With the growing inflation rate and unwanted incidents, it is becoming important to secure the future of your family. And you can do the same by investing in an adequate term insurance plan. With a secure future via term insurance, they would be able to stand independently in case of your demise as well.
To purchase the best term insurance, you need to connect with a trustworthy insurance company. Hence we are here to assist you with the same. Below is the list of top term insurance companies in India. It will help you in choosing the right company for your term insurance purchase.
In India, we have listed 20 companies that cater to term insurance plans. Below, we have mentioned some details of the same:-
|Company||Branches||Customer Assistance Number||Tax benefits||Claim Settlement Ratio |
|Aegon Life Insurance Company||83||1800-120-4433||Available||96.45%|
|Aviva Life Insurance Company||135||1800 103 7766||Available||96.06%|
|Aditya Birla Sun Life Insurance||425||1-800-270-7000||Available||97.15%|
|Bajaj Allianz Insurance||582||1800 209 5858||Available||95.01%|
|Bharti Axa Life Insurance Company||238||1800-102-4444||Available||97.28%|
|Canara HSBC Oriental Bank of Commerce Life Insurance Co.Ltd||8000||1800-103-0003||Available||94.02%|
|Edelweiss Life Insurance||121||02266116040||Available||95.82|
|Exide Life Insurance Company||200||1800 419 8228||Available||97.03%|
|Future Generali Life Insurance||117||1800 102 2355||Available||95.16%|
|HDFC Life Insurance||414||(022) 67516666||Available||99.04%|
|ICICI Prudential life Insurance Company||514||1860 266 7766||Available||98.58%|
|IDBI Federal Life Insurance Company||3000||1800 209 0502||Available||95.79%|
|India First Life Insurance Company||4800||011 3962 1201||Available||92.82%|
|Kotak Life Insurance Company||232||1800 209 8800||Available||97.40%|
|Life Insurance Corporation of India||212||022 6827 6827||Available||97.79%|
|Max Life Insurance Company||239||1860 120 5577||Available||98.74%|
|PNB Metlife Insurance Company||7000||1800-425-6969||Available||96.21%|
|Reliance Nippon Life Insurance Company||700||022 4882 7000||Available||97.71%|
|SBI Life Insurance Co. Ltd||922||1800 267 9090||Available||95.03%|
|TATA AIA Life Insurance||160||1-860-266-9966||Available||99.07%|
Aegon Life Insurance Company is one of the leading life insurance companies. The company was founded in July 2008 and since then, it keeps on delivering world-class products. It is a new-age digital service company with the company-employed service team. With the same, it is fully geared to offer the highest levels of service. The company has a presence in more than 20 countries with around 29000 employees. It aims to become the most recommended new age life insurance company. It offers multiple term insurance options to choose the best one as per your needs.
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Aviva Life Insurance Company is a renowned player in the life insurance industry of India. It is a joint venture between Dabur Invest Corp and Aviva Group. Aviva Life is amongst the leading insurers of India with the help of a quality business model that is based on sustainable growth. The company has a wide distribution network and a strong sales force. It is amongst the first insurers of India which introduced modern unit-linked and unitized with-profit policies. It has also been chosen as the Most Trusted Private Life Insurance Brand for 2018 & 2019 by TRA, Brand Trust Report – India Study. When it comes to term insurance, Aviva is offering customized products to cater to the different needs of customers.
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Aditya Birla Sun Life Insurance is one of the most trusted life insurers of India. It is basically a joint venture between the Aditya Birla Group and Sun Life Financial Inc. With the experience of many years in the same, the company has contributed tremendously to the growth and development of the Indian Life insurance industry. The company is providing innovative products and services to cater to different needs of insurance and wealth management of customers. It deals with multiple term insurance plans to offer complete protection to your loved ones.
Know More About - Aditya Birla Sun Life Term Insurance
When it comes to the private life insurance industry, Bajaj Allianz is one of the leading insurers. It is a partnership between two successful entities called Bajaj Finserv Limited and Allianz SE. The company commenced its operations in 2001. Bajaj Allianz serves millions of people through its 582 branches. The company aims to be an undisputed leader amongst non-bank promoted life insurance companies in top-line and profitability. It offers comprehensive life insurance solutions and term insurance is one of the most demanded products.
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Bharti Axa Life Insurance is a well-known insurer which has been serving the Indian customers with innovative and affordable insurance products since 2006. It is the amalgamation of two great visionaries- Bharti Axa that holds a 51% stake and a 49% stake from AXA. The company aims to become the most preferred life insurance company. The company carries great values that include customer-centricity, innovation, team culture, integrity, and courage among others. It offers an affordable yet effective list of term insurance plans which are designed by keeping growing needs of customers in mind. The company aims to help its customers in each and every manner when it comes to life insurance.
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Canara HSBC Oriental Insurance is one of the finest insurance companies in India. The company was established in 2008. It is a joint venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance. To provide ease to customers, the company has pan India presence with over 10,000 branches. It ensures that customer needs are met through their life cycle. And for the same, the company offers affordable solutions. The company’s product suite caters to multiple needs of customers across comprehensive protection, retirement accumulation & guaranteed lifetime income, savings for child education through online and offline plans.
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Edelweiss is a renowned life insurance company which aims to protect people’s dreams and aspirations. The company is a joint venture between Tokio Marine Holdings & Edelweiss Financial Service Limited. The company stands for quality in all aspects. The company holds a bunch of great plans to help them fulfill customer’s dreams and mitigate the hindrances. The company has a team of experts who are always there to assist you in the hour of need. With the help of multiple term insurance plans, the company ensures that it offers complete protection. The company has spread its presence in 91 cities with more than 117 branches.
Exide Life Insurance Company is an established and profitable player in India’s life insurance industry. The company was founded in 2001-2002 with headquarters in Bengaluru. It is a 100% owned subsidiary of Exide Industries Limited. The company owns multiple channels to distribute its products on a wide level. It offers long term protection along with creative savings and wealth solutions. The company holds a strong portfolio of traditional products with a track record of consistent bonuses. It has ISO 9001:2015 quality certification for all customer service processes and the ISO/IEC 27001:2013 for information security management. It ensures that it is completely a safe platform for your term insurance purchase.
Know More About - Exide Life Term Insurance
Future Generali Life Insurance is a well known insurer of life insurance Industry. It is a joint venture between Future Group, Generali Group and Industrial Investment Trust Limited (IITL). The vision of the company is to actively protect and enhance peoples’ lives. With more than 104 branches, the company ensures to offer a wide range of effective solutions. For the complete satisfaction of its customers, Future Generali delivers relevant and accessible insurance solutions at pocket-friendly prices.
HDFC Life insurance is one of the strongest life insurance players in the Indian Market. It is a joint venture between HDFC Ltd and Standard Life Aberdeen. The company was founded in 2000 and since then, it has been a leading long life insurance solutions provider. The company offers a wider range of individual and group insurance solutions. The company has a presence of over 412 branches and additional distribution channels with several partnerships. To offer complete protection to your family, HDFC holds the finest term insurance solutions.
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ICICI Prudential Life insurance is one of the leading life insurance players in the Industry. ICICI Bank Limited and Prudential Corporation Holdings Limited joined hands to establish ICICI Prudential Life Insurance Company. THe company was founded in 2001 and has consistently been amongst the top players in India. To deal with different life stage requirements, the company offers a wide suite of savings and protection plans. And for more ease, hassle-free claim settlement experience is there to assist.
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IDBI is a renowned life insurance company in India. The company was established in 2008 and since then, it is unstoppable. It is a joint venture between India’s premier development and commercial bank, Federal Bank, and Ageas – multinational insurance in Europe. Since its inauguration, the company is growing amazingly with great passion and innovation. To secure your loved ones, the company is offering a wide range of term insurance plans at affordable prices. IDBI was listed among the top 10 most trusted life insurance brands in the country, as per Economic Times’ Brand Equity survey.
Know More About - IDBI Federal Term Life Insurance
India First Life Insurance Company was founded in 2009 and since then, it keeps on serving customers with a passion. The company offers a diversified suite of 35 need-based products to deal with different stages of life. 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. The company was honored as India’s 20 Best Workplaces in BFSI – 2019. It is one of the most prestigious achievements across the globe. The company also received the award for ‘Great Place to Work’. The team of India First Life Insurance hopes to make great strides and keep raising the bar for years to come.
Kotak Life Insurance is one of the fastest growing life insurance companies in India. The company is covering more than 20 million lives nationwide (as on 31 st March 2018). It is a strong player which offers a wide range of affordable yet effective life insurance plans. With the help of expert teams, Kotak Life Insurance ensures that it delivers exactly what it promises. The company aims to become the best life insurance company in India. Its sole purpose is to add value to the lives of people through financial instruments of protection and long term savings.
Life Insurance Corporation is one of the oldest and largest life insurance companies in India. It is basically an Indian state-owned insurance group and investment company which has its headquarter in Mumbai. At this moment, LIC had 5 zonal offices, 33 divisional offices, and 212 branch offices, apart from its corporate office in the year 1956. The company has crossed many milestones and has set unprecedented performance records. It offers multiple life insurance products to deal with the growing stages of life. And in terms of pure protection, the company is offering affordable yet effective term insurance plans.
Know More About - Life Insurance Corporation of India
Max Life Insurance Company is a popular private life insurance company. It is a joint venture between Mitsui Sumitomo Insurance Company Limited & Max India Limited. It has a pan India presence with more than 239 offices. The company offers a wide range of specially created, curated, and customized insurance plans for your family’s specific requirements. The company is offering a world class service to its customers. The company aims to be the most admired life insurance company in India. It ensures the secure financial future of customers.
Know More About - Max Life Term Insurance
Pnb Metlife Insurance Company is a trustworthy life insurance company. The company was established in 2001. It is a joint venture between Jammu and Kashmir Bank Limited, Punjab National 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. It is offering a wide range of life insurance products to deal with the multiple needs of customers. It continues to be a consistently profitable organization.
Know More About - PNB Metlife Term Insurance
Reliance Nippon Life Insurance Company is one of the leading private sector life insurance companies. The company was founded in 1889. It is the largest non-bank supported private life insurance company with over 10 million customers. It has a strong distribution channel with more than 727 branches in India. The company has been rated amongst the top 3 Most Trusted Life Insurance Service Brands by Brand Equity‘s Most Trusted Brands Survey 2018. 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.
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SBI Life Insurance Company Limited (a renowned name in the life insurance industry) is a joint venture between BNP Paribas Cardif S.A & State Bank of India. The company was founded in 2001 and aims to become the most trusted and preferred life insurance provider. It emerged out as a leading company providing a complete range of life insurance and pension products at affordable prices. It ensures complete customer satisfaction. When it comes to term insurance, it holds a long list of plans to meet the different requirements of its customers.
Know More About - SBI Term Insurance
TATA AIA Life Insurance has joined the lead of leading life insurance companies in India. It is a joint venture between AIA Group Ltd. (AIA) & Tata Sons Pvt. Ltd. The company has ranked at no. 5, based on individual weighted new business premium. To assist customers in the long run, it has come out with multiple investment options. It has plans for every stage of life and is always ready to provide the needful assistance in the hour of need. It is one of the best and simplest life and health insurance solutions providers. It aims to become the pre-eminent protection provider - enabling dreams, inspiring healthier and happier lives.
Till now, you must be clear that term insurance is a strong tool that will provide much-needed assistance to your family in case of your demise. In India, there are many companies that offer a wide range of term insurance plans. However, it is advisable for you to compare term insurance to get the best plan out of all. Below are a few factors that you must keep in mind while comparing term insurance.
Claim Settlement Ratio
Whenever you compare, keep in mind to check the claim ratio of the insurance company. A claim ratio number shows the range of claims settled in the previous year. With this, you will be more confident about the company which can help you in the hour of need.
Have a quick evaluation of the ‘Riders’ provided by insurance companies. Riders are the way you widen up your base term plan. There are few common riders that you can avail of along with your term insurance plans to boost the basic cover.
The premium may additionally vary from insurer to insurer, however, this must not be the sole deciding component. Although a few insurance companies can also offer the same sum assured at a high premium, the claim ratio may be better too. Moreover, you must check out ‘view details’ whilst evaluating the term plan to understand inclusions and exclusions. This is because a few insurance groups provide riders in their base plan itself which may be the reason for a better premium.
Figuring Out Sum Assured
Generally, the sum assured is 15-20% of your annual income. However, you should not forget about the different factors earlier than fixing the sum assured. You need to remember: - Debts and inflation - income alternative in case of your demise. As per the thumb rule: Annual income X 10 or 15times + Loans/ Liabilities (If any).
Yes, with the help of claim settlement ratio, it will become easier for you to choose the best term insurance company. It allows us to check which company has the potential to provide the required assistance in the hour of need.
No, policyholders are not eligible for loans as the policy does not offer any maturity benefits nor does it attain surrender value.
In such situations, term insurance companies keep your policy active, even when you relocate from India. However, ensure that you keep your insurer informed about such a change.
Yes, generally all insurance companies offer additional riders which allows you to boost the basic cover at a nominal cost.
Yes, there are many best insurance companies that carry online presence and offer customers the facility to not only purchase but can also ask for assistance in case of any doubt.
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Last updated on 22-01-2020