What Are the Top 5 Term Insurance Companies in India?
Published On Apr 24, 2023, Updated On May 02, 2023
A term insurance plan is a highly recommended insurance plan for those planning to secure the future of their dependents even in their absence. With several term insurance plans available, it often becomes challenging to pick the right one. Ideally, you should pick a term insurance plan from a company with a higher claim settlement ratio. So, listed below are the top 5 term insurance companies in India.
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What are Term Insurance Plans?
Term insurance plans are basically pure protection plans that provide financial protection to the nominees of the policyholder in case the latter meets an unfortunate death. Based on your requirements and income, pick a term insurance plan that best suits your needs and ensures protection for your family even in your absence.
Top 5 Term Insurance Companies in India
Listed below are the top 5 term insurance companies in India:
1. Max Term Insurance
With a claim settlement ratio of 99.35%, Max Term Insurance is one of India's leading term insurance companies. It has branches spread across different Indian cities where policyholders can easily visit and get all their queries resolved. Some of the top-term insurance companies in India include Max Life Super Term Plan, Max Life Premium Return Protection Plan, Max Life Online Term Plan Plus, and more.
2. Aegon Term Insurance
Another top-selling term insurance company in India is Aegon Term Insurance which is a joint venture between Aegon Group and Times Group. It has a claim settlement ratio of 99.25% which depicts the company’s efficiency in settling term insurance claims. Some of the top term insurance plans that the company provides include Aegon Life Saral Jeevan Bima, Aegon Life iTerm Insurance Plan, Aegon Life Rural Term Insurance Plan, Aegon Life Group Term Plus Insurance Plan, Aegon Life Group Credit Shield Insurance Plan, and more.
3. Bharti AXA Term Insurance
On buying term insurance plans with Bharti AXA, policyholders get the option to choose from multiple plans available. The best part about buying term insurance plans with Bharti AXA is that you can customise your term insurance as per your needs. It also offers 24*7 customer service to cater to the term insurance queries of the policyholder. Some of the term insurance plans offered by Bharti AXA Term Insurance include Bharti AXA Life Flexi Term Pro, Bharti AXA Life Suraksha, Bharti AXA Life POS Saral Jeevan Bima Yojana, and more.
4. Life Insurance Corporation
When it comes to buying a term insurance plan, LIC or Life Insurance Corporation is one of the most reliable options. It is in fact one of the oldest life insurance companies in India that has built the trust of customers from all over. The two popular term insurance plans offered by LIC include LIC Tech Term Plan and LIC Jeevan Amar. Both the LIC Tech Term plan and LIC Jeevan Amar have a minimum and maximum entry age of 18 and 65 years respectively.
5. TATA AIA Term Insurance
TATA AIA Term Insurance is a joint venture between Tata Sons Pvt. Ltd. and Tata AIA Life Limited. It has a claim settlement ratio of 98.02% and has over 216 branches that are spread across different Indian cities. TATA AIA Term Insurance offers a number of term insurance plans including Tata AIA Life Insurance iRaksha TROP, Tata AIA Life Insurance iRaksha Supreme, and Tata AIA Life Insurance Maharaksha Supreme.
How to Buy the Best Term Insurance Plans on InsuranceDekho?
Here is how you can buy the best term insurance plans on InsuranceDekho:
- Go to the official website of InsuranceDekho and click on the term insurance page
- Next, enter your details like name, mobile number, gender, and others. Once you have entered all the details, you will be able to view the different term insurance quotes.
- Then, compare all the different term insurance plans available and make the premium payment for the selected term insurance plan.
- Once you have paid the term insurance premium, you will receive the policy details on your registered email address and phone number.
So, do not delay in securing the future of your loved ones and buying the best term insurance plan for yourself. You can also explore a number of more term insurance plans on InsuranceDekho.
Also read: Factors Determining Term Insurance Premium