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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 aging parents. To make your selection easier, we have compiled a list of the best term insurance companies in India in 2024.

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Term Insurance Companies 

Presently, 24 insurance providers offer term insurance plans in India as per IRDAI Annual Report 2021-22. 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 2021-22.

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Term Plans

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Life Cover

@ Starting from ₹ 8/day+

₹75
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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 2021-22 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 2021-22

Term Insurance Company Claim Settlement Ratio (CSR) 2021-22
Aditya Birla Sun Life Insurance 98.07%
Aegon Life Insurance 99.03% 
Ageas Federal Insurance 97.03%
Aviva Life Insurance 98.39% 
Bajaj Allianz Life Insurance 99.02%
Bharti AXA Life Insurance 99.09% 
Canara HSBC Life Insurance 98.44%
Edelweiss Tokio Life Insurance 98.09% 
Future Generali India Life Insurance 96.15%
HDFC Life Insurance 98.66% 
ICICI Prudential Life Insurance 97.82%
IndiaFirst Life Insurance 96.92% 
Kotak Mahindra Life Insurance 98.82%
LIC 98.74%
Max Life Insurance 99.34%
PNB MetLife Insurance 97.33%
Pramerica Life Insurance 98.30%
Reliance Nippon Life Insurance 98.67%
Sahara Life Insurance 97.08%
SBI Life Insurance 97.05%
Shriram Life Insurance 82.39%
Star Union Insurance 97.42%
Tata AIA Life Insurance 98.53%

Information Sourced from IRDAI - Annual Report 2021-22

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

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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 be aware of the best and right term insurance that offers comprehensive coverage at low premium rates. However, before buying a term insurance plan, you need to understand what is term insurance and 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. The CSR of an insurance company is kept under observation on an annual basis by IRDAI i.e., Insurance Regulatory and Development Authority.

  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 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 more than 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 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. Some of the most important term insurance riders offered by the insurers are 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 while buying a term insurance plan. An individual should always select an insurance company that offers good customer care service and has 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 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 

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. 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. 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 2020-21, 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. 
  • Can I buy a Term Insurance policy online? 

    Yes, majorly all term insurance companies offer term plans online to ease the policy buying process for customers. However, you can also visit the nearest insurer’s office branch to purchase the policy offline also. 
  • 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 best term insurance company for yourself by going through the company’s CSR values, benefits offered, and solvency ratio.

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