ICICI Prudential Term Plans vs Aegon Life Term Plans

Term Insurance is an inevitable choice for every individual as it gives a secured financial future to everyone’s family in their absence. It is the simplest form of life insurance policy affordable and yet offers a high life coverage. However, there are plenty of term insurance plans available in the market, and picking the right can be really confusing. So, here are the details about two-term insurance plans from ICICI Prudential and Aegon Life Insurance which you can compare and choose the right one based on your requirements. 

ICICI Prudential vs Aegon Life Term Insurance Plans Overview

Term Insurance Policies – ICICI Prudential VS Aegon Life Insurance

ICICI Prudential Life Insurance is counted amongst the top private insurance companies that offer various insurance policies at affordable rates. Started in the year 2001, the company aims to cater to the different needs of its customers by providing all kinds of insurance solutions.

Aegon Life Insurance Company commenced its operations in India in July 2008 and has branches across different cities in India. It focuses on creating stress-free lives for its customers by providing customized insurance products.

You can compare ICICI Prudential VS Aegon Life Insurance term insurance plans on different parameters and opt for the right one.

Term Insurance Plans by ICICI Prudential vs Aegon Life Insurance

ICICI Prudential Term Plans

• ICICI Prudential offers 5 different term insurance plans catering to customers’ different requirements.
• The leading insurer offers various term insurance plans – ICICI Pru iProtect Smart, ICICI Pru iCare II, ICICI Pru Saral Jeevan Bima, ICICI Pru POS iProtect Smart and ICICI Pru Life Raksha.
• The policies offer sum assured ranging from Rs 5 lakh to Rs 2 crores which the policy seekers can opt for based on their needs.
• The term insurance policies by ICICI Prudential provide flexible payout options and premium payment options to match the requirements of all its customers.
• The minimum entry age is 18 years, and the maximum maturity age is 70 years. 
• The plans also come with various rider benefit options, which customers can select to enhance their base policy coverage.
• ICICI Prudential term plans provide comprehensive coverage from critical illness, accidental death, and unprecedented death. 

Why choose ICICI Prudential Term Plans? 

• ICICI Prudential offers a variety of term insurance plans at affordable premium rates.
• The company is known in the market for its excellent customer care services. 
• It issued about 1 lakh policies during its first year of operations.
• It comes with various in-built features like in-built permanent disability waiver and in-built terminal illness benefit. 
• The term plan provides lump sum or periodic payout options.

Aegon Life Term Insurance Plans

Counted among the top insurance providers in the country, Aegon Life Insurance offers a single term insurance plan backed with several features and benefits.

• The iTerm Insurance plan by Aegon Life provides complete protection at affordable premium rates.
• It covers 36 critical illnesses up to the age of 80 years.
• Aegon Life iTerm Plan comes with 3 variants – Life Protect, Protect Plus, and Dual Protect, having different features to meet customers’ needs.
• The minimum entry age is 18 years, and the maximum maturity age is 100 years.
• The base sum assured is Rs 25 lakhs, and there is no upper limit.
• It offers flexibility to choose between a lump sum or monthly death benefit payout options.
• The sum assured can be increased or decreased to suit various life goals.

Why choose Aegon Life Insurance Term Plan? 

• Aegon Life term insurance plans offer a guaranteed sum assured in case of the policyholder’s death.
• It covers COVID-19 death claims along with critical illness, terminal illness, and accidental death.
• Smokers, after quitting, can decrease their policy premiums.
• It offers low premium rates for female policy seekers and non-smokers.
• It has the option to add riders to enhance the base coverage.
• The plan can be bought online without any paperwork.