Do you have a question like: How to choose Best Term Insurance Plan in India for 2024? or Which are the best term plans in India for 2024-2025? Then you are going to learn a lot today. Here in this article we will showcase the “Top 10 – Best Term Insurance Plan in India 2024”. Here we will see the best term plans in India of health insurance companies based on IRDA claim settlement ratio 2020-21 term insurance. If you are going to buy best term insurance plan in India 2024 then you have to make primary decision based on IRDA claim settlement ratio 2020-21 life insurance.
IRDA (Insurance Regulatory and Development Authority of India) has made compulsory to send claim settlement ratio report to them so that, they can publish publicly to benefit individuals as well as organizations. There are 20+ life insurance policy providers selling policies online as well as offline. Sometime it becomes hard to sell best term insurance policies in India 2024 in-case your claim settlement ratio is lower.
Overview
Just to get some overview about what is term insurance policy. 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. I assure you that today after reading more about best term insurance company as well as this their best term insurance plan in India for 2024, you will be surely be able to figure out the best policy to buy in India.
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.
Therefore those insurance companies will not attract many clients because of their inability to be in claims. You can also check different types of term insurance policy for more details and analysis purpose. Now as you know exactly what term insurance coverage means. Let us move ahead to understandsome important facts based on the IRDA data available as of date.
Top 10 – Best Term Insurance Companies in India 2024
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. Insurance provider provides best term insurance plan in India with duration of 10 years, 20 years, 30 years, 40 years and more sometimes.
Below is the list of few more best term insurance plan in India 2024 based on IRDA claim settlement ratio 2020-21 life insurance paid by companies. 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 |
| 1 | Max Life | 20,052 | 19,922 | 99.35% |
| 2 | Tata AIA Life | 4,648 | 4,556 | 98.02% |
| 3 | HDFC | 16,976 | 16,639 | 98.01% |
| 4 | LIC | 9,46,976 | 9,33,889 | 98.62% |
| 5 | Reliance Nippon | 9,416 | 9,274 | 98.49% |
| 6 | Kotak Mahindra | 4,402 | 4,336 | 98.50% |
| 7 | Bharti Axa | 1,893 | 1,875 | 99.05% |
| 8 | Aditya Birla Sun Life | 6,474 | 6,347 | 98.04% |
| 9 | Exide Life | 5,052 | 4,978 | 98.54% |
| 10 | ICICI Prudential | 14,829 | 14,518 | 97.90% |
Other Best Term Insurance Providers in India 2024 – Based on IRDA Claim Settlement Ratio
First steps majorly is to considered IRDA claim settlement ratio 2021-22 term insurance when buying a term insurance coverage plan. 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 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 |
| 1 | Aegon | 401 | 398 | 99.25% |
| 2 | PNB Met Life | 5,315 | 5,218 | 98.17% |
| 3 | Aviva | 1,055 | 1,034 | 98.01% |
| 4 | Edelweiss Tokyo | 502 | 487 | 97.01% |
| 5 | IDBI Federal | 1,306 | 1,251 | 95.79% |
| 6 | Future Generali | 1,226 | 1,163 | 94.86% |
| 7 | Bajaj Allianz | 14,333 | 14,115 | 98.48% |
| 8 | Canara HSBC OBC | 1,899 | 1,844 | 97.14% |
| 9 | Star Union | 1,635 | 1,569 | 95.96% |
| 10 | SBI Life | 34,219 | 31,855 | 93.09% |
Top 10 – Best Term Insurance Plan in India 2024
When you ask me a question “How to choose Best Term Insurance Plan in India”, I will tell you answer of this in simple way. These are three important things which I will analyse first before buying any policy or plans.
- Firstly you should understand your requirement to fix the amount of cover you required.
- Secondly, be specific about the duration for which you require coverage. For example: If I am 40 years of age, I would prefer to buy policy for 40 years. This means that want to cover myself till 80 years of age, which is higher than life expectancy rate.
- Lastly, you should consider inflation when you are buying any insurance. For example: 1 crore of cover looks huge now but after 40 years, interest on principle may not cover your daily expenses.
Here is the list of Top 10 – Best Term Insurance Plan in India 2024 – 2025. 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 Plan Comparison in India 2024 – Based on Insurance Premium
One of the top benefits of this plans are they are purely a life cover plan and due to which you get it at cheaper rate. Another crucial benefit is that, you get cover for critical illness and permanent disability as well as a part of comprehensive plan along with policy.
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 |
| 5 | 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 |
Conclusion
Frankly speaking, such life cover insurance plans are really sufficient to cover one’s person life or even family at very cheapest premium. You can even make these plan more cheaper by pay premium on either monthly, quarterly or half-yearly basis. Also its simple to understand as investment link to life insurance policy are many time confusing to customers and premium for such policies are also on quite higher side.
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 2024 – 2025. I am pretty assured that you will be able to analyse and well figure it out. Give your valuable feedback so that we can provide better reading materials to our readers.
