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

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.