10 Best Insurance Companies in India

Life Insurance is one thing that almost all of us have to think about and indeed should be possessing at least one, from a leading insurance company. The need for insurance would arise only when a liability or financial loss occurs when a family member passes away, especially who was the bread winner of the family. Most of the time, people just take it for granted on insurance policies as a piece of boring paper, or consider as an investment in something where the returns are not immediate. However one has to understand the importance that, if you do not take one now, then the loss that you may have to face later, either in your business or family would be much beyond expectations.

Choosing the right kind of insurance policy would definitely set up the right way and it could indeed be really amazing. Choose one from the most reputed company and secure your family’s future.  Here is a list of few companies that rank among the top 10 insurance companies in India. The figures of their sales given here are recorded figures as on December 2011 by Business Maps of India.

Also read: Best health insurance companies in India.

1. LIC ( Life Insurance Corporation of India )


LIC being one of the oldest insurance company , still dominates the market. LIC was formed in 1956 after passing the bill of Life Insurance Corporation Act, by the parliament, in the same year. Over a period of time, LIC has grown leaps and bounds and still continues to dominate. LIC has sold approximately up to 2, 04, 04,281 policies.

Policies & Products from LIC

2. ICICI Prudential Life insurance


ICICI Prudential life insurance is among the first private companies that began insurance by 2000 December. This is a joint venture between ICICI Bank and ICICI Prudential Life insurance company.  The capital of ICICI Prudential Life insurance stands at RS 4,793 Crores as on 31st March 2013. ICICI prudential has sold up to 7,85,938 policies.

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All policies and products from ICICI Prudential

3. Reliance Life Insurance


The Reliance Life Insurance is a part of the Reliance group and is a Reliance Capital Company. In terms of net worth, Reliance Capital Company is one among the leading private sector financial services of India and ranks among the top three in the private sector financial services. Reliance Life insurance has sold up to 6,98,109 policies

Insurance products from Reliance Life Insurance

4. Bajaj Allianz Life Insurance


This is a joint venture between Bajaj Finserv Limited and Allianz SE.  In the last four years, Bajaj Allianz made a profit of about Rs.180 Crores and made a margin of 100 Crores before tax , which is a remarkable growth.  They have made a sale of about 6, 40,483 policies.

All Insurance policy details from Bajaj Allianz

5. Birla Sunlife Insurance


This is one among the leading insurance companies in India and is a joint venture between the Aditya Birla Group and Sun Life financial INC, a leading financial corporate service from Canada. They have made a sale of about 5, 89,855 policies.

Insurance Plans & Policies from Birla Sun Life

6. SBI Life Insurance


SBI Life insurance is a joint venture between State Bank Of  India and BNP Paribas Cardiff . Of the total capital, SBI own about 74% and BNP Paribas owns the remaining 26%. They have made a sales of about 4, 91,927 policies.

Insurance plans & offers from SB Life Insurance

7. Max Life Insurance


Max Life Insurance is a joint venture between Max India Ltd and Mitsui Sumitomo Insurance Co.Ltd Mitsui Sumitomo Insurance Co.Ltd is a member of MS&AD Insurance group, which is one among the top general insurers in the world. They have good number of customers and great policies. About 4,05,662 policies have been sold according to records.

Insurance Plan Finder from Max Life.

8. HDFC Standard Life Insurance

HDFC Standard Life Insurance

This is one among the leading private insurance companies and an outcome from the joint ventures between Housing Development Finance Corporation Ltd ( HDFC), and Standard Life plc, a leading provider of financial services in the United Kingdom. In this venture, HDFC Ltd holds about 72.37 % equity and Standard Life Ltd. holds about 26% equity. They have sole around 3, 97,408 policies.

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Official Life Insurance products and plans from HDFC Standard Life : Term Plans

9. Tata AIA Life Insurance


A joint venture between Tata Group and American International Group , Inc (AIG) is what lead to Tata AIG Life Insurance. Tata’s position in India and AIG’s global position in financial services has made this company a huge success. They have made a sale of about 1,99,275 policies as per the study.

Insirance Products & Plans from Tata AIA Life Insurance

10. ING Vysya Life Insurance (Renamed “Exide”)


ING Vysya Life Insurance Company Limited is owned by Exide Industries ltd and is one among the established companies that serves more than 1 Million customers.  The products of ING Vysya Life insurance is distributed through Tied Agency, Alliances and Banc assurance.

All Life Insurance Plans from ING Vysya, Children Plans, Investment Plans, Protection Plans, Retirement Plans, Savings Plans, Riders

These are just a few among the top list of insurance companies. There are plenty number of various other insurance companies too, that provide good services and products. The products offered by these organizations are versatile and suitable for all needs in one’s life. Taking up a policy, according to your priority needs is a very crucial aspect, as it definitely would be of help when your family faces a crisis in your absence. The best way to make sure that the members do not have any troubles in fulfilling their dreams, even when you could not be around is to secure their future, by taking up a policy from any of these organizations, which are tailored made for each situations.

Also read: 15+ Travel Insurance plans for parents visiting USA

Websites that review Insurance policies in India

My Insurance Club – Has reviews of almost all insurance policy plans in India.
My Investment Ideas – This site has several resources on Insurance policies and investment ideas.
Money Excel – Has several topics on investment ideas and financial tips.

How to select the Insurance company/policy that fits you – Video

Apart from life insurance, these organizations also provide insurance for other requirements whether it be Protection, Savings, Retirement or for even an Investment.  Choose one that best suits you, and secure your family, today.

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Tips for Managing Insurance Policies in India for NRIs
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Mani Karthik

In my pursuit of happiness, I share everything I've learned, on this blog. From productivity to spirituality and everything in between. I quit my cozy job in the USA to pursue my passion - blogging. Today, I make five times what my US job paid. More than the money, I love the freedom it gives me to make my own choices. Come join me. Start blogging! :) WhatsApp : +0014084894785


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Mani Karthik

Hi, I’m Mani Karthik.
Entrepreneur. Blogger. Mentor.
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