Life insurance

Insurance in India can be divided into Life and non-life. Life insurance provides a lump sum amount of sum assured at the time of maturity or in case of death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset.

There are two simple types of life insurance policies:

1. Pure Protection plan i.e., Term Insurance Plan

2. Return on premium ie; Savings Plan

Pure Protection plans are specifically designed to protect the future of your family by providing a lump sum payment, in case of death. Whereas a savings plan is a financial product that helps in planning long-term goals like buying a home, fees for children’s higher education, and more while providing life coverage benefits. Some insurance companies offer return of premium with interest on Savings plan.

Here is a list of Life Insurance companies registered by IRDA (Insurance Regulatory and Development Authority of India);

List of Life Insurance Companies in India
1.Aegon Life Insurance Co. Ltd.
2.Aviva Life Insurance Co. India Ltd.
3.Bajaj Allianz Life Insurance Co. Ltd.
4.Bharti AXA Life Insurance Co. Ltd.
5.Birla Sun Life Insurance Co. Ltd.
6.Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
7.DHFL Pramerica Life Insurance Co. Ltd.
8.Edelweiss Tokio Life Insurance Co. Ltd
9.Exide Life Insurance Co. Ltd.
10.Future Generali India Life Insurance Co. Ltd.
11.HDFC Standard Life Insurance Co. Ltd.
12.ICICI Prudential Life Insurance Co. Ltd.
13.IDBI Federal Life Insurance Co. Ltd.
14.IndiaFirst Life Insurance Co. Ltd
15.Kotak Mahindra Old Mutual Life Insurance Ltd.
16.Life Insurance Corporation of India
17.Max Life Insurance Co. Ltd.
18.PNB MetLife India Insurance Co. Ltd.
19.Reliance Life Insurance Co. Ltd.
20.Sahara India Life Insurance Co. Ltd.
21.SBI Life Insurance Co. Ltd.
22.Shriram Life Insurance Co. Ltd.
23Star Union Dai-Ichi Life Insurance Co. Ltd.
24.Tata AIA Life Insurance Co. Ltd.

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