Top 10 Insurance Companies in India
India’s insurance sector has been one of the fastest-growing sectors in the economy, and it has been playing a vital role in offering financial protection and long-term savings solutions. The insurance penetration of India as of FY 2024 is around 4.2% of GDP, and life insurance makes up almost three-fourths of the market.
Its non-life segment, which comprises health, motor, and general insurance, has also witnessed strong growth—posting over ₹1.55 lakh crore in gross premiums, up over 17% year-on-year. Supported by increasing awareness, digital penetration, regulatory support, and an expanding middle-class population, the Indian insurance industry is expected to grow to over $250 billion by 2027.
In this blog, we’ll discuss the Top 10 Insurance Companies in India, on the strength of market presence, claim settlement ratio, and customer confidence, as they continue to define India’s insurance sector.
India’s Insurance Companies Ecosystem
India’s insurance sector has become a key support pillar of the nation’s financial services industry, providing cover, risk management, and investment opportunities to millions of individuals and enterprises. Regulated by the Insurance Regulatory and Development Authority of India (IRDAI), the industry is generally classified as life insurance and non-life insurance, encompassing general, health, and motor insurance.
As of 2024, the market has 24 life insurance entities, 31 non-life insurers (5 of which are standalone health insurers), and 1 national reinsurer. The sector is a combination of public sector entities and private domestic and foreign-invested enterprises competing to cover an immense and diverse population.
Market Composition:
- Life Insurance has a huge chunk with long-term savings and protection products. While LIC still is the largest, private entities are fast growing their share.
- General Insurance comprises motor, property, liability, and travel insurance, with the largest sub-sector being motor insurance.
- Health Insurance has gained immense popularity in the post-pandemic era, fueled by inflation in medical costs, increased awareness, and higher hospitalization charges.
- Rural and Micro Insurance targets the unreached, commonly supported by government-sponsored schemes.
Regulation & Policy Environment:
- IRDAI provides transparency, solvency, and protection to consumers while ensuring competition and innovation.
- Liberalized Foreign Direct Investment (FDI) regulations—now 74% upwards—have persuaded overseas insurers to grow through joint ventures.
- Government programs such as Ayushman Bharat, PMJJBY, PMSBY, and PMFBY have played a crucial role in increasing insurance penetration among low-income groups.
Industry Trends:
- Digital Revolution: The emergence of insurtech, digital aggregators, and AI-driven claims processing has turned the industry upside down.
- Better Penetration: Though development has happened, India’s insurance penetration continues to be low at 4.2% of GDP, with huge potential for expansion.
- Shifting Consumer Preferences: A more youthful and technologically inclined population is choosing digital-first solutions, tailored policies, and immediate settlement of claims.
- Risk Evolution: The evolving needs are cyber insurance, climate risk cover, and pandemic-related policies.
List of Top 10 Insurance Companies in India
1. ICICI Prudential Life Insurance
Website: https://www.iciciprulife.com/
ICICI Prudential Life Insurance Company, founded in 2000 as a joint venture between ICICI Bank and Prudential plc, is a premier life insurance company in India with a strong distribution network and market presence and a sturdy spread through agents, banks, and online channels.
As of recent figures, the company has over ₹2.5 lakh crore assets under management and a market capitalization of around USD 9.1 billion, positioning it as one of the largest industry players. ICICI Pru has a high claim settlement of 99.35% (as of Q1 FY 2025) and has persistently held the highest iAAA rating by ICRA for its claims-paying capacity, which is testament to superior financial resilience.
Famous for its streamlined and customer-centric claims process, the firm has high customer confidence backed by positive reviews and an image of insisting on transparency, service quality, and online innovations in the Indian insurance sector.
2. SBI Life Insurance
Website: https://smartcare.sbilife.co.in/
SBI Life Insurance, established in 2001 as a joint venture between State Bank of India and BNP Paribas Cardif, is one of India’s top life insurance providers with broad national reach, underpinned by over 825 branches and over 100,000 advisors nationwide.
The insurer has consistently demonstrated financial strength, upholding a sound solvency ratio and receiving top credit ratings for stability. SBI Life has shown robust performance in claims settlement with a 99.20% claim settlement ratio in term insurance and approximately 97.05% in total in FY 2023–24, evidencing its transparency and dedication to policyholders.
With increased emphasis on digital offerings and customer-friendly processes, the company continues to generate high levels of customer trust by transparent operations, prompt settlement of claims, and a brand for trustworthiness in Indian insurance.
3. Tata AIA Life Insurance
Website: https://www.tataaia.com/
Tata AIA Life Insurance, a 2001 joint venture between AIA Group and Tata Sons, is one of India’s leading private life insurance companies with broad national reach, having more than 400 offices and an insured base of over 8 million families.
The company has robust financial health, with a solvency ratio of 1.86 and Assets Under Management (AUM) of around ₹69,742 crore as of FY 2022–23. Tata AIA has ever proven its excellence in claim settlement with a remarkable individual death claim settlement ratio of 99.13% in FY 2023–24.
With efforts toward hassle-free claims, digital servicing, and timely settlements, the insurer has gained unconditional customer trust and remains a favorite among millions looking for protection and long-term financial security in India.
4. Life Insurance Corporation of India (LIC)
Website: https://licindia.in/
Life Insurance Corporation of India (LIC), founded in 1956 and based in Mumbai, is India’s largest and most reputed life insurance company, with a commanding market share of about 58–68% and Assets Under Management (AUM) in excess of ₹49 lakh crore as of early 2024.
With its colossal distribution network of more than 13.7 lakh agents and robust solvency ratio of about 193–202%, LIC demonstrates outstanding financial strength and pan-India presence. The company has a high ratio of death claim settlement of around 98.5%, handling millions of claims regularly with low repudiation.
With its well-established customer trust, dependable service, and expanding digital ability, LIC remains a foundation of financial security for millions of Indian families.
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5. Axis Max Life Insurance
Website: https://www.axismaxlife.com/
Axis Max Life Insurance (earlier known as Max Life, rebranded in December 2024) is a top private life insurance company in India, established as a joint venture between Max Financial Services and Axis Bank. The New Delhi-headquartered company has established a strong market presence with more than 269 offices across the country and a average annual business volume of around ₹9,300 crore in recent times.
Renowned for its customer-centric methodology, Axis Max Life consistently boasts a phenomenal claim settlement ratio—ranging between 99.5% and 99.65%, which is the highest in the industry. The organization also has one of the lowest complaint counts in the industry, with customers frequently praising tidy claim settlements, efficient service teams, and reliable policy assistance. This robust blend of operational performance, financial strength, and creditworthiness continues to cement its position as a trusted and customer-focused insurer in India.
6. Kotak Mahindra Life Insurance
Website: https://www.kotaklife.com/
Kotak Mahindra Life Insurance, a company founded in 2001 and owned wholly by the Kotak Mahindra Group, is a top Indian private life insurance company. It has served more than 46 million customers from 148 cities and has over 200 offices spread across the country.
With a good financial base, it has a high solvency of approximately 2.7, much higher than the regulatory value, and completes an annual business volume of about ₹7,500 crore. Kotak Life shows reliable claim performance, reporting a claim settlement ratio of 98.29% in FY 2023–24 and sustaining consistent averages around 98–99% over the past few years.
Its amount settlement ratio of 94.7% and low complaint ratio also support its image as a reliable service provider. Famous for its clear policies, smooth claim processes, and widespread availability, Kotak Life has gained significant customer trust in India’s insurance market.
7. HDFC Life Insurance
Website: https://www.hdfclife.com/
HDFC Life Insurance, established in 2000 as a joint venture between Abrdn and HDFC Ltd, has become one of India’s leading private life insurance companies with a presence spread over 467 branches in more than 980 cities and towns.
It manages assets under management of over ₹1.15 lakh crore and has a market share in new business premiums of approximately 7.9%. Exhibiting outstanding reliability, HDFC Life settled 99.68% of individual death claims in FY 2025—sustaining a robust record of 99.50% in FY 2024 and 99.39% in FY 2023.
Almost 99% of simple, non-investigative claims are settled within one working day, reflecting its effectiveness. Supported by sound financial ratings, fast digital services, and enduring favorable customer comments on claim experience, HDFC Life has strong consumer trust and is extensively thought to be a very reliable insurer.
8. Bajaj Allianz Life Insurance Company Limited
Website: https://www.bajajallianzlife.com/
Bajaj Allianz Life Insurance Company Limited, with its roots as a joint venture between Bajaj Finserv and Allianz SE, established in 2001, is among India’s top private life insurance players. It has a robust presence across over 560 branches, backed by 1.6 lakh agents and over 370 institutional partners spread across the country.
The firm operates assets worth over ₹1.23 lakh crore and boasts a high solvency ratio of between 432% and 581%, far surpassing the regulators’ requirements. Bajaj Allianz Life has a reputation for quick claims settlement, with one death claim settlement ratio averaging at 99% continuously. Its customer-first philosophy, as seen in low numbers of complaints and streamlined claims settlement, has instilled the confidence and trust of millions of policyholders across the country.
9. PNB MetLife
Website: https://www.pnbmetlife.com/
The Punjab National Bank and MetLife’s joint venture, PNB MetLife, has emerged as a stable mid-sized life insurance company in India, safeguarding millions with its extensive reach. During FY 2023–24, the firm recorded a high 99.2% individual claim settlement ratio, up from the last year’s 99.06%, settling more than ₹462 crore on 5,679 claims. I
n the past five years, PNB MetLife has paid almost ₹2,106 crore to nearly 29,000 policyholders, demonstrating its persistent dedication towards policyholders. Through initiatives such as the “KhUshi” app, three-hour claim decision program, and improved automation in underwriting, the company is further developing customer confidence with clear, efficient, and responsible service.
10. Aditya Birla Sun Life Insurance
Website: https://lifeinsurance.adityabirlacapital.com/
Aditya Birla Sun Life Insurance, one of India’s top 10 private life insurers, has consistently established a strong market presence with a new business premium share of around 2.7% and consistent double-digit growth over recent years. With a broad distribution network and diversified product portfolio, the company has a healthy solvency ratio of around 1.78, indicating financial strength and regulatory confidence.
It maintains an excellent claim settlement ratio of more than 98%, of which 98.12% is for term policies, reflecting its strong commitment to policyholder promises. Though the majority of customers value its timely claim assistance and 24×7 support, a few have complained of some standalone issues in the form of delay or complexity in initial-stage claims. Nevertheless, the insurer’s open-minded policy and quick-responsive grievance redressal mechanism continues to command robust customer faith and satisfaction throughout the nation.
Conclusion
In a nation as diverse and fast-changing as India, insurance has moved beyond a mere financial product—it’s now an element of long-term security and peace of mind. Insurance Companies in India featured in this list have not only built reputable market positions, but also evolved with shifting consumer demands through innovation, digitalization, and reliable service.
Whether it is life, health, or regular insurance, these companies are still at the forefront of safeguarding Indian families and businesses with millions of lives. As the industry expands in terms of size and complexity, selecting the right insurance partner will still be the key to ensuring financial stability.
FAQs
What are India’s two major categories of insurance?
India’s insurance industry is widely categorized into Life Insurance (covering death, savings, and retirement) and Non-Life Insurance (comprising health, motor, travel, property, etc.).
How do I select the best insurer?
While selecting an insurer, keep in mind elements such as claim settlement ratio, premium cost, policy terms, customer feedback, and network reach (particularly for health or motor insurance).
Is it secure to purchase insurance online in India?
It is secure to purchase insurance online through official sites, IRDAI-registered aggregators, or licensed brokers. Always check credentials and policy terms prior to purchase.
What is the average claim settlement ratio in India?
Top life insurers in India have a claim settlement ratio ranging from 95% to 99%, and top health insurers tend to report cashless claim ratios of more than 90%, reflecting strong performance.
Are international insurance companies permitted in India?
Yes. India permits a maximum of 74% Foreign Direct Investment (FDI) in insurance companies, allowing various international players to enter under joint ventures with Indian companies.
