Prices Increasing soon Prices Increasing Soon

Best Term Insurance Companies in India 2024

Buying term insurance is a great way to protect your loved ones financially in the unfortunate event of your death. The best term insurance companies 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 the best term insurance companies in India 2024.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Top Term Insurance Companies in India

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 2022-23.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What is the Best Term Insurance Company in India 2024?

Let’s take a look at the best term insurance companies in India based on IRDAI CSR values in the year 2022-23 for you to choose and buy the best term insurance plan for your family in the year 2024. It is suggested you compare the term insurance companies in India based on their CSR values and buy plans from the best term insurance company in India.

Best Term Insurance Company in India Based on Claim Settlement Ratio for 2022-23

Term Insurance Company Claim Settlement Ratio (CSR) 2022-23
Aditya Birla Sun Life Insurance 98.10%
Bandhan Life Insurance 99.37% 
Ageas Federal Insurance 96.06%
Aviva Life Insurance 98.75% 
Bajaj Allianz Life Insurance 99.04%
Canara HSBC Life Insurance 99.01%
Edelweiss Tokio Life Insurance 99.20% 
Future Generali India Life Insurance 95.05%
HDFC Life Insurance 99.39% 
ICICI Prudential Life Insurance 95.28%
IndiaFirst Life Insurance 97.04% 
Kotak Mahindra Life Insurance 98.80%
LIC 98.60%
Max Life Insurance 99.51%
PNB MetLife Insurance 99.06%
Pramerica Life Insurance 98.30%
Reliance Nippon Life Insurance 98.60%
SBI Life Insurance 95.03%
Shriram Life Insurance 97.40%
Star Union Insurance 96.07%
Tata AIA Life Insurance 99.01%

*Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.”

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

How to Choose the Best Term Insurance Company in India? 

Term insurance plan helps your loved ones become financially independent after you pass away. When buying a term insurance plan, you should always choose the best term insurance plan 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 best term insurance company in India:

  1. Claim Settlement Ratio 

    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.

  2. Solvency Ratio

    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 best 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.

  3. Persistency Ratio

    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.

  4. Rider Availability

    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. The top 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.

  5. Customer Care 

    Strong customer service is an important parameter to consider when buying the best term insurance plan. An individual should always select the top 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.

  6. Claim Settlement Process

    It is important to go through the claim settlement process of the top 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.

What is Claim Settlement Ratio (CSR)? 

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 best 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 2021-22, the CSR will be 96% i.e., 9600/10000* 100

How To Buy the Best Term Insurance Plan From Policybazaar?

Here is how you can buy the best 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 best term insurance company in India and proceed to pay

Wrapping it Up!

The best 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 best 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.

FAQ's

  • Which is the best term insurance company in India? 

    As per the CSR (Claim Settlement Ratio) for Financial Year 2022-23, the best term insurance company is Max Life Insurance Company.
  • How many Term insurance companies are present in India? 

    There are 24 insurance providers available in India, authorized by IRDAI for selling term policies. You can take a look at their CSR, solvency ratio, and other such factors to figure out the top term insurance companies in India to buy term plans from.
  • Can I buy the Best Term Insurance Plan online?

    Yes, you can compare and buy the best term insurance plans from the best term insurance company in India online for a quick and easy purchase process. However, you can also visit the nearest insurer’s office branch to purchase the policy offline.  
  • How many times does an insurance company take to settle claims? 

    The process of setting claims for every term insurance company varies. As per the guidelines of IRDAI, every insurer should settle a claim within 30 days of receiving all the relevant and required documents from the claimant.
  • Which is the most trusted term insurance company in India? 

    The most trusted, best term insurance company in India depends on the requirements of the policy seeker. You can select the top term insurance companies in India for yourself by going through the company’s CSR values, benefits offered, and solvency ratio.

Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
13 Jun 2024

Kotak TULIP

Kotak T.U.L.I.P (Term with Unit Linked Insurance Plan) is a

Read more
05 Jun 2024

Why Should You Consider Inflation When Buying a...

The retail inflation of India rose to 5.69% in December 2023

Read more
29 May 2024

Term Insurance for Individuals with 25K Salary

Securing your family's future is essential, especially when

Read more
28 May 2024

'Har Family Hogi Insured' Policybazaar's Vision...

Empowering Every Household: policybazaar's Commitment to

Read more
23 May 2024

Term Insurance for Individuals with a 35K Salary

Securing your financial future is essential, especially when

Read more
28 May 2024

'Har Family Hogi Insured' Policybazaar's Vision...

Empowering Every Household: policybazaar's Commitment to Nationwide Coverage In a visionary move towards a

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
13 Apr 2021

2 Crore Term Insurance Plan

2 Crore term insurance provides cover amount of 2 Crore as death benefit to your family in the event of your

Read more
07 Mar 2023

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus is a comprehensive life insurance policy for individuals

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL