HDFC Life Term Insurance Vs Kotak Mahindra Life Term Insurance

In today’s fast-paced world, everyone wants to secure the financial future of their families so that their loved ones can lead a wholesome lifestyle in their absence. A term insurance plan is an utmost answer to strengthen your family’s financial status when you are not present. Many preeminent insurance companies are embracing customers with various intriguing term insurance plans. But before investing a single penny, you should compare various term plans available in the market and choose the best one that satisfies your needs and requirements. Below are the details about the term plans offered by HDFC Life Term Insurance vs Kotak Mahindra Life Term Insurance that you can compare and choose the most suitable one.

HDFC Life term insurance vs Kotak Mahindra life term insurance plans overview

Parameters HDFC Life insurance Kotak Mahindra life
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% 96.38%
     

Term insurance policies: HDFC Life insurance Vs Kotak Mahindra Life insurance

HDFC Life Insurance is a joint venture between HDFC Ltd (India’s eminent housing finance institution) and Standard Life Aberdeen (a renowned global investment company). Established in 2000, HDFC Life offers a spectrum of long-term life insurance solutions to customers that will satisfy their financial needs and 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, as the fastest growing insurance company in India, Kotak Mahindra Life insurance holds an unparalleled market reputation. Established in 2001, (under the flagship of Kotak Mahindra Finance company), the company offers a plethora of insurance plans, including term plans, savings plans, health plans, retirement plans, etc.

Here, you can compare HDFC Life insurance term plans and Kotak Mahindra Life insurance term plans on multifarious parameters and should opt for the best one as per your needs and requirements.

Term insurance plans by HDFC Life insurance vs Kotak Mahindra Life insurance

HDFC Life term insurance plans

  • All term plans are carefully designed to fulfill all your financial needs and requirements
  • 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 hefty sum assured amount that you can utilize multiple ways.
  • 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 offers various riders, including death, critical illness, terminal illness, accidental disability, and monthly income benefits from 60 years of age. All these riders will strengthen your base policy.
  • This plan offers maturity benefits if you survive the policy term.
  • HDFC Life term plan offers high sum assured at lower premiums.

 

Why choose HDFC Life term insurance?

  • HDFC Life insurance term plans offer intriguing products that satisfy all the needs of the customers.
  • The company has a healthy claim settlement ratio (99.07%).
  • The term plan offers high protection at a low premium.

 

Kotak Mahindra life term insurance plans

  • Kotak Mahindra Life offers a comprehensive term insurance plan at reasonable premiums.
  • Kotak term insurance plan comes with 3 term plans (Kotak term plan, Kotak e-term plan, and Kotak Saral Jeevan Bima)
  • You can convert your existing term plan to another with your evolving needs and requirements. ·      
  • Premiums can be paid either monthly, quarterly, half-yearly, annual, or single (in a lump sum amount) at your convenience
  • The minimum and maximum entry age is 18 years and 65 years
  • You can uplift your base policy by adding various riders like death benefit, critical illness, and disability benefit. An in-built waiver of premium rider is available with Kotak e-term plan. 
  • The sum assured is payable to the nominee (sudden demise of the policyholder in the tenure period). For Kotak Saral Jeevan Bima, the sum assured amount is 1.25 times the single premium and 10 times the annual premium

 

Why Choose Kotak Mahindra life term insurance?

  • The term plan offers various product options.
  • Flexible payment options for premiums.
  • The claim settlement ratio (96.08%) is impressive.

 

FAQs:

Can I purchase a Kotak life term insurance plan online?

Yes, by visiting the company’s website, you can purchase an online term insurance plan.

What will happen if I don’t pay the term insurance premiums timely?

The company will offer a grace period of 30 days by which you need to pay your premium. If you still fail, you can’t enjoy the benefits of your policy.

How do I pay HDFC term life insurance premiums?

You can pay either online (Netbanking, credit or debit card, UPI, or mobile wallets) or offline (cash, cheque, or demand drafts) at your convenience.

Does HDFC term insurance plan offer tax benefits?

Yes, you are eligible for tax benefits under section 80 C and section 10 D of the Income Tax Act for the premiums for your policy and payout benefit amount.

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