Top 10 Life Insurance Companies in India

Why is Life Insurance Still Underrated in India (and Why NRIs Should Care)

Despite rising awareness, life insurance penetration in India is just 2.7%–2.8% of GDP in FY24/FY25 (IRDAI data). For NRIs, the risk is even higher because —

• Family expenses are India-based
• Loans, property, and dependents are back home
• Income stops instantly if something happens abroad

Life insurance ensures that your family’s lifestyle doesn’t collapse when your income does.

👉 Simple truth: Your savings may run out. Insurance pays when it matters most.

Want More Value of Money and Protection? If Indian life insurance plans don't align with your goals, you can secure your family’s future right here in the UAE. It’s easier to compare UAE based life and term insurance plans with AED-dominated coverage, worldwide protection, and fast digital issuance with us.

 

Quick Comparison: Top 10 Life Insurance Companies in India

 

As of now, 24 life insurance companies are registered with IRDAI. Here is a curated list of the best life insurance companies in India in 2026, evaluated based on claim settlement performance, solvency strength, product range, and customer experience.

Note: A CSR above 95% is generally considered reliable.

Top 10 Life Insurance Policy in India — Best Options

Here is a detailed breakdown of the top options to help you find the best life insurance company in India based on performance, scale, and customer trust.

1. LIC – Life Insurance Corporation of India

Founded in 1956, LIC is among the most trusted and best life insurance companies in India. Serving over 250 million policyholders with the widest branch network in the country, LIC remains the backbone of India’s life insurance ecosystem.

Why LIC Stands Out

• Largest market share (~70%)
• Extensive rural and urban reach
• Strong claim settlement legacy

Popular LIC Plans

LIC Saral Jeevan Bima (Term Plan)

• Coverage with a simple structure
• Sum assured: approx. AED 22,500 – AED 112,500

LIC Amritbal (Child Plan)

• Guaranteed additions and long-term savings
• High sum assured rebates

LIC New Jeevan Shanti (Pension Plan)

• Single premium annuity plan
• No medical tests for many age brackets

2. HDFC Life Insurance

A joint venture between HDFC Ltd and Aberdeen PLC, HDFC Life is known for digital excellence and customer-centric plans.

Key Strengths

• Fast claim processing (often within 24 hours)
• Smooth online buying for NRIs
• Strong term and retirement products

Popular HDFC Life Plans

Click 2 Protect Super (Term Plan)

• Increasing death benefit available — up to 200%
• Spouse coverage and critical illness waiver
• Flexible sum assured (AED-based equivalent available)

ProGrowth Plus (ULIP)

• Multiple fund options
• Long-term wealth creation with life cover

3. ICICI Prudential Life Insurance

ICICI Prudential is a joint venture between ICICI Bank and Prudential plc (UK). It is known for combining insurance with long-term investment and retirement-focused solutions.

Why ICICI Prudential Stands Out

• Strong solvency and financial backing
• Wide range of ULIPs and retirement products
• Flexible payout and policy customisation options

Popular ICICI Prudential Plans

ICICI Pru iProtect Smart (Term Plan)

• Choice of lump sum, income, or hybrid payout options
• Coverage available up to advanced ages
• Lower premiums for women and non-smokers

ICICI Pru Smart Kid Solution (Child Plan)

• Guaranteed income for key education years
• Premium waiver on the death or disability of the parent
• Flexible income duration options

ICICI Pru Signature (ULIP)

• Long-term investment plan with wealth boosters
• Systematic withdrawal facility after lock-in
• Multiple portfolio strategies to choose from

4. SBI Life Insurance

Backed by India’s largest bank, SBI Life Insurance offers stability, trust, and a wide branch network. This best term plan company in India is often preferred by buyers who value bank-linked insurers.

Why SBI Life Stands Out

• Extensive reach through SBI’s banking network
• Strong credibility among conservative buyers
• Wide choice of protection, pension, and child plans

Popular SBI Life Plans

SBI Life Saral Jeevan Bima (Term Plan)

• Affordable and standardised term insurance
• Simple documentation and quick issuance
• Sum assured: approx. AED 22,500 – AED 112,500

SBI Life Saral Pension (Pension Plan)

• Single premium plan with guaranteed income
• Return of purchase price option available
• Suitable for post-retirement income planning

SBI Life Smart Scholar Plus (Child ULIP)

• Market-linked child plan with loyalty additions
• Multiple fund options for long-term growth
• Financial protection throughout the policy term

5. Axis Max Life Insurance

If you are looking for a top 10 life insurance policy in India, Axis Max Life is a good option. It is known for its consistently high claim settlement record and clean, transparent term insurance offerings.

Why Axis Max Life Stands Out

• One of the highest claim settlement ratios in India
• Clear policy wording and flexible features
• Strong presence in protection-focused products

Popular Axis Max Life Plans

Axis Max Smart Term Plan Plus (Term Plan)

• High coverage at competitive premiums
• Optional premium return and terminal illness benefits
• Flexible policy tenure options

Axis Max Life Future Genius Education Plan (Child Plan)

• Guaranteed payouts during higher education years
• Customisation options with add-on protection
• Suitable for long-term education planning

Axis Max Guaranteed Lifetime Income Plan (Retirement Plan)

• Guaranteed monthly income for life
• Option for single or joint life income
• Designed for stable post-retirement cash flow

6. Bajaj Allianz Life Insurance

Bajaj Allianz Life is recognised for its strong financial stability and one of the highest solvency ratios in the industry. This makes it the best life insurance policy company in India for many.

Why Bajaj Allianz Life Stands Out

• High solvency ratio indicating strong financial health
• Quick claim approval process
• Wide range of term, ULIP, and pension plans

Popular Bajaj Allianz Plans

Bajaj eTouch II (Term Plan)

• Fully digital term insurance plan
• Premium holiday and flexible payout options
• Suitable for self-employed and salaried buyers

Bajaj Allianz Global Assure IV (ULIP)

• Multiple investment strategies and fund choices
• Option to reduce premiums during policy term
• Designed for long-term market-linked growth

Bajaj Allianz Guaranteed Pension Goal II

• Guaranteed income pension plan
• No medical tests required
• Lifetime income certainty

7. Tata AIA Life Insurance

Tata AIA combines Tata Group’s trust with AIA’s global insurance expertise, offering flexible and long-term life insurance solutions. This makes it one of the best 10 life insurance companies in India.

Why Tata AIA Stands Out

• Coverage options up to 100 years of age
• Strong brand credibility and financial performance
• Flexible payout and income options

Popular Tata AIA Plans

Tata AIA Maha Raksha Supreme (Term Plan)

• Life-stage-based protection options
• Income and lump-sum payout flexibility
• Designed for long-term family security

Tata AIA Smart Pension Secure (Pension Plan)

• Guaranteed pension with loyalty additions
• Waiver of premium feature available
• Suitable for retirement-focused investors

Tata AIA Smart Fortune Plus (ULIP)

• Market-linked plan with premium boosters
• Long-term coverage and loyalty benefits
• Suitable for disciplined wealth creation

8. Kotak Mahindra Life Insurance

Kotak Mahindra Life offers a good balance between affordable premiums and flexible policy structures.

Why Kotak Life Stands Out

• Competitive pricing for higher coverage
• Flexible premium payment options
• Strong focus on term and ULIP products

Popular Kotak Life Plans

Kotak e-Term Plan

• Affordable term insurance with multiple payout options
• Coverage available up to advanced ages
• Suitable for budget-conscious buyers

Kotak e-Invest (ULIP)

• High allocation efficiency and yearly additions
• Refund of mortality charges at maturity
• Designed for long-term investors

Kotak Assured Pension Plan

• Traditional pension plan with steady income
• Option for regular or limited premiums
• Suitable for conservative retirement planning

9. PNB MetLife India Insurance

PNB MetLife offers competitively priced plans with simple structures, making it suitable for cost-conscious buyers and top 10 life insurance companies in India.

Why PNB MetLife Stands Out

• High individual claim settlement ratio (CSR)
• Simple term and savings plans
• Flexible policy tenure options

Popular PNB MetLife Plans

PNB MetLife Mera Term Plan Plus

• Optional return of premium
• Spouse coverage available
• Competitive premium pricing

PNB MetLife Century Plan (Child Plan)

• Income and protection till age 100
• Multiple income payout options
• Premium waiver on parent’s death

PNB MetLife Guaranteed Goal Plan (Retirement Plan)

• Guaranteed additions and maturity benefits
• Predictable long-term savings outcome
• Suitable for risk-averse investors

10. Reliance Nippon Life Insurance

Reliance Nippon Life is one of India’s largest non-bank-backed private life insurers, serving over 10 million policyholders.

Why Reliance Nippon Life Stands Out

• Strong nationwide presence
• High claim settlement ratio
• Wide product range across protection and savings

Popular Reliance Nippon Plans

Reliance Nippon Saral Jeevan Bima (Term Plan)

• Standardised term insurance coverage
• Flexible premium payment options
• Sum assured: approx. AED 22,500 – AED 112,500

Reliance Nippon Smart Savings Insurance Plan

• Combines life cover with savings
• Partial withdrawal facility available
• Suitable for medium-term goals

Reliance Nippon Prosperity Plus (ULIP)

• Market-linked plan with loyalty bonuses
• Long-term wealth accumulation focus
• Suitable for growth-oriented investors

How to Choose the Ideal Life Insurance Company in India?

Before selecting a life insurer, evaluate these essential factors carefully to opt for one of the top 10 life insurance companies in India —

1. Claim Settlement Ratio (CSR)

CSR indicates the percentage of claims settled by an insurer in a financial year. A higher CSR (preferably above 98–99%) reflects strong reliability and claim-paying ability.

2. Customer Support

Choose insurers offering 24/7 customer assistance, multiple communication channels, and dedicated claim support. This can save you from stress during critical times.

3. Customer Reviews & Market Reputation

Reviews from existing policyholders reveal real experiences related to claim settlement speed, service quality, and transparency.

4. Availability of Riders

Riders such as critical illness, accidental death, waiver of premium, and income riders significantly enhance protection. A good insurer offers flexible rider options.

5. Solvency Ratio

The solvency ratio measures an insurer’s financial strength. IRDAI mandates a minimum solvency ratio of 1.5. Higher ratios indicate stronger claim-paying capacity.

6. Policy Flexibility

Options like premium payment modes, ULIP fund switches, policy tenure flexibility, and payout choices help adapt coverage as life goals change.

7. Digital Convenience

Online policy purchase, premium payments, claim intimation, document access, and mobile apps improve long-term policy management.

Benefits of Buying From Life Insurance Company in India 2026

Life insurance remains a cornerstone of financial planning in 2026 due to rising costs, longer life expectancy, and growing financial responsibilities.

Financial Protection for Family

Life insurance ensures your family can maintain their lifestyle even in your absence, covering daily expenses and long-term goals.

Loan Repayment Support

Outstanding liabilities like home loans, car loans, or personal loans can burden your family. Insurance payouts help clear these obligations.

Income Replacement

For households with one or two earners, life insurance provides regular income or lump sum payouts to replace lost earnings.

Wealth Creation

ULIPs and endowment plans combine protection with long-term investment, helping you build wealth while staying insured.

Why is Policybazaar.ae the Preferred Choice for UAE Expats?

Policybazaar.ae is UAE’s leading digital insurance platform. It is trusted by thousands of expats for life, health, and savings solutions.

What Sets Policybazaar.ae Apart

• Regulated and UAE-focused platform
• Strong partnerships with top insurers
• Dedicated NRI advisors (not generic call centres)
• Long-term policy servicing and renewal support

Access to AED-Based Planning (No Guesswork with INR Conversion)

When you earn in AED but insure in India, currency mismatch becomes a real problem.
Policybazaar.ae helps you —

• Plan coverage in AED equivalents
• Align sum assured with UAE income and lifestyle
• Avoid under-insurance due to outdated INR assumptions

👉 In short, it bridges the gap between Indian insurance products and UAE expat realities.

Read More: NRI Investment in AED: Why It’s a Smarter Choice Over INR

Final Takeaway

Choosing from the top 10 life insurance companies in India isn’t about finding the cheapest premiums — it’s about ensuring your family gets paid when it matters.

For UAE expats, the best life insurance policy in India is one that —

• Settles claims reliably
• Supports NRI servicing
• Aligns with long-term family needs

Life insurance isn’t an expense. It’s a financial safety net that works even when you can’t.

Disclaimer: The information on this page is for reference only and does not constitute any recommendation or advice.

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