Term Insurance Companies

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

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 them.

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.

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:

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.

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:

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.

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.