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Term Insurance Companies

Term insurance is a form of life insurance that guarantees a fixed payout to beneficiaries if the policyholder passes away within the policy term. In India, 24 companies offer diverse term plans, allowing individuals to choose coverage that suits their needs. This coverage aims to provide financial support to loved ones in the event of the policyholder's premature death. So, let us look at the best term insurance companies, factors to consider when selecting the right policy to meet individual needs and more.

Here’s a list of some of the best term insurance companies in India.

Term insurance company

Claim Settlement Ratio

Max Life Insurance

99.51%

Aegon Life Insurance

99.03%

Bharti AXA Life Insurance

99.10%

Life Insurance Corporation of India (LIC)

98.62%

Reliance Life Insurance

98.49%

HDFC Life Insurance

99.39%

Aditya Birla Sun Life Insurance

98.12%

SBI Life Insurance

97.05%

Edelweiss Tokio Health Insurance

98.09%

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Best Term Insurance Plans

1 Crore
1.5 Crore
2 Crore
2.5 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.51%
Starting From 707/Month
24hr Claim Settlement
Key Features:
  • Zero Cost Benefit
  • Terminal Illness
  • Nominee's Choice payout
  • Voluntary Top Up
  • Tax Benefits
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 97.84%
Starting From 812/Month
24hr Claim Settlement
Key Features:
  • Waiver of Premium on Disability
  • Terminal Illness
  • Life Stage Benefit
  • Tax Benefits
  • Special Exit Benefit
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.4%
Starting From 771/Month
24hr Claim Settlement
Key Features:
  • Tax Benefits
  • Terminal illness
See More Plans

Term Insurance Premium Calculator

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

What is Term Insurance?

Term insurance is a pure protection plan that provides life coverage for a fixed period. You can buy a term plan to secure the future financial needs of your loved ones. Term insurance companies provide a death benefit to the nominees or beneficiaries in case of the unfortunate demise of the life assured. The plan does not offer maturity benefits to the policyholder for surviving the policy tenure. However, you can claim a maturity benefit if you purchase a return of premium rider with your base term insurance plan.

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Best Term Insurance Companies in India

Here's a list of some of the best term insurance companies in India, along with their claim settlement ratio.

Insurance Company

Claim Settlement Ratio

Max Term Insurance

99.51%

Aegon Term Insurance

99.03%

Bharti AXA Term Insurance

99.10%

Life Insurance Corporation of India (LIC)

98.62%

Reliance Term Insurance

98.49%

HDFC Term Insurance

99.39%

Aditya Birla Sun LTerm Insurance

98.12%

SBI Term Insurance

97.05%

Edelweiss Tokio Term Insurance

98.09%

While the claim settlement ratio is important, it's not the sole factor determining whether an insurance company is the best. There are many other aspects to consider, so let's take a closer look at the best term life insurance companies in India.

1. Max Term Insurance

Max Term Insurance Company Limited is an Indian life insurance company headquartered in New Delhi and the largest non-bank private-sector life insurer in India.

Here are some of the key points of the insurance company you need to know:

  • Max Life provides a free look-up period of 15 days.
  • They offer a range of life insurance plans and policies to ensure lifetime protection for you and your family.
  • Their policies are specifically designed to cater to the various needs of insurance buyers.
  • They offer inclusive protection, long-term savings, and retirement solutions to the insurance seekers.
  • The company provides various types of life insurance, such as ULIPs, money-back plans, endowment plans, and more, to cater to the unique needs of its customers.
  • They have a term plan with a return of premium that ensures a maturity benefit upon the policyholder's survival.
  • Max Term Insurance had a solvency ratio of 2.01.
  • Max Insurance Company takes about 2-6 weeks to settle a claim in case of death or terminal illness, while in case of disability or partial disability claims, it may take 3-6 months.

2. Aegon Term Insurance

Aegon Term Insurance Company Limited launched its operations in India in July 2008 and has since emerged as a strong player in the insurance industry.

Here are some of the key points of the insurance company you need to know:

  • Aegon Term is a digital life insurance company in India.
  • They offer a wide range of life insurance policy plans to ensure lifetime protection for you and your family.
  • They offer insurance seekers inclusive protection, long-term savings, and retirement solutions.
  • They offer insurance seekers inclusive protection, long-term savings, and retirement solutions.
  • Aegon Life Insurance had a solvency ratio of 3.33.
  • If the claim request is approved, the claim is settled within 30 days. If additional investigation is required, the claim process may take up to 120 days.

3. Bharti AXA Term Insurance

Bharti AXA Term Insurance is a leading life insurance company in India. It is a joint venture between the Paris-headquartered Insurance MNC (AXA Group) and the Indian conglomerate Bharti Enterprises.

Here are some of the key points of the insurance company you need to know:

  • The company offers various life insurance policies such as term, savings, ULIP, investment, and protection.
  • They provide flexible products that allow policyholders to alter coverage limits and include riders with their insurance policy anytime.
  • Bharti AXA Life Insurance had a solvency ratio of 1.78.
  • After reviewing all the documents, Bharti AXA settles your claim within 5 days.

4. Life Insurance Corporation of India (LIC)

LIC Term insurance is an Indian multinational public sector life insurance company headquartered in Mumbai. LIC was established in 1956 to spread the message of life insurance in the country and to mobilise people's savings for nation-building activities.

Here are some of the key points of the insurance company you need to know:

  • It is India's largest insurance company and the largest institutional investor.
  • LIC functions as a significant term financing institution (or a capital market) in the country.
  • LIC is a big investor of funds in government securities.

Life insurance both promotes and mobilises saving in the country. The income tax concession further incentivises higher-income persons to save through LIC policies.

  • The claim settlement ratio is 96.69%7.
  • The solvency ratio is 1.768.

5. Reliance Nippon Term Insurance

Reliance Nippon Term Insurance was established in 2001. It is a part of the Reliance Group, one of India's largest conglomerates with interests in various sectors, including telecommunications, energy, financial services, and more.

Here are some of the key points of the insurance company you need to know:

  • Reliance Nippon Life Insurance has a robust and diverse product portfolio.
  • It has a network of 1252 offices and 1,65,000 agents.
  • It has a strong capital base and the strong brand backing of Reliance.
  • It ranks among the top 3 private-sector financial services and banking companies in terms of net worth.
  • The company has a solvency ratio of 2.35
  • The company offers a 10-day easy claim settlement guarantee

6. HDFC Term Insurance

HDFC Term Insurance is one of India's leading life insurance companies, offering a range of individual and group insurance solutions that meet various needs.

Here are some of the key points of the insurance company you need to know:

  • HDFC term offers different insurance products for needs like Protection, Savings & Investments, Children's education and marriage, Retirement, Health-related and women-specific.
  • HDFC term helps you become financially independent so that you can live your life on your own terms.
  • HDFC term has a strong online presence and allows customers to buy plans, track their policy, make renewal payments & monitor fund performance with the HDFC Life App.
  • HDFC term insurance has a solvency ratio of 1.9
  • HDFC term insurance offers a 1-day easy claim settlement guarantee

7. Aditya Birla Sun Term Insurance

Aditya Birla Sun Term Insurance (ABSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc.

Here are some of the key points of the insurance company you need to know:

  • Aditya Birla Sun Term Insurance offers a wide range of insurance products that cater to the needs of individuals at different stages of their lives.
  • The company has a diversified product portfolio, focusing on building up the more profitable non-participating and protection businesses.
  • The company also has a strong online presence, allowing customers to easily access information about their policies and manage their accounts online.
  • Aditya Birla Sun Life Insurance has a solvency ratio of 1.9
  • Aditya Birla Sun Life Insurance offers a 30-day easy claim settlement guarantee

8. SBI Term Insurance

SBI Term Insurance is a joint venture between the State Bank of India and BNP Paribas Cardif. The company offers a wide range of life insurance and pension products and has a strong presence in the Indian market.

Here are some of the key points of the insurance company you need to know:

  • SBI Life Insurance has a comprehensive range of plans, including Unit-Linked Savings, Term insurance, Retirement, Investment, child, and money-back plans.
  • SBI Life Insurance offers cost-effective plans with comprehensive life coverage on the payment at a low premium rate.
  • The company has a solvency ratio of 2.05
  • The company offers a 30-day easy claim settlement guarantee

9. Edelweiss Tokio Term Insurance

Here are some of the key points of the insurance company you need to know about Edelweiss Tokio Term Insurance:

  • Edelweiss Tokio Term Insurance policies offer multiple income payout options as per the need and the convenience of the policyholder
  • Edelweiss Tokio offers its health insurance policy online. This allows prospective buyers to purchase this policy from anywhere, anytime.
  • Edelweiss Tokio Life Insurance has a solvency ratio of 2.29.
  • Edelweiss Tokio Life Insurance settles claims within 24 hours of the submission of the documents.

How to Buy Term Insurance with InsuranceDekho?

Here are the steps you need to follow to buy term insurance with InsuranceDekho:

  • Step 1: Go to the official website of InsuranceDekho and click on term insurance
  • Step 2: Next, enter details such as your name, age, and gender.
  • Step 3: After you have entered all the details, proceed further and view the list of plans available. You can compare the different plans and choose the one that best suits your budget and coverage needs.
  • Step 4: Finally, complete the payment for your chosen term insurance plan on InsuranceDekho’s website. Once the payment is approved, you will receive term insurance policy details on your registered email id.

Best Term Insurance Plans 2023

Term insurance companies provide a wide variety of term plans in India. Here's a list of some of the plans with the best term insurance in India in which you can invest to secure the future of your loved ones:

Insurance Company

Best Term Plan in India

Entry Age (Min-Max)

Maturity Age (Min-Max)

Policy Term

Max Life Insurance

Max Life Smart Secure Plus

18-60 years

85 years

10 to 67 Years

ICICI Prudential Life Insurance

ICICI Prudential iProtect Smart

18-65 years

99 years

5 years to Whole Life (99 years less age at entry)

HDFC Standard Life Insurance

HDFC Life Click 2 Protect Super

18-65 years

85 years

10 years to whole of life

Bajaj Allianz Life Insurance

Bajaj Allianz e-Touch Online Term Plan and Health Cover

18-55 years

99 years

10 to 99 minus age at entry

LIC

LIC e-Term Insurance Plan

18-60 years

75 years

10-35 years

You can compare more term insurance plans at InsuranceDekho. Additionally, you can use a term insurance premium calculator to determine the premium that you may have to pay against your policy.

Benefits of Choosing A Term Insurance Company:

Listed below are some of the reasons why you should buy a term insurance policy:

  • Affordability: Term insurance is often more affordable than permanent life insurance policies due to its simplified structure and lack of cash value accumulation. This makes it an accessible option for individuals looking to secure substantial coverage without a significant financial burden.
  • Customisability: Term insurance companies offer flexibility in policy duration, coverage amounts, and additional riders. Policyholders can tailor their coverage to match their changing needs, such as mortgage protection, income replacement, or education funding for children.
  • Financial Security: The primary purpose of term insurance is to provide financial security to beneficiaries in the event of the policyholder's untimely demise. This protection ensures that loved ones are shielded from the financial strain that may arise from the loss of the primary breadwinner.
  • Simplicity: Term insurance policies are relatively straightforward, making them easier to understand for individuals new to insurance concepts. This simplicity extends to the application process and premium payments.
  • Risk Mitigation: Term insurance companies help mitigate financial risks associated with uncertainties. Policyholders can rest assured that their families will be taken care of financially, even if unforeseen circumstances occur.
  • Tax Benefits: A term life insurance policy provides the opportunity for tax savings of up to Rs. 1.5 lakh on the premium amount paid in accordance with the existing tax regulations outlined in section 80C of the Income Tax Act. Additionally, the lump sum payout received through a term insurance plan is exempt from taxation under section 10(10D) of the same Act.

Factors to Consider When Choosing the Best Term Insurance Company

Selecting the most dependable term insurance provider in India involves considering several crucial factors. Here's a breakdown of key aspects to weigh while comparing different companies:

  • Claim Settlement Ratio: An essential metric for assessing insurers is the claim settlement ratio. This ratio reflects the percentage of claims honoured out of the total claims received in a given year. Opt for a company with a higher claim settlement ratio, as it indicates a stronger reputation and credibility.
  • Riders: Insurance companies provide numerous add-ons to provide enhanced coverage to policyholders. Some of the riders include a return of premium benefit, a critical illness benefit rider, a waiver of premium rider, and others. However, the policyholders may have to pay an extra premium to include riders in their base-term insurance plan.
  • Customer Support: Another important factor that you should consider is customer support. Check if a term insurance company provides online assistance to its policyholders. E-support services provided by the company will save you a lot of time.
  • Claim Settlement Duration: Evaluate the claim settlement process offered by different insurers. Many term insurance companies provide 2-hour claim settlement services to policyholders. Therefore, when purchasing a term insurance plan, compare and select the provider that provides a quick and hassle-free claim settlement process.
  • Solvency Ratio: The solvency ratio to the financial status of an insurance company. Prioritise companies with a sound solvency ratio, indicating their ability to maintain adequate funds for policyholder claims.

Conclusion

Term insurance provides an uncomplicated and cost-effective method to secure your family's financial future, even if the unexpected occurs. Knowing that your loved ones will be shielded from financial struggles during challenging times offers peace of mind. By selecting the correct term insurance company and policy, you can create a robust safety net that safeguards your family's well-being and ensures a legacy of financial stability.

Best Term Insurance Plans 2023

Term insurance companies provide a wide variety of term plans in India. Here’s a list of some of the best term insurance plans in which you can invest to secure the future of your loved ones:

Term insurance plan

Entry age

Maturity age

Policy Term

Min. Sum assured

Aditya Birla Sun Life Protection Plan

18-65 years

75 years

5-70 years

Rs. 50 Lakh

Aegon Life iTerm Plan

18-65 years

80 years

18-65 years

Rs. 20 Lakh

Aegas Federal Flexi Term Plan

18-60 years

80 years

10- 62 years

Rs. 1 Crore

Aviva Life Shield Insurance Plan

18-55 years

65 years

10- 30 years

Rs. 5 Lakh

HDFC Life Click 2 Protect

18-65 years

65 years

18-65 years

Rs. 25 Lakh

Kotak e-Term Plan

18-65 years

70 years

5- 75 years

Rs. 3 Lakh

LIC e-Term Plan

18-60 years

75 years

18-60 years

Rs. 50 Lakh

You can compare more term insurance plans at InsuranceDekho. Additionally, you can use a term insurance premium calculator to determine the premium that you may have to pay against your policy.

Factors to Consider When Choosing the Best Term Insurance Company

Since term insurance investments will secure the future needs of your loved ones, it is crucial to compare and select the best term insurance company. Here are some factors that you need to consider when choosing the most reliable term insurance provider in India:

  • Claim Settlement Ratio: This is one of the important factors that you should consider at the time of comparing term insurance plans provided by different companies. The claim settlement ratio is a percentage of the number of claims settled upon the number of claims received by an insurance company during a particular year. The higher claim settlement ratio represents the higher credibility of a term insurance company.
  • Riders: Insurance companies provide numerous add-ons to provide enhanced coverage to policyholders. Some of the riders include a return of premium benefit, a critical illness benefit rider, a waiver of premium rider, and others. However, the policyholders may have to pay an extra premium to include riders in their base-term insurance plan.
  • Customer Support: Another important factor that you should consider is customer support. Check if a term insurance company provides online assistance to its policyholders. E-support services provided by the company will save you a lot of time.
  • Claim Settlement Duration: Many term insurance companies provide 2-hour claim settlement services to policyholders. Therefore, when purchasing a term insurance plan, compare and select the provider that provides a quick and hassle-free claim settlement process.
  • Solvency Ratio: The solvency ratio to the financial status of an insurance company. The company must have more assets than liabilities, representing that the insurer has sufficient funds and is capable of making claim settlements.

To wrap things up, term insurance is like a safety net for your family. There are lots of companies out there offering it. It's worth taking the time to pick the right one for you. It's all about keeping your family protected if something unexpected happens. So, look around, ask questions, and find the best fit for your needs.

Term Insurance Riders

Types of Term Insurance Plans

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FAQ About Term Insurance Companies

  • How many term insurance companies are available in India?

    There are 24 term insurance companies available in India which are authorised by the IRDAI for selling term insurance policies in the country.

  • Which is the best term insurance company in India?

    As per the Claim Settlement Ratio (CSR) for FY 2019-20, the best term insurance company is Max Life Insurance. 

  • Can I switch from one term insurance company to another for better term plans?

    No, you can not switch from one term insurance company to another with the same policy. 

  • How much time term insurance companies take to settle the claims?

    The claim settlement process of every term insurance company varies. But, as per the IRDAI guidelines, every insurance company should settle a term insurance claim within 30 days of getting all the relevant and required documents from the claimant. 

  • Can I purchase a term insurance policy through online mode?

    Yes, almost every term insurance company offers insurance plans online to ease the policy purchase process for customers. However, you can also visit the nearest branch of the insurance company to buy the policy offline as well. 

Term Insurance Companies User Reviews

What users are saying
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