Below, we've listed the IRDAI-approved Best Term Insurance in India 2024 from the top term insurance providers based on their latest Claim Settlement Ratios for 2022-2023. These plans offer special benefits and different life cover options that set them apart from other term insurance plans.
Check out the following list and choose a plan that best suits your requirements:
Sr. No. | Best Term Plans | Claim Settlement Ratio (CSR) | Entry Age | Maturity Age | Check Plans |
1 | ICICI Pru iProtect Smart | 97.82% | 18 to 65 years | 99 years | |
2 | HDFC Life Click 2 Protect Super | 98.66% | 18 to 65 years | 85 years | |
3 | Mera Term Plan Plus | 97.33% | 18 to 60 years | 99 years | |
4 | TATA AIA Sampoorna Raksha Supreme | 98.53% | 18 to 65 years | 100 years | |
5 | Bajaj Allianz Life eTouch Plan | 99.02% | 18 to 65 years | 99 years | |
6 | Max Life Smart Secure Plus Plan | 99.34% | 18 to 65 years | 85 years | |
7 | iSelect Smart 360 Term Plan | 98.44% | 18 to 65 years | 99 years | |
8 | Kotak e-Term Plan | 98.82% | 18 to 65 years | 75 years | |
9 | Zindagi Protect Plan | 98.09% | 18 to 65 years | 100 years | |
10 | Bandhan Life iTerm Prime | 99.37% | 18 to 65 years | 65 years |
A good term plan consists of various coverage options, flexibility to choose death payout, flexibility in premium payment terms, offers premium discounts, lets you add riders, comes with loaded inbuilt benefits, and is easy on your pocket.
Claim Settlement Ratio is the percentage of claims settled by an insurer compared to the total claims received in a financial year. A good CSR lies somewhere between 95 to 99 percent.
The age (last birthday) at which you buy an insurance policy is your entry age to that policy. Insurance policies usually come with a minimum and maximum age at entry which means that you must attain a specific age or should be less than the maximum age to buy a policy.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.
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