If it is good to get the life term insurance plans from private companies like HDFC , SBI life or ICICI. If they have the good track record on providing amount during death of the insured person like LIC

Ans: Private life insurance companies like HDFC Life, SBI Life, and ICICI Prudential Life have established a strong presence in the insurance market and have a good track record of claim settlement. They are regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and adhere to the guidelines set by the regulatory authority.

Here are some points to consider when choosing a term insurance plan from private companies:

Claim Settlement Ratio: Check the claim settlement ratio of the insurance company. A higher claim settlement ratio indicates that the company has a good track record of settling claims.
Financial Strength: Assess the financial strength and stability of the insurance company by checking its solvency ratio, profitability, and credit ratings.
Policy Features: Compare the policy features, benefits, riders, and exclusions offered by different insurance companies to find a plan that meets your needs and requirements.
Customer Service: Evaluate the customer service and support provided by the insurance company. Prompt and efficient customer service can make the claim settlement process smoother and hassle-free.
Premium Rates: Compare the premium rates of term insurance plans offered by different companies to find a cost-effective option without compromising on coverage and benefits.
Reviews and Feedback: Research online reviews, testimonials, and feedback from policyholders to gauge the reputation and reliability of the insurance company.
While LIC (Life Insurance Corporation of India) is a trusted and government-backed insurance provider with a high claim settlement ratio, private insurance companies also offer competitive term insurance plans with attractive features and benefits. It's essential to do thorough research, compare different options, and choose a reputable insurance company with a good track record of claim settlement to ensure financial protection for your family in the event of your untimely demise. Consulting with a Certified Financial Planner can help you make an informed decision and select a term insurance plan that best suits your needs and budget.