HDFC Life Term Insurance vs Edelweiss Tokio Life Term Insurance

Term insurance has turned into a need nowadays. With the number of uncertainties rapidly increasing, there is no assurance of life, and you need to secure your loved ones financially in your absence. Therefore, term insurance is an ideal alternative to get themselves covered and shielded from any such financial concerns. In any case, picking the right one according to your necessity could be a challenging task. Accordingly, here are the subtleties of term designs by HDFC Life Insurance and Edelweiss Tokio Life Insurance to help you settle on the right purchasing choice.

Term Insurance Plans by HDFC Life Insurance vs Edelweiss Tokio Life Insurance Overview

Parameters HDFC Life Insurance Edelweiss Tokio Life Insurance
Number of Term insurance plans 3 6
E-services Buying policy, policy renewal, update information, premium payments, and claim settlement Buying policy, policy renewal, update information, premium payments, and claim settlement
Claim settlement ratio 99.07% 83.44%

Term Insurance policies – HDFC Life Insurance vs Edelweiss Tokio Life Insurance

With several accolades in its kitty, HDFC Life Insurance is one of the leading insurance providers in the country. The company is a joint venture between Housing development Finance Corporation Limited and Standard Life Aberdeen plc, providing various life insurance products such as savings plans, retirement plans, unit-linked plans, and term insurance plans to fulfill the varied needs of its customers.

Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services Limited and Tokio Marine Holdings Inc. The company started its operations in the country in 2011 and has about 121 branches across 91 urban cities in the country. The life insurance provider offers different life insurance products, including various term insurance plans catering to numerous prerequisites of people.

To pick the ideal term plan, you can think about term plans by HDFC Life Insurance and Edelweiss Tokio Life Insurance on the underneath referenced parameters.

Term Insurance Plans by HDFC Life Insurance vs Edelweiss Tokio Life Insurance

HDFC Life Term Insurance Plans

  • HDFC Life Insurance offers 3 term plans – HDFC Life Click 2 Protect Life, HDFC Life Click 2 Protect Plus, HDFC Life Click 2 Protect 3D Plus, which have been carefully designed to cater to customers’ requirements at various life stages.
  • The term plans come with flexible options such as different death benefit options to choose from and multiple premium payment frequencies, which the policyholders can choose as per their preference.
  • For maintaining a healthy lifestyle, policyholders are offered low premiums for their policies.
  • The term plans also come with the flexibility of adding riders to provide extra benefits and coverage.

 

Why choose HDFC Life Insurance Term Plans? 

  • HDFC Life Insurance term plans can be customized as per the needs and requirements of the customers.
  • The HDFC Life term plans are affordable and backed by various benefits and flexible features like different premium payment modes, coverage options, and payout options. 
  • HDFC term plans also feature MWPA enrollment benefits to ensure that the death benefit amount is secured only for your relative.
  • HDFC Life Insurance has a healthy claim settlement ratio, ensuring to be a reliable partner and hassle-free claim settlement process.
  • The leading insurer boasts of a vast network and distribution channel to make sure that its products are readily available across all major cities and towns in India.

 

Edelweiss Tokio Life Term Insurance 

  • Edelweiss Tokio Life protection offers 6 an array of term protection plans – Edelweiss Tokio Life Zindagi Plus, Edelweiss Tokio Life Saral Jeevan Bima, Edelweiss Tokio Life Simply Protect, Edelweiss Tokio Life Total Protect Plus, Edelweiss Tokio Life My Term Plus and Edelweiss Tokio Life Protection backed by various useful advantages and features. 
  • The term plans by Edelweiss Tokio Life Insurance give the spouse coverage option under the single policy.
  • Edelweiss Tokio’s term insurance policies additionally cover COVID-19 death claims.
  • Edelweiss Tokio term plans give the option to the policyholders to pay premiums in different frequencies, such as for a limited period and enjoy the benefits of the life cover throughout the entire policy term.

 

Why choose Edelweiss Tokio Life Term Plans? 

  • Edelweiss Tokio Life Term Plans give comprehensive protection till 100 years of age.
  • The term plans secure the insured’s family in their absence and let them lead a stress-free life.
  • The insurer provides complete insurance solutions fitting the necessities of its clients by providing a customer-centric approach.
  • Along with life cover, the term plans by Edelweiss Tokio Life insurance also covers critical illnesses.
  • The term plans offer diverse life cover variants, premium payment options, and payout choices to suit the necessities of the policyholders.

 

FAQs:

Do Edelweiss Tokio term insurance plans offer any tax breaks?

Yes, Edelweiss Tokio term plans are qualified for tax breaks for the premiums paid under section 80C of the Income Tax Act, 1961.

Can I buy an HDFC Life term insurance plan online?

Yes, you can purchase HDFC Life term insurance plans online. The online buying process is easy, simple, hassle-free, and involves less paperwork. However, you should thoroughly check and compare various term insurance plans available online to get the maximum benefits at an affordable price before buying one online.

What are the documents required to buy HDFC Term insurance online?

The documents required by the HDFC Term plan online include:
Photo ID Proof (driver's license, passport, Adhaar card, PAN card, voter ID card)
A recent passport size picture
Address Proof (Voter ID card, electricity bill, passport, telephone bill, ration card, bank account statement, utility bill)
Age Proof (driver's license, birth certificate, passport, PAN card, voter ID card, college/school leaving certificate)
Income Proof (salary slip, Form 16, ITR/assessment order, employer's certificate)

What is the grace period under Edelweiss Tokio term insurance plans?

Edelweiss Tokio Life Insurance gives a grace period of 30 days from the date of unpaid premium. If you fail to pay your premium within the grace period, then the policy will lapse. However, during the grace period, the policy remains active.

What are the various premium payment modes under Edelweiss Tokio term insurance plans?

Different premium payment modes under Edelweiss Tokio term insurance plans include yearly, half-yearly, monthly, and quarterly premium payments.

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