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The two most sought-after term life insurance companies in India are HDFC Life Insurance and ICICI Prudential Life Insurance. What makes these two companies different from each other are their features, policies, services, and prices. So, let us take a look at how they differ from each other.
HDFC Life Insurance Company is a privately-owned insurance company, which is also the largest private life insurance provider in the country. It is a joint venture between Standard Life Aberdeen and HDFC Ltd.
There are several advantages of HDFC Life Insurance and of which people opt for this insurance company. Here are some of them mentioned below:
The HDFC Life is divided into various types. Here are some of them mentioned below:
KNOW MORE ABOUT: HDFC Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited is also a private life insurance company, which is also one of the oldest and most established life insurance companies in the country. ICICI Prudential Life Insurance is a joint venture between Prudential Corporation Holdings Limited and ICICI Bank Limited. Under this company, you can get several options such as Unit Linked Insurance Plans, Health Insurance Plans, Term Insurance Plans, Retirement Plans, Traditional Savings or Money Back Plans, Riders, Group Plans, Rural Plans, and many more.
Here are some of the advantages of choosing ICICI Prudential Life Insurance mentioned below:
Here are some of the types of ICICI Prudential Life Insurance Plans:
KNOW MORE ABOUT: ICICI Prudential Life Insurance Company Limited
Mentioned herein below are some of the differences between these two insurance companies.
Claim Settlement Ratio: The Claim Settlement Ratio (CSR) of HDFC Life Insurance Company is 99.07% and the CSR of ICICI Prudential Life Insurance is 97.09 %.
Availability of branches: The numbers of branches of HDFC Life Insurance available in the country are 421, while ICICI Prudential Life Insurance has 947 branches.
Premium payment mode: The premium payment mode in HDFC Life Insurance is Yearly/Half-yearly/ Quarterly/ Monthly, and the same is for ICICI Prudential Life Insurance.
Riders available: The riders available in HDFC Life Insurance are Accident Disability Rider, Critical Illness Plus Rider, and HDFC Life Protect Plus Rider. The riders offered by ICICI Prudential Life Insurance are Accidental Death Benefit Rider, Critical Illness Rider, Terminal Illness Rider, and Wavier of Premium Rider.
E-services: The e-services offered by HDFC Life Insurance are downloading, buying policy, renewal policy, claim settlement, and premium payments. The e-services offered by ICICI Prudential Life Insurance are updated information, buying policy, renewal, download options, premium payments, claim settlement, and switch funds.
Now that you know the difference between these two life insurance companies, you can take an informed decision on which one to opt for. Both of the companies are equally good; however, the choice has to be completely yours.
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