Have you ever thought about who will take care of your family’s financial needs in case of an unfortunate event? This is where term insurance becomes crucial. With a minimal premium, it helps provide financial security to an individual’s family in case of an unforeseen event such as death or critical illness. Several insurance companies in India offer term plans, therefore, choosing the best one can be a difficult task for you. In this article, you will discover the top 10 term insurance companies in India based on their salient features to help you make an informed decision.
LIC (Life Insurance Corporation) of India
Description
The first on this list is Life Insurance Corporation, the largest insurance provider in India. It offers many term plans that assure comprehensive coverage at affordable premiums. It has an extensive network of agents and branches across the country and is famous for providing personalized service and support to its customers. It offers several term assurance plans such as Saral Jeevan Bima, Jeevan Kiran, new TECH TERM, and new Jeevan Amar. Its e-Term Plan is the most popular term insurance plan that has a CSR of 98.74%. With attractive features and benefits, LIC’s term plans are a popular choice in India.
Pros
- Being a public sector insurer and having a long-standing presence in the market, making it a trusted insurance provider.
- It offers a diverse range of insurance products catering to various needs.
Cons
- The claims processing is slow as compared to private insurers.
Website Link LIC Term Assurance Plans
ICICI Prudential Life Insurance
Description
ICICI Prudential Life Insurance has different innovative term plans to suit the needs of business people, self-employed, SIP investors, married couples, parents, working women, young professionals with dependent parents, and also retirees. The company is known for its seamless and hassle-free insurance buying experience and superior customer service. With its user-friendly website www.iciciprulife.com and dedicated customer support team, provides a range of benefits and add-ons to policyholders.
Pros
- It offers many innovative products with flexible features and options for the benefit of its policyholders.
- Its claims settlement process is quick and efficient.
Cons
- Its premium rates are high as compared to some other private insurers.
Website Link Term Insurance – ICICI Pru Life
Bajaj Allianz Life Insurance
Description
Bajaj Allianz Life Insurance is a collaborative effort between Bajaj Finserv Limited and Allianz SE. It provides a wide variety of life insurance products such as term insurance plans, savings plans, ULIP plans, retirement plans, investment plans, and more. Its term insurance plans include Bajaj Allianz Life Smart Protect Goal, and Bajaj Allianz Life Health Care Goal, which the insurers can choose according to their budget and requirements. It also offers many add-on covers, many innovative insurance solutions, like Return of Mortality Charges (RoMC), and whole life covers up to the age of ninety-nine.
Pros
- A comprehensive range of insurance products with customizable features.
- It claims a robust online platform and efficient policy management and customer service.
Cons
- It has a limited presence in certain regions.
Website Link Bajaj Allianz Life Insurance Company
HDFC Life Insurance
Description
HDFC Life Insurance term insurance plans offer high protection at low premiums. It offers several different term insurance plans such as HDFC Life Click 2 Protect Super, HDFC Life Click 2 Protect Elite, HDFC Life Sanchay Legacy, HDFC Life Term with Return of Premium, QuickProtect by HDFC Life, HDFC Life Saral Jeevan Bima, HDFC Life Smart Term Pro, and HDFC Life Click 2 Protect Life, tailored to suit the requirements of the individuals. It is known for its customer-centric approach and comprehensive term insurance solutions. With features like AMS (Automated Medical System) and Consultant Corner, HDFC Life ensures the policy buying or updating process is smooth and hassle-free for the customers.
Pros
- It boasts of a strong financial stability and reputation in the market.
- It offers a wide range of insurance plans with flexible options.
Cons
- It has a limited focus on rural and semi-urban areas of India.
Website Link Term Insurance- HDFC Life
Max Life Insurance
Description
It is a popular choice among individuals looking for financial safety for their loved ones. Its comprehensive term insurance plans have flexible coverage options and low premiums. It offers several benefits including a Death Claim Paid Ratio of 99.51%, tax savings of up to ‚Çπ 46,800, zero commission, and attractive Discounts. Max Life Smart Secure Plus is another popular term insurance plan with a CSR of 99.22%.
Pros
- It is known for its competitive premiums and comprehensive coverage options.
- The company has a strong focus on customer satisfaction and service quality.
Cons
- It has a limited presence in certain regions compared to larger insurers.
Website Link Max Life Insurance Company
SBI Life Insurance
Description
SBI Life Insurance offers one of the best term insurance plans in India. You can choose from their different term plans such as Level Term Assurance for a fixed life cover throughout the term, or Increasing Term Assurance that increases with the age of the individual. It has several attractive features such as SBI Life Equity Fund and flexible payment options for premiums.SBI Life eShield is a popular term insurance plan with a CSR of 98.04%. It offers comprehensive coverage at affordable premiums. SBI has a strong brand reputation and wide distribution network making it a preferred choice for financial security.
Pros
- It offers a diverse range of insurance products catering to the needs of its customers.
- It boasts of an extensive network of branches and agents for easy issuance of policies and claims settlement.
Cons
- Its premiums may be slightly higher as compared to some competitors.
Website Link sbilife.co.in/en/individual-life-insurance/term
Kotak Mahindra Life Insurance
Description
Kotak Mahindra Life Insurance offers financial stability through a variety of term insurance plans that cater to the needs of parents, singles, working women, professionals with debt, and near-retirees. Kotak e-Term Plan is a pure term insurance that promises different coverage options, low and affordable premiums, and coverage up to the age of 57 years, with a CSR of 98.59%.
Pros
- It has a strong focus on customer service and digital initiatives.
- It is known for its efficient claims settlement process.
Cons
- It has a relatively smaller network as compared to some of its competitors.
Website Link Term Insurance (kotaklife.com)
PNB MetLife Insurance
Description
PNB MetLife is a popular term insurance provider that offers various thoughtfully crafted policies to ensure the financial well-being of your family. It offers one of the best term plans in India covering 50 critical illnesses, return on premiums payment, tax savings of up to ‚Çπ46,800, and a CSR of 97.33%. PNB MetLife Mera Plan Plus offers comprehensive coverage at affordable premiums with a maximum maturity age of 99 years.
Pros
- It is known for its comprehensive range of insurance products with customizable options.
- It boasts of efficient claims processing and good customer service.
Cons
- It has a limited branch network in certain regions.
Website Link Mera Term Plan: PNB MetLife
Aegon Life Insurance
Description
Aegon Life offers several life covers for a fixed term such as its popular iTerm Prime, iTerm Comfort, and Saral Jeevan Bima plan to suit the needs of individuals. It also provides some additional add-ons such as Accidental Death Benefit Rider and Critical Illness Rider for additional financial security. With its features like easy and quick policy issuance, affordable rates, and a CSR of 99.37% you can secure your family’s future even in your absence.
Pros
- Its focus is on digital innovation and provides convenient online services.
- It offers competitive premiums with customizable insurance plans.
Cons
- It has a smaller market share that may impact the perception of stability.
Website Link Aegon Life Insurance Company
Aditya Birla Sun Life Insurance
Description
Aditya Birla Sun Life is a joint venture of Fortune 500 Aditya Birla Group and Sun Life Insurance with a legacy of over 165 years. ABSLI Salaried Term Plan is a popular term insurance plan that offers 4 different plans to fulfill the requirements of salaried individuals. It provides coverage of up to 70 years and has a CSR of 98.12%. It offers the option to choose from lump-sum and monthly payments.
Pros
- It is famous for its strong financial stability and reputation in the market.
- It offers an efficient claims settlement process and good customer service.
Cons
- Its premiums may be slightly higher compared to some competitors.
Website Link Aditya Birla Capital
Conclusion
Choosing a good term insurance plan is crucial for an individual’s dependents as it offers financial security in case of an unfortunate event. By considering factors such as premium rates, coverage options, claim settlement ratio, customer service, and the company’s reputation you can choose the right term plan and ensure the future of your family.
