Exide Vs LIC Life Insurance Comparison 2024

Life insurance is a type of insurance that pays out a sum of money, typically called the death benefit, to the beneficiary or beneficiaries upon the death of the insured person. The company that provides life insurance is called an insurer and may be subject to regulation. When comparing different companies it's important to take into consideration what type of policy you want as well as what factors will affect the cost such as age, health, smoking status, occupation, etc.

PolicyBachat helps to calculate the pros and cons of the policy and buy the desired policy. It gives you the distinction between the carrier backgrounds, and incurred claim settlement ratio to configure the right insurance policy. Get the top carrier quotes to distinguish the best life insurance plan in terms of premium, coverage, and holding experience in the insurance sector.

The two insurance companies LIC and Exide Life Insurance companies are both well-established in the Indian insurance market but the two companies are different in many ways LIC is a private life insurer whereas Exide Life Insurance is a private company. LIC Life Insurance and Exide Life Insurance are well known for their affordable plans and wide range of benefits. However, they differ in a number of ways as well. Let’s take a look at the key differences between LIC and Exide Life Insurance, and see which one is better suited for you.

Exide Life Insurance

The Exide Insurance Company is owned by Exide Industries Limited and serves over 15 lakh customers. The Company is focused on providing long-term protection and savings solution plans and has a strong traditional product portfolio with a consistent bonus track record in the insurance sector. Exide Life Insurance Company Limited is established on 13 December 2000. It was formerly known as ING Vysya Life Insurance Company. Exide Life Insurance Company is an established and profitable life insurance company that commenced operations in 2001-02. It is a non-government and commercial life insurance company headquartered in Bengaluru.

Exide Life Insurance Benefits

• Variety of Products: Exide Life Insurance offers an extraordinary range of life insurance products to its customers situated far and wide across the country.
• Flexibility Options: Exide Life Insurance offers customized premium payment options to suit the capabilities of its customers. Thus, customers can choose the option they are most comfortable with and keep their policies in force.
• Customer-Friendly Procedures: Exide Life Insurance has customer satisfaction as its prime endeavor. It offers easy procedures for buying and renewing and claiming your insurance policies.
• Excellent customer service: Exide Life Insurance believes in gaining the customer’s trust by providing quality services. The company has a customer-friendly insurance claim process.
• Tax Benefits: With Exide Life Insurance plans, the policyholders can avail of tax deductions under sections 80C and 10(10D) of the Income Tax Act 1961.

List of Exide Life Insurance Plans

LIC Life Insurance

Life Insurance Corporation of India (LIC) 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 are less fortunate people.

Life insurance is a contract between the insurance company and insured person (customer) for payment gateways of periodic intervals, date of maturity, or, the unfortunate death of the person. The LIC life insurance plans provide you the benefits of protection and savings, combined with financial support lifelong. LIC Life Insurance Corporation of India is the largest life insurance company in India.

Why Choose LIC Life Insurance

• Industry leader: Life Insurance Corporation of India (LIC) has a technologically advanced network to provide you with the most advanced and efficient services with over 2000 branch offices and 156 satellite branches.
• Wide Range of Plans: Life Insurance Corporation (LIC) offers life insurance policies for individuals, families, senior citizens, and childless couples. They offer a variety of plans with different features and benefits; including term plans, whole life policies, endowment plans, and ULIPs.
• Easy claim Settlement: LIC provides a simplified claim procedure. This is the reason perhaps why it provided the highest percentage of Claim Settlement Ratio.
• Unmatchable customer support: The customer support of LIC is one of the best in the industry.
• Trust ensured: LIC is the most trusted insurance company with hundreds of recognitions and awards and LIC policy is trusted by millions of people. 

List of LIC Life Insurance Plans

Comparison Table of Exide Life Insurance vs LIC Life Insurance

Which One Should You Choose Exide Life Insurance or LIC Life Insurance?

The answer to this question is not an easy one. There are many factors to take into account when deciding which life insurance company you should purchase your plan from. Exide life insurance has a much lower monthly premium for the same coverage as Lic Life Insurance and LIC Life insurance provides more benefits than Exide life insurance. Both companies have their pros and cons, so you should review both companies’ policies before making a decision.

Advice on What to Look for in a Policy

The first thing that you should look for in a policy is the scope. This will be the most important factor in determining whether or not the policy is suitable for your needs. If you are looking for a policy on medical emergencies, then it will be useless to you if it doesn’t cover emergency medical care. Next, you should read through the coverage and exclusions sections of the policy. The coverage and exclusions sections are at the end of every insurance policy because they outline what is covered and what isn’t covered by your insurance plan.

Conclusion:

The decision on life insurance is a very important one. The financial implications of this decision are long-lasting and sometimes irreversible. In order 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. Looking for LIC vs Exide Life Insurance Comparison, Key Benefits, and Features to buy the best life insurance, PolicyBachat is helping you find the best life insurance that fits your requirement.