Life insurance is a product that helps protect you and your family against the financial consequences of an unfortunate event. It also ensures that your loved ones are taken care of financially in case something happens to you. So, it is important to choose the best insurance plan for your needs and budget.
The two most popular life insurance companies in India are ICICI Prudential Life Insurance and LIC Life Insurance. Both have their own set of benefits and limitations. But which one is better for you? Let’s find out!
PolicyBachat helps to calculate the advantages and disadvantages of the life insurance policy to buy the desired policy. It gives you the distinction between the carrier backgrounds, and incurred claim settlement ratio to configure the right insurance policy. Get the top life insurance quotes to distinguish the best life insurance plan in terms of premium, coverage, and holding experience in the insurance sector.
LIC Life Insurance and ICICI Prudential Life Insurance are well known for their affordable plans and wide range of benefits. However, they differ in several ways as well. Let’s take a look at the key differences between LIC and ICICI Prudential Life Insurance, and see which one is better suited for you.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is one of the leading life insurance companies in India. It offers various types of life insurance policies to suit the needs and budgets of its consumers. ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life Insurance Company offers an array of life insurance products, including term insurance, health insurance, ULIPs, savings, and investment plans. Those plans are affordable and carefully designed, catering to the varied requirements of the customers.
Benefits of ICICI Prudential Life Insurance
- Affordable Plans: ICICI Prudential Life Insurance provides comprehensive life cover on the payment of an affordable premium. Some plans of ICICI Prudential Life Insurance include both Death benefits and Maturity/Survival benefits, etc.
- Tax Benefit: According to the income tax act 1961 under sections 80c and 10(10d) of tax benefits eligible for a premium paid and received benefits.
- Variety of Products: The Company offers a range of protection plans for individual customers, covering all stages of life. It also offers group protection plans for companies to cover their employees.
- Excellent Customer Services: The Company also provides a range of services such as loan facilities, online health check-ups, online claim settlements, etc.
- Life Cover: Coverage of life cover till 99 years at affordable premiums when your family is not around will cover up the financial security to you.
- Add-on Covers: The Company offers various add-ons to its customers which include critical illness cover, accidental death cover, health cover, accidental disability cover, etc.
List of ICICI Prudential Life Insurance Plans
| Type of Plans |
ICICI Prudential Life Insurance Plans |
| Term Plans |
- ICICI Pru iProtect Smart Term Plan
- ICICI Prudential SARAL JEEVAN BIMA Plan
- ICICI Prudential iCare II Plan
- ICICI Prudential PRECIOUS LIFE Plan
- ICICI Prudential Life Raksha Plan
- ICICI Prudential POS iProtect Smart Plan
- ICICI Prudential POS Life Raksha Plan
- ICICI Prudential Loan Protect Plan
- ICICI Prudential Loan Protect Plus Plan
|
| ULIP Plans |
- ICICI Prudential Signature Online Plan
- ICICI Prudential Signature Plan
- ICICI Pru1wealth Plan
- ICICI Prudential life Time Classic Plan
- ICICI Pru Guaranteed Wealth Protector Plan
- ICICI Prudential Smart Life Plan
- ICICI Prudential Smart Kid Plan
- ICICI Prudential Smart Couple Plan
|
| Savings Plans |
- ICICI Prudential Guaranteed Income For Tomorrow Plan
- ICICI Prudential Cash Advantage Plan
- ICICI Pru Savings Suraksha Plan
- ICICI Prudential Assured Savings Insurance Plan
- ICICI Pru Future Perfect Plan
- ICICI Prudential LAKSHYA Plan
- ICICI Prudential LAKSHYA Lifelong Income Plan
|
| Retirement Plans |
- ICICI Pru Easy Retirement Plan
- ICICI Prudential Guaranteed pension Plan – Deferred Annuity
- ICICI Prudential Guaranteed pension Plan – Immediate Annuity Plan
- ICICI Prudential Easy Retirement SP Plan
- ICICI Prudential Saral Pension Plan
|
| Health Plans |
- ICICI Prudential Heart/Cancer Protect Health Plan
|
| Group Plans |
- ICICI Pru Group Term Plus Plan
- ICICI Prudential Group Loan Secure Plan
- ICICI Prudential Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
- ICICI Prudential Shubh Raksha Credit Plan
- ICICI Prudential Super Protect – Credit Plan
- ICICI Prudential Group Suraksha Plan
- ICICI Prudential Group Suraksha Plus Superannuation Plan
|
| Rural Plans |
- ICICI Prudential Sarv Jana Suraksha Micro Insurance Plan
- ICICI Prudential Anmol Bachat Plan
|
| Rider Plans |
- ICICI Prudential Corona Protect Rider Plan
- ICICI Prudential Corona Protect plus Rider Plan
|
LIC Life Insurance
LIC is the oldest life insurance company in India and the only government-owned life insurance company in India. LIC is the oldest life insurance company and it has been in operation for over a century. LIC offers a range of life insurance products that can be customized to suit your needs. LIC Life insurance plans provide you the benefits of protection and savings, combined with financial support lifelong. LIC Life insurance consists of different types of policies such as Term insurance, Endowment Insurance, Annuity or Retirement Plans, Child Plans, Return of premium plans, etc.
Benefits of LIC Life Insurance
- High Coverage at low Premium: LIC life insurance is one of the most affordable life insurance policies available in the Indian insurance market. Life insurance plans from LIC life insurance are the cheapest in the market with high life coverage.
- Variety of Products: LIC Life Insurance offers an extraordinary range of life insurance products to its customers situated far and wide across the country.
- Flexibility Options: LIC Life Insurance offers customized premium payment options to suit the capabilities of its customers. Thus, customers can choose the option they are most comfortable with and keep their policies in force.
- Excellent customer service: LIC Life Insurance believes in gaining the customer’s trust by providing quality services. The company has a customer-friendly insurance claim process.
- Tax Benefits: With LIC Life Insurance plans, the policyholders can avail of tax deductions under sections 80C and 10(10D) of the Income Tax Act 1961.
List of LIC Life Insurance Plans
| Type of Plans |
LIC Life Insurance Plans |
| Term Life Insurance Plans |
- LIC’s TECH TERM
- LIC’s Jeevan Amar
- LIC’s Saral Jeevan Bima
|
| Whole Life Insurance Plans |
|
| Money-Back Plans |
- LIC’s New Bima Bachat
- LIC’s New Money Back Plan-20 Years
- LIC’s New Money Back Plan-25 Years
- LIC’s Jeevan Umang
- LIC’s New Children’s plan
- LIC’s Jeevan Tarun
- LIC’s Jeevan Shiromani
- LIC’s Bima Shree
- LIC’s Dhana Rekha
|
| Endowment Plans |
- LIC’s Bima Jyothi
- LIC’s Bachat Plus
- LIC’s New Endowment Plan
- LIC’s New Jeevan Anand
- LIC’s Single Premium Endowment Plan
- LIC’s Jeevan Lakshya Plan
- LIC’s Jeevan Lakshya Plan
- LIC’s Aadhaar Stambh Plan
- LIC’s Aadhaar Shila Plan
|
| Pension Plans |
- Pradhan Mantri Vaya Vandana Yojana
- LIC’s Jeevan Akshay - VII
- LIC’s New Jeevan Shanti
- LIC’s Saral Pension
|
| ULIP Plans |
- LIC’s NIVESH PLUS
- LIC’s SIIP
- LIC’s NEW ENDOWMENT PLUS
|
| Micro Insurance Plans |
- LIC’s Bhagya Lakhsmi
- LIC’s New Jeevan Mangal
- LIC’s Micro Bachat Plan
|
| Health Plans |
- LIC’s Cancer Cover
- LIC’s Arogya Rakshak
|
| Withdraw Plans |
- LIC’s Bhagya Lakhsmi
- LIC’s Jeevan Akshay - VII
- LIC’s New Jeevan Shanti
- LIC’s Saral Pension
- LIC’s Bima Jyothi
- LIC’s New Jeevan Mangal
- LIC’s Jeevan Arogya
|
| Group Plans |
- LIC's New Group Superannuation Cash Accumulation Plan
- LIC's New Group Gratuity Cash Accumulation Plan
- LIC's New Group Leave Encashment Plan
- LIC's Group Credit Life Insurance
- LIC's Single Premium Group Insurance
- LIC's New One Year Renewable Group Term Assurance Plan I
- LIC's New One Year Renewable Group Term Assurance Plan II
- LIC's One Year Renewable Group Micro Term Assurance Plan
- Group Immediate Annuities
- LIC’s Group Assurance plan
|
Comparison Table of LIC Life Insurance vs ICICI Prudential Life Insurance
| Parameter |
LIC Life Insurance |
ICICI Prudential Life Insurance |
| Claim settlement ratio |
96.69% |
97.09% |
| Solvency Ratio |
1.83 |
2.07 |
| Online Availability |
Yes |
Yes |
| Life Cover |
Up to 99 Years |
Up to 99 years |
| Number of Branches Available |
2048 |
947 |
| Premium Payment Mode |
Yearly/Half-yearly/ Quarterly/ Monthly |
Yearly/Half-yearly/ Quarterly/ Monthly |
| Riders Available |
- Critical Illness Plus Rider
- Accidental Death Benefit Rider
- Accidental Permanent Disability Benefit Rider
- Term Benefit Rider
|
- Accidental Death Benefit Rider
- Accidental Death and Disability Benefit Rider
- Critical Illness Benefit Rider
- New Term Assurance Rider
|
| Online Services |
- Pay Premiums
- Buy Policy
- Download statements
- File a Claim
- Update Information
- Change Details
|
- Update Information
- Claim Settlement
- Premium Payment
- Policy Status Checking
- Buy Policy
- Renewal Policy
|
Term Insurance Comparison: ICICI Prudential Vs LIC
Term insurance is a type of life insurance that provides coverage for a specific period of time. Term insurance can be defined as financial cover to your family in case of unfortunate events happen to the sole bread earner. Term insurance plans are the most selling life insurance plans in the Indian market right now. Check out the details below of the term plans from ICICI Prudential and LIC. You can compare the features and benefits of opting for the ideal one for yourself and your family.
ICICI Prudential Term Insurance Plans
- ICICI Prudential life insurance provides 9 different types of term insurance plans. But the most popular term insurance plans are the ICICI Pru iProtect Smart Plan and the ICICI Pru iProtect Return of Premium plan.
- ICICI Prudential Term Insurance Plans offer flexibility to pay premiums online
- Term Insurance Plans offered by ICICI Prudential life insurance are life coverage up to 99 years.
- ICICI Prudential term plans provide comprehensive financial protection at a low price.
LIC Term Insurance Plans
- LIC Life insurance provides 3 different types of term insurance plans such as LIC Tech Term, LIC Jeevan Amar, and LIC Saral Jeevan Bima.
- LIC plans offer flexibility to choose from different premium payment options at your convenience.
- LIC Term insurance plans come with discounts for non-smokers and females.
- LIC offers a simple and hassle-free policy buying and claims settlement process.
Which is the Best ICICI Prudential Vs LIC Life Insurance
ICICI Prudential Life Insurance and LIC Life Insurance are two of the most popular life insurance companies in India. There are many factors that you should consider before deciding which one to choose. The first thing that you should consider is the coverage and sum assured. Secondly, you should compare the premium rates to see which one is cheaper for you in terms of monthly payments and the total amount paid over some time. Lastly, you should look at the features offered by each company to see which one has more benefits that suit your requirement.
Conclusion:
Both companies ICICI Prudential life insurance and LIC life insurance have their pros and cons. To make a better decision, you should make sure that you have all the information about life insurance companies available in the market. However, this decision has become much easier with the help of PolicyBachat. Looking for ICICI Prudential Life Insurance Vs LIC Life Insurance Comparison, Key Benefits, and Features to buy the best life insurance, PolicyBachat is helping you find the best life insurance that fits your requirement.