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Top 50 Best Insurance Companies in India [2024]

best insurance companies India

Insurance plays a pivotal role in safeguarding individuals and businesses against unforeseen risks and uncertainties. To assist you in making informed decisions, this article delves into the top 50 best insurance companies in India, shedding light on their performance, reputation, and the range of insurance products they offer. The most recent statistics and information about health insurance in India have been gathered by Forbes Advisor India, shining light on the sizeable $12.86 billion market it represents.

In terms of bringing in money and creating jobs, the healthcare industry is one of India’s most important economic sectors. From 2002 to 2021, the assets owned by insurance companies in India shown a constant trend of yearly expansion. By 2021, these insurers’ total assets exceeded 660 billion US dollars, a remarkable growth of around 89 billion US dollars from the previous year.

The aggregate value of assets controlled by insurance companies in India has increased by almost 624 billion dollars over the course of over two decades. This development is a reflection of the quickening growth of the healthcare industry as a whole, which may be attributed to better services, broader access to treatment, and increased public and private investment. Notably, the Ministry of Health and Family Welfare received an allocation of INR 89,155 crore in the Union Budget for 2023–24, which represents an increase of 3.43% from the INR 86,200.65 crore provided in 2021–22.

In India, a rapidly growing economy with a population of over a billion people, the insurance sector has witnessed remarkable growth and diversification. With a plethora of options available, choosing the right insurance company can be a daunting task. Let’s delve into the list of top 50 best insurance companies in India.

Table of Contents

List of Top 50 Best Insurance Companies in India

Whether you’re seeking life insurance, health coverage, or protection for your assets, this comprehensive guide will help you navigate the dynamic landscape of insurance in India. Lets discuss about the top 50 best insurance companies in India.

1. Life Insurance Corporation of India

Life Insurance Corporation of India - Best Insurance Companies in India

Sector: Govt.

Headquarters: Mumbai

Founded: 1956

  • LIC is the largest and most trusted insurance company in India with a vast network of branches and policyholders.
  • It has a significant market share and a wide range of insurance products, including life, health, and pension plans.
  • LIC has consistently delivered strong financial results, making it a preferred choice for many investors.
  • It is one of the best insurance companies in India.

2. HDFC Standard Life Insurance Co. Ltd.

HDFC Standard Life Insurance Co. Ltd. - Best Insurance Companies in India

Sector: Private

Headquarters: Mumbai

Founded: 2000

  • A joint venture between HDFC Ltd. and Standard Life Aberdeen Plc, HDFC Standard Life Insurance is one of the leading private insurers in India.
  • It offers a diverse portfolio of insurance products and has a robust distribution network.
  • The company has demonstrated steady growth and financial stability over the years.
  • It is one of the best insurance companies in India.

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3. Max Life Insurance Co. Ltd.

Max Life Insurance Co. Ltd. - Best Insurance Companies in India

Sector: Private

Headquarters: Delhi

Founded: 2000

  • Max Life Insurance is known for its customer-centric approach and a wide array of insurance products.
  • It has maintained a strong focus on customer service and claims settlement, earning trust among policyholders.
  • Max Life has consistently shown healthy financial performance.
  • It is one of the best insurance companies in India.

4. ICICI Prudential Life Insurance Co. Ltd.

ICICI Prudential Life Insurance Co. Ltd. - Best Insurance Companies in India

Sector: Private

Headquarters: Mumbai

Founded: 2000

  • A collaboration between ICICI Bank and Prudential Corporation Holdings Limited, ICICI Prudential is a prominent player in the Indian insurance industry.
  • It offers a broad spectrum of insurance solutions and investment-linked policies.
  • The company has a strong presence both in urban and rural areas.
  • It is one of the best insurance companies in India.  

5. Kotak Mahindra Life Insurance Co. Ltd.

Kotak Mahindra Life Insurance Co. Ltd. - Best Insurance Companies in India

Sector: Private

Headquarters: Mumbai

Founded: 2001

  • Kotak Mahindra Life Insurance is known for its innovative products and personalized services.
  • It has witnessed growth in market share and a loyal customer base.
  • The company focuses on providing value-driven insurance solutions.
  • It is one of the best insurance companies in India.

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6. Aditya Birla Sun Life Insurance Co. Ltd.

Aditya Birla Sun Life Insurance Co. Ltd. - Best Insurance Companies in India

Sector: Private

Headquarters: Mumbai

Founded: 2000

  • Aditya Birla Sun Life Insurance is a joint venture between Aditya Birla Group and Sun Life Financial Inc.
  • It offers a wide range of insurance and investment products, catering to diverse customer needs.
  • The company’s financial performance has been commendable.
  • It is one of the best insurance companies in India.

7. TATA AIG Life Insurance Co. Ltd.

TATA AIG Life Insurance Co. Ltd. - Best Insurance Companies in India

Sector: Private

Headquarters: Mumbai

Founded: 2001

  • TATA AIG Life Insurance is known for its strong corporate backing and a customer-friendly approach.
  • It offers a range of insurance solutions, including term, ULIPs, and health plans.
  • The company is known for its prompt claims settlement process.
  • It is one of the best insurance companies in India.

8. SBI Life Insurance Co. Ltd.

SBI Life Insurance Co. Ltd.

Sector: Public

Headquarters: Mumbai

Founded: 2001

  • A joint venture between State Bank of India and BNP Paribas Cardif, SBI Life Insurance is one of the largest private insurers in India.
  • It has a massive customer base and a wide distribution network through SBI’s branches.
  • SBI Life has consistently reported strong financial performance.
  • It is one of the best insurance companies in India.

9. Exide Life Insurance Co. Ltd.

Exide Life Insurance Co. Ltd.

Sector: Private

Headquarters: Bengaluru

Founded: 2001

  • Exide Life Insurance is known for its robust product offerings and customer service.
  • It caters to a wide range of customers, from individuals to corporate clients.
  • The company has shown steady growth in the insurance market.
  • It is one of the best insurance companies in India.

10. Bajaj Allianz Life Insurance Co. Ltd.

Bajaj Allianz Life Insurance Co. Ltd.

Sector: Private

Headquarters: Pune

Founded: 2001

  • Bajaj Allianz Life Insurance, a partnership between Bajaj Finserv and Allianz SE, offers a comprehensive suite of insurance products.
  • It has a strong digital presence and a focus on technological innovations.
  • It is one of the best insurance companies in India.
  • The company is recognized for its commitment to customer satisfaction.

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11. PNB MetLife India Insurance Co. Ltd.

PNB MetLife India Insurance Co. Ltd.

Sector: Private

Headquarters: Mumbai

Founded: 2001

  • PNB MetLife is a collaboration between Punjab National Bank (PNB) and MetLife Inc. offering a variety of insurance products.
  • It has a substantial presence in both urban and rural areas, catering to diverse customer needs.
  • The company has shown consistent growth and a focus on customer satisfaction.

12. Reliance Nippon Life Insurance Company

Reliance Nippon Life Insurance Company

Sector: Private

Headquarters: Mumbai

Founded: 2001

  • Reliance Nippon Life Insurance is part of the Reliance Capital Group and offers a wide range of life insurance and investment products.
  • It has a strong distribution network and digital presence.
  • It is one of the best insurance companies in India.
  • The company has reported steady financial performance over the years.

13. Aviva Life Insurance Company India Ltd.

Aviva Life Insurance Company India Ltd.

Sector: Private

Headquarters: Gurugram

Founded: 2002

  • Aviva is a global insurance provider with a presence in India, offering a diverse portfolio of insurance and savings plans.
  • It has emphasized customer-centricity and digital innovation.
  • Aviva has been recognized for its efforts in providing customized insurance solutions.

14. Sahara India Life Insurance Co. Ltd.

Sahara India Life Insurance Co. Ltd.

Sector: Private

Headquarters: Lucknow

Founded: 2004

  • Sahara India Life Insurance operates as part of the Sahara India Pariwar conglomerate.
  • It offers a range of insurance products to cater to different segments of the population.
  • The company has focused on serving the needs of customers in tier II and III cities.
  • It is one of the best insurance companies in India.

15. Shriram Life Insurance Co. Ltd.

Shriram Life Insurance Co. Ltd.

Sector: Private

Headquarters: Hyderabad

Founded: 2005

  • Shriram Life Insurance is part of the Shriram Group and specializes in providing insurance products tailored for various customer segments.
  • It has a strong presence in the southern and western regions of India.
  • The company has maintained steady growth and profitability.
  • It is one of the best insurance companies in India.

16. Bharti AXA Life Insurance Co. Ltd.

Bharti AXA Life Insurance Co. Ltd.

Sector: Private

Headquarters: Mumbai

Founded: 2008

  • A collaboration between Bharti Enterprises and AXA Group, Bharti AXA Life Insurance offers a range of life insurance and wealth management solutions.
  • It focuses on customer convenience through digital platforms and mobile apps.
  • The company has reported consistent financial performance.

17. Future Generali India Life Insurance Co. Ltd.

Future Generali India Life Insurance Co. Ltd.

Sector: Private

Headquarters: Mumbai

Founded: 2007

  • Future Generali India Life Insurance is a partnership between Future Group, Generali Group, and Industrial Investment Trust Limited.
  • It offers a wide variety of insurance products and services.
  • It is one of the best insurance companies in India.
  • The company has shown growth potential in the Indian insurance market.

18. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.

Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.

Sector: Private

Headquarters: Gurugram

Founded: 2008

  • A collaboration between Canara Bank, HSBC Insurance (Asia Pacific) Holdings Ltd., and Oriental Bank of Commerce, this insurer offers life insurance solutions.
  • It leverages the extensive branch network of the partner banks for distribution.
  • The company has been expanding its customer base and product offerings.

19. Aegon Life Insurance Co. Ltd.

Aegon Life Insurance Co. Ltd.

Sector: Private

Headquarters: Mumbai

Founded: 2008

  • Aegon Life Insurance focuses on digital innovation and offers a range of insurance products, including term, ULIPs, and retirement plans.
  • It has aimed to simplify the insurance buying process for customers.
  • The company has shown potential for growth in the Indian market.
  • It is one of the best insurance companies in India.

20. Star Union Dai-Ichi Life Insurance Co. Ltd.

Star Union Dai-Ichi Life Insurance Co. Ltd.

Sector: Private

Headquarters: Mumbai

Founded: 2008

  • A joint venture between Bank of India, Union Bank of India, and Dai-ichi Life Insurance Company, this insurer offers various life insurance products.
  • It leverages the banking networks of its parent banks for distribution.
  • It is one of the best insurance companies in India.
  • The company has been expanding its presence and offerings.

21. IndiaFirst Life Insurance Co. Ltd.

IndiaFirst Life Insurance Co. Ltd.

Sector: Private

Headquarters: Mumbai

Founded: 2009

  • IndiaFirst Life is a joint venture between Bank of Baroda, Andhra Bank, and Legal & General.
  • It offers a range of insurance products, including term, savings, and retirement plans.
  • The company has been expanding its presence in both urban and rural areas.

22. Edelweiss Tokio Life Insurance Co. Ltd.

Edelweiss Tokio Life Insurance Co. Ltd.

Sector: Private

Headquarters: Mumbai

Founded: 2011

  • Edelweiss Tokio Life Insurance is a collaboration between Edelweiss Group and Tokio Marine Holdings.
  • It provides various life insurance and wealth management solutions.
  • It is one of the best insurance companies in India.
  • The company has been focusing on digital initiatives and customer-centric services.

23. Acko General Insurance

Acko General Insurance

Sector: Private

Headquarters: Mumbai

Founded: 2016

  • Acko is a digital-first general insurance company known for its innovative approach.
  • It offers various insurance products online, including motor, health, and travel insurance.
  • Acko has gained attention for its user-friendly online platform.

24. Aditya Birla Health Insurance

Aditya Birla Health Insurance

Sector: Private

Headquarters: Mumbai

Founded: 2015

  • Aditya Birla Health Insurance focuses exclusively on health insurance solutions.
  • It offers a wide range of health plans catering to individual and family needs.
  • The company emphasizes wellness and preventive healthcare.
  • It is one of the best insurance companies in India.

25. Agriculture Insurance Company of India

Agriculture Insurance Company of India

Sector: Govt.

Headquarters: New Delhi

Founded: 2002

  • Agriculture Insurance Company of India (AIC) is a government-owned entity specializing in crop insurance.
  • AIC plays a crucial role in mitigating the financial risks faced by farmers due to natural calamities.
  • The company collaborates with various banks and financial institutions for distribution.

26. Bajaj Allianz General Insurance

Bajaj Allianz General Insurance

Sector: Private

Headquarters: Pune

Founded: 2001

  • Bajaj Allianz General Insurance is one of the leading general insurers in India.
  • It offers a comprehensive range of insurance products, including motor, health, travel, and home insurance.
  • The company has a strong distribution network and a reputation for prompt claims settlement.
  • It is one of the best insurance companies in India.

27. Manipal Cigna Health Insurance Company Limited

Manipal Cigna Health Insurance Company Limited

Sector: Private

Headquarters: Mumbai

Founded: 2014

  • Manipal Cigna Health Insurance is a partnership between Manipal Group and Cigna Corporation.
  • It specializes in health insurance plans with a focus on wellness and preventive care.
  • The company offers a variety of health and wellness solutions.
  • It is one of the best insurance companies in India.
Navi General Insurance Limited

Sector: Private

Headquarters: Bengaluru

Founded: 2016

  • Navi General Insurance, formerly known as DHFL General Insurance, is part of the Navi Technologies group.
  • It provides general insurance products like motor, home, and health insurance.
  • The company has been expanding its digital presence and customer offerings.

29. Digit Insurance

Digit Insurance

Sector: Private

Headquarters: Pune

Founded: 2017

  • Digit Insurance is a technology-driven general insurance company.
  • It is one of the best insurance companies in India.
  • It offers a range of insurance products with a focus on transparency and ease of access.
  • The company has gained recognition for its innovative approach to claims settlement.

30. Export Credit Guarantee Corporation of India

Export Credit Guarantee Corporation of India

Sector: Govt.

Headquarters: Mumbai

Founded: 1957

  • Export Credit Guarantee Corporation (ECGC) is a government-owned entity that specializes in export credit insurance.
  • It helps Indian exporters mitigate the risks associated with international trade.
  • ECGC plays a pivotal role in promoting India’s exports by providing risk coverage to exporters.

31. Future Generali India Insurance

Future Generali India Insurance

Sector: Private

Headquarters: Mumbai

Founded: 2007

  • Future Generali India Insurance is a joint venture between Future Group and Assicurazioni Generali S.p.A., an Italian insurance company.
  • It offers a wide range of insurance products, including motor, health, and travel insurance.
  • The company focuses on providing innovative and customer-centric solutions.

32. HDFC ERGO General Insurance Company

HDFC ERGO General Insurance Company

Sector: Private

Headquarters: Mumbai

Founded: 2002

  • HDFC ERGO General Insurance is a joint venture between Housing Development Finance Corporation Limited (HDFC) and ERGO International AG.
  • It offers comprehensive general insurance solutions, including motor, health, and home insurance.
  • The company has a strong digital presence and a commitment to customer service.

33. ICICI Lombard

ICICI Lombard

Sector: Private

Headquarters: Mumbai

Founded: 2001

  • ICICI Lombard is one of the largest and most well-known general insurance companies in India.
  • It provides a wide range of general insurance products, including motor, health, and travel insurance.
  • The company has a significant market share and a robust distribution network.
  • It is one of the best insurance companies in India.

34. IFFCO TOKIO General Insurance

IFFCO TOKIO General Insurance

Sector: Private

Headquarters: Gurugram

Founded: 2000

  • IFFCO TOKIO General Insurance is a joint venture between IFFCO (Indian Farmers Fertiliser Cooperative) and Tokio Marine Group.
  • It offers various general insurance products, with a focus on agriculture and rural insurance.
  • The company plays a vital role in insuring the agricultural sector and rural communities.
  • It is one of the best insurance companies in India.

35. Kotak Mahindra General Insurance

Kotak Mahindra General Insurance

Sector: Private

Headquarters: Mumbai

Founded: 2015

  • Kotak Mahindra General Insurance is a subsidiary of Kotak Mahindra Bank, offering a range of general insurance products.
  • It caters to diverse customer segments, including individuals and businesses.
  • It is one of the best insurance companies in India.
  • The company aims to provide simplified and customer-friendly insurance solutions.

36. Liberty General Insurance

Liberty General Insurance

Sector: Private

Headquarters: Mumbai

Founded: 2013

  • Liberty General Insurance is a joint venture between Liberty Citystate Holdings PTE Ltd. and Enam Securities.
  • It provides general insurance products like motor, health, and home insurance.
  • The company emphasizes the use of technology to enhance customer experience.
  • It is one of the best insurance companies in India.

37. Magma HDI General Insurance

Magma HDI General Insurance

Sector: Private

Headquarters: Mumbai

Founded: 2009

  • Magma HDI General Insurance is a collaboration between Magma Fincorp Ltd. and HDI Global SE.
  • It offers general insurance solutions with a focus on motor and health insurance.
  • The company has been expanding its presence in various regions of India.
  • It is one of the best insurance companies in India.

38. National Insurance Company

National Insurance Company

Sector: Govt.

Headquarters: Kolkata

Founded: 1906

  • National Insurance Company is one of the oldest general insurance companies in India and is government-owned.
  • It provides a wide range of general insurance products, including motor, health, and property insurance.
  • The company has a significant presence in both urban and rural areas.
  • It is one of the best insurance companies in India.

39. New India Assurance

New India Assurance

Sector: Govt.

Headquarters: Mumbai

Founded: 1919

  • New India Assurance is another government-owned general insurance company with a long-standing history.
  • It offers a comprehensive range of general insurance solutions, including international coverage.
  • The company is known for its extensive network of branches and global presence.

40. Raheja QBE General Insurance

Raheja QBE General Insurance

Sector: Private

Headquarters: Mumbai

Founded: 2007

  • Raheja QBE General Insurance is a joint venture between Prism Cement Limited, Rajan Raheja Group, and QBE Insurance Group Limited.
  • It offers various general insurance products, including motor and property insurance.
  • The company focuses on customer-centric services and innovative solutions.

41. Reliance General Insurance

Reliance General Insurance

Sector: Private

Headquarters: Mumbai

Founded: 2000

  • Reliance General Insurance is part of the Reliance Anil Dhirubhai Ambani Group and offers a wide range of general insurance products.
  • It covers areas such as motor, health, travel, and home insurance.
  • The company has a significant presence in urban and rural markets.
  • It is one of the best insurance companies in India.

42. Care Health Insurance Ltd

Care Health Insurance Ltd

Sector: Private

Headquarters: Gurugram

Founded: 2012

  • Care Health Insurance, formerly known as Religare Health Insurance, specializes in health insurance products.
  • It provides comprehensive coverage for individual and family health needs.
  • The company focuses on offering innovative health insurance solutions.

43. Royal Sundaram General Insurance

Royal Sundaram General Insurance

Sector: Private

Headquarters: Chennai

Founded: 2000

  • Royal Sundaram General Insurance is a subsidiary of Sundaram Finance and offers general insurance products like motor, health, and travel insurance.
  • The company has been recognized for its customer-centric approach and quality service.
  • It is one of the best insurance companies in India.

44. SBI General Insurance

SBI General Insurance

Sector: Private

Headquarters: Mumbai

Founded: 2010

  • SBI General Insurance is a subsidiary of State Bank of India and offers a wide range of general insurance products.
  • It leverages the extensive branch network of SBI for distribution.
  • It is one of the best insurance companies in India.
  • The company has shown steady growth and strong financial performance.

45. Shriram General Insurance

Shriram General Insurance

Sector: Private

Headquarters: Jaipur

Founded: 2008

  • Shriram General Insurance is part of the Shriram Group and focuses on providing general insurance solutions.
  • It offers products such as motor, health, and travel insurance.
  • It is one of the best insurance companies in India.
  • The company has a strong presence in the southern and western regions of India.

46. Star Health and Allied Insurance

Star Health and Allied Insurance

Sector: Private

Headquarters: Chennai

Founded: 2006

  • Star Health and Allied Insurance is a standalone health insurance company with a wide range of health insurance products.
  • It specializes in providing coverage for critical illnesses and pre-existing conditions.
  • The company is known for its commitment to healthcare-related insurance.

47. Tata AIG General Insurance

Tata AIG General Insurance - Best Insurance Companies in India

Sector: Private

Headquarters: Mumbai

Founded: 2001

  • Tata AIG General Insurance is a joint venture between Tata Group and American International Group (AIG).
  • It offers a diverse range of general insurance products, including motor, health, and property insurance.
  • The company has a strong presence in urban markets.
  • It is one of the best insurance companies in India.

48. The Oriental Insurance Company

The Oriental Insurance Company - Best Insurance Companies in India

Sector: Govt.

Headquarters: New Delhi

Founded: 1947

  • The Oriental Insurance Company is a government-owned general insurance company with a long history.
  • It offers a comprehensive range of general insurance solutions, including international coverage.
  • The company has a significant presence in both urban and rural areas.

49. United India Insurance Company

United India Insurance Company - Best Insurance Companies in India

Sector: Govt.

Headquarters: Chennai

Founded: 1938

  • United India Insurance Company is another government-owned general insurer with a vast network of branches.
  • It provides a wide array of general insurance products, including motor, health, and property insurance.
  • The company serves diverse customer segments.

50. Universal Sompo General Insurance Company

Universal Sompo General Insurance Company - Best Insurance Companies in India

Sector: Private

Headquarters: Mumbai

Founded: 2007

  • Universal Sompo General Insurance is a joint venture between Indian banks and foreign insurers.
  • It offers general insurance products with a focus on providing comprehensive coverage.
  • The company has been expanding its presence in the Indian insurance market.
  • It is one of the best insurance companies in India.

Conclusion

In a country as vast and diverse as India, the insurance sector plays an indispensable role in providing financial security and peace of mind to millions of individuals and businesses. The top 50 insurance companies in India represent a blend of traditional giants and innovative newcomers, all striving to meet the diverse needs of their customers.

As this article concludes, it’s important to emphasize that the best insurance company for you depends on your unique circumstances and requirements. While this list highlights some of the leading players in the industry, it’s crucial to conduct thorough research and carefully assess your needs before making a decision. With the right insurance partner, you can navigate life’s uncertainties with confidence, knowing that your financial future is well protected.

CEO & Editor
I'm Ved Prakash, Founder & Editor @Newsblare Media, specialised in Business and Finance niches who writes content for reputed publication such as Investing.com, Stockhouse.com, Motley Fool Singapore, etc. I'm the contributor of different... news sites that have widened my views on the current happenings in the world.

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