Today I’m going to share with IRDA registered life insurance companies list. These companies have valid license issued by the Insurance Regulatory and Development Authority of India to carry out life insurance business in the country. Make sure to check registration of a company before you buy a policy.
We have seen a significant growth in the insurance market around the globe. This sector has also evolved significantly in India. Rapidly growing insurance marketplace in India is luring many private and public sector companies.
Many renowned companies want to take advantage of this time and that’s why, the list of life insurance companies in India (public and private sector) is increasing day by day.
For your information, in India, all insurance companies run under the guidelines and rules of IRDAI (Insurance Regulatory and Development Authority of India). In terms to run insurance business in the country, a company will first need to obtain IRDA license.
Without a valid license no company can carry out insurance business.
Therefore, it’s mandatory for customers, to see whether their company has approval of IRDA or not?
Next, I am showing you IRDA registered life insurance companies list having valid license issued by Insurance Regulatory and Development Authority to provide life insurance services in India.
Wait! Before I share IRDA registered life insurance companies list with you, I want to share a very important thing which is:
If an insurance company has a valid license today then it might not have tomorrow. If IRDAI finds a company violating insurance selling guidelines then it can revoke license and ban that company.
Therefore always see updated list of life insurance companies in India by visiting official website of IRDA.
Here you should also keep in mind that companies listed below are allowed to provide only life insurance related services. Some of these life insurers are not allowed to provide services related to general insurance which includes motor insurance, home insurance, health insurance and the like.
IRDA registered life insurance companies
|Life Insurance Companies||Customer Care Number||Claim Settlement Ratio (%)|
|Aditya Birla SunLife Insurance Co. Ltd.||18602669966||97.15|
|Aegon Life Insurance Company Limited||18001204433||96.45|
|Aviva Life Insurance Company India Ltd.||18001037766||96.06|
|Bajaj Allianz Life Insurance Co. Ltd.||18002097272||99.18|
|Bharti AXA Life Insurance Company Ltd.||18001024444||97.28|
|Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited||18001030003||94.04|
|Pramerica Life Insurance Co. Ltd.||18001027070||Not Obtained|
|Edelweiss Tokio Life Insurance Company Limited||18002121212||95.82|
|Exide Life Insurance Co. Ltd.||18004190808||96.40|
|Future Generali India Life Insurance Company Limited||18001022355||95.15|
|HDFC Standard Life Insurance Co. Ltd.||18003157373||99.03|
|ICICI Prudential Life Insurance Co. Ltd.||18602667766||98.6|
|IDBI Federal Life Insurance Company Limited||18002090502||95.79|
|IndiaFirst Life Insurance Company Ltd.||18002098700||94.23|
|Kotak Mahindra Life Insurance Co. Ltd.||18002098800||97.40|
|Life Insurance Corporation of India||02268276827||97.79|
|Max Life Insurance Co. Ltd.||18601205577||98.74|
|PNB MetLife India Insurance Co. Ltd.||18004256969||96.21|
|Reliance Nippon Life Insurance Company||18001021010||97.71|
|Sahara India Life Insurance Co. Ltd.||18001809000||Not obtained|
|SBI Life Insurance Co. Ltd.||18002679090||95.6|
|Shriram Life Insurance Co. Ltd.||18001022234|
|Star Union Dai-Ichi Life Insurance Co. Ltd.||18002668833||96.7|
|TATA AIA Life Insurance Co. Ltd.||18602669966||99.07|
Note: IRDA timely updates the registered life insurance companies in India list because some life insurance companies quit their business and some new companies get registered. Therefore, you are requested to visit the official website of the institution to see the up-to-date list. Also, claim settlement ratios mentioned above are obtained directly from insurers websites.
Here as an insurance advisor, I endeavor to help you choose a right policy. Here are some things you should take into account while purchasing a policy:
- Don’t just depend on your insurance agent’s recommendations, you should also give your equal participation in it because in the end of the day it’s you who will pay premiums and may face claim refusal (if chosen wrong policy). All you need to know is what are the different types of life insurance policies, what policy covers and how much cover should I take.
- Experts of this finance segment recommend insurance cover for up to 10-20 times of annual income.
- Read policy wordings clearly and understand everything before you pay your first premium.
- Try to know currency claim settlement ratio of the insurer to get hassle free claim settlements.
- Read customer reviews to know how good company’s services are.
- Pay premiums only through cashless payment channels, don’t pay in cash.
As like checking list of life insurance companies in India, It’s also very important to consider some crucial factors such agent license, choosing a right policy which actually fulfills your insurance needs, before buying insurance policy.
If you’re yet to pay your first premium then I strongly advise you read these posts, I promise you your time will not gone in vain. You will learn worth considering factors after reading these posts and will save decent money on premiums:
- 10 horrible mistakes to avoid while buying life insurance
- 9 questions you should ask your agent before you fill proposal form
- How to check if insurance company is legitimate
Frequently Asked Questions
How many life insurance companies are under IRDA?
Insurance marketplace in India is evolving rapidly and many private sector companies starting their business. As of April, 2020, there are total 24 life insurance companies in India including Life Insurance Corporation of India (LIC) who have license issued by IRDA to conduct insurance business in the country.
Who regulates insurance companies in India?
The Insurance Regulatory and Development Authority of India (IRDA) is responsible for regulating, monitoring and expanding insurance industry in India. Along with protecting the interests of the policyholders, it ensures that insurance marketplace is expanding in the country as expected.
Any business who wants to provide insurance services in the country needs to obtain license from the authority first. Before you buy an insurance policy make sure to see list of registered insurance companies.