Life Insurance in India: IRDAI-Registered Insurers, Registration Norms, Buying Criteria, and Claim Process

Life insurance in India is regulated by IRDAI (Insurance Regulatory and Development Authority of India). A correct life insurance setup is not only about choosing a plan; it also requires:

• Ensuring the insurer is IRDAI-registered and legally permitted to sell life insurance in India.

• Understanding policyholder protection norms, disclosures, and claim timelines.

• Maintaining the right documentation + nomination/assignment so claims don’t get delayed or rejected.

This knowledge base article explains the life insurance ecosystem in a technical, process-driven manner suitable for individuals, families, and IT/HR/admin teams managing policies.

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1) Who can sell Life Insurance in India?

Entity types you will encounter

1. Life Insurance Companies (Insurers)
   These entities underwrite life insurance risk and must be registered with IRDAI. The official “List of Life Insurers” is published by IRDAI.

2. Intermediaries (sell/solicit but do not underwrite)

   • Individual agents

   • Corporate agents

   • Brokers

   • Web aggregators
     These are also regulated and typically listed by IRDAI under “registered insurance entities” (intermediary lists are separate from insurer lists).

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2) IRDAI-Registered Life Insurers Operating in India (Official List)

Below is the IRDAI “List of Life Insurers” (names and registration numbers as published). Always validate on IRDAI before onboarding for business use.

+----+--------------------------------------------------------------+----------+
| #  | IRDAI-Registered Life Insurer (India)                         | Regn No. |
+----+--------------------------------------------------------------+----------+
| 1  | Life Insurance Corporation of India (LIC)                     | 512      |
| 2  | Axis Max Life Insurance Limited                               | 104      |
| 3  | HDFC Life Insurance Company Limited                           | 101      |
| 4  | ICICI Prudential Life Insurance Company Limited                | 105      |
| 5  | Kotak Mahindra Life Insurance Company Limited                  | 107      |
| 6  | Aditya Birla SunLife Insurance Company Limited                 | 109      |
| 7  | TATA AIA Life Insurance Company Limited                        | 110      |
| 8  | SBI Life Insurance Company Limited                             | 111      |
| 9  | Bajaj Life Insurance Limited                                   | 116      |
| 10 | PNB MetLife India Insurance Company Limited                    | 117      |
| 11 | Reliance Nippon Life Insurance Company Limited                 | 121      |
| 12 | Aviva Life Insurance Company India Limited                     | 122      |
| 13 | Sahara India Life Insurance Company Limited                    | 127      |
| 14 | Shriram Life Insurance Company Limited                         | 128      |
| 15 | Bharti AXA Life Insurance Company Limited                      | 130      |
| 16 | Generali Central Life Insurance Company Limited                | 133      |
| 17 | Ageas Federal Life Insurance Company Limited                   | 135      |
| 18 | Canara HSBC Life Insurance Company Limited                     | 136      |
| 19 | Bandhan Life Insurance Limited                                 | 138      |
| 20 | Pramerica Life Insurance Company Limited                       | 140      |
| 21 | Star Union Dai-Ichi Life Insurance Company Limited             | 142      |
| 22 | IndiaFirst Life Insurance Company Limited                      | 143      |
| 23 | Edelweiss Life Insurance Company Limited                       | 147      |
| 24 | CreditAccess Life Insurance Limited                            | 163      |
| 25 | Acko Life Insurance Limited                                    | 164      |
| 26 | Go Digit Life Insurance Limited                                | 165      |
+----+--------------------------------------------------------------+----------+

Compliance tip: For procurement/vendor onboarding (HR benefits, bancassurance, fintech integrations), store the insurer’s Regn No. + IRDAI list snapshot in your compliance folder.

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3) How Life Insurers are Registered in India (High-Level Norms)

3.1 Registration framework

Insurers must obtain an IRDAI Certificate of Registration to carry on insurance business. The process and forms are governed by IRDAI (Registration of Indian Insurance Companies) Regulations, 2000 (updated amendments exist).

3.2 What registration typically implies (operational controls)

While exact requirements are defined in the regulations, from an operational/compliance perspective, registration implies:

• Entity is legally permitted to underwrite life insurance

• Governance, financial controls, and reporting are regulated

• Policyholder protection obligations apply (sales, servicing, claims)

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4) Key Norms That Affect Life Insurance Claims and Servicing

4.1 Claims procedure and timelines (IRDAI policyholder protection)

IRDAI’s policyholder-interest regulations prescribe the claims procedure for life insurance and include timeline expectations. IRDAI’s consumer FAQ content notes that:

• A life insurance claim should be paid or disputed (with reasons) within 30 days from receipt of all relevant papers and required clarifications.

• If delay is attributable to the insurer beyond prescribed timelines (e.g., death claims), interest can be applicable as per regulation references in IRDAI FAQ.

• The governing regulation is referenced as Regulation 14 of IRDAI (Protection of Policyholders’ Interests) Regulations, 2017.

4.2 Nomination/assignment and payout control

In real claim operations, nominee details, assignment (to bank), and identity/KYC are frequent causes of delay. Treat these as “data quality controls” you must maintain during the policy lifecycle.

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5) How to Take Life Insurance (Buying on the Right Grounds)

5.1 Primary “grounds” to buy life insurance (use-case mapping)

Life insurance is mainly chosen for:

• Income protection for dependents (Term insurance)

• Loan/obligation protection (Term + assignment to lender)

• Wealth accumulation goals (Endowment/ULIP — product-specific risks)

• Retirement / guaranteed income planning (Annuity/pension products)

• Child education planning (Child plans with staged payouts)

5.2 Underwriting factors (what affects eligibility and premium)

Common underwriting inputs include:

• Age, gender (as applicable by product pricing), policy term

• Sum assured, premium payment term

• Occupation risk class

• Medical history, existing conditions, BMI (depending on insurer rules)

• Tobacco/nicotine usage

• Financial underwriting (income proof, large cover justification)

Operational best practice: Treat the proposal form like a compliance document. Non-disclosure/misstatement is a common reason for disputes later.

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6) Step-by-Step: Buying Life Insurance (Implementation Workflow)

Step 1 — Define requirements (coverage design)

• Identify required Sum Assured using a rule (example: 10–20× annual income, plus liabilities)

• Choose product category:

  • Term for protection

  • Endowment/ULIP for savings/investment goals (understand charges and market risk where applicable)

  • Annuity for retirement income

Step 2 — Verify insurer legitimacy (must-have control)

Validate the insurer in IRDAI’s “List of Life Insurers”.

Step 3 — Configure policy correctly (data quality)

• Nominee: name, DOB, relationship, ID details (where required)

• Appointee for minor nominee

• Medical tests: schedule and retain reports

• Premium mode: monthly/quarterly/annual

• Contact details: ensure mobile/email are correct for OTP + e-policy delivery

Step 4 — Store the “Policy Asset Pack”

Create a controlled repository for future claims:

/LifeInsurance/
  /Policy-<PolicyNo>-<Year>/
    PolicySchedule.pdf
    PolicyWording.pdf
    ProposalForm.pdf
    MedicalReports/
    KYC/
    NominationDetails.pdf
    Endorsements/
    PremiumReceipts/
    ClaimProcessNotes.txt

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7) How to Claim Life Insurance (Death Claim / Maturity / Rider Claims)

7.1 Claim types

• Death claim (sum assured + benefits per policy)

• Maturity claim (endowment/ULIP maturity proceeds)

• Rider claim (accidental death, critical illness rider—depends on attached rider terms)

7.2 Standard claim workflow (practical)

1. Intimate claim (online portal/email/branch)

2. Receive claim reference number

3. Submit documents (single complete set is ideal)

4. Insurer verifies:

   • Policy status (in-force / lapsed / revival)

   • Cause of claim (as applicable)

   • KYC + nominee/assignee legitimacy

5. Decision:

   • Pay, or

   • Dispute/repudiate with reasons
     Normatively, decision timeline references 30 days after all documents/clarifications are received.

7.3 Typical documents checklist (death claim)

• Claim form

• Original/attested Death Certificate

• Policy document / e-policy

• Nominee KYC (ID, address proof) + bank details

• Medical/hospital records (if hospitalization occurred)

• FIR/post-mortem/inquest (if accidental/unnatural death)

• Employer certificate (if required by product)

• Assignment documents (if policy assigned to bank)

Example: Claim checklist in JSON (for an internal tracker)

{
  "policyNo": "XXXX",
  "claimType": "death",
  "intimationDate": "2026-01-09",
  "claimant": {
    "name": "Nominee Name",
    "relationship": "Spouse",
    "kycStatus": "pending"
  },
  "documents": [
    {"name": "Death Certificate", "status": "received"},
    {"name": "Policy Schedule", "status": "received"},
    {"name": "Claim Form", "status": "pending"},
    {"name": "Cancelled Cheque", "status": "pending"},
    {"name": "Hospital Records", "status": "not_applicable"}
  ],
  "status": "in_review"
}

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8) Common Issues & Fixes (Operational Troubleshooting)

Issue A — Claim delayed due to incomplete documentation

Symptoms: Multiple follow-ups, repeated document requests.
Fix:

• Submit a single indexed pack with an inventory:

1. Claim Form (signed)
2. Death Certificate
3. Policy Schedule
4. KYC + Bank Details
5. Hospital Records (if any)
6. FIR/Post-mortem (if applicable)

Issue B — Nominee mismatch / nominee not updated after marriage or death

Fix:

• Update nomination via endorsement while policy is active

• Keep endorsement PDF in the policy repository

Issue C — Policy lapsed due to missed premiums

Fix:

• Track due dates; enable auto-debit where possible

• If lapsed, check revival provisions and complete revival formalities quickly (product-specific)

Issue D — Dispute due to non-disclosure / misstatement

Fix:

• Maintain proposal form copy

• Ensure accurate health, habit, and financial disclosures at purchase time

Issue E — Bank assignment causes payout to lender, not nominee

Fix:

• If policy assigned to bank (loan security), understand payout priority

• Obtain bank “no dues / reassignment” when loan closes (process depends on lender)

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9) Security Considerations (IT/Admin Controls)

Life insurance records contain sensitive data:

• Identity documents and DOB

• Nominee relationships

• Medical reports

• Bank account details

Recommended controls

• Encrypt storage (BitLocker/FileVault or encrypted cloud vault)

• Role-based access (HR/finance only)

• Audit trail: who accessed/modified nominee/bank details

• Use official insurer portals/emails for submission; avoid sharing documents over informal channels

• Maintain checksum/versioning for PDFs to detect tampering in internal workflows

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10) Best Practices

For individuals/families

• Prefer term insurance for pure protection; use investment products only after understanding risks/charges

• Keep nominee updated and store endorsements

• Maintain a “single source of truth” policy folder

• Share claim process notes with family (where policy documents are stored, insurer helplines)

For enterprises/IT/HR operations

• Maintain a policy master register (PolicyNo, insurer, regn no, owner, nominee, premium mode, due date)

• Implement reminders (email/SMS/WhatsApp) for premium due dates

• Standardize claim SOP and document checklist

• Validate insurer on IRDAI list during vendor onboarding

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Conclusion

Life insurance in India is a regulated product with clear insurer registration and policyholder protection mechanisms. For reliable outcomes:

• Buy only from IRDAI-registered life insurers (and keep Regn No. recorded).

• Configure the policy correctly (nominee, assignment, contact, KYC) and maintain an auditable repository.

• Run claims as a controlled workflow with a complete document pack and track timelines as per IRDAI references. 

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