ICICI Prudential Term Insurance vs Exide Life Term Insurance

The importance of term insurance can’t be ignored; however, choosing the right one suiting your requirements can be tricky. Therefore, you should thoroughly research and go through the features and benefits of various term plans to pick the ideal one to provide a safe financial future to your loved ones in your absence. Below are the details about term plans by two leading insurers – ICICI Prudential Life Insurance and Exide Life Insurance which you can check to know more about their term insurance plans.

ICICI Prudential Term Insurance Plans vs Exide Life Term Insurance Plans Overview

Parameters ICICI Prudential  Exide Life Insurance
Number of term insurance plan 5 5
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% 98.15%

 Term Insurance policies – ICICI Prudential Life Insurance vs Exide Life Insurance

A joint venture between ICICI Bank and Prudential Corporation Holdings Limited, ICICI Prudential Life Insurance commenced its operation in 2001 and is counted among the top insurers in the country. The company offers a host of insurance products catering to the different needs of its customers, including term insurance plans.

Exide Life Insurance is a 100% Indian-owned entity and has been active in the insurance sector since 2001. The insurer is known for its excellent customer service and range of insurance products, including several term insurance plans comprising various benefits and features.

You can compare the term plans offered by ICICI Prudential Life Insurance and Exide Life Insurance on various parameters and choose the right one according to your requirement.

Term Insurance Plans by ICICI Prudential vs Max Life Insurance

ICICI Prudential Term Insurance Plans

  • ICICI Prudential Life Insurance offers 5 term plans that are carefully designed to cater to all needs of people at different life stages. 
  • The different term plans include ICICI Pru iProtect Smart, ICICI Pru iCare II, ICICI Pru Saral Jeevan Bima, ICICI Pru POS iProtect Smart, and ICICI Pru Life Raksha and are backed by various features and benefits.
  • The term plan offers sum assured, ranging from Rs 5 lakh to Rs 2 crores providing policyholders’ a flexible option to opt for their desired life cover.
  • The entry age to buy ICICI Pru term plans ranges between 18 years to 70 years.
  • The term plans provide complete life cover, critical illness cover, and accidental death cover. 
  • It gives the option to increase life cover at different stages of life. 

 

Why choose ICICI Pru term insurance?

  • ICICI Prudential offers 5 unique sorts of term insurance plans to match the different requirements of every individual. 
  • The term plans are reasonably priced and provide coverage against death, illness, and disability.
  • With a healthy claim settlement ratio of 97.84%, ICICI Prudential is one of the most trusted insurance partners in the market.
  • Also, the term plans come with in-built features such as in-built permanent disability waiver and in-built terminal illness cover. 

 

Exide Life Term Insurance Plans 

  • Exide Life Term Insurance Plans offers high sum assured at considerably low premiums.
  • The insurer provides 5 carefully designed term plans – Exide Life Elite Term Insurance Plan, Exide Life Smart Term Pro, Exide Life Smart Term Edge, Exide Life Saral Jeevan Bima, and Exide Life Term with Return of Premium Plan.
  • Under Exide Life Term Insurance Plans, you get the flexibility to pay premiums for a limited term and enjoy the benefits of life cover for the entire policy term.
  • Along with death benefit, the term plans also come with maturity benefit by returning the premiums paid at the policy maturity.

 

Why choose Exide Life term insurance?

  • Exide Life term insurance plans are tailor-made protection plans that give you the flexibility to select from the different sum assured payout and premium payment options.
  • The term plans are priced affordable, such that they do not burden the customer.
  • You can opt for various riders to be added to the base policy to enhance the existing scope of the current policy coverage.
  • Exide Life term plans come under tax exemptions, offering you tax benefits under the prevailing laws of the Income Tax Act.

 

FAQs:

What is the free-look period under ICICI Prudential and Exide Life term insurance plans?

The free-look period under ICICI Prudential and Exide Life term insurance plans is 15 days and 30 days if the policy is purchased online.

Can an NRI buy a term insurance plan in India?

Yes, an NRI can buy a term insurance plan in India. To do so, the person can contact the respective insurer and know the entire process.

Can I change the policy tenure after buying the term insurance?

No! you can not change the policy tenure after buying the term policy.

What is the process to check ICICI Life Insurance policy status?

To check the ICICI Life Insurance policy status, you can register yourself on their official website and use your policy number to know the status.

Is it possible to cancel the ICICI Prudential life insurance policy?

Yes, you can cancel the ICICI Prudential life insurance policy by submitting the reason along with the respective cancellation form at any of the ICICI Prudential Life Insurance branches. You also need to submit a canceled cheque, ID proof, and NRE Bank Statement with details about your paid premiums along with the form.

What is the maximum age up to which Exide Life term insurance offers life cover?

Exide Life Term plans to provide life cover till the age of 80 years.

Why should I buy an Exide Life term insurance plan?

Exide Life term insurance plans are backed by several useful benefits and features that offer you much-needed peace of mind. The benefits include high life cover, affordable premiums, tax benefits, rider benefits, and much more. To know more, you can visit the official website of the insurer.

Is it safe to buy term insurance online?

Yes! It is absolutely safe to buy term insurance online as all the information is kept confidential, and payments are made through secured payment gateways.

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