This has been due. And I've kept postponing this since quite a few months. Last few weeks, I spent time in understanding different parameters to consider while taking a call on the insurance provider that your family would be reaching out to when you are no longer with them :(
Just wanted to share whatever info I gathered so far!
Plan comparisons:
| FACTORS |
Insurer
|
HDFC Life
|
Aegon Life
|
ICICI Prudential
|
Max life
|
|
Plan Name
|
Click to protect 3d plus - Life option
|
I term Plan
|
I protect smart - Lumpum
|
Online Term Plan Plus - Lumpum
|
|
|
USP
|
Claim settlement ratio
|
2016 - 2017 = 97.6 %
|
2016 - 2017 = 97.11 %
|
2017 - 2018 = 97.8%
|
2016 - 2017 = 98.2 %
|
|
Unique Feature
|
1. Centres in maximum cities for claim assistance
2. Flexibility to choose premium paying terms 3. Increase sum assured upto 10% every year to match inflation |
1. All types of death are covered
2. Switch payout to monthly mode after death of insured (free of cost) 3. Housewife can be life insured |
1.Voted 'Best Term Insurance Provider' at Money Today Financial Awards 2017-18
2.Centres in maximum cities for claim assistance 3.Flexibility to choose premium paying terms |
1. Claim Relationship Officer is assigned
2. Can pay entire premium till 60yrs of age |
|
|
Basic Plan details
|
Death Benefit
|
Lumpsum payout of sum assured upon death
|
Payout upto Sum Assured
|
Lumsum payout upto sum assured upon death of insured
|
Lumsum payout upto sum assured upon death of insured
|
|
Terminal Illness Benefit
(Payout on diagnosis) |
Payout upto Sum Assured
|
Payout upto Sum Assured, waiver of premium post diagnosis
|
Payout upto Sum Insured
|
Not available
|
|
|
Payment terms
|
Mode of payment
|
1. One-time payment
2. Monthly/ Quarterly/ Yearly 3. Choose your own premium paying terms |
One-time payment
Monthly/ Quarterly/ Yearly |
1. Monthly/ Half-Yearly/ Yearly
2. Limited pay till 60 years |
1. Monthly/ Quarterly/ Yearly
2. Limited pay till 60 years |
|
Riders
|
Return of premium
|
Not available
|
Not available
|
Not available
|
Not available
|
|
Accidental Disability
(Income substitute for accidental disability) |
Add on available
|
Add on available
|
Not available
|
Add on available
|
|
|
Accidental disability - Waiver of future premium
|
In-build feature
|
Add on available
|
In-Built feature
|
Add on available
|
|
|
Critical Illness
(Payout on diagnosis of critical illness) |
Add on available for 19 Critical illness
|
Not available
|
Add on available - Covers 34 critical illnesses
|
Add on available - Covers 40 critical illnesses
|
|
|
Critical illness - Waiver of future premium
|
Add on available
|
Not availlable
|
Not available
|
Add on available for 11 critical illnesses
|
|
|
Accidental Death
(Payout for death due to accident) |
Not available
|
Add on available
|
Add on available
|
Add on available
|
|
|
Waiting period
|
Payout for Sucidal Death
|
Not covered in first policy year
|
Not covered in first policy year
|
Not covered in first policy year
|
Not covered in first policy year
|
|
Critical Illness payout
|
After 90 days of issuance
|
NA
|
After 90 days of issuance
|
After 90 days of issuance
|
|
|
Medical checkup for issuance
|
Pre-policy checkup
|
Only if All of below criteria are met-
Age - 45yrs and above Education - Graduate or less Income - Less than 4lacs Cover - Less than 1cr Employment - Self-employed |
Yes
|
Yes
|
Yes
|
|
Cancellation of proposal
|
Free Look Period - Cancellation of proposal
|
Annual payment = 30 days
Monthly payment = 15 days |
Annual payment = 30 days
Monthly payment = 15 days |
1. Annual payment = 30 days
2. Monthly payment = 15 days |
1. Annual payment = 30 days
2. Monthly payment = 15 days |
