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Term Life Insurance · head to head

Super Term Plan vs New Tech-Term (Plan 954)

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Quick verdict

  • Super Term Plan is better for insurer's claim payout record.
  • Super Term Plan is better for cover to an older age.
  • Super Term Plan is better for low minimum cover.

Computed from stored specifications, the published term life insurance scoring rules and recorded prices. Not an opinion.

Specifications side by side

Spec
Super Term Plan
New Tech-Term (Plan 954)
Eligibility
Minimum entry age
18 years
18 years
Maximum entry age
65 years
65 years
Maximum maturity age
85 years
80 years
Policy term
Regular Pay: 10 to 55 years; Limited Pay: PPT + 5 years to 55 years
Minimum 10 years; maximum 40 years under Level Sum Assured (subject to maximum age at maturity 80); under Increasing Sum Assured the maximum depends on age and Basic Sum Assured band
Minimum sum assured
₹25,00,000
₹50,00,000
Maximum sum assured
No Limit (subject to Board Approved Underwriting Policy)
No Limit* As per underwriting decision (Board Approved Underwriting Policy)
Plan
Plan options
Level Cover, Increasing Cover, Level Cover with Return of Premium
Option I: Level Sum Assured, Option II: Increasing Sum Assured
Premium payment
Limited Pay (Plan Option 1 & 2: 5, 7, 10, 12, 15, 20 years and To age 60; Plan Option 3: 5, 10 & 15 years), Regular Pay; Annual / Semi-Annual / Quarterly / Monthly
Regular Premium (same as policy term), Limited Premium ([Policy Term minus 5] years for policy term 10-40 years; [Policy Term minus 10] years for policy term 15-40 years) or Single Premium; Yearly or Half Yearly modes
Return of premium option
Yes
No
Death benefit payout
Lumpsum; Monthly Income for 10/15/20 years; Partly as Lumpsum and Partly as Monthly Income for 10/15/20 years
Lump sum, or Death Benefit in instalments over 5, 10 or 15 years (yearly/half-yearly/quarterly/monthly), opted by the Life Assured for full or part of the claim
Riders
ABSLI Accidental Death and Disability Rider (UIN: 109B018V03), ABSLI Critical Illness Rider (UIN: 109B019V03), ABSLI Surgical Care Rider (UIN: 109B015V03), ABSLI Hospital Care Rider (UIN: 109B016V03), ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02), ABSLI Waiver of Premium (UIN: 109B017V03)
LIC's Accident Benefit Rider (UIN 512B203V03)
Terminal illness benefit
Yes
—
Waiver of premium
Inbuilt Waiver of Premium on Accidental Total and Permanent Disability (life insured aged up to 70); brochure variant table also shows 'WOP on TI & ATPD' for all three options; ABSLI Waiver of Premium rider (CI or disability) optional
—
Premium
Sample annual premium
₹19,400
₹9,135
Sample premium is for
Male, standard life, non-smoker, age 30, Sum Assured Rs 1,00,00,000, cover till age 85 (55-year term, not the 30-year profile), Regular Pay, annual frequency, Level Cover option, death benefit lumpsum; premium excluding taxes and first-year discount, if any. Brochure gives no 30-year-term figure.
Option I (Level Sum Assured), Basic Sum Assured Rs 1 crore, Non-Smoker, Male, Standard life, age 30 (last birthday), policy term 20 years, Regular annual premium. Brochure: 'The above premiums are exclusive of taxes.' NOTE: 20-year term (cover to age 50), not the 30-year/age-60 profile; the brochure table only gives 20-year terms.
Insurer
Death claims settled (insurer)
98.65%
97.59%
Claims figures for
FY 2024-25: individual death claims paid out of claims decided and pending, by number, computed from IRDAI Handbook on Indian Insurance Statistics (Table 15)
FY 2024-25: individual death claims paid out of claims decided and pending, by number, computed from IRDAI Handbook on Indian Insurance Statistics (Table 15)
IRDAI UIN
109N153V02
512N351V02

A tick marks the better value where the category rules say higher (or lower) is better. Text values are shown without a winner. Ties have no winner.

Pros and cons

Super Term Plan

  • Pro: Return-of-premium option available

New Tech-Term (Plan 954)

  • Con: Cover ends earlier than 81% of the 27 term life insurance plans on Comparezi that state it (age 80)
  • Con: Insurer paid a lower share of individual death claims than 88% of the 27 term life insurance plans on Comparezi that state it (97.59%)
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