HDFC Life Term Insurance vs Tata AIA Life Term Insurance

A term insurance plan is an essential financial tool that protects your family financially in your absence. It gives them much-required financial help, which they need on troublesome occasions, for example, in the event of your untimely demise. However, with the availability of multiple-term plans in the market, it is imperative to go through them carefully and pick the right one. Therefore, you can go through the features and benefits of the term plans offered by HDFC Life Insurance and Tata AIA Life Insurance to make the right buying decision.

Term Insurance Plans by HDFC Life Term Insurance vs Tata AIA Life Insurance Overview

Parameters HDFC Life Term Insurance Tata AIA Term Insurance
Number of Term insurance plans 3 6
E-services Buying policy, policy renewal, update information, premium payments, and claim settlement Policy buying online, premium payment online, tracking and registering for claims
Claim settlement ratio 99.07% 99.06%

Term Insurance policies – HDFC Life Insurance vs Tata AIA Life Insurance

HDFC Life Insurance is a notable name in the insurance sector. It commenced its operations in the year 2000 and offers various life insurance products such as term insurance, retirement, savings, investment, health, and protection plan to fulfill all kinds of requirements of customers. 

Tata AIA Life Insurance Company Limited is considered one of the country’s leading insurers, offering different life insurance products, including term insurance plans. Tata AIA Life Insurance is a joint venture between Tata Sons Pvt. Ltd. and Tata AIA Life. The company began its operations in 2001 and zeroed in on giving compelling solutions for each one of its client’s needs. 

To settle on the ideal term insurance plan, you can analyze HDFC Life Insurance and Tata AIA Life Insurance term plan on various parameters mentioned below.

Term Insurance Plans by HDFC Life Insurance vs Tata AIA Life Insurance

HDFC Life Term Insurance Plans

 

Why choose HDFC Life Insurance Term Plans? 

  • HDFC Life term insurance plans offer complete financial protection while catering to the varied needs of people. 
  • The affordably priced HDFC Life term plans can be customized according to policyholder’s requirements by opting for various premium payment modes, coverage options, and payout options. 
  • HDFC term plans also offer MWPA enrolment advantages to guarantee that the death benefit is safeguarded for your relative.
  • The company features a healthy claim settlement ratio, ensuring a reliable partner and hassle-free claim settlement process.
  • The insurer boasts of a vast network and distribution channel, ensuring that its products are easily accessible by everyone across all major cities and towns in India.

 

Tata AIA Term Insurance Plan

  • Tata AIA term insurance plans offer 6 different term insurance plans – Sampoorna Raksha, Sampoorna Raksha+, iRaksha Trop, Sampoorna Suraksha Supreme, MahaRaksha Supreme, and Saral Jeevan Bima, intending to fulfill various needs of the customers.
  • The term plans are backed with various features, benefits, and coverage options such as life coverage, whole life coverage, increasing life cover at important milestones with life stage option, along with the return of premium option on maturity. 
  • The leading insurer also offers rider benefits at a nominal price to broaden the base policy coverage scope. 
  • The term plans are eligible for tax benefits as per the existing norms of the Income Tax Act.

 

Why choose the Tata AIA Term insurance plan?

  • Tata is a name to reckon with and features a high claim settlement ratio of 99.06%.
  • The term plans under Tata AIA offer life coverage up to 100 years.
  • You get the flexibility to customize and opt for plans based on your need.
  • Female policy buyers get term plans at lower premium rates for females. 

 

FAQs:

What is the free-look period offered by Tata AIA term insurance plans?

Tata AIA term insurance plans provide a free-look period of 30 days in case you want to cancel or return the policy after buying it.

What is the grace period offered by Tata AIA term insurance plans?

Tata AIA Life Insurance offers 15 days grace period for monthly premiums and 30 days grace period for quarterly, half-yearly, and yearly premium payments.

Is it possible to revive Tata AIA term insurance plans?

Tata AIA Life Insurance offers a grace period of 5 years from the date of the first unpaid premium to revive the term policy if you fail to pay the premium within the grace period. After that, you can revive the policy by paying all the unpaid premiums.

Is it possible to purchase an HDFC Life term insurance plan online?

Yes, you can purchase HDFC Life term insurance plans online. The online buying process is hassle-free, simple, and involves less paperwork. Also, you should go through and compare various term insurance plans available online to get maximum benefits at an affordable premium before you buy one online.

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

The documents required by the HDFC Term insurance plan online include:
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)
Photo ID Proof (driver's license, passport, Adhaar card, PAN card, voter ID card)
A recent passport size picture
Income Proof (salary slip, Form 16, ITR/assessment order, employer's certificate)

Can I surrender my HDFC term insurance plan?

Yes, you can opt to surrender your term insurance plan if you think your liabilities in life are over.

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