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Several life insurance companies in India registered under the Insurance Regulatory and Development Authority of India (IRDAI) offer life insurance policies. A life insurance plan is a contract between an individual and an insurer, where the insurer guarantees a death benefit to the policyholder's family in the event of an unforeseen demise during the policy term. It is important to choose a reliable and credible insurance company, as selecting the best one ensures comprehensive coverage at affordable premium rates.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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Let’s take a look at the Life Insurance Companies in India and their claim settlement ratios:
Here is a list of the Life Insurance Companies in India and their respective Claim settlement ratios for the financial year 2022-23, as issued by IRDAI.
| Life Insurance Companies in India | Claim Settlement Ratio (FY 2022-23) | |
| Aditya Birla Sun Life Insurance Company | 98.07% | |
| Ageas Federal Life Insurance Company | 97.03% | |
| Aviva Life Insurance Company | 98.39% | |
| Axis Max Life Insurance Company | 99.34% | |
| Bajaj Allianz Life Insurance Company | 99.02% | |
| Bandhan Life Insurance Company | 99.37% | |
| Canara HSBC OBC Life Insurance Company | 98.44% | |
| Edelweiss Life Insurance Company | 98.09% | |
| Future Generali India Life Insurance Company | 96.15% | |
| HDFC Life Insurance Company | 98.66% | |
| ICICI Prudential Life Insurance Company | 97.82% | |
| IndiaFirst Life Insurance Company | 96.92% | |
| Kotak Mahindra Life Insurance Company | 98.82% | |
| Life Insurance Corporation of India Company | 98.74% | |
| PNB MetLife India Insurance Company | 97.33% | |
| Pramerica Life Insurance Limited | 98.30% | |
| Reliance Nippon Life Insurance Company | 98.67% | |
| Sahara India Life Insurance | 97.08% | |
| SBI Life Insurance Company | 97.05% | |
| Shriram Life Insurance Company | 82.39% | |
| Star Union Dai-ichi Life Insurance Company | 97.42% | |
| Tata AIA Life Insurance Company | 98.53% |
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
**Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.
Term Plans
Following are some of the important factors to consider before choosing Life Insurance Company in India for yourself:
Claim Settlement Ratio: Claim Settlement Ratio (CSR) values help you understand the company’s claims settlement ratio for the previous financial year. It is the number of claims registered to the number of claims settled by the company in a particular year. You should compare term plans and CSR values before purchasing the most suitable life plan.
Dedicated Customer Support: It is important to look into the company’s customer support system as you should purchase life insurance from a company with a dedicated customer and claims support. The 24x7 assistance can help resolve any issues that might arise during the policy term.
Feedback and Customer Reviews: You should go through the customer reviews for the Life Insurance Companies in India as it can give you a better idea of the insurance company in India.
Available Riders: The Life Insurance Companies in India offer a wide range of term riders that you can include in the base plan to enhance its coverage by paying a minimal amount of premium. You can add any of the following riders: Critical Illness rider, Accidental Death benefit rider, Accidental Total and Permanent Disability rider, and waiver of premium riders.
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India is home to several remarkable insurance companies which have earned the trust of the Indian citizens through their diverse range of policies, excellent customer service, and financial assistance. However, it is the duty of these citizens to make sure they buy the right life insurance policy.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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