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Term Life Insurance · head to head

iSelect Smart360 Term Plan vs Elite Term Plan

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Quick verdict

  • iSelect Smart360 Term Plan is better for insurer's claim payout record.
  • iSelect Smart360 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
iSelect Smart360 Term Plan
Elite Term Plan
Eligibility
Minimum entry age
18 years
18 years
Maximum entry age
65 years
65 years
Maximum maturity age
99 years
99 years
Policy term
Life Secure: 5 years (5-9 years only for entry age 35+) to 81 years (99 minus age at entry) for Regular/Limited Pay, 62 years (80 minus age at entry) for Single Pay; Life Secure with Income: 65 minus age at entry to 99 minus age at entry; Life Secure with Return of Premium: 10 years to 99 minus age at entry
5 - 81 years
Minimum sum assured
₹25,00,000
₹50,00,000
Maximum sum assured
No Limit (Subject to Board Approved Underwriting Policy); Non-working Spouse: Rs 50 Lakhs
No Limit subject to Board Approved Underwriting Policy
Plan
Plan options
Life Secure, Life Secure with Income, Life Secure with Return of Premium
Option: Life Benefit
Premium payment
Life Secure: Single Pay, Regular Pay, Limited Pay 5/10/15/20/25/Up to age 60; Life Secure with Income / with Return of Premium: Regular Pay, Limited Pay 10/15/20/25/Up to age 60; Yearly/Half Yearly/Quarterly/Monthly/Single
Regular Premium: Same as chosen Policy Term; Monthly / Quarterly / Half Yearly / Yearly
Return of premium option
Yes
No
Death benefit payout
Lump Sum; Monthly Income (level or increasing @ 5/10% p.a. simple, over 60 months); Part Lump Sum Part Monthly Income (25%/75%, 50%/50%, 75%/25%)
Lump sum; nominee option to receive level monthly instalments over a period of 5 years
Terminal illness benefit
Yes
—
Waiver of premium
Optional in-built cover 'ATPD Premium Protection' / 'ATPD Premium Protection Plus': all future premiums of the impacted life waived on Accidental Total & Permanent Disability
—
Premium
Sample annual premium
₹13,296
₹10,303
Sample premium is for
Male non-smoker, age 30, Life Secure plan option, Level coverage option, Sum Assured Rs 1 crore, policy term 40 years (not 30), Regular Pay, annual mode, no Optional In-Built Covers; basis Physical Medical; exclusive of taxes. Brochure gives no 30-year-term figure.
Healthy male life, age 30, Sum Assured Rs 1 crore, policy term 30 years, regular premium; 1st-year premium inclusive of GST and 10% 1st-year discount. Smoker status not stated.
Insurer
Death claims settled (insurer)
99.43%
98.22%
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
136N080V02
143N070V01

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

iSelect Smart360 Term Plan

  • Pro: Insurer paid 99.43% of individual death claims, higher than 77% of the 27 term life insurance plans on Comparezi that state it
  • Pro: Return-of-premium option available

Elite Term Plan

  • Con: Insurer paid a lower share of individual death claims than 81% of the 27 term life insurance plans on Comparezi that state it (98.22%)
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