Top 10 Life Insurance Companies in India

As an insurance platform with the motto to ensure insurance literacy, our IRDAI-certified advisors have always faced questions like - 

• “What would you say are the top 10 life insurance companies in India?” or 
• “How do you determine the top 10 insurance company in India?” 

-over the 30-minute free consultation calls. 

Now, we see this as a vast improvement, considering that previously, there were doubts about whether life/term insurance policies were worth purchasing. On the other hand, we realized that what we give out over the 30-minute calls should also be documented, lest someone else has the same doubt. Are we arbitrarily giving out the list of the top 10 life insurers, or do we have a specific set of metrics? 

So, today, I will help you get a quick look into how Ditto’s in-house experts list out the top 10 insurance company in India, the metrics used, the top term insurance policies offered by them, and a quick pointer about why they are a part of the top 10 term insurance companies in India. 

Heads Up: It takes an average person up to 5 hours to read & analyze a term life policy, and 10 hours or more to compare different plans and make a decision.

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A Quick Comparative View of the Top 10 Life Insurance Companies in India

Rank	Top 10 Life Insurance Companies	Claim Settlement Ratio (CSR) (avg of 2021- 2024)	Amount Settlement Ratio (ASR) (avg of 2021- 2024)	Complaint Volume (avg of 2021- 2024)	Average Annual Business (in crores) (avg of 2021- 2024)
1	Life Insurance Corporation of India	98.55%	95.5	7.3	₹217,726
2	Axis Max Life Insurance Co. Ltd.	99.50%	96.2	7.3	₹9,296
3	Bajaj Allianz Life Insurance Co. Ltd.	99.11%	93.5	4.4	₹10,456
4	HDFC Life Insurance Co. Ltd.	99.20%	93.9	2	₹27,490
5	Tata AIA Life Insurance Co. Ltd.	98.91%	95.1	3	₹7,599
6	ICICI Prudential Life Insurance Co. Ltd.	97.52%	95.1	14.3	₹17,198
7	SBI Life Insurance Co. Ltd.	97.64%	95.2	4.8	₹31,095
8	Aditya Birla Sun Life Insurance Co. Ltd.	98.65%	94.3	3.7	₹7,146
9	Kotak Mahindra Life Insurance Co. Ltd.	98.59%	94.7	6.7	₹7,489
10	PNB MetLife India Insurance Co. Ltd.	98.54%	95.5	55	₹7,524

Friendly reminder: It’s easy to get lost comparing policies and premiums. Instead of spending hours on it, why not get personalized insurance advice from Ditto? We offer free consultations with zero spam! Just book a call to clarify all your doubts.

Top 10 Life Insurance Companies in India (2025)

1. Life Insurance Corporation of India

• Metrics Comparison 

	Claim Settlement Ratio (CSR) of LIC (2021 - 2024)		Amount Settlement Ratio (ASR) of LIC (2021 - 2024)		Complaint Volume of LIC (2021 - 2024)		Annual Business (in crores) of LIC (2021 - 2024)
LIC	Industry	LIC	Industry	LIC	Industry (median)	LIC	Industry
2021-2022	98.74%	97.55%	96.02%	94.10%	12.8	17	₹198,932.2	₹13,873.8
2022 - 2023	98.66%	98.19%	95.19%	93.32%	4.9	16	₹232,050.6	₹17,182
2023 - 2024	98.24%	98.73%	95.18%	94.88%	4.2	15.15	₹222,195	₹17,154.28
Average (2021 - 2024)	98.55%	98.13%	95.50%	94.17%	7.3	15	₹217,726	₹16,265.05

Insight: In terms of CSR, ASR, and complaint volume, LIC is undoubtedly a top pick among the life insurers across the industry. While the complaint volume is slightly higher than what we would have liked, considering its business average, the somewhat high complaint volume can be ignored.

• Best LIC Term Insurance Policy Options

- Saral Jeevan Bima - This vanilla term insurance plan offers a maximum sum assured of ₹25 lakhs. No riders are available under this plan, but it provides death benefits and includes the Accidental Death Benefit as an in-built perk. 

- New Tech Term - This online-only term insurance plan offers 2 policy variants - level sum assured and increasing sum assured. While the plan provides only a single rider, the Accident Benefit Rider, it may be a bit pricey compared to the other plans in its category. 

- Digi Term - The Digi Term Plan (Plan 826) is an exclusive term insurance product that can only be purchased online. It’s available for individuals between the ages of 18 and 45. The plan can be taken for a maximum of 40 years or until the policyholder reaches the age of 75, whichever comes first. To qualify, the individual must have completed at least their 12th-grade education.

This plan offers multiple premium payment options, including Single, Regular, 10Pay, and 15Pay, with the payment frequency available as either half-yearly or annually. The Sum Assured (S.A.) ranges from 50 lakh to 5 crore, and for sums above 5 crore, reinsurer approval is required.

There are two variants to choose from in terms of coverage. The Level Cover offers a flat Sum Assured throughout the entire policy term. On the other hand, the Increasing Cover starts with the chosen Sum Assured for the first 5 years. From the 6th year onwards, the death benefit increases by 10% of the original Sum Assured each year until it reaches 200% by the 15th year. After the 15th year, the death benefit remains at the 200% level for the remainder of the policy.

However, this plan does not offer any riders such as Critical Illness, Waiver of Premium,  or Accidental Total Permanent Disability. It also doesn’t provide any early exit benefits, life stage upgrades, or a terminal illness benefit. Additionally, there are no discounts for salaried individuals, digital customers, first-time insurance buyers, or existing LIC policyholders.

Quick Note: Despite falling behind private insurers in terms of its product variety and comprehensiveness, LIC continues to lead the scoreboard as one of the top life insurance companies in India. This is vastly due to its once status of being the sole players in the industry and its strong credibility build on account of its extensive track record. Hence, LIC is still ranked 1 as per our experts, although we wouldn’t recommend its term products considering the hurdles it presents over its operational efficiencies (since it’s a PSU) and the lack of comprehensiveness and term insurance riders. 

2. Axis Max Life Insurance Co. Ltd.

• Metrics Comparison 

	Claim Settlement Ratio (CSR) of Axis Max Life (2021 - 2024)		Amount Settlement Ratio (ASR) of Axis Max Life (2021 - 2024)		Complaint Volume of Axis Max Life (2021 - 2024)		Annual Business (in crores) of Axis Max Life (2021 - 2024)
	Axis Max Life	Industry	Axis Max Life	Industry	Axis Max Life	Industry (median)	Axis Max Life	Industry
2021-2022	99.34%	97.55%	96.71%	94.10%	8	17	₹7,904.9	₹13,873.8
2022 - 2023	99.51%	98.19%	94.64%	93.32%	10	16	₹8,959.6	₹17,182
2023 - 2024	99.65%	98.73%	97.10%	94.88%	4	15.15	₹11,023.1	₹17,154.28
Average (2021 - 2024)	99.50%	98.13%	96.20%	94.17	7.3	15	₹9,296	₹16,265.05

Insight: Based on the CSR, ASR, and complaint volume data drawn over the last 3 years, it’s evident that Axis Max Life Insurance is one of the best life insurance companies in the market. All the numbers across the board are the best in the industry. Additionally, when considering the average annual business, you can conclude that the brand has a solid client base and an extensive insurance history. 

• Best Axis Max Life Term Insurance Policy Options

- Axis Max Life Smart Term Plan Plus: The Axis Max Life Smart Term Plan Plus offers comprehensive protection through multiple add-on benefits. It includes coverage for Total and Permanent Disability (TPD) under the Critical Illness Rider, which defines disability as the inability to perform at least three out of six essential daily activities. The plan also features a Waiver of Premium benefit for both Critical Illness and Accidental TPD, keeping the policy active without further payments during serious health events. Additionally, the new Accidental Death and Dismemberment (ADD) Rider provides a lump sum payout in case of accidental death or permanent disability, offering strong financial support in critical situations.

- Axis Max Life Smart Secure Plus Plan - This is one of the best term insurance plans offered by Axis Max Life and quite possibly across the industry. The plan is comprehensive and affordable despite having a diverse list of in-built features and riders like terminal illness perk, critical rider (3 variants), voluntary top-up sum assured, Waiver of Premium Plus, and Disability Rider. 

Quick Note: Axis Max Life has definitely undergone a lot of changes over the years when it comes to its stakeholders. However, despite such frequent transitions, Axis Max Life has successfully maintained its ratings as a life insurance provider that offered perfect scores across all its credibility metrics, competitive premiums, comprehensive term insurance plans, and an incredible queue of term insurance riders. Naturally, Axis Max Life has been ranked at 2 in the list of top life insurance companies in India. 

3. Bajaj Allianz Life Insurance Co. Ltd.

• Metrics Comparison 

	Claim Settlement Ratio (CSR) of Bajaj Allianz Life (2021 - 2024)		Amount Settlement Ratio (ASR) of Bajaj Allianz Life (2021 - 2024)		Complaint Volume of Bajaj Allianz Life (2021 - 2024)		Annual Business (in crores) of Bajaj Allianz Life (2021 - 2024)
	Bajaj Allianz Life	Industry	Bajaj Allianz Life	Industry	Bajaj Allianz Life	Industry (median)	Bajaj Allianz Life	Industry
2021-2022	99.02%	97.55%	93.45%	94.10%	3.9	17	₹9,136.4	₹13,873.8
2022 - 2023	99.06%	98.19%	94.25%	93.32%	5.6	16	₹10,737.8	₹17,182
2023 - 2024	99.26%	98.73%	92.91%	94.88%	3.8	15.15	₹11,493.8	₹17,154.28
Average (2021 - 2024)	99.11%	98.13%	93.50%	94.17%	4.4	15	₹10,456	₹16,265.05

Insight: Bajaj Allianz Life is a highly credible life insurer and one of the industry's best if you look at the CSR, ASR, and complaint volume data. The average annual business income, too, is promising and reflects the solid client base of the insurer across the industry. 

• Best Bajaj Allianz Life Term Insurance Policy Options 

- e-Touch II - BALIC eTouch II provides comprehensive disability protection by waiving all future premiums if the insured is diagnosed with Accidental Total and Permanent Disability (ATPD), keeping the policy active without financial strain. It also includes a Critical Illness (CI) rider covering 60 illnesses that could result in permanent disability, offering dual-layered support and uninterrupted coverage.

- iSecure II—This term insurance plan offers straightforward protection by providing a payout equal to the base sum assured to the nominee in the event of the policyholder’s death. 

The plan includes a few rider options for enhanced protection. The Accidental Death Benefit Rider offers an additional lump sum if death occurs due to an accident. The Accidental Permanent Total/Partial Disability Benefit Rider provides a payout if the policyholder suffers a permanent or partial disability caused by an accident. With a coverage range between ₹25 lakhs and ₹1 crore, this plan remains an affordable choice for those seeking basic life insurance coverage.

Please remember that this plan is specifically crafted for folks who are salaried or self-employed but don't have proper income proof documents like payslips or ITRs

• Quick Note: As a term insurance provider, Bajaj Allianz Life Insurance is one of the most affordable options. The diversity of its products, competitive pricing, and diversity in riders almost makes up for the slight dip in its ASR. However, considering that its credibility metrics data has been improving year-on-year, we are hopeful and hence, have ranked Bajaj Allainz as one of the top 10 insurance companies in India. 

Pro tip: The life insurance market can be a labyrinth. Instead of spending hours navigating through the hundreds of policies out there, why not book a 30-minute call with our expert IRDAI-certified advisors? We don’t spam or pressure you to buy. Just honest insurance advice.

4. HDFC Life Insurance Co. Ltd.

• Metrics Comparison 

	Claim Settlement Ratio (CSR) of HDFC Life (2021 - 2024)		Amount Settlement Ratio (ASR) of HDFC Life (2021 - 2024)		Complaint Volume of HDFC Life (2021 - 2024)		Annual Business (in crores) of HDFC Life (2021 - 2024)
	HDFC Life	Industry	HDFC Life	Industry	HDFC Life	Industry (median)	HDFC Life	Industry
2021-2022	98.66%	97.55%	89.38%	94.10%	3	17	₹24,154.8	₹13,873.8
2022 - 2023	99.41%	98.19%	96.51%	93.32%	2	16	₹28,683.1	₹17,182
2023 - 2024	99.54%	98.73%	95.70%	94.88%	1	15.15	₹29,631	₹17,154.28
Average (2021 - 2024)	99.20%	98.13%	93.90%	94.17%	2	15	₹27,490	₹16,265.05

Insight: HDFC Life Insurance is an excellent pick as a life insurer. The brand has excellent CSR, good ASR, and one of the lowest compliant volumes in the country. Additionally, the insurer has built a solid client base, considering its average annual business income. This can be a great insurer if you are looking for comprehensive and term insurance policies for the long term.

• Best HDFC Life Term Insurance Policy Options 

- Click2Protect Super - With an in-built terminal illness benefit and a smart exit perk, the Click2Protect Super plan is a comprehensive policy that is slightly more expensive than the Click2Protect Life policy. 

There are 3 variants of the plan: Life, Life Plus, and Life Goal. The list of riders includes - Waiver of Premium on Critical Illness, Return of Premium, Waiver of Premium on Total and Permanent Disability, Spouse Cover Option, Option to alter premium frequency, Option to change Premium Payment Term from regular pay to limited pay, Life Stage Option, and Death benefit as an instalment option.

- Click2Protect Elite Plus - HDFC Life’s C2P Elite Plus is a revamped and improved version of the earlier C2P Elite plan, designed for individuals aged 18–45 with a minimum annual income of ₹10 lakh and a desired cover between ₹2–5 crore. It offers a more affordable alternative to HDFC’s C2P Super plan, though it excludes some features like terminal illness and life stage benefits.

Key features include a Premium Break Benefit, allowing policyholders to pause premium payments after five years, and an Immediate Payout on Claim Intimation, which pays ₹5 lakh within one working day of a valid claim. The Smart Exit Benefit enables surrender with a refund of premiums after 25 years, provided certain conditions are met.

The plan also offers useful add-ons like a Critical Illness Rider and an Accidental Income Benefit. However, features such as joint life cover, increasing/decreasing sum assured, and housewife coverage are not available.

Discounts are offered for salaried individuals and high sum assured under limited pay options, but these apply only to the first year. Overall, C2P Elite Plus is recommended for financially stable individuals seeking cost-effective, high-coverage term insurance with practical benefits and flexibility.

- Click2Protect Ultimate - HDFC Life Click 2 Protect Ultimate is a decent term insurance plan offered by one of India’s most reputable insurers, HDFC Life. The insurer is known for its strong claim settlement ratio, low complaint volume, and robust financial performance. However, this particular plan comes with a few limitations that may not make it the best fit for everyone.

The plan offers a coverage range of ₹1 crore to ₹3 crore and includes a Terminal Illness Benefit and flexible payout options, allowing the nominee to receive the death benefit either as a lump sum or in installments. It also has a Return of Premium (ROP) feature and a "Smart Exit" option, which refunds premiums after a certain tenure. However, it lacks key rider options such as Critical Illness or Accidental Death cover, and it has a high entry barrier with a minimum salary requirement of ₹10 lakh per annum.

One standout feature is its strict underwriting process—there’s no extra premium for high-risk applicants; instead, proposals are either accepted or rejected, reducing adverse selection. While the policy is eligible for digital and loyalty discounts, the premium is still relatively higher than many other plans in the market.

Overall, HDFC Life as an insurer is highly reliable, but this specific plan may not offer the best value due to its cost and lack of flexibility. Alternatives like HDFC Life Click 2 Protect Super or Axis Max Life STPP might offer better coverage and features.

Quick Note: While we would have preferred HDFC Life to have slightly better numbers across its ASR, it is undeniable that the insurer has an incredible built-up of term insurance plans that are comprehensive and affordable. Plans from this stable can prove to be a good pick, and thus, it gains a top spot in the list of the top 10 insurance company in India. 

5. Tata AIA Life Insurance Co. Ltd.

• Metrics Comparison 

	Claim Settlement Ratio (CSR) of Tata AIA Life (2021 - 2024)		Amount Settlement Ratio (ASR) of Tata AIA Life (2021 - 2024)		Complaint Volume of Tata AIA Life (2021 - 2024)		Annual Business (in crores) of Tata AIA Life (2021 - 2024)
	Tata AIA Life	Industry	Tata AIA Life	Industry	Tata AIA Life	Industry (median)	Tata AIA Life	Industry
2021-2022	98.53%	97.55%	94.65%	94.10%	3	17	₹5,358.5	₹13,873.8
2022 - 2023	99.03%	98.19%	94.52%	93.32%	3	16	₹8,540	₹17,182
2023 - 2024	99.16%	98.73%	96.02%	94.88%	3	15.15	₹8,898	₹17,154.28
Average (2021 - 2024)	98.91%	98.13%	95.10%	94.17%	3	15	₹7,599	₹16,265.05

Insight: TATA AIA Life Insurance is an incredible life insurer when it comes to the metrics of ASR, CSR, and complaint volume. The numbers are close to the industry's best. Additionally, the brand’s overall operational efficiency, accompanied by its brand equity, gives the insurer an extensive client base contributing to its average annual business income. Needless to say, the insurer has accurately acquired its status as one of the top 10 life insurance company in India. 

• Best Tata AIA Life Term Insurance Policy Options

- Sampoorna Raksha Promise - The TATA AIA Sampoorna Raksha Promise plan offers financial protection against Accidental Total and Permanent Disability (ATPD) with a lump sum payout. ATPD is defined as the loss of both eyes, limbs, or a combination of one limb and one major sensory function (e.g., sight in one eye and one hand), including severe conditions like full jaw removal within 180 days of the accident. The plan also features a Waiver of Premium (WOP) benefit, which ensures that all future premiums are waived if ATPD occurs, keeping the policy active without added financial stress.

- Maha Raksha Supreme Select - TATA AIA Maha Raksha Supreme Select is a feature-rich and affordable term insurance plan best suited for individuals with an annual income above ₹15 lakh and seeking coverage over ₹2 crore. Backed by the TATA brand, the plan offers strong claim performance, including a 98.9% claim settlement ratio, low complaint volume, and a high amount settlement ratio of 92.7%.

The policy includes a comprehensive Critical Illness Benefit covering 40 illnesses, a 90-day waiting period, and a 30-day survival period, with payouts made on top of the base cover. It also provides add-ons like Accidental Death Benefit, Total Permanent Disability Benefit, Waiver of Premium in case of disability or critical illness, and Life Stage Benefit to increase coverage during significant milestones like marriage or childbirth.

However, it lacks some modern features such as a Zero Cost Option, inflation-linked cover increases, and full terminal illness payout (only partial payout is offered). Despite these gaps, the plan is a solid offering for high-income earners looking for reliable, basic protection with a few helpful enhancements. 

Quick Note: TATA AIA Life Insurer is an excellent pick with a diverse list of plans that cater to policyholders with different income eligibility and term cover requirements. Considering the number of choices it provides, its credibility metrics data, and the competitive premiums, TATA AIA truly deserves to be ranked 5th in the list of the top 10 insurance company in India.

6. ICICI Prudential Life Insurance Co. Ltd.

• Metrics Comparison 

	Claim Settlement Ratio (CSR) of ICICI Prudential Life (2021 - 2024)		Amount Settlement Ratio (ASR) of ICICI Prudential Life (2021 - 2024)		Complaint Volume of ICICI Prudential Life (2021 - 2024)		Annual Business (in crores) of ICICI Prudential Life (2021 - 2024)
	ICICI Prudential Life	Industry	ICICI Prudential Life	Industry	ICICI Prudential Life	Industry (median)	ICICI Prudential Life	Industry
2021-2022	97.82%	97.55%	95.49%	94.10%	17	17	₹15,502.3	₹13,873.8
2022 - 2023	95.54%	98.19%	91.01%	93.32%	16	16	₹17,412.5	₹17,182
2023 - 2024	99.20%	98.73%	98.75%	94.88%	10	15.15	₹18,678.2	₹17,154.28
Average (2021 - 2024)	97.52%	98.13%	95.10%	94.17%	14.3	15	₹17,198	₹16,265.05

Insight: ICICI Prudential Life is a credible insurer with excellent numbers across CSR and ASR. However, compared to the other providers in the top 5, the complaint volume is slightly higher. On the other hand, the business volume is one of the highest in the industry. However, the complaint volume is a bit concerning, considering that it reflects their slightly dipping overall operational efficiency. 

• Best ICICI Prudential Life Term Insurance Policy Options

- iProtect Smart - This is the sole option in term insurance from the stable of ICICI Prudential Life. The policy has 4 variants based on the death benefit payout options - Lump sum, Income, Lump sum plus income, and Increasing Income. Additionally, based on the permutation and combination of riders (Waiver of Premium + Terminal Illness Benefit, Waiver of Premium due to Disability, Accidental Death Benefit, and Critical Illness Benefit), there are 4 plan options: Life, Life Plus, Life and Health, and All In One. 

- Iprotect Super - The ICICI Prudential iProtect Super is a term insurance plan aimed at individuals without traditional income proofs, such as freelancers and gig workers. It accepts alternative documents like mutual fund SIPs, CIBIL scores, and bank statements as proof of income. Key features include a Premium Break (allowing skipped premium payments after five years) and Smart Exit (offering a refund of base premiums after 25 years). 

The plan also covers Terminal Illness and provides optional Accidental Death and Disability Riders. It offers lifetime discounts, including 15% for women and 8% for residents in Tier-1 cities. However, it lacks Critical Illness and Waiver of Premium riders and excludes certain profiles like housewives and NRIs. It's a flexible, inclusive option for non-salaried individuals but may not be the most cost-effective.

Quick Note: Although the insurer has a decent number of offerings across term insurance plans, there is a definite need for improvement across its offerings of a comprehensive list of riders and perks like Waiver of Premium and payout for disabilities. Hence, the insurer, though a part of the top 10 insurance company in India, fails to retain its position among the top 5 insurance companies in India. 

Heads up! We know that life insurance can be overwhelming – but it doesn’t have to be! Our IRDAI-certified advisors at Ditto assess your requirements and can help you pick the right policy. And the best part? We don’t spam or pressure you to buy.

7. SBI Life Insurance Co. Ltd.

• Metrics Comparison 

	Claim Settlement Ratio (CSR) of SBI Life (2021 - 2024)		Amount Settlement Ratio (ASR) of SBI Life (2021 - 2024)		Complaint Volume of SBI Life (2021 - 2024)		Annual Business (in crores) of SBI Life (2021 - 2024)
	SBI Life	Industry	SBI Life	Industry	SBI Life	Industry (median)	SBI Life	Industry
2021-2022	97.05%	97.55%	94.55%	94.10%	3	17	₹25,457.4	₹13,873.8
2022 - 2023	97.26%	98.19%	94.94%	93.32%	5.9	16	₹29,588.6	₹17,182
2023 - 2024	98.62%	98.73%	96.04%	94.88%	5.7	15.15	₹38,238	₹17,154.28
Average (2021 - 2024)	97.64%	98.13%	95.20%	94.17%	4.8	15	₹31,095	₹16,265.05

Insight: SBI Life Insurance is a decent pick if you consider the metrics of CSR, ASR, and complaint volume. The numbers are more or less satisfactory, and the complaint volume is one of the lowest in the industry. While the average annual business income is excellent, this results from its extensive insurance track record and brand equity. 

• Best SBI Life Term Insurance Policy Options-

- eShield Next—This is a comprehensive term insurance plan that extends the standard death benefit over Lump sum, Monthly instalment, and Lump sum  +  Monthly instalment options. Based on this payout, there are 3 plan options: Level Cover Benefit, Increasing Cover Benefit, and Level Cover with Future Proofing Benefit. The terminal illness benefit and life stage perks are built-in features in this case, while the riders include the Better Half Benefit, Accidental Death Benefit Rider, and Accidental Total & Permanent Disability Benefit Rider. 

- Saral Jeevan Bima - This mandatory inclusion (by the IRDAI) offers coverage ranging from ₹5 lakhs to ₹25 lakhs. The plan has no riders. 

- SBI Life – Smart Shield - This basic term insurance plan is quite popular and offers coverage ranging from ₹25 lakhs to unlimited coverage. There are two variants across the policy - Level Term Assurance and Increasing Term Assurance. However, only two riders are offered under this policy - the Accidental Death Benefit Rider and the Accidental Total & Permanent Disability Benefit Rider.

Quick Note: SBI Life Insurance is a public sector entity, just like LIC, and hence comes with its own set of operational and post-sales support issues. Additionally, none of the term insurance policies offered can be considered comprehensive. However, the insurer’s brand equity and the associated credibility have helped it retain its popularity. Thus, we have ranked it as the 7th best life insurance provider in the country. 

8. Aditya Birla Sun Life Insurance Co. Ltd.

• Metrics Comparison 

	Claim Settlement Ratio (CSR) of Aditya Birla Sun Life (2021 - 2024)		Amount Settlement Ratio (ASR) of Aditya Birla Sun Life (2021 - 2024)		Complaint Volume of Aditya Birla Sun Life (2021 - 2024)		Annual Business (in crores) of Aditya Birla Sun Life (2021 - 2024)
	Aditya Birla Sun Life	Industry	Aditya Birla Sun Life	Industry	Aditya Birla Sun Life	Industry (median)	Aditya Birla Sun Life	Industry
2021-2022	99.34%	97.55%	96.15%	94.10%	6.2	17	₹5,665.0	₹13,873.8
2022 - 2023	98.12%	98.19%	92.23%	93.32%	4	16	₹7,672.8	₹17,182
2023 - 2024	98.49%	98.73%	94.47%	94.88%	1	15.15	₹8,100	₹17,154.28
Average (2021 - 2024)	98.65%	98.13%	94.30%	94.17	3.7	15	₹7,146	₹16,265.05

Insight: Aditya Birla Sun Life has one of the best data across CSR, ASR, and complaint volume metrics. While the average annual business value might not be high enough, the insurer is on the right track. 

• Best Aditya Birla Sun Life Term Insurance Policy Options

1. Life Shield Plan - Aditya Birla Sun Life’s Life Shield Plan offers well-rounded coverage with features like life-stage protection, multiple payout options, and a built-in terminal illness benefit. It includes eight plan variants, each tailored to meet different protection needs. Key riders and add-ons include:

• Waiver of Premium for Critical Illness: Future premiums are waived if diagnosed with any of 14 listed critical illnesses, keeping the policy active.
• Critical Illness Rider: Offers a lump sum payout upon diagnosis of any of four covered critical illnesses.
• Waiver of Premium for Total and Permanent Disability: If permanently disabled, all future premiums are waived while coverage continues.
• Accidental Death Benefit Rider: Provides an additional lump sum if death occurs due to an accident.
• Joint Life Protection: This covers the policyholder and their spouse. If the spouse dies first, the policyholder receives the benefit and vice versa. After both pass away, the nominee receives the final benefit.
• Accidental Death Benefit Plus Rider: Pays an extra sum in case of disability or death due to an accident on top of the base death benefit.
• Terminal Illness Benefit: Pays 50% of the death cover upon diagnosis of a terminal illness, with the remaining paid after death.

2. DigiShield - DigiShield is a flexible and affordable term plan with 10 different coverage options designed for varied financial goals. It includes:

• Waiver of Premium Benefit: Premiums are waived if the insured is diagnosed with one of 42 listed critical illnesses or becomes disabled due to an accident.
• Accidental Death Benefit Rider: In case of accidental death, the nominee receives both the base and rider sum assured. The Plus version also refunds all premiums (with interest) paid from the accident date.
• Critical Illness Benefit Rider: Covers 42 illnesses, offering a lump sum between ₹5 lakh and 50% of the base cover (up to ₹50 lakh). A separate rider covers four key illnesses.
• HospiCare Benefit: Provides a lump sum if hospitalized for over 24 hours for necessary treatment or surgery.
• Return of Premium and Life Stage Benefits: Additional features that enhance value and adaptability.
• Saral Jeevan Bima - This basic term insurance plan offers coverage extending from ₹5 lakhs to ₹25 lakhs. The plan extends the basic death benefit perk and a single rider, the Accidental Death Benefit. 

3. Quick Note: Aditya Birla Sun Life Insurance is a credible life insurer with great data across its metrics of ASR, CSR, complaint volume, and annual average business. However, the options are limited in terms of its term insurance plans. On the other hand, the insurer’s low complaint volume is a definite plus that earns it a position as the 3rd best life insurance company in India. 

9. Kotak Mahindra Life Insurance Co. Ltd.

• Metrics Comparison 

Claim Settlement Ratio (CSR) of Kotak Mahindra Life (2021 - 2024) Amount Settlement Ratio (ASR) of Kotak Mahindra Life (2021 - 2024) Complaint Volume of Kotak Mahindra Life (2021 - 2024) Annual Business (in crores) of Kotak Mahindra Life (2021 - 2024) Kotak Mahindra Life Industry Kotak Mahindra Life Industry Kotak Mahindra Life Industry (median) Kotak Mahindra Life Industry 2021-2022 98.82% 97.55% 95.53% 94.10% 5.4 17.00 ₹6,142.8 ₹13,873.8 2022 - 2023 98.50% 98.19% 93.88% 93.32% 7.7 16.00 ₹7,668.7 ₹17,182 2023 - 2024 98.44% 98.73% 94.59% 94.88% 6.9 15.15 ₹8,657 ₹17,154.28 Average (2021 - 2024) 98.59% 98.13% 94.7% 94.17% 6.7 15.00 ₹7,489 ₹16,265.05

Insight: While Kotak Mahindra Life is a credible insurer on paper, if you consider the data of CSR, ASR, complaint volume, and annual average business income, the insurer has yet to come up with a list of comprehensive term insurance plans. 

• Best Kotak Mahindra Life Term Insurance Policy Options 

1. Kotak e-Term—The Kotak e-Term Plan is a simple and flexible term insurance policy with three coverage options and optional riders for added protection:

• Life: Basic plan offering a lump sum payout to beneficiaries on death.
• Life Plus: Includes the base death benefit plus an additional payout (up to ₹1 crore) in case of accidental death.
• Life Secure: Offers a death benefit and waives all future premiums if the insured suffers a total and permanent disability.

You can also enhance your coverage with the Critical Illness Rider, which pays an extra lump sum if diagnosed with any of 37 specified critical illnesses.

2. Kotak Term Plan - This is not such a comprehensive policy offering coverage of only ₹3 lakhs to ₹24,99,999 and only 3 riders - Critical Illness Plus Benefit Rider, Accidental Death Benefit, and Permanent Disability Rider.
3. Kotak Saral Jeevan Bima - This affordable term insurance plan offers coverage of ₹5 lakhs to ₹25 lakhs and a special premium rate chart for women. Unfortunately, the plan provides no riders, leaving no room for customization. 

CONCLUSION: Kotak Life Insurance may prove to be a credible insurer. However, as a life insurance provider, the insurer doesn’t have much to offer - no comprehensive plans, lacking riders, and not exactly a top pick. And yet, since Kotak is a marquee company in the banking industry, we can be reasonably sure of longevity of the insurer as well. 

10. PNB MetLife India Insurance Co. Ltd.

• Metrics Comparison 

	Claim Settlement Ratio (CSR) of PNB MetLife (2021 - 2024)		Amount Settlement Ratio (ASR) of PNB MetLife (2021 - 2024)		Complaint Volume of PNB MetLife (2021 - 2024)		Annual Business (in crores) of PNB MetLife (2021 - 2024)
	PNB MetLife	Industry	PNB MetLife	Industry	PNB MetLife	Industry (median)	PNB MetLife	Industry
2021-2022	97.33%	97.55%	93.35	94.10%	36	17	7,789.40	₹13,873.8
2022 - 2023	99.09%	98.19%	95.77	93.32%	64	16	11,372.20	₹17,182
2023 - 2024	99.20%	98.73%	97.44	94.88%	65	15.15	3,410	₹17,154.28
Average (2021 - 2024)	98.54%	98.13%	95.5	94.17	55	15	7,524	₹16,265.05

Insight: PNB MetLife India Insurance has excellent numbers across CSR and ASR. However, the insurer has a very high complaint volume, which is a concern for us since it reflects its overall operational efficiency. Additionally, the company's average annual business income needs some improvement. 

• Best Term Insurance Policies 

1. PNB MetLife Mera Term Plan - This is a comprehensive policy that comes with 4 variants - Lump Sum Death Benefit, Lump Sum Death Benefit + Regular Monthly Income, Lump Sum Death Benefit + Increasing Monthly Income, and Lump Sum Death Benefit + Regular Monthly Income till the child turns 2.

The plan also offers a few riders, including the Serious Illness Rider, Accidental Death Benefit Rider, Critical Illness Rider, and Accidental Disability Benefit Rider.

The list of in-built features includes perks like joint life cover, life stage benefits, and more. 

2. PNB MetLife Mera Term Plus Plan - This vanilla term insurance plan includes riders like the Critical Illness Rider, Accidental Death Benefit Rider, Critical Illness Rider, and Accidental Disability Benefit Rider. The plan also has a few variants: Life, Life Plus, and Life Plus Health. 
3. PNB MetLife Saral Jeevan Bima—This is a pure term insurance plan offering no riders for customization and minimal coverage that extends from ₹5 lakhs to ₹50 lakhs. 
4. Aajeevan Suraksha Plan - The Aajeevan Suraksha Plan offers various options to suit different needs, including a return of premium feature that refunds all premiums paid if the policyholder survives to maturity. 

There are four plan variants: Lump Sum, where the death benefit is paid as a lump sum upon death or terminal illness diagnosis; Life Partner, which covers the spouse with 50% of the primary policyholder's sum assured, ensuring continued coverage and benefits upon either party’s death; Fixed Income, which provides a lump sum payment equal to 100 times the chosen monthly income, along with a fixed monthly income for 10 years; and Increasing Income, similar to Fixed Income but with a 10% annual increase in the monthly income for the next 10 years. 

Additionally, the plan offers riders like the Accidental Death Benefit Rider for extra coverage in case of accidental death and the Serious Illness Rider, which provides a lump sum on the diagnosis of any of 10 specified serious illnesses.

Quick Note: PNB MetLife India Insurance is on its way to becoming a credible life insurer. However, it is still a Public Sector insurer, and as of now, the complaint volume of this insurer, accompanied by the list of term insurance policies that are not comprehensive, makes it rank 10th in our list of top 10 insurance company in India.

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Importance of a Life Insurance Policy

1. Financial Protection:

Life insurance acts as a financial safety net for your loved ones after your death. The sum assured is determined by your number of dependents, major life goals (like education or marriage), and existing liabilities, ensuring your family remains financially secure in your absence.

2. Loan Facility:

Some insurers allow you to use your policy as collateral to secure loans for child education, emergencies, or life goals.

3. Health Coverage Add-ons:

Optional riders like Critical Illness and Terminal Illness benefits cover treatment costs:

• Critical Illness Benefit: A lump sum is paid on diagnosis of specified illnesses, which can be used for medical or personal expenses.
• Terminal Illness Benefit: If diagnosed with a terminal condition, the cover amount is disbursed in advance for treatment or other needs.

4. Wealth Building (ULIPs):

Certain policies, like ULIPs, combine insurance with market-linked investments, offering potential returns. However, mixing investments with insurance carries risks—market fluctuations may affect benefits and increased premiums, compromising the core goal of protection.

5. Tax Benefits:

To encourage adoption, life insurance offers several tax perks under the Income Tax Act -

Income Tax Act	Tax Benefit Details
Section 80C	Premiums paid on life insurance policies and its riders are eligible for deduction under Section 80C. The deductions are capped at ₹1.5 lakhs/year.
Section 10(10D)	The maturity amount and death benefit received from a life insurance policy are exempt from income tax under Section 10(10D). The deductions have no capping. (However, there are certain terms and conditions).
Section 80CCC	Premiums paid for pension plans offered by life insurance companies are eligible for deduction under Section 80CCC. There is an overall limit with Section 80C.

Types of Life Insurance in India

• Term Life Insurance

This is a straightforward insurance policy designed to offer financial security for a specified period—typically 10, 20, 30, or 40 years. If the policyholder passes away during this period, their family receives a tax-free payout as per Section 10(10D). Policyholders can enhance their coverage with various optional add-ons (riders) to tailor the plan according to their needs.

Ditto’s Take: This is one of the most simple and affordable ways to secure your future. The scope of customization is massive, and with the right choice of plans, you can actually plan out your family’s future without a worry about the “what ifs.”

• Whole Life Insurance

Unlike term plans, whole life insurance provides lifelong coverage, usually up to the age of 99. In addition to the death benefit, these plans often build a cash value component over time, which may be accessible to the policyholder.

Ditto’s Take: While this may seem like a great umbrella-protection approach to secure your family’s financial future goals in the event of your unfortunate absence, the premiums are way higher than that of standard term insurance plans. 

• Endowment Plans

This policy merges life cover with a savings component. If the policyholder survives the policy term, a lump sum (maturity benefit) is paid out. In the event of death during the term, the nominee receives the sum assured. Due to the dual benefit, premiums are generally higher compared to pure term plans.

Ditto’s Take: In this case, the premium might not be worth it, considering that the insurer charges you pretty high since it’s offering you a payout either way (whether you survive the plan - maturity benefit, or not - death benefit). 

• ULIPs (Unit Linked Insurance Plans)

ULIPs offer a combination of life insurance and market-linked investments. A portion of the premium goes towards life cover, while the rest is invested in funds selected by the policyholder based on their risk profile. This dual-benefit product allows for both protection and wealth creation.

Ditto’s Take: Since the product is market-linked, it’s open to market fluctuations. Thus leaving you vulnerable to risks in terms of investments. We would rather have you opt for 2 different products - 1 that is risk-free (say a pure term plan) and will back up your family in case the worst happens and the other, a risk-based profile that might get you some returns on your investment (Mutual funds/NPS)

• Group Life Insurance

This is a life insurance policy that covers a group of people under one single plan. It's usually offered by employers to their employees as a part of their benefits package.

Instead of each person buying their own individual policy, the employer (or organization) buys one policy that covers everyone in the group. If someone covered under the plan passes away, their family receives a death benefit

Group life insurance is typically low-cost or even free for employees, with coverage automatically provided as long as you're part of the organization. The insured amount is usually fixed or linked to your salary, and many plans offer the option to purchase additional coverage at your own expense.

Ditto’s Take: Since it’s provided by the employer and partially paid off by the company, it’s affordable. There are no doubts about whether you should opt for it or not. However, this can’t be the only life insurance plan that you have since a change in company would mean you lose out on the perks. So, we would suggest that you enjoy the group life insurance plan while purchasing a separate term insurance policy, too. 

• Retirement or Pension Plans

These insurance plans are designed to help build a financial cushion for post-retirement life. The accumulated corpus is paid out either as regular pension payments or a lump sum upon retirement, ensuring continued financial independence in later years.

Ditto’s Take: A great backup as a life insurance plan. However, you might want to weigh out its pros and cons and decide upon whether the premiums are worth the perks because, after all, this is about when you no longer have an active source of income. 

How to Choose the Best Life Insurance Company?

To determine the top life insurers in the country, we have to focus on their credibility and the diversity of their product portfolio. Thus, we have taken the metrics like 

• Claim Settlement Ratio (CSR): This will help you analyse the number of claims an insurer has settled across a year against the number of claims the insurer has received in a year. While this is one of the primary metrics used to determine an insurer's credibility, it can’t be the only data you rely on when choosing a life insurance provider. For an insurer to be credible, it is absolute that it must have a CSR of 97 and above. Any insurer with a CSR of 80 or less, or 100 or more - is best avoided, considering that they reflect delayed claim settlements or higher chances of rejected claims. 
• Amount Settlement Ratio (ASR): The ASR gives you an idea of whether the insurer is just settling multiple claims of smaller amounts to game its CSR or is settling all its claims irrespective of the size of the claim amount. This is particularly effective and is a great metric to rely on, considering that an insurer with an ASR of 90 or above will never pose any hassles for your nominee to settle your claim, irrespective of how high or low the claim amount is. 
• Complaint Volume: Whether an insurer offers hassle-free claim settlement or not is well established by this metric. Since complaints against an insurer are often rooted in issues across claim settlement, the lower the complaint volume, the better the insurer is in settling claims (regarding speed and efficiency). After all, the last thing you want for your family is to go through hassles when they claim the death benefit, considering their existing financial and emotional vulnerability from the loss of a family member. 
• Annual average business: This is not precisely a metric to determine the credibility of an insurer. However, acknowledging the annual average business of an insurer guarantees that you are aware of the size of the insurer’s business and its possible client base. Considering you are entrusting such a sizeable cover amount to the insurer, it is preferred that the provider is a medium- or large-size brand with a solid client base that reflects its credibility and extensive insurance track history. 

Apart from these, you would also need to compare a few other factors like - 

• Premiums charged
• In-built features of the policy in discussion 
• Customer ratings and reviews. 

There is one more crucial angle that you need to consider - term insurance riders. Here is a quick look at some of the top term insurance riders - 

1. Critical Illness Rider

This popular add-on pays you a lump sum if you're diagnosed with a listed critical illness (like cancer, heart disease, etc.). You can use the money however you like—treatment, daily expenses, or even savings.

There are two types:

• Standard: The payout is in addition to your life cover. If you later pass away, your family still gets the full sum assured.
• Accelerated: The payout is deducted from your base cover, but you get the money faster.

Top plans cover anywhere from 20 to 64 critical illnesses. Experts usually recommend this rider for extra financial cushion during tough times.

2. Waiver of Premium

If you’re diagnosed with a critical illness or become permanently disabled, paying future premiums could get tough. This rider ensures your policy stays active without requiring further payments. It’s a great way to keep your coverage without straining your finances.

3. Accidental Total and Permanent Disability Rider

If an accident leaves you permanently disabled (think loss of limbs or eyesight), this rider gives you either a lump sum or monthly income payout, depending on your plan. It’s there to support you financially when your earning ability takes a hit.

Some plans offer this as a standalone rider, while others bundle it with income or critical illness benefits.

4. Life Stage Benefit

Big life events—marriage, kids, home loans—can increase your financial responsibilities. This rider lets you bump up your coverage during such milestones, so your insurance keeps pace with your life.

5. Accidental Death Benefit

This one’s especially handy for frequent travelers or business owners. If you pass away due to an accident, your family gets an extra payout on top of the base cover. It's a way to provide extra financial security. However, if you need the extra cover, we would recommend opting for a higher base cover, which already covers all kinds of death (including accidents)

6. Increasing/Decreasing Cover Option

While standard policies have fixed coverage, life doesn’t stay the same.

• The Increasing Cover Rider raises your sum assured each year up to a limit to keep up with inflation.
• The Decreasing Cover Rider lowers your coverage over time, but we recommend skipping it—your family's needs may still grow, even if your dependents become financially independent.

Instead, use a free calculator to find your ideal cover based on age, dependents, retirement age, liabilities, and inflation.

7. Return of Premium Rider

Not a fan of "use it or lose it" insurance? This rider refunds your premiums if you survive the policy term (excluding taxes and rider costs).

Sounds tempting, but the higher premiums rarely justify the return. You're better off investing that extra money elsewhere.

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Conclusion

Availing of a life insurance policy is no longer a question of “should I or should I not?” 

Mostly, now, it’s all about 

1. What type of life insurance plan should I avail?
2. Which life insurance provider should I trust? 
3. How do I decide which of the top 10 life insurance policy in India is best suited for my requirements/goals

And, this is understandable, considering that life insurance policies are crafted to act as your income replacement in the case something unfortunate happens. Such caution when dealing with financial products is a welcome notion. 

We would suggest that you go through this blog and then reach out to IRDAI-certified experts to learn about the top 10 insurance company in India, the best term insurance policies, and the best ways to compare term insurance plans before you purchase a policy. 

FAQs About Life Insurance Companies in India

Disclaimer

The details, facts, or figures provided in this article are based on publicly available sources, including IRDAI reports. Readers are advised to verify the latest information from official insurance company websites before making financial decisions. We do not promote or endorse any specific insurance provider.