Term Insurance Companies in india

Term Insurance Companies

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Term Insurance Companies in India

Term insurance is basically a pure protection plan that provides the needful financial assistance to your family in case of need. It will be there to support your family in case of your demise. If the insured does not die in the policy term period then he/she will not be liable for any benefits of the term insurance plan. It is also the cheapest form of life insurance policy. You should go for a high cover sum assured plan as soon as possible. Ideally, you should go for a plan that can provide a cover of almost 15 to 20 times your annual income. And dot forgets to increase the same as your income increases.

Online Term Insurance Plans

On searching online you will come to know that there are many life insurance companies that deal with the same. The premium of such online insurance policies are 60-70% lower than the other term plans, all other benefits being the same. Online plans can help in saving your time and hard earned money as well. You can compare term insurance plans on the basis of features inclusions and exclusions among others. With the same, it will be quite easier for you to get the best one for yourself.

High cover at low premiums

As it is a pure risk term insurance plan, hence there is no investment which can offer quick returns to you. It is a pure protection plan at a lower premium. With the same effective term insurance policy, you will be able to protect his family's financial security for 50 lakhs by paying an annual amount as low as Rs. 6,000 or even lesser. It is the most important form of life insurance that a person should have.

Peace of mind

It is the most important financial instrument that a person should carry. But sadly, it is often ignored by people because of the absence of maturity benefits. It is advisable for all earning people who have dependents that to buy an adequate form of term insurance to secure the future of your family.

Tax Savings

The premiums paid and the payouts made in case of death are tax-free.

Term Insurance Companies

  1. Aegon Life Insurance Co.Ltd
    Aegon Life Insurance Co.Ltd was founded in July 2008 with an aim to assist people in planning for future in a better way. It is basically a joint venture between Aegon which is an international life insurance provider and Bennett, Coleman & Company,- India’s largest media conglomerate. The company has its headquarters in Mumbai and catering over 4.4 lakh customers in all over India.
    Know More - Aegon Term Life Insurance
  2. Aviva Life Insurance Co.India Ltd
    Aviva Life Insurance Co. India Ltd is basically a joint venture between Dabur Invest Corp which refers to be the oldest and most respected business houses in India and Aviva Group- a UK based insurance group that carries connection dates back to 1834 with India. This insurance company aims to become the leading insurer of India when it comes to offering quality products to its consumers with a substantial growth.
    Know More - Aviva Term Insurance
  3. Bajaj Allianz Life Insurance Company Limited
    Bajaj Allianz Life Insurance Company Limited refers to be the most trusted life insurance company of India when it comes to the life insurance industry. Like many other life insurance companies. Bajaj Allianz Life Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE. Both companies carry a good reputation in the life insurance industry and popular for its integrity, professionalism, vision, and expertise.
    Know More - Bajaj Allianz Term Insurance
  4. Bharti AXA Life
    This renowned life insurance company was established in 2006, with an aim to offer different and innovative products and services which can easily go well with the needs of insurance and wealth management of customers. It is a joint venture between Bharti Enterprises which is one of India’s leading business groups and the AXA Group has its headquarters in Paris. This company’s motive is to provide immense focus
    Know More - Bharti Axa Term Insurance
  5. Birla Sun Life Insurance Co.Ltd
    Birla Sun Life Insurance Co.Ltd is a collaboration between Aditya Birla Group which is a well known Indian conglomerate and Sun Life Financial Inc that provides leading international financial services from Canada. Birla Sun Life Insurance Co.Ltd is one of the leading life insurance companies in India and it is also allowing you to get the customized life insurance plan for yourself.
    Know More - Birla Sun Term Life Insurance
  6. Canara HSBC Oriental Bank of Commerce Life Insurance Co.Ltd
    Canara HSBC Oriental Bank of Commerce Life Insurance Co.Ltd is a joint venture between India's largest public banks that include Canara Bank and Oriental Bank of Commerce and HSBC Insurance Holdings Limited. The company was established in June 2008. Around 60 million customers pan-India are getting services from this company to deal with life insurance needs.
    Know More - Canara HSBC Term Insurance
  7. Exide Life Insurance Co. Ltd
    Exide Life Insurance Co. Ltd began its operations in 2001-2002 and has its headquartered in Bengaluru. It is a well established and profitable life insurance company as compare to others. It is completely owned by Exide Industries Ltd. Exide which is basically India’s biggest manufacturers of electric storage batteries. Exide Life Insurance Co.Ltd sells its products through different mediums that include Direct channels as well as via Agency, Bancassurance, Corporate Agency & Broking.
    Know More - Exide Life Term Insurance
  8. HDFC Standard Life Insurance Co.Ltd
    HDFC Life was established was founded in 2000 and now it is a leading life insurance company. The company was established after the joint venture between HDFC Ltd., which is India’s leading housing finance institution and Standard Life, which is a global investment company. The company also provides customized life insurance products as per the customer’s requirement.
    Know More - HDFC Term Life Insurance
  9. IDBI Federal Life Insurance Co.Ltd
    IDBI Federal Life Insurance Co.Ltd is a joint venture between India’s premier development and commercial bank and Federal Bank, which is one of the leading private sector banks in India’s and Ageas – a multinational insurance in Europe. IDBI Federal Life Insurance Co.Ltd was founded in 2008 and since then, it is growing with great passion and innovation.
    Know More - IDBI Federal Term Insurance
  10. IndiaFirst Life Insurance Co.Ltd
    In the year, Mr.Pranab Mukherjee (President of India) launched the India First Life Insurance Co. Ltd. The company is based in Mumbai. IT is the youngest life insurance company and formed after the collaboration between Bank of Baroda, Andhra Bank, and UK’s investment brand Legal & General group. This company has over 8000 plus network of branches across India.
  11. Life Insurance Corporation of India
    Life Insurance Corporation of India (LIC) is the President of India oldest and leading life insurance company India which was established in 1956. The company is fully owned by the government of India. It has its headquarters in Mumbai. The slogan of the company is “Your welfare is our responsibility” is the slogan of LIC and it carries around 2048 branches across India.
    Know More - LIC Term Insurance
  12. Max Life Insurance Co.Ltd
    Max Life Insurance is one of the most popular and leading life insurance companies in India. It is basically a joint venture between Max India Ltd and Mitsui Sumitomo Insurance Co. Ltd. The company provides various forms of life insurance products that can easily go well with the different needs of consumers. All the products are loaded with several benefits and you can avail the same at an affordable price. The aim of the company is to become the most esteemed life insurance company of India by simply safeguarding the finances of their customers.
    Know More - Max Term Life Insurance
  13. PNB MetLife India Insurance Co.Ltd
    PNB MetLife India Insurance Co.Ltd is one of the foremost life insurance companies of India. It is basically a joint venture between Punjab National Bank Limited, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited and other private investors. PNB MetLife India Insurance Co.Ltd has its headquarters in Bengaluru and its corporate office in Gurgaon. It was established in the year 2001 in India. This company is providing a wide range of life insurance products that can deal with the protection and retirement needs.
    Know More - PNB MetLife Term Life Insurance
  14. Reliance Life Insurance Co.Ltd
    Reliance Life Insurance Co.Ltd is a fundamental part of Reliance Capital. Reliance Capital has diversified business in insurance of all kinds, asset management, mutual funds, commercial finance and other financial services. Reliance Life has a huge variety of life insurance plans that offer tailor-made plans as per the customer's requirements.
    Know More - Reliance Nippon Term Life Insurance
  15. SBI Life Insurance Co.Ltd
    SBI Life Insurance Co.Ltd is a joint venture between State Bank of India and BNP Paribas Cardif S.A. This company was established in 2001. The company is providing a wide range of life insurance products and divided the same into three categories; Individual plans, group plans, and online plans. SBI Life Insurance Co.Ltd. These products are offered as per customers requirements. This company has gained immense popularity just because of its versatile products.
    Know More - SBI Term Insurance

Top 5 Term Insurance Plans in India

Term Plans Entry Age (Min / Max) Maturity Age Policy Term Premium Payment Option Minimum Sum Assured Payout Type Claim settlement ratio (FY 16- 17) as per IRDA
LIC’s e-term 18 / 60 Years 75 10-35years Annual Rs. 25,00,000 for Aggregate category
Rs. 50,00,000 for Non-smoker category
LumpSum Only 98.31%
Max Life Online Term 18 / 60 Years 70 10-35years Annual Rs 25,00,000 Lumpsum & Income Options 97.81%
ICICI Prudentail Life Insurance 18 / 60 Years 75 5-40 years Monthly, Halfyearly,Annual & Single Subject to minimum premium paid Lumpsum & Income Options 96.68%
HDFC Life Click 2 protect Plus 18 / 60 Years 75 10 – 40 years Monthly, Quarterly, Semi-Annual, Annual Rs 25,00,000 Lumpsum & Income Options 97.62%
Reliance Online Term 18 / 60 Years 75 10 | 15 | 20 | 25 | 30 | 35 years Annual Rs 25,00,000 LumpSum Only 94.53%

How to Select the Best Term Insurance Company

Key elements that have an effect on your sum assured and premium

Age: As age increases premium will increase because, with the age, the danger of having vulnerable to life-threatening illnesses and sicknesses are greater in comparison to a person at a younger age. hence, if you purchase a term policy in 30’s the premium you pay might be less than at 40’s.

Gender: Insurance agencies take a ‘life expectancy’ into the account at the same time as calculating the premium. for this reason, some coverage organizations provide a lower premium to ladies in comparison to the men, because as per research ladies are believed to stay longer than guys. additionally, a few agencies offer discounts to ladies on a term plan.

Annual profits: Typically, the sum assured in a term plan is more or less 15-20% of the once a year income of an individual.

Form of the job: Depending on the risk element worried in a task top rate will vary. Higher the risk, higher will be the premium. The top rate for the sum assured will be higher for someone working as a fireman than that of someone operating having a table task.

Smoking: Yes, smoking behavior have an effect on your premium amount. A non-smoker can pay comparatively much less than a person who smokes.

Form of Payout: Relying on the form of payout you pick while shopping for a term policy will affect the premium you pay. You can choose lump sum gain or earnings gain as a payout. actors to maintain in thoughts even as evaluating

Claim Ratios of Indian Term Insurance Companies
S.no Life Insurance Companies Claim Settlement Ratios
1 AEGON Life Insurance 97.11%
2 Aviva Life Insurance 90.60%
3 Bajaj Allianz Life Insurance 92.37%
4 Birla Sun Life Insurance 94.69%
5 Canara HSBC OBC Life Insurance 94.95%
6 DHFL Pramerica Life Insurance 90.87%
7 Edelweiss Tokio Life Insurance 93.29%
8 Exide Life Insurance 96.40%
9 Future Generali India Life Insurance 89.53%
10 HDFC Standard Life Insurance 97.62%
11 ICICI Prudential Life Insurance 96.68%
12 IDBI Federal Life Insurance 90.33%
13 IndiaFirst Life Insurance Company Ltd - India First 82.65%
14 Life Insurance Corporation of India 98.31%
15 Max Newyork Life Insurance 97.81%
16 PNB MetLife Insurance 87.14%
17 Reliance Life Insurance 94.53%
18 Sahara Life Insurance 90.21%
19 Shriram Life Insurance 63.53%
20 Tata AIA Life Insurance 96.01%

Factors to Keep in Mind While Comparing

Claim settlement Ratio

Whenever you compare, keep in mind to check a claim ratio of the insurance corporation. Always check claim ratio of 1 coverage organization with the alternative. A claim ratio number shows the range of claims settled in the previous year. It is really useful to go together with the insurance corporation having a better claim ratio.

Riders

Have a quick evaluate for the ‘Riders’ supplied with the aid of a coverage agency. Riders are the way you widen up your base term plan. There are few common riders presented by means of each insurance organization whilst few groups might also provide additional riders other than the commonly to be had riders.

Premium charges

The premium may additionally vary from insurer to insurer, however, this must not be the sole deciding component, although a few coverage organization can also offer the same sum assured at a high premium are claim ratio may be better too. Moreover, you ought to checkout ‘view details’ whilst evaluating the term plan offered through every coverage agency to understand inclusions and exclusions, as few insurance groups provide riders in their base plan itself which may be the reason for better premium.

Figuring out Sum assured

generally, the sum assured is 15-20% of the once a year earnings. but you must additionally don't forget different factors earlier than fixing the sum assured. You need to remember: - Debts and inflation - earnings alternative for your absence to take care of your family. As per the thumb rule: Annual income X 10 or 15times + Loans/ Liabilities (If any).

FAQs

1
Different factors which influence term plan premiums?

Basically, premiums of term insurance policies are affected by a number of factors such as the applicant’s age, family’s medical history, own health, weight, lifestyle habits like smoking, alcohol consumption, gender, etc.

2
Can someone get a loan on term insurance plans?

No, policyholders are not eligible for loans as the policy do not offer any maturity benefits nor does it attain surrender value.

3
What happens if someone change country of residence a few years after choosing the plan?

The policy will remain active, even when you relocate from India. However, ensure that you keep your insurer informed about such a change.

4
Is there any advantage in buying a term insurance plan at a young age?

Generally, term insurance plans do not cost high for people who in an early stage of their life. Therefore, buying a term plan at a young age is definitely beneficial.

5
Can someone buy term insurance online?

Yes, there are many insurance companies that carry online presence and offer customers the facility to not only purchase but also renew their term insurance policies online.

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*Information provided on this webpage/website is only for the purpose of general information & understanding of the topic. PolicyX or any of its subsidiaries does not endorse any of the information provided herewith and are committed in providing correct and unbiased information to its customers helping them make an informed decision.