ICICI Prudential Term Plans vs HDFC Life Term Plans
Buying the right term plan is equally important as opting for term insurance. With plenty of term plan options widely available in the market, picking the right one becomes quite tricky as every term plan includes different features and benefits that might suit you or someone else. Therefore, it is essential to compare various term plans before buying one. Below are the details of ICICI Prudential and HDFC Life term plans which you can compare on different parameters and pick the ideal term plan for yourself based on your preferences.
Term Insurance Plans by ICICI Prudential vs HDFC Life Insurance Overview
|Parameters||ICICI Prudential||HDFC Life Insurance|
|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%||99.07%|
Term Insurance Policies – ICICI Prudential vs HDFC Life Insurance
Backed by ICICI Bank and Prudential Corporation Holdings Limited, ICICI Prudential Life Insurance is counted among the top companies offering comprehensive term plans at affordable rates. The company commenced its operation in 2001 and is known for its cost-effective long-term savings and protection plans, along with excellent customer service.
HDFC Life Insurance is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.) and Standard Life Aberdeen. It is counted amongst the leading insurance providers in India, offering a wide range of insurance products starting from protection plans to life insurance, ULIPs, investment plans, and more.
To opt for the right term plan for a better future, you can compare ICICI Prudential and HDFC Life Insurance term plans on various parameters.
Term Insurance Plans by ICICI Prudential vs HDFC Life Insurance
ICICI Prudential Term Plans
- With 5 different term insurance, ICICI Pru provides complete protection options for all age groups of people.
- 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, backed by various attractive features and benefits.
- The term plans offer various flexible options, such as premium payment frequency, payout options, and sum assured amounts ranging from Rs 5 lakh to Rs 2 crores. The policyholders can customize the term plan as per their needs.
- The minimum entry age for the term plans is 18 years, and the maximum maturity age is 70 years.
- The plans also provide the flexibility to add rider benefits if you want to broaden the scope of your policy coverage.
- ICICI Pru term plans also cover critical illness, accidental death, and unprecedented death along with life cover.
Why choose ICICI Prudential Term Plans?
- ICICI Prudential term plans are affordable and offer complete protection to your loved ones in your absence.
- The term plans are backed by flexible features so that you customize the policies as per your requirement.
- The plans also feature an in-built permanent disability waiver and in-built terminal illness benefit providing a comprehensive life cover option.
HDFC Life Insurance Term Plans
- HDFC Life term insurance plans offer comprehensive coverage with high life coverage at affordable premiums.
- The term plans come with a flexible option to add riders to widen the base policy coverage.
- HDFC Life Insurance offers 3 different term plans – HDFC Life Click 2 Protect Life, HDFC Life Click 2 Protect Plus, HDFC Life Click 2 Protect 3D Plus. These plans are carefully designed to meet customer’s different requirements at different life stages in a cost-effective manner.
- Each term plan comprises several plan options or death benefit options which the policyholder can choose according to their preference and need.
- HDFC Life term plans provide flexible options for choosing from different premium payment schedules, payouts, and coverage options.
- HDFC term plans offer rewards in terms of low premiums if maintained a healthy lifestyle.
Why choose HDFC Life Term Plans?
- HDFC Life term insurance plans offer complete protection and are priced reasonably so that the plan does not have any financial burden on you.
- HDFC Life gives you the freedom to customize term plans as per your requirement by choosing from different coverage options, policy terms, premium payment modes, and payout options.
- It offers MWPA enrolment benefits to ensure that your death benefit is safeguarded only for your family member.
Is it possible to surrender my ICICI Prudential policy online?
No, you cannot surrender ICICI Prudential policy online. To do the same, you need to visit any of the insurer’s branches and submit the required documents like policy surrender form, ID proof, canceled cheque, etc., in their original form.
What is the free look-up period in the HDFC Life term insurance plan?
HDFC Life term insurance plan offers 15 days and 30 days as a free look-up period if the policy is bought online. If you don’t agree with any of the terms and conditions of the policy, you can return it within the stipulated time period after stating the reason.
Can I pay premiums monthly?
Yes, premiums for ICICI Pru Term Insurance and HDFC Life Term Insurance plan can be paid monthly, yearly, half-yearly, and quarterly. So, based on your feasibility, you can opt for your preferred mode of frequency to make the premium payment.
Do I need to buy extra premiums to add riders?
You need to pay an additional premium to add riders to your base policy. However, if there is an option to add riders, you can only add them to your policy. You can check policy documents to get more details on the available riders with ICICI Pru Term Insurance and HDFC Life Term Insurance.
What is the process for policy claims?
Make sure you raise the claim as early as possible. You need to inform the insurer first, then submit the required documents in their original form to register the claim officially. The teal taking care of claims will assess your claim and contact you for any other documents required for further verification. After all documents are verified, the claim will be processed. As the claim gets processed, the payment will be made.