List of Best Term Insurance Companies in India 2023

Do you know that at present, there are about 24 term insurance providers in our country, each claiming to be the best term insurance company in India? Therefore, for a novice, it becomes hard to choose between these various term insurance companies. 

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.

Why Buy a Term Insurance Plan?

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.

What to Look for in the Best Term Insurance Company in India?

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:

1. Claim Settlement Ratio or CSR: 

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.

2. Claim Settlement Process: 

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.

3. Customer Care:

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.

4. Rider Benefits:

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.

5. Persistency Ratio:

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.

6. Solvency Ratio:

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.

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Top 10 Term Insurance Companies in India Based on Claim Settlement Ratio

Here is a list of the top 10 term insurance companies in India for 2023 based on the CSR values:

Best 10 Term Insurance Companies in India 2023

Here are the key features of the best 10 term insurance companies in India:

1. Max Life Insurance 

• Claim settlement ratio of 99.34%
• Varied options to pay premium payments
• Affordable premiums for high coverage term insurance plans

2. Bharti AXA Life Insurance

•  Claim settlement ratio of 99,09%
• Over 250 branches PAN-India
• Anytime customer care support

3. Aegon Life Insurance

•  Claim settlement ratio of 99.03%
• Higher coverage at low premium rates
• Excellent online claim support

4. Bajaj Allianz Life Insurance

•  Claim settlement ratio of 99.02%
• New-age features with online facilities
• Multiple payment options for premiums

5. Kotak Mahindra Life Insurance

•  Claim settlement ratio of 98.82%
• Flexible plan options
• Excellent customer care support

6. LIC Life Insurance

•  Claim settlement ratio of 98.74%
• Best customer care service
• Option to claim through an e-service portal

7. Aditya Birla Life Insurance

•  Claim settlement ratio of 98.07%
• Easy option to get the claim online in simple steps
• Part of the prestigious Aditya Birla Capital Ltd.

8. HDFC Life Insurance

•  Claim settlement ratio of 98.66%
• Over 370 branches PAN-India
• Awarded as the Super Brand for FY22-23

9. Tata AIA Life Insurance

•  Claim settlement ratio of 98.53%
• 4-hour claim settlement
• 40 critical illness benefit

10. ICICI Prudential Life Insurance 

•  Claim settlement ratio of 97.82%
• Comprehensive benefit options
• Affordable premiums for high insurance coverage

Popular General Insurance Companies India, 2023

 Conclusion 

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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