There are a lot of life insurance companies available in India. However, it can be difficult for the average Indian to decide which one is best for them. Aditya Birla Sun Life is a life insurance company that provides a full range of life insurance products and services to meet the needs of individuals and businesses. On the other hand, ICICI Prudential is an Indian multinational banking and financial services company.
Both Aditya Birla Sun and ICICI Prudential life insurance companies have their strengths and weaknesses. They have a lot of similarities but also have some differences. This article aims to compare two insurance plans offered by Aditya Birla Sun Life and ICICI Prudential. The article will look at the different features, benefits, and costs of these plans.
Aditya Birla Sun Life Insurance
ABSLI is a brand with a strong legacy of Aditya Birla Capital Group. The company offers a wide range of solutions and our life insurance policies will help you in meeting your protection and financial needs for every important stage of your life. Aditya Birla Capital Sun Life Insurance has experience of over 10 years, and it has provided significant to the growth and development of the life insurance industry in India. ABSLI Company was well known for its Product innovations as per customers’ needs and commitment to customer service. Aditya Birla provides long-term value to its customers.
Aditya Birla Sun Life Insurance Benefits & Features
- High Life coverage: Aditya Birla sun life insurance is one of the most affordable life insurance available in the Indian insurance market. It provides life insurance plans at affordable prices at high coverage amounts.
- Tax Benefits: Aditya Birla sun life insurance policies provide certain tax benefits under section 80C, Section 10 (10D) of the income tax act, 1961.
- Long-Term Coverage: Using the Aditya Birla Sun life insurance you can opt for coverage that continues up to 99 years of age by paying premiums for a limited period.
- Easy Policy issuance: The policy issuance process in Aditya Birla Sun Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases. Aditya Birla Sun Life has robust systems in place and is upgrading continuously to provide seamless service to its customers.
- Flexibility in Premium Payment: The premiums can be paid on a monthly, quarterly, half-yearly, or annual basis as per your convenience.
List of Aditya Birla Sun Life Insurance Products
| 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
|
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is a life insurance company that focuses on providing financial products to a wide range of customers. The company has been around for over 20 years and it has grown to become one of the best life insurance companies in India. ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited.
ICICI Prudential Life Insurance Company is the first private life insurance company in India that has received a national insurer financial strength of AAA. This is a leading international financial services group headquartered in the UK. ICICI Prudential Life Insurance Company has consistently been the topmost company in the Indian Life Insurance Sector.
ICICI Prudential Life Insurance Benefits & Features
- Wide Range of Plans: ICICI Prudential Life Insurance, a premier life insurance provider in India, offers a wide range of innovative features and benefits to its customers. It offers a wide range of plans such as terms, pensions, health, group, and more.
- Investment Option: ICICI Prudential Life Insurance Company offers a variety of investment options such as savings plans, ULIPs, and more.
- Excellent Customer Services: ICICI Prudential life insurance has dedicated customer care services such as loan facilities, online health check-ups, online claim settlements, etc.
- Riders Availability: The Company offers various add-ons to its customers which include critical illness cover, accidental death cover, health cover, accidental disability cover, etc.
- Tax Benefits: ICICI Prudential life insurance offers tax benefits According to the income tax act 1961 under sections 80c and 10(10d).
List of ICICI Prudential Life Insurance Products
| Type of Plans |
ICICI Prudential Life Insurance Plans |
| Term Plans |
- ICICI Pru iProtect Smart Term Plan
- ICICI Prudential SARAL JEEVAN BIMA Plan
- ICICI Prudential iCare II Plan
- ICICI Prudential PRECIOUS LIFE Plan
- ICICI Prudential Life Raksha Plan
- ICICI Prudential POS iProtect Smart Plan
- ICICI Prudential POS Life Raksha Plan
- ICICI Prudential Loan Protect Plan
- ICICI Prudential Loan Protect Plus Plan
|
| ULIP Plans |
- ICICI Prudential Signature Online Plan
- ICICI Prudential Signature Plan
- ICICI Pru1wealth Plan
- ICICI Prudential life Time Classic Plan
- ICICI Pru Guaranteed Wealth Protector Plan
- ICICI Prudential Smart Life Plan
- ICICI Prudential Smart Kid Plan
- ICICI Prudential Smart Couple Plan
|
| Savings Plans |
- ICICI Prudential Guaranteed Income For Tomorrow Plan
- ICICI Prudential Cash Advantage Plan
- ICICI Pru Savings Suraksha Plan
- ICICI Prudential Assured Savings Insurance Plan
- ICICI Pru Future Perfect Plan
- ICICI Prudential LAKSHYA Plan
- ICICI Prudential LAKSHYA Lifelong Income Plan
|
| Retirement Plans |
- ICICI Pru Easy Retirement Plan
- ICICI Prudential Guaranteed pension Plan – Deferred Annuity
- ICICI Prudential Guaranteed pension Plan – Immediate Annuity Plan
- ICICI Prudential Easy Retirement SP Plan
- ICICI Prudential Saral Pension Plan
|
| Health Plans |
- ICICI Prudential Heart/Cancer Protect Health Plan
|
| Group Plans |
- ICICI Pru Group Term Plus Plan
- ICICI Prudential Group Loan Secure Plan
- ICICI Prudential Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
- ICICI Prudential Shubh Raksha Credit Plan
- ICICI Prudential Super Protect – Credit Plan
- ICICI Prudential Group Suraksha Plan
- ICICI Prudential Group Suraksha Plus Superannuation Plan
|
| Rural Plans |
- ICICI Prudential Sarv Jana Suraksha Micro Insurance Plan
- ICICI Prudential Anmol Bachat Plan
|
| Rider Plans |
- ICICI Prudential Corona Protect Rider Plan
- ICICI Prudential Corona Protect plus Rider Plan
|
Comparison Table of ICICI Prudential Life Insurance Vs Aditya Birla Sun Life Insurance
The table below compares the two insurance providers ICICI Prudential and Aditya Birla Sun life insurance based on various factors. Here are some of the key parameters based on which they differ from each other:
| Parameter |
Aditya Birla Sun Life Insurance |
ICICI Prudential Life Insurance |
| Claim Settlement Ratio |
98.04% |
97.90% |
| Solvency Ratio |
1.80 |
2.17 |
| Inception |
2001 |
2001 |
| Number of Branches |
340 |
514 |
| Availability |
Online/Offline |
Online/Offline |
| Life Cover |
Up to 99 Years |
Up to 99 Years |
| Types of Plans |
- Term Insurance Plans
- Retirement Plans
- Health Plans
- Child Plans
- ULIP Plans
- Savings Plans
|
- Term Plans
- Health Plans
- Unit Linked Insurance Plans,
- Traditional Savings/Money Back Plans,
- Retirement Plans
- Group Plans
- Rural Plans
- Rider Plans
|
| E-Services |
- Buy Policy
- Update Information
- Pay Premiums
- Download Statements
- Claim Settlement
- Reinstate Policy
- Fund Switch,
- Know Policy Details
- Application Tracker, etc.
|
- Buying policy
- Renew Policy
- Update Information
- Premium Payments
- Switch Funds
- Download Options
- Claim Settlement, etc.
|
| Riders Available |
- Accidental Death Benefit Rider
- Wavier of Premium Rider
- Hospital Care Rider
- Critical Illness Rider
- Group Insurance Benefit Rider
|
- Accidental Death Benefit Rider
- Terminal Illness Rider
- Critical Illness Rider
- Wavier of Premium Rider
|
Conclusion
Choosing the right life insurance company is not an easy task. Many factors need to be considered before making a decision. The first thing you should do is to compare the prices of different companies and find out what they offer in terms of coverage and benefits.
ICICI Prudential life insurance and Aditya Birla sun life insurance are both good options for people who want to buy life insurance. Both companies also offer a range of plans and coverages, which makes them good options for different people.
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. To buy the best life insurance policy compare life insurance quotes and get the right life insurance policy.