Comparison Study done for myself for taking a Term Insurance based on Indian companies which have good reputation of settlements of around 98%. Study done as on 27 Jan 2019, so figures might change accordingly.
Term Insurance Premium Comparison Table – India 2019
|ICICI Pru iProtect Smart||HDFC 3D Life 2019||SBI Life eShield||LIC India|
|Sample Calculations shown for age 48 years|
for Insurance coverage of 1 crore Rupees for 27 years of term
|Protection against disability||In case of permanent disability due to accident, your policy continues without you having to pay any premiums.|
|100% Payout (Terminal Illness)||If diagnosed with a Terminal Illness, we pay you the complete Sum Assured as a lump sum payout.||??||unfortunate death or diagnosis of a Terminal Illness you get Basic Sum Assured|
|Waiver of premium||In case of permanent disability due to accident, policy continues with no more premiums to be paid.||Waiver of Premium on 34 Critical Illnesses|
|Life cover of 1 Crore Rs||Policy term 37 years||Policy term 27 years||Policy term 27 years||Policy term 27 years||Policy term 16 years|
|Critical illness cover 10 Lac||claim money on detection of critical illness||ACCIDENTAL TOTAL & PERMANENT DISABILITY BENEFIT RIDER|
|Claim settlement ratio||97.88% (2017-2018)||97.80% (2017-2018)||96.76% (2017-2018)||98.04% (2017-2018)|
|Tax benefits||80C & 80D|
LIC has got highest settlement ratio, however they are the costliest in all.
ICICI prudential was the best in terms of settlement ratio as well as premium per year, also the policy got completed online without any hassle.
SBI website was cricky ! no proper information at all, also like ICICI I got call within 10 minutes of visit, but for SBI no call. Also my experience with SBI savings account as well as home loan was pathetic, so I am sure the Insurance will be equally bad.
HDFC life is also good, however for the same term and conditions of insurance coverage, the premium is pretty high.
Finally coming to the settlement ratio, all these companies have around similar settlement ratio, and if you have given correct information for getting the policy then none can really refuse the claim.
So my final choise was ICICI prudential.