ICICI Prudential Term Plans Vs Bajaj Allianz Term Plans

Term insurance plans are an essential financial tool to secure your family financially in your absence. However, several term insurance plans are available in the market, and choosing the right one per your requirement could be confusing. Hene, it gets crucial to compare different term plans before making the buying decision. You can have a look at the term insurance plans offered by ICICI Prudential Life Insurance and Bajaj Allianz Life Insurance to opt for the right one based on your requirements.

Term Insurance Plans by ICICI Prudential Life Insurance vs Bajaj Allianz Life Insurance Overview

Parameters	ICICI Prudential	Bajaj Allianz
Number of Term insurance plans	5	3
E-services	Online consultation, buying policy, policy renewal, and claim settlement	Online consultation, buying policy, policy renewal, and claim settlement
Claim settlement ratio	97.84%	98.02%

Term Insurance Policies – ICICI Prudential vs Bajaj Allianz Life Insurance

ICICI Prudential is one of the top insurance providers in the country, offering a wide range of insurance products, including savings and investment plans, protection plans, ULIPs, and child plans. Its products are carefully designed, keeping in mind the various needs of every individual.

Bajaj Allianz Life Insurance is counted among the top private insurers in the country. It is a joint endeavor between Bajaj Finserv Limited and Allianz SE. Since it commenced its operations in 2001, it enjoys a wide presence across all parts of the country. The insurer offers various insurance products catering to the needs of people of all groups and segments.

To choose the right term plan, you can compare ICICI Prudential and Bajaj Allianz Life Insurance term plans on various parameters mentioned below.

Term Insurance Plans by ICICI Prudential vs Bajaj Allianz Life Insurance 

ICICI Prudential Term Plans 

• ICICI Prudential term plans are carefully designed to provide complete financial protection to individuals of all age groups. 
• The leading insurer offers 5 term plans – ICICI Pru iProtect Smart, ICICI Pru iCare II, ICICI Pru Saral Jeevan Bima, ICICI Pru POS iProtect Smart, and ICICI Pru Life Raksha, backed by different features and benefits.
• The term plans come with flexible options for premium payment frequencies and payout alternatives which you can choose based on your requirement.
• The sum assured amount ranges from Rs 5 lakh to Rs 2 crores. The minimum policy entry age is 18 years, and the maximum maturity age is 70 years.
• You can also add riders in ICICI Prudential term plans to enhance the scope of base coverage.

 

Why choose ICICI Prudential Term Plans? 

• ICICI Pru term plans cover critical illness, accidental death, and accidental death. 
• The term plans cost-effectively offer complete financial assurance.
• The plans come with an in-built permanent disability waiver and in-built terminal illness benefit feature providing a comprehensive life cover option.

 

Bajaj Allianz Term Plans 

• Bajaj Allianz offers 3 different term plans – Bajaj Allianz Life Smart Protect Goal Term Plan, Bajaj Allianz Life eTouch Online Term Plan, and Bajaj Allianz iSecure Term Plan, each intended to meet various necessities in a customers’ life. 
• The term plans are backed by various features and benefits and flexible options for premium payment and payouts.
• It gives the option to increase the existing life cover as well as enhanced terminal illness cover.
• You can opt for joint life cover or single life cover under a single policy.
• It also gives the option to add riders to the existing base policy.

 

Why choose Bajaj Allianz Term Plans? 

• The term plans offered by Bajaj Allianz Life Insurance are reasonably priced while providing comprehensive protection. 
• The insurance provider provides a variety of insurance plans intending to meet various prerequisites of the policyholder. 
• There is a discount on premiums if opted for a higher sum assured.