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.

Best Term Insurance Companies in India

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

Term Insurance Company

Claim Settlement Ratio (2019-20)

Max Life Insurance

99.22%

HDFC Life Insurance

99.07%

Tata AIA Life Insurance

99.06%

Pramerica Life Insurance

98.42%

Exide Life Insurance

98.15%

Reliance Life Insurance

98.12%

Canara Hsbc Life Insurance

98.12%

Bajaj Allianz Life Insurance

98.02%

Aegon Life Insurance

98.01%

ICICI Prudential Life Insurance

97.84%

Aditya Birla Sun Life Insurance

97.54%

Aviva India Life Insurance

97.53%

Bharti Axa Life Insurance

97.35%

PNB MetLife Insurance

97.18%

Daiichi Life Insurance

96.96%

Life Insurance Corporation India (LIC)

96.69%

Indiafirst Life Insurance

96.65%

Ageas Federal Life Insurance

96.47%

Kotak Life Insurance

96.38%

Future Generali Life Insurance

95.28%

SBI Life Insurance

94.52%

Shriram Life Insurance

91.61%

Sahara India Life Insurance

89.45%

Edelweiss Tokio Life Insurance

83.44%

(Source: IRDAI Annual Report - Claim Settlement Ratio for the year 2019-20)

How To Choose The Best Term Insurance Company In India?

A term insurance plan helps your family become financially independent in your absence. While purchasing a term insurance plan you should always keep an eye on the best 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 the effectiveness and reliability of an insurance company. The high claim settlement ratio of the insurance company depicts 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: 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 solvencyratio of an insurance company refers to the financial status of the insurance company. An insurance company must have more assets and fewer liabilities, this represents 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 can provide robust customer care service and a knowledgeable team of experts. While purchasing a term insurance policy a customer should always keep in mind that there is the availability of 24x7 customer care service to resolve all of their queries and provide assistance when needed.

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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. 

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