The HDFC Life Insurance and ICICI Prudential Life Insurance are two of the well-known life insurance companies in India. The two companies are quite different when it comes to their policies, features, services, and prices. If you are looking for HDFC vs ICICI Prudential life Insurance Comparison, Key Benefits, and Features to buy the best life insurance, PolicyBachat is helping you find the best life insurance that fits your requirement.
PolicyBachat helps to calculate both the advantages and disadvantages of the policy to buy the best-desired life insurance policy. It gives you the distinction between the carrier backgrounds, and incurred claim settlement ratio to configure the right insurance policy. Comparison of life insurance online leads to cost efficiency due to low operating costs to maintain online.
HDFC Life Insurance
HDFC Life Insurance Company is a private life insurance company in India. It is ranked as the largest private life insurer in India. It is a joint venture between HDFC Ltd and standard life Aberdeen, a global investment company. HDFC Life insurance company is a leading long-term life insurance provider the company proposes individual and group insurance solutions that meet policyholders' requirements such as investment, savings, pension plans, protection, health, etc.
List of HDFC Life Insurance Plans
| 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
|
| Guaranteed Income 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
|
Key Features of HDFC Life Insurance
- HDFC Life Insurance Company is one of India's largest private life insurance companies.
- It offers a wide range of products and services, from investment-linked insurance plans to savings schemes to retirement benefits.
- HDFC Life Insurance Company has the widest distribution network among all private life insurers in India which makes it easy for customers to purchase their policies.
- HDFC Life offers a range of life insurance products and services that are designed to meet the needs of individuals and families.
- HDFC Life Insurance is the most trusted life insurance company and it offers an amazing customer experience.
Advantages and Disadvantages of HDFC Life Insurance
Advantages of HDFC Life Insurance:
- Budget-Friendly: HDFC Life Insurance provides a wide range of products to suit the needs and budgets of people.
- Customer Service: HDFC Life Insurance offers excellent customer service to its customers. They have good customer service, which is available 24/7, 365 days a year.
- Hassle-Free Claim Settlement: The Company provides state-of-the-art technology to process claims quickly and there are no hidden charges or hidden clauses in their policies.
- Life Cover till 99 years: HDFC life insurance provides financial protection for the family when you are not around with a life cover up to 99 years at affordable premiums.
Disadvantages of HDFC Life Insurance:
- Loan: HDFC Life Insurance does not provide any loans under its term insurance plans.
- Alterations: Under HDFC Life Insurance, the policy term and premium paying term cannot be altered but the policyholder can alter premium payment frequency.
- Discontinuance of Premiums: If the due premium is not paid by the policyholder by the end of the grace period for limited and regular pay policies otherwise the policy will lapse without value.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Co Ltd is an Indian life insurance company. It is one of the oldest and most established financial institutions in India and it is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life Insurance is an Indian company that offers a range of life insurance policies and services to customers. ICICI Prudential Life Insurance Company provides you with a wide range of Term Insurance Plans, Health Insurance Plans, Unit Linked Insurance Plans, Traditional Savings/Money Back Plans, Retirement Plans, Riders, Group Plans, Rural Plans, etc.
List of ICICI Prudential Life Insurance Plans
| Type of Plans |
ICICI Prudential Life Insurance Plans |
| Term Plans |
- ICICI Pru iProtect Smart Term Plan
- ICICI Prudential SARAL JEEVAN BIMA Plan
- ICICI Prudential iCare II Plan
- ICICI Prudential PRECIOUS LIFE Plan
- ICICI Prudential Life Raksha Plan
- ICICI Prudential POS iProtect Smart Plan
- ICICI Prudential POS Life Raksha Plan
- ICICI Prudential Loan Protect Plan
- ICICI Prudential Loan Protect Plus Plan
|
| ULIP Plans |
- ICICI Prudential Signature Online Plan
- ICICI Prudential Signature Plan
- ICICI Pru1wealth Plan
- ICICI Prudential life Time Classic Plan
- ICICI Pru Guaranteed Wealth Protector Plan
- ICICI Prudential Smart Life Plan
- ICICI Prudential Smart Kid Plan
- ICICI Prudential Smart Couple Plan
|
| Savings Plans |
- ICICI Prudential Guaranteed Income For Tomorrow Plan
- ICICI Prudential Cash Advantage Plan
- ICICI Pru Savings Suraksha Plan
- ICICI Prudential Assured Savings Insurance Plan
- ICICI Pru Future Perfect Plan
- ICICI Prudential LAKSHYA Plan
- ICICI Prudential LAKSHYA Lifelong Income Plan
|
| Retirement Plans |
- ICICI Pru Easy Retirement Plan
- ICICI Prudential Guaranteed pension Plan – Deferred Annuity
- ICICI Prudential Guaranteed pension Plan – Immediate Annuity Plan
- ICICI Prudential Easy Retirement SP Plan
- ICICI Prudential Saral Pension Plan
|
| Health Plans |
- ICICI Prudential Heart/Cancer Protect Health Plan
|
| Group Plans |
- ICICI Pru Group Term Plus Plan
- ICICI Prudential Group Loan Secure Plan
- ICICI Prudential Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
- ICICI Prudential Shubh Raksha Credit Plan
- ICICI Prudential Super Protect – Credit Plan
- ICICI Prudential Group Suraksha Plan
- ICICI Prudential Group Suraksha Plus Superannuation Plan
|
| Rural Plans |
- ICICI Prudential Sarv Jana Suraksha Micro Insurance Plan
- ICICI Prudential Anmol Bachat Plan
|
| Rider Plans |
- ICICI Prudential Corona Protect Rider Plan
- ICICI Prudential Corona Protect plus Rider Plan
|
Key Features of ICICI Prudential Life Insurance
- ICICI prudential life insurance provides life insurance at low premium rates.
- The customer support claims are settled within 24 hours and get a hassle-free experience.
- Coverage of life cover till 99 years at affordable premiums when your family is not around will cover up the financial security to you.
- ICICI Prudential Life Insurance covers 35 critical illnesses like cancer, heart attack, kidney failure, etc. In case policyholder spot with a terminal illness can get 100% coverage amount.
Advantages and Disadvantages of ICICI Prudential Life Insurance
Advantages of ICICI Prudential Life Insurance:
- Quick Issuance: ICICI Prudential Life Insurance Company offers quick approval without any medical examination or paperwork.
- Less Premium Rates: It provides competitive rates that are comparable with other companies for similar products
- Customer Service: It has an online chat option for customers who need assistance with their policy or want to know about their policy status.
- Variety of Products: ICICI Prudential Life Insurance Company offers a wide range of insurance products to its customers.
Disadvantages of ICICI Prudential Life Insurance:
- The disadvantage of ICICI Prudential Life Insurance is that the premium can be expensive for some people.
- ICICI Prudential Life Insurance Policy will get lapsed for non-payment of premium within the grace period.
- ICICI Prudential Life Insurance plans offer no maturity or survival benefit payable under their Insurance policy.
Comparison of ICICI Prudential Life vs HDFC Life Insurance
Here are some of the key parameters based on which they differ from each other:
| Parameter |
ICICI Prudential Life Insurance |
HDFC Life Insurance |
| Claim Settlement Ratio |
97.09% |
98.66% |
| Solvency Ratio |
2.07 |
1.91 |
| Online Availability |
Yes |
Yes |
| Life Cover |
Up to 99 years |
Up to 99 years |
| Number of Branches Available |
947 |
421 |
| 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 |
- Accidental Death Benefit Rider
- Terminal Illness Rider
- Critical Illness Rider
- Wavier of Premium Rider
|
- Accident Disability Rider
- Critical Illness Plus Rider
- HDFC Life Protect Plus Rider
|
| E-services |
- Buying policy
- renewal
- update information
- premium payments
- switch funds
- download options
- claim settlement
|
- Buying Policy
- Renewal Policy
- premium payments
- Download
- claim settlement
|
Which Term Insurance is Best HDFC Life vs ICICI Prudential Life Insurance?
Term insurance is a small investment, which provides a lot of protection. It is an important financial product because it provides coverage for your family in case of an untimely death. You should be aware that there are various types of term insurance and you should know what they can offer you. Both ICICI Prudential life insurance and HDFC life insurance provide the best term insurance plans so, it is difficult to say which one is better but you can compare some parameters to choose the best term insurance plan.
Comparison of Best Term Insurance Plans Offered by HDFC Life vs ICICI Prudential Life Insurance:
| Plan Name |
ICICI Prudential iProtect Smart Plan |
HDFC Click 2 Protect Life Plan |
| Entry Age |
18 to 65 years |
25 years |
| Benefits |
Lifelong Cover at affordable rates, 34 critical illness covers with cash pay-out up to Rs. 1 crore and accidental death benefit up to 2 crores. |
Basic life cover due to death benefit, Life cover & Critical illness cover, and life cover & Regular income. |
| Premium Payment Frequency |
Monthly, quarterly, half-yearly, and yearly. |
Monthly, quarterly, half-yearly, and yearly. |
| Max Coverage |
99 Years |
85 Years |
| Death Benefit |
Yes |
Yes |
| Tax Benefits |
Yes |
Yes |
| Riders |
Wavier of Premium Rider
Early Claim on Terminal Illness
Critical Illness Rider
|
Wavier of Premium Rider
Critical Illness Rider
Accidental Disability Rider
Accidental Death Benefit Rider
|
Conclusion
ICICI Prudential Life Insurance focuses on providing affordable policies to its customers while HDFC Life Insurance provides more comprehensive coverage options with lower premiums. To protect the policyholder from unfortunate events which make an adverse impact financially, it is better to be insured. Check all the features and benefits of ICICI Prudential life insurance and HDFC life insurance before concluding on the right insurance policy. Configure the premium with the benefits availed on HDFC life vs ICICI Prudential life insurance through a comparison of life insurance quotes for the best life insurance plans in India from top insurers online at PolicyBachat.