HDFC Life Term Insurance Vs SBI Life Term Insurance
Almost all life insurance providers offer term life insurance. And choosing the right term insurance plan out of plenty of options available in the market is a tedious task. Therefore, you should compare the features and benefits of various term plans while making the buying decision. Below are the details of HDFC Life term insurance plans and SBI Life term insurance plans to brief you about their offerings.
HDFC Life Term Insurance vs SBI Life Term Insurance Overview
|Parameters||HDFC Life Insurance||SBI Life Insurance|
|Number of Term insurance plans||3||7|
|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%||94.52%|
Term Insurance plans- HDFC Life Insurance vs SBI Life Insurance
HDFC Life Insurance is a well-known insurance provider in the country. With a claim settlement ratio as high as 99.07%, HDFC Life Insurance is considered among the insurance sector’s trusted and reliable insurance partners. Commencing its operation in the year 2000, HDFC life insurance offers various life insurance products, including term insurance, retirement, savings & investment plans, health plans, and child plans fulfilling all kinds of requirements of the customers.
SBI Life Insurance needs no introduction; it is one of the leading insurers in the country. Incorporated in 2000, SBI Life insurance is a joint venture between SBI (State Bank of India) and the French multinational bank, BNP Paribas Cardiff. The company offers a wide range of life insurance products, including savings, retirement, child plans, protection plans, amongst others.
Term plans offered by HDFC Life Insurance and SBI Life Insurance can be compared on different parameters mentioned below while selecting the best one per your requirement.
Term Insurance Plans by HDFC Life Insurance vs SBI Life Insurance
HDFC Life Term Insurance Plans
- HDFC Life Insurance term plans are carefully planned to meet different requirements of the customers at their various life stages.
- The leading insurer offers 3 term plans – HDFC Life Click 2 Protect Life, HDFC Life Click 2 Protect Plus, HDFC Life Click 2 Protect 3D Plus.
- HDFC Life term plans are flexible as the policyholders can customize the term plans by choosing different premium payment modes, payout options, and rider benefit options as per their requirements.
- The term plans are available at low premiums if the insured maintains a healthy lifestyle.
Why choose HDFC Life Insurance Term Plans?
- HDFC Life term insurance plans provide comprehensive financial protection to the insured’s family in their absence.
- HDFC term plans come with MWPA enrolment benefit ensuring that the death benefit is legally safeguarded for your relative only.
- The company boast of a high claim settlement ratio, proving itself to be a reliable insurance partner while ensuring a hassle-free claim settlement process.
- The insurer has a vast network and distribution channel, ensuring that its products are easily accessible by everyone across all major cities and towns.
SBI Life Term Insurance
- SBI Life Insurance term plans are backed by various benefits and features, including death benefits, maturity benefits, and surrender benefits to the policyholder.
- SBI Life Insurance offers 7 different affordable term insurance plans – SBI Life eShield, Smart Shield, Saral Jeevan Bima, Poorna Suraksha, Smart Swadhan Plus, Saral Swadhan+ and Grameen Bima, to fulfill various requirements of the customers.
- SBI term plans provide life cover up to the age of 65 years of the policyholder.
- The term plans offer flexible options to add riders at a nominal premium rate.
Why choose SBI Term Insurance Plans?
- SBI Life insurance is among the trusted names in the insurance sector, having a good claim settlement ratio.
- SBI term plans are affordable for every individual and can be customized as per people’s insurance needs.
- The term plans are carefully designed, offering flexibility to the policyholder to choose from various premium payment terms and payout options.
What are the various riders available under term insurance plans?
Various riders available under term insurance plans are:
Critical illness benefit rider
Waiver of premium Income benefit rider.
Accidental death benefits rider
Accidental disability benefit rider
Accelerated death benefit rider
What are the various rider options offered by SBI Life Term Insurance Plans?
SBI Life Term Insurance plans provide Critical Illness Cover, Accidental Death Benefit Cover, and Permanent Disability Cover.
Can a smoker buy an SBI Term Insurance Plan cover?
Yes, an individual who smokes or consumes tobacco can buy purchase SBI term insurance plan cover; however, they are required to pay higher premiums as compared to non-smokers.
What are the documents needed to buy SBI Life Term insurance plans?
To buy an SBI Life Term insurance plan, you need to present age proof, identity proof, address proof, and income proof, including PAN Card, Aadhar Card, Voter Id, Passport, Form 16, Driving license, and income tax return, amongst others.
Can I change the nominee in SBI Life term insurance plans?
Yes, it is possible to change the nominee under SBI life Term Insurance plans by submitting the "Change in the document" to the insurer. You can get the form from the official website of SBI Life Insurance under Download Center.
Can I buy an HDFC Life term insurance plan online?
Yes, you can buy an HDFC Life term insurance plan online. The online buying process is simple, hassle-free, and involves less paperwork. However, before you buy one online, you should check and compare various term insurance plans available online to get the maximum benefits of the term plan at an affordable premium.
Is it possible to surrender the HDFC term insurance plan?
Yes, you can surrender your HDFC term insurance plan if you think your liabilities in life are over.
Does HDFC Life Term Insurance Plans cover COVID-19 death claims?
Yes, HDFC Life Term Insurance Plans cover COVID-19 death claims.
How much time does HDFC Life term insurance take to settle a claim?
According to the Insurance Regulatory Authority of India (IRDAI), all claims need to be settled within 30 days, and if any further investigation is required, then it might take up to 90 days to settle a claim.