How to choose Best Term Insurance Plan in India, here in this article we will showcase the Top 10 – Best Term Insurance Plan in India 2018-2019. Here we will see the best term insurance claim settlement ratio to choose the best term insurance plan from the industry. There are 20+ Life insurance policy providers selling policies online as well as offline. Sometime it becomes hard to find the Best Term Insurance Policies or Best Term Insurance Company. I assure you that today after reading this you will be surely be able to figure out the best place to buy Term Insurance Plan in India for 2018-2019 year.
It is a proven fact that a term plan provides the monetary value to the nominee in the form that is basic of insurance where a fixed sum assured is compensated on the death of policyholder. The insured gets nothing in return in-case of survival of policy term in term insurance. The premium on the term insurance plan is mostly based on factors like: age, duration of policy, sum assured, smoker / non-smoker person, additional riders.
Claim settlement ratio has been chosen to rate the insurance companies because it is the only ratio where customers can trust while they select the life insurance policies. High claim settlement ratio shows the insurer is reliable and trustworthy to take term plans whereas the ratio that is low that the credibility of insurer is less and therefore those insurance companies will not attract many clients because of their inability to be in claims. Now as you know exactly what term insurance coverage means. You can also check the latest IRDA Claim Settlement Ratio for more details for your analysis purpose. Here we are going to let you know some important facts based on the IRDA data available as of date.
Top 10 – Best Term Insurance Companies in India 2018 – 2019:
While buying a term insurance coverage plan, majorly considered is claim settlement ratio. Claim Settlement ratio of a company informs you about the number of policies that are settled against the death claims. This is a list of Best Term Insurance Companies in India which is consistently performing well, they are:
|Sr. No.||Insurance Provider||Death claims received||Death Claims Paid||Claim Settlement Ratio|
|4||IDBI Federal Life||12,724||12421||97.62%|
|8||Tata AIA Life||2,707||2,599||96.01%|
Other Best Term Insurance Providers in India – Based on Claim Settlement Ratio:
Most tricky part is to understand terms and considers of any of the insurance provider in their products which are not easy to relate to. This is one of the main reasons why IRDA has made it mandate to publish Claim Settlement Ratio in their annual report. This is a list of Best Term Insurance Provider in India which are upcoming or performing well in recent years and hope they would be maintaining their same reputation year on year basis.
|Sr. No.||Insurance Provider||Death claims received||Death Claims Paid||Claim settlement ratio|
|5||Bharti AXA Life||878||811||92.37%|
|6||Kotak Mahindra Life||2,831||2,583||91.24%|
Top 10 – Best Term Insurance Plan in India 2018 – 2019:
Here is the list of Top 10 – Best Term Insurance Plan in India 2018 – 2019. This ranking is based on the multiple factors like: IRDA Claim Settlement Ratio, Policy Benefits and much more. Check this out:
|List||Best Term Plan in India||Entry Age (Min-Max)||Policy Term (Min-Max)||Accidental Death Benefits||Critical Illness Benefit|
|1||LIC – E-term Plan||18 – 60 years||10 – 35 years||N/A||N/A|
|2||Max Life – Online term Plan Plus||18-60 years||10 – 40 years||Paid||N/A|
|3||HDFC Life – 3D Plus Life Option||18-65 years||10 – 40 years||Paid||Paid|
|4||IDBI Federal – iSurance Flexi Term||18 – 60 Years||10 – 62 years||Paid||Free|
|5||Aegon Life – iTerm Plan||18 – 65 years||5 – 40 years||Paid||N/A|
|6||SBI Life – eShield Plan||18 – 65 years||5 – 30 years||Paid||N/A|
|7||ICICI Prudential – iProtect Smart||18 – 60 Years||5 – 40 years||Paid||N/A|
|8||TATA AIA – Sampoorna Raksha||18 – 70 years||10 – 40 years||N/A||N/A|
|9||Reliance – Online Term Plan||18 – 65 Years||10 – 35 years||Paid||Paid|
|10||Bajaj Allianz – eTouch Lumpsum||18 – 65 years||10 – 40 years||Paid||Paid|
Top 10 – Best Term Insurance Comparison in India – Based on Insurance Premium:
Here we are going to present Top 10 – Best Term Insurance Comparison in India based on premium amount. Below list is based on the example that Mr. John is of age 30 years and willing to buy Term Insurance Policy for 1 Crore with the policy duration of 35 years (till the age of 65 years). Let’s compare term insurance premium in India.
|List||Insurance Company||Term Insurance Plan||Premium Amount|
|1||Life Insurance Corporation (LIC)||E-term Plan||₹ 21,000.00|
|2||Bajaj Allianz General Insurance||eTouch Lumpsum||₹ 13,000.00|
|3||SBI Life Insurance Company||eShield Plan||₹ 12,000.00|
|4||HDFC Life||3D Plus Life Option||₹ 11,500.00|
ICICI Prudential Life Insurance
|iProtect Smart||₹ 11,500.00|
|6||IDBI Federal Life Insurance||iSurance Flexi Term||₹ 11,000.00|
|7||TATA AIA||Sampoorna Raksha||₹ 10,000.00|
|8||Max Life Insurance||Online Term Plus||₹ 9,500.00|
|9||Reliance Life Insurance||Online Term Plan||₹ 8,500.00|
|10||Aegon Life Insurance Company||iTerm Plan||₹ 8,500.00|
It is a suggestion to all the new policy buyers that they make their choices sensibly based in the performance evaluated through their Claim Settlement Ratios. The information provided here is good enough to choose the Best Term Insurance Plan in India. Here my motto with this article through is to provide you awareness reading how to shortlist and conclude yourself to choose the best from the rest. After reading this list of Top 10 – Best Insurance Plan in India 2018 – 2019, I am pretty assured that you will be able to analyse and well figure it out. Do write your feedback so that we can provide better than the best to our readers.