Aviva Life Insurance Vs LIC Life Insurance

Life insurance is an important part of financial planning. It helps protect the financial future of beneficiaries in case the main breadwinner dies prematurely. Life insurance companies provides protection against the risk of premature death and are an important part of our economy. There are many life insurance companies in the marketplace, so you should compare your options before making a decision...Read More

Aviva Life Insurance Vs LIC Life Insurance Comparison

In this article, we compare Aviva Life Insurance Vs LIC Life Insurance. We will compare the two companies on their coverage, pricing, and claims handling. We will also go into detail about the different types of policies offered by these companies and what they cover. Many factors go into the decision of which life insurance company to choose. Take a look at the Aviva Life Insurance Vs LIC Life Insurance comparison to find out what these factors are.

LIC Life Insurance is a public life insurance company in India that provides life insurance policies to its customers. Aviva Life Insurance is a private life insurance company with headquarters in Haryana India that provides various life insurance policies for individuals and groups of people. Both these companies are strong and reliable when it comes to providing life insurance solutions to their customers. They both have their own advantages and disadvantages when compared to each other.  Let’s look at the company’s features, benefits, claim settlement ratios, and others individually.

Aviva Life Insurance

Aviva Life Insurance Company is one of the top life insurers in India and it has been around for more than 20 years. Aviva offers a wide range of insurance products for individuals, families, and businesses. Aviva Life Insurance Company Limited is a joint venture between Dabur Invest Corporation and Aviva PLC UK-based Insurance Group. It is one of India’s oldest and most respected insurance companies to fulfill policyholder certain needs. The main purpose of Aviva Life Insurance Company is to give simple and useful policies that achieve customer life goals.

Key Features of Aviva Life Insurance

  • Aviva Life Insurance is a leading global life insurance company with more than 30 million customers across 16 countries.
  • A strong commitment to customer service through a global network of local experts.
  • The ability to provide affordable insurance for all types of people.
  • A range of innovative products designed to meet the needs of every customer.
  • An extensive network with partners across the globe.

List of Aviva Life Insurance Plans

Type of Plans Aviva Life Insurance Plans
Term Plans
  • Aviva Jana Suraksha Plan
  • Aviva Life Shield Advantage
  • Aviva Life Shield Premium
  • Aviva Saral Jeevan Bima
Child Plans
  • Aviva Young Scholar Plan
Saving Plans
  • Aviva Affluence ULIP Plan
  • Aviva i-Growth plan
  • Aviva Fortune Plus Plan
  • Aviva Guaranteed Income Plan
  • Aviva New Family Income Builder
  • Aviva Income Suraksha
  • Aviva Dhan Samruddhi
Retirement Plans
  • Aviva Annuity Plan
  • Aviva Next Innings Pension Plan
  • Aviva Fortune Plus Plan
Group Plans
  • Aviva Group Credit Life
  • Aviva Group Gratuity Advantage
  • Aviva Group Life Protect
  • Aviva Group Term Life
  • Aviva Corporate Life Plus
  • Aviva Corporate Shield Plus
  • Aviva Credit Assure
  • Aviva Credit Suraksha
  • Aviva New Group Leave Encashment Plan
  • Aviva New Traditional Employee Benefit Plan

Benefits of Aviva Life Insurance

  • Coverage: Coverage of life cover till 99 years at affordable premiums when your family is not around will cover up the financial security to you.
  • Investment Option: Aviva life insurance plans offer the best returns by investing premium payments of customers in the market investment and giving you protection.
  • Wealth Creation: The cost of insurance plans available at affordable costs at low premiums makes them the most preferred insurance plan in India.
  • No Medical Checkup Required: It is not required that the policyholder needs to take a medical check-up before taking the Aviva life insurance policy.
  • Tax Benefit: According to sections 80c and 10(10d) of tax benefits eligible for a premium paid for Aviva life insurance and received benefits through regular payment of premiums.

LIC Life Insurance

LIC Life Insurance Corporation of India is the largest life insurer in India with a market share of over 50%. LIC is the only government-run life insurance company in India there are almost 24 private life insurance players in the Indian market competing for the life insurance business. It was founded in 1956 by the Government of India to provide life insurance to those who were not able to afford it otherwise.

LIC Life Insurance offers a range of life insurance plans to meet the needs of different types of people, including those who are self-employed, individuals, students, professionals, family, etc. It also offers other financial services like mutual funds, pension plans, health insurance plans, etc. The LIC Life Insurance plans provide you the benefits of protection and savings, combined with financial support lifelong.

Key Features of LIC Life Insurance

  • LIC Life Insurance products provide financial security to customers at an affordable price point.
  • LIC Life Insurance offers flexible cover for various risks such as death, disability, and unemployment.
  • LIC Life Insurance offers hassle-free claim settlement and it has an excellent claim settlement ratio.
  • LIC life insurance policy can purchase online instantly.
  • LIC Life Insurance Company has a dedicated customer support team.
  • LIC life insurance policy is a competitive pricing model that offers affordable, accessible, and flexible products.

LIC Life Insurance Plans List

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
  • LIC’s Jeevan Umang
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

Benefits of LIC Life Insurance

  • Wide Range of Plans: Life Insurance Corporation (LIC) offers life insurance policies for individuals, families, senior citizens, and childless couples.
  • Easy Policy Issuance: The policy issuance process in LIC Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases.
  • Trust ensured: LIC is the most trusted insurance company with hundreds of recognitions and awards and LIC policy is trusted by millions of people. 
  • Easy claim Settlement: LIC provides a simplified claim procedure. This is the reason perhaps why it provided the highest percentage of Claim Settlement Ratio.
  • Excellent Customer Support: The customer support of LIC is one of the best in the industry.

Comparison Table of Aviva Life Insurance Vs LIC Life Insurance

Here are some of the key parameters based on which they differ from each other:

Parameter Aviva Life Insurance LIC Life Insurance
Claim settlement ratio 97.43% 96.69%
Solvency Ratio 2.24 1.76
Inception 2002 1956
Availability Online/Offline Online/Offline
Life Cover Up to 99 Years Up to 99 years
Number of Branches 90+ 2048
E-services
  • Pay Premiums
  • File a Claim
  • Download Premium Receipts
  • Track Application
  • Buy Policy
  • Renew Policy, etc.
  • Premium Calculator
  • Update Information
  • Claim Settlement
  • Premium Payment
  • Policy Status Checking
  • Buy Policy
  • Renewal Policy, etc.
Riders
  • Aviva Term Plus Rider
  • Aviva Covid Care Rider
  • Aviva Critical Illness Rider
  • Aviva Critical Illness & Disability Rider
  • Aviva Death Benefit Rider
  • Accidental Death Benefit Rider
  • Accidental Death and Disability Benefit Rider
  • Critical Illness Benefit Rider
  • New Term Assurance Rider

Which is the Better Option Aviva Life Insurance or LIC Life Insurance?

Aviva Life Insurance and LIC Life Insurance are two of the leading providers of life insurance in India. They offer a wide range of plans, benefits, and coverage options. The two companies have different pricing models and product offerings. The difference between these two companies is not just about the product but also about the customer service they provide. So, choose the best life insurance company by comparing life insurance quotes at PolicyBachat. Comparing life insurance quotes will help you to calculate the procs and cons of life insurance companies and this will help you to make a better decision on which life insurance policy is best.

Conclusion

Aviva Life Insurance and LIC Life Insurance are two of the most popular life insurance providers in the market today. They offer different coverages and benefits that make them attractive to potential customers Aviva insurance offers a lower monthly premium, while LIC life insurance offers more coverage. The difference between these two companies is their approach to customer service, pricing, and coverage. The choice between these two companies can depend on your preferences for customer service or price, or your needs for coverage options.

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