Top 10 Life Insurance Companies In India -2025

Top Life Insurance Companies in India Based on Claim Settlement Ratio – 2025

Now’s let’s know more about these major life insurance companies in India in detail:

1. Axis Max Life Insurance

Claim Settlement Ratio: 99.51%

Founded In: 2000

Solvency Ratio: 1.9

Axis Max Life Insurance started in 2000 and began operations in 2001. It is one of India's largest private life insurance providers. This company is renowned for its high claim settlement ratio and outstanding customer service. It focuses on protection and long-term savings.

2. HDFC Life Insurance

Claim Settlement Ratio: 99.41%

Founded In: 2000

Solvency Ratio: 2.03

HDFC Life was founded in 2000 and is a trusted name in the life insurance sector. It is a joint venture with HDFC Ltd. and Standard Life (UK). HDFC Life provides comprehensive insurance solutions for individuals and families.

3. Bharti Axa Life Insurance

Claim Settlement Ratio: 99.10%

Founded In: 2006

Solvency Ratio: 1.63

Started in 2006, Bharti AXA Life was a joint venture between Bharti Group and AXA (France). Bharti Life Ventures Private Limited (BLVPL) has entered into a binding agreement with AXA to acquire AXA's 49% stake in Bharti AXA Life Insurance. With the acquisition, BLVPL will now own 100% of Bharti AXA Life Insurance.

4. PNB Met Life Insurance

Claim Settlement Ratio: 99.07%

Founded In: 2001

Solvency Ratio: 1.86

PNB MetLife began in 2001 and is backed by Punjab National Bank and MetLife International. It combines local experience and global expertise to offer life insurance products that suit the demands of Indian customers.

5. Bajaj Allianz Life Insurance

Claim Settlement Ratio: 99.06%

Founded In: 2001

Solvency Ratio: 5.16

Started in 2001, Bajaj Allianz is a trusted name formed by Bajaj Finserv and Allianz (Germany). The company is known for its strong financial background and wide product range in life insurance. Recently, Allianz announced its exit from Bajaj, and Bajaj Finserv is now taking care of Allianz's share in the company. Despite this change, Bajaj Allianz continues to offer reliable insurance products to its customers.

6. Tata Aia Life Insurance

Claim Settlement Ratio: 99.01%

Founded In: 2001

Solvency Ratio: 1.85

Tata AIA Life began in 2001 as a joint venture between Tata Sons and AIA Group (Hong Kong). It offers affordable and high-quality life insurance products backed by strong brand trust and customer care.

7. Star Union Dai-ichi Life Insurance

Claim Settlement Ratio: 98.83%

Founded In: 2009

Solvency Ratio: 2.2

Founded in 2009, this company is a partnership between Bank of India, Union Bank of India, and Dai-ichi Life (Japan). It has strong bank support and focuses on providing reliable and value-driven life insurance.

8. LIC India

Claim Settlement Ratio: 98.59%

Founded In: 1956

Solvency Ratio: 1.87

LIC (Life Insurance Corporation of India) is one of the oldest and most trusted life insurance companies in India, founded in 1956. LIC offers a variety of insurance plans for different needs, from life protection to savings and investment.

9. SBI Life Insurance

Claim Settlement Ratio: 97.14%

Founded In: 2001

Solvency Ratio: 2.15

SBI Life Insurance, founded in 2001, is known for its wide range of affordable life insurance products. It has a solid claim settlement ratio of 97.14%. The company is trusted by millions of customers in India.

10. ICICI Prudential Life Insurance

Claim Settlement Ratio: 95.41%

Founded In: 2000

Solvency Ratio: 2.08

ICICI Prudential Life Insurance, established in 2000, is a joint venture between ICICI Bank and Prudential Corporation Holdings (UK). It offers a variety of life insurance and investment products.

Things to Check Before Choosing the Top Life Insurance Companies in India

When choosing a life insurance company, it’s important to look at a few key points to know if the company is reliable. Here are some factors that you can consider:

1. Claim Settlement Ratio (CSR)

This shows how many claims the company has paid out compared to the total number of claims it received. The higher the number, the better. It means your family will get the money easily if something happens to you. A CSR above 90% is excellent. According to the 2023-24 IRDAI report, Axis Max Life Insurance has the highest CSR of 99.51%.

2. Solvency Ratio

This tells us how strong the company is financially. It shows if the company has enough money to pay all the claims. A good solvency ratio means the company is in a healthy financial condition. Every insurer must have at least a 1.5 solvency ratio. As per the 2023-24 IRDAI report, Bajaj Allianz has the highest solvency ratio of 5.16.

3. Customer Support

Choose a company that gives good customer service and helps you whenever needed. 24x7 support is useful if you face any issues with your policy.

4. Customer Reviews and Feedback

Read what other people are saying about the insurance company. Reviews from customers can help you understand how trustworthy and helpful the company is.

5. Available Riders (Extra Benefits)

Many insurance companies let you add extra benefits to your plan by paying a little more. These are called riders. Some popular ones are:

• Critical Illness Rider
• Accidental Death Benefit Rider
• Accidental Total and Permanent Disability Rider
• Waiver of Premium Rider

These riders give you better protection.

Conclusion

Picking the right life insurance company is important to keep your family safe and secure, even if you're not around. We’ve shared a list of the top 10 life insurance companies in India for 2025 to help you decide.

Still confused about which one to choose? Don’t worry! Just reach out to our team at Square Insurance. We’re here to help and make things simple for you.