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Bajaj Allianz Life Insurance Vs LIC Life Insurance Comparison

When you are looking for life insurance, it is of utmost importance to understand the various options available.  In this article, we will be comparing two of the most popular life insurance providers in India. The two companies are Bajaj Allianz life insurance and LIC life insurance. The comparison will be on their prices, the coverage they offer, benefits, customer satisfaction, etc.

Bajaj Allianz Life Insurance Vs LIC Life Insurance Comparison

Bajaj Allianz life insurance is one of the leading Indian insurance providers with a wide range of products to suit different needs. It offers more affordable life insurance plans to customers. It also provides financial services such as loans and mutual funds that can help customers with their investments too.

LIC is a public life insurance company in India. It is a leading Indian insurance provider which has been around since 1956. It offers a wide range of life insurance products as well as excellent financial services to customers. Let’s compare the two life insurance providers and their policies, features, benefits, and prices in detail.

Bajaj Allianz Life Insurance

The Bajaj Allianz life insurance company is one of the leading insurance companies in India. It is a joint venture between Bajaj Finserv Limited owned by Bajaj Group of India and Allianz SE, a European Financial Services company. It has commenced its operations in India in 2001 after receiving the license from the insurance regulator IRDA. The company offers a wide range of products such as term life, health, child, retirement, etc. It offers insurance products to those who are looking for a complete solution to their financial needs.

Why Choose Bajaj Allianz Life Insurance?

  • Variety of Plans
  • Most Trusted brand
  • Excellent Claim Settlement & Solvency Ratios
  • Easy claim Settlement, Get Day 1 Approval
  • Unmatchable customer support
  • Number of lives covered

Bajaj Allianz Life Insurance Benefits

  • Bajaj Allianz’s life insurance company offers a higher cover amount at lower premium rates.
  • Bajaj Allianz life insurance offers a return of premium option with their term plans and ULIPs.
  • Bajaj Allianz Life Insurance Company provides smooth and hassle-free claim settlement.
  • Bajaj Allianz life offers a wide range of life insurance plans online.
  • Bajaj Allianz Life Insurance offers flexibility in premium payment options.
  • Bajaj Allianz life insurance offers coverage that continues up to 99 years of age.
  • Bajaj Allianz’s life insurance policy is designed to provide financial protection for the family of the insured person in case of death.
  • The Bajaj Allianz life insurance policy comes with an option of a rider that provides additional coverage in case of permanent disability, accident, or critical illness.

List of Bajaj Allianz Life Insurance Plans

Type of Plans Bajaj Allianz Life Insurance Plans
Term Insurance Plans
  • Bajaj Allianz Life Smart Protect Goal
  • Bajaj Allianz Life Saral Jeevan Bima
  • Bajaj Allianz Life eTouch Online Term
  • Bajaj Allianz Life iSecure
Savings Plans
  • Bajaj Allianz Life Flexi Income Goal
  • Bajaj Allianz Life Guaranteed Saving Plan
  • Bajaj Allianz Life Guaranteed Income Plan
  • Bajaj Allianz Life POS Goal Suraksha Plan
  • Bajaj Allianz Life Assured Wealth Goal-Second Income Plan
Pension Plans
  • Bajaj Allianz Life Saral Pension Plan
  • Bajaj Allianz Life Guaranteed Pension Goal
  • Bajaj Allianz Life LongLife Goal
ULIP Plans
  • Bajaj Allianz Life Insurance Smart Wealth Goal
  • Bajaj Allianz Life Insurance Future Gain
  • Bajaj Allianz Life Insurance Fortune Gain
  • Bajaj Allianz Life Insurance Future Wealth Gain
Child Plans
  • Bajaj Allianz Life Young Assure
  • Bajaj Allianz Life Long Assure
Investment Plans
  • Bajaj Allianz Life Assured Wealth Goal- Wealth Creation Plan
  • Bajaj Allianz Life Invest Assured
  • Bajaj Allianz Life Elite Assured
Group Plans
  • Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana
  • Bajaj Allianz Life Group Superannuation Secure
  • Bajaj Allianz Life Group Sampoorna Suraksha Kavach
  • Bajaj Allianz Life Group Credit Protection Plus
  • Bajaj Allianz Life Group Employee Care
  • Bajaj Allianz Life Group Term Life
  • Bajaj Allianz Life Group Employee Benefit
  • Bajaj Allianz Life Group Sampoorna Jeevan Suraksha
Health Care Plans
  • Bajaj Allianz Life Health Care Goal

LIC Life Insurance

Life Insurance Corporation of India (LIC) is an Indian state-owned insurance company. It is the largest insurance company in India and the third-largest life insurer in the world. LIC was founded on September 1, 1956, by the Parliament of India under the Life Insurance of India Act (1956). The importance of LIC Life insurance is to provide individuals with financial cover against demise at affordable costs to rural areas and people who exist in poverty and less fortunate people. The LIC life insurance plans provide you the benefits of protection and savings, combined with financial support lifelong.

Why Choose LIC Life Insurance?

  • Industry leader
  • Wide range of products
  • Most Trusted brand
  • Unmatchable customer support
  • Hassle-free claim settlement
  • No lengthy documentation
  • Dedicated customer support team
  • Excellent Claim Settlement & Solvency Ratios

LIC Life Insurance Benefits

  • LIC term life insurance is one of the most affordable life insurance covers available in the Indian insurance market. Life insurance plans from LIC life insurance are the cheapest in the market with high life coverage.
  • LIC provides a simplified claim procedure. This is the reason perhaps why it provided the highest percentage of Claim Settlement Ratio.
  • LIC life insurance provides excellent customer services to its customers. The customer support of LIC is one of the best in the industry.
  • LIC is the most trusted insurance company with hundreds of recognitions and awards and LIC policy is trusted by millions of people.
  • LIC life insurance Company provides an option to have the whole life cover up to 99 years of age
  • 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.
  • Certain age groups and professionals can avail a host of discounts on their life insurance policies.
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

Comparison Table of Bajaj Allianz vs LIC life Insurance

The table below compares the two insurance providers Bajaj Allianz and LIC life insurance based on various factors. Here are some of the key parameters based on which they differ from each other:

Parameter Bajaj Allianz Life Insurance LIC Life Insurance
Claim Settlement Ratio 98.48% 98.62%
Solvency Ratio 6.66 1.76
Inception 2001 1956
Number of Branches 509+ 2048
Availability Online/Offline Online/Offline
Life Cover Up to 99 Years Up to 99 Years
Types of Plans
  • Term Plans
  • Child Plans
  • Savings Plans
  • ULIP Plans
  • Retirement Plans
  • Group Plans
  • Investment Plans
  • Healthcare Plans
  • Term Plans
  • Child Plans
  • Money Back Plans
  • Whole Life Insurance Plans
  • Endowment Plans
  • Withdraw Plans
  • ULIP Plans
  • Retirement Plans
  • Group Plans
  • Micro Insurance Plans
E-Services
  • Track Application
  • Download Statements
  • Pay Premiums
  • Buy Policy
  • Renew Policy
  • Claim Settlement
  • Update Information
  • Claim Settlement
  • Premium Payment
  • Policy Status Checking
  • Buy Policy
  • Renewal Policy
Riders  Available
  • Accidental Death Rider
  • Accidental Permanent Disability
  • Premium Waiver Rider
  • Critical Illness Benefit
  • Family Income Benefit Rider
  • Accidental Death Benefit Rider
  • Accidental Death and Disability Benefit Rider
  • Critical Illness Benefit Rider
  • New Term Assurance Rider

Conclusion:

The decision to purchase life insurance is a difficult one. It's important to do proper research before you make a decision. Good research will help you understand the pros and cons of both the policies and help you make an informed decision. Bajaj Allianz and LIC Life Insurance companies offer a range of products that are designed to suit different needs and budgets.

If you’re looking for a comparison of Bajaj Allianz vs LIC Life insurance companies you should consider the price, coverage, and whether or not they offer a policy that fits your needs. And also the decision has become much easier with the help of PolicyBachat. Know all the key features and benefits of Bajaj Allianz Life Insurance and LIC Life Insurance at PolicyBachat to purchase the best life insurance policy.

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