top 10 life insurance companies in India (as of 2024)
1. Life Insurance Corporation of India (LIC)
Overview: LIC is a government-owned entity and the largest life insurer in India, holding the majority market share. It offers a wide range of plans, including term, endowment, and ULIPs.
Founded: 1956
2. HDFC Life Insurance
Overview: A leading private insurer, HDFC Life offers innovative products such as pension plans, term insurance, and child education policies. Known for its strong digital presence.
Founded: 2000
3. ICICI Prudential Life Insurance
Overview: A joint venture between ICICI Bank and Prudential Corporation Holdings, ICICI Prudential is known for its customer-focused solutions, including ULIPs and protection plans.
Founded: 2001
4. SBI Life Insurance
Overview: Jointly owned by the State Bank of India (SBI) and BNP Paribas, SBI Life provides affordable life insurance solutions catering to urban and rural customers.
Founded: 2001
5. Max Life Insurance
Overview: A joint venture between Max Financial Services and Axis Bank, Max Life focuses on customer-centric offerings with strong financial protection and savings plans.
Founded: 2001
6. Tata AIA Life Insurance
Overview: A collaboration between Tata Sons and AIA Group, this insurer specializes in offering life and health insurance products with a focus on wealth creation.
Founded: 2001
7. Bajaj Allianz Life Insurance
Overview: A partnership between Bajaj Finserv and Allianz SE, this insurer is recognized for its innovative products like ULIPs and flexible premium options.
Founded: 2001
8. Kotak Mahindra Life Insurance
Overview: Kotak Life provides comprehensive insurance solutions, including savings, retirement, and protection plans, tailored for various customer segments.
Founded: 2001
9. Reliance Nippon Life Insurance
Overview: Backed by Reliance Capital and Nippon Life, this company caters to individual and corporate clients with cost-effective plans and broad coverage.
Founded: 2001
10. Aditya Birla Sun Life Insurance (ABSLI)
Overview: A joint venture between Aditya Birla Group and Sun Life Financial, ABSLI is known for its diversified portfolio, offering wealth, retirement, and health plans.