Term Life Insurance companies, ranked
On their own claim record — not on their advertising.
Axis Max Life settles the largest share of claims at 99.71%. HDFC Life draws the fewest complaints, at 1 complaint per 10,000 claims. All figures are fy 2024–26 (3-year average) from IRDAI's annual report and public grievance disclosures, across 6 insurers.
All term life insurance companies by claim settlement ratio
| # | Insurer | Claim settlement | Complaints per 10,000 | Book size |
|---|---|---|---|---|
| 1 | Axis Max Life | 99.71% | 3 | ₹12,567 Cr |
| 2 | HDFC Life | 99.66% | 1 | ₹33,031 Cr |
| 3 | Bajaj Life | 99.32% | 2.77 | ₹12,791 Cr |
| 4 | ICICI Prudential | 99.3% | 8 | ₹22,239 Cr |
| 5 | SBI Life | 98.76% | 6.67 | ₹38,789 Cr |
| 6 | Aditya Birla Sun Life | 98.7% | 1.33 | — |
| — | Max Life | — | — | — |
Insurers we have reviewed plans for are linked. The rest are listed for comparison — omitting them would make this a worse answer, not a shorter one. See how we score.
How to read these numbers
The settlement ratio is the share of claims paid in a year. Read it with the book size beside it: the same percentage means something different on a large book than on a small one, where a handful of claims moves the figure. Complaint volume is the counterweight — it is the number that shows whether the claims that were paid were paid without a fight.
Neither number describes your claim. What decides that is whether your proposal form was filled in honestly, and whether the thing you are claiming for is inside the policy wording. That is what our plan reviews are for.
Frequently asked questions
Which term life insurance company has the highest claim settlement ratio?
Axis Max Life, at 99.71% — fy 2024–26 (3-year average) from IRDAI disclosures, across the 6 insurers we track in this category.
Which term life insurance company gets the fewest complaints?
HDFC Life, at 1 complaint per 10,000 claims. A high settlement ratio and a low complaint volume together are a better signal than either alone.
Does a high claim settlement ratio guarantee my claim gets paid?
No. It is the share of claims an insurer paid across a whole year, not a promise about yours. It says nothing about how long a claim took, or how hard it was to get paid — which is why we publish complaint volume beside it, and why an honest proposal form matters more than any company-level number.
Next
Best term life insurance plans · All term life insurance plans · How we score
Disclaimer: Figures shown here are compiled from IRDAI annual reports and public grievance disclosures, and from insurer public disclosures and policy wordings. Claim settlement ratios and complaint volumes are three-year averages for FY 2024–26. Premiums are indicative illustrations for the stated profile, not quotes — your actual premium depends on your age, health, city, habits and underwriting. Scores are Myinsurancebro's own assessment. Always read the official policy document and speak to an advisor before buying. Myinsurancebro is an IRDAI-licensed insurance advisor — we do not manufacture or underwrite any insurance product.