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Knowledge Base Compare Life Insurance Online Term Insurance: HDFC Click 2 Protect vis-à-vis ICICI Pru iCare
Tuesday, 07 February 2012 18:30

Online Term Insurance: HDFC Click 2 Protect vis-à-vis ICICI Pru iCare

Written by  Yashish Dahiya
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Online Term Insurance: HDFC Click 2 Protect vis-à-vis ICICI Pru iCare


A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured. Online term plan insurance is the same but is cheaper as it can be bought online directly from insurer.

 

HDFC Click 2 Protect is newly launched term insurance plan of HDFC Life.

iCare is the new online term insurance product of ICICI Pru life insurance.

 

Age Eligibility:

For HDFC Click 2 Protect, person aged between 18 years to 55 years can buy the term insurance plan. Click 2 Protect maximum maturity age is 65 years.

For ICICI Pru iCare, person aged between 18 years to 65 years can buy the term insurance plan. iCare maximum maturity age is 75 years.

 

Life Cover:

The minimum life cover that can be opted with both Click 2 Protect and iCare is Rs 10 lacs. The maximum cover for Click 2 Protect is Rs 10 Cr as long as it is approved by insurer’s underwriter. The maximum cover for ICICI Pru is subject to maximum of Rs 1.5 Cr. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

 

Policy Term:

The policy term for Click 2 Protect is 10/15/20/25/30 years. You can choose policy term of 5 to 30 years for ICICI Pru iCare.

 

Riders:

There are no riders available with HDFC Click 2 Protect.

ICICI Pru iCare offers inbuilt Accidental rider for its option II.

 

Premium Comparison:

The premium comparison for few samples is given below:

Term Insurance Plan

Age

Sum Assured

Policy Term

Premium* (in Rs)

HDFC Click 2 Protect

30

Rs  1 Cr

30

11692/-

40

Rs 50 lacs

25

11526/-

 

Term Insurance Plan

Age

Sum Assured

Policy Term

Premium* (in Rs)

ICICI Pru iCare

30

Rs  1 Cr

30

15221/-

40

Rs 50 lacs

25

15938/-

*kindly verify the premium for any changes. The premium for females is bit lower.

 

Reinstatement:

On policy lapse, both HDFC Click 2 Protect and ICICI Pru iCare can be reinstated within 2 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

 

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

For the period Q2, 2011, the claim settlement ratio for HDFC Life is 91% while claim settlement for ICICI Pru settlement ratio is 93% (H1, 2011).

 

End Note:

Both HDFC Click 2 Protect and ICICI Pru iCare are good online term insurance plans. However there are visible differences among the two. HDFC Click 2 Protect has broader Sum Assured than ICICI Pru iCare plan. On the other hand, ICICI Pru has inbuilt accidental death coverage with one of its variants.

 

Other Online Term Plans:

Aviva i-Life, AEGON Religare iTerm, Future Generali Smart Life, IndiaFirst Anytime, Kotak e-Preferred, Met Protect

1 Comment
  • Comment Link Varkey Chacko Saturday, 02 June 2012 22:48 posted by Varkey Chacko

    Made the mistake of applying for Click to Protect. Far from being an easy-to-get policy. Had to wait over a week after paying Rs 15K of premium to get medical test intimation and questionnaire. When I got the questionnaire, shocked to see that it was not a blank questionnaire but a filled-in questionnaire of somebody else. It took another week of almost daily follow ups to get a blank questionnaire.

    After the medicals, it took them 5 days of followup to respond to me. My premium was rated up due to high blood sugar and I declined the offer. Its been two weeks since I declined but still waiting for the premium to be refunded inspite of IRDA TAT of 10 days. Following it up almost daily but in vain. In the last two weeks, made umpteen number of calls and emails. Still waiting.

    If this is the service at the proposal stage, wonder what it will be at claim stage. Another friend who wanted to cancel the policy is waiting since two months for refund. When he approached the nearest branch, they were treating the product indifferently. So much for Click 2 Protect !!!!

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