Before finding the Top term plans, if you want to know more about what a term plan is and it's importance. Please read this blog.

​Top Term Plans in India

There are 26 life insurance companies that offer term insurance plans in India. So choosing the best one is challenging, with some platforms giving comparison tools it makes it a little easier. But we have researched all the online accessible Term Plans and made it easier for you. We have figured the Top 5 Term Plans in the market to help you shortlist the best term insurance plan in India.

Below are our Top picks:

1. Bajaj Allianz Life e Touch II
2. Axis Max Life Total Elite Protection
3. Tata AIA Maha Raksha Supreme
4. ICICI Prudential iProtect Smart
5. Canara HSBC - Young Term Plan - Life Secure

Key Factors to consider while buying a Term Insurance Plan (but not limited to):

1. Insurer's Reputation:

Settlement Ratio (Claims & Amount): A higher ratio is better, as it indicates the insurer's reliability in paying claims.

Term Plan	Claim Settlement Ratio
Bajaj Allianz Life e Touch II	99.19%
Axis Max Life Total Elite Protection	99.63%
Tata Maha Raksha Supreme Select	98.89%
ICICI Prudential iProtect Smart	97.92%
Canara HSBC - Young Term Plan - Life Secure	98.89%

Term Plan	Amount Settlement Ratio
Bajaj Allianz Life e Touch II	93.00%
Axis Max Life Total Elite Protection	95.50%
Tata Maha Raksha Supreme Select	92.71%
ICICI Prudential iProtect Smart	92.10%
Canara HSBC - Young Term Plan - Life Secure	93.82%

Complaint Numbers: Fewer complaints typically reflect better customer service and satisfaction. it is measured as Complaints for every 10,000 claims. Lower the number the better it is.

Term Plan	Complaints per 10,000 claims
Bajaj Allianz Life e Touch II	5
Axis Max Life Total Elite Protection	7
Tata Maha Raksha Supreme Select	3​
ICICI Prudential iProtect Smart	14.3
Canara HSBC - Young Term Plan - Life Secure	23.5

Solvency Ratio: It is a measure of an insurer's financial health and ability to meet its long-term obligations to policyholders.The Solvency Ratio is calculated by comparing an insurance company’s assets to its liabilities. IRDAI requires insurance companies to maintain a minimum solvency ratio of 150% (1.5). Higher the number the better it is. 

Term Plan	Solvency Ratio (FY24-25)
Bajaj Allianz Life e Touch II	4.55
Axis Max Life Total Elite Protection	1.81
Tata Maha Raksha Supreme Select	1.88
ICICI Prudential iProtect Smart	1.98
Canara HSBC - Young Term Plan - Life Secure	2.27

2. Affordable Premium:

While lower premiums are attractive, be cautious about plans offering heavy discounts in the first year, as premiums may increase significantly after that.

Pro Tip: Compare premiums from 2nd year onwards to get a clearer picture of long-term affordability.

Below are the premiums for a 30 year old male, non smoker for cover of Rs. 1 Cr for a policy term of 30 years (i.e. till age 60). Premiums considered are from 2nd year onwards.

Term Plan	Premium
Bajaj Allianz Life e Touch II	Rs.11,362
Axis Max Life Total Elite Protection	Rs. 12,270
Tata Maha Raksha Supreme Select	Rs. 12,647
ICICI Prudential iProtect Smart	Rs. 12,682
Canara HSBC - Young Term Plan - Life Secure	Rs.11,307

3. Riders or Add-Ons:

Riders provide additional protection and flexibility beyond the basic coverage. Some insurers offer free riders, while others have limited options.

Common Riders to consider (though not limited to): Critical Illness Rider, Waiver of Premium Rider, Terminal Illness Rider, Life Stage Benefit/Voluntary Benefit (Instead of life stage benefit rider, you can always purchase a better term plan later, but this rider can save you time and hassle during your life’s milestones).

Term Plan	Riders
Bajaj Allianz Life e Touch II	3 free add-ons : Waiver of premium, Terminal Illness, 2L immediate payout
Axis Max Life Total Elite Protection	2 free add-ons : Terminal Illness Rider, 2L immediate payout
Tata Maha Raksha Supreme Select	2 free add-ons : Terminal Illness, 3L immediate payout
ICICI Prudential iProtect Smart	2 free add-ons : Terminal Illness, Waiver of premium
Canara HSBC - Young Term Plan - Life Secure	No Free add-ons

4. Brand Longevity:

Term insurance is a crucial part of your long-term financial planning, so it’s wise to choose a brand that has been in the market for over 20 years. If you trust a newer brand, that’s fine, but ensure you consider all other factors carefully.

Final Suggestion:

After considering all the 4 key factors : Insurer's reputation, Premiums, Riders, & Brand Longevity. We have rated the top 5 Term Plans in India for 2025.

Term Plan	Insurer Reputation	Affordability	Riders & Addons	Brand Longevity	Final Rating
Bajaj Allianz Life e Touch II	9	9.5	9.7	9	9.30
Axis Max Life Total Elite Protection	9.5	8.8	9	9	9.08
Tata Maha Raksha Supreme Select	9	8.5	9.2	9	8.93
ICICI Prudential iProtect Smart	8	8.5	9.5	9.5	8.88
Canara HSBC - Young Term Plan - Life Secure	8.5	9.5	8	8.5	8.63

Please note that the above rating is created by and followed by Honvest team to suggest the best plan in the market. This isn't any standard. You may choose to follow your own.

Other Term Plans;

As far as our knowledge is concerned in the Term Insurance space, other term plans are either not in the affordable range or not good with their reputation or new to the market. If you find any competitive Term plan or any Term plan of your interest and want to know more details or want to know our review. Feel free to contact us. We are happy to provide our honest feedback.

We strongly recommend you go through the Checklist before buying a Term Plan

Regards,

Honvest Team.