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Term Insurance Companies

Currently there are 24 insurance companies that provide term insurance in India. Term insurance is a type of life insurance policy which provides a sum assured known as death benefit in case of an unfortunate demise of the life assured during the policy tenure. Term insurance can help an individual ensure financial security of their family. Hence it is very important to choose an insurance company whom you fully rely on. While choosing a term insurance company you should always consider the claim settlement ratio of the company.

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Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
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    45 Lacs+
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**Tax benefits are subject to changes in Income Tax Act.

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

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.

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Best Term Insurance Companies in India

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

Insurance Company

Claim Settlement Ratio 2020-21

Max Life Insurance

99.35%

Aegon Life Insurance

99.25%

Bharti Axa Life Insurance

99.05%

Life Insurance Corporation of India (LIC)

98.62%

Dhfl Pramerica Life Insurance

98.61%

Exide Life Insurance

98.54%

Kotak Life Insurance

98.50%

Reliance Life Insurance

98.49%

Bajaj Allianz Life Insurance

98.48%

PNB MetLife Insurance

98.17%

Tata AIA Life Insurance

98.02%

HDFC Life Insurance

98.01%

Aviva India Life Insurance

98.01%

ICICI Prudential Life Insurance

97.90%

Aditya Birla Sun Life Insurance

98.04%

Sahara India Life Insurance

97.18%

Canara HSBC Life Insurance

97.10%

Edelweiss Tokio Life Insurance

97.01%

IndiaFirst Life Insurance

96.81%

Daiichi Life Insurance

95.96%

Shriram Life Insurance

95.12%

Ageas Federal Life Insurance

95.07%

Future Generali Life Insurance

94.86%

SBI Life Insurance

93.09%

(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:

Plan Name

Min. & Max. Entry Age

(in years)



Max. Maturity Age

(in years)



Policy Term

(in years)

Min. Sum Assured

(in Rs.)



PPM*



PPT**



Aditya Birla Sun LIfe Protection Plan



18-65

75

5-70

50 Lakh

Annual, Half-yearly, Quarterly & Monthly

Equal to policy term

Aegon Life iTerm Plan

18-65

80

18-65

25 Lakh

Single, Yearly, Half-yearly and Monthly

Single/ Equal to policy tenure

Ageas Federal iSurance Flexi Term Plan

18-60

Max 80

10-62

1 Crore

Yearly, Half Yearly, Quarterly,Monthly

Regular (same as policy period)

Aviva Lifeshield Insurance plan

18-55

65

10-30

5 Lakhs

Yearly, Half-Yearly, Quarterly and Monthly

Same as Policy Term

Bharti AXA Term Plan eProtect

18-65

60

10-75

25 Lakh

Yearly and Half-Yearly only

Equal to policy term

HDFC Life Click2 Protect 3D Plus

18-65

65

18-65

25 Lakh

Yearly, Half-yearly, Quarterly or Monthly

Regular, Limited or Single

IndiaFirst Anytime Plan

18-60

70

5-40

10 Lakh

Yearly, half-yearly, monthly and Single

Regular – Equal to Policy Term


Single – One Time

Kotak e-Term Plan

18-65

70

5-75

3 Lakh

Yearly, Half-yearly, Quarterly and Monthly

Equal to policy term

LIC E-term Plan

18-60

75

18-60

25 Lakh

50 Lakh for Non-Smoker category

Yearly

Equal to policy term

Max Life Online Term Plan Plus

18-60

75

18-60

25 Lakh

Annual Only

Equal to Policy Term

*Premium Payment Mode, **Premium Payment Term.

Types of Term Insurance Plans

Popularly Opted Term Insurance Sum Assured

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
  • Good claim settlement ratio

    A good claim settlement ratio is essential in choosing any term plan. So, I checked the claim settlement ratio...

    Read More
    G
    Bharti AXA
    By Gaurav Nautiyal
    On: July 01, 2022
  • Was guided by experts

    I genuinely thank the team at InsuranceDekho who were there with me throughout the process of buying IndiaFirs...

    Read More
    B
    IndiaFirst
    By Bulbul
    On: July 01, 2022
  • Detailed explanation on the we...

    The website of InsuranceDekho contained detailed information about a range of term plans. It was after going t...

    Read More
    R
    Aviva
    By Rakshit Kumar
    On: July 01, 2022
  • Must-buy term plan

    A few years ago, my friend recommended me to buy the Ageas Federal Mylife Protection Term Insurance plan from ...

    Read More
    A
    Ageas Federal
    By Arjun Lal
    On: July 01, 2022
  • Best online platform

    The website of InsuranceDekho is designed in such a way that I can easily call it the best online platform. So...

    Read More
    A
    Canara HSBC OBC
    By Amulya
    On: June 30, 2022

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