Aegon Life Term Plans vs HDFC Life Term Plans

Term Insurance is an essential financial tool to secure your family’s future in your absence. It ensures that your loved ones lead a comfortable lifestyle without compromising on their aspirations and dreams on the financial front. Aegon Life Insurance and HDFC Life Insurance offer various term insurance plans dedicated to providing a financially secured future. You can compare the benefits and features of both and choose the right one.

Aegon Life Term Insurance vs HDFC Life Insurance Term Plans Overview

Parameters Aegon HDFC Life Insurance
Number of Term insurance plans 1 3
E-services Online consultation, buying policy, policy renewal, and claim settlement Online consultation, buying policy, policy renewal, and claim settlement
Claim settlement ratio 98.01% 99.07%

Term Insurance Policies – Aegon Life Insurance vs HDFC Life Insurance 

Aegon Life Insurance is a joint venture between Aegon and Bennett, Coleman & Company. Being one of the leading insurers in the country, Aegon Life Insurance offers various insurance products intending to make people’s lives better by catering to all their needs cost-effectively.

HDFC Life Insurance is one of the top insurance providers in India, providing a host of different kinds of insurance products starting from investment plans, protection plans, ULIPs, and more. Headquartered in Mumbai, HDFC Life Insurance is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.) and Standard Life Aberdeen.

To know which term insurance plan is better for your future, you compare Aegon Life Insurance term plan and Max Life Insurance term plan on various parameters mentioned below.

Term Insurance Plans by Aegon Life Insurance vs HDFC Life Insurance

Aegon Life Insurance Term Plans 

  • The leading insurer Aegon Life Insurance offers one term insurance plan – iTerm plan, which includes a few appealing features and advantages. 
  • This term comes with 3 variants to look into – Life Protect, Protect Plus, and Dual Protect, specially designed to meet various necessities in a person’s life. 
  • Aegon Life iTerm Plan is a reasonably priced term plan giving extensive coverage to the policyholders. 
  • It covers 36 critical illnesses up to the age of 80 years. 
  • The plan accompanies flexible alternatives for paying premiums and opt for the preferred payout option. It also gives you the flexibility to increase or decrease the existence cover to meet various life objectives. 
  • This plan additionally incorporates the alternative to add riders to expand the scope of the existing cover. 

 

Why choose Aegon Life Insurance Term Plan? 

  • COVID-19 death claims are covered under the Aegon Life Insurance term plans
  • Non-smokers and females can benefit from low premium rates. 
  • This term plan offers coverage for critical illness, terminal illness, and accidental death benefit cover.
  • You can buy this term plan as early as 18 years of age.
  • Smokers, when they quit smoking, can decrease their premium amount.

 

HDFC Life Insurance Term Plans 

  • HDFC Life Insurance offers comprehensive coverage through 3 different term plans – HDFC Life Click 2 Protect Life, HDFC Life Click 2 Protect Plus, HDFC Life Click 2 Protect 3D Plus intended to meet client’s various necessities at various life stages in a cost-effective manner.
  • The term plans give you the option for riders to extend the base policy coverage. 
  • There are various death benefit options that the policyholders can choose as per their preference and requirement.
  • The term plans also offer flexible options to pay premiums and choose from the different payout options.
  • For maintaining a healthy lifestyle, HDFC term plans rewards in the form of low premium rates.

 

Why choose HDFC Life Term Plans? 

  • HDFC Life Insurance term plans offer complete financial security through its affordably priced term plans.
  • HDFC Life term insurance can be customized to match your requirements by opting from various coverage options, premium payment modes, and payout options. 
  • It offers MWPA enrolment advantages to guarantee that the death benefit is shielded uniquely for your relative.
  • The company boasts of a healthy claim settlement ratio, ensuring a hassle-free claim settlement process.

 

FAQs:

What are the various premium payment modes?

The different premium payment modes include Netbanking, Debit Card, Credit Card, UPI, through cheque, ECS, or even cash at the branches.

How can I check HDFC Life Insurance policy status?

To check HDFC Life Insurance policy status, you need to visit myaccount.hdfclife.com, enter your registered credentials like mobile no, password, client id, or email id. Once logged in, the new page will display your policy status, including its features.

What is the process to claim the Aegon Life term plan?

The policy nominee first needs to inform the insurer about the same. Then submit all necessary documents in their original format – claim form, death certificate, medical records, original policy documents, nominee's bank account details, etc., for further processing. Of course, it is always better to have a written communication through email or letter with the insurance company to keep track of your conversation.

Do I need to pay an extra premium to add riders to my policy?

Certain riders are in-built in the policy, and for adding some riders, you need to pay an extra amount along with the premium amount. To have a clear idea, you need to thoroughly go through the policy documents of Aegon Life Insurance term plans and HDFC Life term plans.

What are the tax benefits available?

Tax benefits are available on the premiums paid towards Aegon Life term insurance plans and HDFC Life term plans under Section 80C up to a maximum of Rs 1.5 lakhs. In addition, the death benefit payout amount also comes under tax exemption under Section 10 (10D) of the Income Tax Act.

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