Term Insurance Companies in india

Term Insurance Companies

right arrow

Get Instant Quotes

DOB
(eldest member)
Tobacco ?
Income
Proceed

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 dont forget 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 your 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 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 is one of the leading life insurance companies of India. Founded in July 2008, the company is helping millions of customers in planning for future in a better way. Aegon which is an international life insurance provider and Bennett, Coleman & Company,- India’s largest media conglomerate joined hands for the formation of this company. Aegon Life Insurance Co.Ltd has its headquarters in Mumbai and catering over 30 million customers more than 29,000 employees and manage investments worth 743 billion Euros.
    Know More - Aegon Term Life Insurance
  2. Aviva Life Insurance Co.India Ltd
    Aviva Life Insurance Co. India Ltd is again a joint venture between Dabur Invest Corp which is famous as the oldest and most respected business houses in India and Aviva Group- a UK based insurance company. The company wants to become the leading insurer of India. In regard to this, the company is providing different products to cater different needs of customers.
    Know More - Aviva Term Insurance
  3. Bajaj Allianz Life Insurance Company Limited
    Bajaj Allianz Life Insurance Company Limited is one of the most trusted life insurance companies of India. It is also a joint venture like other life insurance companies of India. Bajaj Finserv Limited and Allianz SE joined hands to formed this insurance company. Both companies carry a great market value and are an example of great professional work. Bajaj Allianz Life Insurance Company Limited is a trustworthy company that most people trust for their insurance purchase needs.
    Know More - Bajaj Allianz Term Insurance
  4. Bharti AXA Life
    Bharti AXA Life is a renowned insurance platform that is serving the customers of India from 2006. The company is providing innovative products and services to cater to different needs of insurance and wealth management of customers. It is a joint venture between Bharti Enterprises and the AXA Group. The company aims to help its customer in each and every manner when it comes to life insurance.
    Know More - Bharti Axa Term Insurance
  5. Birla Sun Life Insurance Co.Ltd
    Birla Sun Life Insurance Co.Ltd is a well-known life insurance company which is catering to the insurance market from several years. It is a joint venture between Aditya Birla Group and Sun Life Financial Inc. It is one of the leading life insurance companies of India. The best thing about the Birla Sun Life Insurance Co.Ltd is that it offers customized products as well.
    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- a renowned life insurance company in India. The company was established in June 2008. It is basically a joint venture between India's largest public banks that include Canara Bank and Oriental Bank of Commerce and HSBC Insurance Holdings Limited.
    Know More - Canara HSBC Term Insurance
  7. Exide Life Insurance Co. Ltd
    Exide Life Insurance Co. Ltd is a well-known life insurance company founded in 2001-2002. The company has its headquartered in Bengaluru. The company carries the experience of many years in the same domain. It is an amazing and well-established life insurance company. The company is fully owned by Exide that is the biggest manufacturer of India when it comes to the electric storage industry. The company is offering a wide range of insurance products to cater to different needs of the customers.
    Know More - Exide Life Term Insurance
  8. HDFC Life Insurance Co.Ltd
    HDFC Life -a renowned life insurance company which was established in 2000 and since then the journey is unstoppable. The company is basically a joint venture between HDFC Ltd. and Standard Life, which is a global investment company. The company is offering a wide range of life insurance products that include customized products according to the needs of the customer.
    Know More - HDFC Term Life Insurance
  9. IDBI Federal Life Insurance Co.Ltd
    IDBI Federal Life Insurance Co.Ltd is basically a renowned life insurance company founded in 2008. Since its inauguration, the company is growing amazingly with great passion and innovation. It is a joint venture between India’s premier development and commercial bank, Federal Bank, and Ageas – multinational insurance in Europe. With Rs 1,565 crore in total premium, the company registered 27% growth.
    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.
  11. Life Insurance Corporation of India
    Life Insurance Corporation of India (LIC) is the leading life insurance company of India. Life Insurance Corporation of India is basically an Indian state-owned insurance group and investment company which has its headquarter in Mumbai. It is the largest insurance company in India with an estimated asset value of ₹2,529,390 crore. The slogan of the company is “Your welfare is our responsibility” and has more than 2000 branches across India.
    Know More - LIC Term Insurance
  12. Max Life Insurance Co.Ltd
    It is one of the most popular and leading life insurance company in India. Max India Ltd and Mitsui Sumitomo Insurance Co. Ltd joined hands to establish this organization. The company deals in several forms of life insurance products that can go well with the different needs of the customers. All the products in which the company deals are loaded with different benefits that you can avail at an affordable price. The company aims to become the most esteemed life insurance company in India.
    Know More - Max Term Life Insurance
  13. PNB MetLife India Insurance Co.Ltd
    PNB MetLife India Insurance Co.Ltd is one of the trustworthy insurance companies in India. It is 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 carries its headquarters in Bengaluru and its corporate office in Gurgaon. The company was founded in 2001. It is offering a wide range of life insurance products to deal with the different needs of customers.
    Know More - PNB MetLife Term Life Insurance
  14. Reliance Life Insurance Co.Ltd
    Reliance Life Insurance Co.Ltd is basically a part of Reliance Capital. Reliance Life carries the experience of many years in the insurance industry and dealing with the different needs of customers. It has a huge variety of life insurance plans that include tailormade plans as well. The company is offering its products at affordable prices so that it can be in reach of every person.
    Know More - Reliance Nippon Term Life Insurance
  15. SBI Life Insurance Co.Ltd
    SBI Life Insurance Co.Ltd- a renowned name in the life insurance industry. It is basically a joint venture between State Bank of India and BNP Paribas Cardif S.A. The company was founded in 2001. To deal with the different needs of the customers, the company is offering a wide range of life insurance products. To simplify the buying process, the company has divided the same into three categories; Individual plans, group plans, and online plans.
    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 98.19%
Max Life Online Term 18 / 60 Years 70 10-35years Annual Rs 25,00,000 Lumpsum & Income Options 96.23%
ICICI Prudentail Life Insurance 18 / 60 Years 75 5-40 years Monthly, Halfyearly,Annual & Single Subject to minimum premium paid Lumpsum & Income Options 96.20%
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 95.02%
Reliance Online Term 18 / 60 Years 75 10 | 15 | 20 | 25 | 30 | 35 years Annual Rs 25,00,000 LumpSum Only 95.01%

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 95.30%
2 Aviva Life Insurance 90.60%
3 Bajaj Allianz Life Insurance 91.30%
4 Birla Sun Life Insurance 88.45%
5 Canara HSBC OBC Life Insurance 92.99%
6 DHFL Pramerica Life Insurance 57.19%
7 Edelweiss Tokio Life Insurance 52.10%
8 Exide Life Insurance 86.10%
9 Future Generali India Life Insurance 90.61%
10 HDFC Life Insurance 95.02%
11 ICICI Prudential Life Insurance 96.20%
12 IDBI Federal Life Insurance 84.79%
13 IndiaFirst Life Insurance Company Ltd - India First 72.71%
14 Life Insurance Corporation of India 98.19%
15 Max Newyork Life Insurance 96.23%
16 PNB MetLife Insurance 92.90%
17 Reliance Life Insurance 95.01%
18 Sahara Life Insurance 89.97%
19 Shriram Life Insurance 65.66%
20 Tata AIA Life Insurance 94.47%

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.

Insurance Calculator

Average Rating / 5 ( reviews)