There are 15 life insurance companies in India that are offering various term insurance plans in India. Term insurance plan is a simple risk coverage plan. Term plans come with low premium and high sum assured. If you are planning to take a term insurance plan, you might be wondering which companies offer term insurance plans in India. In this article, we would provide the list of Life Insurance Companies and various Term Insurance Plans offered by them.
What is Term Insurance Plan?
Term insurance plan in simple terms is the risk coverage plan. In case of unfortunate death of the life insured, the nominee or family members would get the sum assured which is the death benefit.
Generally, term plans do not have maturity benefits, hence such, they come with low premiums. These have gained popularity as one can take term plan with low premiums and offer high sum assured.
Benefits of Term Insurance Plans
Here are some of the key benefits in term plans.
1) Term plans are pure risk protection plans
2) These plans come with low Premiums and high sum assured
3) Many term plans come with critical illness coverages too
4) Term plans comes with riders too
How to choose a good term plan suitable for you?
One can choose a term plan based on key parameters:
1) Consider a term plan that offers adequate risk coverage required
2) Take a term plan which has features suitable to them
3) Compare term plans and consider a plan that comes with low premium
4) Take a plan which has a high claim settlement ratio
5) Avoid plans which has features / riders that comes with additional premiums.
Once you understood how to choose a term plan, you can opt for one of the Best Term Plans in India.
List of Life Insurance Companies offering Term Insurance Plans
There are 15 life insurance companies in India that are offering various term insurance plans. The latest claim settlement ratio would help you to put additional filter while choosing a term insurance plan.
Here is the list of life insurance companies, claim settlement ratio and term insurance plans offered by them. One should review individual plans, their features, premium applicable and consider a term plan suitable to them.
|S No||Life Insurance Company||Claim Settlement Ratio FY2020-21||Types of Term Plans offered|
|1||Max Life Insurance||99.35||Max Online Term Plan
Max Online Term Plan Plus
Max Onine Term Plan with Return of Premium (ROP)
|2||Aegon Life Insurance||99.25||Aegon Life Saral Jeevan Bima|
|3||Bharti Axa Life Insurance||99.05||Bharti AXA Life Saral Jeevan Bima Plan
Bharti AXA Life Flexi Term Pro
Bharti AXA Life Premier Protect Plan
|4||LIC||98.62||LIC Tech Term Plan (Online)
LIC Jeevan Amar Term Plan (Offline)
LIC Saral Jeevan Bima Plan
|5||Pramerica Life||98.61||Pramerica Life Saral Jeevan Bima
Pramerica Life TruShield
Pramerica Life U-Protect
|6||Exide Life||98.54||Exide Life Smart Term Pro
Exide Life Smart Term Edge
Exide Life Saral Jeevan Bima
|7||Kotak Life Insurance||98.5||Kotak e-Term Plan|
|8||Reliance Nippon Life||98.49||Reliance Nippon Life Protection Plus
Reliance Nippon Life Digi-Term Insurance Plan
Reliance Nippon Life Saral Jeevan Bima
|9||Bajaj Allianz Life||98.48||Bajaj Allianz Life Smart Protect Goal
Bajaj Allianz Life eTouch Online Term
Bajaj Allianz Life iSecure
Bajaj Allianz Life Saral Jeevan Bima
|10||PNB Metlife Life||98.17||PNB Metlife Life Mera Term Plan
PNB Metlife Life Mera Term Plan Plus
PNB Metlife Life Saral Jeevan Bima
|11||Aditya Birla Sun Life Insurance||98.04||ABSLI Life Digishield Plan
ABSLI Digishield Plan
ABSLI Life Saral Jeevan Bima
|12||Tata AIA Life||98.02||TATA AIA Life Sampoorna Raksha Supreme
TATA AIA Life InstaProtect Solution
Tata AIA Saral Jeevan Bima
|13||Aviva Life Insurance||98.01||Aviva Life Jana Suraksha
Aviva Life Saral Jeevan Bima
|14||HDFC Life Insurance||98.01||HDFC Life Click 2 Protect Life
HDFC Life Saral Jeevan Bima
|15||ICICI Prudential Life||97.90||ICICI Pru Life iProtect Smart Term Plan
ICICI Pru Life iProtect Smart Term Plan Return of Premium
ICICI Pru Life Saral Jeevan Bima
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