Term Insurance Companies
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Best Term Insurance Companies in India

With the growing inflation rate and uncertain incidents, it is highly important to secure the future of your loved ones. This can be done by investing in an adequate Term Insurance Plan to financially protect the future of your family and help them be able to survive independently, in case of your demise. It is imperative to choose the best Term Insurance Company in order to safegaurd your family financially. Term Insurance is a pure financial protection plan that covers the family's monetary needs in case of the policyholder's sad demise. In term insurance plan, the person nominated by the policy holder gets a lump sum amount as death benefit in case of unfortunate events. If the policyholder survives the insured period, they can avail extended coverage or have to let go of the coverage entirely.

Term Insurance is also known as pure life insurance, a type of life insurance that guarantees payment of a stated death benefit if the covered individual dies during a specified time.

To purchase from the Best term plan company, it is required to understand how Term Insurance works and what are the factors to keep in mind before making the right decision. PolicyX has collated all the necessary information for you to choose from the best Term Insurance Company.

There are around 24 Term Insurance companies available in India, and selecting a suitable term company and plan can be quite a difficult decision to make. For your convenience, we have listed all the top insurance companies below to help you in choosing an ideal Term Insurance plan. With the help of CSR, solvency ratio and other factors, you can opt for the best term insurance company to match yours and your family's needs.

List of Top Term Insurance Companies in India 2023

As per IRDA's list of 2021-22, there are 24 companies that cater to term insurance plans in India. Below, we have mentioned some details of the same:-

S.NoCompanyAnnual Premium for 2021-2022 (Rs. in crores)Claim Settlement Ratio
2021-2022
Solvency Ratio
1Life Insurance Corporation of India428,024.9798.74%1.79
2HDFC Life Insurance45,962.8398.66%1.89
3SBI Life Insurance58,759.6497.05%2.1
4ICICI Prudential37,457.9997.82%2
5Max life22,414.1799.34%2.04
6Bajaj Allianz16,127.0599.02%6.14
7Kotak Mahindra13,015.1198.82%2.64
8Aditya Birla Sunlife12,140.2398.07%1.88
9Tata AIA14,445.0398.53%1.89
10India First5,186.5696.92%1.65
11PNB Met life7,348.2697.33%1.87
12Canara HSBC OBC5,889.9298.44%2.79
13Reliance Nippon5,036.5798.67%2.33
14Exide life3,767.9699.09%2.11
15Bharti AXA2,601.5699.09%1.72
16Star Union1926.0095.96%2.0
17Future Generali1,433.5496.15%1.67
18Shriram2,349.6082.39%2.15
19Ageas Federal Life2207.0098.65%2.15
20Pramerica life1,098.7898.3%3.99
21Aviva1,268.1598.39%2.14
22Aegon416.4699.03%2.97
23Sahara61.4497.08%8.77
24Edelweiss Tokio1,464.2098.09%1.97

Brief introduction of Term Insurance Companies

In the following sections, we will briefly discuss the list of all 24 term insurance companies operating in India.

  1. Aegon Life Insurance Company

    Aegon Life Insurance Company, one of the leading life insurance companies in India was founded in July 2008. and delivers world-class products. It was the first life insurance company to launch Online Term Insurance Plans in India. The company serves more than 3 lakh customers and was recently awarded as the “Digital Company of the Year-2020” at India Insurance Summit 2020. Aegon Life Insurance aims to deliver the best-suited insurance plans to its customers, and constantly looking to enhance the overall customer experience.

    Know More About - Aegon Term Insurance

  2. Aviva Life Insurance Company

    Aviva Life Insurance Company is a joint venture between Dabur Invest Corp, a UK based insurance group and Aviva Group one of India's oldest and most respected business houses. The company is recognized as one of the renowned players in the life insurance industry of India and serves around 33 million customers across 16 countries. It has a wide distribution network with a global presence in 16 Markets and a strong sales force. When it comes to term insurance, Aviva provides customized products to cater to the different needs of customers.

    Know More About - Aviva Term Insurance

  3. Aditya Birla Sun Life Insurance

    Aditya Birla Sun Life Insurance is one of the most trusted life insurers in India. It is a joint venture between the Aditya Birla Group and Sun Life Financial Inc. With several years of experience in the insurance sector, the company has contributed tremendously to the growth and development of the Indian life insurance industry. The company offers innovative products and services to cater to the different needs of insurance and wealth management of customers.

    Know More About - Aditya Birla Sun Life Term Insurance

  4. Bajaj Allianz Life Insurance Company

    Bajaj Allianz Life Insurance Company Limited, established in the year 2001, is a joint venture between Bajaj Finserv Limited (ownership of Bajaj Group, India) and Allianz SE. It offers comprehensive life insurance solutions and its term insurance plan is one of its most demanded products. The company operates a wide network across the country through its 511 branches, 80,000+ agents, a comprehensive set of trusted partners and online sales channel. Recently, this company also won the 'Most Innovative Best Practice in Customer Experience' award at the CII DX Summit & Awards 2020.

    Know More About - Bajaj Allianz Term Insurance

  5. Bharti AXA Life Insurance Company

    Bharti AXA Life Insurance is a well-known insurer, which has been serving Indian customers with innovative and affordable insurance products since 2008. The company was formed through the amalgamation of two great visionaries- Bharti that holds a 51% stake and AXA that holds 49% stake of the company. It offers an affordable yet effective list of term insurance plans, which are designed by keeping the growing needs of customers in mind. This company operates a pan India network and has 263 branches located at different cities across the country.

    Know More About - Bharti Axa Term Insurance

  6. Canara HSBC Oriental Bank of Commerce Life Insurance Company

    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, HSBC Insurance Holdings Limited and Punjab National Bank. To provide ease to customers, the company has a pan India presence. The company offers a wide range of insurance products including online insurance plans, term insurance plans, savings plans, retirement solutions, child insurance plans and health insurance.

    Know More About - Canara HSBC Term Insurance

  7. Edelweiss Tokio Life Insurance Company

    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. It operates a pan India network with 116 branches and 55,749 agents. This company adopts a customer centric approach and holds a bunch of great plans to help fulfill customer's dreams and mitigate the hindrances.

    Know More About - Edelweiss Tokio Term Insurance

  8. Exide Life Insurance Company

    Exide Life Insurance Company is an established and profitable player in India's life insurance industry. The company was founded in 2001 and headquartered in Bengaluru. It is a 100% owned subsidiary of Exide Industries Limited. The company operates around 200 offices across the country and owns multiple channels to distribute its products on a wide level. It offers long term protection along with creative savings and wealth solutions.

    Know More About - Exide Life Term Insurance

  9. Future Generali Life Insurance Company

    Future Generali Life Insurance 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 a presence in more than 136 locations across India, Future Generali offers a wide range of effective insurance plans and solutions. The company was recently awarded for Excellence in Strategy Planning at the 2nd edition of Chief Strategy Officer Summit & Awards 2020.

    Know More About - Future Generali Life Term Insurance

  10. HDFC Life Insurance Company

    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, the company has been a proud insurance solutions provider. The company offers a wider range of individual and group insurance solutions. To offer complete protection to your family, HDFC holds the finest term insurance solutions.

    Know More About - HDFC Term Insurance

  11. ICICI Prudential Life Insurance Company

    ICICI Prudential Life insurance is one of the popular 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.

    Know More About - ICICI Term Insurance

  12. IDBI Federal Life Insurance Company

    IDBI, a renowned life insurance company in India, is a joint venture between Federal Bank (India's premier development and commercial bank), and Ageas (multinational insurance in Europe). Since its inauguration, the company has grown with great passion and innovation. To secure your loved ones, the company offers a wide range of term insurance plans at affordable prices.

    Know More About - IDBI Federal Term Life Insurance

  13. IndiaFirst Life Insurance Company

    IndiaFirst Life Insurance Company was founded in 2009 and since then, it keeps on serving customers with a passion. It is the youngest life insurance company formed after the collaboration between Bank of Baroda, Andhra Bank, and the UK's investment brand (Legal & General group).

    Know More About - IndiaFirst Term Insurance

  14. Kotak Mahindra Life Insurance Company

    Kotak Mahindra Life Insurance is one of the fastest-growing life insurance companies in India. 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 to deliver exactly what it promises. The company aims to become the best life insurance company in India.

    Know More About - Kotak Term Insurance

  15. Life Insurance Corporation of India

    Life Insurance Corporation is one of the oldest and largest life insurance companies in India. It is an Indian state-owned insurance group and investment company, headquartered in Mumbai. 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. As per the data fetched by IRDAI, LIC earned the highest annual premium in 2021-22 in comparison to all other life insurance companies in India.

    Know More About - Life Insurance Corporation of India

  16. Max Life Insurance Company

    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 around 269 offices. The company offers a wide range of specially created, curated, and customized insurance plans for your family's specific requirements. It aims to be the most admired life insurance company in India. The company was awarded with the award for 'Excellence in claim service' by CMO Asia Awards.

    Know More About - Max Life Term Insurance

  17. PNB Metlife India Insurance Company

    PNB Metlife Life Insurance 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. The company has offices in 107 locations across the country and offers a wide range of life insurance products including 16 Savings Products, 13 Protection Products, 5 pension products, and 8 optional riders.

    Know More About - PNB Metlife Term Insurance

  18. Reliance Nippon Life Insurance Company

    Reliance Nippon Life Insurance Company is one of the leading private sector life insurance companies 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 multiple years of experience and has a huge variety of life insurance plans that include tailormade plans as well.

    Know More About - Reliance Term Insurance

  19. SBI Life Insurance Company

    SBI Life Insurance Company Limited (a renowned name in the life insurance industry) is a joint venture between BNP Paribas Cardif & State Bank of India. The company was founded in 2001 and has emerged out as one of the most trusted companies, providing a complete range of life insurance and pension products to cater the needs of individuals as well as group customers. This company operates an extensive presence across the country through its 947 offices, 28,000+ partner branches, 111 brokers, 169,006 individual agents and 57 corporate agents.

    Know More About - SBI Term Insurance

  20. TATA AIA Life Insurance Company

    TATA AIA Life Insurance is a joint venture between AIA Group Ltd. (AIA) & Tata Sons Pvt. Ltd. To assist customers in the long run, it has come out with multiple investment options. It provides plans for every stage of life and is always ready to offer the needful assistance in the hour of need. It aims to become the pre-eminent protection provider, enabling dreams, and inspiring healthier lives.

    Know More About - Tata AIA Term Insurance

  21. Pramerica Life Insurance

    Pramerica Life Insurance Limited erstwhile DHFL Pramerica Life Insurance Company Limited, headquartered in Gurugram provide a wide range of life insurance solutions for individuals as well as groups

    Know More About - Pramerica Term Insurance

  22. Sahara India Life Insurance

    Sahara India Life Insurance company is the first wholly-owned Indian company, without any foreign collaboration to enter the Indian Life insurance market. The company started operations on 6th February 2004 after receiving licence by India's insurance regulator – the IRDAI. It aims at delivering the best insurance solutions to Indian customers.

  23. Shriram Life Insurance

    Shriram Life Insurance Company was founded in the year 2005 and commenced its operations in the year 2006. The company offers a variety of life insurance plans and solutions which are designed to cater to the needs of wider demography. It has a network of over 455 offices across India. This company also won the gold award for customer service handling- Claims, during the 8th Excellence Competition on Best Practice Sharing Fest conducted by Confederation Of Indian Industry.

  24. Star Union Dai-Ichi Life Insurance

    Founded in 2009, Star Union Dai-Ichi Life Insurance is a joint venture between Bank of India, Union Bank of India, and Dai-Ichi Life Holdings. The company has a robust collective network of over 15,000 bank branches and a large distribution system that caters to the needs of more than 64 million customers across India. It offers a variety of insurance products that are designed to serve the unique type of needs of the customers.

Term Insurance Companies

Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.

Factors To Consider While Selecting Best Term Insurance Company

  • Reliable financial strength
    The best-term insurance company should have a strong financial footing to ensure that it can meet its financial obligations.
  • Wide range of policy options
    Top-term insurance companies in India should provide a range of policy options that meet the varying needs of customers.
  • Affordable premiums
    The insurance company should offer premiums that are affordable and reasonable, without any hidden charges or fees.
  • Easy application process
    The application process for the policy should be simple and easy to understand.
  • Transparency in policy terms and conditions
    The best term insurance company in India should be transparent about their policy terms and conditions, including any exclusions, limitations, or restrictions.
  • Quick and hassle-free claim settlement
    Top-term insurance companies in India should have a streamlined and efficient claim settlement process to ensure that customers receive their payouts promptly.
  • Excellent customer support
    A good-term insurance company should have knowledgeable and responsive customer support that can assist customers with their concerns and queries.
  • Flexibility to adjust policy as per changing needs
    The Best Term insurance company in India should provide the flexibility to adjust policy coverage and other details as per the customer's changing needs.
  • Wide network of hospitals
    The insurance company should have a wide network of hospitals that accept the policy, making it easy for customers to access healthcare services when required.
  • Reputation in the market
    A good-term insurance company should have a good reputation in the market, with positive reviews and feedback from customers and industry experts.
  • Solvency Ratio
    This data compares an insurance company's assets to its liabilities, and indicates that the insurer has adequate resources to handle any potential claims, especially those that require urgent settlement.

Why Do I Need Term Insurance?

Before you invest in a Term Insurance plan you need to understand why you need Term Insurance. Here are a few reasons to consider investing in the best term life insurance companies:

  • Lay a finanical security net for your family: If you are the sole earning member of your family you need to think about a future for them without you in it. You should consider evaluating the scenario of how will it look like for your spouse, children, and elderly parents in case of an unforeseen circumstance where you are no more to support them.
  • To pay off your debts:You may have built different assets such as a home for your family, a vehicle or an investment for your financial portfolio through loans. Investing in a term plan from the best term plan company will ensure that the weight of these loans will not cause any financial difficulty to your family in your absence.
  • Prepare for uncertain circumstances: In case of your unforeseen death, the cover purchased from the best term insurance company will help your family pay for their regular expenses helping them accomplish their life goals and objectives.

Understanding Term Insurance Premium Calculator

Quiet often, when you think about buying the best term plans for your family and visit insurance company websites you may have noticed the pop up that says calculate your premium. It is often tricky and confusing to understand the purpose and how it will help us.

The term insurance premium calculator is an online tool that helps you calculate the premium that you need to pay monthly and accordingly you will get to know the sum assured amount after you insert your necessary details like age, income, name, etc. There are multiple benefits of this premium calculator, such as

  • Saves time:The premium calculator saves time where you do not need to submit any hard copies to obtain premium quotes of different plans.
  • Compare plans:The calculator helps you calculate different premium quotes offered by different insurers in the country.
  • Affordable plans:Buying term insurance plans online is preferred as you get consolidated information about the best insurance companies in the country and the best insurance plans as well as special discounts and offers can be availed.

Why Consider PolicyX For Buying Term Insurance?

Buying insurance is a crucial decision. To make sure that you follow the right steps to make the investment decision, the team at PolicyX is available to serve you. We will help you compare quotes from different insurers and select the best plan for you and your family within the span of a few minutes. Our experts will guide you throughout the buying process and provide you with all the essential desired information.

Term Insurance Companies: FAQs

1. Top 5 term insurance companies in India?

According to the claim settlement ratio for the financial year, 2020-21 in IRDA reports these are the companies considered to be the best for Term Insurance:

  • Max Life Insurance - 99.35%
  • Aegon Life Insurance- 99.25%
  • Bharti AXA Life Insurance- 99.05%
  • Life Insurance Corporation of India- 98.62%
  • Dhfl Pramerica Life Insurance- 98.61%

2. Top 10 term insurance companies in india?

Below are the top 10 Term Insurance companies in india:

  • Max Life Insurance - 99.35%
  • Aegon Life Insurance- 99.25%
  • Bharti AXA Life Insurance- 99.05%
  • Life Insurance Corporation of India- 98.62%
  • Dhfl Pramerica Life Insurance- 98.61%
  • Exide Life Insurance- 98.54%
  • Kotak Life Insurance -98.50%
  • Reliance Nippon Life Insurance- 98.49%
  • Bajaj Allianz Insurance- 98.48%
  • PNB MetLife India Insurance -98.17%

3. How should I choose the best term insurance company for me?

Keep these factors in mind before choosing a term insurance company:

  • Flexibility to customize a plan: It is one of the most important term insurance benefits in which an individual can customize the term plan based on their needs.
  • Long-Term Coverage: Term insurance companies offer coverage for the entire life of the policyholder.
  • Premium Payment modes: Term insurance offers multiple premium payment modes such as:
    Regular pay - premium payment term is equal to the policy term
    Limited pay - duration for paying premiums is less than life cover duration
    Single pay - one-time lumpsum payment
  • Add-on Riders: Term Insurance companies should offer plans with various additional riders that can enhance your coverage. Some of the common additional riders under term insurance plans are Accidental Death Benefit Rider, Accidental Disability Rider, Waiver of Premium Rider, etc.
  • Simple and cost-effective: It is easy to understand an insurance policy that offers you comprehensive financial protection at a very minimal cost.
  • Financial sources in uncertainties: It can be a financial source for your family in your absence as it offers a lump sum amount to the family of the policyholder in case of an untimely death

4. Should a good term insurance company cover death by COVID as well?

Most insurance companies are now offering policies that cover COVID-19. They have included this disease among those they are covering, according to IRDAI mandates.

5. Should a best term insurance company include everything? If not, what may be its exclusions?

  • Liquor/drugs consumption
  • Complications due to pregnancy/childbirth
  • Act of criminal nature
  • Suicide (within 1 year of policy issuance)
  • War or involvement in hazardous acts

6. If I choose the best term insurance company for myself, how much time will it take to settle the claims?

As per the time limits set by the Insurance Regulatory and Development Authority (IRDA) of India, insurers should settle death claim within 30 days.

7. I am not happy with my current term insurance company and want to change to the best one in the market. Can I do so?

Term plan portability is a concept in which the insurer (including family cover) is guaranteed the right to transfer the insured’s debt in terms of existing conditions to another insurance provider, provided the previous policy is retained without leave. Portability, however, is only possible for products with a time limit between premium receipt and benefit payments.

8. How do I make sure that the company I chose will settle the claim on time?

After submitting all the necessary information and documents to your insurer you can be assured that an insurer will settle your claim with a TAT of 48 hours. As per IRDA regulations, an insurer can take no longer than 30 days to settle a claim.

9. Is it essential to opt for a term insurance company with a wide network of hospitals?

Yes, it's crucial to select a term insurance company with a wide network of hospitals that accept the policy. It ensures that customers can access quality healthcare services when required, without any financial burden.

10. Are premiums the only factor to consider when selecting a top-term insurance company in India?

No, premiums are just one of the factors to consider. Other factors like claim settlement ratio, policy features, customer support, and network of hospitals are equally important.

11. Can I switch to a different term insurance company if I'm not satisfied with my current insurer?

Yes, you can switch to a different term insurance company if you're not satisfied with your current insurer. However, it's essential to understand the terms and conditions of your current policy and any penalties or charges associated with switching.

Term Insurance Articles

What Our Customers Have to Say

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Piyush

Raipur

May 1, 2023

I seek help from PolicyX when it comes to purchasing any kind of insurance because they provide me with the best quotes and options for insurance

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Priya Sharma

Jaipur

December 14, 2022

PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process. Had great experience dealing with them

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Somesh

Agra

December 9, 2022

I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.

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Prerna Kumari

Mumbai

July 11, 2022

Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.

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Priya Sangwan

Mumbai

July 11, 2022

IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.

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Priyanshi Deewan

Hyderabad

July 6, 2022

I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...

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Rishabh Kumar

Delhi

July 6, 2022

I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.

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Samarth Gaur

Chennai

July 6, 2022

I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.