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Beshak  gradient-star  Rating - Insurance Ratings based on stuff that matters to you!

01. Claims Experience  02. Customer Service Experience  03. Product Benefits
Home arrow Term Life Insurance arrow Best Term Plans arrow Canara HSBC iSelect Smart360 vs ICICI Pru iProtect Smart

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Canara HSBC iSelect Smart360 vs ICICI Pru iProtect Smart

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Notes

1- Beshak Ratings data was last updated in June 2024.

2- All data was sourced from public disclosures (FY 2023-2024, Q4) except LIC (their FY 2023-2024, Q4 data isn't fully updated, so we have considered their FY 2023-2024, Q3 PD data), insurer websites, and the IRDAI website. 

3- Only features that are currently available for purchase online were considered when calculating the Beshak Ratings.

4- In the Premium Ratings, we do not display premium amounts - instead, we show the product's relative pricing compared to the median.

5- Premium for all plans is calculated for the following profile: 30-year-old, non-smoker, married male, for a sum assured of INR 1 Crore, up to the age of 65 years, paying annual premiums, till the end of the policy. Except for these plans:

  ・Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c - Premium is calculated for a 30-year-old, non-smoker, married male, having Type 2 diabetes, with HbA1c level between 6.5 to 7, for a sum assured of INR 1 Crore, up to the age of 55 years, paying annual premiums for 25 years. 

  ・HDFC Life Click 2 Protect Elite - Premium is calculated for a 30-year-old, non-smoker, married male, for a sum assured of INR 2 Crore, up to the age of 65 years, paying annual premiums for 15 years. 

  ・IndiaFirstLife Guaranteed Protection Plus Plan - Premium is calculated for a 30-year-old, non-smoker, married male, for a sum assured of INR 1 Crore, up to the age of 75 years, paying annual premiums for 40 years. 

  ・TATA AIA Maha Raksha Supreme - Premium is calculated for a 30-year-old, non-smoker, married male, for a sum assured of INR 2 Crore, up to the age of 65 years, paying annual premiums, till the end of the policy. 

6- The overall ratings do not include the premium rating. This is because we believe that the affordability of premiums is a personal thing. Something that seems unaffordable or expensive to one person could seem cheap and affordable to another, regardless of their income. We leave it up to our users to decide whether the price they pay seems reasonable for the features they receive.

7- The Response time on Twitter (Beta) was calculated using a sample set of tweets from February to August 2023 - (Analyzed in September 2023).

8- Claims Experience was assessed based on an audit of various processes and facilities offered by the insurers, during claim settlement.

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Compare Canara HSBC iSelect Smart360 and ICICI Pru iProtect Smart

Claims Track Record:

Canara HSBC iSelect Smart360

Canara HSBC OBC Company has settled 100% of their claims in less than 30 days. It is estimated that Canara HSBC OBC Company’s claim settlement ratio is 99.01%, while their claim amount settlement ratio is 96.42%. Additionally, they have an online tracking system for claims, a personal relationship manager for claims, a dedicated toll-free claims service, and a short claim form. On the flip side, they don't offer home pick-up of claims. And, they also have a higher number of claim-related complaints compared to other insurers.


 

ICICI Pru iProtect Smart

ICICI Prudential Life Insurance Company Limited has a claim settlement ratio of 95.28% and they have successfully settled 97.44% of claims in less than 30 days. Their claim amount settlement ratio is 95.49%. And, while they do not offer the benefit of a personal manager, they do provide online tracking of claims. They also have a dedicated toll-number claims service. But, their claim form is very long, and they do not offer a home pick-up service. And, they have received a higher number of claim settlement complaints.

Service Experience:

Canara HSBC iSelect Smart360

Customers can reach Canara HSBC OBC Company via their toll-free telephone number and Twitter. Based on our research, we found that their Twitter response rate and toll-free service was average, compared to other insurers. This means you or your family are unlikely to get a quick response if you raise any questions or concerns on Twitter.

ICICI Pru iProtect Smart

ICICI Prudential Life Insurance Company Limited offers customer service through their toll-free number and Twitter. However, the response rate for Twitter and the toll-free number is average compared to other insurers. This raises concerns about the quality of support you and your family may receive from their service team throughout your journey.

Product Benefits:

Canara HSBC iSelect Smart360

A variety of customization options are available with Canara HSBC iSelect Smart 360 Plan. It offers you an increasing cover option in which your coverage by 5% every year until your base policy cover doubles. It is important to note that coverage increases from the second year onwards. Canara HSBC iSelect Smart 360 Plan offers a life cover up to the age of 99 with several limited payment options for 5, 10, 15, 20, 25, pay till 60 years with premiums payable on a monthly, quarterly, half-yearly, or annual basis. Claim payout options include a one-time lump sum option, monthly instalment option, and a combination of both. Canara HSBC iSelect Smart 360 Plan offers a Critical Illness Rider, Waiver of Premium Rider for Critical Illness Rider, Waiver of Premium for Accidental Disability Rider, and an Accidental Death Benefit Rider.

ICICI Pru iProtect Smart

The ICICI Pru iProtect Smart Insurance Plan is competitively priced and offers a range of customizable options. However, it does not provide the choice to increase coverage with the increasing cover option. The ICICI Pru iProtect Smart Term Plan offers flexible coverage options with a life cover duration that can extend up to 99 years. It also features Limited Pay options such as 5, 7, 10, (PT-5), and Pay till 60 years, and multiple claim payout options, including one-time lump-sum, lump-sum with monthly income, and monthly income options. You can pay the premiums monthly, quarterly, half-yearly, or yearly. Riders available with ICICI Pru iProtect Smart Term Plan include a Comprehensive Critical Illness Rider, an Accidental Death Benefit Rider, and a Waiver of Premium Rider due to Accidental Disability.