Bharti AXA new online term plan iProtect has been renamed as eProtect. The obvious reason for it seems to be clash of name with ICICI Pru iProtect. It got the plan name approved from IRDA, then why was it renamed? Why did it even take up the same name in the first place?
Bharti AXA Life has re-christened its new online term plan iProtect as eProtect. It was surprising that it had copied the same name as ICICI Pru Life iProtect in the first place. Was it intentional coping of the product name? We don’t know. Renaming it to eProtect seems to be a logical decision considering that ICICI Pru iProtect is still available in the market for sum assured of Rs1.5 crore and above.
The Insurance Regulatory and Development Authority (IRDA) had allowed same product name for the new term life insurance plan. IRDA has done this in the past too, but it is rare to have same product name from different insurers.
Bharti AXA Life eProtect is now the cheapest online term life insurance plan for non-smokers. There is wide difference in the premium between smokers and non-smokers. The premium for Rs50 lakh Sum Assured (SA) for a 27 year old non-smoker male based in Mumbai for a policy term of 25 years is Rs3700 (excluding taxes). The premium for a smoker in the same case will be Rs6150 (excluding taxes).
Emails to IRDA, Bharti AXA Life and ICICI Pru Life on the issue of product renaming went unanswered.
Also read: Bharti AXA iProtect—Online term life insurance hits a new price bottom
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