Top 10 Term Life Insurance Companies in India in 2023

Types of Term Life Insurance

Term life insurance is one of the most popular types of life insurance in India. It provides coverage for a specific period of time. If the insured person dies during the specified period, the insurer will pay the death benefit to the beneficiaries. Term life insurance is usually less expensive than other types of life insurance, making it a popular choice for many people.

Top 10 Term Life Insurance Companies in India in 2023

In 2023, the Indian life insurance market is expected to reach a value of more than INR 1 trillion. There are many life insurance companies in India offering various types of products and services. Here is a list of the top ten term life insurance companies in India in 2023.

1. LIC (Life Insurance Corporation of India)

LIC is the leading life insurance provider in India. It offers a wide range of term life insurance policies for individuals, families, and businesses. LIC also offers several other insurance products, such as health and motor insurance.

2. SBI Life Insurance

SBI Life Insurance is one of the largest private sector life insurance companies in India. It offers a wide range of term life insurance plans, including the SBI Smart Shield and the SBI Life Smart Money Back Plan. SBI Life also offers other types of life insurance, such as ULIPs and health insurance.

3. HDFC Life Insurance

HDFC Life Insurance is one of the largest private sector life insurance companies in India. It offers a variety of term life insurance plans, such as the HDFC Life Flexi Term Plan and the HDFC Life Super Income Plan. HDFC Life also provides other types of life insurance, such as ULIPs and health insurance.

4. Max Life Insurance

Max Life Insurance is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance. It is one of the leading life insurance companies in India. Max Life offers a wide range of term life insurance plans, such as the Max Life Online Term Plan and the Max Life Smart Term Plan. It also provides other types of life insurance, such as ULIPs and health insurance.

5. Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv and Allianz SE. It is one of the leading life insurance companies in India. Bajaj Allianz offers a wide range of term life insurance plans, such as the Bajaj Allianz Life eTouch Online Term Plan and the Bajaj Allianz Life Smart Protect Goal Plan. It also provides other types of life insurance, such as ULIPs and health insurance.

6. ICICI Prudential Life Insurance

ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential plc. It is one of the leading life insurance companies in India. ICICI Prudential offers a wide range of term life insurance plans, such as the ICICI Prudential iProtect Smart Term Plan and the ICICI Prudential iLife Insurance Plan. It also provides other types of life insurance, such as ULIPs and health insurance.

7. Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance is a joint venture between Aditya Birla Group and Sun Life Financial. It is one of the leading life insurance companies in India. Aditya Birla Sun Life offers a wide range of term life insurance plans, such as the Aditya Birla Sun Life e-Shield Term Plan and the Aditya Birla Sun Life Insurance Wealth Plus Plan. It also provides other types of life insurance, such as ULIPs and health insurance.

8. PNB MetLife India Insurance

PNB MetLife India Insurance is a joint venture between Punjab National Bank and MetLife. It is one of the leading life insurance companies in India. PNB MetLife India Insurance offers a wide range of term life insurance plans, such as the PNB MetLife Mera Term Plan and the PNB MetLife Wealth Builder Plan. It also provides other types of life insurance, such as ULIPs and health insurance.

9. Tata AIA Life Insurance

Tata AIA Life Insurance is a joint venture between Tata Group and AIA Group. It is one of the leading life insurance companies in India. Tata AIA Life offers a wide range of term life insurance plans, such as the Tata AIA Life eTerm Plan and the Tata AIA Life Savings Plus Plan. It also provides other types of life insurance, such as ULIPs and health insurance.

10. Kotak Mahindra Old Mutual Life Insurance

Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank and Old Mutual. It is one of the leading life insurance companies in India. Kotak Mahindra Old Mutual Life Insurance offers a wide range of term life insurance plans, such as the Kotak Mahindra Old Mutual Life Term Plan and the Kotak Mahindra Old Mutual Life Smart Term Plan. It also provides other types of life insurance, such as ULIPs and health insurance.

Conclusion

The Indian life insurance market is expected to grow significantly in the coming years. There are many life insurance companies in India offering different types of products and services. The top ten term life insurance companies in India in 2023 are LIC, SBI Life Insurance, HDFC Life Insurance, Max Life Insurance, Bajaj Allianz Life Insurance, ICICI Prudential Life Insurance, Aditya Birla Sun Life Insurance, PNB MetLife India Insurance, Tata AIA Life Insurance, and Kotak Mahindra Old Mutual Life Insurance.