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Term Insurance Companies in India in 2025

What is Term insurance?

List of Term Insurance Companies in India

Company name IRDA Registration Number Founding year Headquarter location
Life Insurance Corporation of India 512 1956 Mumbai
Axis Max Life Insurance Ltd. 104 2000 Gurgaon
HDFC Life Insurance Co. Ltd 101 2000 Mumbai
ICICI Prudential Life Insurance Co. Ltd. 105 2000 Mumbai
Kotak Mahindra Life Insurance Co. Ltd. 107 2001 Mumbai
Aditya Birla SunLife Insurance Co. Ltd. 109 2000 Mumbai
TATA AIA Life Insurance Co. Ltd. 110 2000 Mumbai
SBI Life Insurance Co. Ltd. 111 2001 Mumbai
Bajaj Allianz Life Insurance Co. Ltd. 116 2001 Pune
PNB MetLife India Insurance Co. Ltd 177 2001 Mumbai
Reliance Nippon Life Insurance Co. Ltd. 121 2001 Mumbai
Aviva Life Insurance Company India Ltd. 122 2002 Haryana
Sahara India Life Insurance Co. Ltd. 127 2000 Lucknow
Shriram Life Insurance Co. Ltd. 128 2005 Hyderabad
Bharti AXA Life Insurance Co. Ltd. 130 2005 Mumbai
Future Generali India Life Insurance Co. Ltd. 133 2006 Mumbai
Aegon Life Insurance Co. Ltd. 135 2008 Mumbai
Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. 136 2007 Haryana
Bandhan Life Insurance Ltd. 138 2008 Mumbai
Pramerica Life Insurance Co. Ltd. 140 2008 Gurgaon
Star Union Dai-Ichi Life Insurance Co. Ltd. 142 2007 Mumbai
IndiaFirst Life Insurance Co. Ltd. 143 2009 Mumbai
Edelweiss Life Insurance Co. Ltd. 147 2009 Mumbai
Credit Access Life Insurance Ltd. 163 2019 Bengaluru
Acko Life Insurance Ltd. 164 2022 Bengaluru
Go Digit Life Insurance Ltd. 165 2023 Bengaluru

List of Life Insurance Aggregators in India

Certificate Code Number Name of the Insurance Web Aggregator Website Address
IRDAI/WBA/34/2016 Covernest Insurance Web Aggregators Pvt. Ltd. www.covernest.com
IRDAI/INT/WBA/67/2019 Ramakumaaran Digital Insurance web aggregator LLP www.insurancebazzaar.com
IRDAI/INT/WBA/70/2019 Online policy house insurance Web Aggregators Pvt. Ltd. www.onlinepolicyhouse.com
IRDAI/INT/WBA/74/2019 Securesmarter Insurance Web Aggregators Pvt. Ltd. www.sspolicy.com
IRDAI/INT/WBA/79/2019 Guide2Protect Insurance Web Aggregators Pvt. Ltd. https://beema1.com
IRDAI/INT/WBA/54/2019 Check Your Premium Insurance Web Aggregators Pvt. Ltd. www.checkyourpremium.com
IRDAI/INT/WBA/53/2018 InstantCover Insurance Web Aggregators Pvt. Ltd. www.eindiainsurance.com
IRDAI/INT/WBA/52/2018 Vivaan Insurance Web Aggregators Pvt. Ltd. www.epolicymart.com
IRDAI/INT/WBA/68/2022 Bimahub Insurance Web Aggregators Pvt. Ltd. www.bimahub.in
IRDAI/WBA/30/2016 Deztination Insurance Web Aggregators Pvt. Ltd. www.policybachat.com
IRDAI/INT/WBA/64/2022 Policy4us Insurance Web Aggregators Pvt. Ltd. www.insurancepolicy4us.com
IRDAI/WBA/23/2015 Compare Policy Insurance Web Aggregators Pvt. Ltd. www.comparepolicy.com
IRDAI/INT/WBA/61/2021 Skydda Insurance Web Aggregators Pvt. Ltd. www.skydda.in
IRDAI/INT/WEB/66/2021 Aditsh Insurance Web Aggregators Pvt. Ltd. www.adfpolicy.com
IRDAI/INT/WBA/63/2021 MyBima Cafe Insurance Web Aggregators Pvt. Ltd. www.mybimainsurance.com
IRDAI/INT/WBA/69/2016 Turanth Suraksha Insurance Web Aggregators Pvt. Ltd. www.bimamandi.in
IRDAI/WBA/24/2015 MIC Insurance Web Aggregators Pvt. Ltd. www.myinsuranceclub.com
IRDAI/WBA/26/2015 Great India Insurance Web Aggregators Pvt. Ltd. www.insuringindia.com
IRDAI/INT/WBA/47/2017 KU Policy Insurance Web Aggregators Pvt. Ltd. www.policyghar.in
IRDAI/INT/WBA/51/2018 Wishfin Insurance Web Aggregators Pvt. Ltd. www.wishpolicy.com
IRDAI/INT/WBA/59/2021 INSUREIN Insurance Web Aggregators Pvt. Ltd. www.insurewinsure.com
IRDAI/INT/WBA/60/2021 D CUBE Insurance Web Aggregators Pvt. Ltd. www.dcubeinsure.in
IRDAI/INT/WBA/44/2017 Riskovery Insurance Web Aggregators Pvt. Ltd. www.riskoveryinsurance.com
IRDAI/INT/WBA/58/2019 KDGO Insurance Web Aggregators Pvt. Ltd. www.policybharat.com
IRDAI/WBA/14/2017 PolicyX.com Insurance Web Aggregators Pvt. Ltd. www.policyx.com
IRDAI/INT/WBA/38/2016 Instabima Insurance Web Aggregators Pvt. Ltd. www.instabima.com
IRDAI/WBA/29/2015 MSF Insurance Web Aggregators Pvt. Ltd. www.directinsure.in
IRDAI/WBA/80/2023 Insure Fast Web Aggregators Private Limited https://insurefast.in/
IRDAI/WBA/80/2023 Oneclick Insurance Web Aggregators Pvt. Ltd. www.instafinancials.com
IRDAI/INT/WBA/76/2023 Digibima Insurance Web Aggregators Pvt. Ltd. https://digibima.com/
IRDAI/INT/WBA/77/2023 Saarte Insurance Web Aggregators Pvt. Ltd. www.saarte.in
IRDA/WBA25/21 ApnaPaisa Insurance Web Aggregators Pvt. Ltd. apnapaisa.com
IRDA/WBA27/23 InsurancePundit Insurance Web Aggregators Pvt. Ltd. insurancepundit.com
IRDA/WBA26/22 Insurancemall Insurance Web Aggregators Pvt. Ltd., also known as  bajajfinserv.in/insurance
IRDA/WBA17/14 PolicyBazaar Insurance Web Aggregators Pvt. Ltd. policybazaar.com
IRDA/WBA21/17 InsuranceDekho Insurance Web Aggregators Pvt. Ltd. insurancedekho.com
IRDA/WBA19/15 Coverfox Insurance Web Aggregators Pvt. Ltd. coverfox.com

Aggregator is an online insurance website that assists clients in locating insurance products from the insurance service providers. It offers details about several types of insurance to its users. It helps clients compare policies existing for the same, based on coverage, premiums, and so on, but offers little assistance in post-sales services.

On the other hand, a term insurer is an insurance company that deals with term insurance contracts with tenors that have coverage during a specified time. The policies are sold by term insurers directly to customers either online through the insurer’s website or agents. The benefits of transacting directly with the term insurer include direct contact/interactions.

Nonetheless, there are time-consuming constraints, time spent manually comparing a policy of different Insurers, and an additional cost since a policy purchased directly from the Insurers can be more expensive than the aggregator.

How is the Term Insurance Market in India?

Market Size and Growth 

The term insurance market in India is part of the broader life insurance sector and is projected to reach a valuation of USD 1,058.08 billion in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2030, reflecting the increasing demand for financial protection among Indian consumers.

 

Key Drivers 

Term life insurance covers a specific period, such as 10, 20, or 30 years. Unlike whole life insurance, which requires lifetime payments, term life insurance is temporary and more affordable. Due to its simplicity and cost-effectiveness, it has surged in popularity, especially among younger generations like Millennials and Gen Z.

In 2024, term policies comprised a significant portion of new life insurance sales, driven by the industry's focus on digital engagement and simplified policy information. This trend is expected to continue, further boosting the market growth of term life insurance.

 

Challenges 

Digital transformation is boosting the insurance market by making operations more efficient and improving customer experiences. However, it also brings challenges. A survey in February 2023 found that 60% of consumers prefer to communicate with insurance companies online. While this trend is driving market growth, insurers must quickly adopt new technologies to meet these digital demands and stay competitive.

 

Future Outlook 

The adoption of smart solutions like artificial intelligence (AI) and big data analytics is expected to significantly enhance operational efficiency and reduce costs, making term insurance more affordable. Governments are also promoting financial literacy and insurance-related programs, which should further drive market growth.

Year Market Size (INR Billion) Growth Rate (%)
2019 1200 8.5
2020 1300 8.3
2021 1450 11.5
2022 1600 10.3
2023 1750 9.4
2024 1900 8.6

Legal Frameworks Governing Term Insurance in India

IRDAI New Rules for Term Insurance

Factors to Look for in a Term Insurance Company

Why Should You Buy Term Insurance from Direct Insurance Providers?

Why Should You Choose Digit for Term Insurance?

Affordable Premiums

Affordable Premiums

Digit offers fairly standard premium rates with term insurance, making it easier and cheaper for many people to get an insurance policy.

Simple and Transparent Process

Simple and Transparent Process

We emphasise a hassle-free and transparent buying process. Their digital platform lets you easily compare, purchase, and manage your policy online.

Claim Settlement Ratio

High Claim Settlement Ratio

Digit has a good record of settling its claims, which means your claims will be processed quickly and without a hitch.

Comprehensive Coverage Options

Comprehensive Coverage Options

At Digit, you will find different term insurance policies, and we have options for customisation to add on to the options including riders for critical illness, accidental death, and more, to enhance coverage.

Customer Support

Customer Support

We have accessible customer service support to help you as a client if you have a question or problem.

Innovative Features

Innovative Features

Digit has Incorporated efficient technologies to enhance the functionality of the business and customers and include AI in the claims.

Insurance Company vs Insurance Aggregators vs Insurance Brokers

Understand the difference between insurance companies, aggregators and brokers.

Insurance Company Aggregators Brokers
Any organisation that packages and markets various insurance policies and products to consumers. A third-party portal where consumers can compare the various policies from all insurance companies operating in the market. Individuals who act as a mediating party between an insurance company and its potential clients.
Employed By - None Employed by a third party, which is unrelated to any insurance company Individual insurance companies employ brokers.
Role - To provide quality insurance policies, compensating the policyholder when an insured asset meets with accidents and sustains damages. Role - To list and detail all relevant information regarding the various insurance policies available for comparison purposes. Role - Brokers sell insurance policies on behalf of their employing insurance provider.
Insurance providers or companies settle all insurance policy claims. NA NA

  • 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.

FAQs about Term Insurance Companies in India