There is a new insurance product using the iProtect brand name in the market. ICICI Pru Life has one and now Bharti AXA Life has used the very same product name. The premium is cheapest offered so rar, which means that price war between insurers is still hot. The Bharti product is a good deal for non-smokers, but a little expensive for smokers
The Insurance Regulatory and Development Authority (IRDA) has allowed the same product name for new a term life insurance plan. iProtect is a product from ICICI Pru Life and now Bharti AXA Life has launched a product with exactly same name for its online term life insurance. IRDA has done this in the past, too, but it is rare to have the same product name from different insurers. Is it intentional copying of the product name? We don’t know.
Bharti AXA Life iProtect is now the cheapest online term life insurance plan for non-smokers. There is a 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 Rs3,700 (excluding taxes). On the other hand, the premium for a smoker in the same case will be Rs6,150 (excluding taxes).
Recent entrants DLF Pramerica U-Protect and Edelweiss Tokio Life Protection have premiums which are the lowest in offline term plan space. Their premium are Rs5,956 and Rs5,984 respectively for similar parameters. Both the products are offline as of now.
Aviva i-Life was the cheapest term life insurance till now with the revamped Aegon Religare iTerm closing the gap. HDFC Life Click2Protect was recently launched to compete in the online term market. The much-awaited online term plan this year will be from LIC, which is is expected to hit the market soon.
Advantages of Bharti AXA iProtect
Disadvantages of Bharti AXA iProtect
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Read our cover story on term plans http://moneylife.in/article/online-term-...
Max New York...we had already written about it. Read http://foundation.moneylife.in/article/m...
How can you say that the article is biased to private insurers? It mentions that the low premium pricing for online term plans is based on assumptions which only future will tell if it holds true.
If you want to read about settlement ratio and many other details, please read http://moneylife.in/article/online-term-... It is a cover story which is on the home page of the Moneylife website under Moneylife Essentials. How did you miss it?
There are also many other short articles on latest settlement ratio, etc. You have to do search on Moneylife website if you want to read on different aspects of life, health and auto insurance.
Don't expect a news article to give you information on all aspects of life insurnace industry.