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Buying term insurance is a great way to protect your loved ones financially in the unfortunate event of your death. Choosing the right term insurance company can help secure enough coverage to replace your settled debts, income, or cover expenses your family may face, like paying for the education of your children or caring for ageing parents. To make your selection easier, we have compiled a list of all the term insurance companies in India in 2024.
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Presently, 24 insurance providers offer term insurance plans in India as per IRDAI Annual Report 2022-23. As discussed, term insurance is a policy that offers a sum assured i.e., the death payout in case of an untimely demise of the policyholder during the policy term. Term plan ensures the financial security of your loved ones, so it is very important to choose an insurer whom you fully depend on. When choosing a term insurance company, you should consider CSR as an important factor. Let’s discuss the CSR of term insurance companies in 2023-24.
Term Plans
Let’s look at the term insurance companies in India for you to choose and buy the term insurance plan for your family in the year 2024. You should compare the term insurance companies in India based on their CSR values and buy plans from the most suitable term insurance company in India.
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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Term insurance plan helps your loved ones become financially independent after you pass away. When buying a term insurance plan, you should always choose one that offers comprehensive coverage at low premium rates. However, before buying a term insurance plan, you need to understand what is term insurance, thoroughly research the term insurance companies in India and recognize your insurance needs. Here are some of the factors you should take into consideration before choosing the right term insurance company in India:
As discussed above, this ratio represents the number of claims settled in a fiscal year against the total number of claims registered. This ratio determines the reliability and effectiveness of an insurance company. The high value of CSR indicates the loyalty of the company towards you and also, makes it easy for your dependents to claim insurance in case of your absence, thus they can live life happily and comfortably.
The solvency ratio determines whether the insurance company of your choice will be financially capable of settling your claim in case a need arises. IRDAI has mandated that every insurance company should maintain a 1.5 solvency ratio for companies to continue selling insurance plans. This means that while you look for the term insurance company in India, make sure that the insurer of your choice has a solvency ratio of at least 1.5. So, the company should have more possessions and less liabilities, this shows that the company has sufficient funds and is capable of claim settlement.
This is the ratio of term insurance plans receiving regular premium payments in a financial year to the number of currently active plans. This ratio gives us an insight into how many customers are regularly paying the premiums and how long the customers want to stay with the company. In simple words, the persistency ratio is an indicator of the company’s customer satisfaction.
Term Insurance Riders are additional benefits provided by an insurer at the time of buying term insurance plans. They increase the coverage at an extra price. An individual should select an insurance company that offers riders or provide an option to attach/add riders to the base policy. Term insurance companies in India offer optional riders like Accidental Death Benefit, Waiver of Premium, Critical Illness Rider, Accidental Total Permanent Disability Rider, Terminal Illness Rider, and Hospicare Benefit Rider.
You can use a term plan calculator to get an estimate of the approximate premiums you would need to pay for the desired life cover.
Strong customer service is an important parameter to consider when buying the a term insurance plan. An individual should always select the term insurance companies in India that offer good customer care service and have an experienced expert team. While buying a term plan, a customer should always keep in mind that there is a 24X7 customer care service available to solve all their queries and offer assistance when required.
It is important to go through the claim settlement process of the term insurance companies in India. This is because, if you purchase a term plan from a company with a tough claim settlement process, then in case of your death during the policy term, your family will suffer trying to get their claims settled. Alternatively, if you buy term plan from a company with an easy and quick claim settlement process, your family can easily get their claims settled in their times of need.
Claim Settlement ratio, i.e. CSR, is the percentage of claims that an insurance company settles in a year out of total claims. This ratio indicates the credibility of an insurer when choosing the term insurance company in India to buy term plans from. So, the higher the CSR, the more reliable the insurance company is. The claim settlement ratio of term insurance companies is published annually on IRDAI annual report.
A CSR is calculated using the following formula:
CSR = (Total number of claims settled in a year / Total number of claims in a year) X 100
Let’s understand this with the help of an example:
If Company X has settled 9,600 claims out of 10000 claims for 2023-24, the CSR will be 96% i.e., 9600/10000* 100
Here is how you can buy the term insurance plan in India from the comfort of your home:
Step 1: Go to the term insurance form
Step 2: Fill in your name, gender, date of birth, and contact number
Step 3: Click on ‘View Plans’ to see the available plans
Step 4: Select the correct option for annual income, occupation type, educational qualifications, and smoking habits
Step 5: Select the most suitable plan from the list of term insurance company in India and proceed to pay
The term insurance plan can help financially secure your family in the event of your unfortunate death during the policy term. Before buying term insurance, it is always better to go through the list of available plans from the term insurance company in India. You can compare term insurance companies in India on the basis of their CSR values, solvency ratios, persistency ratio, claim settlement process, customer reviews, and benefits offered under different plans.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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