Life Insurance Claim Ratios - Last 3 Years Average
| Criteria | Axis Max | Bajaj Life | HDFC Life | ICICI Prudential | SBI Life | Tata AIA |
|---|---|---|---|---|---|---|
| Claim Incurred Ratio | 99.50 | 99.10 | 99.18 | 97.42 | 97.45 | 89.82 |
| Solvency Ratio | 1.88 | 5.10 | 1.89 | 2.02 | 2.05 | 1.89 |
Term Life Insurance Plans
HDFC Life Click 2 Protect Super
- Comprehensive Coverage Options: Choose from three plan options to suit your needs:
- Life Option: Provides life cover with optional increasing death benefit and waiver of premium on diagnosis of critical illness or total and permanent disability.
- Life Plus Option: Includes all benefits of the Life Option, with additional coverage for accidental death.
- Life Goal Option: Offers flexible death benefits tailored to your life goals and liabilities.
- Life Option: Provides life cover with optional increasing death benefit and waiver of premium on diagnosis of critical illness or total and permanent disability.
- Return of Premium (ROP): Get back all premiums paid if you survive the policy term.
- Terminal Illness Benefit: Accelerated death benefit upon diagnosis of a terminal illness, up to age 80.
- Smart Exit Benefit: Option to receive premiums paid (excluding additional benefits) after 30 policy years, provided the policy is in-force.
- Flexible Payout Options: Choose between lump sum or monthly income payouts for the death benefit.
Key Features
- Life Stage Benefit: Increase your coverage by up to ₹50 lakh after marriage and ₹25 lakh each upon the birth of the first and second child, without additional underwriting.
- Spouse Coverage: Option to add additional cover for your spouse under the policy.
- Flexible Premium Payment Terms: Choose from Single Pay, Limited Pay, or Regular Pay options.
Riders Available
- Waiver of Premium on Critical Illness (WOP CI): Waives future premiums upon diagnosis of covered critical illnesses.
- Waiver of Premium on Total and Permanent Disability (WOP Disability): Waives future premiums in case of total and permanent disability.
- Critical Illness Plus Rider: Provides a lump sum benefit upon diagnosis of any of the covered critical illnesses.
- Income Benefit on Accidental Disability Rider: Offers monthly income in case of accidental total and permanent disability.
SBI Life Smart Shield
- Plan Type: Individual, non-linked, non-participating, pure risk life insurance.
- Plan Options:
- Level Term Assurance: Fixed sum assured throughout the policy term.
- Increasing Term Assurance: Sum assured increases by 5% annually.
- Decreasing Term Assurance (Loan Protection): Sum assured decreases over time, aligning with loan repayment schedules.
- Decreasing Term Assurance (Family Income Protection): Provides decreasing cover to match family income needs.
- Premium Payment Options: Single premium or regular premiums (yearly, half-yearly, quarterly, monthly).
- Tax Benefits: Premiums eligible for tax deductions under Section 80C and death benefits under Section 10(10D) of the Income Tax Act.
Riders Available
- Accidental Death Benefit Rider:
- Benefit: Additional sum assured in case of death due to an accident.
- Eligibility: Entry age 18–65 years; coverage up to age 70.
- Sum Assured: ₹25,000 to ₹50,00,000.
- Accidental Total and Permanent Disability Benefit Rider:
- Benefit: Payout on total and permanent disability due to an accident.
- Eligibility: Entry age 18–65 years; coverage up to age 70.
- Sum Assured: ₹25,000 to ₹50,00,000.
- Accelerated Critical Illness Benefit Rider:
- Benefit: Lump sum payout upon diagnosis of specified critical illnesses.
- Eligibility: Entry age up to 60 years; coverage up to age 65.
- Sum Assured: ₹5,00,000 to ₹30,00,000.
ICICI Pru iProtect Smart
- Plan Variants:
- Life Option: Provides death benefit and terminal illness coverage.
- Life Plus Option: Includes all benefits of the Life Option plus Accidental Death Benefit.
- Life & Health Option: Combines Life Option benefits with Accelerated Critical Illness (ACI) Benefit.
- All-in-One Option: Offers comprehensive coverage, including death benefit, terminal illness, accidental death, and critical illness benefits.
- Terminal Illness Benefit: Pays the death benefit upon diagnosis of a terminal illness, including AIDS.
- Premium Payment Options: Single, regular, or limited pay with frequencies of yearly, half-yearly, or monthly.
- Smart Exit Benefit: Allows policyholders aged 60 or above to exit the policy after 25 years, receiving a refund of all premiums paid (excluding taxes and rider premiums).
- Tax Benefits: Premiums paid are eligible for tax deductions under Sections 80C and 80D, and the death benefit is tax-exempt under Section 10(10D) of the Income Tax Act.
Key Features
- Death Benefit:
- Regular Pay: Higher of 10 times the annualized premium, 105% of all premiums paid, or the sum assured.
- Single Pay: Higher of 125% of the single premium or the sum assured.
- Terminal Illness Benefit: Pays the full death benefit upon diagnosis of a terminal illness.
- Accidental Death Benefit: Provides an additional payout up to ₹2 crores in case of death due to an accident.
- Accelerated Critical Illness Benefit: Offers a lump sum payout upon diagnosis of any of the 34 specified critical illnesses.
- Waiver of Premium on Permanent Disability: Waives all future premiums if the policyholder suffers permanent disability due to an accident.
Riders Available
- Accidental Death Benefit (ADB):
- Benefit: Provides an additional sum assured up to ₹2 crores in case of death due to an accident.
- Availability: Can be added during or after policy purchase.
- Accelerated Critical Illness (ACI) Benefit:
- Benefit: Offers a lump sum payout upon diagnosis of any of the 34 specified critical illnesses.
- Note: This is an accelerated benefit; the death benefit reduces by the amount paid under ACI.
- Waiver of Premium on Permanent Disability:
- Benefit: Waives all future premiums if the policyholder suffers permanent disability due to an accident.
Tata AIA Sampoorna Raksha Promise
- Plan Type: Non-linked, non-participating, pure risk individual life insurance plan.
- Plan Options:
- Life Promise: Provides death benefit and terminal illness coverage.
- Life Promise Plus: Includes all benefits of the Life Promise option plus a return of premium at maturity.
- Joint Life Promise: Covers both spouses under a single policy.
- Joint Life Promise Plus: Combines joint life coverage with return of premium benefit.
- Whole Life Cover: Offers coverage up to 100 years of age.
- Terminal Illness Benefit: Pays 50% of the base sum assured upon diagnosis of a terminal illness.
- Premium Waiver: Waives future premiums upon diagnosis of a terminal illness.
- Flexible Payout Options: Choose to receive the death benefit as a lump sum or in installments.
- Instant Claim Payout: Provides an immediate payout of ₹3 lakh upon claim intimation.
- Premium Discounts:
- Digital Discount: 10% discount on first-year premium for online purchases.
- Salaried Individual Discount: Additional 8.5% discount for salaried individuals.
- Women Policyholders: Up to 15% lower premiums.
- Milestone Discount: Additional 2% discount (up to ₹500) for first jobbers, newly-weds, first-time parents, and recent homeowners.
Key Features
- Death Benefit:
- For regular premium policies: Higher of 10 times the annualized premium, 105% of all premiums paid, or the sum assured.
- For single premium policies: Higher of 125% of the single premium or the sum assured.
- Maturity Benefit: Under the Life Promise Plus option, 100% of the premiums paid are returned at maturity.
- Surrender Benefit: Available for single premium and limited premium payment policies, subject to policy terms.
Riders Available
- Accidental Death Benefit Rider: Provides an additional sum assured in case of death due to an accident.
- Total and Permanent Disability Rider: Offers a payout upon total and permanent disability due to an accident.
- Critical Illness Rider: Provides a lump sum upon diagnosis of specified critical illnesses.
- Waiver of Premium Rider: Waives future premiums upon occurrence of specified events like critical illness or disability.
Bajaj Allianz Life eTouch II
- Plan Variants:
- Life Shield: Provides death and terminal illness benefits.
- Life Shield Plus: Includes all benefits of Life Shield plus Accidental Death Benefit (ADB) and Waiver of Premium (WOP) on Accidental Total Permanent Disability (ATPD).
- Life Shield ROP: Offers death and terminal illness benefits along with Return of Premium (ROP) at maturity.
- Premium Payment Options: Flexibility to pay premiums throughout the policy term, for a limited number of years, or till retirement (age 60).
- Premium Holiday: Option to skip premiums for 1, 2, or 3 years during the premium payment term, provided all premiums are paid up-to-date.
- Early Exit Benefit: Available under Life Shield and Life Shield Plus variants, allowing policyholders aged 60 and above to exit the policy during the first five policy years and receive the higher of Early Exit Value or Termination Value, provided all premiums are paid and no prior claims have been made.
- Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C, and benefits received are tax-exempt under Section 10(10D) of the Income Tax Act.
Key Features
- Death Benefit: In case of the policyholder’s death during the policy term, the sum assured is paid to the nominee.
- Terminal Illness Benefit: Pays 50% of the base sum assured upon diagnosis of a terminal illness.
- Accidental Death Benefit (ADB): Under Life Shield Plus variant, provides an additional payout equal to the sum assured in case of death due to an accident.
- Waiver of Premium (WOP) on ATPD: Waives all future premiums upon Accidental Total Permanent Disability, ensuring the policy remains in force.
- Return of Premium (ROP): Under Life Shield ROP variant, 100% of the premiums paid are returned at maturity if the policyholder survives the policy term.
Riders Available
- Accidental Death Benefit (ADB): Provides an additional sum assured in case of death due to an accident.
- Waiver of Premium (WOP) on ATPD: Waives all future premiums upon Accidental Total Permanent Disability, ensuring continued coverage.
- Critical Illness Benefit Rider: Offers a lump sum payout upon diagnosis of any of the 60 specified critical illnesses.
- Family Protect Rider: Provides a lump sum and monthly income to surviving parents in case of the policyholder’s death or ATPD.
Axis Max Life Smart Secure Plus Plan
- Flexible Death Benefit Options: Choose between:
- Level Cover: The sum assured remains constant throughout the policy term.
- Increasing Cover: The sum assured increases by 5% annually, up to a maximum of 200% of the base sum assured.
- Policy Term: Available from 5 to 85 years of age, with coverage up to 85 years.
- Premium Payment Options:
- Single Premium
- Regular Premium (Yearly, Half-Yearly, Quarterly, Monthly)
- Limited Premium (5, 10, 12, 15 years)
- Pay till 60 years
- Sum Assured: Minimum ₹20 lakh; for joint life cover, minimum ₹10 lakh.
- Claim Payout Options: Choose from:
- Lump Sum
- Monthly Income
- Combination of Lump Sum and Monthly Income
Key Features
- Terminal Illness Cover:Receive 100% of the death benefit upon diagnosis of a terminal illness, subject to a maximum of ₹1 crore.
- Return of Premium: Opt for this feature to receive 100% of the total premiums paid if you survive the policy term.
- Premium Break Option: Take a break from premium payments twice during the policy term, with coverage continuing. Available for policies with a term greater than 30 years and premium payment term greater than 21 years.
- Special Exit Value: A one-time option to exit the policy and receive premiums paid, available for policies with a term of 40 years or more.
- Voluntary Top-Up Sum Assured: Increase your sum assured by up to 100% after one year of policy inception.
- Joint Life Cover: Extend coverage to your spouse with a nominal increase in premium.
Riders Available
- Waiver of Premium Plus Rider:Waives off future premiums upon diagnosis of a terminal illness, dismemberment, or death due to accident/terminal illness.
- Critical Illness and Disability Rider: Provides a lump sum benefit upon diagnosis of specified critical illnesses or total and permanent disability.
