Life Insurance in India | Life Insurance

Life Insurance pays a death benefit to your loved ones, Which can replace income or pay off by insurance company when you die.

Life Insurance

Life insurance is a contract between you and insurance company. You pays regular premium payments to the life insurance company. In return, the company pays the death benefit to your beneficiaries when you die. Depending on the type of policy you buy, life insurance can cover natural death, accidental death even illness and injuries while you are still alive.

Life Insurance in India

Life insurance is a fastest growing sector in India. In India since 2000 government allows to private players and FDI up to 26% and recently cabinet approved a proposal to increase it to 49%.

Life Insurance was nationalized in India by incorporation Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time taken over by Life Insurance Corporation (LIC).

Types of Life Insurance in India

Life Insurance products comes in a verity of offering to the investment needs and objective of different kind of investors. Below given list is category of life insurance products:

  • Term Insurance Policy
  • Money Back policies
  • Whole Life Policies
  • Unit Linked Investment Policies (ULIP)
  • Pension Policies

Life Insurance companies in India

Here is a list of life insurance companies registered by IRDA. Please click on link to visit their website.

  1. Aegon Life Insurance Co. Ltd.
  2. Aviva Life Insurance Co. India Ltd.
  3. Bajaj Allianz Life Insurance Co. Ltd.
  4. Bharti AXA Life Insurance Co. Ltd.
  5. Birla Sun Life Insurance Co. Ltd
  6. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
  7. DHFL Pramerica Life Insurance Co. Ltd.
  8. Edelweiss Tokio Life Insurance Co. Ltd.
  9. Exide Life Insurance Co. Ltd.
  10. Future Generali India Life Insurance Co. Ltd.
  11. HDFC Standard Life Insurance Co. Ltd.
  12. ICICI Prudential Life Insurance Co. Ltd.
  13. IDBI Federal Life Insurance Co. Ltd.
  14. IndiaFirst Life Insurance Co. Ltd.
  15. Kotak Mahindra Old Mutual Life Insurance Ltd.
  16. Life Insurance Corporation of India
  17. Max Life Insurance Co. Ltd.
  18. PNB MetLife India Insurance Co. Ltd.
  19. Reliance Life Insurance Co. Ltd.
  20. Sahara India Life Insurance Co. Ltd.
  21. SBI Life Insurance Co. Ltd.
  22. Shriram Life Insurance Co. Ltd.
  23. Star Union Dai-Ichi Life Insurance Co. Ltd.
  24. TATA AIA Life Insurance Co. Ltd.

Top 10 Life Insurance Companies in India

Latest Life Insurance claim settlement ratio of companies in 2021

 Total ClaimsClaims Paid Claims Repudiated 
InsurerNumberNumber% of total ClaimsNumber% of total Claims
Max Life154631534299.22%1200.78%
HDFC126261250999.07%540.43%
Tata AIA2982295499.06%280.94%
Pramerica Life56956098.42%71.23%
Exide Life3468340498.15%260.75%
Canara HSBC OBC1276125298.12%221.72%
Reliance Nippon8017786698.12%1491.86%
Bajaj Allianz121271188798.02%2371.95%
Aegon35134498.01%71.99%
ICICI Prudential114601121297.84%1531.34%
Individual death claim settlement by % of policies

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