Life insurance is a type of insurance that is designed to provide financial protection in the event of death. It also ensures that your loved ones are taken care of financially in case something happens to you. So, it is important to choose the best insurance plan for your needs and budget.
ICICI Prudential and Edelweiss Tokio Life Insurance are two of the most popular life insurance companies in India. They have a lot of similarities but also have some differences. This article compares ICICI Prudential and Edelweiss Tokio Life Insurance to help you choose which is best for you.
PolicyBachat helps to calculate the advantages and disadvantages of the life insurance policy to buy the desired policy. It gives you the distinction between the carrier backgrounds, and incurred claim settlement ratio to configure the right life insurance policy. Get the top life insurance quotes to distinguish the best life insurance plan in terms of premium, coverage, and holding experience in the insurance sector. Let’s take a look at the key differences between Edelweiss Tokio and ICICI Prudential Life Insurance, and see which one is better suited for you.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is a life insurance company that focuses on providing financial products to a wide range of customers. The company has been around for over 20 years and it has grown to become one of the best life insurance companies in India. ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life Insurance Company is the first private life insurance company in India that has received a National Insurer Financial Strength of AAA. This is a leading international financial services group headquartered in the UK. ICICI Prudential Life Insurance Company has consistently been the topmost company in the Indian Life Insurance Sector.
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
|
ICICI Prudential Life Insurance Features & Benefits
ICICI Prudential Life Insurance, a premier life insurance provider in India, offers a wide range of innovative features and benefits to its customers. These include:
- ICICI Prudential Life Insurance offers a wide range of plans such as terms, pensions, health, group, and more.
- ICICI Prudential Life Insurance Company offers a variety of investment options such as savings plans, ULIPs, and more.
- ICICI Prudential offers flexible policies that can be tailored to suit your needs.
- ICICI Prudential life insurance has dedicated customer care services such as loan facilities, online health check-ups, online claim settlements, etc.
- ICICI Prudential provides online claims management system for easy claim settlements.The Company offers various add-ons to its customers which include critical illness cover, accidental death cover, health cover, accidental disability cover, etc.
- ICICI Prudential life insurance offers tax benefits According to the income tax act 1961 under sections 80c and 10(10d).
Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance Company is a joint venture between Edelweiss Financial Services and Tokio Marine Holdings Inc. Edelweiss Financial Services is India's leading diversified financial services company. The company has a diversified portfolio, including businesses ranging from capital market asset management to housing finance and insurance. Tokio Marine is one of the largest Japanese insurance companies. Edelweiss Tokio brings together the values of both these companies to provide customer-centric and value-based services to people all across India. Edelweiss Tokio life insurance is a company that provides coverage for your life. They offer a wide range of options for their policyholders, from term life to whole life policies.
| Type of Plans |
Edelweiss Tokio Life Insurance Plans |
| Term Insurance Plans |
- Edelweiss Tokio Life Zindagi Plus
- Edelweiss Tokio Life Total Protect Plus
- Edelweiss Tokio Life Saral Jeevan Bima
- Edelweiss Tokio Life Saral Jeevan Bima
- Edelweiss Tokio Life Simply Protect
|
| Retirement Plans |
- Edelweiss Tokio Life Easy Pension
- Edelweiss Tokio Life Saral Pension
- Edelweiss Tokio Life Cashflow Protection Plus
- Edelweiss Tokio Life Forever Pension
|
| Health Plans |
- Edelweiss Tokio Life CritiCare Plus
- Edelweiss Tokio Life Covid Shield Plus
|
| Group Plans |
- Edelweiss Tokio Life Pradhan Mantri Jeevan Jyoti Bima Yojana
- Edelweiss Tokio Life Group Wealth Accumulation
- Edelweiss Tokio Life Group Life Protection Plan
- Edelweiss Tokio Life Group Employee Benefit Plus
- Edelweiss Tokio Life Group Credit Protection Plan
- Edelweiss Tokio Life Group Total Secure
|
| Investment Plans |
- Edelweiss Tokio Life Premier Guaranteed Income
- Edelweiss Tokio Life GCAP
- Edelweiss Tokio Life Wealth Secure Plus
- Edelweiss Tokio Life Wealth Plus
- Edelweiss Tokio Life Wealth Gain plus
- Edelweiss Tokio Life Active Income Plan
- Edelweiss Tokio Life Income Builder
- Edelweiss Tokio Life Wealth Ultima
- Edelweiss Tokio Life Single Pay Endowment Assurance Plan
- Edelweiss Tokio Life POS Saral Nivesh
- Edelweiss Tokio Life Dhan Labh
- Edelweiss Tokio Life Smart lifestyle
- Edelweiss Tokio Life Wealth Premier
|
| Micro Insurance Plans |
- Edelweiss Tokio Life Insurance Jan Suraksha Plan
- Edelweiss Tokio Life Insurance Raksha Kavach Plan
|
Edelweiss Tokio Life Insurance Key Features & Benefits
- Edelweiss Tokio Life Insurance Company provides plans which have customizable options such as customizable payouts.
- Edelweiss Tokio Life Insurance offers several life insurance products such as term insurance, investment, retirement, health, group plans, etc. to choose from.
- Edelweiss Tokio Life Insurance Company is known for the claims it settles. The claim process followed by the company is easy to understand as well as hassle-free.
- Edelweiss Tokio Life Insurance policies offer high insurance cover at a low premium. So, customers can buy the life insurance policy within their budget.
- Edelweiss Tokio Life Insurance ensures full transparency in its dealings with customers.
- Edelweiss Tokio Life Insurance provides a wide range of investment plans that allows the policyholder to let the investment grow while enjoying the benefits of life insurance simultaneously.
Comparison Table of ICICI Prudential Life Insurance Vs Edelweiss Tokio Life Insurance
The table below compares the two insurance providers ICICI Prudential and Edelweiss Tokio life insurance based on various factors. Here are some of the key parameters based on which they differ from each other:
| Parameter |
ICICI Prudential Life Insurance |
Edelweiss Tokio Life Insurance |
| Claim settlement ratio |
97.09% |
97.01% |
| Solvency Ratio |
2.17 |
2.15 |
| Inception |
2001 |
2011 |
| Number of Branches Available |
514 |
116 |
| Availability |
Online/Offline |
Online/Offline |
| Life Cover |
Up to 99 Years |
Up to 99 years |
| Types of Plans |
- Term Insurance Plans
- Health Insurance Plans
- Unit Linked Insurance Plans,
- Traditional Savings/Money Back Plans,
- Retirement Plans
- Group Plans
- Rural Plans
- Rider Plans
|
- Term Insurance Plans
- Investment Plans
- Retirement Plans
- Health Insurance Plans
- Group Insurance Plans
- Micro Insurance Plans
|
| E-Services |
- Buying policy
- Renew Policy
- Update Information
- Premium Payments
- Switch Funds
- Download Options
- Claim Settlement, etc.
|
- Report a Claim
- Claim Tracking
- Download Certificates
- Premium Payment
- Renew Policy
- Update Details
- Fund Statement Download, etc.
|
| Riders Available |
- Accidental Death Benefit Rider
- Terminal Illness Rider
- Critical Illness Rider
- Wavier of Premium Rider
|
- Accidental Total and Permanent Disability Rider
- Waiver of Premium Rider
- Accidental Death Benefit Rider
- Hospital Cash Benefit Rider
- Critical Illness Rider
|
Conclusion
There are many companies out there to choose from and it can be hard to decide which one is best for you. There are several factors that you should consider when choosing your life insurance company, such as their rates, customer service, and claims process. One of the most important factors is the coverage offered by the company. If you want to make sure that you get all your financial needs covered, then it's important to find out what type of coverage they offer.
If you are looking for a comparison of ICICI Prudential life insurance and Edelweiss tokio life insurance, both companies have their pros and cons. It is important to know the difference between these two companies before you decide to invest in either of them. To make a better decision, you should make sure that you have all the information about both life insurance companies. However, this decision has become much easier with the help of PolicyBachat. It will help you to find the best life insurance that fits your requirement.