Best Term Insurance Companies in 2022
Buying term life insurance is as important as is purchasing it from the right insurance company. But why is it so essential to opt for a good insurance company? The reason behind it is quite clear, only a reputed insurer offers you the best features and benefits in term insurance along with a seamless application process, hassle-free claim process, in short, excellent pre and post-sales services.
How to select the best Term Insurance Company?
- Claim Settlement Ratio: A claim settlement ratio is a percentage that determines the credibility and reputation of an insurer in the market. It indicates the number of claims settled by a company in a year. So, whenever you opt to buy term life insurance from an insurance company, make sure you check their claim settlement ratio. The higher the claim settlement ratio, the more reliable the insurance provider. And you can be sure that your claims will get settled smoothly.
- Premium Amount: Some insurers might charge different premium rates for the same sum assured. Though the premium amount is a crucial aspect to look into while buying a term insurance plan, this should not be the only factor. Therefore, you must compare the term insurance plans, their premiums, riders offered by different insurance providers, check the exclusions and inclusions in the policy provided, and then decide on the insurance provider.
- Riders: It is essential to check the riders offered by the insurer you are choosing. Riders are an add-on advantage that you can add to your base policy to enhance its coverage. Some popular riders like critical illness riders, waiver of premium, accidental death, and disability benefit riders are offered by almost all insurance providers. At the same time, other companies might also provide other riders. So, you should check the offering from the insurer and if you require, only then opt for the riders.
- Customer Reviews: In today’s digital world, one of the fundamental ways to know about an insurance company is through customer reviews. These reviews are real-time opinions by authentic customers and help others know the insurer in a better way in terms of its services, products, and reputation in the market.
List of 10 Best Term Insurance Companies in India in 2022
- HDFC Life Insurance Company
- Max Life Insurance Company
- ICICI Prudential Life Insurance Company
- Aegon Life Insurance Company
- Bajaj Allianz Life Insurance Company
- Tata AIA Life Insurance Company
- SBI Life Insurance Company
- IndiaFirst Life Insurance Company
- PNB Metlife Life Insurance Company
- Exide Life Insurance Company
1. HDFC Life Insurance Company
HDFC Life Insurance Company is one of the leading insurers in the country. It is known for its vast network with its presence in more than 980 cities and towns and about 414 branches across the country. The leading insurer has a high claim settlement ratio of 99.07% (IRDAI Annual Report 19-20), proving a reliable insurance company to bank upon. It offers an array of products like Term Insurance Plans, Women’s Plans, Health Plans, Child Insurance Plans, Retirement Plans, Savings & Investment Plans, and flexibility to add riders.
2. Max Life Insurance Company
Max Life Insurance Company is a top life insurer in the country with the highest claim settlement ratio of 99.22% (IRDAI Annual Report 19-20). Established in 2000, the company is constantly working towards providing easy life insurance solutions by offering affordable insurance products. Its product range includes Term Insurance Plans, ULIPs, Child Plans, Endowment Plans, amongst others. Moreover, it believes in providing transparent services while ensuring that they give 24X7 customer care assistance to their customers.
3. ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company is India’s leading insurance company, which in its first year of operation, had issued 1 lakh policies. It has a healthy claim settlement ratio of 98.58% (IRDA Annual Report 2019-20). The company offers an array of comprehensive insurance plans like Term Plans, Child Plans, ULIPs, and more with both death and maturity benefits. The insurance plans are carefully designed to cater to the various needs of all individuals in a cost-effective manner.
4. Aegon Life Insurance Company</h3
Aegon Life Insurance Company is a joint venture between Bennett Coleman and Aegon. Since the beginning of its operation in July 2008, the company boasts of serving 4.4 lakh happy customers across the country. With a high claim settlement ratio of 98.01% (IRDAI Annual Report 19-20), it offers a hassle-free policy buying and claims settlement process. In addition, it provides a wide range of products starting from Term Insurance, ULIPs, Child Plan, and Savings & Investment plan catering to every possible need of the customers.
5. Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance Company is counted among India’s top private life insurance companies, expanding its footprints all over the country in less than two decades. The company began its operations in 2001 and has about 509 branches, serving millions of customers. It provides a seamless process in terms of policy issuance, claim settlement, and policy renewal. With a high claim settlement ratio of 98.02% (IRDAI Annual Report 19-20), the Bajaj Allianz Life Insurance Company Limited proves itself a reliable insurer partner.
6. Tata AIA Life Insurance Company
Founded in April 2001, Tata AIA Life Insurance has marked a strong foothold in the insurance sector, with its branches spread across every nook and corner of the country. The company offers a wide range of insurance products that include Protection Plans, Savings Plans, Life Insurance Plans, and add-on benefits like riders. Tata AIA Life Insurance has a high claim settlement ratio of 99.06% (IRDAI Annual Report 2019-20) and is known for express claim settlement ratio within 4 hours.
7. SBI Life Insurance Company
SBI Life Insurance Company is a name to reckon with as it is the most trusted life insurance provider in the country. Since its inception, the company has served millions of happy customers with its varied range of insurance products, including savings plans, Protection Plans, Pension Plans, and more based on customers’ requirements. SBI Life Insurance has a claim settlement ratio of 94.53% (IRDAI Annual Ratio 19-20). It is known to provide excellent services by following a customer-centric approach and continuously strives to make its products readily available to everyone
8. IndiaFirst Life Insurance Company
IndiaFirst Life Insurance Company is one of the youngest life insurance companies in India. It has the edge over its competitors with its fairly-priced and easy-to-understand products and effective services. The company was established in 2009 and marked its presence in over 1000 cities in the country. The products that it offers are need-based, catering to a different segment of people. IndiaFirst Life Insurance Company has a claim settlement ratio of 96.65% (IRDAI Annual Ratio 19-20), and its product range includes Protection Plans, Retirement Plans, Savings, and Investment Plans.
9. PNB Metlife Life Insurance Company
PNB MetLife Insurance Company is a unique blend of PNB’s extensive reach and MetLife’s expertise. With a high claim settlement ratio of 97.18% (2019-20), the company has constantly been growing and proving its potential by making the insurance buying process easy and simple. In addition, it has a robust network to distribute its varied range of products, including Savings Plans, Protection Plans, Retirement Plans, and several other products considering the requirements of every individual.
10. Exide Life Insurance Company
Headquartered in Bengaluru, Exide Life Insurance Company is a well-known name in the life insurance sector. It boasts of a strong insurance product portfolio providing long-term savings and protection plans. Its product range includes Protection Plans, Savings & Investment Plans, Retirement Plans, and Pension Plans suiting various needs of the customers. In addition, the company has a high claim settlement ratio of 98.15% (IRDAI Annual Data 19-20), proving itself as a trustworthy insurance partner.
Here are the top Life Insurance Companies in India which offer attractive benefits and features through their well-thought insurance products. To know more about each of their product offerings, you can visit iiflinsurance.com