Term insurance is one of the simplest ways to protect your family's financial future. It provides a life cover for a fixed period and pays a death benefit to the nominee if the insured person dies during the policy term.
When choosing a term insurance policy, the insurer matters, but it should not be the only factor. You should also compare the coverage amount, premium, policy term, claim settlement record, available riders, exclusions, policy features and service experience.
Two insurers you may come across while comparing term plans in India are Bajaj Life Insurance and Shriram Life Insurance.
Bajaj Life Insurance Limited was formerly known as Bajaj Allianz Life Insurance Company Limited. It offers term insurance along with several other life insurance products. (Bajaj Life Insurance) Shriram Life Insurance is another established private life insurer offering term insurance products and services across India.
So, Bajaj Life vs Shriram Life term insurance-which one should you choose?
There is no single answer for everyone. The better option depends on your age, income, financial responsibilities, health profile, desired coverage and budget. Let's compare the important factors.
Bajaj Life vs Shriram Life: Quick Comparison
| Factor |
Bajaj Life |
Shriram Life |
| Type of insurer |
Private life insurer |
Private life insurer |
| Term insurance |
Available |
Available |
| Claim settlement/death settlement ratio FY 2025-26 |
99.33% |
98.52% |
| Rider options |
Available, depending on plan |
Available, depending on plan |
| Online purchase |
Available |
Available |
| Claim initiation |
Available through insurer's channels |
Digital claim initiation available |
| Policy options |
Multiple term insurance options |
Term insurance options available |
| Best suited for |
Buyers looking for a broad range of life insurance solutions |
Buyers looking for term protection and Shriram Life's service network |
Claim figures are based on the insurers' published FY 2025-26 information. Product features, premiums and eligibility can vary by plan and customer profile.
What Is Term Insurance?
Term insurance is a pure life protection product. You pay a premium to keep the policy active for the selected term. If the insured person dies during the policy period, the insurer pays the applicable death benefit to the nominee, subject to the policy terms and conditions. Unlike savings-oriented life insurance products, a basic term insurance plan is primarily designed for financial protection.
For example, if you are the main earning member of your family, a term plan can help your dependants manage expenses such as:
- Household expenses
- Home or personal loans
- Children's education
- Future financial goals
- Medical and other family expenses
- Replacement of lost income
The important point is to choose adequate life cover, rather than selecting a policy only because its premium is low.
Bajaj Life Term Insurance
Bajaj Life Insurance, formerly Bajaj Allianz Life Insurance Company Limited, offers multiple term insurance solutions. Its current term insurance range includes products such as Bajaj Life eTouch II. (Bajaj Life Insurance)
The insurer reports an individual death claim settlement ratio of 99.33% for FY 2025-26. It also states that 96% of non-investigative claims notified in FY 2025-26 were processed within one day, subject to its stated conditions. (Bajaj Life Insurance)
Key features to consider
Depending on the selected product, Bajaj Life term insurance can offer features such as:
- High life cover
- Long policy terms
- Different premium payment options
- Online purchase options
- Optional riders
- Additional protection benefits
- Different death benefit payout choices
For example, Bajaj Life's eTouch II product includes options relating to life cover and additional benefits, subject to the selected variant and policy terms. (Bajaj Life Insurance)
Who can consider Bajaj Life term insurance?
It may be suitable for buyers who want to compare different term insurance features and require a policy from an established private life insurer. However, the final choice should be based on the actual quote and policy document rather than the brand name alone.
Shriram Life Term Insurance
Shriram Life Insurance offers term insurance plans designed to provide financial protection to policyholders and their families. According to its official website, Shriram Life reported a 98.52% death settlement ratio for FY 2025-26. It also reported ₹171.85 crore in claims settled during FY 2025-26, with 4,805 families receiving claim benefits. Shriram Life also provides digital claim initiation. Its published claim process includes reporting the claim and uploading documents, document review and processing, followed by claim disposal.
Key features to consider
Depending on the selected plan, policyholders can consider:
- Term life cover
- Flexible policy options
- Different premium payment choices
- Optional riders or additional benefits
- Online services
- Digital claim initiation
- Customer support and branch network
The exact benefits and eligibility conditions depend on the specific Shriram Life term insurance product.
Bajaj Life vs Shriram Life: Claim Settlement Ratio
Claim settlement ratio is one of the commonly considered factors when comparing life insurers.
For FY 2025-26:
- Bajaj Life: 99.33%
- Shriram Life: 98.52%
These figures are published by the respective insurers. (Bajaj Life Insurance) Based on these reported figures, Bajaj Life has the higher percentage for the year. However, you should not choose a term plan solely based on claim settlement ratio. A claim settlement ratio does not guarantee that every future claim will be paid. Claims are assessed according to the policy terms, disclosures, documents and applicable rules.
When buying a policy, provide complete and accurate information about your:
- Health
- Existing illnesses
- Smoking or tobacco use
- Alcohol consumption where relevant
- Occupation
- Income
- Existing insurance policies
- Medical history
Honest disclosure can help reduce problems for your family at the time of claim.
Bajaj Life vs Shriram Life: Premium Comparison
Premium is another important factor, but there is no standard premium for all customers.
The premium can depend on factors such as:
- Age
- Gender
- Life cover selected
- Policy term
- Premium payment term
- Health
- Smoking or tobacco habits
- Occupation
- Medical history
- Lifestyle
- Riders selected
- Payout option
For this reason, it is not accurate to say that Bajaj Life or Shriram Life will always be cheaper. For example, two people of the same age may receive different premiums because of their health or lifestyle profile.
How to compare premiums correctly
When comparing quotes, keep the following factors the same:
- Same sum assured
- Same policy term
- Same premium payment frequency
- Same premium payment term
- Same payout option
- Similar rider benefits
- Similar medical and underwriting information
This gives you a more meaningful comparison.
Bajaj Life vs Shriram Life: Riders
A rider is an optional benefit that can enhance the protection provided by a base life insurance policy.
Depending on the product, riders may provide additional protection for events such as:
- Accidental death
- Critical illnesses
- Disability
- Premium waiver in specified situations
For example, Bajaj Life highlights accidental death and critical illness-related rider options on its term insurance offerings. However, adding every available rider is not necessarily a good idea. Each rider increases the overall premium and has its own terms, conditions and exclusions. Choose riders based on your actual financial risks.
Bajaj Life vs Shriram Life: Policy Term
The policy term should ideally match your major financial responsibilities. If you have young children, a home loan or dependants who rely on your income, you may need protection for a longer period.
While selecting the policy term, consider:
- Your current age
- Retirement age
- Children's education period
- Outstanding loans
- Spouse's financial dependence
- Long-term financial goals
Do not select a very short policy term simply because the premium is lower.
Bajaj Life vs Shriram Life: Customer Service and Claims
A term insurance policy is purchased for long-term financial protection. Therefore, service quality can matter just as much as the initial premium. Bajaj Life provides claim assistance through its customer service and claims channels. The insurer also publishes claim-related information and guidance on its website. Shriram Life provides a digital claim initiation facility and publishes a three-step claim process covering document submission, review and claim disposal.
Before purchasing, check:
- How claims can be registered
- Available customer support channels
- Online policy servicing facilities
- Required claim documents
- Policy servicing process
- Branch availability, if important to you
Which Is Better: Bajaj Life or Shriram Life?
The answer depends on what you are looking for.
Choose Bajaj Life if:
- You prefer Bajaj Life's available term insurance options.
- Its quote is suitable for your budget.
- You value its reported FY 2025-26 individual death claim settlement ratio of 99.33%.
- The features and riders match your protection needs.
- You are comfortable with its policy terms and service process.
Consider Shriram Life if:
- Its term insurance offering matches your requirements.
- You receive a competitive premium for the desired cover.
- You prefer its available policy features and service options.
- Its digital claim and service facilities are useful to you.
- You are comfortable with the policy exclusions and conditions.
The important point
There is no universal winner between Bajaj Life and Shriram Life. The right term insurance policy is the one that provides adequate cover at a premium you can comfortably maintain for the full policy term, while meeting your family's financial protection needs.
How Much Term Insurance Cover Do You Need?
One of the biggest mistakes buyers make is choosing life cover based only on what they can afford. Instead, consider your financial responsibilities.
A simple approach is to consider:
Required Life Cover = Future Financial Needs + Outstanding Liabilities − Existing Financial Assets
Your calculation should consider:
- Annual family income requirement
- Outstanding loans
- Children's future education costs
- Marriage or other major financial goals
- Existing investments
- Emergency funds
- Existing life insurance
For example, someone with a home loan and young children may need significantly more cover than someone with no major liabilities. An online term insurance calculator can help you estimate a suitable cover before comparing insurers.
Things to Check Before Buying Term Insurance
Whether you choose Bajaj Life, Shriram Life or another insurer, check these points before purchasing.
1. Check the policy terms
Read the policy document and understand what is covered and what is excluded.
2. Compare the total premium
Do not compare only the first-year premium. Check the applicable premium throughout the payment period.
3. Check the payout option
Depending on the product, the death benefit may be payable as a lump sum, instalments or another permitted option.
4. Check riders carefully
Buy only those additional benefits that are relevant to your needs.
5. Disclose your health details
Never hide medical information just to obtain a lower premium.
6. Check the insurer's claim record
Claim settlement performance is useful as one comparison factor, but it should not be the only deciding factor.
7. Compare before buying
Getting quotes from multiple insurers can help you understand the premium range and available features.
Bajaj Life vs Shriram Life: Final Verdict
Both Bajaj Life and Shriram Life offer term insurance products that can provide financial protection to your family. Bajaj Life has reported a 99.33% individual death claim settlement ratio for FY 2025-26, while Shriram Life has reported a 98.52% death settlement ratio for the same financial year. However, the higher ratio alone should not decide your purchase.
Compare the coverage amount, premium, policy term, riders, exclusions, payout options, underwriting requirements and service features before making a decision. The smartest approach is to compare quotes based on the same coverage and policy requirements. This helps you identify a plan that offers the right balance of protection and affordability. If you are unsure which insurer or coverage amount is suitable, comparing term insurance plans online can help you review your options before purchasing.
Compare Bajaj Life, Shriram Life and other term insurance plans before you buy.
Get quotes based on your age, income and coverage needs, compare premiums and benefits, and choose a term insurance plan that gives your family the financial protection they need.
Compare term insurance plans online with PolicyBachat and make an informed choice.
FAQs
Is Bajaj Life better than Shriram Life for term insurance?
Not necessarily. Both insurers offer term insurance, and the better choice depends on your coverage requirement, premium, policy features, riders, service preferences and eligibility.
Which has a higher claim settlement ratio, Bajaj Life or Shriram Life?
For FY 2025-26, Bajaj Life reports an individual death claim settlement ratio of 99.33%, while Shriram Life reports a death settlement ratio of 98.52%. (Bajaj Life Insurance)
Is term insurance cheaper with Bajaj Life or Shriram Life?
There is no fixed answer. Premiums depend on factors such as age, health, coverage, policy term, lifestyle and other underwriting factors. Compare quotes using the same requirements.
Can I buy term insurance online?
Yes. Both Bajaj Life and Shriram Life provide online information and purchase/service options for their life insurance products.
How much term insurance should I buy?
Your cover should consider your income, outstanding loans, dependants, children's future expenses, financial goals and existing assets. A term insurance calculator can help you estimate your requirement.
Should I add riders to my term insurance policy?
Riders can provide additional protection, but they also affect the premium and have their own conditions. Select them based on your financial risks rather than adding every available rider.
Does a claim settlement ratio guarantee claim payment?
No. Claim settlement ratio is a historical measure and does not guarantee the outcome of an individual future claim. Claims are assessed according to the policy terms, disclosures and applicable regulations.
What information should I disclose while buying term insurance?
Provide complete and accurate information about your health, medical history, lifestyle, tobacco use, occupation, income and existing insurance, wherever required by the insurer.