ICICI Prudential Term Insurance vs Future Generali Life Term Insurance
The importance of term insurance can’t be ignored, and buying one is a necessity for today’s lifestyle. However, choosing the correct term insurance based on your requirements is more important. With ample options available in the market, it’s quite tricky to opt for the right one. Therefore, here are the details of term plans from ICICI Prudential and Future Generali about which you can know and compare on various parameters.
ICICI Prudential Term Plans vs Future Generali Life Insurance Term Plans Overview
|Parameters||ICICI Prudential||Future Generali Life Insurance|
|Number of Term insurance plans||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%||95.28%|
Term Insurance policies – ICICI Prudential vs Future Generali Life Insurance
ICICI Prudential offers several life insurance products catering to the varied needs of the customers. The life insurance products also include affordable term insurance plans which financially secured the insured’s family during uncertain times. A joint venture between ICICI Bank and Prudential Corporation Holdings Limited, it is one of the leading insurers in the country.
Future Generali India Life Insurance is another well-known insurance company in India. It is a joint venture between Future Group, Generali Group, and Industrial Investment Trust Limited (IITL). The company offers different term insurance plans with a view to improve and secure people’s lives.
You can compare ICICI Prudential and Future Generali term plans on different parameters and pick the right one as per your requirement.
Term Insurance Plans by ICICI Prudential vs Future Generali Life Insurance
ICICI Prudential Term Plans
- ICICI Prudential Life Insurance offers 5 different carefully designed term plans to suit every individual’s needs at different stages of life.
- The term plans offered by ICICI Prudential are ICICI Pru iProtect Smart, ICICI Pru iCare II, ICICI Pru Saral Jeevan Bima, ICICI Pru POS iProtect Smart, and ICICI Pru Life Raksha backed with various benefits and features.
- The sum assured for ICICI Prudential term insurance policies ranges between Rs 5 lakh to Rs 2 crores, providing policy seekers the flexibility to opt for their desired coverage amount based on their needs.
- Any individual between 18 years to 70 years of age can opt for ICICI Prudential term insurance plans.
- ICICI Pru term plans offer flexible premium payment terms and payout options.
- ICICI Pru term plans also cover critical illnesses, accidental death with the help of rider benefits.
Why choose ICICI Prudential Term Plans?
- ICICI Prudential term plans come with various flexible options, which you can choose to customize plans base on your needs.
- The term plans offer comprehensive protection at affordable premium rates.
- The company has a high claim settlement ratio of 97.84%, which makes it a credible insurer partner in the market.
- ICICI Pru term plans come with an in-built permanent disability waiver and in-built terminal illness cover benefit.
Future Generali Term Plans
- Future Generali offers 5 term insurance plans – Future Generali Flexi Online Term Plan, Future Generali Care Plus, Future Generali Jan Suraksha, Future Generali Express Term Life Plan and Future Generali Saral Jeevan Bima which the insured can choose as per their requirements.
- The term plans offer flexible options for payout benefit and premium payment.
- These also come with various rider benefit options such as critical illness, accidental death, or permanent disability.
- Term plans are available at lower premium rates for female policy buyers.
Why choose Future Generali Term Plans?
- Future Generali term plans are backed by various benefit options such as death benefit, surrender benefit, rider benefit, and tax benefit as per the Income-tax laws.
- The 5 term plans are carefully designed to provide optimum financial protection to the insured and their family.
- The term plans come with various flexible options to suit the varied requirements of the customers.
Does Future Generali term insurance plans offer survival benefits?
term plan with a return of premium (TROP) option offers a maturity or survival benefits, while traditional term plans only provide a death benefit. Under TROP plans, all the premiums paid are returned on the policy maturity.
What should be done if the claimant lost the original policy documents?
Original policy documents are necessary for filing the claim. But if the claimant has lost or misplaced the original policy documents, then the claimant must submit an affidavit and execute an indemnity bond along with two guarantees. However, the final decision depends on the insurance company.
Who can all buy a Future Generali India term insurance plan?
Any individual between 18 to 55 years is eligible to purchase a Future Generali Life Insurance basic cover plan and buy the income protection plan; the individual should be between 25 and 55 years.
What will happen if I miss paying the Future Generali term insurance premium?
Suppose you miss paying your Future Generali term insurance premium. In that case, you get 30 days grace period in case of an annual premium payment plan and 15 days grace period for monthly premium payments. Still, if you miss paying the premiums within the grace period, then the policy will lapse.
How can I check ICICI Life Insurance policy status?
You need to register yourself on ICICI Prudential Life Insurance official website and use your policy number to check your policy status.
Is it possible to cancel the ICICI Prudential life insurance policy?
You can cancel the ICICI Prudential life insurance policy by stating the reason and submitting the cancellation form at any ICICI Prudential Life Insurance branch. Along with the form, you also have to submit a canceled cheque in your name, ID proof, and NRE Bank Statement with details about your paid premiums.
What is the claim settlement ratio of ICICI Prudential Life Insurance?
ICICI Prudential Life Insurance boasts of a healthy claim settlement ratio of 97.84%, proving it to be a reliable insurance provider.