Insurance is an important safety net that every individual must have in his/her life to ensure that in the time of your absence, the family does not suffer financially.
India is the fifth largest insurance market in the world registering an annual growth of 30-32%. By 2026, India’s insurance market is expected to be valued at $222 Billion making it one of the most prominent sectors in India.
In this article, we find out the List of Life Insurance Companies in India, which one to choose, and much more.
What is Life Insurance?
Life Insurance is a policy that an insurer has with an insurance company wherein the insurance company in written promises to pay the family in case of the death of the insurer.
It is an essential safety net that every individual must have to protect his/her family from hard times that may come due to your sudden demise.
List of Life Insurance Companies in India
The following is the list of Life Insurance Companies along with the detailed information of CEO, address, and contact details-
Sl.No | Name | Regn. No | Head Office Address | Name of the Chairman/ MD & CEO | Designation | Email of Chairman/CEO/MD | Appointed Actuary | Telephone/Fax |
1 | Life Insurance Corporation of India | 512 | Yogakshema, Jeevan Bima Marg, Post Box No. 19953, Mumbai – 400 021 | Mr. M R Kumar | Chairman | Chairman@licindia.com | Mr. Dinesh Pant | Tel : 22-22027060 (Chairman),Tel.(EPABX) 022- 66598000, Fax:022-22028600, |
2 | HDFC Life Insurance Co. Ltd | 101 | 13th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Road, Mahalaxmi, Mumbai 400 011, Maharashtra | Ms. Vibha Padalkar | MD & CEO | Ms. Eshwari Murugan | Tel: 022-67516666, Fax: 022-6751 6550 | |
3 | Max Life Insurance Co. Ltd. | 104 | 3rd, 11th, 12th Floor, DLF Square Building, Jacaranda Marg, DLF City, Phase – II, Gurgaon – 122002, Haryana | Mr. Prashant Tripathy | MD & CEO | ceo@maxlifeinsurance.com | Mr. Jose Chathuparambil John | Tel: 0124-4121500, Fax: 0124-6659811 |
4 | ICICI Prudential Life Insurance Co. Ltd, | 105 | ICICI Prulife Towers,1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025 | Mr. N S Kannan | MD & CEO | Mr. Souvik Jash | Tel : (022) 40391992, Fax no.: (022) 66622031 | |
5 | Kotak Mahindra Life Insurance Co. Ltd. | 107 | 7th Floor, Kotak Infiniti, Building No.21, Infinity Park, Off Western Express Highway, General AK Vaidya Marg, Malad (East), Mumbai – 400 097 | Mr. Mahesh Balasubramanian | MD & CEO | Mr. R. Jayaraman | Tel:022- 66057652/6605777, Fax: 022 6742 5650 | |
6 | Aditya Birla SunLife Insurance Co. Ltd. | 109 | One India Bulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai-400013. | Mr. Kamlesh Rao | MD & CEO | Mr. Nakul Yadav | Tel: 022-43569000, Fax:022-56783377 | |
7 | TATA AIA Life Insurance Co. Ltd. | 110 | 14th Floor, Tower A, Peninsula Business Park Lower Parel, Senapati Bapat Marg, Mumbai – 400013 | Mr. Naveen Tahilyani | MD & CEO | Mr. Ankur Saraf | Tel:022-66479000, Fax: 022-66550711 | |
8 | SBI Life Insurance Co. Ltd. | 111 | “Natraj”, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai 400069 | Mr. Mahesh Kumar Sharma | MD&CEO | Mr. Prithesh Chaubey | Tel: 022-61910000, Fax: 022 61910012 | |
9 | Bajaj Allianz Life Insurance Co. Ltd. | 116 | Bajaj Allianz House, Airport Road,Yerawada,Pune – 411 006 | Mr. Tarun Chugh | MD&CEO | Mr. Avdhesh Gupta | Tel: 020-66026773, Fax: 020 -66026789 | |
10 | PNB MetLife India Insurance Co. Ltd, | 117 | Unit No. 101, 1st Floor, Techniplex-1, Techniplex Complex, Veer Savarkar Flyover, Off S V Road Goregaon (West), Maharashtra- 400062. | Mr. Ashish Kumar Srivastava | MD & CEO | Ms. Asha Murali | Tel: 022-41790000, Fax:022-41790203 | |
11 | Reliance Nippon Life Insurance Company Limited, | 121 | Reliance Centre, Off Western Express Highway, Santacruz East, Mumbai – 4000 055. | Mr. Ashish Vohra, | CEO & ED | Mr. Pradeep Kumar Thapliyal | Tel: 022 3000 2000, Fax: 022 3000 2222 | |
12 | Aviva Life Insurance Company India Ltd. | 122 | Aviva Tower, Sector Road, Opposite Golf Course, DLF-Phase V, Sector 43, Gurgaon 122003 | Mr. Amit Malik | MD & CEO | Mr. Ajai Kumar Tripathy | Tel: 0124-2709000/01, Fax: 0124-270 9007 | |
13 | Sahara India Life Insurance Co. Ltd. | 127 | Sahara India Centre,1, Kapoorthala Complex, Aliganj, Lucknow – 226 024 | Mr. A K Dasgupta | CEO & President | Mr.Ripudaman Sethi | Tel:0522-2329568,Fax:0522-2378200 | |
14 | Shriram Life Insurance Co. Ltd. | 128 | Ramki Selenium, Plot No:31 & 32, Beside Andhra Bank Training Centre, Financial District, Gachibowli, Hyderabad – 500032. | Mr. Casparus Jacobus Hendrik Kromhout, | MD & CEO | Mr Johannes Gilliam van Helsdingen | Tel:040-23434466-72,Fax: 040-23434488 | |
15 | Bharti AXA Life Insurance Company Ltd, | 130 | Unit no:1904,19th Floor, Parinee Crescenzo, ‘G’ Block, Bandra Kurla Complex, BKC Road, Behind MCA Ground, Bandra East, Mumbai – 400051 | Mr. Parag Raja | MD & CEO | Mr. Varun Gupta | Tel: 022 40306397, Fax: 022 – 40306347 | |
16 | Future Generali India Life Insurance Company Limited, | 133 | Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai – 400 013 | Mr.Bruce de Bronze | MD &CEO | Mr. Aditya Mall | Tel: 022-40976666, Fax:022-40976600 | |
17 | Ageas Federal Life Insurance Company Limited, | 135 | 22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel – East, Mumbai – 400013 | Mr. Vighnesh Sahane | MD & CEO | Mr. Shivank Chandra | Tel.022-23029200 fax 022-23029499 | |
18 | Canara HSBC Life Insurance Co. Ltd | 136 | Orchid Business Park, Second Floor, Sohna Road, Sector-48, Gurgaon 122 018, Haryana, India, Phone: +91 124 4535 5794 | Mr. Anuj Mathur, | MD & CEO | Mr. Akshay Dhand | Tel:0124-4535500,Fax:0124-4535999 | |
19 | Aegon Life Insurance Company Limited, | 138 | Aegon Life Insurance Company Limited – A-201, 2nd Floor, Leela Business Park, Nr. Airport Road Metro Station, Andheri Kurla Road, Andheri (East), Mumbai – 400459 | Mr. Satishwar Balakrishnan, | MD & CEO | Mr. Kamlesh Gupta | Tel:022 61180100,Fax:022 61180200 | |
20 | Pramerica Life Insurance Co. Ltd. | 140 | 4th Floor, Tower B, Building No.9, DLF Cyber City, Phase-III, Gurgaon 122002 | Ms. Kalpana B Sampat | MD & CEO | Mr. Pawan Kumar Sharma | Tel.0124-4697000, Fax.0124-4697100/200 | |
21 | Star Union Dai-Ichi Life Insurance Co. Ltd. | 142 | 11th Floor, Plot No:34,35 & 38,Vishwaroop IT Park, Sector-30A of IIP, Vashi, Navi Mumbai 400703 | Mr. Abhay Tewari | MD&CEO | Mr. Pradeep Kumar Anand | Tel: 022-39546200, Fax:022-39546311 | |
22 | IndiaFirst Life Insurance Company Ltd., | 143 | 12th and 13th Floor, North [C] wing, Tower 4, NESCO IT Park, NESCO Centre, Western Express Highway, Goregaon (East), Mumbai – 400 063 | Ms. R M Visakha | MD & CEO | Ms. Bhavna Verma | Tel:022 39418700, Fax: 022 33259500 | |
23 | Edelweiss Tokio Life Insurance Company Limited, | 147 | 3rd & 4th Floor, Tower 3, Wing B, Kohinoor City, Kirol Road, Kurla (West), Mumbai -400070 | Mr. Sumit Rai | MD&CEO | Mr. Nirmal Nogaja | Tel: 022-4063 5599, Fax: 022-71004133 |
How to Choose the Best Insurance Company in India?
To find the best Insurance Company, you’ll have to look at the data that the company projects online about their settlements.
You’ll have to specifically look at a few points to ensure the insurance company’s credibility and claims are managed well.
The following are some of the Key Data Points that you’ll have to look choose the best Life Insurance Policy-
- Claim Settlement Ratio: Your Life Insurance must have a Claim settlement ratio above 95% which ensures that you have a high chance of getting your claim settled in case of need
- Life Cover: instead of looking at what life insurance offers, you’ll have to focus on what you need out of a life insurance policy and must get which suits your requirement. This will help you in getting the most out of your life insurance policy.
- Customer Support: Imagine after your demise, your family member is running post to pole just to get the money they deserve. You would not want that for your family, which is why you should also look at the Customer Support and settlement process to ensure easy claim settlement.
FAQ
No, only death is covered in Life Insurance Policy. To cover the hospitalization, Health insurance is required as it covers all the bills that are generated due to hospitalization of the insurer.
The credibility of an insurance company can be found by finding out how many claims the insurance company has settled in a year that it had received during that year. This is where the Claim settlement ratio comes which provides you with essential information in terms of the percentage of settlement made in a year out of the total claims received.
In India, there are a total of 24 life insurance company provide insurance products to the end users.