HDFC Life Vs ICICI Prudential Life Insurance

HDFC Life Vs ICICI Prudential Life Insurance

Life insurance is one of the most popular insurances among policy-seekers. It is a contract between the insured person and the insurer that ensures that the insured will get a lump sum amount of money as a death benefit to the nominee if anything happens to the insured person. For that, one has to pay a premium amount at regular intervals. In return, the insurer promises to offer financial benefits to the family even when he/she is not around. One can receive the death benefit as a lump sum amount or can get it as a regular income benefit as the insurance company allows.

When we are talking about life insurance, we cannot overlook two insurance companies, HDFC Life and ICICI Prudential Life Insurance. Both companies have come up with a bucket full of life insurance policies that are designed to care for the varied needs of the various individuals. The death benefit received by the beneficiary can be used in various occasions such as to pay off the debt, for the education of the child, or to fulfil any dream. The death benefit is meant to provide some financial relief to the family even when the insured person is not around.

What is HDFC Life Insurance?

If you have purchased a life insurance product from HDFC Life Insurance Company then you can be assured that the company will take care of the financial liability of the family in the event of an unfortunate and sudden demise of the life assured. It can help to run the household expenses, or to pay off a debt, or to run the education of the child. In case of an unforeseen event, the payout benefit of the company helps to keep the family safe financially. One can also have the option to customize the policy as the insurer offers a bunch of rider benefits to strengthen the life insurance policy so that it can provide better protection.

Know About ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company has also come up with numerous life insurance products that can help a family stay financially stable even in the event of an unfortunate event. It can help a family to run soundly, to live the retirement life worry-free, or to fund the education of the ward. It helps to acquire long-term wealth so that you do not have to worry about your future. Some additional benefits come to make the policies stronger such as critical illness benefits, accidental death benefits, etc. If you want a financially secure future, then you need to buy a life insurance plan from this insurer.

What are the benefits of HDFC Life Insurance?

Here are the important mentions.

  • HDFC Life Insurance has come up with several group life insurance plans that help the employer ar the trust to secure the financial aspect of their employees very effectively so that the employees or their families do not have to suffer financially at any cost.
  • This insurer offers a list of health insurance policies so that the insured person can get financial protection in the event of any health-related expenses.
  • claim facility and the procedure of claim is one of the most important aspects of a life insurer. Fortunately, the claim facility of HDFC Life is very seamless and easy. A cashless claim is also available with the insurer.
  • Keeping in mind the needs of the rural customers, this insurer has introduced rural and social plans to address their needs.
  • The premium amount paid towards the life policy can be paid either monthly, quarterly, half-yearly or annually. Some policies also offer one-time payment. so, you can choose as per your need.
  • If you want to return or cancel the policy after purchasing it, you have that option too. This free-look period of the policy is of 15 days or 30 days depending on the type of policy.
  • HDFC Life Insurance Company has come up with various rider benefits to maximize the strength of the life product. The company offers HDFC Life Income Benefit on Accident Disability Rider, HDFC Life Critical Illness Plus Rider, and HDFC Life Protect Plus Rider. One can choose as per his/her need.

Key Highlights of ICICI Prudential Life Insurance

Here are the important mentions.

  • One can get tax exemption on the premiums paid towards the life insurance policy under Section 80C of the Income Tax Act, 1961. payouts that are given for death claims are also tax-exempted as per Section 10 (10D) of the Income Tax Act.
  • The bonus that you get for the money back plans of ICICI Prudential Life Insurance helps you to save more to achieve your goals.
  • Once you buy a life insurance plan from this insurer, you can be assured that your family does not have to suffer any financial trouble once you are not there.
  • If you are up for buying a life insurance plan, you will find that the buying process of a life plan is time-consuming and the process is a bit complex. However, ICICI Prudential Life Insurance Company has come up with a very easy buying process which offers you a seamless experience.
  • ICICI Life plans are designed keeping in mind the needs of the customers. Therefore, the plans are budget-friendly, you do not have to burn your pocket to buy or to continue with this plan.
  • The company has come up with several online services to keep pace with the growing demand for digitalisation. using their online facility one can manage funds, keep a check on the funds, and also can avail of the top-up value seamlessly.
  • The company has been very transparent with its customers. There are 400 official branches of the company spread all over the country. Therefore, if you face any problem or if you need help from the insurer, you will always get them.

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?

When it comes to deciding which one is better between these two, the job becomes really difficult because both companies have come up with different life insurance plans to cater to the needs of the individuals. Both companies are good on their ground. If someone wants to have multiple options to choose from he/she can opt for HDFC as the company has more than 50 life insurance options along with the benefit of liquidity. On the other hand, if someone is looking for multiple payout options so that he/she can customize the plan as per his/her needs, then one can go for the ICICI Prudential one. In the end, it depends on the needs of the individuals and multiple factors such as background, budget, future goals, etc. Keeping in mind all the factors and the inflation rate, one selects a life insurance plan. However, it will be advisable that whichever you choose, before buying go through the policy schedule carefully to avoid future complexities. 

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