ICICI Prudential Term Insurance vs SBI Life Term Insurance

Term insurance plans are ideal for securing your family financially in your absence at a very affordable premium. The market is full of various term plan options from which you can select your desired life cover based on your requirements. However, there are a few things that you should look for in the term insurance plan. So here are the details of term plans offered by two leading insurers – ICICI Prudential and SBI Life Insurance which you can go through and pick the right one for yourself and your family.

 ICICI Prudential Term Insurance vs SBI Life Term Insurance Overview

Parameters ICICI Prudential Insurance SBI Life Insurance
Number of Term insurance plans 5 7
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% 94.52%

Term Insurance plans- ICICI Prudential vs SBI Life Insurance

Founded in 2000, ICICI Prudential Life Insurance is another leading insurance company in the country. The joint venture between ICICI Bank and Prudential plc offers various products, including savings plans, retirement plans, annuities, child plans, etc.

Also, incorporated in 2000, SBI Life insurance is one of India’s most trusted insurance companies. It is a joint venture between SBI (State Bank of India) and the French multinational bank, BNP Paribas Cardiff. It offers a range of life insurance plans, including savings, retirement, child protection, SBI online term plans, etc.

Term plans by both companies can be compared with the different parameters mentioned below while selecting the best one per your requirement.

Term Insurance plans by ICICI Prudential Life Insurance vs SBI Life Insurance

ICICI Prudential Term Plans

  • ICICI Prudential Life Insurance offers a variety of term plans according to the customer’s requirements. These 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 by various benefits and features.
  • The company provides a benefit for 34 critical illnesses, accidental benefits, terminal illnesses, and death benefits.
  • The company provides life cover up to 99 years of age.
  • Apart from death benefits, ICICI Prudential life insurance offers maturity benefits as well.

 

Why choose ICICI Prudential Term Plans?

  • The plans offered by ICICI Prudential Life Insurance are affordable and comes with various options for premium payment.
  • The term plans offered to solve the dual purpose of maturity benefits and life cover.
  • ICICI Prudential Life Insurance has made a trustworthy name over the years and has a good claim settlement ratio.
  • It also gives the option to add various riders to the policy to enhance the existing policy cover.

 

SBI Life Term Insurance

  • SBI Life Insurance offers a range of term insurance plans which provide death benefits, maturity benefits, and surrender benefits to the policyholder.
  • The leading insurers offer 7 different term insurance plans – SBI Life eShield, Smart Shield, Saral Jeevan Bima, Poorna Suraksha, Smart Swadhan Plus, Saral Swadhan+, and Grameen Bima, catering to various requirements of the customers.
  • The insurer provides coverage up to 65 years of age to the policyholder.
  • The term plans are available at very basic premiums with an option to add riders.

 

Why choose SBI Term Insurance Plans?

  • SBI Life insurance is one of the most trusted companies for the insurance requirement and has a good claim settlement ratio.
  • The term plans offered by SBI Life Insurance are very affordable for every individual while fulfilling people’s insurance needs.
  • SBI Life insurance policy provides different options for premium payment.

 

FAQs:

Are ICICI Prudential term insurance plans eligible for tax benefits?

Yes, ICICI Prudential term insurance plans are eligible for tax benefits for the premiums paid under Section 80C of the Income Tax Act, 1961. You can avail of tax deductions for up to Rs1.5 lakh per annum.

What are the different riders available under term insurance plans?

Following are the riders available under term insurance plans:
Accidental death benefit rider
Accelerated death benefit rider
Accidental disability benefit rider
Critical illness benefit rider
Waiver of premium Income benefit rider

Does ICICI Prudential term insurance cover COVID-19 Claim?

Yes, ICICI Prudential term insurance covers death COVID-19 death claims.

What is the minimum age to buy an ICICI Prudential Term Insurance plan?

The minimum age to buy ICICI Prudential term insurance plans is 18 years.

What documents are required for an accidental death claim under ICICI Prudential Term Insurance policy?

A copy of FIR and driving license if the policyholder was driving the car at the time of the accident is required to file a claim for an accidental death under the ICICI Prudential Term Insurance policy.

What are the various rider options available under SBI Life Term Insurance Plans?

SBI Life Term Insurance plans offer Accidental Death Benefit Cover, Critical Illness Cover, and Permanent Disability Cover.

Can a smoker get SBI Life Term Insurance Plan cover?

Yes, a person who smokes or consumes tobacco regularly can purchase a term insurance plan; however, they tend to pay higher premiums as compared to non-smokers.

What documents are required to buy SBI Life Term insurance plans?

To buy SBI Life Term insurance, PAN Card is necessary along with other documents for age proof, identity proof, address proof, and income proof, including Aadhar card, Voter Id, Passport, Form 16, Driving license, and Driving license others.

Is it possible to change the nominee in SBI Life term insurance plans?

Yes, you can change your nominee under SBI life Term Insurance plans by submitting the “Change in the document” to the insurer. You can get the form SBI Life Insurance website under Download Center.

Why should I buy ICICI Prudential term insurance plans?

Following are the reasons why you should opt for ICICI Prudential term insurance plans:
It gives you the option to avail life cover for 99 years.
Extensive coverage for critical illnesses.
High coverage at affordable premiums
Option to pick from 4 payout options: income, lump sum and income, increasing income, and lump sum.

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