LIC Life Insurance vs HDFC Life Insurance

Looking for HDFC 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. Comparing life insurance quotes from distinct carriers is a daunting process. Comparison of life insurance online leads to cost efficiency due to low operating costs to maintain online. ..Read More

LIC Life Insurance vs HDFC Life Insurance

PolicyBachat helps to calculate the pros and cons of the policy and buy the desired policy. It gives you the distinction between the carrier backgrounds, incurred claim settlement ratio to configure the right insurance policy. Get the top carrier quotes to distinguish the best life insurance plan in terms of premium, coverage, and holding experience in the insurance sector.

The two insurance companies, LIC, and HDFC Life Insurance are both well-established in the Indian insurance market but the two companies are different in many ways LIC is a state-owned insurer whereas HDFC Life Insurance is a private company. LIC Life Insurance and HDFC Life Insurance both the companies are well known for their affordable plans and wide range of benefits. However, they also offer different features and benefits that make them a good choice for different people.

LIC Life Insurance

Life Insurance Corporation of India (LIC) is the largest government-owned life insurance and Investment Corporation for individual insurance needs and it is introduced on Sep 1st, 1956. LIC's main role is to invest in global financial markets and different government certainties after gathering funds from people through life insurance policies. The importance of LIC Life insurance is to provide individuals with financial cover against demise at affordable costs to rural areas and people exist with poverty and less fortunate people.

Life insurance is a contract between the insurance company and insured person (customer) for payment gateways of periodic intervals, date of maturity, or, the unfortunate death of the person. The LIC life insurance plans provide you the benefits of protection and savings, combined with financial support lifelong. LIC Life Insurance Corporation of India is the largest life insurance company in India.

Benefits of LIC Life Insurance

  • Certain age groups and professionals can avail a host of discounts on their life insurance.
  • Hassle-free claim settlement
  • No lengthy documentation.
  • Simple insurance purchase procedures.
  • Can purchase a policy online instantly.
  • Dedicated customer support team.

Why Choose LIC Life Insurance

  • Industry leader: Life Insurance Corporation of India (LIC) has a technologically advanced network to provide you with the most advanced and efficient services with over 2000 branch offices and 156 satellite branches.
  • Wide Range of Plans: Life Insurance Corporation (LIC) offers life insurance policies for individuals, families, senior citizens, and childless couples. They offer a variety of plans with different features and benefits; including term plans, whole life policies, endowment plans, and ULIPs.
  • Easy claim Settlement: LIC provides a simplified claim procedure. This is the reason perhaps why it provided the highest percentage of Claim Settlement Ratio.
  • Unmatchable customer support: The customer support of LIC is one of the best in the industry.
  • Trust ensured: LIC is the most trusted insurance company with hundreds of recognitions and awards and LIC policy is trusted by millions of people. 

Types 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
  • 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

HDFC Life Insurance

HDFC Life Insurance is a standard life insurance company supporter of housing development Finance Corporation limited. It is a joint venture between HDFC Ltd and standard life Aberdeen, a global investment company. HDFC Life insurance company is a leading long-term life insurance provider; the company proposes individual and group insurance solutions that meet policyholders' requirements as investment, savings, pension plans, protection, health, etc.

HDFC Life insurance company has 13 group plans, 37 individual, and 7 optional rider benefits which will benefit the customer needs. HDFC Company has partnerships with NBFCs, MFIs, and SFBs, these make HDFC Life Insurance company the strong base financial consultants. Hdfc life insurance has seen a drastic rise in the last decade. Hdfc Life Insurance Company offers term life insurance, pension plans, Savings Plans, ULIP plans, Health Plans, Child Plans, Group Insurance Plans, mutual funds, and other financial products.

Benefits of HDFC Life Insurance

  • No lengthy documentation process for buying an HDFC life insurance policy.
  • HDFC Life offers a various range of life insurance plans such as protection, retirement, savings, health, and investment.
  • The company also provides add-ons to enhanced protection for an extra premium
  • The company has a healthy claim settlement ratio which means its claim settlement process is hassle-free and it offers good service to its customers

Why Choose HDFC Life Insurance?

  • Claim Settlement Ratio: HDFC Life Insurance Company provides every policyholder have the financial security for their family in case any death/demise happens the insurer will give hassle-free services. As per the IRDAI report, the HDFC Life insurance claim settlement ratio is 99.07%.
  • Life Cover till 99 years: To ensure your financial protection for the family when you are not around with a life cover up to 99 years at affordable premiums.
  • Corona Kavach Add-on: This add-on covers you from expenses spent for hospitalization, PPE kit, gloves, Masks, etc. if you are affected with Corona kavach/covid-19.
  • Accidental Death Benefit: This accidental death covers you with additional payouts in case of any death that happened by a road accident.
  • Critical Illness Benefit: The critical illness covers you with 19 illnesses that will secure your family against the loss of income due to any illness diagnosed.
  • 1 Day Claim Settlement: HDFC Life insurance will pay interest on your death claim amount for every single day and it is eligible only for online policy purchases.

HDFC Life Insurance Plans

Type of Plans HDFC Life Insurance Plans
Term Plans
  • HDFC Life Click 2 Protect Life
  • HDFC Life Saral Jeevan Bima
Savings Plans
  • HDFC Life Sanchay Plus
  • HDFC Life Sanchay Par Advantage
  • HDFC Life Sanchay
  • HDFC Life ClassicAssure Plus
  • HDFC Life Super Income Plan
  • HDFC Life Sampoorn Samridhi Plus
  • HDFC Life Uday Plans
  • HDFC Life Pragati Plans
ULIP Plans
  • HDFC Life Click 2 Wealth
  • HDFC Life Click2Invest ULIP
  • HDFC Life ProGrowth Plus
  • HDFC SL ProGrowth Super II
  • HDFC SL Crest
  • HDFC SL ProGrowth Flexi
  • HDFC Life Smart Woman Plan
  • HDFC Life Pragati Plans
  • HDFC Life Sampoorna Nivesh
  • HDFC Life Classic One
  • HDFC Life Capital Shield
Pension Plans
  • HDFC Life New Immediate Annuity Plan
  • HDFC Life Click 2 Retire
  • HDFC Guaranteed Pension Plan
  • HDFC Life Personal Pension Plus
  • HDFC Life Assured Pension Plan
  • HDFC Life Saral Pension
Child Plans
  • HDFC Life Click 2 Wealth
  • HDFC Life Click 2 Retire
  • HDFC Life Youngstar Udaan
POS Plans
  • HDFC Life Guaranteed Savings Plan
Combo Plans
  • HDFC Life Sanchay Maximiser

How Do LIC vs HDFC Life Insurance Plans Compare?

The LIC and HDFC are two of the top insurance companies in India. However, they have different approaches to insurance policies and pricing. Here's a comparison of the plans offered by both companies so you can make your choice. It can be difficult to choose between LIC and HDFC when it comes to choosing an insurance plan for you or your family. We'll help you make an informed decision with our comparison of their plans.

You can get the instant comparison in simple steps

  • Visit the Policybachat Website and select the ‘Life’ tab.
  • Enter your Name, Date of Birth, and Mobile Number.
  • Click on the ‘View Plans’ button.
  • Just Answer 5 Simple Questions.
  • Select your ‘Gender’.
  • Select ‘YES’ or ‘No’ if you have Smoked or Chewed Tobacco in the last 12 months.
  • Select your ‘Annual Income’.
  • Select your ‘Education Qualification’.
  • Choose your ‘Occupation Type’.
  • Enter your ‘Email Address’.
  • Then click on ‘Start Saving Money’.
  • Premium Quotes of top life insurance plans will be displayed where you can compare plans, premiums, benefits.
  • You can add riders; edit your sum insured, policy premium frequency, etc.
  • Purchase best life insurance policy using online payment

Comparison of LIC vs HDFC Life Insurance

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

Parameter LIC HDFC
Claim Settlement Ratio 98.62% 98.66%
Solvency Ratio 1.83 1.91
Online Availability Yes Yes
Life Cover Up to 99 years Up to 99 years
Riders Available Available
Number of Branches Available 2048 421
Premium Payment Term Regular Pay, Single Pay, Limited Pay Regular Pay, Single Pay, Limited Pay
Premium Payment Mode Yearly/Half-yearly/ Quarterly/ Monthly Yearly/Half-yearly/ Quarterly/ Monthly

Conclusion:

Life insurance provides financial protection against the risk of death. It is typically used to provide an income to a spouse and children after the death of the primary wage earner. So, before deciding on the best policies check all the features and benefits of LIC life insurance and HDFC life insurance before concluding the right insurance policy. Configure the premium with the benefits availed on LIC life vs HDFC life insurance at PolicyBachat.

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