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Term Insurance Companies in 2026
Term insurance companies are financial institutions approved by IRDAI to sell term insurance plans in India.
These term plans offer financial safety to your loved ones in case of your unfortunate demise during the policy tenure.
You can buy a term insurance plan at affordable premiums in your early 20s. As per the latest IRDAI report (2023-24), there are 24 different term life insurance companies operating in India. Choosing the best insurance company can be tricky. Therefore, we have listed some parameters below to help you find the best term plan company for yourself and make a wise choice. We have also provided a list of the 10 best term insurance companies in India that you can consider.
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Claim Settlement Ratio: The number of claims settled out of total received claims. A higher ratio is better.
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Solvency Ratio: Indicates if insurance companies are financially stable to pay claims. Must be above 1.5.
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Brand Reputation: The trust and market recognition of an insurer.
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Customer Reviews: Feedback from existing policyholders about the company.
Best Term Insurance Companies in India in 2026
As an aware citizen, a primary concern is whether your insurance company will support your family in your absence and its financial stability in case of a heavy claim.
Below is a list of the 10 best term insurance companies in India, along with their Claim Settlement Ratio (CSR), annual premiums received, solvency ratio, and Assets Under Management (AUM) as per the latest IRDAI report for FY 2023-2024. These metrics will help you make an informed decision.
| S.No | Company or Insurer Name | Insurer Type | Annual Premiums in crores | Solvency Ratio 2026 | Claim Settlement Ratio (CSR) 2026 | Asset Under Management (AUM) in crores |
|---|---|---|---|---|---|---|
| 1 | Axis Max Life Insurance | Private | 29528.97 | 1.8 | 99.65% | Rs. 1,47,427.80 |
| 2 | HDFC Life Insurance | Private | 63076.48 | 1.9 | 99.5% | Rs. 2,87,136.23 |
| 3 | ICICI Prudential Life Insurance | Private | 43235.64 | 1.9 | 99.17% | Rs. 2,86,820.29 |
| 4 | Tata AIA Life Insurance | Private | 25691.82 | 1.8 | 99.13% | Rs. 96,897.23 |
| 5 | Bajaj Life Insurance | Private | 23,043.04 | 4.5 | 99.23% | Rs. 1,07,800.42 |
| 6 | Life Insurance Corporation of India (LIC) | Public | 4,75,751.92 | 1.9 | 93.48% | Rs. 44,23,579.33 |
| 7 | SBI Life Insurance | Private | 81430.64 | 2.2 | 98.25% | Rs. 3,85,094.99 |
| 8 | Aditya Birla Sun Life Insurance | Private | 17260.12 | 1.8 | 98.4% | Rs.85,763.04 |
| 9 | Kotak Mahindra Life Insurance | Private | 17708.38 | 2.6 | 98.29% | Rs. 79,227.23 |
| 10 | PNB MetLife Life Insurance | Private | 9732.28 | 1.7 | 99.2% | Rs. 47,420.06 |
Brief Overview of Best Term Insurance Companies in India
Axis Max Life Insurance
Axis Max Life Insurance (earlier known as Max Life Insurance) is one of the best term insurance companies in India. It is a joint venture between Max Financial Services and Axis Bank. Axis Max Life Insurance focuses on customer satisfaction and innovation by creating new products and delivering tailor-made plans to its customers.
Why Choose Axis Max Life Insurance?
- Get a higher sum assured at affordable premiums.
- Highest CSR of 99.65% among life insurance companies.
- Flexibility to take a break from paying premiums under various circumstances, such as loss of job, accident, or financial struggles.
- Enjoy multiple premium payment options.
Best Term Plans Offered By Axis Max Life Insurance
| S.no | Plan Name | Sum Assured | Unique Features |
| 1. | Axis Max Smart Term Plan Plus | Rs 25 lakhs to no limit |
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| 2. | Axis Max Life Smart Total Elite Protection Plan | Rs 1 crore to no limit |
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HDFC Life Insurance
HDFC Life Insurance is a joint venture between HDFC Group and ABRDN Group that commenced its operations in 2000. It is also one of the fastest-growing private life insurers in India, with assets under management of Rs. 2,87,136.23 crores. They offer various insurance products to cater to every unique individual’s needs.
Why Choose HDFC Life Insurance?
- Same-day claim processing.
- 1 crore term insurance starting at just Rs. 26 per day.
- Get higher policy tenure for a maximum of 30 years.
- Offers coverage for permanent disability, critical illnesses, and terminal illnesses.
Best Term Plans Offered By HDFC Life Insurance
| S.no | Plan Name | Sum Assured | Unique Features |
| 1. | HDFC Life Click 2 Protect Super | Rs 5,000 to No limit |
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| 2. | HDFC Life Click 2 Protect Elite Plus | Rs 2 crore to no limit |
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| 3. | HDFC Life Sanchay Legacy | 7 times of Annual Premium |
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ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company, a subsidiary of ICICI Bank, was founded in 2000 as a joint venture between ICICI Bank and Prudential Corporation Holdings Limited, a leading international financial services group. ICICI Prudential term insurance plans provide tax benefits of up to 1.5 lakhs and an additional Rs 50,000 for riders under Section 80C of the Income Tax Act, 1961.
Why Choose ICICI Prudential Life Insurance?
- ICICI Prudential offers a 1-day claim settlement.
- It provides coverage for 34 critical illnesses.
- Option to receive all of your premiums back.
- Additional death coverage as a higher payout in case of unfortunate demise.
Best Term Plans Offered By ICICI Prudential Life Insurance
| S.no | Plan Name | Sum Assured | Unique Features |
| 1. | ICICI Prudential iProtect Super Term Plan | Rs 50 lakhs to 1 crore |
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| 2. | ICICI Prudential iProtect Smart | Based on the minimum premium |
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| 3. | ICICI Prudential iProtect Return Of Premium Plan | Rs 1 lakh to no limit |
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Tata AIA Life Insurance
A subsidiary of Tata Group, Tata AIA Life Insurance is a joint venture between Tata Sons Pvt. Ltd. and AIA Group, New York. Since its commencement in 2001, Tata AIA Life Insurance has held a prominent leadership position in India. It is one of the best term life insurance companies in India that offers a variety of plans for customers to choose from.
Why Choose Tata AIA Life Insurance?
- 7% discount on first-year premiums.
- With Tata AIA Life Insurance, you can save up to Rs. 46,800 annually.
- Option to increase your life coverage by achieving key milestones.
- Offers express claim settlement under four years.
Best Term Plans Offered By Tata AIA Life Insurance
| S.no | Plan Name | Sum Assured | Unique Features |
| 1. | Tata AIA Sampoorna Raksha Promise | Rs 25 lakhs to no limit |
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| 2. | Tata AIA Maha Raksha Supreme | Rs 50 lakhs to no limit |
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Bajaj Life Insurance
One of the leading life insurers, Bajaj Life Insurance, was formed in 2001 as a joint venture between Bajaj Finserv Ltd and SE, with over 1000+ digital offices in Tier-2 and Tier-3 cities. Bajaj Life Insurance has established itself as a trusted insurer with a strong focus on customer-centricity.
Why Choose Bajaj Life Insurance?
- An early exit option to take back all the premiums during the policy term.
- Option to skip your premiums for 1, 2, or 3 years during the premium payment term.
- Bajaj Life has covered 2.82 crore lives as of 2024.
- Avail waiver of premium benefits and an accidental total disability rider to enhance your family’s coverage.
Best Term Plans Offered By Bajaj Life Insurance
| S.no | Plan Name | Sum Assured | Unique Features |
| 1. | Bajaj Life e Touch Life Shield | Rs 2 lakhs to no limit |
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| 2. | Bajaj Life iSecure Plan | Rs 25 lakhs to 1 crore |
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Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) is one of the best term life insurance companies in India, incorporated in 1956. From the beginning, LIC has been one of the most prominent and best life insurance companies. The company has over 1572 satellite branches and eight zonal offices across India. Even today, LIC is one of the largest insurance companies in terms of annualized premiums.
Why Choose Life Insurance Corporation of India (LIC)?
- Option to choose between the level sum assured and the increasing sum assured.
- Choose between flexible premium payment terms such as Single, Regular, and Limited.
- 10 million customers worldwide.
- Get a guaranteed annual payout of 10% of the sum assured, starting from 3 to 6 years after the premium payment term.
Best Term Plans Offered By Life Insurance Corporation of India (LIC)
| S.no | Plan Name | Sum Assured | Unique Features |
| 1. | LIC Saral Jeevan Bima | Rs 5 lakhs to 25 lakhs |
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| 2. | LIC Tech Term Plan | Rs 5 lakhs to 25 lakhs |
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| 3. | LIC New Jeevan Amar | Rs 25 lakhs to no limit |
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SBI Life Insurance
SBI Life Insurance is India’s second-largest insurance company, incorporated in 2000. SBI Life Insurance offers many products, including term insurance, guaranteed return, annuity, child insurance, and retirement plans. SBI Life is one of the best insurance companies in India, with Rs. 3,85,094.99 crore of assets under management in just 24 years.
Why Choose SBI Life Insurance?
- Option to cover your spouse under the same plan with some policies.
- Easy payout upon the diagnosis of any terminal illness.
- Option to receive monthly income benefits.
- Option to purchase term insurance without undergoing a medical examination with some plans.
Best Term Plans Offered By SBI Life Insurance
| S.no | Plan Name | Sum Assured | Unique Features |
| 1. | SBI eShield Next Plan | Rs 50 lakhs to no limit |
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| 2. | SBI Life Arogya Shield Plan | Rs 20 lakhs to 2.5 crore |
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| 3. | SBI Life Smart Shield | Rs 25 lakhs to no limit |
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Aditya Birla Sun Life Insurance
Established in 2000, Aditya Birla Life Insurance is a joint venture between Aditya Birla Group and Birla Sun Life Insurance. With Rs. 85,763.04 crores of assets under management, Aditya Birla is the fastest-growing private life insurer in the insurance industry. Aditya Birla offers multiple insurance products, such as term insurance, child insurance, ULIP, endowment plans, and retirement plans to cater to the needs of every individual.
Why Choose Aditya Birla Sun Life Insurance?
- Offers flexibility in coverage and tenure.
- Covers 34 critical illnesses so that you can use the sum assured to get treatment.
- Choose between monthly, quarterly, and yearly payout options.
- Cover yourself for 99 years, for a sum assured of 1 crore at just Rs. 542 per month only.
Best Term Plans Offered By Aditya Birla Sun Life Insurance
| S.no | Plan Name | Sum Assured | Unique Features |
| 1. | Aditya Birla Sunlife Digishield Plan | Rs 30 lakhs to no limit |
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| 2. | Aditya Birla Life Shield Plan | Rs 25 lakhs to no limit |
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Kotak Mahindra Life Insurance
Started in 2000, Kotak Mahindra Life Insurance is India’s first standalone private insurance company. In just 24 years, Kotak Mahindra Life Insurance has saved more than 50 million lives through its 225 branch offices available across India.
Why Choose Kotak Mahindra Life Insurance?
- Offers higher coverage for affordable premiums.
- Long-term coverage up to the age of 99 years.
- Offers accidental death cover to enhance protection against death.
- Tax benefits up to 1.5 lakhs under Section 80 (C) of the Income Tax Act, 1961.
Best Term Plans Offered By Kotak Mahindra Life Insurance
| S.no | Plan Name | Sum Assured | Unique Features |
| 1. | Kotak e-Term Plan | Rs 51 lakhs to no limit |
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| 2. | Kotak Saral Jeevan Bima Plan | Rs 5 lakhs to 25 lakhs |
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PNB MetLife Life Insurance
PNB MetLife Life Insurance is a joint venture between PNB Bank and MetLife Group. They started their operations in the year 2001. With over 15,000+ branches, PNB MetLife Life Insurance offers assistance 24/7 to cater to the needs of every individual. They offer a range of life insurance products, including term insurance plans, child education plans, saving plans, and retirement plans.
Why Choose PNB MetLife Life Insurance?
- Offers whole-life coverage for up to 99 years.
- Covers 50 critical illnesses.
- Get all your paid premiums back once the policy tenure is completed.
- You can cover your spouse under the same plan as a joint life cover.
Best Term Plans Offered By PNB MetLife Life Insurance
| S.no | Plan Name | Sum Assured | Unique Features |
| 1. | PNB Metlife Mera Term Plan Plus | Rs 25 lakhs to no limit |
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| 2. | PNB MetLife POS Suraksha | Rs 50,000 to no limit |
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CSR
- It signifies how promptly the insurer settles claims.
- It signifies the number of claims settled each year out of the claims received.
- To know the exact CSR of the company, you can visit PolicyX.com Data Lab.
Premiums Cost
- Look for companies that do not charge any hidden costs with their premiums.
- Identify the best company that provides the best value for premiums.
- Premium costs should be justifiable with the coverage and the sum assured.
Customer Support
- Contact people who recently purchased the same term plan and ask what is good and bad.
- Ask about the after-sales services of that company with their customers.
- You can also call PolicyX on 1800-420-0269 for more information on the best term insurance plans.
Online Reviews
- Go through the insurer’s website to see the customers’ point of view.
- Look for customer feedback over different social media platforms.
- Read reviews on social platforms such as Google, Reddit, and Quora.
Solvency Ratio
- It signifies that the insurer has a stable financial situation.
- It denotes an insurance company’s assets and liabilities.
- It should be more than 1.5 for the same financial year as per IRDAI.
Insurer’s Reputation and Brand Image
- An insurer with a good reputation often provides the best services to their customers to maintain that image.
- The reputation of an insurance company is created with its quality services and customer testimonials.
- An insurance company with good customer testimonials and reviews can be considered to purchase a term plan.
Benefits of Choosing the Best Term Insurance Company
There are various benefits of choosing the best term insurance company in India in 2026:
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Easy Claim Settlement
Opting for a term insurance plan from the best term insurance company will ensure that your loved ones can easily get the claim amount in your absence.
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Peace of Mind
Choosing the best term insurance company offers peace of mind to the policyholder as their family is financially protected even when they are not with them.
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24x7 Customer Support
You can avail customer support if you face any queries regarding your term insurance policy. The best term insurance companies offer customer support through multiple channels, including email, phone, and message.
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Choice of Policy Tenure
Buying a term plan from the best term insurance company allows you to choose the policy tenure of your choice. You can choose a policy tenure between 5 to 40 years.
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Flexible Premium Payment Tenure
Policyholders enjoy the flexibility to choose the premium payment tenure that best suits their needs. There are multiple payment options, including yearly, half-yearly, quarterly, and monthly.
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Choice of Coverage
You can choose the coverage that best aligns with your budget and financial goals. There are multiple coverage options, including 25 lakhs, 50 lakhs, 1 crore, 5 crore, and 10 crore.
Who Should Buy Term Insurance?
For individuals with financial dependents, term plans offer a secure and affordable way to provide financial protection. It covers a range of individuals such as parents, married couples, self-employed or business people, new parents, and taxpayers. Let’s see how these individuals can benefit from the security of a term insurance plan.
Salaried Individual
Salaried individuals should opt for term insurance so that if something happens, their dependents can get a lump sum amount to run their lives without financial struggles.
Self-employed
People who are business owners, big or small, should buy a term insurance plan so that when they are not around, their business or family doesn’t suffer financially.
Parents
Parents with dependent children should invest in a term insurance plan so that their children are well taken care of financially even in their absence.
Married Couple
Married people should buy term insurance to secure their spouse if something happens to the policyholder. Some term plans also offer life cover to both under one plan.
Tax Payers
Taxpayers should buy a term plan as they can avail tax benefits of up to Rs 1.5 lakhs and an additional Rs 50,000 (for riders) for the premium paid in the same financial year.
Why Should You Buy Term Insurance From PolicyX.com?
Here are the reasons for buying a term insurance plan from PolicyX.com:
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Compare and choose the best
PolicyX helps you compare a wide range of plans based on their features and choose the one that best fits your requirements.
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Hassle-free purchase process
Buying term plans from PolicyX.com is a hassle-free process as it lets you compare various term plans within 30 seconds.
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Customer’s choice
PolicyX is a leading insurance aggregator that is trusted and loved by customers due to its best services and support.
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Good customer service
You can contact PolicyX by calling 1800-420-0269. One of our insurance experts will connect with you shortly to address all your concerns.
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Claim settlement support
PolicyX stands with you even in the hardest of times and provides you with dedicated claim settlement support when required.
