Term Insurance Companies in India (2026)

26 life insurers are registered with IRDAI and 25 actively offer term insurance (Sahara India Life’s book has moved to SBI Life). It is a pure protection plan that pays a death benefit and carries no maturity value. Different insurers usually differ on entry and maximum coverages, maximum sum assured, available riders and claim settlement record, rather than on the core product, which is structurally similar across the market.

Key Facts

Insurers Offering Term Insurance	25 (of 26 registered)
Product Type	Pure protection, no maturity value (excl. of exceptions)
Plan Structures Available	Level, increasing, decreasing, return of premium, convertible, group, joint life
Typical Maximum Coverage	Usually as per the insurer’s board-approved underwriting (no fixed cap); some plans cap it explicitly (₹25 lakh to ₹20 crore).
Metric Used	Claim settlement ratio
Minimum Solvency Ratio Required	1.50, set by IRDAI
Data Verified	September 2026

List of Term Insurance Companies in India

Every operating life insurer in India sells at least one term plan, so the list of term insurers also doubles as the list of life insurers. What separates them is the structure of the specific plan, underwriting terms and how reliably they settle claims.

The table below carries each insurer’s flagship term plan with its UIN. The UIN is IRDAI’s unique identifier for an approved product. The identifier appears on every policy document and it is the only way to be certain which plan a page or an agent is actually describing.

Sr. No.	Company	Flagship Term Plan	UIN	IRDAI Reg. No.	Claim Settlement Ratio [2024-25] (%)	Claim Settled
1	Life Insurance Corporation of India	New Tech Term Insurance Plan	512N351V02	512	97.59	848145
2	HDFC Life Insurance	HDFC Life Click 2 Protect Supreme Plus	101N189V03	101	99.68	19666
3	Axis Max Life Insurance	Axis Max Life Smart Term Plan Plus	104N132V01	104	99.70	20165
4	ICICI Prudential Life Insurance	ICICI Pru iProtect Smart Plus	105N205V06	105	99.31	12319
5	SBI Life Insurance	SBI Life Smart Shield Plus	111N150V01	111	98.34	44205
6	Kotak Mahindra Life Insurance	Kotak Signature Term Plan	107N139V02	107	98.61	4613
7	Aditya Birla Sun Life Insurance	ABSLI Super Term Plan	109N153V02	109	98.65	6275
8	Tata AIA Life Insurance	Tata AIA Sampoorna Raksha Promise	110N176V13	110	99.41	8526
9	Bajaj Allianz Life Insurance	Bajaj Life eTouch II	116N198V09	116	99.29	13994
10	PNB MetLife India Insurance	PNB MetLife DigiProtect Term Plan	117N141V03	117	99.57	5615
11	IndusInd Nippon Life Insurance	IndusInd Nippon Life Super Suraksha Plus	121N149V01	121	98.93	8286
12	Aviva Life Insurance	Aviva Signature 3D Term Plan – Platinum	122N153V02	122	99.07	747
13	Sahara India Life Insurance	N/A	N/A	127	Record Unavailable	Record Unavailable
14	Shriram Life Insurance	Shriram Life Online Term Plan	128N072V01	128	98.31	4770
15	Bharti AXA Life Insurance	Bharti AXA LIfe Flexi Term Pro	130N103V03	130	99.18	2068
16	Generali Central Life Insurance	Generali Central Care Plus Plan	133N030V06	133	98.08	920
17	Ageas Federal Life Insurance	Ageas Federal Life Insurance Super Protect Plan	135N102V01	135	98.52	1128
18	Canara HSBC Life Insurance	iSelect Smart360 Term Plan	136N080V02	136	99.43	2771
19	Bandhan Life Insurance	Bandhan Life iTerm Elite	138N095V01	138	100	364
20	Pramerica Life Insurance	Pramerica Life RockSolid Term Insurance	140N079V01	140	100	722
21	Star Union Dai-ichi Life Insurance	SUD Life Smart Term Plan	142N096V01	142	100	2385
22	IndiaFirst Life Insurance	IndiaFirst Life Elite Term Plan	143N070V01	143	100	3640
23	Edelweiss Life Insurance	Edelweiss Life Zindagi Protect	147N080V01	147	100	556
24	CreditAccess Life Insurance	CreditAccess Life – Suraksha	163N003V02	163	Record Unavailable	Record Unavailable
25	Acko Life Insurance	Acko Life Flexi Term Plan	164N003V01	164	Record Unavailable	Record Unavailable
26	Go Digit Life Insurance	Digit Glow Plus Term Life Insurance	165N007V03	165	N/A (no claims recorded)	0

Term Plan Structures Compared

Term insurance comes in seven structures. The core promise is identical in each: a death benefit with no maturity value, but the way the cover behaves over the policy term differs and suits different situations.

Structure	How The Cover Behaves	Who It Suits
Level term	Sum assured stays the same for the whole term	Most buyers. The default and usually the cheapest per rupee of cover
Increasing term	Sum assured rises at a set rate each year to tackle inflation	Younger buyers expecting income and responsibilities to grow
Decreasing term	Sum assured falls over the term in proportion to decreasing financial obligations	Buyers covering a reducing liability such as a home loan
Return of Premium (TROP)	Level cover, premiums returned at maturity if you survive	Buyers who dislike the idea of paying for cover they may not claim
Joint Life	One policy covering two lives, usually spouses	Couples wanting a single policy and single premium
Convertible	Temporary term insurance cover that can be converted to a whole life or permanent life insurance policy	Young professionals and growing families who seek affordable protection
Group	Life cover for a group of individuals under one term policy	Employees, organisations and unions looking to bulk buy for their members

Verdict:

Level term is the right structure for most buyers and the benchmark against which the others should be judged. Decreasing term is genuinely useful against a home loan, where the debt shrinks as the cover does. Return of premium plans cost substantially more than level term for the same cover and the returned premiums arrive decades later with no growth attached, so treat the appeal as psychological rather than financial. Increasing term suits a young buyer whose cover need will rise, but they should review it periodically rather than assuming the escalation still matches the situation.

Why Claim Settlement Ratio Matters Most for Term Plans

A claim settlement ratio matters more for a term plan than for any other life insurance product, because a term claim is a single large payout at the worst possible moment and there is no maturity value to fall back on if it fails. An endowment policyholder whose claim is disputed still has a surrender value. A term policyholder’s family has none.

Our “life insurance companies” page explains how to read a claim settlement ratio and why claim volume matters as much as the percentage. Two points apply specifically to term cover.

The Sums Are Larger

Term policies carry higher sums assured than savings-linked plans, which means insurers underwrite them more carefully at the proposal stage and scrutinise them more carefully at claim stage. Look at the claim settlement ratio by amount as well as by count, because a gap between the two indicates proportionally more of the large claims being declined.

The Claim Comes Decades After the Sale

A term policy bought at 30 may be claimed at 65. Whatever was written on the proposal form in year one is what the insurer examines in year 35 and neither you nor the agent will be there to explain it.

Why Term Insurance Claims Get Rejected

Almost every declined term claim traces back to the proposal form rather than to the insurer’s conduct at claim time.

Non-disclosure of medical history. The most common ground by a wide margin. An undeclared condition, however minor it seemed, can void the contract.
Misstatement of income or occupation. Insurers set the maximum sum assured as a multiple of income and price by occupational risk. A material misstatement of either is a ground for repudiation.
Undeclared existing cover. Insurers underwrite total cover across the market, not per policy. Existing policies with other insurers must be declared.
Undeclared tobacco use. Smoker and non-smoker pricing differs sharply, which makes this a material misstatement rather than a minor omission.
Policy lapse. A term policy out of force at the date of death pays nothing at all, since there is no surrender value.
Claims within the contestability period. Under Section 45 of the Insurance Act, an insurer can question a policy on grounds of fraud or misstatement within three years of issue.

Pro Tip: Declare everything on the proposal form, including conditions you consider trivial, treatments you had years ago and cover you hold elsewhere. A loading on your premium is a far better outcome than a repudiated claim your family discovers at the worst possible time.

Entry and Maximum Coverage Limits

Age eligibility filters the list of 26 insurers faster than any ratio. An insurer with an excellent claim record is irrelevant if it will not write coverage, or if its maximum coverage ends before your dependents stop needing the money.

Sr. No	Company	Flagship Plan	Min Entry Age (years)	Max Entry Age (years)	Max Cover Age (years)	Max sum assured
1	Life Insurance Corporation of India	New Tech Term Insurance Plan	18	65	80	As per Board Approved Underwriting Policy (BAUP)
2	HDFC Life Insurance	HDFC Life Click 2 Protect Supreme Plus	18	60	65	As per BAUP
3	Axis Max Life Insurance	Axis Max Life Smart Term Plan Plus	18	65	100	As per BAUP (exception: maternity cover)
4	ICICI Prudential Life Insurance	ICICI Pru iProtect Smart Plus	18	65	85	As per BAUP
5	SBI Life Insurance	SBI Life Smart Shield Plus	18 but 45 for Whole Life	65	79 but 100 for Whole Life	As per Board Approved Underwriting Policy (BAUP)
6	Kotak Mahindra Life Insurance	Kotak Signature Term Plan	18	65	85	As per BAUP
7	Aditya Birla Sun Life Insurance	ABSLI Super Term Plan	18	65	85	As per BAUP
8	Tata AIA Life Insurance	Tata AIA Sampoorna Raksha Promise	18	65	100	As per BAUP
9	Bajaj Allianz Life Insurance	Bajaj Life eTouch II	18	65	100	As per BAUP
10	PNB MetLife India Insurance	PNB MetLife DigiProtect Term Plan	18	60	85	As per BAUP
11	IndusInd Nippon Life Insurance	IndusInd Nippon Life Super Suraksha Plus	18	60	85	As per BAUP
12	Aviva Life Insurance	Aviva Signature 3D Term Plan – Platinum	18	65	80	₹1 Crore
13	Sahara India Life Insurance	N/A	N/A	N/A	N/A	N/A
14	Shriram Life Insurance	Shriram Life Online Term Plan	18	55	75	₹25 Lakh – ₹10 Crore
15	Bharti AXA Life Insurance	Bharti AXA LIfe Flexi Term Pro	18	65	99	As per BAUP
16	Generali Central Life Insurance	Generali Central Care Plus Plan	18	65	85	As per BAUP
17	Ageas Federal Life Insurance	Ageas Federal Life Insurance Super Protect Plan	18	65	85	As per BAUP
18	Canara HSBC Life Insurance	iSelect Smart360 Term Plan	18	65	99	As per BAUP
19	Bandhan Life Insurance	Bandhan Life iTerm Elite	18	60	65	As per BAUP
20	Pramerica Life Insurance	Pramerica Life RockSolid Term Insurance	18	60	85	As per BAUP
21	Star Union Dai-ichi Life Insurance	SUD Life Smart Term Plan	18	60	85	As per BAUP
22	IndiaFirst Life Insurance	IndiaFirst Life Elite Term Plan	18	65	99	As per BAUP
23	Edelweiss Life Insurance	Edelweiss Life Zindagi Protect	18	65	100	As per BAUP
24	CreditAccess Life Insurance	CreditAccess Life – Suraksha	18	74	—	₹20,00,00,000
25	Acko Life Insurance	Acko Life Flexi Term Plan	18	70	—	₹25,00,000
26	Go Digit Life Insurance	Digit Glow Plus Term Life Insurance	18	65	85	As per BAUP

Maximum entry age matters if you are buying late. Several insurers stop writing new term cover at a lower entry age than buyers expect, which narrows the field considerably for anyone shopping in their fifties.

Maximum cover age matters more than term length. A plan that covers you to 85 is worth more than one covering you to 70 if your dependents will still need the money then. Work backwards from when your youngest dependent becomes financially independent, or when a home loan ends, rather than picking a round number of years.

The maximum sum assured is usually a multiple of income. The published maximum is a ceiling, not an entitlement. The insurer underwrites the amount it will actually offer against your declared income and that figure is the binding one.

Riders Offered by Term Insurers

Insurer	Term Plan	Critical Illness	Accidental Death	Disability	Waiver of Premium	Terminal Illness
Life Insurance Corporation of India	New Tech Term Insurance Plan	N/A	✅	N/A	N/A	N/A
HDFC Life Insurance	HDFC Life Click 2 Protect Supreme Plus	N/A	✅	N/A	✅	✅
Axis Max Life Insurance	Axis Max Life Smart Term Plan Plus	✅	✅	✅	✅	✅
ICICI Prudential Life Insurance	ICICI Pru iProtect Smart Plus	✅	✅	N/A	N/A	N/A
SBI Life Insurance	SBI Life Smart Shield Plus		✅	✅	N/A	N/A
Kotak Mahindra Life Insurance	Kotak Signature Term Plan	✅	✅	✅	N/A	N/A
Aditya Birla Sun Life Insurance	ABSLI Super Term Plan	✅	N/A	✅		✅
Tata AIA Life Insurance	Tata AIA Sampoorna Raksha Promise	✅	✅	N/A	✅	N/A
Bajaj Allianz Life Insurance	Bajaj Life eTouch II	N/A	✅	N/A	✅	✅
PNB MetLife India Insurance	PNB MetLife DigiProtect Term Plan	N/A	✅	✅	N/A	✅
IndusInd Nippon Life Insurance	IndusInd Nippon Life Super Suraksha Plus	✅	✅	✅	N/A	N/A
Aviva Life Insurance	Aviva Signature 3D Term Plan – Platinum	✅	✅	N/A	N/A	N/A
Sahara India Life Insurance	N/A	N/A	N/A	N/A	N/A	N/A
Shriram Life Insurance	Shriram Life Online Term Plan	✅	✅	N/A	N/A	N/A
Bharti AXA Life Insurance	Bharti AXA LIfe Flexi Term Pro	N/A	✅	✅	✅	N/A
Generali Central Life Insurance	Generali Central Care Plus Plan	N/A	✅	N/A	N/A	N/A
Ageas Federal Life Insurance	Ageas Federal Life Insurance Super Protect Plan	N/A	N/A	N/A	N/A	N/A
Canara HSBC Life Insurance	iSelect Smart360 Term Plan	N/A	✅	N/A	N/A	✅
Bandhan Life Insurance	Bandhan Life iTerm Elite	N/A	✅	N/A	N/A	N/A
Pramerica Life Insurance	Pramerica Life RockSolid Term Insurance	✅	✅	✅	✅	N/A
Star Union Dai-ichi Life Insurance	SUD Life Smart Term Plan	N/A	N/A	N/A	N/A	N/A
IndiaFirst Life Insurance	IndiaFirst Life Elite Term Plan	N/A	N/A	N/A	N/A	N/A
Edelweiss Life Insurance	Edelweiss Life Zindagi Protect	✅	✅	✅	✅	N/A
CreditAccess Life Insurance	CreditAccess Life – Suraksha	N/A	✅	✅	N/A	N/A
Acko Life Insurance	Acko Life Flexi Term Plan	✅	✅	✅	N/A	N/A
Go Digit Life Insurance	Digit Glow Plus Term Life Insurance	N/A	✅	✅	✅	✅

Verdict:

The waiver of premium is the rider most worth its cost on a term policy, because it protects the cover itself at exactly the moment you would struggle to pay for it. A critical illness rider is worth taking only if you have no separate health or critical illness cover, since a standalone policy usually offers wider condition lists and better terms. Read the rider’s own condition list and waiting periods in the policy wording rather than the summary in the brochure, because riders carry their own exclusions.

How to Choose a Term Insurance Company

1. Will They Cover You?

Check the entry age limits and the underwriting appetite for your age, health history and occupation. This eliminates insurers faster than anything else and there is no point comparing ratios at companies that will decline you.

2. Does the Maximum Cover Age Reach Far Enough?

Work back from when your dependents become financially independent. A cheaper plan that ends too early is not cheaper.

3. Claim Settlement Ratio, With Volume and the Amount Ratio

Term sums assured are large, so the settlement ratio by value is as relevant as the one by count.

4. Rider Availability

Check availability on the plan you are buying, not on the insurer’s range.

5. Price

Compare like for like: same sum assured, same term, same coverage, same rider set, same smoker status. A quote that differs on any of those is not a comparison.

One further point that decides more claims than any of the above is that whichever insurer you choose, complete the proposal form yourself rather than letting an agent complete it on your behalf and keep a copy of what was submitted. The single most common cause of a repudiated term claim is a disclosure that was never made and the policyholder is rarely the person who omitted it.

Frequently Asked Questions

How many companies offer term insurance in India?

25 of India’s 26 IRDAI-registered life insurance companies actively offer term insurance, so your choice is effectively the full list of active life insurers. The 26th, Sahara India Life, is still registered but no longer writes new business. Its policies were transferred to SBI Life in 2023. General insurers and standalone health insurers cannot sell term cover.

What is the maximum age to buy term insurance in India?

Maximum entry ages for term insurance vary by insurer and by plan and the range across the market is set out in the age limits table. Typically, they lie between 55 and 65 years. Several insurers stop writing new term cover at a lower entry age than buyers expect, so check the specific plan rather than assuming. Maximum cover age is a separate limit and matters more.

Can I buy term insurance from more than one company?

You can hold term insurance policies from several companies at once and many people do so to spread the sum assured. You must declare all existing cover on every new proposal form, because insurers underwrite total cover across the market rather than per policy. Undeclared existing cover is a ground for repudiating a claim.

Why do term insurance claims get rejected?

Term insurance claims are most often rejected because of something on the proposal form rather than something at claim time. Non-disclosure of medical history is the leading cause, followed by misstatement of income or occupation, undeclared tobacco use, undeclared existing cover and policy lapse. Declare everything, including conditions that seem trivial.

Is LIC term insurance better than private term plans?

LIC and private insurers are regulated identically and hold the same 1.50 minimum solvency requirement, so neither is safer. LIC term plans are generally priced above the private market for equivalent cover, while private insurers typically offer wider rider ranges and faster online purchase. Compare the same sum assured, term and coverage before deciding.

Disclaimer:

MyRupia is not an insurance intermediary and does not sell insurance policies. This page is published for information only. Plan features including age limits, sum assured limits and rider availability vary by product and change when a plan is revised; always check the current brochure and policy wording.

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Term Insurance Companies in India (2026)

Key Facts

List of Term Insurance Companies in India

Term Plan Structures Compared

Verdict:

Why Claim Settlement Ratio Matters Most for Term Plans

The Sums Are Larger

The Claim Comes Decades After the Sale

Why Term Insurance Claims Get Rejected

Entry and Maximum Coverage Limits

Riders Offered by Term Insurers

Verdict:

How to Choose a Term Insurance Company

1. Will They Cover You?

2. Does the Maximum Cover Age Reach Far Enough?

3. Claim Settlement Ratio, With Volume and the Amount Ratio

4. Rider Availability

5. Price

Frequently Asked Questions

How many companies offer term insurance in India?

What is the maximum age to buy term insurance in India?

Can I buy term insurance from more than one company?

Why do term insurance claims get rejected?

Is LIC term insurance better than private term plans?

Disclaimer:

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