HDFC Life Term Insurance Vs Aditya Birla Sun Life Term Insurance

The role of term life insurance is quite influential in your life as it adds a layer of protection and security to your family. A comprehensive term life insurance plan not only secures your family’s financial future but also offers peace to your mind. These days, the markets are crammed with various lucrative term insurance plans from different insurers. So, choosing the right term insurance plan could be a daunting task for you. Instead of getting tempted with all the plans, you should meticulously choose the best one that resonates with your needs and requirements. Below are the details about the term plans offered by HDFC Life Term Insurance vs Aditya Birla Sun Life Term Insurance that you can compare and select the best one.

HDFC Life term insurance Vs Birla Sun Life term insurance plans overview

Parameters HDFC Life insurance Aditya Birla Sun Life Insurance
Number of Term insurance plans 3 3
E-services Online consultation, purchasing and renewing the policy, premium payment, and claim settlement Online consultation, purchasing and renewing the policy, premium payment, and claim settlement
Claim settlement ratio 99.07% 92.41 %
     

Term insurance policies: HDFC Life insurance Vs Aditya Birla Sun Life insurance

HDFC Life Insurance is a joint venture between HDFC Ltd (India’s leading housing finance institution) and Standard Life Aberdeen (a renowned global investment company). HDFC Life has started its operation in 2000 and it embraces customers with a plethora of long-term life insurance solutions that will go well with their financial requirements. As of June 30, 2021, the company had 37 individual and 13 group products, along with 7 optional riders in its portfolio.

On the other hand, Aditya Birla Sun Life insurance holds an astonishing reputation in the Indian insurance sector. This is a subsidiary of Aditya Birla Capital Ltd and promoted by Aditya Birla Group of India and Sun Life Financial Inc. (Canada). This insurance company offers a host of insurance products, including term insurance, child plans, savings & investment plans, and retirement plans. Birla Sun Life insurance has multifarious products and offers the utmost protection to its policyholders.

By comparing HDFC Life insurance term plans and Aditya Birla Sun Life insurance term plans on miscellaneous parameters, you can opt for the best one that fits the most with your needs and requirements.

Term insurance plans by HDFC Life insurance Vs Aditya Birla Sun Life insurance 

HDFC Life term insurance plans

  • All term plans are meticulously designed by experts to cover all your financial needs.
  • HDFC Life insurance offers 3 different term plans and they are HDFC Life Click 2 Protect LifeHDFC Life Click 2 Protect PlusHDFC Life Click 2 Protect 3D Plus.
  • The minimum and maximum entry age of the term plans is 18 years and 65 years (85 years for Click 2 protect plus)
  • The minimum and maximum maturity period is 28 years and 75 years
  • The term plan offers a humongous sum assured amount that can be utilized in different ways like to pay the debts, child’s education, repay the loans, and other expenses.
  • The Click 2 protect term plan has 3 variants (Life protect, Life & CI rebalance, and Income plus), Click 2 protect plus comes with 4 different cover options (Life Option, Extra Life Option, Income Option, and Income Plus Option) and Click 2 Protect 3 D plus offers 9 options (Life Option, 3D Life Option, Extra Life Option, Income Option, Extra Life Income Option, Income Replacement Option, Return of Premium Option, Life Long Protection Option and 3D Life Long Protection Option) that you can choose at the beginning of the policy.
  • This term plan comes with different riders, including death, critical illness, terminal illness, accidental disability, and monthly income benefits from 60 years of age. All these riders will make your base policy more effective and stronger.
  • This plan welcomes you with maturity benefits if you survive the tenure of the policy.
  • HDFC Life term plan offers high sum assured at lower premiums.

 

Why choose HDFC Life term insurance?

  • HDFC Life insurance term plans come with many attractive features and benefits.
  • The plan offers complete protection at lower premium rates.
  • The company has a healthy claim settlement ratio (99.07%).

 

Aditya Birla Sun Life term insurance plans

  • Aditya Birla Sun Life Term Insurance plan offers 3 diverse term plans and they are ABSLI life shield plan, ABSLI Digishield plan, and ABSLI Saral Jeevan plan.
  • ABSLI life shield plan offers 8 plan options (Level term insurance, Level term insurance with the waiver of premium benefits, Increasing term insurance, increasing term insurance with the waiver of premium benefits, Decreasing term insurance, Decreasing term insurance with the waiver of premium benefits, Return of Premium, Return of premium with the waiver of benefits) and ABSLI Digishield plan offers 10 options (Level cover option, increasing cover option, sum assured reduction option, income benefit, level cover plus income benefit, low cover option, return of premium, and level cover with survival benefit)
  • All plans offer a flexible premium payment option means you can choose the best option as per your preference
  • ABSLI life shield plan offers life coverage till 85 years and the ABSLI Digishield plan offers life coverage till 100 years.
  • By opting for various riders, you can enhance your family’s protection and security.

 

Why choose Birla Sun Life insurance plans?

  • Aditya Birla Sun Life Term Plans will offer stable security and financial protection to your family in your absence.
  • At a minimal premium cost, Aditya Birla Sun Life term insurance offers comprehensive life cover.
  • The term insurance policies offered by Aditya Birla Sun Life Insurance are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act.

 

FAQs:

At what age can you purchase Aditya Birla Sun Life Insurance’s term plan?

You can purchase Birla Sun Life term insurance plans between 18 years to 65 years of age. Start early else your premium will increase with your age.

Does Aditya Birla Sun Life term plan expire?

Aditya Birla Sun Life term plans will not expire till the end of the policy tenure or if the claim is received (whichever happens earlier). But you need to pay your premiums on time to enjoy the benefits of the policy.

Does Aditya Birla Sun Life’s term plan cover natural death?

Yes; Aditya Birla Sun Life’s term plan covers both accidental and natural death.

What is the process to check the policy status of HDFC Life term insurance?

To check your HDFC Life term insurance status, you just need to register yourself on the company’s official website and use your policy number to check the same.

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