List of Term Insurance Companies in India

Due to the unpredictability of life, it is often difficult to foresee what the future holds. Individuals starting a family need to ensure that their spouse, children, parents and other family members remain financially secure, even if some unfortunate event occurs to the individuals.

For instance, a sudden disease may cut short your remaining lifespan, leaving your family stranded without any means of livelihood.

Life insurance policies or more specifically, term insurance plans safeguard your loved ones against just such events. These policies provide a sizable compensation to your family members in the event of your demise.

With this death benefit, people in your family can move on with their life, without facing financial shortfalls.

What is Term insurance?

Term insurance plans are specific types of life insurance policies where the death benefit is the sole advantage.

Unlike many other life insurance plans where policyholders can claim a substantial return on an investment after the policy tenure ends, term insurance offers no such additional benefit.

One can claim such a policy only if the insured individual passes away due to natural circumstances during the tenure of such a plan.

However, if the death occurs after the tenure runs out, nominees cannot claim any financial compensation from the insurer.

The primary benefit of a term insurance plan is the lower premiums linked with them. Additionally, the death benefit amount related to such a policy is significant vis-à-vis most other types of life insurance policies. Additional benefits include:

Availability of multiple riders to enhance financial protection offered by a standard term insurance plan
Term insurance providers offer innovative features and discounts, including rebates to policyholders who do not smoke.
You can increase life cover at critical points in your life, such as during marriage, or when you become a parent for the first time.

List of Term Insurance Companies in India

Company name	Founding year	Headquarter location
Life Insurance Corporation of India	1956	Mumbai
Max Life Insurance Co. Ltd.	2000	New Delhi
HDFC Life Insurance Co. Ltd	2000	Mumbai
ICICI Prudential Life Insurance Co. Ltd.	2000	Mumbai
Aditya Birla SunLife Insurance Co. Ltd.	2000	Mumbai
Kotak Mahindra Life Insurance Co. Ltd.	2001	Mumbai
Pramerica Life Insurance Co. Ltd.	2008	Gurugram
TATA AIA Life Insurance Co. Ltd.	2000	Mumbai
Bajaj Allianz Life Insurance Co. Ltd.	2001	Pune
SBI Life Insurance Co. Ltd.	2001	Mumbai
Exide Life Insurance Co. Ltd	2001	Bengaluru
Reliance Nippon Life Insurance Company	2001	Mumbai
Sahara India Life Insurance Co. Ltd.	2000	Kanpur
Aviva Life Insurance Company India Ltd.	2002	Gurugram
PNB MetLife India Insurance Co. Ltd	2001	Mumbai
Bharti AXA Life Insurance Company Ltd	2005	Mumbai
IDBI Federal Life Insurance Company Limited	2008	Mumbai
Future Generali India Life Insurance Company Limited	2006	Mumbai
Shriram Life Insurance Co. Ltd.	2005	Hyderabad
Aegon Life Insurance Company Limited	2008	Mumbai
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited	2007	Gurugram
Edelweiss Tokio Life Insurance Company Limited	2009	Mumbai
Star Union Dai-Ichi Life Insurance Co. Ltd.	2007	Mumbai
IndiaFirst Life Insurance Company Ltd.	2009	Mumbai

One should consider the pros and cons of choosing from a particular term insurance provider before availing such policies.

You must check the various facets of an insurance company, such as claim settlement ratio, customer service and overall reputation.

Additionally, a company’s policy features should align with the facilities you are seeking from such life coverage.

Frequently Asked Questions

All

How is term insurance different from standard life insurance?

Although term insurance is a type of life insurance, you should not consider it as a form of investment. Such plans have a fixed tenure and only offer death benefit as a financial return.

Thus, if the insured individual outlives the policy tenure, he/she cannot claim any compensation from the same.

However, if policyholders pass away during this tenure, nominees can claim the death benefit compensation linked to a term insurance plan.

In a standard life insurance plan, policyholders can claim returns after tenure ends if they are still alive.

Why are term insurance policies beneficial?

Death benefits linked to all life insurance plans are extremely handy, especially if you have dependent family members, such as spouse and children.

This death benefit can act as a financial corpus for your family members to use after your demise. Term insurance policies do not provide any financial gains apart from this death benefit.

This is why people opting for such plans can opt for a substantial amount as this benefit at affordable rates of premium.

What should you look for in a term insurance company?

The most important factor to check in a life insurance company is its claim settlement ratio. This data should reveal how many claims the company settles against the total number of claims it receives.

Higher percentages of claim settlement indicate a simple and streamlined process of filing claims. Additionally, you should also verify a company’s repute as an insurer in the market. Google and Facebook reviews can help you form such impressions.

How many term insurance providers are present in India?

As per the latest Insurance Regulatory and Development Authority in India (IRDAI) list, there are 24 term insurance companies currently operating in India.

There may be other such companies. However, it is safer to stick to the IRDAI approved providers only, as they follow all regulations and guidelines laid down by the central body.