LIC New Tech Term vs India First Life Guaranteed Protection Plus

Life Insurance Corporation of India boast an impressive 97.95% claims settlement rate within 30 days, with fewer claim complaints compared to other insurers. Life Insurance Corporation of India’s claim settlement ratio stands at 98.52%, and their claim amount settlement ratio is 96.02%. Additionally, their claim application process is streamlined with a short claim form. However, they do not provide a dedicated personal relationship manager for claims, a home pick-up service for claims documents, and toll-free support for claim-related inquiries. Furthermore, there is no online claim tracking facility available.

India First Life Insurance Company has settled 99.73% of their claims within 30 days but with a higher number of claim-related complaints, compared to other insurers. Their estimated claim settlement ratio is 97.04%, and their estimated claim amount settlement ratio is 91.10%. And, you can track your claim online. However, there are a few limitations. The company does not offer personal relationship managers for claims, home pickup of claims, or toll-free claim support. They also offer a very long form for claims.

Life Insurance Corporation of India provides customer service via their toll-free number and Twitter. According to our research, their Twitter response rate was slow, while their toll-free service was quick, compared to other insurers. If you or your family have any questions or concerns, call their toll-free number to receive a prompt response.

India First Life Insurance Company can be reached via their toll-free number and Twitter. However, the response rate on the toll-free number is slow and Twitter is average, compared to other insurers. This means your family may not get prompt assistance for your queries.

LIC New Tech Term provides a range of flexible customization options. One of the notable features is the Increasing Cover option, which gradually raises your coverage by 10% each year until it becomes double the base policy cover. This increase in coverage starts from the 6th year of the policy. The LIC New Tech Term policy offers a life cover up to the duration of 70 years with various limited payment options - (Policy term - 5) and (Policy term - 10). And, the premiums are payable either half-yearly or annually. When it comes to payout options, you can choose between a lump sum payment and monthly instalments. LIC New Tech Term provides only one rider - Accidental Death Benefit Rider. You can include this rider to your base policy to enhance its coverage.

The India First Life Guaranteed Protection Plus Plan offers a wide range of customization options. However, the plan doesn’t have an increasing cover feature. India First Life Guaranteed Protection Plus Plan offers coverage for up to 99 years, with a variety of rolling limited payment options, ranging from 5 to 40 years. Premiums can be paid monthly or annually. You can choose from multiple claim payout options, including one-time lump sum and lump-sum with monthly income option. The India First Life Guaranteed Protection Plus Plan offers only a Waiver of Premium Rider for Critical Illness and Accidental Disability. A rider is an optional add-on that provides extra protection and peace of mind - so you can be fully prepared for anything life may bring.