ICICI Pru iProtect Smart Term Plan vs HDFC Life Click 2 protect 3D plus – Which is better?

ICICI Pru iProtect Smart Term Plan vs HDFC Life Click 2 protect 3D plus - Which is betterICICI Pru iProtect Smart Term Plan vs HDFC Life Click 2 protect 3D plus – Which is better?


In today’s world of uncertainty, every individual seeks an insurance plan that caters to all his needs and requirements. All insurance providers are throwing various schemes to allure customers. ICICI and HDFC are the two life insurance companies that have term insurance plans with many options and riders to make it more comprehensive and personalized.  However, if you are in dilemma which one to consider among these two, this article can help you. Among ICICI Pru iProtect Smart Term Plan and HDFC Life Click 2 Protect 3D Plus, which is better term plan?

Also Read: Best Term Insurance Plans in India

What are term insurance plans?

Term insurance plan in simple terms is a risk coverage provided by an insurance company to the insured individual for a sum assured for a definite period of time. If the insured dies during this period, the nominee is eligible to receive death benefits or sum assured. But, if the individual survives, they would not get anything. The premium is lowest in term insurance plans. All the insurance companies provide this basic plan.

Why ICICI Pru Term insurance and HDFC Term insurance?

We have been recommending top term insurance plans in India for the past few years. While there are new entrants into the top list, there are few life insurance companies like LIC, HDFC Life, ICICI Pru Life, Max Life etc. that remained the top list. Often, one wanted to compare the features among the term plans and pick-up the one that is best suitable to them. This is where we thought we can compare two term plans and provide insights which can benefit our readers.

ICICI Pru iProtect Smart Term Plan – Key Features and benefits

The following are the key features of this policy which makes it distinctive from others.

  • ICICI Pru iProtect Smart Term Plan covers you till the age of 99.
  • The policy offers you to pay the premiums either in a lump sum, for a limited period, or throughout the policy term.
  • Sum assured is paid on the diagnosis of 34 critical illnesses irrespective of the hospital bills and medical treatment.
  • The plan offers you four levels of protection or can say four variants in the policy. You can choose any one plan:
  • Life – Death benefit+ terminal illnesses+ waiver of premium on permanent disability
  • Life plus – Death benefit+ terminal illnesses+ waiver of premium on permanent disability+ Accidental Death Benefit
  • Life & Health – Death benefit+ terminal illnesses + waiver of premium on permanent disability + Critical Illness Benefit
  • All in One – Death benefit+ terminal illnesses+ waiver of premium on permanent disability+ Critical Illness Benefit + Accidental Death Benefit
  • It gives you four sum assured payout options to choose from. At times, one need lump sum money, but sometimes requires the monthly income.  So, the policy offers a sum assured to be paid for four different payout options to cater the needs.
  • Lump-sum – In this, the life cover will be paid as a fixed lump sum. For example – For life cover of Rs. 1 crore, in case of death of insured, the nominee will receive the amount in one go.
  • Income – The premium under this option is the lowest. This option is best suited for those who want their spouse and children to receive a regular monthly income.
  • Increasing income – One can choose this option if they want their spouse and children to receive an increasing regular income. The nominee will receive the monthly installments for 10 years and the amount will increase by 10% p.a. simple interest every year. This payout option gives 10% more life cover.
  • Lump-sum plus income – The life cover will be paid in two parts as chosen by the insured at the time of inception of the policy. A part of the pay out will be lump-sum while the remaining part will be paid in equal monthly installments.
  • One can add the Accidental Death Rider later even after the purchase of the policy.
  • The plan offers to increase the sum assured protection at key life stages like marriage, and childbirth without any medical check-up.
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HDFC Life Click 2 protect 3D plus – Key features and benefits

The key features and benefits of HDFC Life Click 2 protect 3D plus are:

  • In this plan, 3D refers to the protection against 3 Ds of life – death, disease, and disability.
  • A total of nine options are available under this new plan.
  • In case of Accidental Total Permanent Disability or on the diagnosis of critical illness (available under few options), all the future premiums are waived.
  • One can protect himself for the entire life with a lifelong protection option or a 3D lifelong protection option.
  • This plan gives you an option to increase insurance cover on some milestones without underwriting or further medical checkups in the same existing term insurance plan on satisfying certain conditions.
    • 1st marriage- the sum assured can be increased by 50% subject to a maximum of 50 lakh.
    • On the birth of 1 and 2 child – the sum assured can be increased by 25% subject to a maximum of 25 lakh at both the times.
  • There is a flexibility to increase sum assured every year through top-up option. This option can be exercised only at the time of the inception of the policy.
  • Special premium rates are available for females.
  • One can customize this plan from a wide range of 9 options. The following options are available-
    • Life Option – under this option, the nominee gets a lump sum benefit in case of death or diagnosis of critical illness. All future premiums are waived upon Accidental Total Permanent Disability (ATPD).
    • 3D Life Option – Along with the benefits under Life Option, an additional benefit of waiver in future premiums is received on the diagnosis of critical illness.
    • Extra Life Option – in addition to the benefits under Life Option, one can get an additional sum assured in case of death due to an accident.
    • Income Option – This plan option is for those individuals who want a regular stream of income for their nominee apart from a lump sum payment in their absence.
    • Extra Life Income Option – In addition to the benefits under Income Option, an additional lump sum and regular income benefit is paid in case of an accident due to death.
    • Income Replacement Option – This plan option ensures that nominee continues to receive the income stream even in their spouse absence.
    • Return of Premium Option – under this option, the company returns all the premiums in case of survival of insured till the end of the policy term. On death or diagnosis of terminal illness during the policy term, a lump sum is paid to the nominee.
    • Life-Long Protection Option – Under this plan, the insured is protected for entire life. Upon his death or diagnosis of terminal illness, nominee gets a lump sum benefit. Future premiums are waived upon Accidental Total Permanent Disability.
    • 3D Life-Long Protection Option – In addition to the benefits under Life Long Protection Option, one would receive an extra benefit of waiver in future premiums upon diagnosis of critical illness.
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Also Read: Monthly Income Plan in Term Insurance Plans – Should you opt?

ICICI Pru iProtect Smart Term Plan vs HDFC Life Click 2 protect 3D plus – Which is better?

A Comparison table has been drawn between the two policies regarding the unique features to have a clear vision other than regular features indicated above.

Comparison of ICICI Pru Term Plan and HDFC Life Term plan

Conclusion:  Term insurance plans have become more comprehensive and inclusive than ever before. Both the insurance plans are very comprehensive trying to catch all the points that an individual may require in his life. The main purpose of taking the term insurance plan is to provide financial security to the family and every family has different financial requirements in case of the sad demise of the bread-earner of the family. Since both are having comprehensive features, one can choose a plan that is suitable based on the features one want to opt it.

Note: The comparison regarding premiums could not be made as there were many variants in both the policies.

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Suresh KP

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