Life Insurance

Top 10 Life Insurance Companies in India

The competition in the insurance industry is constantly rising. Different features and multiple offers make choosing the right insurance company to buy a plan difficult. We have shortened the hassle…

The competition in the insurance industry is constantly rising. Different features and multiple offers make choosing the right insurance company to buy a plan difficult. We have shortened the hassle for you and picked the top 10 life insurance companies in India

Are you here after your parents or friends suggested purchasing life insurance to save taxes? Or possibilities are that you are searching for a life cover to beat the uncertain instances of your life. It’s better to be prepared with the safeguards in advance. Life insurances cover the risk of premature death by backing up your family, covering the risk of living too long, and allowing you ample savings.

IRDAI has listed 24 life insurance companies in India, each with various advantages and feature plans. Some companies offer high coverage at a low cost, whereas some have high premiums to bear. This might puzzle you to compare and choose the best insurance plan that fits your needs. Some vital factors can help you decide on the right life insurance company to buy a plan. Continue reading this article to learn about the top 10 life insurance companies in India and guide you in choosing the best life insurance company. 

What is Life Insurance? 

Life insurance is an agreement between the insurance company and the policyholder (who pays the premium) that promises to pay the death benefits (a certain amount) to the policyholder's family after the unfortunate demise within the policy tenure. Life insurance policies are also considered a way of growing wealth in the long run as you get the maturity benefits mentioned in the policy term. 

How to Choose the Best Life Insurance Company?

It can be daunting for you to scroll through a long list of companies available in the market. Each company claims to be the best, then how do you choose one that fits your needs? We have made the process simpler by providing you with some key parameters that you can consider to minimize the risk of unfulfilled promises. Here are the factors that you can consider-

  1. Claim Settlement Ratio (CSR)

The claim settlement ratio significantly influences the trust you can show in a life insurance company. Simply put, the claim settlement ratio indicates the total claims settled by the company against the total claims raised in a year. Always consider a company with a high CSR to exclude the hassle when the time comes. 

  1. Solvency Ratio

A company's solvency ratio helps you measure its capacity to bear long-term debt obligations and financial health. The companies with higher solvency ratios have a strong capacity to settle the claims. IRDAI mandates a minimum of 150% solvency ratio for insurance companies. 

  1. Dedicated Customer Support

Good customer support decides the friendliness and accountability of an insurance company towards its people. You can consider factors like how easy it is to reach them and how patiently they listen to your concerns. How long do they take to devise a suitable solution for your issue? Remember, transparent communication reflects good business practices and will make the processes easy. 

  1. Market Reputation

To better understand the actual market reputation of a company, check the reviews and ratings available online. Some might be manipulated for marketing purposes, but we are sure you will identify the genuine ones.

  1. Availability of Optimal Plans

Each company offers unique plans and benefits to its customers. First, check the list of plans and additional benefits. Don’t forget to check for riders. Then select a company with plans at an efficient cost that fit your requirements. 

Top 10 Life Insurance Companies in India


Top 10 Life Insurance Companies in India with Highest CSR

We, “RenewBuy”, created a list of the top 10 life insurance companies in India in 2023 based on the claim settlement ratio (as per the annual report published by IRDAI 2021-22). 

Sr. No.

Name of Insurance Company

Claim Settlement Ratio


Max Life Insurance



Bharti Axa Life Insurance



Exide Life Insurance



Aegon Life Insurance



Bazaz Allianz Life Insurance



Kotak Mahindra Life Insurance



Life Insurance Corporation of India



Reliance Nippon Life Insurance



HDFC Life Insurance



Tata AIA Life Insurance


Disclaimer: We do not endorse any specific insurance company or insurance product any insurer offers. This list illustrates different life insurance companies available in India based on the highest Claim Settlement Ratio. It has been sourced from the annual report of IRDAI 2021-22.

Brief Introduction to the Top 10 Life Insurance Companies with High CSR in India 2023 

  1. Max Life Insurance

Established in 2001, Max Life Insurance is a top life insurance company. The company is an 80:20 venture between Max Finance Services and Axis Bank, forming India's largest non-bank private sector life insurer.

Max Life offers policies on both online and offline modes dealing in linked, participatory, and non-participatory products. With the chief goal of providing consumers financial stability, the company provides comprehensive policies, including life cover, child insurance, long-term savings, health covers, annuity, and pensions. As per the annual report 2021-2022 published by IRDAI, Max Life Insurance excels in the list of claim settlement ratios with a rate of 99.34%. 

  1. Bharti Axa Life Insurance

Founded in 2006, Bharti Axa Life Insurance Company is a 51:49 joint venture between Bharti Enterprises and AXA. Bharti AXA sells a wide range of life insurance and general insurance plans, including life cover, child education plans, and saving plans. With a high claim settlement rate of 99.09%, Bharti AXA is leading the insurance market across India. 

  1. Exide Life Insurance

Exide AXA commenced in 2001 as one of the most trusted insurance companies in India. The company runs multiple channels like corporate agency, broking, Bancassurance, and direct channels to regulate the services. Exide Life Insurance is a non-government and commercial life insurance company known for its long-term customer relationships. Over 15 lakh users trust the company to buy comprehensive insurance policies categorized into savings, protection, life covers etc., for its strong protection and saving solution plans. The company also has a high claim settlement ratio of 99.09%. 

  1. Aegon Life Insurance

Aegon life insurance company is a venture between Dutch Aegon N.V. and Times Group that commenced in 2008. The company has a good consumer base in the market by helping them make better life decisions with term insurance plans, saving and investment plans, child plans, and ULIPs. The company follows a direct-to-customer approach to help its consumers reach their experts as efficiently as possible and has a CSR of 99.03%. 

  1. Bajaj Allianz Life Insurance

Bajaj Allianz life insurance company is a regulized government insurance provider established in 2001. This company is a joint venture between Bajaj Finserv Limited and Allianz SE. Bajaj Allianz offers comprehensive life insurance plans such as Term Plans, Savings Plans, Investment plans, ULIP, Health & Care Plans, Retirement Plans, Child Insurance Plans, Group Insurance Plans, and Micro Insurance Plans. The company is widely trusted by its customers for its innovative products and satisfactory services. Bajaj Allianz secured 5th position with 99.02% in the top 5 companies of high CSR.

  1. Kotak Mahindra Life Insurance

Kotak Mahindra is a private life insurance provider founded in 2001 and has a spread customer base of around 45.4 million. The company offers a wide range of insurance plans, including rural, term, saving & investment, child, and retirement plans at a nominal price. The plans are created by considering the Indian society and their classified needs to provide them maximum protection. It has recently launched a short-time insurance product named Kotak Protect India for customers under 35. Kotak Mahindra has a claim settlement ratio of 98.82%. 

  1. Life Insurance Corporation of India

Life Insurance Corporation of India is the most comprehensive government body regarding saving and investments. Moreover, LIC is considered the number one choice in India when considering buying an insurance plan established in 1956. The government targets to offer different plans that can help the diversified sector of India, including the rural and urban sectors. The company meets customer expectations and has a record of securing over 250 million life insurance. The claim settlement ratio of LIC is 98.74% and ranks in the 7th position in the highest CSR list.

  1. Reliance Nippon Life Insurance

Reliance Nippon Life Insurance is considered one of the top insurance companies in India, established in 2001 as a joint venture of Reliance Capital and Nippon Life. The company has gained a broad customer base of over 10 million. The company provides life insurance products targeted at individuals and groups, including retirement, protection, child, health, financing, and saving. The company's extensive services rewarded it with winning the Best Digital Customer Experience Award of the Year in 2021. The company has a claim settlement ratio of 98.67%. 

  1. HDFC Life Insurance

HDFC Life Insurance is a joint venture between Housing  Development Finance Corporation Ltd. and Abrdn and commenced the business in 2000. While offering multiple plans in different categories, including life cover, protection plans, pension schemes, women’s plans, child plans, retirement, and health. Optional riders are also available for the customers. Considering some terms, the company promises to settle the claim in a single day. HDFC Life Insurance has a good claim settlement ratio of 98.66%.  

  1. Tata AIA Life Insurance

Started in 2001, Tata AIA is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. The company's diverse product portfolio offers general insurance for automobile, home, personal accidents, travel, energy, marine, casualty, property, and finances. The company deals with individuals, organizations, and corporate insurance buyers online and offline. With a claim settlement ratio of 98.53%, Tata AIA successfully secured a place in the top 10 life insurance companies in India. 

Why RenewBuy is the Best Company to Buy Life Insurance?

The information provided above has made it easier to align you with the top insurance companies in India. But, this is even more challenging to go through a long list of plans and select the optimal one for your financial expectations. It would be best if you had expert assistance in the process, and our experts at RenewBuy can guide you through the process anytime. The key reasons for you to consider us are as follows:

  • IRDAI Certified
  • Get Insured by a leading Insurer
  • Discounted Premiums
  • Compare Various Health Plans in Just a few Clicks
  • Simple & Easy Buying Process
  • 24x7 Claim Assistance

Steps to Buy the Best Life Insurance with RenewBuy

Quick compare and buy the best life insurance policy with RenewBuy in the simple steps mentioned below:

  • Visit our website and click on the “Life Insurance” tab from the header menu.
  • Then, click on the “View Plans” button.
  • Enter the required information.
  • Compare and pick the best premium plans from the list provided.
  • Once the payment is made, you will get your policy documents on your registered email ID.

To make the life insurance buying process more convenient, connect with one of our RenewBuy POSP advisors and buy the best-suited life insurance plan as per your needs.

Final words

No matter your objective, whether to save money for long-term goals, protect your family from any financial emergencies, or just save taxes, the right plan with the right company makes you ever-ready for all situations. We have provided a list of the top 10 insurance companies per the high claim settlement ratio to make the selection process easier for you. These companies are efficient when it comes to successfully meeting consumer expectations. 

If you still feel stuck while selecting one suitable insurance company that fits your financial goals, RenewBuy can help. Connect with one of our experts at 'RenewBuy' website and get extensive support to make a sound decision.



The details, facts, or figures given here are intended solely for the reader's informational purposes and should not be relied upon for personal, medical, legal, or financial decisions. Please visit the insurer's website for the latest updates. We do not endorse any particular insurance company or insurance product provided by any insurer.

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