When it comes to securing your future and providing financial protection for your loved ones, choosing the right life insurance policy is crucial. Comparing life insurance companies holds more importance as it directly impacts your financial security and peace of mind. Life insurance serves as a crucial safety net for your loved ones in times of uncertainty. By carefully evaluating and comparing different insurance providers, you gain insights into their policies coverage, terms, and benefits.
In this article, we'll compare the two best life insurance companies HDFC Life Insurance and Aviva Life Insurance. Comparing the offerings, benefits, and features of HDFC life insurance and Aviva life insurance allows you to make an informed decision based on your unique needs and priorities. Whether you're seeking robust coverage, attractive premiums, or specific policy features, we've got you covered. Let's compare the HDFC and Aviva life insurance providers to safeguard what matters most.
HDFC Life Insurance Company
HDFC Life Insurance Company Limited is one of the leading life insurance companies in India. It is a joint venture between Housing Development Finance Corporation Limited (HDFC) and Standard Life Aberdeen plc, a global investment company based in the UK. HDFC is a prominent financial institution in India, specializing in housing finance and other financial services.
HDFC Life Insurance Company offers a wide range of insurance products, including term life insurance, endowment plans, unit-linked insurance plans (ULIPs), retirement plans, child plans, and health insurance policies. The company provides these products to cater to the diverse financial needs and goals of individuals and families. HDFC Life has a significant presence in the Indian insurance market and has gained a reputation for its customer-centric approach, innovative product offerings, and strong distribution network.
HDFC Life Insurance Plans List
| Type of Plans |
- HDFC Life Insurance Plans
|
| Term Plans |
- HDFC Life Click 2 Protect Life
- HDFC Life Saral Jeevan Bima
|
| Savings Plans |
- HDFC Life Sanchay Plus
- HDFC Life Sanchay Par Advantage
- HDFC Life Sanchay
- HDFC Life ClassicAssure Plus
- HDFC Life Super Income Plan
- HDFC Life Sampoorn Samridhi Plus
- HDFC Life Uday Plans
- HDFC Life Pragati Plans
|
| ULIP Plans |
- HDFC Life Click 2 Wealth
- HDFC Life Click2Invest ULIP
- HDFC Life ProGrowth Plus
- HDFC SL ProGrowth Super II
- HDFC SL Crest
- HDFC SL ProGrowth Flexi
- HDFC Life Smart Woman Plan
- HDFC Life Pragati Plans
- HDFC Life Sampoorna Nivesh
- HDFC Life Classic One
- HDFC Life Capital Shield
|
| Pension Plans |
- HDFC Life New Immediate Annuity Plan
- HDFC Life Click 2 Retire
- HDFC Guaranteed Pension Plan
- HDFC Life Personal Pension Plus
- HDFC Life Assured Pension Plan
- HDFC Life Saral Pension
|
| Child Plans |
- HDFC Life Click 2 Wealth
- HDFC Life Click 2 Retire
- HDFC Life Youngstar Udaan
|
| POS Plans |
- HDFC Life Guaranteed Savings Plan
|
| Combo Plans |
- HDFC Life Sanchay Maximiser
|
Benefits of HDFC Life Insurance
HDFC Life Insurance policies in India offer a range of benefits designed to provide financial security, protection, and savings for individuals and their families. The specific benefits can vary depending on the type of policy you choose, but here are some common advantages of HDFC Life Insurance policies:
- Financial Protection: HDFC Life Insurance policies provide a financial safety net to your loved ones in case of your untimely demise. The sum assured or death benefit can help your family cover immediate expenses, and debts, and maintain their standard of living.
- Choice of Plans: HDFC Life offers a variety of insurance plans to suit different needs, such as term insurance, endowment plans, ULIPs, retirement plans, and child plans. This allows you to choose a plan that aligns with your financial goals and risk tolerance.
- Tax Benefits: Premiums paid towards HDFC Life Insurance policies are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the payouts received under the policy, whether as maturity benefits or death benefits, are generally tax-free under Section 10(10D).
- Savings and Investment Options: Certain HDFC Life policies, like ULIPs and endowment plans, combine insurance coverage with investment opportunities. These policies allow you to participate in the potential growth of the market while providing protection.
- Maturity Benefits: Endowment plans and other savings-oriented policies offer maturity benefits, where you receive a lump sum amount at the end of the policy term if you survive the policy term. This can be useful for achieving long-term financial goals.
- Riders and Add-ons: HDFC Life offers various riders or add-ons that you can attach to your base policy for enhanced coverage.
- Flexibility: Many HDFC Life policies offer flexibility in terms of premium payment frequency, policy term, and payout options. This allows you to tailor the policy to your individual needs and financial situation.
- Customer Support: HDFC Life has a strong customer support system to assist policyholders with queries, claims, and other service-related issues.
Aviva Life Insurance Company
Aviva Life Insurance is one of the best life insurance companies in India. The company was founded in 2002 and has its headquarters in Gurugram, Haryana. It is one of the largest providers of life insurance products in India with 90+ branches. Aviva Life Insurance offered a range of life insurance products and services to cater to the diverse needs of customers in India. These products included term insurance, whole life insurance, unit-linked insurance plans (ULIPs), retirement plans, savings plans, and child plans, among others. The company aimed to provide financial protection and investment opportunities to its policyholders, helping them achieve their long-term financial goals.
Aviva Life Insurance Plans List
| Type of Plans |
Aviva Life Insurance Plans |
| Term Plans |
- Aviva Jana Suraksha Plan
- Aviva Life Shield Advantage
- Aviva Life Shield Premium
- Aviva Saral Jeevan Bima
|
| Child Plans |
|
| Saving Plans |
- Aviva Affluence ULIP Plan
- Aviva i-Growth plan
- Aviva Fortune Plus Plan
- Aviva Guaranteed Income Plan
- Aviva New Family Income Builder
- Aviva Income Suraksha
- Aviva Dhan Samruddhi
|
| Retirement Plans |
- Aviva Annuity Plan
- Aviva Next Innings Pension Plan
- Aviva Fortune Plus Plan
|
| Group Plans |
- Aviva Group Credit Life
- Aviva Group Gratuity Advantage
- Aviva Group Life Protect
- Aviva Group Term Life
- Aviva Corporate Life Plus
- Aviva Corporate Shield Plus
- Aviva Credit Assure
- Aviva Credit Suraksha
- Aviva New Group Leave Encashment Plan
- Aviva New Traditional Employee Benefit Plan
|
Benefits of Aviva Life Insurance
Here are the benefits that Aviva Life Insurance Company offered:
- Comprehensive Coverage: Aviva Life Insurance likely provided a variety of insurance plans to cater to different life stages and needs. Each of these plans would have come with its own set of coverage benefits.
- Financial Security: Life insurance plans from Aviva could have helped policyholders ensure financial security for their loved ones in case of the policyholder's untimely demise. The beneficiaries would receive a predetermined sum assured in such cases.
- Flexibility: Aviva might have offered flexible premium payment options, allowing policyholders to choose the premium payment frequency that suits their financial situation, such as yearly, half-yearly, quarterly, or monthly.
- Investment Opportunities: Unit-linked insurance plans (ULIPs) offered by Aviva could have provided a combination of life insurance coverage and investment opportunities. Policyholders could have invested in a variety of funds based on their risk appetite and financial goals.
- Tax Benefits: Life insurance plans typically come with tax benefits under Section 80C and Section 10(10D) of the Income Tax Act in India. Premiums paid and benefits received could be eligible for tax deductions and exemptions, respectively.
- Riders and Add-ons: Aviva Life Insurance may have offered optional riders or add-ons that could be attached to base insurance plans for enhanced coverage.
- Online Services: Aviva might have provided an online platform for policyholders to manage their policies, pay premiums, track fund performance (for ULIPs), and access customer support.
- Customer Support: Aviva's customer service team could have assisted policyholders with policy-related queries, claims processing, and other services.
Comparison of HDFC Life Insurance Vs Aviva Life Insurance
Here are some of the key parameters based on which they differ from each other:
| Parameter |
HDFC Life Insurance |
Aviva Life Insurance |
| Claim Settlement Ratio |
98.66 |
98.01 |
| Solvency Ratio |
1.91 |
2.24 |
| Inception |
2000 |
2002 |
| Availability |
Online/Offline |
Online/ Offline |
| Life Cover |
Up to 99 years |
Up to 99 years |
| Number of Branches Available |
421 |
90+ |
| 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 |
| Riders Available |
- Accident Disability Rider
- Critical Illness Plus Rider
- HDFC Life Protect Plus Rider
|
- Aviva Term Plus Rider
- Aviva Covid Care Rider
- Aviva Critical Illness Rider
- Aviva Critical Illness & Disability Rider
- Aviva Death Benefit Rider
|
| E-Services |
- Buying Policy
- Pay Premium
- Track Policy
- Cancel Policy
- Download Receipts
- Forms Download
- File a Claim, etc.
|
- Pay Premiums
- File a Claim
- Download Premium Receipts
- Track Application
- Buy Policy, etc.
|
Conclusion
Both Aviva Life Insurance Company and HDFC Life Insurance Company are well-known brands in India. Both these companies offer a wide range of life insurance plans with a variety of benefits and coverages, but it is important to compare them to find out which one will be better for you and your family. PolicyBachat gives you the distinction between the carrier backgrounds, and incurred claim settlement ratio to configure the right insurance policy. Check all the features and benefits of Aviva life insurance and HDFC life insurance before concluding on the right insurance policy. Configure the premium with the benefits availed on Aviva Life Insurance Vs HDFC Life Insurance through a comparison of life insurance quotes at PolicyBachat for the best life insurance plans in India from top insurers online.