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 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 Life Insurance
The Bajaj 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 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 Life Insurance Benefits
- Bajaj General life insurance company offers a higher cover amount at lower premium rates.
- Bajaj Life insurance offers a return of premium option with their term plans and ULIPs.
- Bajaj Life Insurance Company provides smooth and hassle-free claim settlement.
- Bajaj General life offers a wide range of life insurance plans online.
- Bajaj Life Insurance offers flexibility in premium payment options.
- Bajaj General life insurance offers coverage that continues up to 99 years of age.
- Bajaj General life insurance policy is designed to provide financial protection for the family of the insured person in case of death.
- The Bajaj General 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 Life Insurance Plans
| Type of Plans |
Bajaj Life Insurance Plans |
| Term Insurance Plans |
- Bajaj Life Smart Protect Goal
- Bajaj Life Saral Jeevan Bima
- Bajaj Life eTouch Online Term
- Bajaj Life iSecure
|
| Savings Plans |
- Bajaj Life Flexi Income Goal
- Bajaj Life Guaranteed Saving Plan
- Bajaj Life Guaranteed Income Plan
- Bajaj Life POS Goal Suraksha Plan
- Bajaj Life Assured Wealth Goal-Second Income Plan
|
| Pension Plans |
- Bajaj Life Saral Pension Plan
- Bajaj Life Guaranteed Pension Goal
- Bajaj Life LongLife Goal
|
| ULIP Plans |
- Bajaj Life Insurance Smart Wealth Goal
- Bajaj Life Insurance Future Gain
- Bajaj Life Insurance Fortune Gain
- Bajaj Life Insurance Future Wealth Gain
|
| Child Plans |
- Bajaj Life Young Assure
- Bajaj Life Long Assure
|
| Investment Plans |
- Bajaj Life Assured Wealth Goal- Wealth Creation Plan
- Bajaj Life Invest Assured
- Bajaj Life Elite Assured
|
| Group Plans |
- Bajaj Life Pradhan Mantri Jeevan Jyoti Bima Yojana
- Bajaj Life Group Superannuation Secure
- Bajaj Life Group Sampoorna Suraksha Kavach
- Bajaj Life Group Credit Protection Plus
- Bajaj Life Group Employee Care
- Bajaj Life Group Term Life
- Bajaj Life Group Employee Benefit
- Bajaj Life Group Sampoorna Jeevan Suraksha
|
| Health Care Plans |
- Bajaj 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 |
|
| 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 General vs LIC life Insurance
The table below compares the two insurance providers Bajaj General 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 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 General 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 General 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 Life Insurance and LIC Life Insurance at PolicyBachat to purchase the best life insurance policy.