HDFC Life Term Insurance Vs Bharti Axa Term Insurance

Term insurance is not a new-fangled word in the field of the insurance industry; still, many people have scant knowledge about this. Term insurance is the simplest form of insurance that offers the highest coverage to your family member in your absence. As compared to other insurance types, the prime advantage of term insurance is that it pays bigger coverage for a minimal premium amount. Many insurance companies are tempting customers with different term plans with varied features and advantages. So, it would be a daunting task for you to make the right purchasing decision. It would be a prudent step if you compare various term plans and then choose the best one for you. Below are the details about the term plans offered by HDFC Life Term Insurance vs Bharti Axa Term Insurance that you can evaluate, compare and select the most suitable one for you.

HDFC Life term insurance Vs Bharti Axa term insurance plans overview

Parameters HDFC Life Insurance Bharti Axa Life Insurance
Number of Term insurance plans 3 6
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% 97.35%
     

Term insurance policies: HDFC Life insurance Vs Bharti Axa term insurance

As a prodigious insurance company, HDFC Life Insurance started its journey in 2000, and soon, it inscribed its name in the insurance industry with diverse insurance products. HDFC Life insurance is a joint venture between HDFC Ltd (a leading housing finance institution) and Standard Life Aberdeen (an established global investment company). 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, Bharti AXA Life Insurance is a collaboration between Bharti Enterprises (74%)- one of the eminent business groups in India, and the AXA Group (26%), headquartered in Paris. Established in 2006, the company’s prime objective was to offer various holistic insurance products and services that can pacify the needs and requirements of the customers. The company offers a host of insurance products, like term plans, savings, and investment plans, health insurance plans, and group plans.

By comparing HDFC Life insurance term plans and Bharti Axa term plans on miscellaneous parameters, you can handpick the best plan that goes well with your needs and requirements.

 

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

HDFC Life term insurance plans

  • All term plans are carefully designed and offer financial security to the family members of policyholders in their absence.
  • 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 (from Rs. 10 lakhs to Rs. 25 lakh)
  • The Click 2 protect term plan has 3 variants, Click 2 protect plus comes with 4 different cover options, and Click 2 Protect 3 D plus offers 9 options that you can select at the beginning of the policy.
  • The term plan offers different riders, including death, critical illness, terminal illness, accidental disability, and monthly income benefits from 60 years of age. All these riders will enhance the scope and facility of your base policy.
  • If you survived till the end of the policy tenure, this term plan embraces you with maturity benefits.
  • HDFC Life insurance term plans offer you a flexible payment option for your premium amount.

Why choose HDFC Life term insurance?

  • Because of their intriguing features and benefits, HDFC Life term plans can fulfill various requirements of policyholders.
  • The premium rate of the term plan is affordable and will never burn your pocket.
  • The company has an impressive claim settlement ratio (99.07%).

 

Bharti AXA term insurance plans

  • Bharti AXA term insurance offers 6 different term insurance plans including Bharti AXA Life Premier Protect Plan, Bharti AXA Life Grameen Jeevan Bima Yojana, Bharti AXA Life Flexi Term, Bharti AXA Life Smart Jeevan, Bharti AXA Life POS Saral Jeevan Bima Yojana, and Bharti AXA Life Income Protection.
  • Bharti AXA term plans offer flexible payout and premium payment options so that policyholders can choose the best mode at their convenience.
  • To achieve imperative milestones like marriage, childbirth, etc., the policyholder can enhance their coverage.
  • The policyholders are eligible for critical illness coverage till the age of 75 years.
  • The term plan offers a huge sum assured (1 Cr) that can be utilized in many ways.
  • The term plan offers death benefit and maturity benefit (for some specific plans) by returning the entire premium amounts.

 

Why choose Bharti AXA term insurance?

  • The term plan offers tax benefits under Sections 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Since everything is digital-driven, hence the claim settlement process is convenient and hassle-free. The company also has a healthy claim settlement ratio.
  • By adding various riders, you can enhance the base policy cover.

 

FAQs:

How is the premium calculated for Bharti AXA term insurance?

Your Bharti AXA term insurance plan’s premium will be calculated based on various factors including, age, gender, income, occupation, lifestyle habits, etc. So, it would be a wise decision to purchase your Bharti AXA term plan at an early stage.

What are the minimum and maximum ages for applying for a Bharti AXA term insurance policy?

For Bharti AXA term insurance policy, the minimum entry age is 18 years and the maximum age is 65 years.

Can I still purchase a Bharti AXA term insurance plan if I have a term plan from another insurance company?

If you own a term plan from another insurer, you must disclose it along with your income details while applying for the Bharti Axa term plan. Depending on the company’s decision, your request can be either declined or accepted.

Can HDFC Life term insurance policy claim get rejected?

Yes, your HDFC Life term policy claim may get rejected if you have hidden information or provide misleading information to the company.

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