ICICI Pru iProtect Smart vs Kotak Life e-Term

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.

Kotak Life Insurance Company has settled 100% of its claims within 30 days, and there have been fewer complaints regarding its claims compared to other insurers. The claim settlement ratio of Kotak Life Insurance Company is 98.25%, and their claim amount settlement ratio is 95.53%. Also, the insurer offers an online claims tracking system and a dedicated toll-free number for claims assistance. However, they do not provide home pick-up of claims or a personal relationship manager for claims. Their claim form is also quite lengthy.

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.

Kotak Life Insurance Company offers customer services via their toll-free number and Twitter. Our research found that the response times on Twitter and toll-free services were slow compared to other insurers. This means that you and your family may not receive timely assistance to resolve any issues.

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.

The Kotak Life e-Term offers a range of customization options giving you more control over the protection you receive. It offers a cover for up to 85 years with Limited Pay options such as 5, 10, and Pay till 60 years. You can pay premiums half-yearly or yearly. Also, the plan provides both one-time lump sum and one-time lump sum plus monthly installments claim payout options. However, it doesn’t provide an increasing cover option. Kotak Life e-Term also offers riders. Riders available with this plan include a Critical Illness Rider, an Accidental Death Benefit Rider, and a Waiver of Premium Rider for Critical Illness and Accidental Disability. These riders can provide extra financial support in the event of specific circumstances.