Term Plan Insurance: Reliance Term Plan vis-à-vis ICICI Pru Pure Protect Plan

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

Term Plan is the term insurance plan of Reliance Life.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

For Reliance Term Life, person aged between 21 years to 60 years can buy the term insurance plan. Reliance Term Life plan maximum maturity age is 65 years.

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

Life Cover:

The minimum life cover that can be opted with Reliance Term Life is Rs 2.5 lacs. The minimum cover available with ICICI Pru Pure Protect depends on the minimum premium available. The maximum cover in Reliance Term Life and ICICI Pru Pure Protect is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for Reliance Term Life is from 5 years to 30 years.  The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

Reliance Term Life has Accidental death benefit and total and permanent disablement rider.

ICICI Pru Pure Protect plan has Accidental death and disability benefit rider and waiver of premium rider.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes.

Reinstatement:

On policy lapse, Reliance term life can be reinstated within 3 years and ICICI Pru Pure Protect plan 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 of Reliance Life is 63% whereas for ICICI Pru, claim settlement ratio is 93% (H1, 2011).

End Note:

Reliance term life is a good term plan which has good comprehensive life cover available. You can also add the valuable accidental death and disability rider by paying additional premium to increase financial security.

ICICI Pru Pure Protect has two variants – Classic and Elite. The difference is the range of Sum Assured offered. ICICI Pru Elite range of Sum Assured begins from Rs 25 lacs. Riders are also available with ICICI term plan.

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Term Plan Insurance:  BSLI Protector Plan vis-à-vis ICICI Pru Pure Protect Plan

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

Protector is the term insurance plan of Birla Sun Life.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

For Birla Sun Life Protector Plan, person aged between 18 years to 65 years can buy the term insurance plan. Birla Protector Plan maximum maturity age is 75 years.

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

Life Cover:

The minimum life cover that can be opted with Birla Protector is Rs 5 lacs. The minimum cover available with ICICI Pru Pure Protect depends on the minimum premium available. The maximum cover Birla Sun Life Protector Plan and ICICI Pru Pure Protect is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term available with Birla Sun Life Protector Plan is from 5 years to 30 years. The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

Birla Sun Life Protector Plan has Accidental death and disability, critical illness, surgical care, hospital care and waiver of premium rider.

ICICI Pru Pure Protect plan has Accidental death and disability benefit rider and waiver of premium rider.

Premium Comparison:

The premium comparison for few samples is given below:

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

Reinstatement:

On policy lapse, both Birla Sun Life Protector Plan and ICICI Pru Pure Protect plan 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 Birla Sun Life insurance is 82% % whereas ICICI Pru, claim settlement ratio is 93% (H1, 2011).

End Note:

BSLI Protector offers two variants to choose from- level cover and increasing cover. It also has variety of riders which can be added by paying additional premium. However there is cap on maximum life cover which is Rs 49.99 lacs.

ICICI Pru Pure Protect has two variants – Classic and Elite. The difference is the range of Sum Assured offered. ICICI Pru Elite range of Sum Assured begins from Rs 25 lacs.

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Term Plan Insurance: IDBI Federal Termsurance Protection Plan vis-à-vis ICICI Pru Pure Protect

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

Termsurance Protection is the term insurance plan of IDBI Federal.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

For IDBI Federal Termsurance Protection, person aged between 18 years to 65 years can buy the term insurance plan. Termsurance Protection plan maximum maturity age is 75 years.

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

Life Cover:

The minimum life cover that can be opted with IDBI Federal Termsurance Protection is Rs 5 lacs. The minimum cover available with ICICI Pru Pure Protect depends on the minimum premium available.  The maximum cover in IDBI Federal Termsurance Protection plan and and ICICI Pru Pure Protect as cover is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for IDBI federal Termsurance Protection plan is 10 years to 30 years.The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

There are no riders available with for IDBI federal Termsurance Protection.

ICICI Pru Pure Protect plan has Accidental death and disability benefit rider and waiver of premium rider.

Premium Comparison:

The premium comparison for few samples is given below:

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

Reinstatement:

On policy lapse, both IDBI federal Termsurance Protection and ICICI Pru Pure Protect plan 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 IDBI Federal is 41% whereas for whereas for ICICI Pru, claim settlement ratio is 93% (H1, 2011).

End Note:

IDBI Federal is a typical term life insurance plan but has no riders.

ICICI Pru Pure Protect has two variants – Classic and Elite. The difference is the range of Sum Assured offered. ICICI Pru Elite range of Sum Assured begins from Rs 25 lacs. Pure Protect also has riders available with it.

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Term Plan Insurance: ING Vysya Term Life Plan vis-à-vis ICICI Pru Pure Protect

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

Term Life is the term insurance plan of ING Vysya Life Insurance.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

For ING Vysya Term Life, person aged between 18 years to 65 years can buy the term insurance plan. Term Life plan maximum maturity age is 75 years.

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

Life Cover:

The minimum life cover that can be opted with ING Vysya Term Life plan is Rs 10 lacs. The minimum cover available with ICICI Pru Pure Protect depends on the minimum premium available.  The maximum cover in ING Vysya Term Life plan and and ICICI Pru Pure Protect as cover is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term that can be opted with ING Vysya Term Life is between 10 and 30 years. The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

ING Vysya Term Life has 2 riders- Accidental death benefit rider and Accidental death, disability and dismemberment benefit.

ICICI Pru Pure Protect plan has Accidental death and disability benefit rider and waiver of premium rider.

Premium Comparison:

The premium comparison for few samples is given below:

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

Reinstatement:

On policy lapse, both in ING Vysya Term Life  and ICICI Pru Pure Protect plan 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 H1, 2011, the claim settlement ratio for ING Vysya is 85% whereas for whereas for ICICI Pru, claim settlement ratio is 93%.

End Note:

ING Vysya Term Life is a good term plan and riders can be added to the policy as well.

ICICI Pru Pure Protect has two variants – Classic and Elite. The difference is the range of Sum Assured offered. ICICI Pru Elite range of Sum Assured begins from Rs 25 lacs. Pure Protect also has riders available with it.

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Term Plan Insurance:  SBI Life Smart Shield Plan vis-à-vis ICICI Pru Pure Protect

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

Smart Shield term plan is the term insurance plan of SBI Life.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

For SBI Life Smart Shield, person aged between 18 years to 65 years can buy the term insurance plan. Smart Shield term plan maximum maturity age is 70 years.

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

Life Cover:

The minimum life cover that can be opted with SBI Life Smart Shield is Rs 25 lacs. The minimum cover available with ICICI Pru Pure Protect depends on the minimum premium available.  The maximum cover in SBI Life Smart Shield and ICICI Pru Pure Protect is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for SBI Smart Shield term plan is 5 years to 30 years.  The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

SBI Smart Shield term plan has Accidental death benefit, Accidental total and permanent disability rider and accelerated critical illness rider.

ICICI Pru Pure Protect plan has Accidental death and disability benefit rider and waiver of premium rider.

Premium Comparison:

The premium comparison for few samples is given below:

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

Reinstatement:

On policy lapse, SBI Smart Shield can be reinstated within 3 years and ICICI Pru Pure Protect 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 SBI Life is 84% whereas for ICICI Pru, claim settlement ratio is 93% (H1,2011).

End Note:

SBI Life Smart Shield is flexible term plan, it has 4 options which you can choose from- level term assurance, increasing term assurance, decreasing term assurance (loan) and decreasing term assurance (family income protection).

ICICI Pru Pure Protect has two variants – Classic and Elite. The difference is the range of Sum Assured offered. ICICI Pru Elite range of Sum Assured begins from Rs 25 lacs.

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Term Plan Insurance:  Bharti AXA Elite Secure vis-à-vis ICICI Pru Pure Protect Plan

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

Elite Secure is the term insurance plan of Bharti AXA.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

For Bharti AXA Elite Secure, person aged between 18 years to 65 years can buy the term insurance plan. Elite Secure plan maximum maturity age is 75 years.

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

Life Cover:

The minimum life cover that can be opted with Bharti AXA Elite Secure is Rs 25 lacs. The minimum cover available with ICICI Pru Pure Protect depends on the minimum premium available. The maximum cover in Bharti AXA Elite Secure and ICICI Pru Pure Protect is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for Elite Secure is from 5 years to 25 years. “Till Age 75” policy term is also available.

The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

Bharti AXA Elite Secure has Accidental death and disability benefit rider and critical illness rider.

ICICI Pru Pure Protect plan has Accidental death and disability benefit rider and waiver of premium rider.

Premium Comparison:

The premium comparison for few samples is given below:

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

Reinstatement:

On policy lapse, both Bharti AXA Elite Secure and ICICI Pru Pure Protect plan plan 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 H1, 2011, the claim settlement ratio Bharti AXA is 71% whereas ICICI Pru, claim settlement ratio is 93%.

End Note:

Bharti AXA has two important riders which can be added to base policy by paying additional premium amount.

ICICI Pru Pure Protect has two variants – Classic and Elite. The difference is the range of Sum Assured offered. ICICI Pru Elite range of Sum Assured begins from Rs 25 lacs.

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Term Plan Insurance:  Aegon Religare Level Term Plan vis-à-vis ICICI Pru Pure Protect

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

Level term plan is the term insurance plan of AEGON Religare.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

For AEGON Religare level term insurance, person aged between 18 years to 55 years can buy the term insurance plan. Level term plan maximum maturity age is 75 years.

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

Life Cover:

The minimum life cover that can be opted with AEGON Religare level term insurance is Rs 5 lacs. The minimum cover available with ICICI Pru Pure Protect depends on the minimum premium available.  The maximum cover in AEGON Religare level term insurance and ICICI Pru Pure Protect is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for Level term plan is from 10 years to 30 years. The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

AEGON Religare level term plan has accidental death, dismemberment and disability rider, critical illness rider.

ICICI Pru Pure Protect plan has Accidental death and disability benefit rider and waiver of premium rider.

Premium Comparison:

The premium comparison for few samples is given below:

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

Reinstatement:

On policy lapse, both AEGON Religare level term plan and and ICICI Pru Pure Protect 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 AEGON Religare is 46% whereas for ICICI Pru, claim settlement ratio is 93% (H2, 2011).

End Note:

Aegon Religare level term plan is a regular term life insurance plan which pays lump sum amount on death of life insured. Riders are also available with it. ICICI Pru Pure Protect has two variants – Classic and Elite. The difference is the range of Sum Assured offered. ICICI Pru Elite range of Sum Assured begins from Rs 25 lacs.

Term Plan Insurance:  Aviva LifeShield Platinum vis-à-vis ICICI Pru Pure Protect

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

LifeShield Platinum is the term insurance product of Aviva Life Insurance.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

Anyone aged between 18 years to 60 years can apply for Aviva LifeShield Platinum. The maximum age at maturity should not exceed 70 years.

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

Life Cover:

The minimum life cover that can be opted with Aviva LifeShield Platinum is Rs 50 lacs. The minimum cover available with ICICI Pru Pure Protect depends on the minimum premium available.  The maximum cover in Aviva LifeShield Platinum ICICI Pru Pure Protect is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

You can choose policy term from 10 years to 52 years with Aviva LifeShield Platinum. . The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

Aviva LifeShield Platinum has two riders available which can be opted by paying additional premium- Accidental death benefit and Dread disease rider.

ICICI Pru Pure Protect plan has Accidental death and disability benefit rider and waiver of premium rider.

Premium Comparison:

The premium comparison for few samples is given below:

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

Reinstatement:

On policy lapse, both Aviva LifeShield Platinum and and ICICI Pru Pure Protect 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 Aviva life insurance is 91 whereas for ICICI Pru, claim settlement ratio is 93% (H2, 2011).

End Note:

Aviva LifeShield Platinum has 3 variants – life protection, income replacement, loan protection. Life protection is regular term plan which pays out lump sum benefit on death of life insured; income replacement pays out regular income in form of monthly installments and also increases monthly benefit by 5% every year; loan protection is for covering your loan obligations and Sum Assured keeps decreasing uniformly. The riders are available only with life protection variant. ICICI Pru Pure Protect has two variants – Classic and Elite. The difference is the range of Sum Assured offered. ICICI Pru Elite range of Sum Assured begins from Rs 25 lacs.

Term Plan Insurance:  Aviva LifeShield Plus vis-à-vis ICICI Pru Pure Protect

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

LifeShield Plus is the term insurance product of Aviva Life Insurance.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

Anyone aged between 18 years to 55 years can apply for Aviva LifeShield Plus. The maximum age at maturity should not exceed 65 years.

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

Life Cover:

The minimum life cover that can be opted with Aviva LifeShield Plus is Rs 10 lacs and for ICICI Pru Pure Protect, minimum cover is Rs 5 lacs. The maximum cover in Aviva LifeShield Plus and ICICI Pru Pure Protect is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

You can choose policy term from 10 years to 30 years with Aviva LifeShield Plus. The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

Aviva LifeShield Plus have two riders available which can be opted by paying additional premium- Accidental death benefit and Dread disease rider.

ICICI Pru Pure Protect plan has Accidental death and disability benefit rider and waiver of premium rider.

Premium Comparison:

The premium comparison for few samples is given below:

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

Reinstatement:

On policy lapse, both Aviva LifeShield Plus and ICICI Pru Pure Protect plan 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 Aviva life insurance is 91% whereas for ICICI Pru, claim settlement ratio is 93% (H2, 2011).

End Note:

Both Aviva LifeShield Plus and ICICI Pru Pure Protect are good term insurance plans which are suitable for individuals looking for particular Sum Assured. Riders can be added with both plans by paying additional premium to increase financial security ICICI Pru Pure Protect has two variants – Classic and Elite. The difference is the range of Sum Assured offered. ICICI Pru Elite range of Sum Assured begins from Rs 25 lacs.

Term Plan Insurance:  Aviva LifeShield vis-à-vis ICICI Pru Pure Protect

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

LifeShield is the term insurance product of Aviva Life Insurance.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

Anyone aged between 18 years to 55 years can apply for Aviva LifeShield. The maximum age at maturity should not exceed 65 years.

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

Life Cover:

The minimum life cover that can be opted with Aviva LifeShield is Rs 5 lacs. The minimum cover available with ICICI Pru Pure Protect depends on the minimum premium available. The maximum cover in Aviva LifeShield is Rs 50 lacs and ICICI Pru Pure Protect, the maximum cover is unlimited as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

You can choose policy term from 5 years to 40 years with Aviva LifeShield. The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

There are no riders available with Aviva LifeShield. ICICI Pru Pure Protect plan has Accidental death and disability benefit rider and waiver of premium rider.

Premium Comparison:

The premium comparison for few samples is given below:

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

Reinstatement:

On policy lapse, both Aviva LifeShield and ICICI Pru Pure Protect plan 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 Aviva life insurance is 91% whereas for ICICI Pru, claim settlement ratio is 93% (H2, 2011).

End Note:

ICICI Pru Pure Protect has two variants – Classic and Elite. The difference is the range of Sum Assured offered. ICICI Pru Elite range of Sum Assured begins from Rs 25 lacs. Pure Protect also has riders available with it. Aviva LifeShield has longer policy term available with it which is useful for people looking for longer policy term.