5 min read
Updated on Sep 26, 2023
We understand the plight of a potential policy buyer, who wants to get the best sum assured with minimum premium payments, and additional rider benefits. So, we take this opportunity to guide you about the top term insurance companies in India.
The prime reason for anyone to buy a term insurance plan is to arrange for financial security for the family that depends financially on you in case of an unfortunate death of the bread earner for the family. Moreover, it comes with some optional benefits in the form of additional riders offering coverage for accidental death and instances of critical illness.
Before tagging any term insurance company as the best one, it is important to know about the factors that make it the most reliable term insurance company in India. So have a look at the main factors to look for in a best-term insurance company in India:
It is the most crucial factor to consider when choosing a term insurance company. It is the ratio that shows the efficiency of an insurance company to settle the claims for the policyholder.
Not just the CSR, but also check the claim settlement process before buying a term insurance plan from a company. It is the procedure that reveals whether the customers have a tough time getting claims from an insurance company or was it like a cakewalk for them.
It is equally important to buy a term insurance plan from a company that has good customer care support. It is because, only good, friendly, and knowledgeable customer support can help you get the answers to all your queries regarding the policy.
Do check for the availability of rider benefits that come along with the term insurance plan on an extra payment. Some rider benefits that come with a term insurance plan are critical illness rider, accidental death benefit rider, waiver of premium rider, and so on.
It is a ratio that reveals the total number of customers paying regular premiums and for how long are they enjoying the term insurance plan of the company. It indicates the satisfaction level of the customer with the insurance company.
The solvency ratio of a term insurance company hints at the financial status of the insurer. A company with a good solvency ratio means it can meet your urgent claims because it has enough funds to solve them.
Here is a list of the top 10 term insurance companies in India for 2023 based on the CSR values:
|Term Insurance Company||Claim Settlement Ratio (2021-22)|
|Max Life Insurance||99.34%|
|Bharti AXA Life Insurance||99.09%|
|Aegon Life Insurance||99.03%|
|Bajaj Allianz Life Insurance||99.02%|
|Kotak Mahindra Life Insurance||98.82%|
|LIC Life Insurance||98.74%|
|Aditya Birla Life Insurance||98.07%|
|HDFC Life Insurance||98.66%|
|Tata AIA Life Insurance||98.53%|
|ICICI Prudential Life Insurance||97.82%|
Here are the key features of the best 10 term insurance companies in India:
If you have finally made up your mind to buy a term insurance plan to secure your family financially in your absence, then consider the best term insurance plan company in India 2023 for it. Avoid taking any hasty decision, and take time to compare different term insurance companies, their features and benefits.
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To figure out the best term insurance plan in India for yourself, check the following factors:
~ Claim Settlement Ratio of the Company
~ Sum Assured
~ Maturity Age
~ Tax Benefits
Yes, you can purchase a term insurance policy online from the ease of your home. However, we suggest researching everything related to the policy online or visiting the branch before buying a term insurance plan online.
The best age to buy a term insurance plan is in your 20s because it is a young age, and you can easily pay the premiums because you don’t have too many liabilities or expenses.
Yes, you can purchase 2 term insurance plans in India, but better be aware of the terms and conditions of both plans carefully before investing in them. Holding multiple-term insurance plans may make you eligible to enjoy different benefits from different insurance providers.
As per the FY 2021-22, Max Life Insurance emerged as the best-term insurance company with a claim settlement ratio of 99.34%. The second-best term insurance comes from Bharti AXA life insurance with a whooping CSR of 99.09%.
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