Online Term Insurance: HDFC Click 2 Protect vis-à-vis IndiaFirst Anytime
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.
IndiaFirst, a comparatively new insurer also has online term insurance plan by the name of Anytime.
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.
Anyone aged between 18 years to 60 years can apply for IndiaFirst Anytime. The maximum age at maturity should not exceed 70 years.
Life Cover:
The minimum life cover that can be opted with both Click 2 Protect and Anytime 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 underwriter decides life cover on basis of age, annual salary, medical condition etc. The maximum cover for IndiaFirst Anytime is subject to maximum of Rs 49 lacs.
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 IndiaFirst Anytime.
Riders:
There are no riders available with HDFC Click 2 Protect and IndiaFirst Anytime.
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 40 lacs | 30 | 7,721/- |
| 40 | Rs 30 lacs | 25 | 10,721/- |
| Term Insurance Plan | Age | Sum Assured | Policy Term | Premium* (in Rs) |
| IndiaFirst Anytime | 30 | Rs 40 lacs | 30 | 6,266/- |
| 40 | Rs 30 lacs | 25 | 9,497/- |
*kindly verify the premium for any changes. The premium for females is bit lower.
Reinstatement:
On policy lapse, both HDFC Click 2 Protect and IndiaFirst Anytime 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 IndiaFirst ratio is 84%.
End Note:
Both HDFC Click 2 Protect and IndiaFirst Anytime are good online term insurance plans. However there are visible difference among the two. HDFC Click 2 Protect has more broader Sum Assured than IndiaFirst Anytime plan. On the other hand, Anytime plan gives more flexibility in terms of premium paying modes- single, yearly, half yearly and monthly.
Other Online Term Plans:
Aviva i-Life, AEGON Religare iTerm, Future Generali Smart Life, ICICI Pru iCare, Kotak e-Preferred, Met Protect
