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Term Insurance14 MIN READ

Best Term Insurance Plans in India 2026

The five term plans we'd shortlist for 2026, and the insurers behind them, rated on claim record, complaints, riders and premium.

Written by Kshitij JainReviewed by Harsh SoniUpdated nyvo insurance Services LLP, IRDAI Corporate Agent (Composite) CA1085Salaried advisors, no commission-based ranking

Which term insurance is best in India?

On nyvo's rating, the best term insurance plans in India for 2026 are Tata AIA Sampoorna Raksha Promise (4.7 out of 5), HDFC Life Click 2 Protect Supreme Plus (4.6 out of 5) and Axis Max Life Smart Term Plan Plus (4.6 out of 5). All 5 plans we rate settle at least 98.5% of death claims (IRDAI data, a weighted average of the last three financial years, latest available as of March 2026), so the right one for you turns on riders, payout options and the premium at your age. To put two of them side by side, use our term plan comparison.

Which is the best term insurance company in India?

Tata AIA, if you want one name. Our rating scores each plan together with the insurer behind it, and Tata AIA's Sampoorna Raksha Promise comes out on top at 4.7 out of 5. Tata AIA settled 99.5% of death claims and drew 3.00 complaints per 10,000 claims (IRDAI data, a weighted average of the last three financial years, latest available as of March 2026).

Close behind, at 4.6 each, are HDFC Life and Axis Max Life. HDFC Life's Click 2 Protect Supreme Plus comes from the insurer with the fewest complaints of the five, 1.33 per 10,000 claims. Axis Max Life's Smart Term Plan Plus comes from the one that pays the biggest share of the money claimed, 96.2%.

If you're weighing an insurer that isn't on this shortlist, our A to Z list of life insurance companies in India gives the same two IRDAI figures for every insurer we review.

Who this ranking is for

This is a shortlist for a first term life policy, bought in standard health. It assumes you hold no life cover of your own beyond any group cover at work, and that nobody on the policy has a condition already diagnosed.

Term pricing turns on age and health at the time you apply, so the earlier you buy the lower the annual premium you lock in for the same cover. If you are switching an existing policy, the same terms matter, but the order you check them in is different. nyvo is an IRDAI Corporate Agent (Composite), licence CA1085; our advisors are salaried, and we advise on health and term cover only.

Why term insurance, and not an endowment plan or ULIP?

Term insurance pays your family the full cover if you die during the policy term, and nothing if you outlive it. With no savings part, it's the cheapest way to buy a large cover: a 30-year-old non-smoking man pays ₹8,856 to ₹10,440 a year for ₹1 crore of cover to age 60 across these five plans (regular pay, non-diabetic, salaried graduate on ₹10 lakh income; nyvo's own premium data, May 2026). Individual life insurance has attracted nil GST since 22 September 2025, so that is the whole premium.

Endowment plans and ULIPs bundle cover with saving, so the same premium buys a fraction of the cover. Keep the two jobs apart where you can; our term vs ULIP vs endowment comparison shows why, and what term insurance is and how it works covers the basics. For a premium at your own age and cover, get term insurance quotes.

Watch: how to choose a term plan, and how much cover you actually need (2 min). Open the video page

Top plans comparison 2026

One plan from each of five insurers, in our rating order. The rating is ours and covers the plan as well as the insurer; the claim, complaint and amount-settled figures describe the insurer, not the plan.

Insurer & Plan
Our rating
CSR
Complaints/10K
Amount Settled
Sampoorna Raksha PromiseTata AIA
★ 4.7
99.5%
3.00
93.0%
Click 2 Protect Supreme PlusHDFC Life
★ 4.6
99.6%
1.33
93.9%
Smart Term Plan PlusAxis Max Life
★ 4.6
99.3%
7.00
96.2%
eTouch IIBajaj Life
★ 4.5
99.2%
3.95
95.2%
iProtect Smart PlusICICI Pru
★ 4.4
98.5%
11.00
95.1%
Complaints per 10,000 claims:Excellent (<5)Good (5-10)Caution (>10)

Claim and complaint ratios are a weighted average of the last three financial years, latest available as of March 2026, from IRDAI's published data.

Not sure which term plan fits your budget and cover?

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How to choose the best term plan

Check the insurer first, then the plan. These four tell you about the insurer.

Claim settlement ratio

Look for insurers with a CSR above 98%. All five recommended plans clear this threshold.

Amount settlement ratio

Ensure the insurer pays at least 90% of the claimed amount. A high CSR means nothing if payouts are heavily reduced.

Complaints ratio

Complaints per 10,000 claims filed with IRDAI – lower is better. Across the five plans here it runs from 1.33 (HDFC Life) to 11.0 (ICICI Prudential), so weigh it alongside the claim settlement ratio.

Business volume

Larger insurers tend to have more predictable solvency margins and are less likely to face financial difficulty.

How to calculate your ideal cover

Don't blindly buy ₹1 crore because it sounds like a round number. Use the HLV framework to arrive at the right amount.

1

Income Replacement

15x your current annual take-home pay. This replaces your earning capacity for your family.

+

Liabilities

Add all outstanding loans–home loan, car loan, personal loans. These must be fully covered.

+

Big Future Expenses

Add children's education and marriage provisions, adjusted for inflation over 15–20 years.

−

Subtract Savings

Subtract existing liquid investments, FDs, mutual funds, and any existing life cover.

Detailed plan reviews

1

Tata AIA Sampoorna Raksha Promise

Tata AIA Life Insurance Company Limited
★ 4.7
CSR
99.5%

Four plan options, two of which cover you and your spouse on one policy, with cover that can run to age 100.

Read the full Tata AIA Sampoorna Raksha Promise breakdown: payout options, riders and exclusions →

Claim Settlement Ratio
99.5%
Amount Settlement Ratio
93.0%
Complaints / 10K Claims
3.00
Terminal Illness Cover
50% accelerated
Critical Illness Rider
Up to 40 illnesses
✓Payout as a lump sum, a staggered income for up to 30 years, or a mix
✓Accelerated payout on terminal illness
✓Flexibility to cover spouse under joint life
✓Defer 12 months of premium after 5 policy years, again after a 5-year gap
✓₹3 lakh within 1 working day of a claim, on cover of ₹1 crore or more after 3 policy years
✓Critical illness rider coverage

Best for: Buyers who want our highest-rated plan (94 out of 100): a 99.5% settlement record, terminal illness paid early with future premiums waived, and a ₹3 lakh advance on claims for cover of ₹1 crore or more.

2

HDFC Life Click 2 Protect Supreme Plus

HDFC Life Insurance Company Limited
★ 4.6
CSR
99.6%

An enhanced flagship term plan with three plan options (Life, Life Plus, Life Goal), an immediate claim payout commitment, special rates for women and add-on covers for spouse, children's education and parents.

Read the full HDFC Life Click 2 Protect Supreme Plus breakdown: payout options, riders and exclusions →

Claim Settlement Ratio
99.6%
Amount Settlement Ratio
93.9%
Complaints / 10K Claims
1.33
Terminal Illness Cover
Acceleration till age 80
Cover till age
85 years
✓3 plan options: Life, Life Plus, Life Goal
✓₹2 lakh, or ₹5 lakh on cover of ₹2 crore and above, within 1 working day of a claim (cover of ₹1 crore or more, after year 1)
✓Increasing Death Benefit up to 200% (Life option)
✓Waiver of Premium on Critical Illness, Disability or Husband's Accidental Death
✓Parent Secure: the payout made to your parents as an income for as long as they live
✓15% discount on base premium for female lives

Best for: Families wanting a flexible flagship plan with industry-low complaints (1.33), immediate claim payout and rare add-on covers for spouse, children's education and parents.

3

Axis Max Life Smart Term Plan Plus

Axis Max Life Insurance (formerly Max Life)
★ 4.6
CSR
99.3%

A flexible term plan with multiple plan options, including variants like Regular Cover and Smart Cover, plus add-ons such as women-centric benefits like Maternity Cover.

Read the full Axis Max Life Smart Term Plan Plus breakdown: payout options, riders and exclusions →

Claim Settlement Ratio
99.3%
Amount Settlement Ratio
96.2%
Complaints / 10K Claims
7.00
Terminal Illness Cover
₹1 Cr accelerated
Critical Illness Rider
Up to 64 illnesses
✓₹5,000 to ₹2 lakh within 1 working day of a claim, not in the first policy year
✓Defer 12 months of premium after 3 years, then once every 5 years
✓150% cover paid in case of death in first 15 years
✓Special features and additional discounts for female lives
✓Premium payback from the 25th policy year, on terms of 30 years or more
✓Waiver of premium rider on 11 listed critical illnesses or dismemberment

Best for: Salaried professionals who want the highest amount settlement ratio of these five, 96.2%, and a lower premium than HDFC at 30: ₹9,528 a year against ₹10,440 for ₹1 crore of cover (nyvo's own premium data, May 2026). It is not the lowest on complaints: 7.00 per 10,000 claims here against HDFC Life's 1.33.

4

Bajaj Life eTouch II

Bajaj Life Insurance
★ 4.5
CSR
99.2%

A term plan with zero-cost early exit, a built-in premium waiver on accidental total permanent disability, and multiple rider options.

Read the full Bajaj Life eTouch II breakdown: payout options, riders and exclusions →

Claim Settlement Ratio
99.2%
Amount Settlement Ratio
95.2%
Complaints / 10K Claims
3.95
Terminal Illness Cover
₹2 Cr accelerated
Critical Illness Rider
Up to 60 illnesses
✓Increase coverage at milestone events
✓Accelerated payout on terminal illness
✓Premiums waived on accidental total permanent disability, built in
✓Premiums back after 25 policy years, once you are 60
✓Pause premium up to 3 years
✓Critical illness rider coverage

Best for: Those who want the longest premium pause facility (up to 3 years), with a solid 95.2% amount settlement ratio: second only to Axis Max Life among these five.

5

ICICI Pru iProtect Smart Plus

ICICI Prudential Life Insurance
★ 4.4
CSR
98.5%

A refreshed version with premium break and instant claim payout options.

Read the full ICICI Pru iProtect Smart Plus breakdown: payout options, riders and exclusions →

Claim Settlement Ratio
98.5%
Amount Settlement Ratio
95.1%
Complaints / 10K Claims
11.00
Terminal Illness Cover
Accelerated payout
Critical Illness Rider
Available
✓Increase coverage at milestone events
✓Accelerated payout on diagnosis
✓Premium payback option
✓Switch from Regular to Limited Pay after 3 years, unless a rider was bought at inception

Best for: Individuals who want the biggest life-stage top-up – 100% more cover on a home loan, on Regular Pay – and a strong amount settlement ratio at 95.1%. The premium break feature provides a built-in safety net during cash flow disruptions.

How nyvo rates these term plans

Every plan above carries a nyvo Term Plan Rating out of 5. We assess each plan against the same set of criteria below, so the scores are directly comparable across insurers.

Claim Track Record

How reliably the insurer actually pays death claims – Claim Settlement Ratio and Amount Settlement Ratio (what share of the claimed amount is actually paid) from IRDAI's annual report.

Customer Complaints

Complaints per 10,000 claims – a strong proxy for how smoothly the post-sales and claim experience runs.

Insurer Strength

Solvency ratio, time in market and scale of new business – indicators that the insurer will still be around 30+ years from now, when a term-plan claim is most likely to arise.

Policy Features & Riders

Cover till age ≥ 65, critical illness rider, accidental death benefit, premium waiver on disability, multiple payout options (lump sum / monthly income / mixed), special exit value and increasing cover option.

Premium Value

How the plan's price compares to similar term plans for a like-for-like buyer (₹1 Crore cover, non-smoker, ages 25-45), drawn from nyvo's term-premium database.

The nyvo verdict

All five insurers settle more than 98% of death claims, so compare the riders you need, the payout options and your quoted premium:

Highest amount settlement ratio
Axis Max Life Smart Term Plan Plus
Lowest complaints ratio and spouse cover
HDFC Life Click 2 Protect Supreme Plus
Our highest-rated plan overall
Tata AIA Sampoorna Raksha Promise
Longest premium pause and highest business volume
Bajaj Life eTouch II
The biggest life-stage top-up (100% more cover on a home loan)
ICICI Pru iProtect Smart Plus

Important: Do not buy "Return of Premium" (TROP) plans. They cost roughly double a regular plan's premium for poor investment returns.

Compare two plans head to head

Best term plans by cover size

FAQs

Tata AIA Sampoorna Raksha Promise, which scores 94 out of 100 (4.7 out of 5) on nyvo's term plan rating, the highest of the 5 plans we rate. The rating weighs the insurer's claim record, complaints and strength together with the plan's own features, riders and premium for a like-for-like buyer.
Kshitij Jain
About the author
Kshitij Jain
Founder, nyvo · IRDAI Certified Insurance Advisor

Alumnus of IIT Delhi and IIM Ahmedabad. Former consultant at BCG and part of the strategy team at slice. Leads the method behind nyvo's plan picks.

Disclaimer: This guide is purely for educational purposes and reflects 2026 product structures. Plan features, premiums and terms are subject to change – always read the policy wording carefully. nyvo is an IRDAI-registered corporate agent (Licence No. CA1085).

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