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SBI Life Insurance vs LIC Life Insurance Comparison

The two insurance companies, SBI Life Insurance and LIC Life Insurance are both well-established in the Indian insurance market but the two companies are different in many ways. This article will compare the features and benefits offered by SBI Life Insurance and LIC Life Insurance.

SBI Life Insurance vs LIC Life Insurance Comparison

SBI Life Insurance is an Indian private life insurance company that has been in the market for more than 20 years. It provides life insurance plans, investment products, retirement products, and health insurance products to its customers. LIC is a public sector company that is also in the insurance business for more than 50 years now. It offers life insurance plans, education loans, mutual funds, etc to its customers.

SBI Life Insurance

SBI Life insurance company, one of the most trusted life Insurance companies in India, was incorporated in the year 2000 and started operations after registering with the Insurance Regulatory and Development Authority of India in March 2001. SBI Life is a joint venture between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardiff – a French Multinational bank and financial services company with HO in Paris.

SBI Life Insurance Plans List

Type of Plan SBI Life Insurance plans
Protection plans
  • SBI Life eShield Next
  • SBI Life Saral Jeevan Bima
  • SBI Lifepoorna Suraksha
  • SBI Life Sampoorn Cancer Suraksha
  • SBI Life Corona Rakshakpolicy
  • SBI Life Smart Shield
  • SBI Life Smart Swadhanplus
  • SBI Life Saral Swadhan+
  • SBI Life Grameen Bima
Child plans
  • SBI Life Smart Champ Insurance plan
  • SBI Life insurance child plan Smart Scholar
Savings plans
  • SBI Life Smartplatina Assure
  • SBI Life New Smart Samriddhi
  • SBI Life Smart Future Choices
  • SBI Life Shubh Nivesh
  • SBI Life Smart Bachat
  • SBI Life Smart Humsafar
Pension plans
  • SBI Life Retire Smartplan
  • SBI Life Annuityplus
  • SBI Life Saral Retirement Saver
  • SBI Life Saralpensionplan
Money-Back/Income plans
  • SBI Life Smart Money Back Gold
  • SBI Life Smart Moneyplanner
  • SBI Life Smart Incomeprotect
Wealth Creationplans
  • SBI Life eWealth Insurance
  • SBI Life Smart InsureWealthplus
  • SBI Life Smart Wealth Builder
  • SBI Life Smart Wealth Assure
  • SBI Life Smartpower Insurance
  • SBI Life Smart Elite
  • SBI Life Smartprivilege investmentplan
Group plans
  • SBI Life Kalyan ULIPplus
  • SBI Lifepradhan Mantri Jeevan Jyoti Bima Yojana
  • SBI Life CapAssure Gold
  • SBI Life Sampoorn Suraksha
  • SBI Life Swarna Jeevanplus

SBI Life Insurance Key Features

  • SBI life insurance policy is designed to provide protection for the family's future.
  • It provides coverage for death, terminal illness, and critical illness.
  • The policy can be bought online without any medical tests or physical checkups.
  • SBI Life Insurance Covers Childless Couples as well as those with children.
  • SBI Life Insurance offers a Wealth Creation Option.
  • SBI Life Insurance will help to plan for your retirement.

Benefits of SBI Life Insurance

  • Financial Security: Life insurance is a great way to safeguard your family's financial stability. It can help protect against the uncertainties of life like illness, accidents, and death.
  • Wide Range of Options: SBI Life Insurance offers a range of products to meet your needs and budgets, as well as the option to choose between term and permanent cover.
  • Claim settlement Ratio: SBI Life Insurance Company has a good claim settlement ratio of 94.52% which means your family doesn't have to go through any inconvenience while getting claims.
  • Solvency Ratio: SBI life has a 2.15 solvency ratio compared with other companies that offer equity shares too.
  • Market Share: SBI Life Insurance Company has seen growth in its annual premium over the past few years which in turn has increased its market share to 20%.

How Does SBI Life Insurance Work?

Life insurance is a type of investment and it comes in many different forms. The most common types are term life insurance, whole life insurance, etc. The purpose of SBI life insurance is to provide financial protection for your family in the event that you die. It does this by paying out a death benefit, which can then be used to pay off any outstanding debts, cover funeral costs, or replace lost income.

SBI Life Insurance is a life insurance company in India that offers a variety of products to cater to different needs. These products include term plans, whole life, and ULIPs. One of the most popular products offered by SBI Life Insurance is endowment plans. It provides coverage for the insured person's life and also builds up an investment corpus over time with regular premiums paid. The policyholder pays premiums for a specified number of years (usually 20 to 25 years) and then gets back the entire sum invested.

LIC Life Insurance

LIC is one of India's largest life insurance companies. It was founded in 1956. Life Insurance Corporation of India (LIC) is the largest government-owned life insurance and Investment Corporation for individual insurance needs. 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 who exist in poverty and less fortunate people. The company has been facing stiff competition from private players in recent years, but still remains the market leader in India. LIC Life Insurance offers products like term insurance, endowment, pension plans, and general insurance to individuals and corporate clients.

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

LIC Life Insurance Key Features

  • Hassle-free claim settlement
  • No lengthy documentation.
  • Simple insurance purchase procedures.
  • Can purchase a policy online instantly.
  • Dedicated customer support team.
  • Online Availability

Benefits of LIC Life Insurance

  • Variety 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.
  • Excellent 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. 

How Does LIC Life Insurance Work?

LIC life insurance is a popular form of life insurance in India. It has been providing financial protection to Indian families since 1956. LIC offers so many types of policies such as term and whole life, etc. Term policies offer coverage for a specific period of time, while whole life policies offer coverage for the entire lifetime of the insured person.

Life insurance is a type of insurance that pays out a cash sum to the beneficiary or beneficiaries (usually the family) when the policyholder dies. The life insurance policy is usually taken out by an individual, but it can also be taken out by a company on behalf of one of its employees. The company will pay the premiums and in return, they receive certain tax advantages.

LIC Life insurance is an important part of financial planning because it provides protection against death and guarantees money for your family if you die prematurely. It can also be used as a way to save for retirement or protect your business interests.

Comparison Table of LIC Life Insurance vs SBI Life Insurance

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

Parameter SBI Life Insurance LIC Life Insurance
Claim settlement ratio 93.09% 96.69%
Solvency Ratio 2.15 1.83
Availability Online/Offline Online/Offline
Life Cover Up to 99 Years Up to 99 years
Number of Branches Available 514 2048
Death Benefit Yes Yes
Maturity Benefit Yes Yes
E-services
  • Buy policy
  • Renewal policy
  • Update information
  • Claim settlement
  • Download Certificates
  • Online Premium Payment
  • Fund Switch, etc
  • Premium Calculator
  • Update Information
  • Claim Settlement
  • Premium Payment
  • Policy Status Checking
  • Buy Policy
  • Renewal Policy, etc
Riders
  • Accidental Death Benefit Rider
  • Accidental Total and Permanent Disability Rider
  • Critical Illness Rider
  • Term Benefit Rider
  • Premium Waiver Benefit Rider
  • Accidental Death Benefit Rider
  • Accidental Death and Disability Benefit Rider
  • Critical Illness Benefit Rider
  • New Term Assurance Rider

Conclusion:

Both the companies SBI Life Insurance Company and LIC Life Insurance Company offer similar services but in order 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. Know all the key features and benefits of SBI Life Insurance and LIC Life Insurance. To buy the best life insurance policy compare life insurance quotes at Policybachat.

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