Term Insurance Companies

The Indian insurance market is full of term insurance companies that offer term insurance plans with high coverage at affordable premium amounts, to the insured. Currently, there are 24 insurance companies that offer term insurance plans in India.

Following is the list of best term insurance companies in India:

(Source: IRDAI Annual Report - Claim Settlement Ratio for the year 2020-21)

How To Choose The Best Term Insurance Company In India?

Term insurance helps your family to become financially independent in your absence. While purchasing a term insurance insurance plan, keep an eye on the most suitable term insurance that provides comprehensive term cover at a low rate of premium. However, before purchasing a term insurance plan you should thoroughly research the insurance company and must identify your insurance requirements before buying a term insurance plan.

Here are some factors you should consider before choosing a particular insurance company:

1. Claim Settlement Ratio: The claim settlement ratio of an insurance company represents the number of claims settled in the financial year against the total number of claims. This ratio helps in determining reliability and effectiveness of an insurance company. The high claim settlement ratio of the insurance company shows the dedication of the insurance company. The high claim settlement ratio of the insurance company also represents the loyalty of the insurance company towards its customers. An insurance company’s claim settlement ratio is kept under observation by the Insurance Regulatory and Development Authority (IRDA).

2. Availability of Riders: Term Insurance Riders are additional benefits offered by an insurance company at the time of purchasing term insurance plans. They enhance the term cover at an extra cost. A person should look for an insurance company that offers riders or offer an option to add riders to the insurance policy. Some of the common riders offered by the insurance companies are Critical Illness Rider, Accidental Death Benefit Rider, Accidental Total or Permanent Disability Rider, and Waiver of Premium Rider.

3. Solvency Ratio of the Insurer: The solvency ratio of an insurance company refers to the financial status of the insurance company. An insurance company must have more assets than liabilities, representing that the insurer has sufficient funds and is capable of urgent claim settlement.

4. Customer Service: A robust customer care service is an important factor to be considered while purchasing an insurance plan. A person should always choose an insurance company that has robust customer service and a knowledgeable team of experts. When purchasing a term insurance policy, customers should keep in mind that there is the availability of 24x7 customer care service to resolve all of their queries and provide assistance when needed.

Best Term Insurance Plans In India 2022

Below mentioned are popular term insurance plans in India 2022:

*Premium Payment Mode, **Premium Payment Term.