Online Term Insurance:  Kotak e-Preferred vis-à-vis Future Generali Smart Life

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.

e-Preferred is the online term insurance product of Kotak Life Insurance.

Smart Life is the online term insurance product of Future Generali.

Age Eligibility:

For Kotak e-Preferred, person aged between 18 years to 65 years can buy the term insurance plan. e-Preferred maximum maturity age is 70 years

For Future Generali Smart Life, person aged between 18 years to 60 years can buy the term insurance plan. Smart Life maximum maturity age is 68 years.

Life Cover:

The minimum life cover that can be opted with Kotak e-Preferred is Rs 25 lacs whereas for Future Generali Smart Life the minimum cover is Rs 15 lacs. The maximum cover for Kotak e-Preferred is unlimited as long as it is approved by insurer’s underwriter. For Smart Life, the maximum cover is Rs 49.99 lacs. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for e-Preferred is from 5 years to 30 years.  The policy term for Smart Life is from 8 years to 30 years.

Riders:

There are no riders available with both Kotak e-Preferred and Future Generali Smart Life.

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, Kotak e-Preferred can be reinstated within 2 years and Future Generali Smart Life within 3 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.

The claim settlement ratio for Kotak life insurance is 83% (H1, 2011) whereas for Future Generali, claim settlement ratio is 67% (H1, 2011).

End Note:

Both Kotak e-Preferred and Future Generali Smart Life are good term life insurance plans. However Future Generali Smart Life has cap on maximum Sum Assured which is Rs 49.99 lacs. The premium frequency available with Future Generali Smart Life is yearly only. Kotak e-Preferred is tad more flexible since it allows increase or decrease in life cover. It also lets you convert to any other Kotak life insurance plan (except term plan) and all premium paying frequency modes- yearly, half yearly, quarterly and monthly are available.

Other Online Term Plans:

Aviva i-Life,HDFC Click2Protect, IndiaFirst Anytime Plan, AEGON Religare iTerm, ICICI Pru iCare, Kotak e-Preferred, Met Protect

Online Term Insurance: Met Protect vis-à-vis Future Generali Smart Life

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.

Met Protect is the online term insurance product of MetLife Insurance.

Smart Life is the online term insurance product of Future Generali.

Age Eligibility:

For Met Protect, person aged between 18 years to 60 years can buy the term insurance plan. Met Protect maximum maturity age is 70 years.

For Future Generali Smart Life, person aged between 18 years to 60 years can buy the term insurance plan. Smart Life maximum maturity age is 68 years.

Life Cover:

The minimum life cover that can be opted with Met Protect is Rs 25 lacs and minimum life cover with Future Generali Smart Life is Rs 15 lacs. The maximum cover for Met Protect is unlimited and for Future Generali Smart Life maximum life cover is Rs 49.99   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 Met Protect is from 10 years to 35 years. The policy term for Smart Life is from 8 years to 30 years.

Riders:

There are no riders available with both Met Protect and Future Generali Smart Life.

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, Met Protect can be reinstated within 2 years and Future Generali Smart Life within 3 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.

The claim settlement ratio for Metlife insurance is 79% (H1, 2011) whereas for for Future Generali, claim settlement ratio is 67% (H1, 2011).

End Note:

Both Met Protect and Future Generali Smart Life are good term life insurance plans. Met Protect has broader Sum Assured than Future Generali Smart Life.

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, AEGON Religare iTerm, ICICI Pru iCare, Future Generali Smart Life, Aviva i-Life, Bharti AXA iProtect

Online Term Insurance: IndiaFirst Anytime vis-à-vis Future Generali Smart Life

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.

IndiaFirst, a comparatively new insurer also has online term insurance plan by the name of Anytime.

Smart Life is the online term insurance product of Future Generali.

Age Eligibility:

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

For Future Generali Smart Life, person aged between 18 years to 60 years can buy the term insurance plan. Smart Life maximum maturity age is 68 years.

Life Cover:

The minimum life cover that can be opted with IndiaFirst Anytime is Rs 10 lacs and for Future Generali Smart Life, minimum life cover is Rs 15 lacs. The maximum cover for IndiaFirst Anytime is Rs 49 lacs and for Future Generali Smart Life, maximum life cover is Rs 49.99 lacs 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 of 5 to 30 years for IndiaFirst Anytime. The policy term for Smart Life is from 8 years to 30 years.

Riders:

There are no riders available with IndiaFirst Anytime and Future Generali Smart Life.

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, IndiaFirst Anytime can be reinstated within 2 years and Future Generali Smart Life within 3 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.

The claim settlement ratio for IndiaFirst life insurance is 84% (Q2, 2011) whereas for for Future Generali, claim settlement ratio is 67% (H1, 2011).

End Note:

Both plans have cap on maximum Sum Assured. Also no riders are available with both plans.

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, Aviva i-Life, ICICI Pru iCare, Future Generali Smart Life, Kotak e-Preferred

Online Term Insurance:  Bharti AXA iProtect vis-à-vis Future Generali Smart Life

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.

Bharti AXA is the last insurer to join online insurance foray with the launch of iProtect.

Smart Life is the online term insurance product of Future Generali.

Age Eligibility:

For Bharti AXA iProtect, person aged between 18 years to 50 years can buy the term insurance plan. iProtect maximum maturity age is 60 years.

For Future Generali Smart Life, person aged between 18 years to 60 years can buy the term insurance plan. Smart Life maximum maturity age is 68 years.

Life Cover:

The minimum life cover that can be opted with Bharti AXA iProtect is Rs 25 lacs whereas for Future Generali Smart Life the minimum cover is Rs 15 lacs. For Smart Life, the maximum cover is Rs 49.99 lacs. The maximum cover is depends on the applicants preference and financial profile and subject to approval by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for iProtect is 10/15/20/25/30 years. The policy term for Smart Life is from 8 years to 30 years.

Riders:

There are no riders available with both Bharti AXA iProtect and Future Generali Smart Life.

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, Bharti AXA iProtect  can be reinstated within 5 years and Future Generali Smart Life within 3 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.

The claim settlement ratio for Bharti AXA life insurance is 71% (H1, 2011) whereas for Future Generali, claim settlement ratio is 67% (H1, 2011).

End Note:

Both Bharti AXA iProtect and Future Generali Smart Life are good term life insurance plans. There is family Care benefit in iProtect which pays Rs 1 lacs within 48 hours of submitting all claim documents.

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, AEGON Religare iTerm, ICICI Pru iCare, Future Generali Smart Life, Met Protect, Kotak e-Preferred

Online Term Insurance:  ICICI Pru iCare vis-à-vis Future Generali Smart Life

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.

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

Smart Life is the online term insurance product of Future Generali.

Age Eligibility:

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.

For Future Generali Smart Life, person aged between 18 years to 60 years can buy the term insurance plan. Smart Life maximum maturity age is 68 years.

Life Cover:

The minimum life cover that can be opted with ICICI Pru iCare is Rs 10 lacs and Future Generali Smart Life is Rs 15 lacs. The maximum cover for ICICI Pru iCare is Rs 1.5 Cr and for Future Generali Smart Life, maximum life cover is Rs 49.99 lacs 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 30 years with ICICI Pru iCare. The policy term for Future Generali Smart Life is from 8 years to 30 years.

Riders:

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

There are no riders available with Future Generali Smart Life.

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, ICICI Pru iCare can be reinstated within 2 years and Future Generali Smart Life within 3 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.

The claim settlement ratio for ICICI Pru is 93% (H1, 2011) whereas for Future Generali , claim settlement ratio is 67% (H1, 2011).

End Note:

Both ICICI Pru iCare and Future Generali Smart Life are good term life insurance plans. However ICICI Pru iCare offers broader life cover than Future Generali Smart Life. Also iCare does have inbuilt rider with one of its variants. Both ICICI Pru iCare and IndiaFirst Anytime allow you both single premium and regular premium option.

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, AEGON Religare iTerm, Aviva i-Life, Met Protect, Kotak e-Preferred

Online Term Insurance: HDFC Click 2 Protect vis-à-vis Future Generali Smart Life

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.

Smart Life is the online term insurance product of Future Generali.

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 Future Generali Smart Life, person aged between 18 years to 60 years can buy the term insurance plan. Smart Life maximum maturity age is 68 years.

Life Cover:

The minimum life cover that can be opted with Click 2 Protect is Rs 10 lacs whereas minimum life cover for Future Generali Smart Life is Rs 15 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 Future Generali Smart Life is Rs 49.99 lacs. 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 8 to 30 years for Future Generali Smart Life.

Riders:

There are no riders available with both HDFC Click 2 Protect and Future Generali Smart Life.

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, HDFC Click 2 Protect can be reinstated within 2 years and Future Generali Smart Life within 3 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 Future Generali settlement ratio is 67% (H1, 2011).

End Note:

Both HDFC Click 2 Protect and Future Generali Smart Life are good online term insurance plans. HDFC Click 2 Protect has broader Sum Assured than Future Generali Smart Life.

Other Online Term Plans:

Aviva i-Life, AEGON Religare iTerm, Met Protect, IndiaFirst Anytime, ICICI Pru iCare, Kotak e-Preferred.

Online Term Insurance:  AEGON Religare iTerm vis-à-vis Future Generali Smart Life

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.

AEGON Religare was the first insurance company to launch term insurance plan online. Just few days ago, iTerm plan has been re-launched with some good modifications.

Smart Life is the online term insurance product of Future Generali.

Age Eligibility:

Anyone aged between 18 years to 65 years can apply for AEGON Religare iTerm. The maximum age at maturity should not exceed 75 years.

For Future Generali Smart Life, person aged between 18 years to 60 years can buy the term insurance plan. Smart Life maximum maturity age is 68 years.

Life Cover:

The minimum life cover that can be opted with AEGON Religare iTerm is Rs 10 lacs whereas for Future Generali Smart Life the minimum cover is Rs 15 lacs. The maximum cover for AEGON Religare iTerm is unlimited as long as it is approved by insurer’s underwriter. For Smart Life, the maximum cover is Rs 49.99 lacs. 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 57 years with AEGON Religare iTerm. The policy term for Smart Life is from 8 years to 30 years.

Riders:

AEGON Religare iTerm has inbuilt terminal illness rider which pays 25% of Sum Assured on diagnosis of critical illness. By paying additional premium, you can opt for Accidental death rider, Waiver of premium on critical illness rider and women critical illness rider 

There are no riders available with Future Generali Smart Life.

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, AEGON Religare iTerm can be reinstated within 2 years and Future Generali Smart Life within 3 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.

The claim settlement ratio for AEGON Religare life insurance is 46% (Q2, 2011) whereas for Future Generali, claim settlement ratio is 67% (H1, 2011).

End Note:

Both AEGON Religare iTerm and Future Generali Smart Life are good term life insurance plans. AEGON Religare iTerm has riders also which can be attached with it.  However Future Generali Smart Life has cap on maximum Sum Assured which is Rs 49.99 lacs. The premium frequency available with Future Generali Smart Life is yearly only. For AEGON Religare iTerm, the premium payment frequency is yearly and single.

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, Aviva i-Life, ICICI Pru iCare, Kotak e-Preferred, Met Protect

Online Term Insurance:  Aviva i-Life vis-à-vis Future Generali Smart Life

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.

i-Life is the term insurance product of Aviva Life Insurance. From its launch in May, Aviva has sold over 10,000 policies.

Smart Life is the online term insurance product of Future Generali.

Age Eligibility:

Anyone aged between 18 years to 55 years can apply for Aviva iLife. The maximum age at maturity should not exceed 70 years.

For Future Generali Smart Life, person aged between 18 years to 60 years can buy the term insurance plan. Smart Life maximum maturity age is 68 years.

Life Cover:

The minimum life cover that can be opted with Aviva i-Life is Rs 25 lacs whereas for Future Generali Smart Life the minimum cover is Rs 15 lacs. The maximum cover for Aviva i-Life is unlimited as long as it is approved by insurer’s underwriter. For Smart Life, the maximum cover is Rs 49.99 lacs. 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 35 years with Aviva i-Life. The policy term for Smart Life is from 8 years to 30 years.

Riders:

There are no riders available with both Aviva i-Life and Future Generali Smart Life.

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, Aviva i-Life can be reinstated within 2 years and Future Generali Smart Life within 3 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.

The claim settlement ratio for Aviva life insurance is 91% (Q2,2011) whereas for Future Generali, claim settlement ratio is 67% (H1, 2011).

End Note:

Both Aviva iLife and Future Generali Smart Life are good term life insurance plans. However Future Generali Smart Life has cap on maximum Sum Assured which is Rs 49.99 lacs. The premium frequency available with Future Generali Smart Life is Yearly only. For Aviva i-Life, the premium payment frequency is yearly and half yearly.

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, AEGON Religare iTerm, ICICI Pru iCare, Kotak e-Preferred, Met Protect

Insurer: Future Generali Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and periodic returns on investment

Periodic payouts

Single Premium option available

Bonuses

Rebate on base premium

Auto cover

Maximum Entry Age: 60 Years

Maximum Maturity Age: 80 Years

Policy Term: 15-65 Years

Premium Payment Term: Single, 10/15/20/25/30 Years

Minimum Premium: Rs 10,000 per annum

Premium Payment Frequency: Yearly, Half Yearly, Quarterly or Monthly

In case the Life Assured passes away, Sum Assured along with vested bonuses will be paid.

Money Back

5.5 % of Sum Assured along with bonuses will be made every year after the premium payment term.

Maturity Benefit

On maturity, Sum Assured along with terminal bonus(if any) will be paid.

Bonuses

Reversionary bonus will be declared at the end of each year and will be paid at the end of premium payment term. Terminal bonus if any will be added on maturity.

Riders

Accidental death, Saral term benefit and Premium waiver benefit are the riders that can be attached with the plan by paying additional nominal premium.

Rebates

If Sum Assured is equal or more than Rs 1.5 lacs, discount on basic Premium is also given.

Under Section 10(10D) death claim is completely tax free.

Auto Cover: If you discontinue premium payment after 3 years, death benefit will be provided for the next two years.

Surrender Value: In case you want to cancel Future Generali Secure Income plan after 3 years, the minimum guaranteed surrender value will be paid which is equivalent to 30% of all premiums paid barring the first year premium.

Free Look Period: Future Generali Secure Income can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

What’s Policybazaar opinion on Future Generali Secure Income?

Insurer: Future Generali Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and returns on investment

Large Sum Assured Rebate

Loan option available

Maximum Entry Age: 45 Years

Maximum Age at Maturity: 65 Years

Policy Term:  5-25 Years

Minimum Premium: Rs 2,500 per annum

Premium Payment Mode: Yearly, Half Yearly or Monthly, Single

What benefits does Future Generali Instalife offer?

Death benefit:

In case of unfortunate death of the life insured, Sum Assured along with vested bonuses will be paid.

Maturity Benefit:

At the end of policy term, Sum Assured with accumulated bonuses will be paid.

Large Sum Assured Discount:

For Sum Assured equal and above INR 2 lacs, a rebate on premium will be available. For single premium policy, rebate is available for premium INR 50,000 and above.

Loans:

You can apply for loans after policy acquires the surrender value.

Under Section 10(10D) death claim is completely tax free.

Free Look Period: Instalife plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.