Term insurance is a type of life insurance plan that offers financial protection to the insured person and his/her family. Due to the beneficial nature of term insurance, it has become immensely popular among customers and it is also an important insurance plan if you want to remain financially protected. In the event of the untimely and unfortunate death of the life insured, a term insurance plan offers a lump sum amount to the beneficiary or to the family of the deceased person so that the family does not have to suffer any sort of financial restraint.
If we are discussing term insurance plans, we cannot unsee two companies, Aditya Birla Insurance and Future Generali Insurance Company because both companies have come up with a bucket of term insurance plans that are made keeping in mind the needs of the customers. It can address the needs of all types of individuals. Both companies offer rider benefits at an additional cost. To know more about the term plans of these two insurers have a look at the following mentions.
Comparison Between Aditya Birla Term Insurance and Future Generali Term Insurance plans
The following table gives you a brief idea about the term insurance plans of these two companies.
| Parameters | Aditya Birla Capital Life Insurance Company | Future Generali Total Insurance Solutions |
| Minimum age at entry | Minimum – 18 years Maximum – 65 years | Minimum – 18 years Maximum – 65 years |
| Number of plans | Five ABSLI Salaried Term Plan ABSLI DigiShield Plan ABSI Saral Jeevan Bima ABSLI Anmol Suraksha Kawach ABSLI Poorna Suraksha Kawach | Five Future Generali Care Plus Future Generali Express Term Life Plan Future Generali Jan Suraksha Future Generali Saral Jeevan Bima Future Generali Flexi Online Term Plan |
| Availability Rs. 1 crore term plan | Yes, available | Yes |
| Premium amount of Rs. 1 crore term plan | Rs. 542 per month | Rs. 8554 per month |
| Online buying facility | Available | Yes, available (not for all term plans) |
| Online claim facility | Available | Yes, available |
| Can NRIs purchase | Yes. | Yes |
| Rider benefits | Yes, 6 riders available | 5 riders available, at an additional premium |
| Pre-existing diseases | Covered | Yes, covered |
| Payout options | · Lumpsum payout · Combination payout · Increasing payout · Income payout |
|
| Medical check-up | May require, depending on the plan | Required |
| Tax benefits | Available, up to a certain limit | Up to a limit of Rs. 1,50,000 per year |
| Premium payment frequency |
Note: May vary from one plan to another |
Note: The availability of a one-time payment option will vary from one plan to another. |
| Maturity benefit | Not available | Not available except for TROP plan |
| Grace period | 15/30 days | 15/30 days |
What Does It Mean By Aditya Birla Term Insurance?
The term plans offered by Aditya Birla offer life cover up to the age of 10 years. The company has made the term plans in such a way that not only offers financial protection for the insured person but also offers a lump sum amount even if he/she is not around so that the family does not have to suffer. Critical illness and terminal illness are also covered by the term plans. You may have to give an additional premium for that. The term plans of Aditya Birla start from Rs. 25 lakhs to Rs. 1 crore so that one can get a wide range of insurance options.
Major Highlights of Term Plans of Aditya Birla Capital Life Insurance Company
Here are the important mentions.
- In case of the unfortunate and untimely demise of the life insured, the term plan of this company offers a lump sum amount to the family members so that they can run the finances smoothly.
- As term insurance plans do not have any investment components, they are immune to market risks or returns. So, if you are investing in a term insurance of Aditya Birla, you do not have to worry about the returns.
- The main concern of the company is the financial security of your family. Therefore, if you are purchasing a term plan from this insurer, they promise you to take care of your financial needs, even if the insured person is not around.
- The company offers term plans for a specific period. Therefore, the premium amount for the term insurance plans is relatively lesser and affordable for the plans that are for lifelong coverage.
- If the insured person is diagnosed with any terminal illness, Aditya Birla readily offers 50% of the application sum to Rs. 2 crores. Along with that, the company also waive off the future premiums, and the policy will remain in force.
- The company has come up with 6 rider benefit options that can be purchased by paying a little extra premium to increase the strength of the term plans.
- Keeping in mind the latest pandemic, the company offers coverage for the Covid-19 treatment.
- If the insured person is diagnosed with any of the 42 specified critical illnesses, then the Accelerated Critical Illness Benefit of the term insurance plans of this insurer offers accelerated payouts.
- There are several discount options available with the term plans of the insurer. For the female customers, there is a 9% discount. For customers who have a yearly income of more than Rs. 5 lakhs, they are eligible to avail of a 5% discount.
Know about Future Generali India term insurance plans
Future Generali offers customised term insurance plans for the customers keeping in mind their needs so that they can secure their future financially. The long-term protection term plans are not usually pocket-friendly, but Future Generali’s long-term protection plans are also very affordable so middle-class people can also opt for those. The plans are quite flexible. You get the option to choose the policy tenure, premium paying term, etc. Rider options are also available at an extra premium amount.
Major highlights of term plans offered by Future Generali
Here are important benefits.
- Future Generali has over 1300 official branches spread all over the country so if you want to opt for their term insurance plan, you can get connected with them very smoothly.
- Loan facility is also available with the term insurance of the insurer. One can get home loans, personal loans, etc for their financial emergency.
- One can choose the payment mode according to their convenience either annually, half-yearly, quarterly, or monthly.
- One can avail of tax benefits up to Rs. 1,50,000 against the premiums paid towards the term policies under Section 80C of the Income Tax Act of 1961. Under Section 10D also there is a provision of tax exemption.
- Usually, the company pays the death benefit as a lump sum amount. However, one can get the option to receive the death benefit periodically as it is mentioned in the policy schedule.
- If you have taken loans, and in the case of the unfortunate event of the demise of the policyholder, those loans can be covered by the payouts of the term insurance plans taken from this insurer.
- To keep pace with the growing demand for digitisation, the company has come up with different online facilities such as purchasing a term plan, renewal of the plan, paying premiums for the plans and so on.
- If the insured person is diagnosed with one of the 34 critical illnesses mentioned in the policy schedule, then the term plan of this insurer also provides critical illness benefits. Therefore, with financial protection, the term plans also provide life cover.
- Depending on the term plan obtained, one can avail of the choice of selecting a single premium or limited premium payment option.
Aditya Birla Term Insurance and Future Generali Term Insurance plan, which one should you opt for?
When it comes to choosing between Aditya Birla Term Insurance Plans and Future Generali Term Insurance Plans, it is really a hard job because both the insurers have been quite popular for their term plans and both of them have come up with customer-specific term plans that have their own unique advantages. If someone is looking for a term plan with t terminal illness coverage, then he/she should go for Aditya Birla. On the other hand, if you are in search of a term plan with a wide sum assured range, then Future Generali is the ideal one for you. So, it totally depends on the policy-seeker what he/she wants. On the basis of requirements and budget, one should opt for a term that can cater to their needs.
