What is the rank of LIC in India?

Welcome to Stayinform. In this article, we will find out which is the number one insurance company in India. The insurance sector in India is growing rapidly, with the market size expected to reach Rs 19,30,290 crore by FY2026 due to the increasing impact of awareness and innovation in the private sector. But with 26 life insurance and 33 non-life insurance companies affiliated with the Insurance Regulatory and Development Authority of India (IRDAI), selecting the number one insurance company can be difficult. Which Is The Number One Insurance Company In India First of all market share is most important for become a number one company and claim settlement ratio also importantly has good CSR and Customer Trust. In this article, we will explore why Life Insurance Corporation of India (LIC) emerged as the top insurance company in India in 2025. Which Is The Number One Insurance Company In IndiaWhy Is LIC The Number One Insurance Company In India?Top Competitors In The MarketLife Insurance CompetitorsNon-Life Insurance LeadersRead AlsoMarket ShareWhy is LIC Different?Which is the No. 1 insurance company?Who is the richest person in insurance?Is LIC government or private?What is the full form of IRDA?Disclaimer Why Is LIC The Number One Insurance Company In India? Market dominance Founded in 1956, LIC, a government-owned insurance company, is an unparalleled player in India's life insurance sector. As of FY25 (April-January), LIC contributed 56.96% of the total new business premium collection, collecting Rs 1.74 lakh crore. The extensive network of over 2000 branches and lakhs of agents extends to rural areas as well and the premium collection till June 2025 was 63.52%. Financial strength and credibility LIC's market capitalization has crossed Rs 5 lakh crore, making it the number one insurance company in India. Its solvency ratio, which is an important indicator of the financial health of the company. AAA brand rating further strengthens the company. High Claims Settlement Ratio Although LIC's claims settlement ratio (CSR) in the financial year 2023-24 was 96.42% which is futactic. With a claims settlement of over Rs 2,56,473 crore, LIC's large customer base and consistent payouts have made it a trusted brand among millions of people worldwide. Product Portfolio LIC offers a range of products including term insurance, endowment plans, ULIPs and pension plans, which help meet the diverse financial needs of policyholders. Its policies are eligible for benefits under Sections 80C and 10(10D) of the Income Tax Act. Top Competitors In The Market LIC is the leader in the life insurance segment, private companies like HDFC Life, SBI Life, ICICI Prudential Life and Bajaj Allianz have emerged as strong competitors in the life insurance segment. Life Insurance Competitors HDFC Life:- Known for its high CSR (99.98% in terms of profit margin) and extensive network of 414 branches. HDFC Life collected Rs 25,672 crore in premium in the financial year. SBI Life:- A joint venture between SBI and BNP Paribas Cardiff, it has a low complaint volume and premium collection of Rs 29,530 crore. ICICI Prudential Life:- Recognized for customer experience and innovative products. It is a significant market share with premiums of Rs 16,916 crore. Non-Life Insurance Leaders HDFC ERGO is a joint venture with Germany's ERGO International. It is ranks high in health, motor and travel insurance and a network of 13,000+ hospitals. ICICI Lombard is a leading general insurer with 270 branches, offering a wide range of products but its CSR is CSR at 85%. New India Assurance, India's largest public-sector non-life insurance company, operates in 28 countries. The company known for its reliable health and motor insurance. Read Also Market Share LIC's high market share of 56.96% is the only peer of trust and confidence. Product Range Companies like LIC and HDFC Life offer a variety of plans to cater to different needs. Why is LIC Different? Despite hard competition from private insurers, LIC's huge market share, financial stability and extensive distribution network make it India's No 1 Insurance company by 2025. Its ability to serve millions of people in urban and rural areas makes it a priority. However, private insurers like HDFC Life and SBI Life are keeping pace with higher CSR and innovative digital tools. Which is the No. 1 insurance company?The LIC is No 1 Insurance Company Who is the richest person in insurance?Warren Buffett is richest person in Insurance.Is LIC government or private?LIC wholly owned by the Government of India.What is the full form of IRDA?The full form of IRDA is the Insurance Regulatory and Development Authority of India. Disclaimer This article not any buy recommendation, always check the latest information from IRDAI or the insurer’s website before buying a policy, as metrics like CSR and premium may vary