Difference Between ICICI Prudential Life Insurance and HDFC Life Insurance
The two most sought-after term life insurance companies in India are HDFC Life Insurance and ICICI Prudential Life Insurance. What makes these two companies different from each other are their features, policies, services, and prices. So, let us take a look at how they differ from each other.
Table of Contents
- HDFC Life Insurance
- HDFC Life Insurance Features
- HDFC Life Insurance Benefits
- HDFC Life Insurance Plans
- ICICI Prudential Life Insurance
- ICICI Prudential Life Insurance Features
- ICICI Prudential Life Insurance Benefits
- ICICI Prudential Life Insurance Plans
- HDFC Life vs ICICI Prudential – A Comparison
HDFC Life Insurance – An Overview
HDFC Life Insurance Company is a privately-owned insurance company, which is also the largest private life insurance provider in the country. It is a joint venture between Standard Life Aberdeen and HDFC Ltd.
Salient Features of HDFC Life Insurance
- It is one of the largest life insurance companies in India, although privately owned.
- The range of life insurance products offered by HDFC Life is designed to fulfill the requirements of individuals as well as families.
- The customer experience offered by HDFC Life Insurance is well-appreciated by all.
Benefits of HDFC Life Insurance
There are several advantages of HDFC Life Insurance and of which people opt for this insurance company. Here are some of them mentioned below:
- Affordable: HDFC Life Insurance comes with a wide range of insurance products that suit the needs of the people and are well within the budget.
- Customer service: They offer one-of-a-kind customer service, which is available 24X7, and 365 days a year.
- Hassle-free claim settlement: HDFC Life Insurance offers state-of-the-art technology so that the claims are processed quickly and the policies are free of hidden charges and clauses.
- Life cover till 99 years: Financial protection is provided to your family even when you are not there anymore. The life cover is provided for up to 99 years and the premiums are affordable.
Types of HDFC Life Insurance Plans
HDFC Life is divided into various types. Here are some of them mentioned below:
Savings Plans:
- HDFC Life Sanchay Plus
- HDFC Life Sanchay
- HDFC Life Sanchay Par Advantage
- HDFC Life Super Income Plan
- HDFC Life ClassicAssure Plus
- HDFC Life Pragati Plans
- HDFC Life Sampoorn Samridhi Plus
- HDFC Life Uday Plans
Guaranteed Income Plans:
- HDFC Life Click 2 Retire
- HDFC Life Click 2 Wealth
- HDFC Life Youngstar Udaan
ULIP Plans:
- HDFC Life Smart Woman Plan
- HDFC Life Click 2 Wealth
- HDFC SL Crest
- HDFC Life Pragati Plans
- HDFC Life Click2Invest ULIP
- HDFC Life ProGrowth Plus
- HDFC SL ProGrowth Super II
- HDFC SL ProGrowth Flexi
- HDFC Life Capital Shield
- HDFC Life Sampoorna Nivesh
- HDFC Life Classic One
Term Plans:
- HDFC Life Click 2 Protect Life
- HDFC Life Saral Jeevan Bima
Combo Plans:
- HDFC Life Sanchay Maximiser
POS Plans:
- HDFC Life Guaranteed Savings Plan
Pension Plans:
- HDFC Life New Immediate Annuity Plan
- HDFC Guaranteed Pension Plan
- HDFC Life Click 2 Retire
- HDFC Life Assured Pension Plan
- HDFC Life Personal Pension Plus
- HDFC Life Saral Pension
ICICI Prudential Life Insurance – An Overview
ICICI Prudential Life Insurance Company Limited is also a private life insurance company, which is also one of the oldest and most established life insurance companies in the country. ICICI Prudential Life Insurance is a joint venture between Prudential Corporation Holdings Limited and ICICI Bank Limited. Under this company, you can get several options such as Unit Linked Insurance Plans, Health Insurance Plans, Term Insurance Plans, Retirement Plans, Traditional Savings or Money Back Plans, Riders, Group Plans, Rural Plans, and many more.
Salient Features of ICICI Prudential Life Insurance
- The company offers life insurance at the most affordable rates.
- The customer claims are settled within 24 hours from the time of making the claim and the company tries its best to provide its customers with a hassle-free experience.
- The coverage of life cover of provided till 99 years, even when you are not around anymore.
- The company covers around 35 critical illnesses. If a policyholder is diagnosed with a terminal illness, he/she gets a 100% coverage amount.
Benefits of ICICI Prudential Life Insurance
Here are some of the advantages of choosing ICICI Prudential Life Insurance mentioned below:
- Affordable premium rates: The premiums that you have to pay for ICICI Prudential Life Insurance products are much more affordable than its competitors.
- Different products: The company comes with a wide range of insurance products for its customers.
- Customer service: ICICI Prudential Life Insurance offers excellent customer service. The customers can use the online chat option to know about their policy and even ICICI Prudential Life Insurance policy status.
Types of ICICI Prudential Life Insurance Plans
Here are some of the types of ICICI Prudential Life Insurance Plans:
ULIP Plans:
- ICICI Prudential Signature Online Plan
- ICICI Pru Guaranteed Wealth Protector Plan
- ICICI Prudential Signature Plan
- ICICI Pru1wealth Plan
- ICICI Prudential life Time Classic Plan
- ICICI Prudential Smart Kid Plan
- ICICI Prudential Smart Life Plan
- ICICI Prudential Smart Couple Plan
Retirement Plans:
- ICICI Prudential Guaranteed pension Plan – Immediate Annuity Plan
- ICICI Pru Easy Retirement Plan
- ICICI Prudential Guaranteed pension Plan – Deferred Annuity
- ICICI Prudential Saral Pension Plan
- ICICI Prudential Easy Retirement SP Plan
Group Plans:
- ICICI Prudential Group Suraksha Plan
- ICICI Pru Group Term Plus Plan
- ICICI Prudential Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
- ICICI Prudential Group Loan Secure Plan
- ICICI Prudential Shubh Raksha Credit Plan
- ICICI Prudential Group Suraksha Plus Superannuation Plan
- ICICI Prudential Super Protect – Credit Plan
Health Plans:
- ICICI Prudential Heart/Cancer Protect Health Plan
Rider Plans:
- ICICI Prudential Corona Protect plus Rider Plan
- ICICI Prudential Corona Protect Rider Plan
Rural Plans:
- ICICI Prudential Anmol Bachat Plan
- ICICI Prudential Sarv Jana Suraksha Micro Insurance Plan
Term Plans:
- ICICI Prudential SARAL JEEVAN BIMA Plan
- ICICI Pru iProtect Smart Term Plan
- ICICI Prudential PRECIOUS LIFE Plan
- ICICI Prudential iCare II Plan
- ICICI Prudential Life Raksha Plan
- ICICI Prudential Loan Protect Plan
- ICICI Prudential POS iProtect Smart Plan
- ICICI Prudential POS Life Raksha Plan
- ICICI Prudential Loan Protect Plus Plan
Savings Plans:
- ICICI Prudential Assured Savings Insurance Plan
- ICICI Prudential Guaranteed Income For Tomorrow Plan
- ICICI Prudential Cash Advantage Plan
- ICICI Pru Savings Suraksha Plan
- ICICI Pru Future Perfect Plan
- ICICI Prudential LAKSHYA Lifelong Income Plan
- ICICI Prudential LAKSHYA Plan
HDFC Life vs ICICI Prudential – Comparison of HDFC Life Insurance and ICICI Prudential Life Insurance Company
| HDFC Life vs ICICI Prudential | HDFC Life Insurance Company | ICICI Prudential Life Insurance Company |
| Claim Settlement Ratio | 99.07% | 97.09% |
| Availability of Branches | 421 | 947 |
| Premium Payment Mode | Yearly/Half-yearly/ Quarterly/ Monthly | Yearly/Half-yearly/ Quarterly/ Monthly |
| Riders Available | Yes | Yes |
| E-services | Yes | Yes |
Mentioned herein below are some of the differences between these two insurance companies.
Claim Settlement Ratio:
The Claim Settlement Ratio (CSR) of HDFC Life Insurance Company is 99.07% and the CSR of ICICI Prudential Life Insurance is 97.09%.
Availability of branches:
The numbers of branches of HDFC Life Insurance available in the country are 421, while ICICI Prudential Life Insurance has 947 branches.
Premium payment mode:
The premium payment mode in HDFC Life Insurance is Yearly/Half-yearly/ Quarterly/ Monthly, and the same is for ICICI Prudential Life Insurance.
Riders available:
The riders available in HDFC Life Insurance are Accident Disability Rider, Critical Illness Plus Rider, and HDFC Life Protect Plus Rider. The riders offered by ICICI Prudential Life Insurance are Accidental Death Benefit Rider, Critical Illness Rider, Terminal Illness Rider, and Wavier of Premium Rider.
E-services:
The e-services offered by HDFC Life Insurance are downloading, buying policy, renewal policy, claim settlement, and premium payments. The e-services offered by ICICI Prudential Life Insurance are updated information, buying policy, renewal, download options, premium payments, claim settlement, and switch funds.
Now that you know the difference between these two life insurance companies, you can take an informed decision on which one to opt for. Both of the companies are equally good; however, the choice has to be completely yours.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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