Today in this article we will discuss about the Top 10 Largest Insurance Companies in India with PPT, PDF, INFOGRAPHIC and TABLES so, India’s insurance sector is one of the fastest-growing financial industries in the world. With a population of over 1.4 billion and rising awareness of financial security, the demand for life insurance, health insurance, and general (non-life) insurance has reached an all-time high. If you are searching for the top 10 largest insurance companies in India, the top 5 life insurance companies in India, the top 5 general insurance companies in India, or even the top 20 insurance companies in India, you have come to the right place.
This article is based on the latest 2026 data – including IRDAI official figures, market capitalisation, annual premium income, claim settlement ratios (CSR), and solvency ratios – to give you the most accurate and up-to-date ranking available.
Top 10 Largest Insurance Companies in India (2026) – Quick Reference Table
The table below ranks the top 10 insurance companies in India by market capitalisation and includes primary sector, CSR, and key financial indicators based on early 2026 data:
| Rank | Insurance Company | Primary Sector | Market Cap (Approx.) | Claim Settlement Ratio |
| 1 | LIC of India | Life | ₹5.58 Lakh Cr | 98.77% |
| 2 | SBI Life Insurance | Life | ₹2.1 Lakh Cr | 98.25% |
| 3 | HDFC Life Insurance | Life | ₹1.60 Lakh Cr | 99.49% |
| 4 | ICICI Lombard | General | ₹0.97 Lakh Cr | 90.30% |
| 5 | ICICI Prudential Life | Life | ₹0.74 Lakh Cr | 99.17% |
| 6 | IDBI Federal Life | Life | ₹0.65 Lakh Cr | – |
| 7 | Max Life Insurance | Life | ₹0.64 Lakh Cr | 99.72% |
| 8 | Go Digit General | General | ₹0.21 Lakh Cr | – |
| 9 | Star Health Insurance | Health | ₹0.25 Lakh Cr | 88.34% |
| 10 | New India Assurance | General | ₹0.25 Lakh Cr | 96.43% |
Source: IRDAI Official Data, Screener.in Financial Data, TickerTape Market Insights (Early 2026)
Also read: Top 10 Largest Insurance Companies in USA (.PDF + .PPTX)
Key Performance Metrics (2024–25)
The following metrics highlight how the top 4 publicly listed insurance companies compare on claim settlement and market value:
| Company | Claim Settlement Ratio (CSR) | Market Cap (Approx.) |
| LIC | ~98.48% | ₹5.58 Lakh Cr |
| SBI Life | ~98.25% | ₹2.9 Lakh Cr |
| HDFC Life | ~99.02% | ₹1.60 Lakh Cr |
| ICICI Prudential | ~99.17% | ₹93.96 Thousand Cr |
Life Insurance Market Dominance and Financials (FY 2024–25)
The life insurance market in India is dominated by a few giants that hold over 90% of the total market share. Here is the detailed breakdown:
| Company | Market Share | Annual Premium (Cr) | Solvency Ratio |
| LIC of India | 68.58% | ₹4,88,848 | 2.10 |
| SBI Life | ~9% | ₹56,984 | 1.96 |
| HDFC Life | 10.22% | ₹71,244 | 1.94 |
| ICICI Prudential | 6.02% | ₹40,910 | 2.02 |
| Max Life Insurance | ~2.5% | ₹35,221 | 2.01 |
Key Insight: LIC’s Assets Under Management (AUM) reached a historic ₹57.23 lakh crore in early 2026, making it India’s largest institutional investor. Private players like HDFC Life and Max Life consistently lead in Claim Settlement Ratios, often exceeding 99.5%.
Top 10 Largest Insurance Companies in India (2026) (PPT SLIDES)
#1. Life Insurance Corporation of India (LIC)
Type: Life Insurance | Ownership: Government of India | Market Cap: ₹5.58 Lakh Cr
LIC is the single largest insurance company in India and the country’s most trusted financial institution. Founded in 1956 following the nationalisation of 245 private insurers, LIC commands a dominant 68.58% share of India’s life insurance market. With over 290 million policyholders, a network of more than 1.3 million agents, and an AUM of ₹57.23 lakh crore, it is not only India’s largest insurer but also one of the largest institutional investors in the country.
LIC’s claim settlement ratio stands at 98.48–98.77%, and its solvency ratio of 2.10 is well above IRDAI’s mandated minimum of 1.5. It offers an extensive product range including term plans, endowment plans, ULIPs, pension products, and money-back policies. For rural India, LIC remains the only accessible insurer in many districts.
Why LIC Stands Out
- Holds 68.58% of India’s life insurance market – unmatched dominance
- Government-backed, guaranteeing policyholder security
- AUM of ₹57.23 lakh crore as of early 2026 – India’s largest institutional investor
- 98.77% claim settlement ratio with solvency ratio of 2.10
- Widest reach – active in rural, semi-urban, and urban India
#2. SBI Life Insurance
Type: Life Insurance | Ownership: SBI & BNP Paribas Cardif | Market Cap: ₹2.1 Lakh Cr
SBI Life Insurance is the largest private life insurer in India by new business premium and ranks second overall in the top 10 life insurance companies in India. Founded in 2001, it operates as a joint venture between the State Bank of India and BNP Paribas Cardif. Backed by SBI’s unparalleled network of over 22,000 branches, SBI Life reaches customers across every corner of the country through a strong bancassurance model.
With annual premium income of ₹56,984 crore, a CSR of 98.25%, and a solvency ratio of 1.96, SBI Life consistently outperforms most private sector peers. Its product line covers term insurance, ULIPs, savings-linked plans, child education plans, and retirement solutions.
SBI Life Key Strengths
- Largest private life insurer in India by new business premium
- Backed by SBI’s 22,000+ branch bancassurance network
- Annual premium income of ₹56,984 crore
- CSR of 98.25% and solvency ratio of 1.96
#3. HDFC Life Insurance
Type: Life Insurance | Ownership: HDFC Bank & abrdn (formerly Standard Life) | Market Cap: ₹1.60 Lakh Cr
HDFC Life Insurance is one of the top 5 life insurance companies in India and is widely regarded as the most innovative private insurer. Established in 2000, it consistently records one of the highest claim settlement ratios in the industry – 99.02% to 99.49% – which ranks it among the Efficiency Leaders according to IRDAI data. Its solvency ratio of 1.94 and annual premium income of ₹71,244 crore reflect strong financial health.
HDFC Life is known for its digital-first approach, offering fully paperless policy issuance, instant claim processing, and a comprehensive mobile app. It was the first Indian insurer to offer whole-life coverage up to age 99. The company offers term plans, ULIPs, cancer-specific policies, critical illness covers, and retirement plans.
HDFC Life Key Strengths
- CSR of 99.02–99.49% – consistently among India’s highest
- Annual premium income of ₹71,244 crore
- Solvency ratio: 1.94 (above IRDAI minimum of 1.5)
- Digital-first insurer with paperless policy issuance
- Unique whole-life and cancer-specific product offerings
#4. ICICI Lombard General Insurance
Type: General (Non-Life) Insurance | Ownership: ICICI Bank & Fairfax | Market Cap: ₹0.97 Lakh Cr
ICICI Lombard is the largest private-sector non-life (general) insurance company in India. It holds approximately 9.4% of the general insurance market, making it the leading private general insurer according to 2025 market share data. It specialises in motor insurance, health insurance, marine insurance, property insurance, and travel insurance.
With a CSR of 90.30% and a strong digital claim-processing infrastructure, ICICI Lombard is particularly popular for motor and health insurance. Its InstaSpect feature – which allows instant motor claim assessment through a mobile app – is one of the most cited examples of InsurTech innovation in India.
ICICI Lombard Key Strengths
- Largest private general insurer in India with 9.4% market share
- Market cap of ₹0.97 Lakh Cr – strongest private general insurer by valuation
- Industry leader in InsurTech and digital claim processing
- Comprehensive coverage: motor, health, marine, travel, property
#5. ICICI Prudential Life Insurance
Type: Life Insurance | Ownership: ICICI Bank & Prudential plc (UK) | Market Cap: ₹0.74 Lakh Cr
ICICI Prudential Life Insurance was the first private life insurer in India to cross ₹1 lakh crore in AUM. It is a joint venture between ICICI Bank and Prudential plc of the UK. Its CSR of 99.17% and solvency ratio of 2.02 make it one of the most financially robust private life insurers in the country. It consistently figures in the top 10 largest insurance companies in India by revenue.
ICICI Prudential is particularly strong in the ULIP segment and is known for its iProtect Smart term plan – one of India’s most-bought online term insurance products. It has a large and loyal customer base built on transparency, strong digital infrastructure, and a broad product portfolio.
ICICI Prudential Key Strengths
- CSR of 99.17% and solvency ratio of 2.02
- First private life insurer in India to cross ₹1 lakh crore AUM
- iProtect Smart – one of India’s most popular term plans
- Excellent digital claim and policy management platform
#6. Max Life Insurance
Type: Life Insurance | Ownership: Max Financial Services & Axis Bank | Market Cap: ₹0.64 Lakh Cr
Max Life Insurance earns the distinction of having one of the highest claim settlement ratios among all insurance companies in India – an outstanding 99.72% – making it the Efficiency Leader among private life insurers. Jointly held by Max Financial Services and Axis Bank, it has built a reputation for being the most customer-centric life insurer in India.
With annual premium income of ₹35,221 crore and a solvency ratio of 2.01, Max Life is financially sound and operationally excellent. Its Smart Term Plan allows policyholders to customise payout structures, choose between lump-sum and income-based benefits, and add riders for critical illness and disability.
Max Life Key Strengths
- CSR of 99.72% – highest among all private life insurers in India
- Solvency ratio of 2.01, well above regulatory requirements
- Annual premium income of ₹35,221 crore
- Highly customisable term plans with multiple payout options
- Consistently top-ranked in customer satisfaction surveys
#7. Bajaj Allianz Life Insurance
Type: Life Insurance | Ownership: Bajaj Finserv & Allianz SE (Germany)
Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv and Allianz SE – one of the world’s largest and most respected insurance groups. It is among the top 20 insurance companies in India and serves over 3 crore customers. What sets Bajaj Allianz apart is its extraordinary solvency ratio, which frequently exceeds 3.0 – making it one of the most financially stable insurers in the industry and a benchmark cited by IRDAI for financial stability.
Its diverse product portfolio spans term insurance, ULIPs, retirement plans, and children’s education plans. The company distributes products through agency, bancassurance, brokerage, and direct digital channels – one of the most comprehensive multi-channel setups in the Indian insurance industry.
Bajaj Allianz Life Key Strengths
- Solvency ratio frequently above 3.0 – industry benchmark for financial stability
- Over 3 crore customers served across India
- Allianz SE global backing provides world-class risk management expertise
- Strong multi-channel distribution: agency, bancassurance, digital, and broker
#8. Go Digit General Insurance
Type: General Insurance | Ownership: Fairfax Financial & Public (Listed on NSE/BSE) | Market Cap: ₹0.21 Lakh Cr
Go Digit General Insurance is one of the fastest-growing insurance companies in India and a standout InsurTech disruptor. Backed by global investor Fairfax Financial and co-founded by Kamesh Goyal, Digit has grown rapidly by offering simple, transparent, and digital-first insurance products. It is now listed on the NSE and BSE, making it one of the few publicly traded general insurers in India.
Digit offers motor insurance, travel insurance, health insurance, home insurance, and commercial insurance. Its mobile app allows customers to buy, manage, and claim insurance entirely online, often with same-day claim settlements for standard motor claims. It is among the top fastest-growing companies in the top 20 insurance companies in India list for 2026.
Go Digit Key Strengths
- One of India’s fastest-growing general insurers – digital-first model
- Publicly listed on NSE and BSE
- Same-day digital claim settlement for standard motor claims
- Simple, transparent policy documents – a major consumer differentiator
#9. Star Health and Allied Insurance
Type: Health Insurance | Ownership: Rakesh Jhunjhunwala Family Trust & Others | Market Cap: ₹0.25 Lakh Cr
Star Health and Allied Insurance is India’s largest standalone health insurer and one of the most recognised names in the top 5 general insurance companies in India in the health segment. Founded in 2006, it processes over 99% of claims in-house – without TPAs (Third Party Administrators) – resulting in faster and more accurate settlements. It has a hospital network of over 14,000 empanelled hospitals across India.
Star Health’s CSR of 88.34% reflects the challenges unique to health insurance (which tends to have higher denial rates due to pre-existing conditions and exclusions). Despite this, the company has among the highest customer loyalty scores in the health insurance segment. Its Family Health Optima and Senior Citizens Red Carpet plans are among India’s most popular health covers.
Star Health Key Strengths
- India’s largest standalone health insurer by premium income
- 14,000+ hospital network for cashless treatment
- In-house claim settlement – no TPA – means faster processing
- Family Health Optima and Senior Citizens Red Carpet – market-leading plans
- Fastest growing insurer in the standalone health segment
#10. New India Assurance
Type: General Insurance | Ownership: Government of India | Market Cap: ₹0.25 Lakh Cr
New India Assurance is the largest general insurer in India and is the market leader in the non-life insurance segment with a 15.1% market share. Founded in 1919 and nationalised in 1973, it is a Fortune 500 company with operations in over 25 countries – making it one of the top 10 insurance companies in the world in terms of global reach. Its CSR stands at a solid 96.43%.
New India Assurance covers motor insurance, marine insurance, fire insurance, health insurance, crop insurance, and travel insurance. It is the insurer of choice for large government contracts, industrial projects, and sovereign risk coverage. For businesses operating across India’s diverse geography, New India Assurance provides unmatched coverage breadth.
New India Assurance Key Strengths
- Largest public sector general insurer with 15.1% market share
- Fortune 500 company with operations in 25+ countries
- CSR of 96.43% – strong for the general insurance category
- Government-backed, with sovereign-level trust and security
- Preferred insurer for large industrial, government, and infrastructure projects
Top General (Non-Life) Insurance Companies in India: Market Share (2025)
The general insurance market is more fragmented than life insurance, with both public and private players competing fiercely – especially in motor and health insurance:
| Company | Type | Market Share (Approx.) | Notable Strength |
| New India Assurance | Public | 15.1% | Market leader, global presence |
| ICICI Lombard | Private | 9.4% | Largest private general insurer |
| United India Insurance | Public | ~7.2% | Wide rural reach |
| Oriental Insurance | Public | ~7.2% | Strong marine & fire insurance |
| Bajaj Allianz General | Private | 6.7–6.9% | Strong private player, highest solvency |
Specialised Health Insurance Leaders in India (2025–26)
Standalone health insurers are the fastest-growing segment of India’s insurance industry, driven by rising medical costs and post-COVID awareness. Here are the top health insurance brands:
- Star Health and Allied Insurance – India’s largest standalone health insurer with 14,000+ hospital empanelments and strong market share
- Niva Bupa Health Insurance – Known for high claim settlement speeds and innovative products like ReAssure 2.0
- Care Health Insurance – Strong in individual and family floater plans, fast cashless processing
- Tata AIG Health Insurance – Noted for one of the highest health claim settlement ratios in India at 91.07%
- HDFC Ergo Health Insurance – Popular Optima Restore plan with automatic restoration and no-claim bonus features
Sector-Wise Highlights (2026)
Market Dominance
LIC remains the single largest insurer in India, holding a commanding 68.58% share in the life insurance segment. No other insurer comes close to this level of market concentration. This dominance is supported by LIC’s government backing, legacy trust, and massive rural distribution network.
Efficiency Leaders
Private insurers like Max Life (99.72%), HDFC Life (99.49%), and ICICI Prudential (99.17%) consistently report the highest Claim Settlement Ratios in India. These companies invest heavily in in-house claim processing, digital infrastructure, and customer grievance resolution systems.
Fastest Growth Segment
Go Digit General and Star Health are among the fastest-growing insurance companies in India, driven by digital adoption and rising health insurance demand. The standalone health insurance segment is growing at double-digit annual rates, significantly outpacing traditional life insurance in premium growth.
Financial Stability Leaders
IRDAI requires a minimum Solvency Ratio of 1.5 for all insurers. Most top players maintain ratios well above this. Bajaj Allianz Life frequently leads this metric with a solvency ratio often above 3.0, demonstrating exceptional capital adequacy and long-term claim-paying ability. LIC (2.10), ICICI Prudential (2.02), Max Life (2.01), and SBI Life (1.96) all maintain strong solvency positions.
How to Choose the Right Insurance Company in India?
With 24 life insurance companies in India and over 30 general and health insurers, making the right choice can be overwhelming. Here are the five most important factors to evaluate:
1. Claim Settlement Ratio (CSR)
Always look for an insurer with a CSR above 95% for life insurance and 85%+ for health insurance. Max Life (99.72%), HDFC Life (99.49%), and ICICI Prudential (99.17%) lead in life insurance. For health, Tata AIG (91.07%) and Star Health are strong choices.
2. Solvency Ratio
The solvency ratio indicates an insurer’s ability to meet long-term debt obligations. IRDAI mandates a minimum of 1.5. Bajaj Allianz (3.0+), LIC (2.10), and ICICI Prudential (2.02) show exceptional capital strength. Always check this before committing to a long-term policy.
3. Persistency Ratio
The persistency ratio tells you how many policyholders renew their policies year over year. A high persistency ratio (above 80%) reflects customer satisfaction and confidence. LIC and HDFC Life typically lead in this metric due to strong brand trust.
4. Product Suitability and Premium Value
Different insurers excel in different segments. For pure term life insurance, Max Life and HDFC Life are hard to beat. For health insurance, Star Health and Niva Bupa are excellent. For general insurance, ICICI Lombard dominates among private insurers. Always compare coverage features, exclusions, waiting periods, and add-on riders – not just the premium.
5. Digital Accessibility and Customer Service
In 2026, a strong digital presence is essential. Go Digit, HDFC Life, ICICI Prudential, and Max Life all offer excellent mobile apps, online claim tracking, and digital policy management. If you value convenience and transparency, choose a digitally advanced insurer.
(FAQs):
Which is the No. 1 insurance company in India?
Life Insurance Corporation of India (LIC) is the No. 1 insurance company in India. It holds a 68.58% share of the life insurance market, with an AUM of ₹57.23 lakh crore and over 290 million policyholders.
What are the top 3 insurance companies in India?
The top 3 insurance companies in India by market capitalisation and overall market presence are LIC of India (₹5.58 Lakh Cr), SBI Life Insurance (₹2.1 Lakh Cr), and HDFC Life Insurance (₹1.60 Lakh Cr).
How many life insurance companies are there in India?
There are 24 life insurance companies in India registered with IRDAI – 1 public sector company (LIC) and 23 private sector companies including SBI Life, HDFC Life, ICICI Prudential, Max Life, Bajaj Allianz, and others.
What are the top 5 general insurance companies in India?
The top 5 general insurance companies in India are: New India Assurance (public, 15.1% market share), ICICI Lombard (private, 9.4% share), United India Insurance, Oriental Insurance (both public, ~7.2% each), and Bajaj Allianz General Insurance (private, 6.7–6.9% share).
Which insurance company has the best claim settlement ratio in India?
Among life insurers, Max Life Insurance leads with a CSR of 99.72%, followed by HDFC Life (99.49%) and ICICI Prudential Life (99.17%). Among health insurers, Tata AIG scores 91.07%, one of the highest in the category.
Is LIC better than private insurance companies?
LIC offers government-backed security, the widest rural network, and a CSR above 98%. However, private insurers like HDFC Life, Max Life, and ICICI Prudential offer superior CSRs (99%+), more flexible digital products, competitive term insurance premiums, and better technology infrastructure. The best choice depends on your specific needs and coverage goals.
What is the fastest growing insurance company in India?
Go Digit General Insurance and Star Health and Allied Insurance are widely recognised as the fastest-growing insurance companies in India, driven by digital adoption, rising health awareness, and strong brand recall among younger demographics.
Which insurance company has the highest solvency ratio in India?
Bajaj Allianz Life Insurance frequently leads with a solvency ratio above 3.0 – significantly higher than the IRDAI-mandated minimum of 1.5. LIC (2.10), ICICI Prudential (2.02), and Max Life (2.01) are also standout performers on this metric.
Conclusion: Top 10 Largest Insurance Companies in India (2026)
India’s insurance industry has never been more competitive, innovative, or financially robust. Whether you are researching the top 10 life insurance companies in India, exploring the top 5 general insurance companies in India, or building a comprehensive financial protection plan for your family, the 10 companies covered in this guide represent the very best the industry has to offer.
LIC remains the undisputed giant – a government-backed colossus with over 68% market share. But private players like SBI Life, HDFC Life, Max Life, and ICICI Prudential have proven that they can match – and in some metrics, exceed – what LIC offers, especially in claim settlement efficiency and product innovation. On the general and health insurance front, ICICI Lombard, New India Assurance, Star Health, and Go Digit are setting new benchmarks.
Use the data in this article – CSR, solvency ratios, market share, and annual premiums – to compare insurers objectively. Your financial security and your family’s future deserve nothing less than the best.
Stay protected. Choose wisely.
Disclaimer: All data referenced in this article is sourced from IRDAI official releases, company annual reports, Screener.in, and TickerTape Market Data as of early 2026. Rankings are for informational purposes only and are not investment or insurance purchase recommendations. Please consult a certified financial or insurance advisor before making any purchase decision.
