As the name suggests, Insurance is the ascertained provided to a person which he can count on, in his hard times. These hard times can be the loss of a loved one, a property, a vehicle, an ailment, or other such scenarios that can potentially put an individual in a vulnerable place in terms of fighting them and coming out with minimum loss inflicted. Life Insurance thus is the insurance that any threat to the life of the policyholder would be deterred or coped with, by the insurance provider, in return for which he should be paid a definite sum either in installments or as a lump sum at once.

The proper definition would be:

“Life insurance is contact between an Insurance Policyholder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policyholder).”

Life Insurance is also commonly called as Life Assurance in commonwealth countries. LI is a contract that has a certain set of terms that describe, categorize, and curb the limitations and benefits of the contract. There are certain incidents and possible scenarios like war, fraud, suicide, riot, etc that are counted out while the commencement of the contract so as to make sure the death of the person signing the contract is mostly by a natural cause.

Life-based contracts fall primarily into two categories:

Protection Policies: These policies are designed to provide a benefit in the wake of some ‘specified in the contract’ occurrences. A very common and recently popular form of this contract is term insurance and is commonly popular in India.

Investment Policies: This type of contract commands the growth of capital by regular or single premiums.  Common examples would be whole insurance, universal insurance, variable insurance, and is commonly popular in the U.S.

In this article, we are specifically talking about the various LI companies in India and how reliable they are. But of all the factors like objectionable clauses, insurance scams probability, etc. one such factor that can single handily make a company more reliable is the claim settlement ratio or the CSR. This ratio shows the percentage of the no. of claims that an insurer has paid out over a financial year. Simply, It’s the percentage of the insurance claims settled by an insurer to the total no. of claims received over a year. The more the percentage, the better reliable the company is. So, today we’d be discussing the best 10 Life Insurance Companies in India.


Life Insurance Corporation of India, commonly known as LIC is the oldest and the biggest Insurance Company in India which was founded back in 1956. There would be no exaggeration if we say this company was responsible for introducing the concept of Insurance in India. ‘zindagi ke saath bhi, zindagi ke baad bhi’ is the popular tagline, this company uses for winning the trust of its clients. Headquartered in Mumbai, they have a Claim Settlement Ratio of 97.79%.


This company started its operations in 2001 and since then is known as one of the best in the field. It was the first Indian LI firm to be listed in both BSE and NSE. Headquartered in Mumbai, they have a Claim Settlement Ratio of 98.58%.


Established in 2000, it is known as one of the best insurance providers in India. It’s a venture which was the result of the collaboration of India’s biggest finance association HDFC Ltd. And a multinational investment company Standard Life. The main reason for their success in the Indian Market is their personalized Insurance Plans which makes them one of the companies with the best CSR. Headquartered in Mumbai, they have a Claim Settlement Ratio of 99.04%.


In the inaugural seasons of the IPL, DHF was a very popular corporation with a fan base like none other. It was then, back in 2008 when Dewan Housing Finance Corporation Ltd. (DHFC) and Prudential International Insurance Holdings (PIIH), a subordinate of the Prudential Financial Inc. (a leading American business in Financial Businesses) collaborated to make this venture DHFL Pramerica LI. Headquartered in Gurugram, they have a Claim Settlement Ratio of 96.80%.

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Max Life Insurance company Ltd. Is a joint venture between Max India Ltd. Ad Mitsui Sumitomo Insurance Co. Ltd. This company also believes in personalized contracts for maximum consumer satisfaction. Benefits, perks, and features are mentioned as per the client’s requirements. Headquartered in New Delhi, they have a Claim Settlement Ratio of 98.74%.


This life insurance company is one of the most reputed firms in the Indian Market for its fair claim settlements. Established in 2008, this company was specifically raised with the collaboration of Bharti Enterprises and AXA business Group to meet the certain requirements from the client and customer set and fulfilled them successfully to emerge out as one of the best Insurance companies in India. Bharti AXA has 100+ branches all over India. Headquartered in Mumbai, they have a Claim Settlement Ratio of 97.28%.


Made as a result of the collaboration of Kotak Mahindra Bank, a leading bank in India and its partners and an international long-term saving, protection, and investment company, Old Mutual, this insurance company deals with the insurance plans provided alongside a security sum given alongside which results in the client handled with utmost responsibility. Headquartered in Mumbai, they have a Claim Settlement Ratio of 97.40%.


Established in 2001 by the Ambani Brothers, this insurance company deals with the insurance policies that are personalized to the client themselves. Reliance is a big name in the corporate world and hence their record is also impressive in this field. Headquartered in Mumbai, they have a Claim Settlement Ratio of 97.71%.


Well known for their sponsorship of Tottenham Hotspurs in the PL, AIA, and Tata, both of which are highly reputed in their field came up to make this venture back in 2000. With a worldwide network of 18 markets in the Asia Pacific, it is one of the most reputed and well-spread firms. Headquartered in Mumbai, they have a Claim Settlement Ratio of 99.07%. 


You’d probably be knowing this name from the leading automobile Battery Producers. But yes, they also have an upper hand in the Indian Market in terms of Insurance Claims successfully settled. It was established at the start of the century back in 2001 and distribute its products and policies via various modes such as agencies, direct channels, bancassurance, corporate agency, and broking. Headquartered in Bengaluru, they have a Claim Settlement Ratio of 97.03%.

So, these were our top picks for the best Insurance companies in India. Which one of these companies have your family members been a customer to, in the past, and which ones you are looking forward to recommending to others? In case if you are looking forward to insuring yourselves, which firm would you possibly go for. Let us know in the comments section.

Till then. Stay safe. Stay Healthy.

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Nikunj Sharma

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