ICICI Prudential Term Insurance vs IndiaFirst Life Term Insurance

Term insurance is the most essential form of life insurance policy as it offers comprehensive financial protection to your family during uncertain situations such as your demise. However, it is necessary to choose the right term insurance according to your needs to avail the maximum benefits of the policy. You can compare the features and benefits of ICICI Pru Term Insurance and IndiaFirst Life Term insurance and opt for the right one. 

Term Insurance Plans by ICICI Prudential Life Insurance and IndiaFirst Life Insurance Overview 

Parameters  ICICI Prudential Term Insurance IndiaFirst Life Term Insurance
Number of Term insurance plans 5 2
E-services Online consultation, buying policy, policy renewal, and claim settlement Online consultation, buying a policy, policy renewal, track application, and claim settlement
Claim settlement ratio 97.84% 96.65%

 

Term Insurance Plans – ICICI Prudential Life Insurance vs IndiaFirst Life Insurance 

ICICI Prudential Life Insurance is one of the top insurance companies in the country, offering a wide variety of insurance products ranging from term life insurance, ULIPs, saving plans, retirement plans, child education insurance plans, and health insurance plans. The ICICI Prudential Life Insurance Company is promoted by ICICI Bank Ltd and Prudential Corporation Holding Limited and commenced its operation in the year 2001. 

IndiaFirst Life Insurance is one of the fastest and youngest financial service providers in the country. This company is jointly undertaken by Bank of Baroda, Union Bank of India, and Legal and General as their founding partners. Legal and General sold their stake in 2019 to Carmel Point Investment India Private Limited. The company started its operation in November 2009, and since then, it is available in more than 1000 Indian urban areas and towns. It provides a diverse range of insurance products like group insurance, term insurance, retirement, saving, wealth, etc. 

You can go through various features and benefits of term insurance plans by ICICI Prudential and IndiaFirst Life Insurance and opt for the right one.

Term Insurance Plans by ICICI Prudential VS IndiaFirst Life Insurance

ICICI Prudential Term Insurance

 

Why choose ICICI Pru Term Insurance Plans?

  • ICICI Prudential provides a wide variety of insurance plans so that customers can choose according to their needs.
  • They offer easy claims and quick claim settlement, which makes the process hassle-free for the customers. 
  • The term plans under ICICI Prudential are eligible for tax benefits under the prevailing laws of the Income Tax Act 1961. 

 

IndiaFirst Life Term Insurance plan 

  • India FirstLife Insurance offers 2 comprehensive term plans – online term plans and India first life plan
  • The term plans give flexible options to choose plans according to your needs. 
  • You also get flexible premium payment options like single payment, monthly and annual installments, etc., which you can choose at your convenience.
  • IndiaFirst Life Insurance term plans come with 3 different types of riders – critical illness rider, ATPD, and accidental death cover. You can add to your base policy to widen the scope of existing coverage.

 

Why choose IndiaFirst Life term insurance plans?

  • IndianFirst Life Insurance is backed by two leading banks of the country – Bank of Baroda and Union Bank of India.
  • The plans are carefully designed considering the various needs of people.
  • IndiaFirst Life term plan offers high coverage at low premiums.
  • The company guarantees a hassle-free buying and claim settlement process.

 

FAQs:

Do ICICI Prudential term insurance plans come with rider benefit options?

Yes, ICICI Prudential term insurance plans offer different rider benefits, which includes:
Accidental disability benefit rider
Accidental death benefit rider
Accelerated death benefit rider
Critical illness benefit rider
Waiver of premium rider
Income benefit rider

Why should I opt for ICICI Pru term insurance plans?

ICICI Prudential term insurance plan ensures a financially secured future for your family in your absence. Moreover, it offers a substantial lump sum amount in case of your sudden demise during the policy term. Also, with an impressive claim settlement ratio of 97.84% FY 2019-20, ICICI Prudential Life Insurance has proven itself as a credible insurance partner.

What is the minimum age to buy ICICI Pru term insurance plans?

The minimum entry age to buy an ICICI Pru term insurance plan is 18 years.

What kind of deaths do ICICI Pru term insurance plans not cover?

ICICI Pru term insurance plans do not cover suicidal deaths, which happened in the first year of the policy. But, it does cover deaths due to accidents, illness, and natural calamities.

What is the claim settlement ratio of IndiaFirst Life Insurance?

IndiaFirst Life Insurance has a healthy claim settlement ratio of 96.65% FY 19-20, which proves it to be a reliable insurer in the market.

How IndiaFirst Life Insurance pay the claim amount to the nominee?

IndiaFirst Life Insurance credits the claim amount to the bank account of the policy beneficiary or the nominee.

What is the maximum policy term under IndiaFirst Life Insurance?

IndiaFirst Life Insurance provides a maximum policy term of 40 years.

What does accidental death coverage riders refer to under IndiaFirst Life term insurance?

The accidental death coverage rider in IndiaFirst Life term insurance means an additional payout in case of unnatural death due to accident within the policy term.

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