Bajaj Allianz Life Insurance Vs ICICI Prudential Life Insurance: Which is the best life insurance policy? This is a common question that arises among people who are looking to buy a life insurance policy. Bajaj Allianz and ICICI Prudential Life Insurance are two of the biggest life insurance providers in India. They offer a wide range of life insurance policies to their customers. But the two companies are very different in terms of their business model, products and services offered, geographical market presence, and financials. This article will compare the two providers’ features, benefits, and price. It will also provide you with a list of things to consider before deciding on which provider is best for your needs.
Bajaj Allianz Life Insurance
The Bajaj Allianz Insurance Company is a leading insurance company in India. It offers insurance solutions to its customers. Bajaj Allianz Life Insurance is a joint venture between Bajaj Finance and Allianz SE. It was founded in 2001 by the two partners. Bajaj Allianz life insurance Company limited has launched innovative insurance solutions taking into consideration the time to the time change in customer’s needs and requirements. Bajaj Allianz Life Insurance Company offers a wide range of options for their policyholders, from term life to whole life policies. The company has been in business for over a decade and has seen several changes in the industry during its time.
List of Bajaj Allianz Life Insurance Plans
| Type of Plans |
Bajaj Allianz Life Insurance Plans |
| Term Insurance Plans |
- Bajaj Allianz Life Smart Protect Goal
- Bajaj Allianz Life Saral Jeevan Bima
- Bajaj Allianz Life eTouch Online Term
- Bajaj Allianz Life iSecure
|
| Savings Plans |
- Bajaj Allianz Life Flexi Income Goal
- Bajaj Allianz Life Guaranteed Saving Plan
- Bajaj Allianz Life Guaranteed Income Plan
- Bajaj Allianz Life POS Goal Suraksha Plan
- Bajaj Allianz Life Assured Wealth Goal-Second Income Plan
|
| Pension Plans |
- Bajaj Allianz Life Saral Pension Plan
- Bajaj Allianz Life Guaranteed Pension Goal
- Bajaj Allianz Life LongLife Goal
|
| ULIP Plans |
- Bajaj Allianz Life Insurance Smart Wealth Goal
- Bajaj Allianz Life Insurance Future Gain
- Bajaj Allianz Life Insurance Fortune Gain
- Bajaj Allianz Life Insurance Future Wealth Gain
|
| Child Plans |
- Bajaj Allianz Life Young Assure
- Bajaj Allianz Life Long Assure
|
| Investment Plans |
- Bajaj Allianz Life Assured Wealth Goal- Wealth Creation Plan
- Bajaj Allianz Life Invest Assured
- Bajaj Allianz Life Elite Assured
|
| Group Plans |
- Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana
- Bajaj Allianz Life Group Superannuation Secure
- Bajaj Allianz Life Group Sampoorna Suraksha Kavach
- Bajaj Allianz Life Group Credit Protection Plus
- Bajaj Allianz Life Group Employee Care
- Bajaj Allianz Life Group Term Life
- Bajaj Allianz Life Group Employee Benefit
- Bajaj Allianz Life Group Sampoorna Jeevan Suraksha
|
| Health Care Plans |
- Bajaj Allianz Life Health Care Goal
|
Bajaj Allianz Life Insurance Features and Benefits
Bajaj Allianz Life Insurance is a leading life insurance company in India. It offers a range of plans and products to meet the needs of customers. Below is the list of Bajaj Allianz Life Insurance Features:
Features of Bajaj Allianz Life Insurance:
- Flexible premium payment options
- Online services for policyholders
- Customizable tenure
- Pay-out on death or maturity
- Customizable sum assured
- Ability to assign nominees
Benefits of Bajaj Allianz Life Insurance
- Low cost of premium: Bajaj Allianz Life Insurance Company provides life insurance policies at a low-cost premium with high coverage.
- Easy Claim Settlement: Bajaj Allianz Life Insurance Company provides a smooth and hassle-free claim settlement process.
- Variety of Plans: Bajaj Allianz life offers a wide range of life insurance plans online. Bajaj Allianz’s life insurance company provides a higher cover amount at lower premium rates.
- Riders: The Bajaj Allianz life insurance policy comes with an option of a rider that provides additional coverage in case of permanent disability, accident, or critical illness.
- Financial Support: Bajaj Allianz’s life insurance policy is designed to provide financial protection for the family of the insured person in case of death.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. This is a leading international financial services group headquartered in the UK. ICICI Prudential Life Insurance Company has consistently been the top company in the Indian Life Insurance Sector. ICICI Prudential life insurance is the life insurance arm of ICICI Bank, a financial institution based in India. It offers various types of life insurance products to individual and corporate customers.
List of ICICI Prudential Life Insurance Plans
| 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
|
ICICI Prudential Life Insurance Features and Benefits
ICICI Prudential Life Insurance is a leading life insurance company in India. ICICI Prudential Life Insurance offers a wide range of products and services to its customers. Below is the list of ICICI Prudential Life Insurance Features:
Features of ICICI Prudential Life Insurance:
- High Life coverage options
- Optional Riders
- Flexible in premium payment options
- Customizable tenure
- Pay-out on death or maturity
- Customizable sum assured
Benefits of ICICI Prudential Life Insurance
- Affordable Plans: ICICI Prudential Life Insurance provides comprehensive life cover on the payment of an affordable premium. Some plans of ICICI Prudential Life Insurance include both Death benefits and Maturity/Survival Benefits, etc.
- Tax Benefit: According to sections 80c and 10(10d) of tax benefits eligible for a premium paid and received benefits.
- Coverage: Coverage of life cover till 99 years at affordable premiums when your family is not around will cover up the financial security to you.
- Wide Range of Plans: ICICI Prudential Life Insurance provides a wide range of options to choose from. You can choose according to your requirement. Every plan has its benefits and with so many options to choose from.
- Excellent Customer Service: The Company values its customers and provides excellent customer service. Their customer care service is accessible 24x7. This helps the policyholder to stay connected with the service providers.
Comparison Table of Bajaj Allianz Life Insurance Vs ICICI Prudential Life Insurance
The table below compares the two insurance providers Bajaj Allianz and ICICI Prudential life insurance based on various factors. Here are some of the key parameters based on which they differ from each other:
| Parameter |
Bajaj Allianz Life Insurance |
ICICI Prudential Life Insurance |
| Claim settlement ratio |
99.02% |
97.90% |
| Solvency Ratio |
6.66 |
2.17 |
| Inception |
2001 |
2001 |
| Number of Branches Available |
509+ |
514 |
| 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 Insurance Plans
- Health Insurance Plans
- Unit Linked Insurance Plans,
- Traditional Savings/Money Back Plans,
- Retirement Plans
- Group Plans
- Rural Plans
- Rider Plans
|
| E-services |
- Track Application
- Download Statements
- Pay Premiums
- Buy Policy
- Renew Policy
- Claim Settlement
|
- Buying Policy Online
- Renewal Policy Online
- Update Information
- Premium Payments
- Switch Funds
- Download Options
- Claim Settlement
|
| Riders Available |
- Accidental Death Rider
- Accidental Permanent Disability
- Premium Waiver Rider
- Critical Illness Benefit
- Family Income Benefit Rider
|
- Accidental Death Benefit Rider
- Terminal Illness Rider
- Critical Illness Rider
- Wavier of Premium Rider
|
Conclusion
If you’re looking for a comparison of Bajaj Allianz vs ICICI Prudential Life insurance companies you should consider the price, coverage, and whether or not they offer a policy that fits your needs. Bajaj Allianz Life Insurance provides more comprehensive coverage options with lower premiums while ICICI Prudential Life Insurance focuses on providing affordable policies to its customers. To protect the policyholder from unfortunate events which make an adverse impact financially, it is better to be insured.
Check all the features and benefits of ICICI Prudential life insurance and Bajaj Allianz life insurance before concluding on the right insurance policy. Configure the premium with the benefits availed on Bajaj Allianz life insurance vs ICICI Prudential life insurance through a comparison of life insurance quotes for the best life insurance plans in India from top insurers online at PolicyBachat.