Top 10 Life Insurance Companies in India in 2020

If you are talking about life insurance, the basic idea of the product is that in case you pass away, the insurance company you buy the life insurance policy from will pay your family a fat sum of money. However, this is not the only benefit which comes with a life insurance policy in India.

You can also purchase a life insurance policy to plan for unforeseen and upcoming expenses through various life insurance schemes like Unit Linked Insurance Plans (ULIPs) that provide returns through investment in the markets.

Check out the top 10 life insurance companies in India on the basis of IRDA Annual Report 2017-18 on Total Business Premium:

Life Insurance Corporation of India (LIC)

• Life Insurance Corporation of India (LIC) is one of the oldest state-owned insurance Companies in India.
• For the year 2017-18, the total individual death claims or claim settlement ratio of LIC was 98.04%.
• During the year 2017-18, the total premium collected by LIC stood at Rs. 318223.21 crore.
• During the year 2017-18, LIC a total linked premium of Rs. 889.75 crore.
• During the year 2017-18, the total non-linked premium collected by LIC stood at Rs. 317333.46 crore.
• For the year 2017-18, the total life insurance premium collected by Life Insurance Corporation of India stood at Rs. 318223.21 crore.
• LIC offers 15% discount and various other benefits at leading restaurants all over India.
• During the year 2017-18, LIC collected a total new business premium of Rs. 134671.70 crore.

• In today’s date, ICICI Prudential Life Insurance is undoubtedly one of the most extensively recognized insurance companies in India.
• During the year 2017-18, the total individual death claims or claim settlement ratio of ICICI Prudential Life Insurance Company was 97.88%.
• During the year 2017-18, the total premium collected by ICICI Prudential Life Insurance Company stood at Rs. 27068.77 crore.
• ICICI Prudential collected the total linked premium of Rs. 20387.49 crore during the year 2017-18.
• During the year 2017-18, the total non-linked premium collected by ICICI Prudential stood at Rs. 6681.28 crore.
• ICICI Prudential Life Insurance Company collected the total life insurance premium of Rs. 27068.77 crore during the year 2017-18.
• The company offers 15% discount and other benefits at leading restaurants all over India.
• ICICI Prudential collected a total new business premium of Rs.9211.75 crore during the year 2017-18.

• SBI Life Insurance Company is accountable for providing life insurance policies to over a million Indians in the present date.
• For the year 2017-18, the total individual death claims or claim settlement ratio of SBI Life Insurance Company was 96.76%.
• SBI Life collected a total premium of Rs. 25354.19 crore during the year 2017-18.
• SBI Life also collected a total linked premium of Rs. 14114.43 crore during the year 2017-18.
• During the year 2017-18, the total non-linked premium collected by SBI Life stood at Rs. 11239.76 crore.
• SBI Life Insurance Company collected a total new business premium of Rs. 10966.14 crore during the year 2017-18.

• HDFC Standard Life Insurance is one of the highly reputed private sector insurance companies in India today.
• For the year 2017-18, the total individual death claims or claim settlement ratio of HDFC Standard Life Insurance Company was 97.80%.
• For the year 2017-18, the total premium collected by HDFC Standard Life Insurance stood at Rs. 23564.41 crore.
• HDFC Standard collected a total linked premium of Rs. 10267.91 crore during the year 2017-18.
• During the year 2017-18, the total non-linked premium collected by HDFC Standard stood at Rs. 13296.50 crore.
• HDFC Standard Life Insurance Company collected a total new business premium of Rs.11349.61 crore during the year 2017-18.

• Max Life Insurance Company is one of the highly renowned insurance companies currently providing policies to millions of Indians.
• For the year 2017-18, the total individual death claims or claim settlement ratio of Max Life Insurance was 98.26%.
• Max Life Insurance collected the total premium of Rs. 12500.89 crore during the year 2017-18.
• For the year 2017-18, the total linked premium collected by Max Life stood at Rs. 3562.48 crore.
• Max Life Insurance Company collected a total non-linked premium of Rs. 8938.42 crore during the year 2017-18.
• Max Life Insurance collected a total new business premium of Rs. 4348.59 crore during the year 2017-18.

• Bajaj Allianz is one of the highly reputed and renowned insurance companies that provides with the best deals on policies.
• For the year 2017-18, the total individual death claims or claim settlement ratio of Bajaj Allianz Life Insurance was 92.04%.
• Bajaj Allianz Life Insurance Company collected a total premium of Rs. 7,578.37 crore during the year 2017-18.
• During the year 2017-18, the total linked premium collected by Bajaj Allianz Life Insurance Company stood at Rs. 2,950.88 crore.
• Bajaj Allianz Life Insurance collected a total non-linked premium of Rs. 4,627.49 crore during the year 2017-18.
• During the year 2017-18, the total new business premium collected by the Company stood at Rs. 4,291.14 crore.

• Kotak Mahindra is one of the highly sought after insurance companies presently in India operating with millions of customers.
• For the year 2017-18, the total individual death claims or claim settlement ratio of Kotak Mahindra Life Insurance was 93.72%.
• During the year 2017-18, the total premium collected by Kotak Mahindra stood at Rs. 6,598.67 crore.
• Kotak Mahindra Life Insurance Company collected the total linked premium of Rs. 2,309.27 crore during the year 2017-18.
• During the year 2017-18, the total non-linked premium collected by Kotak Mahindra stood at Rs. 4,289.41 crore.
• During the year 2017-18, the Kotak Mahindra Life Insurance Company collected the total new business premium of Rs. 3,404.21 crore.

• Tata AIA Life Insurance Company is accountable for providing all-inclusive life insurance covers to more than a million people living in India.
• For the year 2017-18, the total individual death claims or claim settlement ratio of Tata AIA Life Insurance was 98.00%.
• Tata AIA Life Insurance Company  collected a total premium of Rs. 4,162.95 crore during the year 2017-18.
• The total linked premium collected by Tata AIA Life Insurance during the year 2017-18 stands at Rs.1,313.55 crore.
• Tata AIA Life Insurance Company collected a total non-linked premium of Rs. 2,849.40 crore during the year 2017-18.
• During the year 2017-18, the total business premium collected by the Company stood at Rs. 1,488.42 crore.

• Reliance Nippon Life Insurance is one of the most renowned life insurance companies presently operating in India.
• For the year 2017-18, the total individual death claims or claim settlement ratio of Reliance Nippon Life Insurance was 95.17%.
• Reliance Nippon Life Insurance collected a total premium of Rs. 4,069.37 crore during the year 2017-18.
• During the year 2017-18, the total linked premium collected by Reliance Nippon stood at Rs. 846.26 crore.
• Reliance Nippon collected a total non-linked premium of Rs. 3,223.11 crore during the year 2017-18.
• During the year 2017-18, the company collected a total business premium of Rs. 915.62 crore.

• PNB MetLife is one of the most preferred insurance companies in India. The company is presently providing with life insurance policies to more than a million Indians.
• For the year 2017-18, the total individual death claims or claim settlement ratio of PNB MetLife Insurance was 91.12%.
• During the year 2017-18, the total premium collected by PNB MetLife Insurance stood at Rs. 3,953.51 crore.
• PNB MetLife collected a total linked premium of Rs. 820.95 crore during the year 2017-18.
• PNB MetLife collected a total non-linked premium of Rs. 3,132.67 crore during the year 2017-18.
• During the year 2017-18, the total business premium collected by PNB MetLife stood at Rs. 1,427.08 crore.