Best Term Insurance Companies in India
Term Insurance Companies
Indian term insurance companies offer affordable premiums and high coverage. There are currently 24 Indian insurance companies offering term insurance plans.
India’s Best Term Insurance Companies
The following is a list of the best term insurance companies India:
|
Term Insurance Company |
Claim Settlement Ratio (2019-20) |
| Max Life Insurance | 99.22% |
| HDFC Life Insurance | 99.07% |
| Tata AIA Life Insurance | 99.06% |
| Pramerica Life Insurance | 98.42% |
| Exide Life Insurance | 98.15% |
| Reliance Life Insurance | 98.12% |
| Canara Hsbc Life Insurance | 98.12% |
| Bajaj Allianz Life Insurance | 98.02% |
| Aegon Life Insurance | 98.01% |
| ICICI Prudential Life Insurance | 97.84% |
| Aditya Birla Sun Life Insurance | 97.54% |
| Aviva India Life Insurance | 97.53% |
| Bharti Axa Life Insurance | 97.35% |
| PNB MetLife Insurance | 97.18% |
| Daiichi Life Insurance | 96.96% |
| Life Insurance Corporation India (LIC). | 96.69% |
| Indiafirst Life Insurance | 96.65% |
| Ageas Federal Life Insurance | 96.47% |
| Kotak Life Insurance | 96.38% |
| Future Generali Life Insurance | 95.28% |
| SBI Life Insurance | 94.52% |
| Shriram Life Insurance | 91.61% |
| Sahara India Life Insurance | 89.45% |
| Edelweiss Tokio Life Insurance | 83.44% |
Source: IRDAI Annual Report, Claim Settlement Ratio 2019-20
How to Choose the Best Term Insurance Company in India
Term insurance can help your family to be financially independent during your absence. You should ensure that you are purchasing the right term insurance policy. This will provide your family with comprehensive coverage at a low premium. Before purchasing term insurance, you must thoroughly research the company and identify your insurance needs.
These are the factors to consider before you choose an insurance company. Source: IRDAI Annual Report, Claim Settlement Ratio 2019-20.
Term insurance can help your family to be financially independent during your absence. You should ensure that you are purchasing the right term insurance policy. This will provide your family with comprehensive coverage at a low premium. Before purchasing term insurance, you must thoroughly research the company and identify your insurance needs.
1. Claim Settlement Ratio: This ratio measures the amount of claims that were settled during a financial year compared to the total claims. This ratio is used to determine the reliability and effectiveness of an insurance company. High claims settlement rates are a sign of dedication by the insurance company. High claim settlement rates are a sign of loyalty from the insurance company to its customers. The Insurance Regulatory and Development Authority, (IRDA) monitors an insurance company’s claim settlement rate.
2. Term Insurance Riders: These are benefits that an insurance company offers to customers who purchase term insurance plans. These riders can be added to the term coverage at an additional cost. Look for insurance companies that offer riders or allow you to add riders to your insurance policy. Insurance companies offer several common riders, including Critical Illness Rider and Accidental Death Benefit Rider, Permanent Disability Rider, Accidental Total Rider or Permanent Disability Rider, Waiver of Premium Rider, and Accidental Death Benefit Rider.
3. Solvency Ratio for the Insurer: This refers to an insurance company’s financial condition. A company that insures has to have more assets than liabilities. This indicates that it is able to pay urgent claims and has enough funds.
4. When purchasing insurance, customer service is important. An individual should choose an insurance company that offers a strong customer service team and knowledgeable experts. Customer should remember that they can call 24×7 to get assistance and resolve any queries.