With the growing inflation rate and unwanted incidents, it is highly 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 financial future via term insurance, they will be able to stand independently in case of your demise.
To purchase the best term insurance, you need to connect with a trustworthy insurance company. For your convenience, we have listed the top 24 insurance companies below for your term insurance purchase. With the help of CSR and solvency ratio, you can choose the best provider to match your and your family’s needs.
In India, we have listed 24 companies that cater to term insurance plans. Below, we have mentioned some details of the same:-
| Company | Tax Benefits | Claim Settlement Ratio 2018-2019 | Solvency Ratio |
| Aegon Life Insurance | Available | 96.45% | 2.17 |
| Aviva Life Insurance | Available | 96.06% | 2.93 |
| Aditya Birla Sun Life Insurance | Available | 97.15% | 2.04 |
| Bajaj Allianz Insurance | Available | 95.01% | 7.73 |
| Bharti AXA Life Insurance | Available | 97.28% | 1.66 |
| Canara HSBC Oriental Bank of Commerce Life Insurance | Available | 94.04% | 3.77 |
| Edelweiss Life Insurance | Available | 95.82 | 2.33 |
| Exide Life Insurance | Available | 97.03% | 1.91 |
| Future Generali Life Insurance | Available | 95.16% | 1.69 |
| HDFC Life Insurance | Available | 99.04% | 1.92 |
| ICICI Prudential life Insurance | Available | 98.58% | 2.27 |
| IDBI Federal Life Insurance | Available | 95.79% | 3.71 |
| IndiaFirst Life Insurance | Available | 92.82% | 1.78 |
| Kotak Mahindra Life Insurance | Available | 97.40% | 3.08 |
| Life Insurance Corporation of India | Available | 97.79% | 1.53 |
| Max Life Insurance | Available | 98.74% | 2.51 |
| PNB Metlife Insurance | Available | 96.21% | 2 |
| Reliance Nippon Life Insurance | Available | 97.71% | 2.71 |
| SBI Life Insurance | Available | 95.03% | 2.17 |
| TATA AIA Life Insurance | Available | 99.07% | 2.67 |
| DHFL Pramerica Life Insurance | Available | 96.80% | 4.91 |
| Sahara India Life Insurance | Available | 90.16 | 9.14 |
| Shriram Life Insurance | Available | 85.30% | 2.01 |
| Star Union Dai-Ichi Life Insurance | Available | 96.74% | 2.73 |
Aegon Life Insurance Company is one of the leading life insurance companies in India. The company was founded in July 2008 and since then, it has delivered world-class products. The company has a presence in more than 20 countries and serves around 3 Lakh+ customers. It aims to deliver the best-suited insurance plans to its customers, and are constantly looking to enhance the overall customer experience.
Know More About - Aegon Term Insurance
Aviva Life Insurance Company is a joint venture between Dabur Invest Corp and Aviva Group and is one of the renowned players in the life insurance industry of India. The company has a wide distribution network and a strong sales force. The company has a global presence in 16 Markets. When it comes to term insurance, Aviva provides customized products to cater to the different needs of customers.
Know More About - Aviva Term 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
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 term insurance is one of its most demanded products.
Know More About - Bajaj Allianz Term Insurance
Bharti AXA Life Insurance is a well-known insurer, which has been serving Indian customers with innovative and affordable insurance products since 2008. It is the amalgamation of two great visionaries- Bharti that holds a 51% stake and a 49% stake by AXA. It offers an affordable yet effective list of term insurance plans, which are designed by keeping the growing needs of customers in mind.
Know More About - Bharti Axa Term Insurance
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, Punjab National Bank, and HSBC Insurance. To provide ease to customers, the company has a pan India presence. It ensures that customer needs are met through their life cycle.
Know More About - Canara HSBC Term Insurance
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. It holds a bunch of great plans to help them fulfill customer’s dreams and mitigate the hindrances.
Exide Life Insurance Company is an established and profitable player in India’s life insurance industry. The company was founded in 2001, 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.
Know More About - Exide Life Term Insurance
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, the company ensures to offer a wide range of effective solutions.
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, 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
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 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
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).
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.
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, which has its headquarters 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.
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 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.
Know More About - Max Life Term Insurance
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 offers a wide range of life insurance products to deal with the multiple needs of customers.
Know More About - PNB Metlife Term Insurance
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
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 at affordable prices.
Know More About - SBI Term Insurance
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.
DHFL Pramerica Life Insurance Limited is a joint venture between DHFL Investments Limited (DIL), and Prudential International Insurance Holdings Ltd. The company was founded in 2008. It has a pan India presence with 138 branches and offers a wide variety of insurance policies to look after the needs of the policyholders.
Founded in 2004, Sahara India Life Insurance company is the first wholly-owned Indian company, without any foreign collaboration to enter the Indian Life insurance market. It was founded in 2004 to deliver the best insurance solutions to Indian customers.
Shriram Life Insurance Company was founded in the year 2005 and commenced its operations in the year 2006. The company offers several services and has a network of over 550 offices across India.
Star Union Dai-Ichi Life Insurance is a joint venture between Bank of India, Union Bank of India, and Dai-Ichi Life Holdings, and was founded in 2009. The company caters to the needs of more than 64 million customers.
Protecting your family’s future (after your demise) is the best gift you can give to your loved ones. That can be achieved by buying term insurance. However, you should compare term insurance plans to get the best out of all. Below are a few factors that can assist you with the same. Let’s take a look at it.
Claim Settlement Ratio: Always check the claim settlement ratio of the insurance company. CSR 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.
Riders: Have a quick evaluation of the ‘Riders’ provided by insurance companies. They are a medium to widen up your base term plan. The company that sells the most useful riders should be considered.
The Reputation Of The Company: There is no point in investing in an insurance company that holds a bad reputation for not clearing the claims or listening to its customers. In a time of need, you need the full support of your provider. Check out the customer reviews about the insurer before making a deal with it.
Coverage: As a thumb rule, an ideal sum assured should be 15-20% of your annual income. In other words, you should choose the coverage amount based on the following formula: Annual income X 10 or 15 times + Loans/Liabilities (if any).
With an effective term insurance plan, you can ensure that your family’s future is secured after your death. Therefore, don’t just go with any plan. Research thoroughly and then select the best plan that matches your family’s needs and requirements.
1. Will I be eligible for maturity benefits under my term insurance policy?
No, term insurance does not offer any maturity benefits to the policyholder.
2. Is term insurance tax-free?
Yes. One can enjoy tax benefits of up to ₹1.5 lakh under 80C of the Income Tax Act, 1961.
3. Are NRIs eligible to buy term insurance in India?
Yes, one can purchase term insurance plans that are designed specifically for people who reside outside India.
4. Can I avail loan against my term insurance?
No, you cannot avail of loans on term insurance plans.
Last updated on 29-01-2021
