Shriram Vs LIC Life Insurance Comparison 2023

Shriram Life Insurance Company and LIC Life Insurance Company are two leading insurers in India. Shriram Life Insurance is a private life insurance company and the Life Insurance Corporation of India (LIC) is an Indian state-owned insurance company. Both these companies offer competitive rates with excellent customer service and easy-to-understand products. But many different things make these two companies different from one another.

This article will help you to choose the best life insurance company between the two companies. There are many factors that you should take into account when deciding on the best life insurance company for you. Some factors may include Coverage, Premiums, Benefits, Claim Settlement Ratio, etc.

PolicyBachat is an online insurance web aggregator that helps to calculate the advantages and disadvantages of the life insurance policy to buy the desired policy. It gives you the distinction between the insurer’s backgrounds to configure the right insurance policy. Let’s take a look at the key differences between LIC and Shriram Life Insurance, and see which one is better suited for you.

Shriram Life Insurance

Shriram Life Insurance Company is a joint venture between Shriram Group and Sanlam, a leading financial services group. Shriram Life Insurance Company aims to provide the best life insurance products to cater to different segments of the Indian market.

Shriram Life Insurance Company Limited is an insurance and financial service provider that serves less fortunate people and economically weaker families in society. Their main motive is to reach common people and the products are helpful to them work efficiently.

Shriram Life Insurance Company offers a wide variety of life insurance products such as savings plans, investment plans, micro insurance plans, protection plans, retirement plans, etc. which serve the different sections of society.

Shriram Life Insurance Products List

Type of Plan Plan Name
Saving Plans
  • Shriram Life Super Income Plan
  • Shriram Life Golden Premier Saver Plan
  • Shriram Life Assured Income Plan
  • Shriram Life Genius Assured Benefit Plan
  • Shriram Life POS Assured Savings Plan
  • Shriram Life Assured Advantage Plus
  • Shriram Life New Akshay Nidhi
  • Shriram Life New Shri Life
  • Shriram Life New Shri Vidya
Investment Plans
  • Shriram Life Growth Plus
  • Shriram Life Fortune Builder
  • Shriram Life Wealth Plus
Protection Plans
  • Shriram Life Smart Protection Plan SP
  • Shriram Life My Spouse Term Plan
  • Shriram Life Cash Back Term Plan
  • Shriram Life Family Protection Plan
  • Shriram Corona Rakshak Policy Plan
  • Shriram Life Saral Jeevan Bima Plan
Retirement Plans
  • Shriram Life Pension Plus
  • Shriram Life Immediate Annuity
  • Shriram Life Saral Pension
Micro Insurance Plans
  • Shriram Grameena Suraksha Plan
Group Plans
  • Shriram Life Group Life Protector Plan Shriram Group Term Life Insurance Plan Shriram Life Group Traditional Employee Benefit Plan
  • Shriram Life Group Superannuation Plan
  • Shriram Life New Group Gratuity Plan
  • Shriram Life Group Term Life Insurance in lieu of EDLI Plan
  • Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
  • Shriram Life Sujana Plan
  • Shriram Life Jana Sahay Plan
  • Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
Online Plans
  • Shriram Life Comprehensive Cancer Care Plan
  • Shriram Life Online Term Plans
Rider Plans
  • Shriram Life Critical Illness Plus Rider
  • Shriram Critical Illness Care Rider
  • Shriram Accidental Death & Disability Rider
  • Shriram Accidental Death & Disability Income Rider
  • Extra Insurance Cover
  • Family Income Benefit Rider
  • Accident Benefit Rider

Shriram Life Insurance Benefits & Features

  • Financial Protection: Shriram Life Insurance Company provide financial protection to you and your family when an unexpected event happens to the insured.
  • Flexibility: You can get flexibility in premium payout options in the Shriram life insurance policy.
  • Online Availability: Shriram Life Insurance Company specifically designed online plans at affordable prices.
  • Variety of Plans: Shriram life insurance offers a wide variety of online as well as offline plans.
  • Tax benefits: In Shriram Life Insurance Policy, Save tax on all premiums and payouts under sections 80C and 10(10D) of the Income Tax Act, 1961.

LIC Life Insurance

Life Insurance Corporation of India (LIC) is a public sector 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 are less fortunate people. The LIC life insurance plans provide you the benefits of protection and savings, combined with financial support lifelong. It provides life insurance products to individuals and corporate customers in India.

LIC Life Insurance Products List

Type of Plans LIC Life Insurance Plans
Term Life Insurance Plans
  • 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 SIIP
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 Benefits

  • Low Premiums: Life insurance plans from LIC life insurance are the cheapest in the market with high life coverage.
  • Life Cover: LIC life insurance Company provides an option to have the whole life cover up to 99 years of age
  • Excellent Customer Services: LIC life insurance provides excellent customer services to its customers. The customer support of LIC is one of the best in the industry.
  • Most Trusted Brand: LIC is the most trusted insurance company with hundreds of recognitions and awards and LIC policy is trusted by millions of people.
  • Hassle-Free Process: 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.

Comparison Table of Shriram Life Insurance vs LIC Life Insurance

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

Parameter Shriram Life Insurance LIC Life Insurance
Claim Settlement Ratio 95.12% 98.62%
Solvency Ratio 1.8 1.76
Availability Online/offline Online/offline
Life Cover Up to 99 years Up to 99 years
Number of Branches Available 423 2048
Inception 2005 1956
Types of Plans Available
  • Savings Plans
  • Investment Plans
  • Protection Plans
  • Retirement Plans
  • Micro Insurance Plans
  • Rider Plans
  • Group Plans
  • Featured Plans
  • Online Plans
  • Term Plans
  • Whole Life Insurance Plans
  • Money-Back Plans
  • Endowment Plans
  • Pension Plans
  • ULIP Plans
  • Micro Insurance Plans
  • Health Plans
  • Withdraw Plans
  • Group Plans
Riders Available
  • Critical Illness Plus Rider
  • Accidental Death & Disability Rider
  • Accident Benefit Rider
  • Family Income Benefit 
  • Accidental Death & Disability Income Rider
  • Accidental Death Benefit Rider
  • Accidental Death and Disability Benefit Rider
  • Critical Illness Benefit Rider
  • New Term Assurance Rider
Online Services
  • Quick Premium Payment Online
  • Track Your Policy
  • Download Certificates
  • Claim Center
  • Check Policy Status
  • Buy Policy Online
  • Renewal Policy, etc.
  • Update Information
  • Claim Settlement
  • Premium Payment
  • Policy Status Checking
  • Buy Policy
  • Renewal Policy, etc.


Choosing between two life insurance companies can be a difficult decision. It is important to consider factors such as price, coverage, and customer service. Some people make the mistake of choosing the cheapest life insurance company without considering other factors. This could lead to problems with coverage or customer service. The best way to choose a life insurance company is by considering all aspects of the company's offerings and how they will affect you in the future.

So, before deciding on the best life insurance company check all the features and benefits, etc. You have to know about the differences between life insurance companies before concluding on the right insurance policy. This will be done by comparing life insurance quotes at PolicyBachat. It will give you the distinction between the insurer’s backgrounds to configure the right insurance policy online.

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