LETS TALK!

Let us call you back. Just share your number for a call back in less than 15 minutes

+91
We can’t proceed without your mobile number. Help us?
Sigh. We need the reason for call back to pick the right person for the job. Help us?
OR

Is it super urgent? Call us on our Toll Free numbers

BTW, we respond to email queries with lightening fast speed. Send email instead?

THANK YOU FOR CHOOSING COVERFOX!

Someone from the team will get back to you ASAP!

HAVE AN AMAZING DAY!

Oh! Just in case you still need our Toll free

1800 209 9970
Also schedule a callback Also send an email
THANKS!

Your Claim Assistance request has been registered with us.

We will contact you before 11am tomorrow.

If its an emergency, for immediate assistance please feel free to contact our Customer Support Unit on 1800 209 9970

Term Insurance Companies

All You Need to Know About Term Insurance Companies in India

You can say, you don’t need insurance. But, can you say your family won’t need it? You may not be able to enjoy the benefits of your term plan, but at least your family is financially secured once you are gone. Select a plan from the right insurance company and be stress-free.

Ready to buy policy?
Let Our Experts Call You!
Please enter a valid phone number
Thanks! We will get back to you soon.

I hereby authorize Coverfox to communicate with me on the given number for my Insurance needs. I am aware that this authorization will override my registry under NDNC.

Parameters to Choosing the Best Insurer

Make sure you keep in mind the below criteria

  • Excellent claim settlement ratio
  • Premium rates
  • Reputable management
  • Good Financial background (solvency ratio) and trust factor (net worth)
  • Customer service/satisfaction
  • Add-ons and riders
  • Average time to settle a claim

List of Companies Offering Term Insurance

Insurance Companies IRDAI Registration Number
Aegon Life Insurance Co. Ltd. IRDAI Regd. No. 138
Aviva Life Insurance Co. India Ltd. IRDAI Regd. No. 122
Bajaj Allianz Life Insurance Co. Ltd. IRDAI Regd. No. 116
Bharti Axa Life Insurance Co. Ltd. IRDAI Regd. No. 130
Birla Sun Life Insurance Co. Ltd. IRDAI Regd. No. 109
Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. IRDAI Regd. No. 136
DHFL Pramerica Life Insurance Co. Ltd. IRDAI Regd. No. 140
Edelweiss Tokio Life Insurance Co. Ltd. IRDAI Regd. No. 147
Exide Life Insurance Co. Ltd. IRDAI Regd. No. 114
Future Generali India Life Insurance Co. Ltd. IRDAI Regd. No. 133
HDFC Standard Life Insurance Co. Ltd. IRDAI Regd. No. 101
ICICI Prudential Life Insurance Co. Ltd. IRDAI Regd. No. 105
IDBI Federal Life Insurance Co. Ltd. IRDAI Regd. No. 135
IndiaFirst Life Insurance Co. Ltd. IRDAI Regd. No. 143
Kotak Mahindra Old Mutual Life Insurance Ltd. IRDAI Regd. No. 107
Life Insurance Corporation of India IRDAI Regd. No. 512
Max Life Insurance Co. Ltd. IRDAI Regd. No. 104
PNB MetLife India Insurance Co. Ltd. IRDAI Regd. No. 117
Reliance Life Insurance Co. Ltd. IRDAI Regd. No. 121
Sahara India Life Insurance Co. Ltd. IRDAI Regd. No. 127
SBI Life Insurance Co. Ltd. IRDAI Regd. No. 111
Shriram Life Insurance Co. Ltd. IRDAI Regd. No. 128
Star Union Dai-Ichi Life Insurance Co. Ltd. IRDAI Regd. No. 142
Tata AIA Life Insurance Co. Ltd. IRDAI Regd. No. 110

Get in-depth details about different term insurance companies at Coverfox.com

Steps to Select Best Term Insurance Company

Getting an optimum term plan means wisely choosing the best insurer.

  1. Assess your needs

    • A term plan is meant to benefit your family when you are not around. Figure out your needs based on your source of income, number of dependents in family, expenses, liabilities, investments, etc.
  2. Check the claim settlement ratio

    • What is the use of buying a term plan when the insurer has a bad record in settling claims?
      Check the number of term insurance claims made during a financial year and those fulfilled. You would get a better picture of how likely your claim would get settled.

Take a look at the IRDA annual report to understand the reliability of the particular insurer irrespective of their brand image and premium-to-cover ratio.

  1. Understand the duration wise settlement of death claims - Your loved ones would feel a little relaxed if less time and efforts are needed to settle a claim. Knowing the duration helps you evaluate the efficiency of the claim settlement process. If the claim in settled in a short period, your family will have a stress-free experience.

  2. Analyze the solvency ratio

    • How capable is your insurer in resolving your death claim made by your family? Compare their ratio of assets to liabilities. If they are insolvent, they wouldn’t be able to pay the claims that arise. Make sure they have the financial capacity to honor their responsibility, if at all your case comes up.
  3. Compare plans

  4. Look out for riders - Leverage your term plan by attaching riders to it. Enhance the scope of protection by paying a slightly higher premium. Check if the particular insurer offers different riders at lesser premium. To know more about riders in term insurance click here.

  5. Keep inflation in mind - Apart from age and duration of the policy cover, Inflation has a direct effect on your lifestyle. You need to narrow down on the sum assured and choose the right policy. Seek professional help from one of our insurance advisors at Coverfox.com.

Claim Settlement Ratio (CSR) of Term Insurance Companies

The factors you need to look at while analyzing claim settlement ratio.

  • CSR higher than 80% is good enough. More than 90% - Brilliant!
  • Average Claim Settlement Time indicates efficiency and customer-friendly approach of the insurer. Anything less than 20 days is commendable!
  • The lesser the number of pending claims, the more trustworthy is your insurer
  • Take a look at the average value of claim paid. If the sales of term insurance plans are high, the more chances of you family being compensated

List of Riders by Different Companies for Term Insurance

Customizing your product to suit your needs is the latest mantra. Your Term insurance plan too can be modified by adding riders and without tampering the core nature of your policy.

Insurance Companies Accidental Death Permanent and Partial Disability Critical Illness Waiver of Premium Income Benefit Accelerated Terminal Illness
Accelerated Terminal Illness Yes Yes Yes
Aviva Life Insurance Co. India Ltd.
Bajaj Allianz Life Insurance Co. Ltd Yes Yes Yes
Bharti Axa Life Insurance Co. Ltd. Yes
Birla Sun Life Insurance Co. Ltd.
Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
DHFL Pramerica Life Insurance Co. Ltd. Yes Yes
Edelweiss Tokio Life Insurance Co. Ltd. Yes Yes Yes Yes Yes
Exide Life Insurance Co. Ltd. Yes Yes Yes
Future Generali India Life Insurance Co. Ltd. Yes
HDFC Standard Life Insurance Co. Ltd. Yes Yes
ICICI Prudential Life Insurance Co. Ltd. Yes Yes
IDBI Federal Life Insurance Co. Ltd. Yes
India First Life Insurance Co. Ltd.
Kotak Mahindra Old Mutual Life Insurance Ltd. Yes Yes Yes
Life Insurance Corporation of India
Max Life Insurance Co. Ltd. Yes
PNB MetLife India Insurance Co. Ltd. Yes Yes
Reliance Life Insurance Co. Ltd. Yes Yes Yes Yes
Sahara India Life Insurance Co. Ltd. Yes
SBI Life Insurance Co. Ltd. Yes
Shriram Life Insurance Co. Ltd. Yes Yes Yes Yes Yes
Star Union Dai-Ichi Life Insurance Co. Ltd. Yes Yes Yes
Tata AIA Life Insurance Co. Ltd. Yes

FAQs While Choosing Best Online Term Insurance Company

If you want a plan that suits your requirement, you need to first choose the right insurer. With the clutter of plans available, it gets tricky to choose, isn’t it? We help you make the right choice of insurer by answering some of the most commonly asked questions on Term Insurance. Clarified queries > Better Decision making

1. Why is claim settlement ratio a crucial parameter for a term insurer’s success?

It proves that the insurance company is getting enough sales for term plans. Apart from that, they are fulfilling their duty of settling maximum claims. If the number of pending claims is less, that insurance company is worth choosing.

2. Do I need to study the background of the insurance company?

Yes. Though it may not be compulsory, but we suggest you could do it. Having some knowledge about the insurance company, its stocks, management, and profitability can determine if they are financially strong.

3. Would comparison of various plans of different companies give me an advantage?

Comparison of different quotes gives a clear idea of which insurer is offering a better plan. You would know for sure if there are any additional benefits being offered in the plan you wish to buy.

Still more questions popping in your head? Get more details by taking a glimpse through our FAQ page on Term Insurance.