ICICI Prudential Term Insurance Vs Edelweiss Tokio Life Term Insurance
Term insurance policies have become a necessity these days. With the number of unforeseen events happening around, there is no guarantee of life, and you have to ensure that your loved ones are financially secured in your absence. Hence, term insurance is an ideal option to get themselves covered and protected from any such financial risks. However, choosing the right one as per your requirement could be a tricky task. Therefore, here are the details of term plans by ICICI Prudential and Edelweiss Tokio Life Term Insurance so that you can make the right buying decision.
Term Insurance Plans by ICICI Prudential Life Insurance vs Edelweiss Tokio Life Insurance Overview
|Parameters||ICICI Prudential Insurance||Edelweiss Tokio Life Insurance|
|Number of Term insurance plans||5||6|
|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||97.84%||83.44%|
Term Insurance policies – ICICI Prudential Life Insurance vs Edelweiss Tokio Life Insurance
ICICI Prudential Life Insurance is one of the top insurance providers in the country, offering an array of life insurance products, including term insurance, health insurance, ULIPs, savings, and investment plans. The company is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited and is known for its excellent customer care services and thoughtfully designed products.
A joint venture between Edelweiss Financial Services Limited and Tokio Marine Holdings Inc, Edelweiss Tokio Life Insurance started its operations in India in 2011. It has about 121 branches across 91 cities in the country. The insurer provides various life insurance products, including different term insurance plans to cater to multiple requirements of individuals.
To opt for the ideal term plan, you can compare term plans by ICICI Prudential and Edelweiss Tokio Life Insurance on the below-mentioned parameters.
Term Insurance Plans by ICICI Prudential vs Edelweiss Tokio Life Insurance
ICICI Pru Term Insurance Plans
- ICICI Pru provides 5 term plans to suit your needs accordingly – ICICI Pru iProtect Smart, ICICI Pru iCare II, ICICI Pru Saral Jeevan Bima, ICICI Pru POS iProtect Smart, and ICICI Pru Life Raksha.
- The term plans offer life coverage up to 99 years as well as maturity benefits.
- In addition to life cover, ICICI Pru term insurance also provides a critical illness cover if the policyholder is diagnosed with any of the 34 specified critical illnesses such as cancer, heart attack, etc.
- ICICI Pru term plan also comes with Accidental Death Cover, offering additional cover benefits if the policyholder dies in an accident.
Why choose ICICI Prudential Term Plans?
- ICICI Prudential term plans are carefully designed and affordably priced to fit everyone’s budget while fulfilling their requirements.
- The term plans come with flexible premium payment options, which policyholders can opt for according to their convenience and need.
- The term plans offer long-term coverage as the insured can get life cover till the age of 85 or for the whole life, that is, 99 years of age.
- ICICI Pru term plans are also covered under the Married Woman’s Property Act, which protects the money received under this policy from any other creditors or outside claims, giving your family an additional layer of protection.
Edelweiss Tokio Life Term Insurance
- Edelweiss Tokio Life insurance offers 6 uniquely planned term insurance plans – Edelweiss Tokio Life Zindagi Plus, Edelweiss Tokio Life Saral Jeevan Bima, Edelweiss Tokio Life Simply Protect, Edelweiss Tokio Life Total Protect Plus, Edelweiss Tokio Life My Term Plus and Edelweiss Tokio Life Protection backed with various benefits and features.
- The term plans also come with a spouse coverage option under a single term policy.
- Edelweiss Tokio term plans also cover Covid-19 death claims.
- It gives you a flexible option to pay premiums for a limited period and get the life cover benefit throughout your entire policy term.
Why choose Edelweiss Tokio Life Term Plans?
- Edelweiss Tokio Life Term Plans provides comprehensive protection till the age of 100 years.
- The term plans provide financial security to your family in your absence.
- The company follows a customer-centric approach to provide complete insurance solutions suiting the requirements of its customers.
- Along with life cover, the term plans by Edelweiss Tokio provide protection against critical illnesses as well.
- The term plans come with different life cover variants, premium payment, and payout options to match the policyholder’s requirements.
What documents are acceptable as ID proof and address proof in ICICI Pru and Edelweiss Tokio term plans?
The documents acceptable as ID and Address Proof includes:
Voter Identity Card
Bank Account Statement
Why should I buy an ICICI Term Insurance plan?
ICICI term insurance plan offers financial security to your family in case of your sudden demise within the policy term. Moreover, its impressive claim settlement ratio of 97.84% (FY 2019-20) ensures a hassle-free and fast claim settlement process.
Do ICICI Prudential Term Plans cover death due to COVID-19?
Yes, ICICI Prudential term insurance plans cover COVID-19 death claims as death because of health issues are covered under life insurance policies.
Do Edelweiss Tokio term insurance plans offer any tax benefits?
Yes, Edelweiss Tokio term insurance plans are eligible for tax benefits for the premiums paid under section 80C of the Income Tax Act, 1961.
Is it possible to change the details in ICICI Pru term insurance plans after buying the policy?
Yes, it is possible to change the details in your term insurance policy at any time during the policy tenure. To do so, you need to download the respective forms from ICICI Prudential Life Insurance official website and submit the same at its branch. For example, you can request for a change in spelling, date of birth, premium payment mode, contact details, or nominee residential status but not the policy term after purchasing the term policy.
What kind of deaths are not covered under term insurance?
The term insurance covers all types of deaths due to illness, natural, murder, accidental, and natural calamities; however, it does not cover deaths due to suicide during the first year of the term plan.