Top 10 Insurance Companies in India

  • November 17, 2023
  • Registrationwala
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In the world, India has the largest population and to cater the needs of 1.4 billion people there are a total of 67 insurance companies in the country. With the help of these companies fulfilling the needs population is not easy. But there are some companies, that are covering the maximum part of the population. In the article, we will see the top 10 insurance companies. But before that, check what insurance companies do.


If we understand insurance in simple terms, then it means the insurance company assures the insured, as a guarantee to get compensation for the damage that occurred in pre-determined situations. These days, taking insurance is the best way to secure your financial future.


However, many experts say that the “Indian middle-class families are just one step ahead of one big hospital bill to vanish off their complete savings.”


India is a developing country, and in the previous years, it achieved progress in the number of people who purchase insurance policies. The younger generation (GenZ) understands the need for insurance better than millennials. This article is a list of insurance companies that are helping people secure their financial future.

Best Insurance Companies in India

Here is a list of health insurance and general insurance companies in India.

1. Aditya Birla Insurance

Aditya Birla company was founded in 2001 and it is one of the best insurance brokers in India. The company has an IRDAI license and it is providing both health insurance and life insurance.


It provides life insurance under the name of Aditya Birla Sun Life Insurance (ABSLI) which is a part of Aditya Birla Capital Ltd. (ABCL). ABSLI offers a different range of products across the customer’s life cycle, including children's plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (ULIPs).


In health insurance, they provide insurance against hospitalisation expenses, senior citizens protection against hospitalisation, critical illness, and cancer. Till now they insured 2.5 crore lives, and are available in 4800+ locations.

2. Aegon Life Insurance

Aegon is a digital company, which is available in the service of the customers 24*7. In 2022-23, the company settled 99.37% of the total amount of claim requests that they received. It is a 175-year-old multinational company with 14 years of presence in India. As per the website, they have an IRDAI license and all products and policy contracts are pre-approved by IRDAI. Over 3 lakh customers trust the company for their insurance needs. 

Term Insurance Plan

  • iTerm Prime
  • Bestseller
  • iTerm Comfort
  • Saral Jeevan Bima
  • All about Term Insurance

Savings (Insurance + guaranteed returns)

  • iGuarantee Max Savings
  • All about Savings Insurance

Group (Life insurance for employees)

  • Group Care Micro Insurance Plan
  • Group iCredit Insurance Plan
  • Group Credit Safety Insurance Plan
  • Group Credit Protection Insurance Plan
  • Group Micro Insurance Plan
  • Group Term Plus Insurance Plan
  • Group Health Plan
  • All about Group Insurance

Retirements and Other Plans

  • Akhil Bharat Term Plan
  • Insta Pension Insurance Plan
  • Saral Pension
  • Jeevan Riddhi Insurance Plan
  • Regular Money Back Insurance Plan
  • Rural Term Insurance Plan

The Aegon is on a mission to transform every Indian household and help them become financially secure. Mainly, the company sells life insurance policies. They simplify the choosing of a life insurance policy, they first help you understand the policy, then buy it and lastly, claim it.

3. Aviva Life Insurance

Aviva Life Insurance Company is one of the oldest and most respected business houses. They aim to create simple and relevant products that help customers get the right policy for their goals. As per the Annual Audited Financial Statement for the Financial Year 2022-23, the company settled 98.75% of claims. Aviva offers the following insurance plans to the customers:

  • Child Insurance
  • Savings Plan
  • Term Insurance
  • Retirement Plans
  • Group Insurance Plans
  • Strategic Initiatives
  • Guaranteed Saving Plan
  • ULIP Plans

4. Bajaj Allianz Insurance

The Bajaj Allianz offers products in general, health and life insurance. In the general insurance, they cover car, two-wheeler, and travel insurance. For health insurance, they have individual plans, family floater plans, group health insurance, personal accident insurance, top-up health insurance, critical illness insurance, and insurance for senior citizens. In life insurance online plans, the company provides ULIP, retirement, term and investment plans.

5. HDFC ERGO Insurance

Some banks are also creating their branches into insurance. HDFC is among the leading private banks in India, they provide life, health and general insurance.  Their insurance products are car insurance, two-wheeler insurance, health insurance, cyber insurance, travel insurance, PMFBY, PMSBY, home insurance, and tractor & miscellaneous.


Till now, they covered 1.5 crore customers. You should choose HDFC for insurance because of their transparency in the claims that are settled with transparency and easily. For 20 years, HDFC has been catering the endless customer requirements perfectly by providing a wide range of plans and multiple add-on covers for different portfolios. In 2021, the HDFC Ergo won an award under “Claims and Customer Service Excellence” at the FICCI Insurance Industry Awards, 2021.

6. ICICI Lombard Insurance

More than four crore customers are using the products of ICICI Lombard which are car, bike and travel insurance. Along with this, it covers health insurance plans for adults and kids. You can port your existing policy as well. The benefit of health insurance is that you have cashless hospitalisation at all hospitals near you. So, you can choose any near you for treatment without waiting for a claim refund. 


They have quick claim intimation with 24x7 customer support, they have 7500+ health providers that make the process easier and hassle-free for customers. However, the company also provide life insurance under ICICI prudential life insurance.  

7. Max Life Insurance

As per the audited financials for FY 2022-2023, the company settled the 99.51%. The higher coverage plans are available at affordable premium rates. For example- if you are 21 years old and want coverage of 75 lakhs, then your monthly premium will be Rs. 947/-. The premium will differ as per your age and the cover you choose. The premiums of the covers are affordable as compared to other companies. With Max Life Insurance, you can save tax upto Rs. 46,800/- with zero commission on the policy and a 5% discount.

8. LIC of India

In India, LIC (Life Insurance Corporation) is the largest insurance company with over 25 crore clients and various life insurance plans. They provide high coverage plans with affordable premiums. However, the premium is higher than the private companies. But the insurers who want to purchase a policy from a more trustworthy platform, then you must go for LIC. As the company holds 66 years of experience and according to the report of IRDAI 2021-22, the LIC paid 98% of claims to the insured people. The LIC offers plans such as Term, Money Back, Pension, Unit-Linked (ULIP), Whole Life or Endowment Plans. 

9. Bharti Axa

As per the Bharti AXA website, the claim settlement ratio is 99.10%. Across the country they have 250+ offices, a sum assured of INR 1,43,020 Crore and Assets Under Management is INR 14,166 Crore. They offer savings plans, Term Plans, ULIP Plans, and Life Insurance to customers. In the world, AXA group is famous for insurance and asset management. 

10. Cholamandalam Insurance

The Cholamandalam MS General Insurance is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Group. It was founded in 2001 and provides a comprehensive range of product lists such as health, travel, accident, home, car, 2-wheeler, taxi and truck. They have 297 lacs happy customers, 14,500+ cashless garages, 11000+ cashless hospitals, and 29 lacs claims settled.


To conclude, in the country, there are various insurance companies and they provide insurance for any mishap. In health, they are providing individual or family floater. In life insurance, they have ULIP, money-back and term plans. Although in general insurance, they provide insurance to cars, two-wheelers, travel, and cyber. If you want to start an insurance company and are looking for an Insurance Marketing Firm license then reach out to Registrationwala, we help you obtain an IMF license.


Also read:  Top 10 Finance Companies in India

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