<aside> <img src="/icons/forward_red.svg" alt="/icons/forward_red.svg" width="40px" /> HDFC bank is the top choice amongst private sector banks for distribution of Life Insurance. Owing to a lower claim settlement ratio, it isn’t top overall and gets beaten by the state-owned Life Insurance Corporation of India and Max Life Insurance Company
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Following is the list of best life insurance companies in India:
| Life Insurance Company | Claim Settlement Ratio 2020-21 |
|---|---|
| Max Life Insurance | 99.35% |
| Aegon Life Insurance | 99.25% |
| Bharti Axa Life Insurance | 99.05% |
| Life Insurance Corporation of India (LIC) | 98.62% |
| Dhfl Pramerica Life Insurance | 98.61% |
| Exide Life Insurance | 98.54% |
| Kotak Life Insurance | 98.50% |
| Reliance Life Insurance | 98.49% |
| Bajaj Allianz Life Insurance | 98.48% |
| PNB MetLife Insurance | 98.17% |
| Tata AIA Life Insurance | 98.02% |
| HDFC Life Insurance | 98.01% |
| Aviva India Life Insurance | 98.01% |
| ICICI Prudential Life Insurance | 97.90% |
| Aditya Birla Sun Life Insurance | 98.04% |
| Sahara India Life Insurance | 97.18% |
| Canara HSBC Life Insurance | 97.10% |
| Edelweiss Tokio Life Insurance | 97.01% |
| IndiaFirst Life Insurance | 96.81% |
| Daiichi Life Insurance | 95.96% |
| Shriram Life Insurance | 95.12% |
| Ageas Federal Life Insurance | 95.07% |
| Future General Life Insurance | 94.86% |
| SBI Life Insurance | 93.09% |
The Life Insurance Corporation of India, commonly known as LIC, stands as India's largest and foremost life insurance company, owned by the Government of India. Established in 1956, LIC ranks among the top 10 insurance companies in India. It has successfully extended insurance coverage to every corner of the country, operating through a network of 2048 branch offices, 113 divisional offices, 8 zonal offices, and 1381 satellite offices.
LIC's reputation as a trustworthy insurance brand is underpinned by its exceptional customer service, available through digital platforms, branch offices, and strategic partnerships. Catering to diverse customer segments, LIC offers a variety of life insurance products that address unique needs.
Throughout its journey, LIC has achieved numerous milestones and garnered recognition and awards, such as:
Another prominent player in the Indian insurance landscape is Max Life Insurance Company, founded in 2000. It holds the distinction of being the largest non-bank private sector insurance company in the country. Max Life Insurance is a joint venture between Max India Ltd and Mitsui Sumitomo Insurance Company. With assets under management amounting to INR 1,07,510 crores, it has experienced rapid growth in the Indian insurance sector.
Notable achievements include: