Top 10 Best Life Insurance Company in India You May Never Have Heard Of

Top 10 Best Life Insurance Company in India You May Never Have Heard

India’s life insurance market is often dominated by LIC and a few big private players, but there are hidden gems worth knowing. In this article, we spotlight the top 10 best life insurance company that fly under the radar.

These insurers are relatively new or niche, yet they offer compelling products, high claim settlement ratios, and innovative services. By exploring their headquarters, founding year, flagship plans and IRDAI claim ratios, we reveal why each deserves attention. Our goal is to help readers discover lesser-known players among the top 10 best life insurance company in India that deliver strong value.

Bandhan Life Insurance Co. Ltd (formerly Aegon Religare Life)

Bandhan Life Insurance Company Limited is a Mumbai-headquartered insurer that began operations in July 2008. It was formed as a joint venture between Bandhan N.V. (a global insurer) and Bennett Coleman (Times Group). Bandhan Life focuses on digital and affordable plans, simplifying the buying process top 10 best life insurance company.

• Headquarters & Founded: Mumbai; founded 2008.
• Notable Products: Term insurance (e.g. Akhil Bharat Term Plan, Insta Pension), ULIPs (iInvest Advantage), investment/savings plans and child plans.
• IRDAI Claim Settlement Ratio: Bandhan Life settled all claims (100%) in FY2023-24.
• Unique Strengths: Fast digital issuance (policies in 2 days) and a hassle-free claims process. It leverages Bandhan Bank and Times Group networks for distribution. Bandhan Life was recognized for quick onboarding and maintains a 100% claim settlement record.

Edelweiss Life Insurance (formerly Edelweiss Tokio Life)

Edelweiss Life Insurance is the rebranded name of Edelweiss Tokio Life Insurance. It is headquartered in Mumbai and commenced business in 2011. This JV (Edelweiss Financial Services with Japan’s Tokio Marine) emphasizes digital innovation and customer-centric services top 10 best life insurance company.

• Headquarters & Founded: Mumbai; established 2011.
• Notable Products: ULIP plans (e.g. Wealth Rise+, Wealth Plus), comprehensive term plan (Zindagi Protect Plus) and guaranteed income plans (Premier Guaranteed Star).
• IRDAI Claim Settlement Ratio: ~99.23% in FY2023-24 (its highest ever) – nearly all claims were honored.
• Unique Strengths: Strong digital platform (instant issuance, unified agent app) and a data-driven approach to streamline buying and claims. The company’s 2024 rebranding emphasizes simplicity and innovation. With Generali backing and a 109-branch network, it rapidly grew (~40% CAGR) and was able to honor all death claims it received (99.23% CSR).

Future Generali India Life Insurance Co. Ltd

Future Generali India Life is a joint venture of Generali (Italy) and India’s Future Group. Headquartered in Mumbai, it began operations in 2006. This insurer offers a full suite of protection and savings products through a nationwide bancassurance network (1300+ branches) top 10 best life insurance company.

• Headquarters & Founded: Mumbai; founded 2006.
• Notable Products: Term plans (Saral Jeevan Bima), ULIPs (Big Dreams Plan, Dhan Vridhi), child education and retirement annuity plans.
• IRDAI Claim Settlement Ratio: 100% (all 931 claims settled) in FY2023-24.
• Unique Strengths: Global expertise via Generali ensures robust product design, and its wide branch network spans 1300+ locations. It serves both individual and group segments with tailored solutions. In FY24, Future Generali honored every claim it received (100% CSR), reflecting strong financial health.

Canara HSBC OBC Life Insurance Company Ltd

Canara HSBC Oriental Bank of Commerce Life Insurance (branded Canara HSBC Life) is a JV between Canara Bank (51%), HSBC (26%) and OBC (23%). Launched in 2008, it is headquartered in Gurgaon, Haryana. The company operates on a bancassurance model, tapping into Canara/OBC’s 9000+ branches and 6+ crore customer base top 10 best life insurance company.

• Headquarters & Founded: Gurgaon, Haryana; founded 2008.
• Notable Products: Term plans (Young Term Plan, iSelect Smart360 Term Plan), savings plans, ULIPs and annuities.
• IRDAI Claim Settlement Ratio: 100% of individual claims settled (2444 of 2444) in FY2023-24.
• Unique Strengths: Massive bancassurance reach through partner banks (9000+ branches, ~60 million customers). It offers competitive pricing and customer-friendly processes. Canara HSBC leverages deep rural knowledge (via OBC) and global expertise (via HSBC). Its flawless claim record (100% settlement) underscores reliable service.

Ageas Federal Life Insurance Co. Ltd (formerly IDBI Federal)

Ageas Federal Life (previously IDBI Federal) is a joint venture of Belgium’s Ageas (74%) and India’s Federal Bank (26%). It started in 2008 and is headquartered in Mumbai. The company focuses on protection (term and ULIP) and retirement plans, with a modern digital platform for agents and customers top 10 best life insurance company.

• Headquarters & Founded: Mumbai; founded 2008.
• Notable Products: FulFlex (non-linked term plan), APNA Pension, Guaranteed Savings Plan, rider covers (Accident, Disability).
• IRDAI Claim Settlement Ratio: 100% (1182/1182) of claims settled within 30 days in FY2023-24.
• Unique Strengths: Distribution through Federal Bank and IDBI Bank branches; Ageas Federal leverages Ageas’ global insurance expertise. Its products cater to both mass and affluent segments. Achieving a 100% claim settlement ratio demonstrates its efficient claims process. The insurer also promotes flexible premium and benefit options, backed by strong solvency.

Bharti AXA Life Insurance Co. Ltd

Bharti AXA Life Insurance (a JV of Bharti Group and France’s AXA) began operations in 2006. It is based in the Delhi-NCR region. Bharti AXA positions itself as customer-centric, aiming to “make insurance simple” with a broad product suite and digital services top 10 best life insurance company.

• Headquarters & Founded: (National Capital Region); founded 2006.
• Notable Products: Term plans (e.g. iProtect), savings & child plans (Achiever plan), ULIPs and guaranteed income plans.
• IRDAI Claim Settlement Ratio: ~99.18% (for individual claims in FY2024-25).
• Unique Strengths: Strong focus on ease of purchase (online buying, simplified claims) and high transparency. Bharti AXA boasts one of the highest claim approval rates (nearly 99% settled). It has also pioneered bancassurance tie-ups (e.g. with Airtel Payments Bank) to reach younger customers.

Aviva Life Insurance India Ltd

Aviva Life Insurance India (JV of UK’s Aviva plc and Dabur) launched in 2008. It is headquartered in Gurugram, Haryana. Though relatively small, Aviva India offers a range of life and savings plans and emphasizes reliable service top 10 best life insurance company.

• Headquarters & Founded: Gurugram, Haryana; founded 2008.
• Notable Products: Term plans (Protection Plus, Jana Suraksha), savings/ULIPs (Aviva Annuity Plus, New Assured Wealth), child education plans.
• IRDAI Claim Settlement Ratio: 100% of reported individual claims were settled in FY2023-24.
• Unique Strengths: Backed by a global insurer (Aviva plc), it focuses on guaranteed benefit products (e.g. pension plans) and high service standards. Aviva India achieved ISO 9001 certification for quality. Even with a modest customer base, it maintained a perfect claim record. Its niche lies in reliable claim support and products with bonus/guaranteed components.

IndiaFirst Life Insurance Co. Ltd

IndiaFirst Life is a joint venture of Bank of Baroda (44%), Andhra Bank (30%) and Legal & General (26%). Established in 2009, it is headquartered in Mumbai. The company offers protection, wealth and retirement solutions with an emphasis on emerging segments top 10 best life insurance company.

• Headquarters & Founded: Mumbai; founded 2009.
• Notable Products: Maha Jeevan (income) Plan, Cancer Shield (critical illness), Smart Pension, and child education plans.
• IRDAI Claim Settlement Ratio: 99.94% (3298/3300) for individual policies in FY2023-24.
• Unique Strengths: Bank ownership (via BoB/Union Bank) provides deep reach. IndiaFirst Life leverages L&G’s global insights. It has been consistently profitable and affordable. Its nearly-100% claims payout and focus on vernacular marketing make it a trusted choice among our top 10 best life insurance company picks.

Shriram Life Insurance Co. Ltd

Shriram Life Insurance (SLIC) was established in 2005 as part of the Shriram Group (a major NBFC). Its head office is in Hyderabad. Shriram Life targets underserved segments, including rural and low-income urban customers, with low-cost life products top 10 best life insurance company.

• Headquarters & Founded: Hyderabad; founded 2005.
• Notable Products: Shriram Lifelong Assurance (ULIP), Shriram Krishna Plan (endowment), term plans and group schemes. Many offerings cater to women and rural households.
• IRDAI Claim Settlement Ratio: ~98.76% (3752/3799) in FY2023-24.
• Unique Strengths: Strong rural focus (44% of its premiums come from rural areas) and financial inclusion ethos. SLIC is known for efficient operations and low overhead. It has won awards for digital claims initiatives. Its low premiums and micro-insurance options help it serve those often ignored by larger insurers.

Star Union Dai-ichi Life Insurance Co. Ltd (SUD Life)

Star Union Dai-ichi Life (SUD Life) is a joint venture formed in 2009 between Bank of India, Union Bank of India and Japan’s Dai-ichi Life. It leverages PSU bank networks to offer life insurance widely top 10 best life insurance company.

• Headquarters & Founded: (Initial JV in Mumbai) formed 2009.
• Notable Products: SUD Smart Plus, Life Rakshak term plans, Jeevan Anand (income), and credit-linked group products. It also runs government schemes (PMJJBY, PMSBY) covering millions via banks.
• IRDAI Claim Settlement Ratio: 98.6% settled as of FY2023-24.
• Unique Strengths: Enormous branch reach (19,500+ bank branches nationwide). It is among the fastest-growing insurers, with a large rural footprint. SUD Life’s promoters bring 100+ years of banking heritage, and it plays a major role in government insurance programs (covering 1.38+ crore lives under PMJJBY). This depth of reach makes it a distinctive member of the top 10 best life insurance company list.

Conclusion

Each of these emerging insurers demonstrates why they belong in the top 10 best life insurance company list of India’s hidden gems. They combine solid financials (often multinational JV backing), innovative products, and surprisingly high claims performance. Many have 99–100% IRDAI claim settlement ratios, rivaling or even exceeding larger peers. Their strengths – digital-first issuance, focus on specific customer segments, and extensive bancassurance networks – set them apart.

In summary, the top 10 best life insurance company featured here deserve attention not just for their novelty, but for delivering reliable coverage and customer-friendly services. Readers interested in life insurance may find that these lesser-known companies offer compelling alternatives to the usual big names.