AEGON Life Insurance and LIC Life Insurance are two of India’s most popular life insurance providers. 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 carrier backgrounds, and incurred claim settlement ratio to configure the right insurance policy. Let’s take a look at the key differences between LIC and AEGON Life Insurance, and see which one is better suited for you.
AEGON Life Insurance
AEGON Life Insurance is a subsidiary of AEGON, the Netherlands-based multinational insurance, and financial services company. AEGON Life Insurance is one of the most established life insurance companies in the world. It offers a wide range of life insurance products and services to its customers. The AEGON Life Insurance Company is a multinational insurance company headquartered in the Netherlands.
The company provides life, health, and property-casualty insurance and other financial services. AEGON Life is one of the top digital life insurance companies; it was the first life insurance company to inaugurate online term insurance plans in India. AEGON Life insurance was launched together with AEGON N. V, an international provider of life insurance, pensions, and asset management, and Bennett Coleman & Company, India's largest media conjunction popularly known as the Times Group.
Why Choose AEGON Life Insurance?
- Variety of Plans
- Most Trusted brand
- Excellent Claim Settlement & Solvency Ratios
- Easy claim Settlement, Get Day 1 Approval
- Unmatchable customer support
Benefits of Aegon Life Insurance Company
- Life cover: AEGON Life Insurance plans offer life cover for up to 99 years.
- Claim settlement ratio: AEGON Life Insurance Company has a very good claim settlement ratio and the claim settlement process is easy, quick, and hassle-free.
- Wealth creation: AEGON life insurance ULIP plans offer you a good return by investing a portion of the customer premium payments in the capital market, thus providing investment and protection.
- Affordable Premiums: AEGON life insurance offers a wide range of products for both individuals and businesses at low premium rates.
- Tax benefits: AEGON life insurance provides tax benefits of sections 80C and 10(10D) under the Income Tax Act, and provides tax benefits for premiums paid regularly.
AEGON Life Insurance Plans List
| Type of Plans |
AEGON Life Insurance Plans |
| Term Insurance Plans |
- Aegon Life Saral Jeevan Bima Plan
- Aegon Life iTerm Insurance Plan
|
| ULIPS Plans |
- Aegon Life iInvest Plan
- Aegon Life iMaximize Plan
|
| Retirement Plans |
- Aegon Life Saral Pension Plan
- Aegon Life Jeevan Riddhi Insurance Plan
- Aegon Life Insta Pension Insurance Plan
|
| Savings Plans |
- Aegon Life POS Guaranteed Return Insurance Plan
|
| Money-Back Plans |
- Aegon Life Regular Money Back Insurance Plan
|
| Group Plans |
- Aegon Life Group Credit Shield Insurance Plan
- Aegon Life Group Term Plus Insurance Plan
|
| Other Plans |
- Aegon Life Rural Term Insurance Plan
- Aegon Life Covid-19 Insurance Plan
- Aegon Life Critical Illness Insurance
- Aegon Whole life insurance
|
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 are 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
- Variety Of Products
- Most Trusted Brand
- Unmatchable Customer Support
- Hassle-Free Claim Settlement
- No Lengthy Documentation
- Excellent Claim Settlement & Solvency Ratios
LIC Life Insurance Benefits
- Low Premiums: 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.
- Claim Settlement Ratio: LIC provides a simplified claim procedure. This is the reason perhaps why it provided the highest percentage of Claim Settlement Ratio.
- 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.
- Life Cover: LIC life insurance Company provides an option to have the whole life cover up to 99 years of age
- 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.
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 |
|
| 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 AEGON Life Insurance vs LIC life Insurance
The table below compares the two insurance providers AEGON and LIC life insurance based on various factors. Here are some of the key parameters based on which they differ from each other:
| Parameter |
LIC Life Insurance |
AEGON life Insurance |
| Claim Settlement Ratio |
98.62% |
99.25% |
| Solvency Ratio |
1.76 |
3.40 |
| Availability |
Online/offline |
Online/Offline |
| Life Cover |
Up to 99 years |
Up to 99 years |
| Number of Branches Available |
2048 |
83 |
| Inception |
1956 |
2008 |
| Types of Plans Available |
- Term Plans
- Whole Life Insurance Plans
- Money-Back Plans
- Endowment Plans
- Pension Plans
- ULIP Plans
- Micro Insurance Plans
- Health Plans
- Withdraw Plans
- Group Plans
|
- Term Insurance Plans
- ULIP Plans
- Savings Plans
- Retirement Plans
- Money Back Plans
- Group Plans
- Other Plans
|
| Riders Available |
- Accidental Death Benefit Rider
- Accidental Death and Disability Benefit Rider
- Critical Illness Benefit Rider
- New Term Assurance Rider
|
- Critical Illness Rider
- Accidental Death Benefit Rider
- Waiver of Premium Rider
|
| Online Services |
- Update Information
- Claim Settlement
- Premium Payment
- Policy Status Checking
- Buy Policy
- Renewal Policy, etc.
|
- Pay Premium Payment
- Claim Settlement
- Renew Online
- Buy Policy Online
- Track Policy, etc.
|
AEGON Life Term Plan Vs LIC Life Term Plan
Term insurance plans are life insurance plans that are designed to provide maximum life coverage and help you in difficult situations. Term life insurance protects your family’s financial needs & lifestyle in your absence. Term insurance is providing financial security to the family in case the policyholder meets with any unexpected event. The term plans of Life Insurance Company are the most selling life insurance plans due to the coronavirus pandemic.
The AEGON Life Term Plan is an insurance product that provides a level of cover for the customer. It is designed to provide financial protection in the event of death, terminal illness, or critical illness. It also provides a level of protection against loss of income due to disability or critical illness. The LIC Life Term Plan is a popular insurance plan for people who are looking for a life term plan that also provides coverage for critical illnesses and has an annual income rider. The LIC Life Term Plan is a popular life insurance policy with a low premium and no exclusions.
Conclusion
Both LIC Life Insurance and AEGON life insurance policies are required to secure our loved ones and both are needed to comprehensively cover all aspects of life. Life insurance provides financial protection against the risk of death. It is typically used to provide an income to a spouse and children after the death of the primary wage earner. So, before deciding on the best policies check all the features and benefits, etc. You have known about the differences between life insurance companies before concluding on the right insurance policy. Compare life insurance quotes for the best life insurance plans in India from top insurers online at PolicyBachat.