24 term insurance companies offer term insurance plans in India. Choosing the right insurance company is necessary
to ensure that your loved ones can easily get the claim amount in case something unfortunate happens to you. We have provided a list of the 10 best insurance companies that you can consider for buying a term plan in 2025, so that you do not have to make extra efforts.... Read More
24 term insurance companies offer term insurance plans in India.
Choosing the right insurance company is necessary to ensure that your loved ones can easily get the claim amount in case something unfortunate happens to you. We have provided a list of the 10 best insurance companies that you can consider for buying a term plan in 2025, so that you do not have to make extra efforts.... Read More
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Google Ratings (2500+)
11+ Years
IRDAI Approved
5M+
Quotes Generated
100K+
Happy Customers
PolicyX is one of India's leading digital insurance platform
Himanshu is a content marketer with 2 years of experience in the life insurance sector. His motto is to make life insurance topics simple and easy to understand yet one level deeper for our readers.
Anchita has over 6 years of experience in content marketing, insurance, and healthcare sectors. Her motto to make health and term insurance simple for our readers has proven to make insurance lingos simple and easy to understand by our readers.
Updated on Jul 14, 2025 15 min read
Term Insurance Companies in 2025
Term insurance companies are the financial institutions approved by IRDAI to sell term insurance plans in India.
These term plans offer financial safety to your loved ones in case of your unfortunate demise during the policy tenure.
You can buy a term insurance plan at affordable premiums in your early 20s. As per the latest report by IRDAI 2023-24, there are 24 different term life insurance companies operating in India. But how can someone know which is the best insurance company in India? The task can be tricky for a common man. Therefore, we have listed some parameters below to help you find the best term plan company for yourself and make a wise choice. We have also provided a list of the 10 best term insurance companies in India that you can consider buying a plan from.
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Claim settlement ratio
(Number of claims settled out of total received claims)
1
The highest is the best.
Solvency ratio
(If insurance companies are financially stable to pay the claims)
2
Must be above 1.5
Brand reputation
(Trust and market recognition of an insurer)
3
How well-known the company is
Customer reviews
(Reviews from existing policyholders of the company)
4
What the existing customers say about the company
Best Term Insurance Companies in India in 2025
Being an aware citizen, our biggest concern is whether my insurance company will support my family in my absence or how financially stable the insurance company will be in case of a heavy claim.
So below is the list of the 10 best term life insurance companies in India, along with their claim settlement ratio (CSR), annual premiums received, solvency ratio, and assets under management (AUM) as per the latest report by IRDAI for FY 2023-2024. These metrics help you make a wise decision.
Axis Max Life Insurance (earlier known as Max Life Insurance) is one of the best term insurance companies in India. It is a joint venture between Max Financial Services and Axis Bank. Axis Max Life Insurance has a prime focus on customer satisfaction and innovation by creating new products and delivering tailor-made plans to its customers.
Why Choose Axis Max Life Insurance?
Get a higher sum assured at affordable premiums.
Highest CSR of 99.65% among life insurance companies.
Flexibility to take a break from paying premiums under various circumstances, such as loss of job, accident, or financial struggles.
Enjoy multiple premium payment options.
Best Term Plans Offered By Axis Max Life Insurance
HDFC Life Insurance is a joint venture between HDFC Group and ABRDN Group that commenced its operations in 2000. It is also one of the fastest-growing private life insurers in India, with assets under management of Rs. 2,87,136.23 crores. They offer various insurance products to cater to every unique individual's needs.
Why Choose HDFC Life Insurance?
Same-day claim processing.
1 crore term insurance starting at just Rs. 26/- day.
Get higher policy tenure for a maximum of 30 years.
Offers coverage for permanent disability, critical illnesses, and terminal illnesses.
ICICI Prudential Life Insurance Company, a subsidiary of ICICI Bank, was founded in 2000 as a joint venture between ICICI Bank and Prudential Corporation Holdings Limited, a leading international financial services group. ICICI Prudential term insurance plans provide tax benefits of up to 1.5 lacs and an additional Rs 50,000 for riders under Section 80C of the Income Tax Act, 1961.
Why Choose ICICI Prudential Life Insurance?
ICICI Prudential offers a 1-day claim settlement.
It provides coverage for 34 critical illnesses.
Option to receive all of your premiums back.
Additional death coverage as a higher payout in case of unfortunate demise.
Best Term Plans Offered By ICICI Prudential Life Insurance
A subsidiary of Tata Group, Tata AIA Life Insurance is a joint venture between Tata Sons Pvt. Ltd. and AIA Group of Insurance, New York. Since its commencement in 2001, Tata AIA Life Insurance has had a prominent leadership position in India. It is one of the best term life insurance companies in India that offers a variety of plans for customers to choose from.
Why Choose Tata AIA Life Insurance?
7% discount on first-year premiums.
With TATA AIA life insurance, you can save up to Rs. 46,800 annually.
Option to increase your life coverage by achieving key milestones.
Offers express claim settlement under four years.
Best Term Plans Offered By Tata AIA Life Insurance
One of the leading life insurers, Bajaj Allianz Life Insurance, was formed in 2001 as a joint venture between Bajaj Finserv Ltd and Allianz SE, with over 1000+ digital offices in Tier-2 and Tier-3 cities. Bajaj Allianz Life Insurance has established itself as a trusted insurer with a strong focus on customer-centricity.
Why Choose Bajaj Allianz Life Insurance?
An early exit option to take back all the premiums during the policy term.
Option to skip your premiums for 1,2,3 years during the premium payment term.
Bajaj Allianz has covered 2.82 crore lives as of 2024.
Avail yourself of a waiver of premium benefits and an accidental total disability rider to enhance your family's coverage.
Best Term Plans Offered By Bajaj Allianz Life Insurance
Life Insurance Corporation of India (LIC) is one of the best term life insurance companies in India, incorporated in 1956. From the beginning, LIC has been one of the most prominent and best life insurance companies. The company has over 1572 satellite branches and eight zonal offices across India. Even today, LIC is one of the largest insurance companies in terms of annualized premiums.
Why Choose Life Insurance Corporation of India (LIC)?
Option to choose between the level sum assured and the increasing sum assured.
Choose between flexible premium payment terms such as Single, Regular, and Limited.
10 million customers across the world
Get a guaranteed annual payout of 10% of the sum assured, starting from 3 to 6 years after the premium payment term.
Best Term Plans Offered By Life Insurance Corporation of India (LIC)
Two Benefit Options- Level Sum Assured & Increasing Sum Assured.
SBI Life Insurance
SBI Life Insurance is India's second-largest insurance company, which was incorporated in 2000. SBI Life Insurance offers many products, including term insurance, guaranteed return, annuity, child insurance, and retirement plans. SBI Life is one of the best insurance companies in India, with Rs. 3,85,094.99 cr of assets under management in just 24 years.
Why Choose SBI Life Insurance?
Option to cover your spouse under the same plan with some policies.
Easy payout upon the diagnosis of any terminal illness.
Option to receive monthly income benefits.
Option to purchase term insurance without undergoing a medical examination with some plans.
Established in 2000, Aditya Birla Life Insurance is a joint venture between Aditya Birla Group and Birla Sun Life Insurance. With Rs. 85,763.04 crores of assets under management, Aditya Birla is the fastest-growing private life insurer in the insurance industry. Aditya Birla offers multiple insurance products, such as term insurance, child insurance, ULIP, endowment plans, and retirement plans to cater to the needs of every individual.
Why Choose Aditya Birla Sun Life Insurance?
Offers flexibility in coverage and tenure.
Covers 34 critical illnesses so that you can use the sum assured to get treatment.
Choose between monthly, quarterly, and yearly payout options.
Cover yourself for 99 years, for a sum assured of 1 crore at just Rs. 542 per month only.
Best Term Plans Offered By Aditya Birla Sun Life Insurance
Started in 2000, Kotak Mahindra Life Insurance is India's first standalone private insurance company. In just 24 years, Kotak Mahindra Life Insurance has saved more than 50 million lives through its 225 branch offices available across India.
Why Choose Kotak Mahindra Life Insurance?
Offers higher coverage for affordable premiums.
Long-term coverage up to the age of 99 years.
Offers accidental death cover to enhance protection against death.
Tax benefits up to 1.5 lakhs under Section 80 (C) of the Income Tax Act, 1961.
Best Term Plans Offered By Kotak Mahindra Life Insurance
PNB MetLife Life Insurance is a joint venture between PNB Bank and MetLife Group. They started their operations in the year 2001. With over 15,000+ branches, PNB Metlife Life Insurance offers assistance 24/7 to cater to the needs of every individual. They offer a range of life insurance products, including term insurance plans, child education plans, saving plans, and retirement plans.
Why Choose PNB MetLife Life Insurance?
Offers whole-life coverage for up to 99 years.
Covers 50 critical illnesses.
Get all your paid premiums back once the policy tenure is completed.
You can cover your spouse under the same plan as a joint life cover.
Best Term Plans Offered By PNB MetLife Life Insurance
What is the Difference Between Term Insurance Companies and Life Insurance Companies?
Life insurance companies are the financial institutions approved by IRDAI to sell life insurance policies in India. There are various life insurance policies available, including term plans, child plans, retirement plans, savings plans, etc. A term insurance is the most affordable type of life insurance policy that offers financial coverage to your family in case of your uncertain death during the policy tenure.
All life insurance companies are term insurance companies, as all these 24 companies offer at least one term insurance plan. In the above table, we have provided a list of the best term insurance companies that have a dedicated focus on selling term plans.
How to Choose the Best Term Insurance Company in India?
The following are key parameters that will help you choose the best term insurance company in India:
CSR
It signifies how promptly the insurer settles claims.
It signifies the number of claims settled each year out of the claims received.
To know the exact CSR of the company, you can visit PolicyX.com Data Lab.
Premiums Cost
Look for companies that do not charge any hidden costs with their premiums.
Identify the best company that provides the best value for premiums.
Premium costs should be justifiable with the coverage, and the sum assured.
Customer Support
Contact people who recently purchased the same term plan and ask what is good and bad.
Ask about the after-sales services of that company with their customers.
You can also call PolicyX on 1800-420-0269 for more information on the best term insurance plans.
Online Reviews
Go through the insurer's website to see the customer's point of view.
Look for customer feedback over different social media platforms.
Read reviews on social platforms such as Google, Reddit, and Quora.
Solvency Ratio
It signifies that the insurer has a stable financial situation.
It denotes an insurance company's assets and liabilities.
It should be more than 1.5 for the same financial year as per IRDAI.
Insurer’s Reputation and Brand Image
An insurer with a good reputation often provides the best services to their customers to maintain that image.
The reputation of an insurance company is created with its quality services and customer testimonials.
An insurance company with good customer testimonials and reviews can be considered to purchase a term plan.
pert Insights
Global average: The global average for insurance penetration was 7% in 2023.
India's term insurance penetration: In 2024, India's term insurance penetration was 2.8%, down from 3% in 2023.
*Data sourced from Moneycontrol
Benefits of Choosing the Best Term Insurance Company
There are various benefits of choosing the best term insurance company in India in 2025.
Easy Claim Settlement
Opting for a term insurance plan from the best term insurance company will ensure that your loved ones can easily get the claim amount in your absence.
Peace of Mind
Choosing the best term insurance company offers peace of mind to the policyholder as their family is financially protected even when they are not with them.
24*7 Customer Support
You can avail yourself of customer support if you face any queries regarding your term insurance policy. The best term insurance companies offer customer support through multiple channels, including email, phone, message, etc.
Choice of Policy Tenure
Buying a term plan from the best term insurance company allows you to choose the policy tenure of your choice. You can choose a policy tenure between 5 to 40 years.
Flexible Premium Payment Tenure
The policyholders enjoy the flexibility to choose the premium payment tenure that best suits their needs. There are multiple payment options, including yearly, half-yearly, quarterly, monthly, etc.
Choice of Coverage
You can choose the coverage that best aligns with your budget and financial goals. There are multiple coverage options, including 25 lakhs, 50 lakhs, 1 crore, 5 crore, 10 crore, etc.
Who Should Buy Term Insurance?
For individuals with financial dependents, term plans offer a secure and affordable way to provide financial protection. It covers a range of individuals such as parents, married couples, self-employed or business people, new parents, and taxpayers. So, let's see how these individuals can benefit from the security of a term insurance plan.
Salaried Individual
Salaried individuals should opt for buying a term insurance plan so that if something happens to them, their dependents can get a lump sum amount to run their lives without financial struggles.
Self-employed Individual
People who are business owners, big or small, should buy a term insurance plan so that when they are not around, their business or family doesn't suffer financially.
Parents
Parents with dependent children should invest in a term insurance plan so that their children are well taken care of financially even in their absence.
Married Couple
Married people should buy a term insurance policy so that the spouse is financially secure if something happens to the policyholder. Some term insurance policies also offer life cover to both spouses in under one plan.
Tax Payers
Taxpayers should buy a term plan as they can avail of tax benefits of up to Rs 1.5 lakhs and an additional Rs 50,000 (for riders) for the premium paid in the same financial year.
Why Should You Buy Term Insurance From PolicyX.com?
PolicyX helps you compare a wide range of plans based on their features and choose the one that best fits your requirements.
Hassle-free purchase process
Buying term plans from PolicyX.com is a hassle-free process as it lets you compare various term plans within 30 seconds.
Customer’s choice
PolicyX is a leading insurance aggregator that is trusted and loved by customers due to its best services and support.
Good customer service
You can contact PolicyX by calling 1800-420-0269. One of our insurance experts will connect with you shortly to address all your concerns.
Claim settlement support
PolicyX stands with you even in the hardest of times and provides you with dedicated claim settlement support when required.
Final words
Term insurance is the most affordable form of life insurance to protect your family financially in your absence. Properly analyzing term insurance companies is essential to know whether term insurance provides significant coverage and comes with affordable premiums. However, the best term insurance plan consists of all the important parameters, such as good CSR, customer support, rider benefits, etc. So above, we have listed the best term insurance companies available in the Indian market and what it takes to choose the best one. We have also provided a list of the 10 best term insurance companies in India that you can consider for buying a term plan.
For more information related to the term plans, you can visit PolicyX.com or call us at 1800-420-0269. We offer No Spam, No Gimmicks, and Only Expert Insurance Advice so that you can choose the best term plan for your loved ones.
Term Insurance Companies: FAQs
1. What are the top 5 term insurance companies based on claim settlement ratio?
Following is the list of top 5 term insurance based on the claim settlement ratio:
Max Life insurance - (99.51%)
HDFC Life Insurance- (99.39%)
Bajaj Allianz life insurance-(99.04%)
Edelweiss tokio life insurance-(99.2%)
Aegon Life insurance- (99.03%)
2. I am not satisfied with my current term insurance company, how can I switch to another and take back all the paid premiums?
To switch between a term insurance company, you need first to surrender the premium term insurance plan and later on purchase a second one. In case, your free-look period period is still active you can get back all the paid
premium(exclusion of taxes).
3. Which life insurance company has the highest CSR?
In the recently published report, Max Life Insurance has the highest CSR, 99.51%, among all life insurance companies.
4. How many term insurance companies are currently operating in India?
There are a total of 23 term insurance companies currently operating in India.
5. Is any term insurance company giving maturity benefits upon policy completion?
Yes, Maturity benefits are available in almost all the plans, such as LIC, ICICI Prudential, HDFC life insurance and much more.
6. Out of HDFC Life and ICICI Prudential, which term insurance company is best in terms of Claim settlement ratio or CSR?
As per the latest IRDAI Report of 2022-2023 ICICI Prudential reported a CSR of 97.8% while HDFC Life reported a CSR of 99.39%.
7. Which life insurance offers a maximum number of term insurance plans?
Companies such as: HDFC Life, Aditya Birla, and TATA AIA Life Insurance offer a maximum no. of term insurance plans.
8. Should a best-term insurance company offer affordable premiums?
Yes, you can get affordable premiums in all the top 10 life insurance companies.
9. Can I get COVID-19 coverage in all top-term insurance companies?
Yes, you can get covid 19 coverage in all the top 10 insurance companies.
10. How many days does a term insurance company take to settle a claim?
Generally, the insurer company will take upto 30 days to settle a claim but it also depends from case to case. If there is some issue with documents it would also take more than 30 days.
11. Can we claim two term insurance policies from two companies?
Yes, you can claim two-term insurance policies from two different insurance companies.
12. How to choose the best term life insurance company?
To choose the best term life insurance company you should consider various parameters including claim settlement ratio, solvency ratio, customer testimonials, and market reputation of the company.
13. Which company is best for term life insurance in India?
There are various best term life insurance companies in India including LIC, Max Life, SBI, PNB Metlife, Tata AIA, Kotak Mahindra, etc.
14. Is LIC the best term insurance company in India?
Yes, LIC is one of the best term insurance company in India with a good claim, settlement ratio, solvency ratio, and past track record.
15. Which is the best term insurance in India?
Axis Max Smart Total Elite Protection Plan is one of the best term insurance in India.
16. Are private insurance companies safe for long term plans?
Yes, every private insurance company approved and regulated by IRDAI is safe for long term insurance plans.
17. Do term plans offer maturity?
Pure term insurance plans do not offer any maturity benefits. However, TROP (Term Insurance with Return of Premium) returns all your premiums at the time of maturity.
18. How important is a term insurance plan?
Term insurance is the best investment you can make to secure your family’s financial future. It’s important to buy a term insurance plan so that your loved ones can stay financially protected even in your absence.
19. What are some of the long term life insurance companies in India?
Some of the long term life insurance companies include LIC, Max Life Insurance, SBI Life Insurance, Bajaj Allianz Life Insurance, etc.
20. How to choose the best insurance company in India?
To choose the best insurance company in India you should check various factors including CSR, solvency ratio, customer reviews, market reputation, etc.
21. How many term life insurance companies are there in India?
There are approximately 26 term life insurance companies that are currently operating in India.
22. Which are the top 10 term insurance companies in India?
The top 10 term insurance companies in India include Axis Max Life Insurance, HDFC Life Insurance ICICI Prudential Life Insurance, Tata AIA Life Insurance, Bajaj Allianz Life Insurance, Life Insurance Corporation of India (LIC), SBI Life Insurance, Aditya Birla Sun Life Insurance, Kotak Mahindra Life Insurance, and PNB MetLife Life Insurance.
23. Which is the best term insurance plan?
Axis Max Smart Term Plan is one of the best term insurance plans.
Term Insurance Companies
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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