HDFC Life Term Insurance vs IndiaFirst Life Term Insurance

Term Insurance offers substantial life cover at affordable premiums, making it quite a popular financial tool among policy buyers. Term insurance plans guarantee financial security for your family’s future in case of your untimely demise. However, choosing the right term plan based on your requirement is equally important as buying one to enjoy maximum benefit. Therefore, here are subtleties of the term plans by HDFC Life Insurance and IndiaFirst Life Insurance which you can check underneath. 

HDFC Life Insurance Term Plans vs IndiaFirst Life Insurance Term Plans Overview

Parameters HDFC Life Insurance IndiaFirst Life Insurance
Number of Term insurance plans 3 2
E-services Online consultation, registration services, buying policy, policy renewal and claim settlement Registration services, online consultation, online payment, policy status, claims status, grievance registration
Claim settlement ratio 99.07% 96.65%

Term Insurance policies – HDFC Life Insurance vs IndiaFirst Life Insurance

HDFC Life Insurance is counted among the top insurance players in the insurance sector. The company started its operations in the year 2000 and established a widespread network and distribution channels. It offers a range of life insurance products, including savings, investment, retirement, health, and term insurance plans to fulfill varied kinds of requirements of customers.

IndiaFirst Life Insurance is considered to be the youngest and one of the fastest-growing financial service providers in the country. The company began its operation in November 2009, and since then, it has expanded its footprints across more than 1000 Indian urban regions and towns. IndiaFirst Life Insurance offers an array of life insurance products, including term insurance, retirement plans, wealth plans, along savings and investment plans.

You can go through the various parameters of term insurance plans offered by HDFC Life Insurance and IndiaFirst Life Insurance and make the right buying decision as per your needs.

Term Insurance Plans by HDFC Life Insurance vs IndiaFirst Life Insurance

HDFC Life Term Insurance Plans 

  • HDFC Life Insurance term plans are intended to meet clients’ necessities at different life stages.
  • The leading life insurance provider 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 come with rider benefit options to broaden the scope of the existing policy cover.
  • The term plans offer different death benefit options and premium payment options, providing flexibility to the policyholder to opt for the desired option as per their preference.
  • The insurer also offers low premiums to the policyholders if they maintain a healthy lifestyle.

 

Why choose HDFC Life Insurance Term Plans? 

  • HDFC Life Insurance term plans offer complete financial security at an affordable price while catering to the different needs of the individuals.
  • Policyholder’s prerequisites can tweak the reasonably priced HDFC Life term plans by picking different premium payment frequencies, policy cover options, and payout choices.
  • HDFC term plans offer MWPA enrolment benefits to ensure the payout benefit is protected for your family member.
  • The insurance provider boasts of a healthy claim settlement ratio, ensuring a faster claim settlement process.

 

IndiaFirst Life Term Insurance plan 

  • IndiaFirst Life Insurance offers 2 term plans – IndiFirst Online Term Plan and IndiaFirst Life Plan.
  • These term plans offer comprehensive protection and flexible choices to personalize as per your necessities, such as different premium payment options- single payment, monthly and yearly payment.
  • IndiaFirst term plans accompany 3 unique sorts of rider advantage choices – critical illness rider, ATPD, and accidental death cover. These riders can be easily added to the existing policy to enhance the scope of the base cover.

 

Why choose IndiaFirst Life term insurance plans?

  • IndianFirst Life Insurance is promoted by the country’s two leading banks – Union Bank of India and Bank of Baroda.
  • The plans are explicitly planned considering the various necessities of individuals at different life stages. 
  • IndiaFirst Life term plan offers a high sum assured at affordable premiums.
  • The company is known for its simple buying process and hassle-free claim settlement process.

 

FAQs:

What is the claim settlement ratio of IndiaFirst Life Insurance?

IndiaFirst Life Insurance features a claim settlement ratio of 96.65% FY 19-20, substantiating itself as a dependable insurance partner in the market.

What is the process at IndiaFirst Life Insurance to pay the claim to the policy beneficiary or nominee?

IndiaFirst Life Insurance attributes the claim amount to the bank account of the policy beneficiary or the nominee.

What is the maximum policy tenure IndiaFirst Life Insurance offers?

IndiaFirst Life Insurance offers a maximum of 40 years of the policy tenure.

Which documents are accepted as ID proof and address proof?

The documents that are accepted for ID and Address Proof are PAN Card, Passport, Aadhar Card, Driving License, Bank Account Statement, or Voter Identity Card.

Are COVID-19 death claims covered under HDFC Life Term insurance plans?

Yes, HDFC Life term insurance plans cover COVID-19 death claims.

What does accidental death coverage rider mean under IndiaFirst Life term insurance?

Under IndiaFirst Life term insurance accidental death coverage rider, an additional payout is paid in case of unnatural death due to accident during the policy tenure.

What are the various online premium payment modes for HDFC Life Insurance and India FirstLife Insurance?

The different online premium payment modes available for HDFC Life Insurance and IndiaFirst Life Insurance are Credit card, Debit card, Netbanking, UPI, and automatic transfer from the account.

Who is a nominee?

The nominee is the individual nominated during the time of policy issuance to receive the insurance policy benefits. If the nominee is minor, the benefits will be given to the appointee as mentioned at the policy issuance.

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