HDFC Life Vs ICICI Prudential Life Insurance

HDFC Life Vs ICICI Prudential Life Insurance

Life insurance is a contract signed between a person and an insurance company. In exchange for premiums paid at regular intervals, the insurance company promises to pay a lump sum known as a death benefit to the beneficiaries of the policyholder after the death of the policyholder. The intention of life insurance is to provide a financial benefit to the dependents of the person buying the life insurance, to guard them against financial pitfalls in the event of the premature death of the insured person. The death benefit that accrues to the beneficiaries upon the death of the insured person replaces the income that was earned regularly by the policyholder. 

When it comes to life insurance companies, HDFC and ICICI Prudential are worth mentioning because both companies have come up with a sack full of benefits and numerous life plans to cater to the varied needs of individuals. The amount of death benefit can be used by the dependents to pay off debts, meet living expenses, and fund education and other long-term goals so that they can live financially sound even after the demise of the insured person. To know more about these companies, have a look at the following mentions.

What is HDFC Life Insurance?

Buying a life insurance policy from HDFC Life at any stage in life gives you peace of mind. It offers a life cover that keeps you and your family protected in case of your unfortunate demise. The life insurance claim of the company in the event of your death will help your family have a secure financial future by paying for your children’s education, paying off debts, and helping with household expenses. The money you invest in life insurance under this insurer is safe, and your family stands to gain from the benefits of insurance payouts in case of unforeseen circumstances. HDFC Life offers a bunch of rider benefits with your life insurance policy to help you customize your plan and get maximum benefit.

Know About ICICI Prudential Life Insurance

ICICI Prudential has come up with different types of life insurance products that can help you and your family safeguard your financial condition in different ways, ranging from securing your child’s future and protecting you against cancer to securing your golden days of retirement life. Their plans also help to create long-term wealth. Some policies also offer optional add-ons, such as critical illness benefits, accidental death benefits, and more, with a Smart Exit Option. The importance of life insurance products of this insurer cannot be ignored in ensuring the financial safety of your loved ones.

What are the benefits of HDFC Life Insurance?

Among various benefits, the important mentions are as follows. 

Health Benefits:

HDFC Life provides a variety of Health Insurance Plans and mediclaim Policies that offer financial security to meet health-related contingencies.

Group Insurance Plans:

HDFC Life offers various group life insurance policies that help employers/trusts meet their employee benefit liability obligations in a simple, efficient, and cost-effective manner and help employees secure their family’s financial independence in case of untimely demise or critical illness.

Rural & Social Plans:

These policies are a special offering from HDFC Life, exclusively for the benefit of our rural customers.

Rider Benefits:

Riders are the additional benefits that can be added by the policyholder with the policy at a nominal cost. Riders enhance your insurance coverage qualitatively and quantitatively. Currently, HDFC Life offers you HDFC Life Income Benefit on Accident Disability Rider, HDFC Life Critical Illness Plus Rider, and HDFC Life Protect Plus Rider on various online life insurance policies.

Premium Payments:

Premiums can be paid monthly, quarterly, half-yearly, and annually based on the policy terms. Some policies even provide a one-time premium payment option.

Free Look Period:

If you have bought a life insurance policy but want to cancel it, you have the option of returning the policy to the insurer, stating the reasons thereof, within 15 days from the date of receipt of the policy. The Free-Look period for policies purchased through Distance Marketing will be 30 days. On receipt of your letter along with the original policy documents, the company will arrange to refund the premiums paid subject to terms and conditions. 

Seamless Claim:

Filing and availing of a successful claim under a life insurance policy is a real challenge. But if you have purchased the product from HDFC Life Insurance, then you do not have to worry as the claim process of the insurer is super easy and customer-friendly, which can be done by following a few steps. 

Key Highlights of ICICI Prudential Life Insurance

Buying an ICICI life plan can help you in numerous ways. Some of the benefits are mentioned below.

Bonus Declared:

The bonus declared on your money-back plans of this insurer adds to your savings and helps you grow your money faster and achieve your goals. 

Complete Financial Security:

Life insurance of ICICI Prudential makes sure your loved ones will not suffer financially in your absence. There is no way to replace a loved one, but planning with life insurance does help in taking care of the financial needs of the family.

Tax Redemption:

When it comes to tax planning, life insurance plays a vital part in optimizing your taxable income. You can claim a deduction on your life insurance premiums under Section 80C` of the Income Tax Act, 1961. Also, the payouts for death claims are tax-exempted subject to conditions under Section 10(10D) of the Income Tax Act, of 1961.

Time Saving:

The term insurance policies are usually time-taking plans that require a lot of documents and medicals. But ICICI Prudential has proved this to be a myth since buying a life product from this insurer is super easy and hassle-free. 

Managing Funds:

Managing funds and keeping a tab on your fund is very important for life policies. With ICICI Prudential, it has been very easy since one can check fund value, switch funds, and even avail of top-ups very easily availing of the online services of the company. 

Customer Support:

The company has more than 400 official branches spread all over the country. Above all, the customer executives are always there for you so that any problem faced by you can be resolved easily. 

Affordable Plans:

Everyone wants a good insurance plan that fits into their budget. ICICI Prudential Life Insurance provides comprehensive life cover on the payment of an affordable premium. Some plans of ICICI Prudential Life Insurance include both Death Benefits and Maturity/Survival Benefits and some of the plans serve the dual purpose of life cover and investment, enabling you to plan multiple financial objectives well in advance.

Comparison Between HDFC Life Insurance and ICICI Prudential Life Insurance

The following table gives a glimpse into the two life insurance companies for your better understanding.

ParametersHDFC Life InsuranceICICI Prudential Life Insurance
Number of policiesMore than 5026
Claim settlement ratio as per the IRDAI Annual Report of 2021-202289.38%95.49%
Premium underwritten in 2021-2022Rs. 45,962.83 croresRs. 37,457,99 crores
Equity share capital as of March 31, 2022Rs. 2112.62 croresRs. 1437.31 crores
Solvency ratio as of March 20221.762.04
Number of Branches in India421947
Types of life insurance plans

Terms Insurance Plans

Savings Plans

ULIP Plans

Retirement Annuity Plans

Retirement Pension Plans

Child Plans

Group Insurance Plans

Health Plans

Other Plans

Terms Insurance Plans

Terms Insurance with Return Plans

Unit Linked Insurance Plans

Guaranteed Return Plans

Child Plans

Retirement and Pension Plans

Savings/Endowment Plans

Health Insurance Plans

Tax BenefitsAvailableAvailable, as per Income Tax Act, 1961
Online FacilitiesAvailableAvailable
Highest term insuranceRs. 2 crores Term InsuranceRs. 1 crore Term Insurance
Digital platform

Website bot – Elle

WhatsApp bot – Etty

Chatbot – LiGo
Tools and calculators

Income Tax Calculator

Retirement Planner Calculator

Term Insurance Calculator

ULIP Calculator

BMI Calculator

Compound Interest Calculator

HRA Calculator

Investment Calculator Explore Calculators

Term Insurance Premium Calculator

Income Tax Calculator

Power of Compounding Calculator

Retirement Planning Calculator

Home Loan Insurance Calculator

Child Education Plan Calculator

Human Life Value Calculator

HRA Calculator

EMI Calculator

Investment Planning Calculator

Cancer Insurance Calculator

Awards and Recognitions
  • Super Brand for the 9th Time 2022-2023
  • Business Today – Money Today Financial Services Awards 2020
  • The Change Maker Award 2020
  • ET BFSI Innovations Tribe Summit and Awards 2020
  • Customer Festival Award 2020
  • Award for ‘Best Sustainability Report’ from CMO ASIA in 2023
  • Award for ‘Organisational excellence and contribution to the insurance sector by ASSOCHAM for the Business Intelligence Team of the Company in 2023
  • Award for ‘Most Innovative Insurer – Life Category’ by FICCI in 2023
  • Award for ‘Excellence in Driving Distribution in Digital’ by FICCI in 2023
  • Award for ‘Brand Excellence’ by Femina Power Brands in 2023

HDFC Life Insurance and ICICI Prudential Life Insurance- Which one is better?

HDFC Life Insurance and ICICI Prudential Life Insurance have a variety of benefits that help customers pick the right one as per their needs. While HDFC Life Insurance has come up with more than 50 life insurance products and the option of liquidity, ICICI Prudential Life Insurance has multiple pay-out options to choose from according to the need of the life assured. Both companies have come up with some unique features that have made them popular among customers. Therefore, it will be an injustice to choose any particular one as better because their fruitfulness depends on the customers and their needs. So, both are good and suitable on the basis of the requirements of the customers.

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