Term Plan Insurance: DLF U-Protect vis-à-vis Tata AIG Life Raksha

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

U-Protect is the term insurance plan of DLF Pramerica.

Raksha is the term insurance plan of Tata AIG Life.

Age Eligibility:

For DLF Pramerica U-Protect, person aged between 18 years to 55 years can buy the term insurance plan. DLF U-Protect plan maximum maturity age is 65 years.

For Tata AIG Life Raksha, person aged between 18 years to 50 years can buy the term insurance plan. Raksha term plan maximum maturity age is 60 years.

Life Cover:

The minimum life cover that can be opted with DLF U-Protect is Rs 25 lacs. For Tata AIG Raksha, minimum cover is Rs 5 lacs.The maximum cover in DLF U-Protect and Tata AIG Raksha 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 DLF U-Protect is from 10 years to 30 years.  The policy term with Tata AIG Raksha is 10, 15, 20 and 25 years.

Riders:

DLF U-Protect has Accidental death benefit and critical illness rider.

There are no riders available with Tata AIG Raksha.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes.

Reinstatement:

On policy lapse, DLF U-Protect can be reinstated within 3 years and Tata AIG Raksha within 5 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 DLF Pramerica is 16% whereas for Tata AIG, claim settlement ratio is 82% (H1, 2011). The 16% claim settlement should not be broad parameter for taking decision since DLF is new insurer and claim settlement is not a true reflection of insurer in initial years.

End Note:

DLF U-Protect is a good plan which has minimum life cover of Rs 25 lacs and has two critical riders available with it. Tata AIG Raksha has broader range of Sum Assured as the minimum Sum Assured with it is Rs 5 lacs which is Rs 25 lacs in case of DLF U-Protect. Tata AIG Raksha has no riders available with it.

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Term Plan Insurance: LIC Amulya Jeevan vis-à-vis Tata AIG Life Raksha

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

Amulya Jeevan is the term insurance plan of Life Insurance Corporation of India.

Raksha is the term insurance plan of Tata AIG Life.

Age Eligibility:

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

For Tata AIG Life Raksha, person aged between 18 years to 50 years can buy the term insurance plan. Raksha term plan maximum maturity age is 60 years.

Life Cover:

The minimum life cover that can be opted with LIC Amulya Jeevan is Rs 25 lacs. For Tata AIG Raksha, minimum cover is Rs 5 lacs.The maximum cover in LIC Amulya Jeevan and Tata AIG Raksha 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 Amulya Jeevan is from 5 years to 35 years.  The policy term with Tata AIG Raksha is 10, 15, 20 and 25 years.

Riders:

There are no riders available with both LIC Amulya Jeevan and Tata AIG Raksha.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes.

Reinstatement:

On policy lapse, both LIC Amulya Jeevan and Tata AIG Raksha can be reinstated within 5 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 Life Insurance Corporation of India is 77% whereas for Tata AIG, claim settlement ratio is 82% (H1, 2011).

End Note:

LIC Amulya Jeevan is a good plan which has minimum life cover of Rs 25 lacs and has long policy terms available. Tata AIG Raksha has broader range of Sum Assured as the minimum Sum Assured with it is Rs 5 lacs which is Rs 25 lacs in case of LIC Amulya Jeevan. Both plans have no riders available with them.

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Term Plan Insurance: Tata AIG Life Raksha plan vis-à-vis Reliance Term Plan

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

Raksha is the term insurance plan of Tata AIG Life.

Term Plan is the term insurance plan of Reliance Life.

Age Eligibility:

For Tata AIG Life Raksha, person aged between 18 years to 50 years can buy the term insurance plan. Raksha term plan maximum maturity age is 60 years.

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.

Life Cover:

The minimum life cover that can be opted with Tata AIG Raksha plan is Rs 5 lacs. For Reliance Term Life, minimum cover is Rs 2.5 lacs.The maximum cover in Tata AIG Raksha plan and Reliance Term Life plan 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 with Tata AIG Raksha is 10, 15, 20 and 25 years The policy term for Reliance Term Life is from 5 years to 30 years.

Riders:

There are no riders available with Tata AIG Raksha.

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

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes.

Reinstatement:

On policy lapse, Tata AIG Raksha can be reinstated within 5 years and Reliance Term Life term plan can be reinstated 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 H1, 2011, the claim settlement ratio for Tata AIG is 82% whereas for Reliance Life, claim settlement ratio is 63% (Q2,2011).

End Note:

Both Tata AIG Raksha plan and Reliance Term Life are good term insurance plans which are suitable for individuals looking for particular Sum Assured. However there are no riders with Tata AIG Raksha.

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Term Plan Insurance: Tata AIG Life Raksha plan vis-à-vis SUD Life Premier Protection Plan

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

Raksha is the term insurance plan of Tata AIG Life.

Premier Protection is the term insurance plan of Star Union Da-ichi Life Insurance.

Age Eligibility:

For Tata AIG Life Raksha, person aged between 18 years to 50 years can buy the term insurance plan. Raksha term plan maximum maturity age is 60 years.

For SUD Premier Protection plan, person aged between 18 years to 60 years can buy the term insurance plan. SUD Premier Protection plan maximum age at maturity is 65 years.

Life Cover:

The minimum life cover that can be opted with Tata AIG Raksha plan is Rs 5 lacs. For SUD Premier Protection plan, minimum cover is Rs 25 lacs.   The maximum cover in Tata AIG Raksha plan and and SUD Premier Protection plan 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 with Tata AIG Raksha is 10, 15, 20 and 25 years. The policy term for SUD Premier Protection is from 5 years to 25 years.

Riders:

There are no riders available with Tata AIG Raksha.

SUD Premier Protection has Accidental death and total and permanent disability rider.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes.

Reinstatement:

On policy lapse, Tata AIG Raksha can be reinstated within 5 years and SUD Premier Protection plan 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 H1, 2011, the claim settlement ratio for Tata AIG is 82% whereas for Star Union Dai-ichi, claim settlement ratio is 57% (Q2, 2011).

End Note:

Both Tata AIG Raksha and Star Union Dai-ichi are good term insurance plans with broad range of Sum Assured. However there are no riders available with Tata AIG Raksha. You can add Accidental rider with Star Union Premier Protection plan it by paying additional nominal premium.

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Term Plan Insurance:  BSLI Protector Plus vis-à-vis Tata AIG Life Raksha 

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

Protector Plus is the term insurance plan of Birla Sun Life Insurance.

Raksha is the term insurance plan of Tata AIG Life.

Age Eligibility:

For BSLI Protector Plus, person aged between 18 years to 65 years can buy the term insurance plan. Protector Plus plan maximum maturity age is 75 years.

For Tata AIG Life Raksha, person aged between 18 years to 50 years can buy the term insurance plan. Raksha term plan maximum maturity age is 60 years.

Life Cover:

The minimum life cover that can be opted with BSLI Protector Plus is Rs 50 lacs and for Tata AIG Raksha, minimum cover is Rs 5 lacs. The maximum cover in BSLI Protector Plus and Tata AIG Raksha plan 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 Protector Plus is from 5 years to 30 years.  The policy term with Tata AIG Raksha is 10, 15, 20 and 25 years.

Riders:

BSLI Protector Plus has Accidental death and disability, Critical illness, Surgical care, Hospital care and waiver of premium riders which can be added to the base policy.

There are no riders available with Tata AIG Raksha.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes.

Reinstatement:

On policy lapse, both BSLI Protector Plus and Tata AIG Raksha 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 is 82% whereas for Tata AIG, claim settlement ratio is 82% (H1, 2011).

End Note:

BSLI Protector Plus is a good term plan. The cover begins from Rs 50 lacs and you can add riders by paying a bit more premium. Both level and increasing Sum Assured options are available with BSLI Protector Plus. Tata AIG Raksha has more flexible life cover available with it however there are no riders available with Tata AIG Raksha.

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Term Plan Insurance:  BSLI Protector Plan vis-à-vis Tata AIG Life Raksha

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.

Raksha is the term insurance plan of Tata AIG Life.

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 Tata AIG Life Raksha, person aged between 18 years to 50 years can buy the term insurance plan. Raksha term plan maximum maturity age is 60 years.

Life Cover:

The minimum life cover that can be opted with both Birla Protector and Tata AIG Life Raksha is Rs 5 lacs. The maximum cover Birla Sun Life Protector Plan and Tata AIG Life Raksha plan 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 with Tata AIG Raksha is 10, 15, 20 and 25 years.

Riders:

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

There are no riders available with Tata AIG Raksha.

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, Birla Sun Life Protector Plan can be reinstated within 2 years and Tata AIG Raksha within 5 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 for Tata AIG, claim settlement ratio is 82% (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.

Tata AIG Raksha is also good term plan except the fact that there are no riders available with it.

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Term Plan Insurance: Tata AIG Life Raksha plan vis-à-vis Kotak Preferred Term Plan

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

Raksha is the term insurance plan of Tata AIG Life.

Preferred term plan is the term insurance plan of Kotak Life.

Age Eligibility:

For Tata AIG Life Raksha, person aged between 18 years to 50 years can buy the term insurance plan. Raksha term plan maximum maturity age is 60 years.

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

Life Cover:

The minimum life cover that can be opted with Tata AIG Raksha plan is Rs 5 lacs. The minimum cover available with Kotak Preferred term plan is Rs 25 lacs. The maximum cover in Tata AIG Raksha plan and Kotak Preferred term plan 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 with Tata AIG Raksha is 10, 15, 20 and 25 years. The policy term for Kotak Preferred term plan is from 5 years to 30 years.

Riders:

There are no riders available with Tata AIG Raksha.

Kotak Preferred term plan has accidental death, permanent disability rider and critical illness 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, Tata AIG Raksha can be reinstated within 5 years and Kotak Preferred term 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 Tata AIG is 82% whereas for whereas for Kotak Life, claim settlement ratio is 83%.

End Note:

Kotak Preferred term plan is a flexible term plan with multiple premium options- single and regular. It also has riders available with it. Also there is unique conversion option with Kotak in which you can convert to any other Kotak life insurance plan (except term plan). Tata AIG Raksha has broad Sum Assured but no riders are available with it.

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Term Plan Insurance: Tata AIG Life Raksha 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.

Raksha is the term insurance plan of Tata AIG Life.

Pure Protect is the term insurance plan of ICICI Pru.

Age Eligibility:

For Tata AIG Life Raksha, person aged between 18 years to 50 years can buy the term insurance plan. Raksha term plan maximum maturity age is 60 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 Tata AIG Raksha plan is Rs 5 lacs. . The minimum cover available with ICICI Pru Pure Protect depends on the minimum premium available.  The maximum cover in Tata AIG Raksha 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 with Tata AIG Raksha is 10, 15, 20 and 25 years. The policy term for ICICI Pru Pure Protect is from 10 years to 30 years.

Riders:

There are no riders available with Tata AIG Raksha.

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, Tata AIG Raksha can be reinstated within 5 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 H1, 2011, the claim settlement ratio for Tata AIG is 82% whereas for whereas for ICICI Pru, claim settlement ratio is 93%.

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.

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Term Plan Insurance: Tata AIG Life Raksha plan vis-à-vis Aegon Religare Increasing Term Plan

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

Raksha is the term insurance plan of Tata AIG Life.

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

Age Eligibility:

For Tata AIG Life Raksha, person aged between 18 years to 50 years can buy the term insurance plan. Raksha term plan maximum maturity age is 60 years.

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

Life Cover:

The minimum life cover that can be opted with both Tata AIG Raksha plan and Aegon Religare increasing term plan is Rs 5 lacs.  The maximum cover in Tata AIG Raksha plan and Aegon increasing term plan 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 with Tata AIG Raksha is 10, 15, 20 and 25 years. The policy term for increasing term plan is from 10 years to 30 years.

Riders:

There are no riders available with Tata AIG Raksha.

AEGON Religare Increasing term plan has accidental death, dismemberment and disability rider, critical illness 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, Tata AIG Raksha can be reinstated within 5 years and AEGON Religare Increasing term 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 Tata AIG is 82% whereas for AEGON Religare, claim settlement ratio is 46% (Q2, 2011).

End Note:

Tata AIG Raksha is a regular term plan but has no riders. Increasing term plan increases the life cover opted by 5% every year. You can also add riders with increasing term plan.

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Term Plan Insurance: Tata AIG Life Raksha plan vis-à-vis Aegon Religare Decreasing Term Plan

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

Raksha is the term insurance plan of Tata AIG Life.

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

Age Eligibility:

For Tata AIG Life Raksha, person aged between 18 years to 50 years can buy the term insurance plan. Raksha term plan maximum maturity age is 60 years.

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

Life Cover:

The minimum life cover that can be opted with both Tata AIG Raksha plan and for decreasing term plan is Rs 5 lacs. The maximum cover in Tata AIG Raksha plan and and Aegon decreasing term plan 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 with Tata AIG Raksha is 10, 15, 20 and 25 years. The policy term for decreasing term plan is from 10 years to 20 years.

Riders:

There are no riders available with Tata AIG Life Raksha and Aegon Religare decreasing term plan.

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, Tata AIG Raksha can be reinstated within 5 years and AEGON Religare Decreasing term 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 H1, 2011, the claim settlement ratio for Tata AIG is 82% whereas for AEGON Religare, claim settlement ratio is 46% (Q2, 2011).

End Note:

Tata AIG Raksha is a typical term plan but has no riders. Aegon Decreasing plan is for people who have loan liability. In the Aegon decreasing term plan, the life cover keeps decreasing by 5% every year.

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