Most Indians are learning the hard way about the importance of insurance. A family financially drained by a medical emergency, a person left stranded without a car after an accident. Insurance is a shock absorber in times of crisis. 

India’s insurance industry aims to protect billions of Indians from such crises. The Indian insurance market is growing rapidly and is expected to be worth USD 222 billion.

India’s insurance market makes for an interesting read because the penetration of insurance is rising steadily in smaller towns and cities as financial literacy improves. The Life Insurance Corporation of India continues to maintain its dominant position in the market, while other players such as SBI Life, HDFC Life, and ICICI Prudential vie for the second slot. 

The following are the top 10 insurance companies in India, along with their founding dates, owners, headquarters, services, and products.

Quick comparison

Rank	Company	Type	Founded	Owner	HQ
1	LIC of India	Life	1956	Government of India	Mumbai
2	SBI Life Insurance	Life	2001	SBI (55.5%) + BNP Paribas Cardif	Mumbai
3	HDFC Life Insurance	Life	2000	HDFC Bank + Abrdn Investment Mgmt	Mumbai
4	ICICI Prudential Life	Life	2001	ICICI Bank + Prudential PLC, UK	Mumbai
5	Axis Max Life Insurance	Life	2000	Max Financial Services + Axis Bank	New Delhi
6	Bajaj Allianz Life Insurance	Life	2001	Bajaj Finserv (74%) + Allianz SE, Germany	Pune
7	Tata AIA Life Insurance	Life	2001	Tata Sons (74%) + AIA Group, Hong Kong	Mumbai
8	New India Assurance	General	1919	Government of India	Mumbai
9	ICICI Lombard General Insurance	General	2001	ICICI Bank + Fairfax Financial, Canada	Mumbai
10	Star Health and Allied Insurance	Health	2006	Privately held; listed on BSE/NSE	Chennai

Life Insurance Corporation of India—India’s largest insurance company

 Image Courtesy: Life Insurance Corporation of India Official Website

• Founded: September 1, 1956
• Owners: Government of India (~96.5%), publicly listed
• Headquarters: Yogakshema, Mumbai

LIC, India’s largest insurance company, was formed on September 1, 1956, when the Government of India nationalized the 245 private life insurance companies and created one public life insurance company to take over all the operations. 

It is among the top 3 insurance brands in the world, according to Brand Finance. LIC is India’s largest financial institution in terms of assets under management and has assets under management of over 51.2 lakh crore. 

LIC has more than 1.4 million agents in all parts of the country, and it covers over 56% of India’s life insurance market in terms of new premiums. Its strength lies in its presence in all the districts in the country and its wide distribution networks.

What it does: Provides life insurance products to individuals and families all over the country (rural and urban).

Key Insurance Products: Individual and group term insurance, endowment, money-back, ULIPs, whole life, annuity, pension, and group insurance products, Pradhan Mantri Jan Jeevan Bima Yojana administration, children, and health insurance plans.

SBI Life Insurance—India’s largest private life insurer

 Image Courtesy: SBI Life Insurance Official Website

• Founded: 2001
• Owners: SBI (55.5%) + BNP Paribas Cardif S.A. (22%), listed
• Headquarters: Mumbai, Maharashtra

SBI Life is India’s largest private life insurance company, which is a joint venture between India’s largest state-owned bank, SBI, and BNP Paribas Cardif Insurance Company Limited, one of France’s leading insurance companies. 

SBI has the largest bank branch network in the country—22,000+ branches and 500 million+ customers. SBI Life has an equal claim settlement ratio of 99.71%, the highest in the industry. In terms of new business premium, SBI Life ranks among the top 3 in the industry. The company is listed on the BSE and the NSE.

What it does: Distributing life insurance products through SBI’s banking channels, offers life insurance products primarily focused on covering urban and rural households.

Key Insurance Products: Term plans (eShield, Smart Shield), savings and endowment, ULIPs, group insurance products, pension, child plans, health insurance riders, online insurance through SBI YONO.

HDFC Life Insurance—India’s most reputable private life insurer

 Image Courtesy: HDFC Life Insurance Official Website

• Founded: 2000
• Owners: HDFC Bank + Abrdn Investment Management, UK; listed
• Headquarters: Mumbai, Maharashtra

HDFC Life was started as a joint venture between HDFC Limited and Standard Life Aberdeen PLC (now renamed as Abrdn) in 2000. HDFC Life has emerged as one of the largest insurance companies in India in terms of revenue, while also pioneering customer-centric digital processes and a high claim settlement ratio (99.71%). 

It has a large distribution network of corporate agents as well as a direct channel for digitally savvy customers. HDFC Life has crossed the 6.86 crore lives insured milestone and has assets under management of Rs 2.92 lakh crore. 

HDFC Life has been adjudged as the Superbrand and has been rated as the most valuable new business (VNB) private life insurance company in India.

What it does: Provides all types of protection, savings, investment, and retirement products to individuals and corporate clients through a bancassurance model, direct, and digital channels.

Key Insurance Products: Click 2 Protect (term plan), savings, endowment, ULIPs, group employee benefit products, annuity and pension, critical illness riders, maternity & health riders, HDFC Life Click 2 Retire, digital self-service.

ICICI Prudential Life Insurance—India’s most innovative private life insurer

 Image Courtesy: ICICI Prudential Life Insurance Official Website

• Founded: 2001
• Owners: ICICI Bank + Prudential Corporation Holdings, UK; listed
• Headquarters: Mumbai, Maharashtra

ICICI Prudential Life Insurance has been a joint venture between ICICI Bank and Prudential plc since 2001. It has been one of the most customer-centric life insurers in India with unique propositions in customized ULIP products and digital-first offerings. 

It has a claim settlement ratio of 99.4% and a solvency ratio of over 180%, making it one of the most trustworthy long-term investment options for those looking to secure their retirement corpus. It pioneered the listing of life insurance companies in India and has been a benchmark for other insurers for its transparency in operations.

What it does: Designs and distributes customer-centric digital products and solutions focused on individual and corporate clients with an emphasis on India’s urban and tech-savvy population.

Key Insurance Products: iProtect Smart, ULIPs (Signature, Wealth), Savings, Retirement, Health, Group Products, Critical Illness, and Direct-to-Consumer (Online) Solutions.

Axis Max Life Insurance—India’s most reliable insurance company

 Image Courtesy: Axis Max Life Insurance Official Website

• Founded: 2000 (2001)
• Owners: Max Financial Services Limited + Axis Bank; listed
• Headquarters: New Delhi

Max Life Insurance Company Limited was founded in 2000 and rebranded as Axis Max Life Insurance Company Limited in 2015 upon Axis Bank acquiring a significant stake. It has one of the highest claim settlement ratios in the industry and is a trusted buyer’s choice for those looking to make long-term commitments. 

With a strong presence in North India and some of the best-in-class distribution networks, it has emerged as one of the most reliable insurance companies in India. Axis Max Life has 4.18 crore policies in force and has crossed Rs 29,000 crore in total premium. It has a claim settlement ratio of 99.1%.

What it does: Provides life insurance and long-term savings products for individuals and families, with a focus on customer-centric, hassle-free claims settlement.

Key Insurance Products: Smart Term Plan, Unit Linked Insurance Plans (ULIPs), Savings and Child Insurance Plans, Group Life & Health Plans, Retirement Income Solutions, Whole Life Plans, Online Term Insurance.

Bajaj Allianz Life Insurance—India’s most trusted private life insurer

 Image Courtesy: Bajaj Allianz Life Insurance Official Website

• Founded: 2001
• Owners: Bajaj Finserv Limited (74%) + Allianz SE, Germany (26%); Bajaj Finserv listed
• Headquarters: Pune, Maharashtra

Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv and Allianz Group. Bajaj Allianz Life offers a wide range of individual and corporate insurance products to its 6.6 crore policyholders. 

It is among the top 5 private life insurers in India, with assets under management of over Rs 2 lakh crore and total premium collection of over Rs 23,000 crore. Allianz SE is one of the world’s largest insurance companies, with over a century of experience in the insurance sector, covering all aspects of personal and corporate insurance. 

Bajaj Allianz has a robust distribution network of 52,000+ agents, along with a digital platform that offers easy accessibility to its customers. Bajaj Allianz Life has a claim settlement ratio of 99% and a solvency ratio of over 350%.

What it does: Offers life insurance and long-term savings products to individual and corporate clients through a vast network of agents as well as a digital channel.

Key Insurance Products: Life insurance products such as eTouch, savings, endowment, ULIPs, annuity, guaranteed income, pension, child education, group insurance, and Annual Health Riders.

Tata AIA Life Insurance—India’s most reputed insurance company

 Image Courtesy: Tata AIA Life Insurance Official Website

• Founded: 2001
• Owners: Tata Sons Pvt. Ltd. (74%) + AIA Group Limited, Hong Kong (26%)
• Headquarters: Mumbai, Maharashtra

Tata AIA Life Insurance Company Limited is a joint venture between Tata Sons and AIA Group, Asia-Pacific’s largest life insurance company. Tata AIA Life has crossed 85 lakh families covered and has assets under management of over Rs 71,000 crore, growing at over 21% year-over-year. 

What sets Tata AIA apart from its competitors is its unique combination of the strong brand reputation of Tata and the deep actuarial expertise of AIA. It has consistently delivered high levels of customer satisfaction across various customer segments.

What it does: Offers comprehensive personal and corporate insurance solutions by combining the trusted brand of Tata and the international insurance expertise of AIA.

Key Insurance Products: Personal insurance solutions such as Sampoorna Raksha Promise (Term), Fortune Pro and Fortune Maxima (ULIPs), MahaRaksha Supreme (Term), Savings, Guaranteed Income, Retirement, Critical Illness, and insurance coverage up to the age of 100 years.

New India Assurance—India’s oldest and largest general insurer

 Image Courtesy: New India Assurance Official Website

• Founded: 1919
• Owners: Government of India; listed
• Headquarters: Mumbai, Maharashtra

New India Assurance is India’s oldest general insurance company, having been founded in 1919 by Sir Dorabji Tata and nationalized in 1973. It has been consistently one of the largest general insurers in India, with 2,300+ offices across the country and operations in 28 countries. 

Its diverse product portfolio makes it a one-stop solution for all types of personal and commercial insurance needs, from health to marine cargo, aircraft, and satellite launches.

What it does: Provides all classes of general insurance—motor, health, fire, marine, crop, engineering, aviation, and liability—to individuals, SMEs, corporates, and government undertakings.

Key Insurance Products: Motor insurance, health and mediclaim, fire and property, marine cargo, crop (PMFBY), engineering, aviation, liability, personal accident, and travel insurance.

ICICI Lombard General Insurance—India’s largest private general insurer

 Image Courtesy: ICICI Lombard General Insurance Official Website

• Founded: 2001
• Owners: ICICI Bank + Fairfax Financial, Canada; listed
• Headquarters: Mumbai, Maharashtra

ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank and Fairfax Financial Holdings of Canada. It is India’s largest private general insurer with a diverse product portfolio that includes health, motor, marine, fire, and liability products. 

It is one of the most digitally disruptive general insurers in India, with an easy online portal and mobile app for buying, managing, and claiming insurance products. Additionally, Lombard has been utilizing artificial intelligence for underwriting complex commercial general insurance policies.

What it does: Offers general insurance products to individuals and corporates through digital and traditional distribution channels.

Key Insurance Products: Two Wheeler Own Damage Plus Third Party, Health (iHealth, Complete Health Insurance), Travel, Home, Fire and Property, Marine, Liability, Group Health for Corporates, Insta Insure digital platform.

Star Health and Allied Insurance—India’s largest health insurer

 Image Courtesy: Star Health and Allied Insurance Official Website

• Founded: 2006
• Owner: V. Jagannathan (CMD); Private Limited; listed
• Headquarters: Chennai, Tamil Nadu

Star Health and Allied Insurance Company Limited was the first health insurance company in India, founded in 2006. It pioneered the concept of standalone health insurance, which eventually caught on with other general insurers. 

It has a claim settlement ratio of 95% and has one of the largest hospital networks in the country, with over 800 branches. Star Health was one of the most preferred insurance companies by the rich and famous before its recent IPO, with the late Rakesh Jhunjhunwala being one of its major investors.

What it does: Provides specialized health insurance products and solutions to individuals and families.

Key Insurance Products: Comprehensive Family Health Insurance, Senior Citizen Red Carpet, Star Women Care, Star Cardiac Care, Critical Illness plans, Group Health Insurance for Corporates, Personal Accident, Overseas Travelling Health Insurance, and Maternity Cover.

Key market snapshot

Metric	Value
India’s projected insurance market	USD 222 billion (current growth trajectory)
LIC’s life insurance market share	~56–57% (new business premium)
Total insurers in India (IRDAI-approved)	74 companies (26 life + 35 non-life + others)
LIC’s AUM	₹51.2 lakh crore
Insurance penetration (% of GDP)	~4%
Tier-2/3 city contribution to new premiums	62%+
Tax benefit on premium paid	Up to ₹1.5 lakh under Section 80C

FAQs

What is the top insurance company in India?

 LIC is India’s largest insurance company, with a market share of nearly 56-57% in the life insurance sector. It is also among the top 3 most valuable insurance brands in the world.

Which is the best life insurance company in India? 

SBI Life is India’s largest private life insurer, while HDFC Life has the best claim settlement ratio in the industry. Axis Max Life consistently has the highest claim settlement ratio among private life insurers. For general insurance, New India Assurance is the best in terms of the number of products, distribution, and overall strength.

Which insurance company in India has the highest claim settlement ratio? 

Axis Max Life Insurance and HDFC Life are consistently among the top 2 or 3 companies in terms of claim settlement ratio, with ratios of over 99%.

When was LIC started in India? 

LIC was started on September 1, 1956, when the Government of India nationalized all the life insurance companies in India and formed one public limited company.

Which is the largest general insurance company in India? 

New India Assurance is India’s largest general insurance company and has been operating since 1919.

What is the difference between life and general insurance? 

Life insurance covers risks such as death and provides financial support to the nominee in case of the insured person’s death or disability. General insurance covers non-life risks such as health, motor vehicles, property, marine, travel, and liability.

What is the best health insurance company in India? 

Star Health and Allied Insurance is India’s largest health insurer with the highest number of customers.

What tax benefits does an insurance policy provide in India? 

Premiums paid on a life insurance policy are eligible for a tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act. The maturity amount on a life insurance policy is tax-free under Section 10(10D) of the Income Tax Act. Health insurance premiums are eligible for a tax deduction of ₹25,000 under Section 80D for individuals and ₹50,000 for senior citizens.

Are private insurance companies safe? 

Yes, a lot of private insurance companies are safe and reliable. Every private and public life insurance company in India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Some of the most reliable private insurers in India are HDFC Life, ICICI Prudential Life, and Bajaj Allianz Life.

What is a solvency ratio in insurance? 

A solvency ratio shows if an insurer can meet its long-term financial obligations based on assets and liabilities. In other words, it is used to determine if an insurance company is solvent. Solvency II requires insurance companies to have a solvency ratio of at least 1:1, which means that an insurer should have ₹1 of assets for every ₹1 of its liabilities.

Conclusion

India’s insurance market has immense growth potential, with insurance penetration at around 4%, well below the global average of nearly 7%. As awareness grows in Tier-2 and Tier-3 cities, the industry is expected to expand rapidly.

LIC remains the most trusted insurer, while SBI Life, HDFC Life, ICICI Prudential, Bajaj Allianz, Tata AIA, Star Health, and ICICI Lombard each offer strong products backed by financial strength and efficient claim services. These companies are among the top choices for securing your financial future through insurance.