The two life insurance companies, Aditya Birla sun life insurance and HDFC life insurance are relatively similar in terms of their competitive landscape. They have a similar customer base, providing coverage for the same target audience and they both are top life insurance providers in India. Both HDFC and Aditya Birla Sun Life Insurance offer a wide variety of products and services. In this article, we will compare the two life insurance providers and their policies, features, and benefits.
Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance is a leading Indian life insurance company. Aditya Birla Sun Life Insurance Company Limited is previously known as Birla Sun Life Asset Management Company Limited. Aditya Birla Sun Life Insurance is a joint venture between Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organization from Canada.
Aditya Birla Sun Life Insurance was established in 2000 and there are more than 385 branches located across India. The company offers a wide range of products that cater to the different needs of its customers. Some examples include term plans, endowment plans, health insurance plans, group schemes, accident policies, etc.
Aditya Birla Sun Life Insurance Benefits
- It offers High Life coverage at an affordable premium rates
- It offers a wide range of products and services for both individuals and businesses
- It offers tax benefits under section 80C of the income tax act, of 1961.
- It provides coverage up to 99 years of age by paying premiums for a limited period of time.
- The premiums can be paid on a monthly, quarterly, half-yearly, or annual basis as per your convenience
- Aditya Birla’s term insurance offers complete flexibility in the tenure of the policy.
List of Aditya Birla Sun Life Insurance Plans
| Type of Plan |
Aditya Birla Life Insurance Plans |
| Term Plans |
- Aditya Birla Sun Life Capital Life Shield Plan
- Aditya Birla Sun Life DigiShield Plan
- Aditya Birla Sun Life Saral Jeevan Bima Plan
|
| Pension Plans |
- Aditya Birla Sun Life Insurance Empower Pension Plan
- Aditya Birla Sun Life Insurance Empower Pension – SP Plan
- Aditya Birla Sun Life Insurance Saral Pension Pension – SP Plan
- Aditya Birla Sun Life Insurance Guaranteed Annuity Plus
|
| ULIP Plans |
- Aditya Birla Sun Life Insurance Wealth Infinia
- Aditya Birla Sun Life Insurance Wealth Assure Plus
- Aditya Birla Sun Life Insurance Wealth Max Plan
- Aditya Birla Sun Life Insurance Wealth Secure Plan
- Aditya Birla Sun Life Insurance Fortune Elite Plan
- Aditya Birla Sun Life Insurance Wealth Aspire Plan
|
| Child Plans |
- Aditya Birla Sun Life Insurance Vision Star Plan
- Aditya Birla Sun Life Insurance Child Future Assured Plan
|
| Savings Plans |
- Aditya Birla Sun Life Insurance Assured Income Plus
- Aditya Birla Sun Life Insurance Vision LifeIncome Plus Plan
- Aditya Birla Sun Life Insurance SecurePlus Plan
- Aditya Birla Sun Life Insurance Guaranteed Milestone Plan
- Aditya Birla Sun Life Insurance Assured FlexiSavings Plan
- Aditya Birla Sun Life Insurance Vision MoneyBack Plus Plan
- Aditya Birla Sun Life Insurance Vision LifeIncome Plan
- Aditya Birla Sun Life Insurance Savings Plan
- Aditya Birla Sun Life Insurance Vision LifeSecure Plan
- Aditya Birla Sun Life Insurance Income Assured Plan
- Aditya Birla Sun Life Insurance Vision Endowment Plus Plan
- Aditya Birla Sun Life Insurance Jeevan Bachat Plan
- Aditya Birla Sun Life Insurance Monthly Income Plan
|
| Health Plans |
- Aditya Birla Sun Life Insurance Cancer Shield Plan
- Aditya Birla Sun Life Insurance CritiShield Plan
|
| Group Plans |
- Aditya Birla Sun Life Insurance Group Protection Plan
- Aditya Birla Sun Life Insurance Group Income Replacement Plan
- Aditya Birla Sun Life Insurance Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
- Aditya Birla Sun Life Insurance Group Asset Assure Plan
- Aditya Birla Sun Life Insurance Group Bima Yojana Plan
- Aditya Birla Sun Life Insurance Group Smart Select Plan
- Aditya Birla Sun Life Insurance Guaranteed Annuity Plus Plan
- Aditya Birla Sun Life Insurance Group CapSecure Plan
- Aditya Birla Sun Life Insurance Group Capital Assured Traditional Plan
- Aditya Birla Sun Life Insurance Group Unit Linked Plan
- Aditya Birla Sun Life Insurance Group Value Plus Plan
- Aditya Birla Sun Life Insurance Assured Pension Plan
- Aditya Birla Sun Life Insurance Superannuation Plan
|
HDFC Life Insurance
HDFC Life Insurance Company is a private life insurance company in India. It is ranked as the largest private life insurer in India. 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 such as investment, savings, pension plans, protection, health, etc.
HDFC Life Insurance Benefits
- It offers a wide range of products and services, from investment-linked insurance plans to savings schemes to retirement benefits.
- HDFC Life Insurance provides a wide range of products to suit the needs and budgets of people.
- HDFC Life Insurance offers excellent customer service to its customers. They have good customer service, which is available 24/7, 365 days a year.
- The Company provides state-of-the-art technology to process claims quickly and there are no hidden charges or hidden clauses in their policies.
- HDFC life insurance provides financial protection for the family when you are not around with a life cover up to 99 years at affordable premiums.
List of 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
|
Comparison of Aditya Birla Sun Life Insurance vs HDFC Life Insurance
Here are some of the key parameters based on which they differ from each other:
| Parameter |
Aditya Birla Sun Life Insurance |
HDFC Life Insurance |
| Claim settlement ratio |
98.04% |
98.66% |
| Solvency Ratio |
1.78 |
1.91 |
| Availability |
Online/Offline |
Online/Offline |
| Life Cover |
Up to 99 Years |
Up to 99 years |
| Number of Branches Available |
340+ |
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 |
| Riders Available |
- Accidental Death Benefit Rider
- Wavier of Premium Rider
- Hospital Care Rider
- Critical Illness Rider
- Group Insurance Benefit Rider
|
- Accident Disability Rider
- Critical Illness Plus Rider
- HDFC Life Protect Plus Rider
|
| E-services |
- Buy Policy
- update information
- Pay Premiums
- Download Statements
- claim settlement
- Reinstate Policy
- Fund Switch, etc.
|
- Buying Policy
- Renewal Policy
- premium payments
- Download
- Claim settlement, etc.
|
Conclusion:
Both the companies, Aditya Birla Sun Life and HDFC Life Insurance are well-known brands in India. Both these companies offer insurance plans with a variety of benefits and coverages, but it is important to compare them to find out which one will be better for you and your family. Check all the features and benefits of Aditya Birla Sun life insurance and HDFC life insurance before concluding on the right insurance policy. Configure the premium with the benefits availed on Aditya Birla Sun Life Insurance Vs HDFC Life Insurance through a comparison of life insurance quotes at PolicyBachat for the best life insurance plans in India from top insurers online. PolicyBachat gives you the distinction between the carrier backgrounds, and incurred claim settlement ratio to configure the right insurance policy.