List of Top Insurance Companies in Mumbai

Insurance is a broad term which includes an agreement between the policy owner and the insured to protect themselves and their families from facing a financial crisis. It is divided into three parts: Health Insurance Policy, Life Insurance Policy, and Non-Life Insurance Policy.

For example, life insurance is a type of insurance that ensures that the insurance company pays a regular or lump sum amount to beneficiaries (one or more) when the policyholder dies in exchange for premiums paid during his or her lifetime.

Mumbai is one of the leading states with various life insurance companies. Most of them offer a plethora of insurance plans for both families and individuals. These companies also have dedicated teams of experts who are always available to resolve your issues while discussing your queries. Here we will discuss the list of major insurance companies in Mumbai in 2023.

List of Best Insurance Companies in Mumbai

1. Bajaj Allianz Insurance Company

Founded in the year 2001, Bajaj Allianz is a leading life insurance company based in Mumbai, Maharashtra. It is a joint venture between Alien-owned Bajaj Finserv, a European financial services company and the Bajaj Group of India.

Bajaj Company offers various products to groups, families and individuals. As they offer a plethora of life insurance products, Bajaj has been able to meet the demands of various customers.

Products offered by Bajaj Allianz: Saving Plans, Term Plans, Child Plans, Investment Plans, Retirement Plans, Healthcare Plans, Group Plans


  • Easy policy insurance
  • Flexibility in premium payouts
  • Return of Premium choice
  • Long life coverage
  • Budget-friendly Premium

2. AEGON Insurance Company

Mumbai-based AEGON is known as the most prominent and sought-after private life insurance company in the country. The venture provides life insurance coverage to families and individuals. Founded in 2008, AEGON came into existence jointly with AEGON N.V., which is a foreign provider of pensions, life insurance, asset management, etc.

Products offered by AEGON: Money back plans, Group Plans, Term Plans, Child Plans, ULIP Plans, Retirement Plans


  • No Risk & Wealth Creation
  • Number of products
  • Investment advantages
  • Savings & loan facility
  • Tax benefits

3. Kotak Mahindra Insurance Company

Another fastest-growing and leading insurance company in India, Kotak Mahindra, is a market leader. The company was started in the year 2001.  It works as a combined venture between Old Mutual Limited (a savings insurance, pan-African investment, and banking group operating) and Kotak Mahindra Bank Limited. It ensures that all your assets give you profitable returns and, at the same time, promises you will have a secure future.

Products offered by Kotal Mahindra Life Insurance: Investment plans, term plans, child plans, protection plans, ULIP plans, retirement plans, and health plans


  • Easy policy insurance
  • Ample products
  • High returns at low premiums
  • Long-lasting coverage
  • Tax advantages

4. HDFC Life Insurance Company

Supporting company of Housing Development Finance Corporation Limited, HDFC is an ordinary life insurance company in India. The company is known for being a combined venture between a global investment company called Standard Life Aberdeen and HDFC Limited. HDFC life Insurance was established in the year 2000. It offers a wide range of customer-beneficial and upgraded insurance plans to its clients. By availing of their benefits, anyone can secure their future. To meet the needs of different clients, the company has a lot of plans.

Products offered by HDFC Life Insurance: Savings Plans, Term Plans, Group Plans, Combo Plans, POS Plans, Pension Plans, ULIP Plans, Child Plans, and Health Plans


  • Number of products
  • Long-lasting coverage
  • Pocket-friendly products
  • Easy claim settlement
  • Tax benefits

5. PNB MetLife Insurance

Another market leader in the insurance field is PNB MetLife. The company is working in association with Punjab National Bank Limited, MetLife International Holdings, M.Pallonji & Company Private Limited, J&K Bank Limited, and other private investors. PNB MetLife has an exclusive range of products for families, groups, and individuals.

Products offered by PNB MetLife: Long-term plans, Protection Plans, Health Plans, Retirement Plans, Child Education Plans, and Group Plans


  • Extensive range of products
  • Budget-friendly premiums
  • Various add-on covers
  • Flexible tenure
  • Outcome of premiums
  • Tax benefits

6. Pramerica Insurance Company

Founded in 2013, Pramerica is known for its efficient, affordable, and practical life insurance plans and life covers. It’s headquartered in Gurugram, but its appearance is in different parts of the country, including Mumbai. Prior to being known as DHFL Pramerica Life Insurance Company Limited, it was a joint business between fully owned subsidiaries of DHFL named DHFL Investments Limited. From individuals to groups and families, the company has a wide range of products to meet various life insurance needs.

Products offered by Pramerica: Child Plans, Protection Plans, ULIP Plans, Retirement Plans, Health Plans, etc.


  • 24*7 customer services
  • Long-lasting coverage
  • Wallet-friendly premiums
  • Plethora of products
  • Benefits returns
  • Tax benefits

Final Words:

The aforementioned are some of the reputed and well-known insurance company having multiple plans to meet the requirement of millions of customers.