Simply put, term life insurance is an agreement between the policyholder (insured) and the insurance company wherein, in the event of the policyholder’s untimely death, the insurance company pays a predetermined sum to the insured person’s family. Term plans are important when it comes to long-term financial planning, as you shall discover.
There are two reputed names in the market, namely HDFC and ICICI, that offers term insurance plans to cater to everybody’s needs. Let’s discuss them and understand what is best for you!
HDFC Term Insurance
If something unlucky were to happen to you, HDFC Term Insurance could assist you in protecting your family’s financial future. A person must get term insurance, given how uncertain life has become. It removes the financial hazards that your family might encounter while you are away. The HDFC Life term plans are affordable and available to everyone since they provide high coverage at reasonable rates. Additionally, riders like critical illness insurance, accidental disability insurance, and others are included with HDFC Term Insurance Plans.
With HDFC Term Insurance Plans, you can also choose to tailor your coverage such that a portion of your lump amount is invested in an annuity plan for the nominees, ensuring that the insured’s family receives a regular income.
ICICI Prudential Term Insurance
In the event of the insured’s untimely demise, ICICI Prudential offers robust term plans that offer financial support to the insured’s family. ICICI term insurance plans give more coverage at a reduced cost when compared to other types of life insurance. In the case of death, incapacity, or illness, ICICI Prudential term plans provide the beneficiary with financial security. It offers protection for a specific time frame, and the nominee will receive the death benefit in the event of the policyholder’s passing during that time.
HDFC Life Term Insurance Plans
Listed below are the HDFC Term insurance plans:
- HDFC Life Click 2 Protect Super
- HDFC Life Click 2 Protect Life
- HDFC Life Term with Return of Premium
- QuickProtect by HDFC Life
- HDFC Life Saral Jeevan Bima
- HDFC Life Smart Term Pro
- HDFC Life Smart Term Edge
ICICI Prudential Term Insurance Plans
The following are the ICICI Pru Term insurance plans:
- ICICI Pru iProtect Smart
- ICICI Pru iProtect Smart Joint Life Plan
- ICICI Pru iProtect Return of Premium
Key Benefits of HDFC and ICICI Term Plans
Listed below are the key benefits of HDFC Term Insurance Plans:
- Affordable Life Coverage: The HDFC Life Term Insurance Plan’s customers can effortlessly save without worrying about their finances. You can choose from a variety of term insurance products at HDFC Life. To select the plan that best meets their needs, policyholders can review the features and advantages of different offerings.
- Financial Security: Even when we are not with them, we constantly consider how to give our family the best. You may protect your family’s future with the help of HDFC Life Term Insurance. The term insurance policy will give the nominees of the policyholders a sense of security in unpredictable times.
- Enhanced Protection: Policyholders who purchase the HDFC Life Term Insurance Plan can take advantage of complete protection. You can add a variety of riders from HDFC Life to your standard term insurance plan by paying an additional cost.
- WhatsApp Support: Customers of HDFC Life receive the best customer service possible. The policyholders can visit the company’s official website and scan the QR code for WhatsApp assistance if they need any help with claims, renewals, premium payments, or anything else.
Listed below are the benefits of ICICI Pru Term Insurance Plans:
- Affordable Premiums: A cost-effective method to protect the future of your family is through term insurance. By paying a small premium, you can purchase a high-value life insurance policy through a term insurance plan. The cost of your term insurance premium decreases the earlier you get the policy.
- Whole Life Cover: ICICI’s whole life insurance plans provide coverage up to age 99, whilst their term insurance plans offer noticeably longer coverage.
- Critical Illness Coverage: By offering Critical Illness Coverage, which pays out a lump amount upon diagnosis of any critical illness covered by the plan, ICICI Term Insurance gives you the option to increase your coverage.
- Tax Benefits: By the Income Tax Act of 1961, premiums paid under Section 80C are eligible for tax benefits.
- Comprehensive coverage: Policyholders are protected against a variety of life risks by ICICI Prudential Term Insurance, which offers comprehensive coverage to policyholders.
Comparison Between HDFC Term Plans Vs ICICI Term Plans
Here are some of the main factors that set them apart from one another:
| Parameters | HDFC Term Plans | ICICI Term Plans |
| Claim Settlement Ratio | 98.66% (FY 2021- 22) | 97.8 (FY 2021-22) |
| Online Availability | Yes | Yes |
| Number of Branches | 400+ | 900+ |
| Premium Payment Term | Regular Pay, Single Pay, Limited Pay | Regular Pay, Single Pay, Limited Pay |
| Premium Payment Mode | Yearly/Half-yearly/ Quarterly/ Monthly | Yearly/Half-yearly/ Quarterly/ Monthly |
| Death Benefit | Yes | Yes |
| Tax Benefit | Yes | Yes |
Which One is Best?
Term insurance is a cheap investment that offers significant security. It is a crucial financial product since it offers protection for your loved ones in the event of an untimely death. There are numerous sorts of term insurance, and you should be informed of what they can provide for you. The best term insurance plans are offered by ICICI Prudential life insurance and HDFC life insurance. Therefore, it is challenging to determine which is superior, but you can compare several factors to select the best term insurance policy.
Conclusion
Term insurance is a cheap investment that offers significant security. It is a crucial financial product since it offers protection for your loved ones in the event of an untimely death. There are numerous sorts of term insurance, and you should be informed of what they can provide for you. The best term insurance plans are offered by ICICI Prudential life insurance and HDFC life insurance. Therefore, it is challenging to determine which is superior, but you can compare several factors to select the best term insurance policy.
