The Indian market has seen exponential growth over the past few years due to increased demand for various financial products like life insurance, health care plans, and retirement plans. The number of people who are opting for these financial products has also increased as they want to make sure that their loved ones will be taken care of after their death. But the common question that arises among people who are looking to buy a life insurance policy is which company is best to buy?
Bharti AXA Life Insurance and LIC Life Insurance are two of the most popular insurance companies in India. They offer a wide range of insurance policies to its customer. Both companies have their own merits and demerits but there is a noticeable difference in the customer care and service provided by these two. This article will help you decide which life insurance company is the best for you. In this article, we will compare the two companies Bharti AXA Life Insurance vs LIC Life Insurance, and explain their features in detail.
Bharti AXA Life Insurance
Bharti AXA Life Insurance Company is a joint venture between Bharti Enterprises and the AXA Group, a multinational investment banking firm and financial expertise headquartered in Paris. It is one of India's leading business groups with interests in Telecom, agricultural business, and financial services. Bharti AXA Life Insurance Company Limited provides a wide range of plans to their customers. It consists of saving plans, children's education plans, term insurance plans, ULIP plans, etc. Bharti AXA Life Insurance provides long-term value to its customers.
Bharti AXA Life Insurance Benefits
- Bharti AXA Life Insurance is one of the largest life insurance companies in India. It can provide a secure financial future to your loved ones
- You get access to a wide range of insurance products and services that are tailored to your needs.
- The company offers policies with flexible payment options, including cashless options like online payments and mobile banking
- There are no hidden fees or charges for the policyholder
- The company also provides you with several benefits like tax-free withdrawals, discounts on premium payments, and more.
- Bharti AXA Life Insurance offers the facility to the policyholder to include special riders that allow additional benefits under specific circumstances.
- Bharti AXA Life insurance plans are quite cheap and provide comprehensive life cover on the payment of an affordable premium.
List of Bharti AXA Life Insurance Plans
| Type of Plans |
Bharti AXA Life Insurance Plans |
| Term Plans |
- Bharti AXA Life Flexi Term Plan
- Bharti AXA Life Saral Jeevan Bima Plan
- Bharti AXA Life Premier Protection Plan
- Bharti AXA Life Grameen Jeevan Bima Yojana Plan
- Bharti AXA Life Smart Jeevan Plan
- Bharti AXA Life Income Protection Plan
- Bharati AXA Life POS Saral Jeevan Bima Yojana
- Bharti AXA Life Flexi Term Pro Plan
|
| Savings Plans
|
- Bharti AXA Life Shining Stars Plan
- Bharti AXA Life Elite Advantage Plan
- Bharti AXA Life Super Series Plan
- Bharti AXA Life Guaranteed Income Pro Plan
- Bharti AXA Life Super Endowment Plan
- Bharti AXA Life Monthly Income Plan Plus
- Bharti AXA Life Dhana Varsha Plan
- Bharti AXA Life Samriddhi Plan
- Bharti AXA Life Monthly Advantage Plan
- Bharti AXA Life Secure Income Plan
- Bharti AXA Life Guaranteed Income Plan
- Bharti AXA Life POS Saral Bachat Yojana Plan
- Bharti AXA Life Aajeevan Sampatti Plus Plan
- Bharti AXA Life Flexi Save Plan
- Bharti AXA Life Serv Suraksha Plan
- Bharti AXA Life Unnati Plan
|
| Child Plans |
- Bharti AXA Life Child Advantage Plan
|
| ULIP Plans
|
- Bharti AXA Life Wealth Pro Plan
- Bharti AXA Life eFuture Invest Plan
- Bharti AXA Life Grow Wealth Plan
- Bharti AXA Life Future Invest Plan
|
| Retirement Plans |
- Bharti AXA Life Aajeevan Sampatti+
- Bharti AXA Life Grow Wealth
- Bharti AXA Life Super Endowment Plan
- Bharti AXA Life Dhan Varsha
- Bharti AXA Life Saral Pension Plan
|
LIC Life Insurance
LIC Life Insurance of India is the largest government-owned life insurance and Investment Corporation for individual insurance needs and it is introduced on Sep 1st, 1956. LIC's main role is to invest in global financial markets and different government certainties after gathering funds from people through life insurance policies. 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.
LIC offers a range of life insurance products that can be customized to suit your needs. LIC life insurance plans provide you the benefits of protection and savings, combined with financial support lifelong. LIC Life insurance consists of different types of policies such as Term insurance, Endowment Insurance, Annuity or Retirement Plans, Child Plans, Return of premium plans, etc.
LIC Life Insurance Benefits
- LIC life insurance is one of the most affordable life insurance policies available in the Indian insurance market.
- LIC Life Insurance provides financial stability during periods of uncertainty.
- Life Insurance allows you to have peace of mind knowing that your loved ones will be taken care of financially if anything were to happen to you.
- LIC life insurance offers a wide range of products and services and it protects from financial loss due to death or disability.
- Its claims process is quick and efficient with an average claim settlement time.
- LIC Life Insurance offers customized premium payment options to suit the capabilities of its customers.
List of LIC Life Insurance Plans
| 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 Bharti AXA Life Insurance vs LIC Life Insurance
Here are some of the key parameters based on which they differ from each other:
| Parameter |
Bharti AXA Life Insurance |
LIC Life Insurance |
| Claim Settlement Ratio |
99.05% |
98.62% |
| Solvency Ratio |
1.78 |
1.76 |
| Inception |
2006 |
1956 |
| Number of Branches |
268 |
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
- Investment Plans
- Protection Plans
- ULIP Plans
- Retirement Plans
|
- Term Plans
- Whole Life Insurance Plans
- Money-Back Plans
- Endowment Plans
- Pension Plans
- ULIP Plans
- Micro Insurance Plans
- Health Plans
- Withdraw Plans
- Group Plans
|
| E-Services |
- Buy Policy
- Renew Policy
- Claim Settlement
- Download Statements
- Track Claims, etc.
|
- Update Information
- Claim Settlement
- Premium Payment
- Policy Status Checking
- Buy Policy
- Renewal Policy, etc.
|
| Riders Available |
- Term Rider
- Premium Wavier Rider
- Hospi Cash Benefit Rider
- Accidental Death Benefit Rider
- Group Accidental Death Benefit Rider
|
- Accidental Death Benefit Rider
- Accidental Death and Disability Benefit Rider
- Critical Illness Benefit Rider
- New Term Assurance Rider
|
Conclusion
The decision to choose the best life insurance plan from best life insurance company for you depends on your personal needs. There are a variety of factors that go into making a decision like the type of insurance, the cost, and the amount of cover that suits your needs.
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. Here you can compare life insurance quotes from different life insurance companies at one place.
LIC is a public sector company whereas Bharti AXA is a private company. Both life insurance companies have their pros and cons. Know all the key features and benefits of Bharti AXA Life Insurance and LIC Life Insurance at PolicyBachat to get a life insurance plan.