors, MIHL and PNB are the majority shareholders of the company. They are dealing with a range of life, health & retirement insurance products.
Reliance Nippon Life
Reliance Nippon Life is one of the leading life insurance companies in India. It is a joint venture of Reliance Capital & Nippon Life.
They offer life insurance products to individuals & groups. They are catering to four distinct segments: retirement, children, protection and investment plans.
It was founded on 14th May 2001. The company headquarter is in Santacruz, Mumbai, Maharashtra, India. Anil Ambani is the Chairperson & Ashish Vohra is the CEO of the company.
It is one of the largest non-bank supported private company with over 10 million policyholders.
As on March 2021, they have a strong distribution network of 713 branches and 42,604 advisors. They have claim settlement ratio of 98.48% as of March 2021.
As per Brand Equity‘s Most Trusted Brands Survey 2018, the company was rated amongst the Top 3 Most Trusted Life Insurance Service Brands.
Their vision is “To be a company people are proud of, trust in and grow with; providing financial independence to every life we touch.”
They cater to five distinct segments, namely Protection, Child, Retirement, Saving & Investment, and Health for individuals as well as Groups/Corporate entities.
The Company is a part of Reliance Capital a private sector financial services and non-banking company.
Aviva India is an Indian Life Insurance company. It is a joint venture between Aviva PLC & Dabur Group. Aviva is a British insurance company and Dabur Invest Corp.
Dabur is the most respected business house in India. Aviva PLC is having 49% stake and Dabur is having 51% stake in the JV partnership.
Aviva was founded in July 2002. The company headquarter is in Gurgaon, Haryana, India. Mr Amit Malik is MD & CEO of the company.
The company is dealing with Life insurance, Health insurance, Investment management, Mutual fund & Pension plans.
The company is focusing on the online platform during recent years. They are having a number of products like Aviva i-Life, Aviva Health Secure and Aviva i-Shield.
Globally, they are serving 33 million customers across 16 countries.
Sahara India Life
Sahara India Life is an Indian company. It is first wholly and purely Indian company, without any foreign collaboration to enter the Indian Life insurance market.
It is Sahara Pariwar’s company. IRDA granted license to Sahara India on 6th February 2004. They launch the company with an initial paid up capital of 232 crores.
The company headquarter is in Lucknow, India. They are operating more than 5,000 establishments across India with 1.2 million employees under Sahara India umbrella.
Following are main key persons of the company, Shri O.P. Srivastava is Chairman, Shri Arun Kumar Jain is Independent Director & Shri Arun Kanti Dasgupta is Whole Time Director, President & CEO of the company.
Company is dealing with Endowment plan, Money Back plan, Group insurance, Annuity & Unit link.
IDBI Federal Life
IDBI Federal Life is an Indian life insurance company. It is a three way joint venture of IDBI Bank, Federal Bank & Ageas. IDBI Bank is an Indian development and commercial bank, Federal Bank is one of India’s leading private sector banks & Ageas is a multinational insurance giant based out of Europe.
It was founded in March 2008. The company headquarter is in Mumbai, Maharashtra, India. Vighnesh Shahane is Whole Time Director and CEO of the company. There are 1,941 employees on-roll & over 10,000 agents are working with IDBI Federal.
They distribute their product through a multi-channel network consisting Insurance agents, Bancassurance partners, insurance brokers & direct channel.
Canara HSBC Oriental Bank of Commerce Life
Canara HSBC Oriental Bank of Commerce Life offers an extensive range of insurance and financial solutions.
It is a joint venture between Canara Bank (51%) and Punjab National Bank (23%). Punjab National Bank and Canara Bank combined with the global insurance expertise of HSBC.
The company was founded in 2018. The company headquarter is in Gurgaon, Haryana, India, the Company has branch offices PAN India.
They sells & services their customers through partner bank branches. Anuj Mathur is MD & CEO & L.V Prabhakar is the chairperson of the company.
They are dealing with vast portfolio of insurance products and solutions, tailored to the specific needs of various customers.
They offer life, health; online term plans, retirement solutions, credit life and employee benefit segments.
They ensure that customer needs to meet through their life cycle – child education, family protection, long-term savings, and retirement while ensuring value for money.
Aegon Life, formerly known as Aegon Religare Life Insurance Company. It is a joint venture between Dutch Aegon N.V., pensions and asset Management Company & The Times Group.
Dutch Aegon N.V. is a multinational insurance & The Times Group (Bennett Coleman & Co. Ltd) is India’s one of the largest media conglomerates.
Aegon N.V. is holding 49% stake & Times Group (Bennett, Coleman and Company) is holding 51% of stake in the company.
The company was founded in 2008. The company headquarter is in Mumbai, Maharashtra, India. They are offering individual and group insurance online and offline. Satishwar Balakrishnan is MD and CEO of the company & Naveen Bachwani is COO.
They collaborated with Paytm for comprehensive insurance products in September 2019 & in March 2020; they had partnership with Fipkart for selling paperless life insurance policies on their platform.
IndiaFirst Life is an Indian insurance company. It is a joint venture of India’s public sector banks such as Union Bank of India, Bank of Baroda and UK’s financial and investment company, Legal & General.
Bank of Baroda is holding 44% stake, Union Bank of India is holding 30% stake and UK’s financial and investment company, Legal & General is holding 26% stake. It has paid-up 663 crore-share capital.
The company was founded on 16th November 2009. The company headquarter is in Mumbai, Maharashtra, India.
The company has recorded more than 2 billion INR turnover in just 4 1/2-months since they became operational.
Ms.R.M.Vishakha is MD & CEO of the company. They are dealing with individual & group insurance plans. 2800+ employees are working with the company.