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Insurance companies in India play a vital role in providing financial security to individuals, families and groups/businesses. They offer a wide range of insurance products, including life, health, motor, and travel insurance.
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All insurance companies in India are approved by the Insurance Regulatory and Development Authority of India (IRDAI). They offer a comprehensive range of insurance products, such as life and general insurance, to provide financial security to your loved ones in case of an unforeseen event of death, medical treatments or other emergencies. Let’s know more about all the life and general insurance companies in India.
Insurance plans can be divided into two types: general and life insurance. The Indian insurance industry has 56 insurers, of which 24 are life insurers, and 32 are general insurers. LIC (Life Insurance Corporation of India) is the sole public-sector insurer.
Life insurers in India offer a number of customized insurance policies to suit individual requirements. A life insurance plan is an agreement between a policyholder and an insurer in which the insurance company promises to pay a fixed amount in exchange for a premium upon the life assured’s death or after a set time.
This life cover amount secures the future of your family members by paying a lump sum payout. There are two types of life insurance plans:
Pure protection i.e., Term life insurance plan
Investment or Savings Plans
Term Plans
So, let’s understand which life insurance companies in India offer these insurance plans:
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Aditya Birla Sun Life Insurance Company Limited is a subsidiary of Aditya Birla Capital Ltd. and a joint venture between the Aditya Birla Group of India and Sun Life Financial Inc., an international financial services company in Canada.
The company has a PAN India presence with 1500+ branches, 50,000+ employees, more than 2 Lakh agent/channel partners, and over 20 Lakh active customers. ABSLI further provides a wide range of insurance products, including wealth protection plans, children's plans, pension and retirement solutions, unit-linked insurance plans (ULIPs), and traditional term insurance plans.
Aviva India life insurance company is a joint collaboration between Dabur Invest Corporation (India’s oldest business house) and Aviva Plc. (UK-based insurance company). It was founded in 2002 and now it has over 34 million customers in 16 countries and has over 107 branches spread across 3000 locations in India. The main objective of Aviva Life Insurance is to provide customized solutions to its customers through its digital innovations. The company was the first company to introduce the unitized profile plan in the market. This has made the plans very economical for the buyers. From ruler plans to term plans and group insurance plans, the company offers a wide variety of plans to customers.
Simplifying Insurance for Every Indian since its inception in 2008, Bandhan Life (formerly, Aegon Life) has led the charge in transforming the insurance landscape in India. Focused on innovation and customer-centric solutions, the company aims to make insurance accessible, affordable, and straightforward for everyone. With a Claim settlement ratio of 99.66%, the company has a multi-channel distribution to help its customers across India and its headquarter is located in Mumbai. The company offers several plans - the most popular plans are, the endowment plan, ULIP plan, protection plan, child plan, ruler plan, term plan, etc.
Bajaj Allianz life insurance, one of the private life insurance companies of India, is a joint venture between Bajaj Finserv Ltd. and European financial services company Allianz SE. Founded in 2001, The company's goodwill is built upon two factors- one, its record of 99.23% claim settlement ratio, and two, its technical experience over the years to provide only the best to the customers. It has branches in more than 638 cities and towns in India. It has 544 branches and over 1,53,990 agents The company offers a wide range of policies right from child plans and ULIP to Group and term insurance.
Bharti AXA Life Insurance Company Limited is one of the leading private life insurance providers in India. It was established as a joint venture between Bharti Enterprises and AXA, a global financial protection and insurance company. Focusing on customer-centric products, the company offers a range of life insurance plans, including term insurance, savings, and investment solutions. Bharti AXA aims to provide financial security and peace of mind to its clients, leveraging innovative technology and strong distribution channels for enhanced service delivery.
Founded in 2008, Canara HSBC Life Insurance is a joint venture between Canara Bank, HSBC Insurance Holdings Ltd., and Punjab National Bank. This insurer works to provide its customers with financial security. The company has a PAN India presence and headquarters in Gurugram. It offers a wide range of insurance plans and solutions across the group and individual space, including health, life, and retirement solutions, online term plans, employee benefits, and credit life segments.
Edelweiss Life Insurance offers comprehensive plans and protection policies to cater to individuals' emergency needs. The company provides life insurance plans with effective riders and promises high returns and guaranteed interest payments. The company aims to deliver flexibility and empathy and provide the best service and products to customers. The company has marked its presence nationwide with a CSR of 99.23% over 89,471 agents and 109 branches.
Future Generali India Life Insurance Company Ltd. was established in 2006 and headquartered in Mumbai. With a presence in over 1,300 owned and partnered locations across India, the company provides comprehensive insurance solutions for both individuals and groups. Generali holds a 73.99% stake, bringing over 190 years of insurance expertise and best practices to the partnership. For FY 2023-24, the company boasts an impressive individual claims settlement ratio of 96.08%.
Founded in 2000, HDFC life Insurance company is a leading long–tenure life insurance plan provider in India. It is a joint venture between Housing Development Corporation Ltd and Abrdn (Mauritius Holdings) 2006 (formerly Standard Life). Along with these two , the company amalgamated with the HDFC bank and now provides insurance plans to individuals and groups through insurance products such as investment plans, health plans, savings plans, pension plans, women's plans, and more. To cater to the needs of customers based on their needs, the company provides over 38 individual and 13 group products and additionally 7 optional riders which provide extra coverage in the long run (if added to the plan).
ICICI Prudential Life Insurance Company Ltd began its operations in the year 2001. It is a joint venture between one of the largest private-sector banks in India and Prudential Corporation Holdings Limited. It is the first insurance company that was once listed on National Stock Exchange and Bombay Stock Exchange. The company offers hassle-free claim settlement and works on its objective of providing cost-effective products, and good customer service for a hassle-free experience.
IndiaFirst Life insurance company is a joint collaboration between two public sector banks, Bank of Baroda and Union Bank of India, and Carmel Point Investments India Private Limited. It was launched in 2009. Its headquarters are located in Mumbai, and it offers various types of insurance, investment, and traditional plans, such as child policies, protection policies, pension policies, and term policies.
Founded in 2001, Kotak Mahindra Life Insurance Company is a private life insurance company headquartered in Mumbai, India. The company holds a record of serving 32.8 million customers over the years and has 232 branches spread across 167 cities and towns in India. Around 99,275+ agents support this company. The company is very popular and built its goodwill over the period by providing outstanding need-based products and services to every customer.
LIC is one of the largest insurance companies in India, with a huge customer base. The company offers a comprehensive range of insurance plans that cater to customers' different requirements. LIC is a government-supported investment and insurance company in India. Founded in 1956, it has a CSR of 98.5%, which indicates fast claim settlements.
Max Life Insurance was founded in 2001 and is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. The company was earlier known as Max New York Life Insurance company Ltd. The company has been operating via multi-channel distribution and offers long-term protection in the name of plans like a retirement plan, savings plan, child plan, group plan, etc. The company follows a customer-centric approach and thus succeeds every year as the best investment expert in the market. With 269 offices across India and 99.34% of CSR, the company has marked its presence in the insurance industry.
Founded in 2001, PNB MetLife India Insurance Company is one of the leading insurers in India that was founded in 2001. It is a joint venture between MetLife International Holdings Inc., Punjab National Bank Ltd, Jammu & Kashmir Bank Ltd, and M. Pallonji & Pvt. Ltd, and other private investors. Headquartered in Bengaluru, its corporate office is in Gurugram. This insurer is present in 117 nationwide locations with access to around 200+ million customers. The company offers many plans such as ULIP, money-back, child, savings, and retirement.
Backed by the strong business foundations of Piramal Finance and PFI, Pramerica Life Insurance Limited is one of the prominent insurance providers in India. With a pan-India presence, the company operates 137 branches and utilizes multiple distribution channels to meet the diverse financial needs of its customers. Pramerica offers a wide range of life insurance solutions for individuals and groups, focusing on building a worry-free future. As of August 31, 2024, the company has over INR 9,105.14 Crores in Assets Under Management and employs more than 3,219 professionals. With a remarkable claim settlement ratio of 99.06% for FY 2023-24, Pramerica is committed to providing trusted guidance and reliable service to its clients.
Founded in 2001, SBI Life Insurance is a joint venture between Stata Bank of India (the largest state-owned banking and financial services company) and BNP Paribas Cardif (a French multinational financial services company). Headquartered in Mumbai, SBI Life Insurance is popular for providing affordable life insurance and pension products.
Established in 2005, Shriram Life Insurance Company offers affordable and accessible insurance solutions, promoting financial security for its customers. With a strong distribution network, Shriram Life operates over 500 branches across India, ensuring a robust presence in urban and rural markets. The company is dedicated to innovative products and services and is backed by the strength of the Shriram Group, a respected name in the financial services industry.
Star Union Dai-ichi Life Insurance (SUD Life), founded in 2009, is a joint venture between Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Holdings. With a vast network of over 15,000 branches, SUD Life serves over 9.2 million customers, ensuring accessibility to life insurance across diverse communities. Committed to meeting unique customer needs, SUD Life aims to deliver innovative solutions and exceptional value in the Indian life insurance sector.
Tata AIA Life Insurance Company was established in 2001 and is a joint venture between Tata Sons and the AIA Group. The company follows a customer-centric approach and provides an array of products to aid its customers. The policies include child plan, protection plan, savings plan, micro-insurance plan, group plan, etc. The company has a CSR of 99.01% in the FY23.
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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Non-life Insurance companies or General Insurance company offers plans that protect against ignition and fire, burglary, theft, etc and personal insurance such as liability and health insurance. These plans offer payment to the policy buyer based on the loss that is incurred from a certain financial event.
Here is a list of general insurance companies in India:
Founded in 2015, Aditya Birla Health Insurance Company is one of the most popular insurance companies in India. The company is licensed and regulated by the Insurance Regulatory and Development Authority of India (IRDAI). It is a joint venture between Aditya Birla Group and MMI Holdings of South Africa. As a general insurance provider, the company offers comprehensive insurance products for Health Insurance and Travel Insurance.
Bajaj Allianz General Insurance Co. Ltd is a joint venture between Bajaj Finserv Limited (Bajaj Group of India) and Allianz SE (a German financial services company). The company was established in 2001. Bajaj Allianz General Insurance Company has been doing a commendable job in reaching out to all types of customers. It was the first one to introduce a 'Telematics Device' in India that can be installed in vehicles to determine its running for usage-based car insurance. Apart from motor insurance, the company also provides health, travel, home, cyber, pet and commercial insurance.
Care Health Insurance was launched as a subsidiary of Religare Enterprises in 2012 to provide specialized health insurance products to individuals and families. Besides health insurance, the company also offers travel insurance, personal accident insurance, corporate insurance, and micro insurance products for rural sector. The insurer was awarded as the ‘Best Health Insurance Company for Rural Sector’ and Claims Service Leader for the Year 2024’ at the India Insurance Summit & Awards.
Chola MS General Insurance Co. Ltd. Company is a joint venture between Murugappa Group (an Indian conglomerate) and Mitsui Sumitomo Insurance Group (a Japanese insurance company). It was founded in 2001 and provides an extensive range of general insurance products like health insurance, motor insurance, travel insurance, home insurance, rural insurance, liability insurance, etc. to individuals, groups, and corporates. In 2011-12, the company was awarded for the best 'In Time Claims Settlement' by the Ministry of Labour & Employment, Government of India.
Founded in 2006, Future Generali India Insurance Co Ltd. is a joint venture between Future Group (India's leading retailer) and Generali Group (Global insurance business group). It was established in India with an aim to help its customers mitigate their financial risks. The company offers products to cater to the different insurance needs of its customers via motor insurance, health insurance, travel insurance, lifestyle insurance, commercial insurance, rural insurance, etc.
Go Digit General Insurance Limited was established with an objective to make insurance simple for everyone. It offers various general insurance products that provide coverage for your motor, health, home, travel, mobile, etc. It was awarded as Asia's Best General Insurance Company for the year 2019-20. The insurer follows a multi-channel distribution of insurance plans and has tie-ups with several market leaders, namely- PayTm, Tanishq, Cleartrip, etc., to reach a wide segment of society. Moreover, it is the first one to become a digital insurer in India.
HDFC ERGO General Insurance Company Ltd. was jointly formed by the HDFC Bank Ltd. and the ERGO International AG of the Munich Re Group. The company offers a wide range of insurance products, including travel insurance, motor insurance, health insurance, personal accident and home insurance. The company was assigned with the iAAA rating by ICRA for the highest claims-paying ability.
ICICI Lombard General Insurance Co. Ltd. was launched together by India’s ICICI Bank Ltd. and Canada’s Fairfax Financial Holdings Ltd. It provides a diversified range of general insurance products to its customers, including motor insurance, health insurance, travel insurance, SME insurance, home insurance, crop insurance and corporate insurance, amongst others. The insurer is known for its quick claim settlement as it approves initial cashless claim requests within 1 hour and processes final discharge within 3 hours of receiving the documents.
IFFCO-Tokio General Insurance Co. Ltd. was founded in 2000 as a joint venture between Indian Farmers Fertiliser Co-operative Limited (IFFCO, the world's largest fertilizer manufacturer) and Tokyo Marine Group (Japan's one of the largest insurance group). While IFFCO holds 51% share in the company and the latter holds the remaining 49% shares. The company offers an extensive range of insurance products for individuals and as well as the corporate sector. For corporates, it has products like property, liability, cyber, credit, error and omission insurance. For individuals, it offers products like vehicle, health, travel and home insurance.
Liberty India General Insurance was incorporated in 2013 with an aim to offer complete insurance solutions to people in the retail, commercial, and industrial sectors. It is a joint venture between Liberty Citystate Holdings PTE Ltd., Enam Securities, and DP Jindal Group. The company provides general insurance plans for health, risk engineering, fire, marine, commercial, etc.
Magma HDI General Insurance Co. Ltd is jointly owned by Sanoti Properties LLP from India and HDI Global SE from Germany. It provides insurance protection for health insurance, motor insurance, liability insurance, engineering insurance, fire insurance, personal accident insurance and marine insurance. The company was honoured with the “Maximum Claims Settled General Insurance Company of the Year’ at the India Insurance Summit Awards 2024
ManipalCigna Health Insurance Company was started in 2014 by the Manipal Group of India and the Cigna Corporation of the US. The insurer provides a large variety of health insurance and personal accident insurance products for individuals, families and corporates. It provides speedy claim settlement, as it boasts of approving 94% of all cashless claims within 2 hours.
Incorporated in 1906, the National Insurance Co. Ltd. was started to fulfil the nationalist aspiration of Swaraj but was later made a subsidiary of the General Insurance Corporation of India. However, the company became an independent insurance company in 2002. Headquartered in Kolkata, the company offers general insurance plans for travel, health, home, motor, etc. It is the first company to offer customized general insurance plans to customers. The insurer is the first one to offer office on wheels in India to help out their customers.
Niva Bupa Health Insurance Co. Ltd. is jointly owned by India’s Fettle Tone LLP and the UK’s Bupa Group. It provides an extensive range of general insurance products, including health insurance, travel insurance, personal accident insurance, and corporate insurance. The company processes all cashless claim requests within 30 minutes, thereby ensuring quick settlement of claims.
Raheja QBE General Insurance Co. Ltd. got the certificate of registration from IRDAI in 2007 and now comes under the list of leading insurance companies in India. Headquartered in Mumbai, the company is a joint venture between QBE Insurance from Australia and Rajan Raheja Group. The company provides general insurance policies like health insurance, motor insurance, corporate insurance, etc.
Reliance General Insurance Co. Ltd. was founded in August 2000 as part of Reliance Capital. The company caters to the diverse general insurance needs of individuals, corporates, and small & medium scale enterprises. It offers a wide array of customizable insurance products, such as travel plans, corporate insurance, motor insurance, health insurance, property insurance, etc.
Royal Sundaram General Insurance Co. Ltd. was started in October 2000. It is jointly owned by Sundaram Finance, Ageas Insurance, and other Indian shareholders. The company has a diversified insurance portfolio comprising of health insurance, travel insurance, home insurance, motor insurance and business insurance. It also offers 24/7 accessibility to its customers with prompt claim and customer assistance.
Founded in 2009, SBI General Insurance Co. Ltd. is a joint venture between the State Bank of India and other investors, namely- Axis New Opportunities AIF, Napean Opportunities LLP, PI Opportunities Fund and Honey Wheat Investment Ltd. It is one of the few insurance companies to encompass bancassurance via a multi-channel distribution model. The company offers a range of insurance products to individuals and corporations at affordable prices. The general insurance products include motor insurance, health insurance, personal accidental insurance, vehicle insurance, travel insurance, Aviation & hull package insurance, liability insurance, fire insurance, Home Insurance, and more.
Established in 2006, Shriram General Insurance is a joint venture between Shriram Capital Ltd (an Indian international financial service provider company) and Sanlam Limited (a leading financial services group of South Africa). The company operates with an objective to provide need-based products to cater to the requirements of customers. It offers general insurance plans that provide cover for assets, vehicles, health, crops, property, and more.
Star Health and Allied Insurance Co Ltd was started in 2006 as the first standalone health insurance provider in India. The company offers a diversified range of insurance products, including health insurance, personal accident insurance, group health insurance, and travel insurance. Moreover, the insurer is known for speedy claim settlements, as it settles 90% of all cashless claims within 2 hours.
TATA AIG General Insurance Co. Ltd. is a joint venture between Tata Group and American International Group (AIG), and was formed in 2001. The company has been working on a goal to provide customized insurance products to people to, ultimately, help them cover their unexpected losses. In 2013 the company was awarded the 'General Insurer Claims Team of the Year' by Claims Awards Asia. It offers general insurance products to individuals, private groups, artists, and even corporations. The wide range of Tata AIG General insurance company products includes vehicle insurance, personal accident insurance, health insurance, crop insurance, credit insurance, liability insurance, and more.
Headquartered in Mumbai, The New India Assurance Co. Ltd. was founded in 1919 by Sir Dorabji Tata (from the houses of TATAs). The company has been leading the market for many years with comprehensive insurance products like motor insurance, health insurance, rural insurance, travel insurance, marine insurance, engineering insurance, property insurance, etc.
The Oriental Insurance Co. Ltd. was founded in 1947 and operated as a subsidiary of erstwhile Oriental Government Security Life Assurance Company Limited. The company is not restricted to only India, the branches are spread across other nations, namely- Nepal, Kuwait, and Dubai. It offers various general insurance products to aid individuals as well as corporations to mitigate their financial needs. The products include mediclaim insurance, p personal accident insurance, liability insurance, fire insurance, shopkeeper's policy, travel insurance, motor insurance, and marine insurance.
United India Insurance Co. Ltd. is a government-owned company founded in 1938. Headquartered in Chennai, it is one of the finest insurance providers in the country. The company provides general insurance products that include marine insurance, liability insurance, industrial insurance, health insurance, motor insurance, etc.
Founded in 2007, Universal Sompo General Insurance Co. Ltd. is a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corporation and Sompo Japan Insurance Inc. It provides a wide array of general insurance products for individuals and corporations intending to increase customer satisfaction by constantly improving their services/products. They also offer products catering to rural, retail, and corporate customer segments. The products include car insurance, health insurance, student travel insurance and commercial insurance.
Zuno General Insurance Ltd. (formerly Edelweiss General Insurance) was launched in 2016 to cater to the needs of individuals at affordable prices. The plans include bike insurance, car insurance, loan protection insurance, fire insurance, health insurance, marine insurance, and engineering insurance.
Zurich Kotak General Insurance Co. (India) Ltd. (Formerly known as Kotak Mahindra General Insurance Co. Ltd.) was incorporated in 2015 and is jointly owned by Zurich Insurance Group and Kotak Mahindra Bank. It is licensed and regulated by Insurance Regulatory and Development Authority (IRDAI). It started offering general insurance products to customers to help them mitigate their financial needs during emergencies. The company offers several types of products, such as health insurance, travel insurance, motor insurance and group health insurance.
*Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in.
Before you plan to buy an insurance policy, you must understand the plans carefully. As discussed, insurance is categorized into two types- Life Insurance and General Insurance. While life insurance has been further categorized based on its benefits and some common customization, general insurance can be divided into many subcategories depending on the nature and requirements of insurance.
Let us simply put the distinction between life insurance and general insurance below:
| Factors | Life Insurance | General Insurance |
| Definition | The policy covers an individual's life for which a policyholder pays a regular premium for a specific time. Upon the death of the insured or maturity of the policy tenure, the money is paid out to the nominee. | All the insurance plans which do not come under life insurance plans are general insurance plans. For example, health insurance, motor insurance, travel insurance, personal accident insurance, fire insurance, etc. |
| Policy Tenure | Life Insurance is usually of long-term tenure. | General Insurance usually have a short-term tenure of 1 to 3 years. However, some insurance types like homeowner's insurance may have a higher policy tenure of up to 10 years. |
| Insurance Claim | The sum insured is paid as death benefit in case of demise of insured or upon the maturity of life insurance policy. | Payment is made to the policyholder as a lum sum compensation or reimbursement for the damage of an insured object or person. |
| Investment or Insurance | Life insurance policy can be considered as an investment. | General Insurance policy is not a form of investment as it only reimburses the damage to the insured object or person. |
| Policyholder | The policyholder must be present during the enforcement of the policy agreement. | The policyholder must be present during the enforcement of the policy agreement. |
| Premium | Premiums for life insurance plan are supposed to be paid throughout the year. | Premiums for general insurance can be paid at once in lump-sum amount. |
Here is a list of all the general insurance companies in India:
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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