Term insurance is one of the simplest ways to protect a family financially. Unlike savings-oriented life insurance, a pure term plan primarily provides a large life cover for a comparatively affordable premium. If the insured person dies during the policy term, the nominee receives the applicable death benefit according to the policy conditions.
The insurer, however, matters almost as much as the policy. Buyers should consider the individual death claim settlement record, financial strength, product flexibility, riders, claim process and long-term operating scale rather than selecting a company only because its premium is cheaper. Based on these factors, here are 10 of the leading term insurance companies in India. The numbering is an editorial assessment and not an official IRDAI ranking.
1. HDFC Life Insurance Company Limited
HDFC Life is our best overall term insurance company in India because it combines scale, strong claims performance and a well-developed protection portfolio. Its term plans are designed for customers looking for substantial life cover with different payout, premium-payment and additional protection options.
HDFC Life reported an individual death claim settlement ratio of 99.72% for FY 2025-26. Its current term portfolio includes products such as Click 2 Protect Supreme Plus. Depending on the product and option selected, customers can access features such as return of premium, spouse cover, premium-break facilities and additional protection against specified risks. HDFC Life also provides accelerated claim-processing facilities for eligible claims.
Headquarters: Mumbai, Maharashtra
2. Axis Max Life Insurance Limited
Axis Max Life, formerly Max Life Insurance, is particularly strong in the pure-protection segment. Its combination of claims performance, flexible term options and additional benefits makes it one of the closest competitors to HDFC Life.
The insurer reported a 99.8% claims-paid ratio for individual business in FY 2025-26. Its Smart Secure Plus Plan provides options such as level cover, different death-benefit payout structures, terminal-illness protection and optional accidental or critical-illness benefits. Selected variants also allow customers to receive premiums back under specified conditions.
Headquarters: Gurugram, Haryana
3. Tata AIA Life Insurance Company Limited
Tata AIA Life combines the Tata Group’s Indian presence with AIA Group’s international insurance experience. It has become a significant player in India’s protection market, especially among customers looking for high-value term insurance.
The company reported an individual death claim settlement ratio of 99.45% for FY 2025-26, continuing a multi-year improvement in its claims record. Tata AIA’s term insurance offerings include Sampoorna Raksha Promise, with different protection and payout choices. The company also reports that more than 98 lakh families had been protected as of May 2026.
Headquarters: Mumbai, Maharashtra
4. PNB MetLife India Insurance Company Limited
PNB MetLife deserves a high position because of its particularly strong recent claims performance. The company combines MetLife’s global insurance background with the distribution reach associated with Punjab National Bank.
PNB MetLife reported an individual claim settlement ratio of 99.81% for FY 2025-26, compared with 99.57% in FY 2024-25. It settled 6,188 individual claims during FY26. Its protection portfolio includes DigiProtect Term Plan, with facilities such as an express payout for eligible claims designed to provide nominees with immediate financial assistance while the complete claim is processed.
Registered Office: Bengaluru, Karnataka
5. Bajaj Life Insurance Limited
Bajaj Life Insurance Limited is the current name of the company previously known as Bajaj Allianz Life Insurance. Buyers researching term plans should use the new name when checking current products and policy documents.
Bajaj Life reported an individual death claim settlement ratio of 99.33% for FY 2025-26 and a solvency ratio of 266% as of March 31, 2026. Its protection portfolio includes the eTouch II term plan, with choices relating to life cover, death-benefit payout and additional protection. The company also had assets under management of around ₹1.40 lakh crore by May 2026.
Headquarters: Pune, Maharashtra
6. Kotak Mahindra Life Insurance Company Limited
Kotak Life is another established private insurer offering protection products through both direct and wider distribution channels. It is backed by the Kotak Mahindra financial-services group and has operated in India’s life insurance market since 2001.
The insurer reported an individual death claim settlement ratio of 99.50% for FY 2025-26, improving substantially from 98.61% in the previous year. Its term insurance offerings provide protection with options that can include special exit benefits, critical-illness riders and discounts for eligible customer categories.
Headquarters: Mumbai, Maharashtra
7. Life Insurance Corporation of India
LIC remains India’s largest and most widely recognised life insurer. While it is often associated with traditional savings policies, LIC also has a substantial range of pure term insurance products for customers who prefer the country’s largest state-owned insurer.
Its current term portfolio includes Digi Term, Yuva Term, New Tech-Term, New Jeevan Amar and Bima Kavach, along with credit-life products. LIC reported a death claim settlement ratio of 99.44% by number for FY 2025-26 and settled total death claims worth ₹24,885 crore during the year. Its enormous physical distribution reach is especially useful for customers who prefer branch or agent-based servicing.
Headquarters: Mumbai, Maharashtra
8. ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life is one of India’s largest private life insurers and has a strong presence in online term insurance. It benefits from the financial-services ecosystem of ICICI Bank and the insurance experience associated with Prudential.
Its current protection offering includes ICICI Pru iProtect Smart Plus. The product provides life cover with features that can include terminal-illness benefits, premium-break options, accidental-death protection and optional critical-illness cover, depending on the chosen variant. The insurer reported a claim settlement ratio of around 99.3% for FY 2024-25 on its current term insurance pages.
Headquarters: Mumbai, Maharashtra
9. SBI Life Insurance Company Limited
SBI Life is one of India’s largest private life insurers and benefits from the enormous banking reach of State Bank of India. This makes it particularly accessible to customers in smaller cities and towns as well as major metropolitan markets.
Its eShield Next term plan is a pure-risk life insurance product with Level Cover, Increasing Cover and Level Cover with Future Proofing Benefit options. The increasing-cover option can raise the sum assured at specified intervals, while the Future Proofing option allows additional cover at certain life stages subject to policy conditions. Death benefits can also be structured as a lump sum, monthly instalments or a combination.
Headquarters: Mumbai, Maharashtra
10. Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance is backed by Aditya Birla Capital and Sun Life Financial. Its protection portfolio is aimed at customers seeking flexibility rather than a basic one-option term policy.
The ABSLI DigiShield Plan offers multiple plan options and allows customers to structure protection according to their family requirements. Depending on the option selected, features can include lump-sum or income-based death benefits, terminal-illness benefit, joint-life protection, return of premium and optional critical-illness or accidental-death riders. Coverage under selected options can extend to advanced ages, making the product flexible for different protection needs.
Headquarters: Mumbai, Maharashtra
Conclusion
There is no single term insurance company that will be best for every customer. However, HDFC Life is our best overall choice because of its combination of a 99.72% FY 2025-26 individual claim settlement ratio, strong market scale, flexible term products and established claims infrastructure. Axis Max Life is an excellent alternative, while PNB MetLife stands out for its 99.81% recent claim settlement ratio. LIC remains attractive for customers who place greater importance on scale, physical reach and a long operating history.
A claim settlement ratio should never be the only deciding factor. Compare premiums for the same cover, policy duration, exclusions, medical requirements, riders, payout options and claim procedures. Most importantly, disclose health conditions, smoking, alcohol use, occupation and other requested information accurately when purchasing the policy. Correct disclosure can be far more important to the nominee’s future claim than saving a small amount on the annual premium.
