Term Insurance Comparison
In earlier posts, we have looked at various criteria that can be used for term insurance comparison. Although it is difficult to say which is the best term insurance plan in India, one can keep the following policies in mind before making a buy decision.
HDFC LIFE Click2Protect– Currently the Best Term Insurance Plan in India
- Although this is not the cheapest policy in the market ( about 20-25% expensive), it scores really well in IRDA claim settlement ratio and customer retention metrics.
- Good brand in the market as it has the HDFC pedigree.
Compare the premiums and online claim ratios at Trucompare.in
AVIVA iLife– Value for Money
- One of the cheapest in the market.
- Scores reasonable well in claim settlement ratio and customer retention metrics. They can give serious competition to HDFC if they improve upon their claim settlement ratios.
- Global brand in the insurance market. In UK, they are considered a very decent brand
BHARTI AXA and RELIGARE Aegon – Cheapest term plans
- One of the cheapest in the market.
- Average to low scores in claim settlement ratio of insurance companies and customer retention metrics.
- Trying hard to create a more trustworthy brand.
Kotak, Edelweiss Tokio and Bajaj Allianz– Worth consideration
- Edelweiss is cheaper than the rest but has limited track record. At the same time,the company is making strides to create a brand. It will be good to see the IRDA claim settlement ratio data in 2012
- Kotak Preferred allows you to add the sum assured at a later stage in life.
- Bajaj Allianz is one of the best managed insurer in the country.
SBI Life – For those who prefer public insurers
- Costs much lower than LIC but higher than the likes of HDFC,Aviva or Religare Aegon
- Scores good in claim settlement and customer retention metrics.
- Trustworthy brand in the market
LIC Term Plan– Good claim ratio but damn expensive
- For those, who want to go for LIC, unfortunately they have outpriced themselves out of the market. Currently they cost 4 times the cheapest plan in the market.
- One might consider shifting to LIC term plans as and when they come up with a cheaper and more competitive option.
I’d recommend a revisit to the article on choosing term insurance to get the basics right for term insurance comparison before deciding on the cover and the term. It is important to insure your life before you think of anything else. For a quick quote or advice specific to your situation, compare the best term insurance plans online.
Compare the premiums and online claim ratios at Trucompare.in
