ICICI Prudential Term Insurance vs Tata AIA Life Term Insurance
Term insurance is a financial cover for your family when you are not with them. It provides them with much-needed financial support, which they require in difficult times, such as in case of your untimely demise. Therefore, it is imperative to do financial planning and provide a financial umbrella to your loved ones in your absence. You can go through the details of the two-term insurance plans offered by the two leading insurers ICICI Prudential and Tata AIA Life Insurance.
Term Insurance Plans by ICICI Prudential Life Insurance vs Tata AIA Life Insurance Overview
|Parameters||ICICI Prudential Insurance||TATA AIA Term Insurance|
|Number of Term insurance plans||5||6|
|E-services||Buying policy, policy renewal, update information, premium payments, and claim settlement||Policy buying online, premium payment online, tracking and registering for claims|
|Claim settlement ratio||97.84%||99.06%|
Term Insurance policies – ICICI Prudential vs Tata AIA Life Insurance
One of the leading insurers in the country, ICICI Prudential Life Insurance Company, began its operations in 2001. The company offers an array of affordable life insurance products, including term insurance considering the various requirements of the customers in different life stages.
Tata AIA Life Insurance Company Limited is counted among the top-notch insurance providers in India, offering various affordable life insurance plans and several term insurance plans. A collaboration between Tata Sons Pvt. Ltd. and Tata AIA Life, the company started its operation in 2001 and focused on providing effective solutions to all its customers.
To opt for the ideal term insurance plan, you can compare ICICI Prudential and Tata AIA Life Insurance term plan on different parameters mentioned below:-
ICICI Pru Term Insurance Plans
- Various term plans offered by ICICI Prudential Life Insurance to serve the varied needs of the customers include ICICI Pru iProtect Smart, ICICI Pru iCare II, ICICI Pru Saral Jeevan Bima, ICICI Pru POS iProtect Smart, and ICICI Pru Life Raksha.
- The magnitude of benefits offered includes a cover for 34 critical illnesses, accidental benefit, terminal illness, and death benefit.
- The plans offer risk coverage up to 99 years of age.
- Apart from death benefits, ICICI Prudential term insurance plans also offer tax benefits under the prevailing norms of the Income Tax Act.
Why choose ICICI Prudential Term Plans?
- ICICI Prudential Life Insurance plans are affordable and cater to various needs of a customer at different life stages.
- The term plans provide comprehensive protection as they come with an in-built terminal illness and permanent disability waiver benefits.
- ICICI Prudential Life Insurance is a trustworthy and reliable brand name known for its quality services and has a good record of claim settlement ratio.
- Policy enhancement option is also available through various riders, at extra costs.
Tata AIA Term Insurance Plan
- Tata AIA term insurance plans offer flexibility to select the option of life coverage, whole life coverage, increasing life cover at important milestones with life stage option, and the return of premium option on maturity.
- The leading insurer offers 6 different term insurance plans – Sampoorna Raksha, Sampoorna Raksha+, iRaksha Trop, Sampoorna Suraksha Supreme, MahaRaksha Supreme and Saral Jeevan Bima catering to different needs of the customers.
- Rider benefits are available at a nominal price to enhance the scope of the base policy coverage.
- Tax benefits are available as per the existing norms of the Income Tax Act.
Why choose the Tata AIA Term insurance plan?
- A trusted brand name with a high claim settlement ratio of 99.06%.
- Tata AIA term insurance plans option for life coverage up to 100 years.
- You get the flexibility to choose the plans based on your need.
- The insurer offers lower premium rates for females.
What is the free-look period under Tata AIA term insurance plans?
Tata AIA term insurance plans offer a free-look period of 30 days in case you want to cancel or return the policy after purchasing it.
What is the grace period under Tata AIA term insurance plans?
Tata AIA Life Insurance offers a grace period of 15 days for monthly premiums, and for quarterly, half-yearly, and yearly premium payments, the grace period is 30 days.
Is it possible to revive Tata AIA term insurance plans?
In case you fail to pay the premium within the grace period, then under Tata AIA Life Insurance, you get a grace period of 5 years from the date of the first unpaid premium to revive the term policy. After that, you can revive the policy by paying all the unpaid premiums.
Can I return ICICI Prudential and Tata AIA term insurance plans immediately after purchasing them?
Yes, you can return or cancel ICICI Prudential and Tata AIA term insurance plans after purchasing the same within the free look period as per the regulations of IRDA if you are not satisfied with the terms and guidelines.
What are the different riders available under term insurance plans?
Term insurance comes with various rider benefits to choose from. Some of the popular ones are:
Accidental death benefit rider
Accelerated death benefit rider
Accidental disability benefit rider
Critical illness benefit rider
Waiver of premium rider Income benefit rider
What are the documents needed to file a claim for accidental death under ICICI Prudential Term Insurance policy?
To file a claim for accidental death under ICICI Prudential Term Insurance policy, you will need a copy of FIR and driving license in case the policyholder was driving at the time of the accident.
When a term insurance claim gets rejected?
If a policyholder discloses false facts or hidden critical information or provides incorrect information in the policy proposal, then a term insurance claim can be rejected.
Do ICICI Prudential and Tata AIA term insurance plans provide tax benefits?
Yes, ICICI Prudential and Tata AIA term insurance plans are eligible for tax exemption under section 80C of the Income Tax Act, 1961, wherein a policyholder can claim up to Rs 1.5 lakh deduction for the premiums paid towards the term insurance policies.