Life insurance in India has moved from being a tax saving instrument to being a pillar of financial security. It protects families from uncertainties and helps build long term wealth. Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in regulating life insurance companies in India. IRDAI has set standards like Claim Settlement Ratio (CSR)—the percentage of claims paid—and solvency ratio which measures the financial strength of the insurers.
These two along with service quality are the most reliable parameters for a policyholder to choose an insurer. As per the latest IRDAI data for FY 2024–25, Indian life insurers have shown good efficiency in settling death claims, with private insurers averaging claim settlement ratio of almost 99% within 30 days. Top insurers like Axis Max Life (99.79%), HDFC Life (99.68%), Bajaj Allianz Life (99.78%), Tata AIA Life (99.58%) and SBI Life (98.99%) have consistently maintained high claim settlement ratio. Let’s see the list of top 10 life insurance companies in India
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List of Life Insurance Companies in India
| Sr. No. | Life Insurer |
|---|---|
| 1 | Life Insurance Corporation of India |
| 2 | Axis Max Life Insurance |
| 3 | HDFC Life Insurance Company |
| 4 | ICICI Prudential Life Insurance Company |
| 5 | Kotak Mahindra Life Insurance Company |
| 6 | Aditya Birla Sun Life Insurance Company |
| 7 | TATA AIA Life Insurance Company |
| 8 | SBI Life Insurance Company |
| 9 | Bajaj Allianz Life Insurance Company |
| 10 | PNB MetLife India Insurance Company |
| 11 | Reliance Nippon Life Insurance Company |
| 12 | Aviva Life Insurance Company India |
| 13 | Sahara India Life Insurance Company |
| 14 | Shriram Life Insurance Company |
| 15 | Bharti AXA Life Insurance Company |
| 16 | Future Generali India Life Insurance Company |
| 17 | Ageas Federal Life Insurance Company |
| 18 | Canara HSBC Life Insurance Company |
| 19 | Bandhan Life Insurance |
| 20 | Pramerica Life Insurance Company |
| 21 | Star Union Dai-Ichi Life Insurance Company |
| 22 | IndiaFirst Life Insurance Company |
| 23 | Edelweiss Life Insurance Company |
| 24 | Credit Access Life Insurance |
| 25 | Acko Life Insurance |
| 26 | Go Digit Life Insurance |
Top 10 Life Insurance Companies in India
Below is the list of top 10 insurance companies in India, ranked based on claim settlement ratio, financial strength, and customer service quality
1. LIC: Best in List of Life Insurance Companies in India
Established in 1956, the Life Insurance Corporation of India continues to be the nation’s largest and most trusted life insurer. In FY 2024–25, the Corporation settled over 2.29 crore claims amounting to INR 2.69 lakh crore, with an impressive claim settlement ratio of 99.48% for death claims and 90.97% for maturity claims. LIC’s financial strength remains robust, as its solvency ratio rose to 2.11—well above IRDAI’s prescribed benchmark of 1.5. Backed by decades of trust, unmatched presence across both rural and urban India, and strong government support, LIC continues to stand as the symbol of reliability and accessibility for millions of Indians.
2. HDFC Life Insurance
Since its inception in 2000, HDFC Life has built a reputation for efficiency, customer focus, and innovation. In FY 2024–25, the insurer recorded an exceptional claim settlement ratio (CSR) of 99.96%, settling over 22,000 claims within the year—underscoring its reliability and transparency. Its solvency ratio stood at 2.03, significantly above the regulatory benchmark, reflecting strong capital adequacy. With a broad product portfolio that spans term plans, retirement solutions, and investment-linked policies, HDFC Life continues to be a leader in digital services—ensuring seamless purchase, servicing, and claim settlement. Its combination of near-perfect claim settlement, robust financial health, and customer-first approach makes HDFC Life one of the most dependable life insurance companies in India.
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3. ICICI Prudential Life Insurance
Promoted by ICICI Bank and Prudential Corporation, ICICI Prudential has consistently demonstrated operational excellence. In FY 2024–25, the company achieved a claim settlement ratio of 99.3%, with an average turnaround time of just 1.2 days, ensuring timely financial support for families during difficult times. Its solvency ratio strengthened to 212.2%, well above regulatory norms, highlighting robust capital adequacy. With a comprehensive product range spanning protection, savings, annuities, and ULIPs, and supported by a powerful bancassurance network through ICICI Bank, ICICI Prudential combines efficiency, reliability, and innovation—making it a top choice for policyholders seeking the best insurance companies in India.
4. SBI Life Insurance
Backed by the State Bank of India, SBI Life Insurance has successfully leveraged its parent’s vast network and reputation for trust. In FY 2024–25, SBI Life reported a claim settlement ratio of 99.4%, reaffirming its reliability for policyholders. Its solvency ratio stood at 1.96, demonstrating robust financial soundness above the IRDAI minimum. With assets under management of over INR 4.5 lakh crore and a PAT of INR 2,410 crore, the company continues to showcase strong financial growth. Customers benefit from competitive premiums, wide accessibility through SBI’s bancassurance network, and quick, digitally enabled claim processing. By combining the credibility of a public-sector bank with the efficiency of a modern insurer, SBI Life has established itself as a leading player in life insurance companies in India.
5. Axis Max Life Insurance: One of the Best Life Insurance Companies in India
Max Life Insurance, a joint venture between Max Financial Services and Axis Bank, continues to stand out for its customer-centric approach. In FY 2024–25, the company sustained one of the industry’s highest claim settlement ratios at 99.65%, reflecting near-flawless claim performance. Its solvency ratio of 201% underscores strong capital adequacy, well above regulatory norms. Financially, Max Life grew its gross written premium to INR 33,223 crore and expanded its assets under management to INR 1.75 lakh crore, supported by a 20% rise in individual adjusted first-year premium.
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6. Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance, a joint venture between Bajaj Finserv and Allianz SE of Germany, reinforced its reputation for financial stability and innovation in FY 2024–25. The company achieved a claim settlement ratio of 99.23%, reflecting its strong commitment to policyholders. Its solvency ratio of 325% underscored robust capital adequacy, well above IRDAI’s requirement. Bajaj Allianz Life continued to expand with over 4.8 crore policies issued, supported by a broad product suite spanning term insurance, ULIPs, retirement, and child plans.
7. Kotak Mahindra Life Insurance
Kotak Life Insurance, part of the Kotak Mahindra Group, has steadily gained ground in India’s life insurance industry. In FY25, the company reported a claim settlement ratio of 98.7%, successfully settling nearly 38,000 claims, reflecting strong dependability in honouring policyholder commitments. Its solvency ratio of 2.27 as of March 2025 underscores a robust capital position, well above the regulatory requirement. Kotak Life continues to offer an extensive portfolio of protection, savings, and retirement products, and is recognized for transparent operations and personalised services.
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8. Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance, a joint venture between the Aditya Birla Group and Sun Life Financial of Canada, continues to balance Indian legacy with global expertise. In FY25, the company recorded a claim settlement ratio of 98.12%, reaffirming steady performance. Its solvency ratio improved slightly to 1.94, comfortably above the IRDAI requirement and reflecting solid capital strength. Net premium income grew 27% year-on-year to over INR 20,000 crore, though PAT moderated to about INR 100 crore, highlighting ongoing investment in growth and distribution. The insurer offers a wide product suite—protection, ULIPs, savings, annuities, and health-linked covers—targeting both urban and semi-urban markets. Its digital initiatives, including AI-enabled servicing and online claim tracking, enhance customer convenience. With strong promoter backing, consistent solvency, and a diversified distribution network, ABSLI remains a respected and reliable name in life insurance companies in India.
9. Tata AIA Life Insurance
Tata AIA Life Insurance, a joint venture between Tata Sons and AIA Group, has continued to establish itself as one of the most reliable private insurers. In FY 2024–25, the company achieved an impressive claim settlement ratio of 99.41%, settling 8,527 out of 8,576 claims with an average turnaround time of 5 days for non-investigated claims—well within regulatory limits. On the financial front, Tata AIA maintained a solvency ratio of 180%, comfortably above the IRDAI requirement of 150%.
The company also reported strong growth, with Assets Under Management (AUM) rising to INR 1,22,946 crore as of 31 March 2025. Combining Tata’s legacy of trust with AIA’s global expertise, Tata AIA offers a wide portfolio of protection, savings, and wealth solutions. Its strong focus on digital adoption and customer-centric claim processes further enhances reliability. With robust solvency, superior claim performance, and financial strength, Tata AIA remains one of the best life insurers in India.
10. PNB MetLife India Insurance
PNB MetLife India Insurance, backed by Punjab National Bank and MetLife International Holdings, has further strengthened its position through strong financial and operational performance. In FY25, the company achieved a retail claim settlement ratio of 99.57% and a group claim settlement ratio of 99.72%, among the highest in the industry, underscoring its reliability in honouring claims. Its solvency margin stood at 172%, comfortably above the IRDAI requirement, reflecting financial resilience. PNB MetLife collected a total premium of INR 11,752 crore, with new business premium growing 38% year-on-year to INR 4,695 crore—one of the strongest growth rates among private insurers.
Assets under management reached INR 54,193 crore, supported by robust persistency (82% at 13th month). Its bancassurance model has expanded beyond PNB to include Jammu & Kashmir Bank, Karnataka Bank, India Post Payments Bank, Saraswat Co-operative Bank, Unity Bank, American Express Banking Corporation, Shinhan Bank, and ESAF Small Finance Bank, giving access to nearly 20,000 bank branches nationwide.
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Conclusion
Life Insurance companies in India are booming and the reason is increasing financial literacy, digital penetration and awareness about protection and retirement planning. For the policyholder the key takeaway is that numbers matter: always check a life insurer’s Claim Settlement Ratio (CSR), solvency ratio and service quality before you buy.
The big picture is clear: These best life insurance companies in India are not just meeting global standards but in many cases beating them. As families look for security in uncertain times the right insurance choice is the foundation of long term financial well being.
In the end life insurance is not just about tax benefits – it’s about securing futures and peace of mind.