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TATA AIA Vs HDFC Life Insurance Comparison

People often neglect the importance of life insurance. It is the most important financial decision that people make. The purpose of life insurance is to protect your family's financial future, you can buy a policy that will pay out a lump sum to your beneficiaries if you die. When you have life insurance, your family doesn't have to worry about future expenses. A lot of people don't know what kind of policy they need and where they can buy the best policy. The best way to find out what kind of coverage you need and how to find the best life insurer is by the PolicyBachat website online.

TATA AIA Life Insurance Vs HDFC Life Insurance Comparison

PolicyBachat is an online web aggregator which helps you to find the best life insurance policy by comparing different life insurance companies. It gives you the distinction between the carrier backgrounds, and incurred claim settlement ratio to configure the right insurance policy. TATA AIA Life Insurance and HDFC Life Insurance are two of the leading life insurance companies in India. We will compare their policies, features, benefits, and drawbacks which will help you to decide which one is the best for you.

TATA AIA Life Insurance

TATA AIA Life Insurance Company Limited is a joint venture between Tata Sons and AIA Group Ltd. The TATA AIA Life Insurance Company offers a wide range of life insurance policies, ranging from protection plans to savings plans. They offer a variety of plans for both individuals and families. TATA AIA provides life insurance products such as TATA AIA term insurance plans, saving plans, retirement plans, group plans, income plans, wealth plans, ULIP plans, and other plans to its customers. The company offers these products for different needs to cater to various customer segments and their lifestyles.

TATA AIA Life Insurance Features

TATA AIA Life Insurance is one of the best life insurance companies in India to offer a comprehensive range of life insurance products. TATA AIA Life Insurance has a range of features that make it stand out from other life insurance providers. The following features are offered by Tata AIA Life Insurance its customers.

  • Life cover for individual and the family
  • Offers Different types of life insurance products
  • High coverage at low premiums
  • Flexible premium payment options: yearly, monthly, quarterly, and half-yearly.
  • Offers excellent claim settlement ratio and solvency ratio

Benefits of TATA AIA Life Insurance

  • Variety of Products: TATA AIA Life Insurance has several products that are designed to suit the needs of its customers.
  • Financial Security: Tata AIA life insurance offers financial protection to your family in case of an unfortunate event happening to the insured. In case the life assured passes away during the policy term, the insurance company will provide a death benefit amount to the family member of the life insured.
  • Affordable Premiums: Tata AIA Life insurance plans are available at an affordable premium and provide life cover at a budget-friendly price to fit every individual’s requirements and budget.
  • Additional Coverage: Tata AIA offers several life insurance riders that can be added to the life insurance plans to enhance the base coverage of the insurance plans. You can add these riders at the time of policy issuance at an additional cost.
  • Tax Benefits: Tata AIA Life Insurance plans provide tax benefits according to privileging income tax laws under sections 80C and 10D of the Income Tax Act 1961.

List of TATA AIA Life Insurance Plans

Type of Plans Tata AIA Life Insurance Plans
Term Insurance Plans
  • Tata AIA Life Insurance Sampoorna Raksha Supreme
  • Tata AIA Life Insurance Saral Jeevan Bima
  • Tata AIA Life Insurance InstaProtect Solution Plan
ULIPS Plans
  • Tata AIA Life Insurance Fortune Maxima
  • Tata AIA Life Insurance Wealth Maxima
  • Tata AIA Life Insurance Smart Sampoorna Raksha
  • Tata AIA Life Insurance Fortune Pro
  • Tata AIA Life Insurance Fortune Pro
Retirement Plans
  • Tata AIA Life Insurance Guaranteed Monthly Income Plan
  • Tata AIA Life Insurance Saral Pension plan
  • Tata AIA Life Insurance Smart Annuity Plan
  • Tata AIA Life Insurance Fortune Guarantee Pension Plan
Savings Plans
  • Tata AIA Life Insurance Fortune Guarantee Plus
  • Tata AIA Life Insurance Guaranteed Monthly Income Plan
  • Tata AIA Life Insurance Guaranteed Return Insurance Plan
  • Tata AIA Life Insurance Smart Income Plus
  • Tata AIA Life Insurance MahaLife Gold
  • Tata AIA Life Insurance POS Smart Income Plus
  • Tata AIA Life Insurance Money Back Plus
  • Tata AIA Life Insurance Gold Income Plan
  • Tata AIA Life Insurance Value Income Plan
  • Tata AIA Life Insurance Fortune Guarantee
  • Tata AIA Life Insurance Diamond Savings Plan
Group Plans
  • Tata AIA Life Insurance Group Loan Protect Plan
  • Tata AIA Life Insurance Group Term Life Plan
  • Tata AIA Life Insurance Group Sampoorna Raksha
  • Tata AIA Life Insurance Group Employee Benefit Plan
  • Traditional Group Corporate Benefit Plan
Combo Plans
  • Tata AIA Life Insurance Secure Insurance Solutions Plan

HDFC Life Insurance

HDFC Life Insurance Company Limited is a standard life insurance company supporter of housing development Finance Corporation limited. It is a joint venture between HDFC Ltd and standard life Aberdeen, a global investment company. HDFC Life insurance company is a leading long-term life insurance provider; the company proposes individual and group insurance solutions that meet policyholders' requirements as investment, savings, pension plans, protection, health, etc.

HDFC Life Insurance Features

HDFC Life Insurance is one of India's largest life insurance providers. It offers a wide range of life insurance products to suit the needs of different customers. Some of the features that make HDFC Life Insurance stand out include:

  • A wide variety of life insurance plans to choose from
  • Online and offline modes of payment
  • Easy to understand product terms and conditions
  • 24x7 customer care
  • Tax benefits on premiums paid and so on.
  • Flexibility in premium payment options

Benefits of HDFC Life Insurance

  • Life Cover till 99 years: To ensure your financial protection for the family when you are not around with a life cover up to 99 years at affordable premiums.
  • Variety of Products: HDFC Life Insurance Company provides a wide range of plans to their customers such as term insurance plans, Savings plans, Investment plans, Pension plans, Health plans, Child plans, etc. So, you can choose the plan which suits your requirements.
  • Award-Winning Services: HDFC has been awarded the ‘Best Term Plan of the Year’, for the HDFC Life Click2Protect 3D Plus. Recently HDFC Life's Swabhimaan initiatives received the 'Change Maker Award 2020’ from the Minister of State for Finance & Corporate Affairs-Government of India.
  • Affordable Price: HDFC Life Insurance plans are specially designed to fulfill your requirements at an affordable price.
  • Customer Support: HDFC Life Insurance Company provide its customers with high-class services and it has a robust customer care service that is available to its customers 24X7.

List of HDFC Life Insurance Plans

Type of Plans HDFC Life Insurance Plans
Term Plans
  • HDFC Life Click 2 Protect Life
  • HDFC Life Saral Jeevan Bima
Savings Plans
  • HDFC Life Sanchay Plus
  • HDFC Life Sanchay Par Advantage
  • HDFC Life Sanchay
  • HDFC Life ClassicAssure Plus
  • HDFC Life Super Income Plan
  • HDFC Life Sampoorn Samridhi Plus
  • HDFC Life Uday Plans
  • HDFC Life Pragati Plans
ULIP Plans
  • HDFC Life Click 2 Wealth
  • HDFC Life Click2Invest ULIP
  • HDFC Life ProGrowth Plus
  • HDFC SL ProGrowth Super II
  • HDFC SL Crest
  • HDFC SL ProGrowth Flexi
  • HDFC Life Smart Woman Plan
  • HDFC Life Pragati Plans
  • HDFC Life Sampoorna Nivesh
  • HDFC Life Classic One
  • HDFC Life Capital Shield
Pension Plans
  • HDFC Life New Immediate Annuity Plan
  • HDFC Life Click 2 Retire
  • HDFC Guaranteed Pension Plan
  • HDFC Life Personal Pension Plus
  • HDFC Life Assured Pension Plan
  • HDFC Life Saral Pension
Guaranteed Income Plans
  • HDFC Life Click 2 Wealth
  • HDFC Life Click 2 Retire
  • HDFC Life Youngstar Udaan
POS Plans
  • HDFC Life Guaranteed Savings Plan
Combo Plans
  • HDFC Life Sanchay Maximiser

Comparison Table of Tata AIA Life Insurance vs HDFC Life Insurance

Parameter TATA AIA Life Insurance HDFC Life Insurance
Claim Settlement Ratio 98.02% 98.66%
Inception 2000 2000
Number of Branches 216 390
Solvency Ratio 2.1 1.91
Availability Online/Offline Online/Offline
Life Cover Up to 99 years Up to 99 years
Premium Payment Term Regular Pay, Single Pay, Limited Pay Regular Pay, Single Pay, Limited Pay
Premium Payment Mode Yearly/Half-yearly/ Quarterly/ Monthly Yearly/Half-yearly/ Quarterly/ Monthly
Online Services
  • Premium Payment
  • Download Statements
  • Claim Settlement
  • Buy Policy Online
  • Update Information
  • Renewal Policy, etc.
  • Buy Policy
  • Renewal Policy
  • Claim Settlement
  • Revival Policy
  • Update Information
  • Pay Premium Amount, etc.
Riders
  • Wavier of Premium Plus (WOPP) Rider
  • Comprehensive Protection Rider
  • Comprehensive Health Rider
  • Tata AIA Life Insurance Accidental Death and Dismemberment Rider
  • Waiver of Premium (Linked) Rider
  • Linked Comprehensive Protection Rider
  • Linked Comprehensive Health Rider
  • Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider
  • Critical Illness Rider
  • Accidental Disability Rider
  • Wavier of Premium Rider
  • Term Rider
  • Accidental Death Benefit Rider

Term Insurance Comparison: TATA AIA vs HDFC Life Insurance

Term insurance is a form of life insurance that provides coverage for a specified period. Term life insurance typically covers people from age 20 to age 65. It can be used to protect against the risk of dying prematurely and leaving dependents without financial support. Term policies are generally less expensive than whole life policies because they don’t provide permanent protection; they only offer protection during the term, which is usually 10 or 15 years long.

Comparison of Best Term Insurance Plans Offered by HDFC Life vs TATA AIA Life Insurance

Parameter TATA AIA Sampoorna Raksha Supreme Plan HDFC Click 2 Protect Life Plan
Entry Age 18 to 65 years 25 years
Benefits Multiple payment options, low premium rates for women, top-up sum assured, income term & payment flexibility. Basic life cover due to death benefit, Life cover & Critical illness cover, and life cover & Regular income.
Sum Assured 10 times of annual premium to No limit Rs. 25 lakhs No maximum limit
Premium Payment Frequency Monthly, quarterly, half-yearly, and yearly. Monthly, quarterly, half-yearly, and yearly.
Max Coverage Max 100 years 85 Years
Death Benefit Yes Yes
Tax Benefits Yes Yes
Riders Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider, Tata AIA Life Insurance Non-Linked Comprehensive Health Rider Wavier of Premium Rider, Critical Illness Rider, Accidental Disability Rider, Accidental Death Benefit Rider

How to Compare TATA AIA and HDFC Life Insurance Plans?

The Tata AIA Life Insurance and HDFC Life Insurance are two of the top insurance companies in India. However, they have different approaches to insurance policies and pricing. Here's a comparison of the plans offered by both companies so you can make your choice. You can get the instant comparison in simple steps:

  • Visit the Policybachat Website and select the ‘Life’ tab.
  • Enter your Name, Date of Birth, and Mobile Number.
  • Click on the ‘View Plans’ button.
  • Just Answer 5 Simple Questions.
  • Select your ‘Gender’.
  • Select ‘YES’ or ‘No’ if you have Smoked or Chewed Tobacco in the last 12 months.
  • Select your ‘Annual Income’.
  • Select your ‘Education Qualification’.
  • Choose your ‘Occupation Type’.
  • Enter your ‘Email Address’.
  • Then click on ‘Start Saving Money’.
  • Premium Quotes of top life insurance plans will be displayed where you can compare plans, premiums, and benefits.
  • You can add riders; edit your sum insured, policy premium frequency, etc.
  • Purchase the best life insurance policy using online payment

Conclusion:

There are many factors to consider while buying a life insurance policy. The best policy is the one that suits your needs and budget. HDFC Life Insurance is a life insurance company that offers a wide range of coverage to its customers. On the other hand, TATA AIA Life Insurance provides more comprehensive coverage options with lower premiums.

There are many other differences between these two companies in terms of features offered by them. So you should look into each company's offerings carefully before choosing one over the other. Configure the premium with the benefits availed on HDFC life vs TATA AIA life insurance through a comparison of life insurance quotes for the best life insurance plans in India from top insurers online at PolicyBachat for better decision making.

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