Life insurance is a type of insurance that pays out a lump sum to the beneficiaries of the policyholder in case of death. There are various types of life insurance policies provided by different life insurance companies with different features and benefits. LIC is one of the best life insurance companies and is the only public life insurance company in India.
LIC stands for Life Insurance Corporation of India (LIC) and is an Indian state-owned insurance group and investment company. It was founded in 1956 by the government of India to provide life insurance products. It offers life insurance products to individuals, families, and businesses. LIC offers a wide range of products, including term insurance plans, whole life insurance plans, health insurance plans, pension products, etc. at affordable prices.
For buying a life insurance policy, if you consider LIC life insurance you may look at the other life insurance alternatives to get the right life insurance policy for your budget and needs. In this article, we will discuss the top 10 alternatives and competitors to LIC life insurance Company to find the right one that fits your needs.
LIC life insurance Company
Life Insurance Corporation of India (LIC) is the largest government-owned life insurance and Investment Corporation for individual insurance needs. LIC's main role is to invest in global financial markets and different government certainties after gathering funds from people through life insurance policies. LIC has the lion’s share in the life insurance business in the Indian market and the smaller share is being taken by the private life insurance companies.
LIC is the oldest life insurance company in India and the only government-run life insurance company in India there are almost 25 private life insurance players in the Indian market competing for the life insurance business. 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.
| Foundation |
1956 |
| Claim Settlement Ratio |
98.62% |
| Solvency Ratio |
1.76 |
| Number of Branches |
2048 |
| Plans |
Term Plans, Whole Life Insurance Plans, ULIP Plans, Money-Back Plans, Endowment Plans, Health Plans, Pension Plans, Micro Plans, Group Plans
|
| Benefits & Features |
Variety of Products, Simplified Purchasing Process, High Claim Settlement Ratio, Award-Winning Services, Excellent Customer Support, Flexible Payment Options
|
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Why are LIC Life Insurance Alternatives so Important?
LIC life insurance is a type of insurance that protects the policyholder against financial loss in case of death. This type of insurance is usually taken to protect their family members from any financial losses in case they die. But it’s not always the right choice for everyone.
There are many reasons why people may want to consider LIC life insurance alternatives. The most common reason is that they are looking for a lower-cost option. While some people may be looking for a different type of coverage.
LIC life insurance is not the only option in the market when it comes to life insurance alternatives. Other options can be considered as well. These alternatives are important because they offer an alternative for people who can't afford to buy life insurance or don't want to take on the risk.
What to Look for in a Good Life Insurance Company
It is not an easy task to find the best life insurance company. There are so many options and it can be hard to know where to start. However, with a little research and some knowledge about what to look for, it is possible to find a good life insurance provider.
The first thing that you need to do when looking for a life insurance company is to decide how much coverage you want. The next thing is deciding which type of policy will work best for your needs. The best life insurance companies are those that offer affordable rates for their customers and provide them with excellent service.
The best LIC life insurance alternatives in India are available at PolicyBachat.com. Here you can compare and buy the best life insurance plans from various companies and get the best deals on your purchase. PolicyBachat is an online insurance comparison website that offers a platform to compare and buy the best insurance plans from various companies.
Top 10 LIC Life Insurance Alternatives & Competitors
Here is a list of the top 10 competitors or alternatives to LIC Life Insurance online.
#1 Max Life Insurance
Max Life insurance is a leading life insurance company in India. Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life Insurance offers different life insurance products such as term insurance, return of premium insurance, Annuity insurance, child plans, investment plans, money-back plans, ULIPs, and other life insurance products to individuals and groups. Max Life has positioned itself on the quality platform and has maintained a strong presence in the Indian market.
Key Highlights:-
Foundation: 2000
Claim Settlement Ratio: 99.35%
Solvency Ratio: 2.02
Number of Branches: 277
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Benefits & Features:
- Affordable Premiums
- Easy Policy issuance
- Financial Security
- Product Variety
- Tax Benefits
- Online Availability
- Riders as Additional Benefits
Plans Available:
- Term Plans
- ULIP Plans
- Child Plans
- Online Plans
- Retirement Plans
- Savings Plans
- Health Plans
- Group Plans
#2 AEGON Life Insurance
AEGON Life is one of the top digital life insurance companies 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. AEGON Life Insurance Company offers an array of reasonably priced life insurance policies. Their insurance plans are made-to-measure to shield you against the mounting financial outlays post-death. AEGON Life insurance, you can rest assured knowing that you and your family’s unique needs are being taken note of and fulfilled.
Key Highlights:-
Foundation: 2008
Claim Settlement Ratio: 99.25%
Solvency Ratio: 2.41
Number of Branches: 83
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Benefits & Features:
- Tax Benefits
- Guaranteed Income
- Wealth Creation
- Savings & Loan Facility
- Investment Option
- Superior customer service
- Hassle-free claim settlement
Plans Available:
- Term Plans
- ULIP Plans
- Savings Plans
- Retirement Plans
- Money Back Plans
- Group Plans
- Other Plans
#3 Bharti AXA Life Insurance
Bharti AXA life insurance is a collaboration of Bharti Enterprises which is one of India’s leading business groups and the AXA Group with has its headquarters 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 offers various types of insurance products on a wide scale. 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.
Key Highlights:-
Foundation: 2006
Claim Settlement Ratio: 99.05%
Solvency Ratio: 1.78
Number of Branches: 268
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Benefits & Features:
- Variety of Plans
- Pays off Liabilities
- Excellent Customer Support
- Tax Benefits
- Long-Term Coverage
- Cost Effective
- Flexibility in Premium Payment
Plans Available:
- Term Plans
- Child Plans
- Savings Plans
- Investment Plans
- Protection Plans
- ULIP Plans
- Retirement Plans
#4 Bajaj Allianz Life Insurance
Bajaj Allianz life insurance company is one of India's leading private life insurance companies. It is a joint venture between Bajaj Finserv Limited owned by Bajaj Group of India and Allianz SE, a European Financial Services company. Bajaj Allianz life insurance company limited has launched innovative insurance solutions taking into consideration the time to the time change in customers’ needs and requirements. Bajaj Allianz Life Insurance Company offers a wide variety of life insurance products that serve different sections of society.
Key Highlights:-
Foundation: 2001
Claim Settlement Ratio: 99.02%
Solvency Ratio: 6.66
Number of Branches:509
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Benefits & Features:
- Return of Premium option
- Pays off Liabilities
- Flexibility in Premium Payment
- Tax Benefits
- Long-Term Coverage
- Affordable premiums
- Death Benefits
Plans Available:
- Term Insurance Plans
- Endowment Plans
- Pension Plans
- ULIP Plans
- Group Plans
- Child Plans
- Investment Plans
- Health Care Plans
#5 HDFC Life Insurance
HDFC Life Insurance Company Limited is a standard life insurance company supporter of housing development Finance Corporation Limited. It is a joint venture between HDFC Ltd and standard life Aberdeen, a global investment company. HDFC life insurance provides innovative and customer-centric insurance plans that can help our customers secure their family's future as well as help them with other benefits such as tax savings. It offers a wide range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, and Health Solutions.
Key Highlights:-
Foundation: 2000
Claim Settlement Ratio: 98.66%
Solvency Ratio: 2.01
Number of Branches:390
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Benefits & Features:
- Long-Term Coverage
- Variety of Products
- Hassle Free Claim Settlement
- Award-Winning Services
- Excellent Customer Support
- Affordable products
- Death Benefits
- Tax Benefits
Plans Available:
- Term Plans
- ULIP Plans
- Savings Plans
- Child Plans
- Health Plans
- Pension Plans
- POS Plans
- Combo Plans
#6 Pramerica Life Insurance
Pramerica Life Insurance Limited erstwhile DHFL Pramerica Life Insurance Company Limited is headquartered in Gurugram. Pramerica Life Insurance is a joint venture between DHFL Investments Limited, a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL) Prudential International Insurance Holdings. The company provides a wide range of life insurance solutions for individuals as well as groups. Pramerica life insurance company’s target is to provide affordable, efficient, and effective life insurance life cover. It offers various financial protection needs such as securing their child’s future, retirement planning, tax saving, and wealth creation.
Key Highlights:-
Foundation: 2013
Claim Settlement Ratio: 98.61%
Solvency Ratio: 4.42
Number of Branches:133
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Benefits & Features:
- Long-Term Coverage
- Affordable Premiums
- Excellent Customer Services
- Wide Range of Products
- Financial Assistance
- Tax Benefits
- Return of Premiums
- Easy Claim Settlement
Plans Available:
- Protection Plans
- ULIP Plans
- Savings Plans
- Child Progress Plans
- Health Plans
- Retirement Plans
- Group Plans
#7 Exide Life Insurance
Exide Life Insurance is one of the Top 10 Most trusted companies in India. It was formerly known as ING Vysya Life Insurance Company. It is a non-government and commercial life insurance company headquartered in Bengaluru. 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. The company steps beyond life insurance and provides need-based life insurance solutions.
Key Highlights:-
Foundation: 2000
Claim Settlement Ratio: 98.54%
Solvency Ratio: 2.24
Number of Branches:200+
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Benefits & Features:
- Wide Range of Products
- Affordable Premiums
- Customized Premium Payment Options
- Incredible Claim Settlement Ratio
- Customer-Friendly Procedures
- Excellent customer service
- Tax Benefits
Plans Available:
- Term Plans
- Child Plans
- Retirement Plans
- Savings Plans
- Investment Plans
- Health Plans
- Rider Plans
#8 Kotak Mahindra Life Insurance
Kotak Mahindra Life insurance company limited is one of India's best and fastest-growing insurance companies. It is a joint venture between Kotak Mahindra Bank Limited and Old Mutual Limited, a pan African investment, savings insurance, and banking group operating. It provides an extensive range of financial products to meet both corporate and individual investment needs. Kotak life insurance secures your future and makes sure that all your investments keep giving you profitable returns. Kotak Life Insurance Company provides a wide range of affordable Life Insurance Policies.
Key Highlights:-
Foundation: 2001
Claim Settlement Ratio: 98.50%
Solvency Ratio: 2.90
Number of Branches:232
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Benefits & Features:
- Wide Range of Products
- High Coverage At Low Premiums
- Easy Policy issuance
- Award Winning Services
- Long-Term Coverage
- Tax Benefits
Plans Available:
- Term Plans
- Child Plans
- Savings and Investment Plans
- Protection Plans
- Retirement Plans
- ULIP Plans
- Health Plans
#9 Reliance Nippon Life Insurance
Reliance Nippon Life Insurance Company Limited is one of India's leading private sector life insurance companies. Reliance Nippon Life Insurance Company is an important part of Reliance Capital and it is a private-sector financial services and Non-banking Company. Reliance Capital has diversified businesses in insurance of all kinds, asset management, mutual funds, commercial finance, and other financial services. Reliance Life has a huge variety of life insurance plans that offers tailor-made plans as per the customers’ requirements.
Key Highlights:-
Foundation: 2001
Claim Settlement Ratio: 98.49%
Solvency Ratio: 2.45
Number of Branches:713
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Benefits & Features:
- Affordable Premiums
- Multiple Premium Payment Frequencies
- Excellent Customer Services
- Multiple Add-On Covers
- Wide Range of Products
- Tax Benefits
- Customized Protection
Plans Available:
- Term Plans
- Savings Plans
- Retirement Plans
- ULIP Plans
- Health Plans
- Group Plans
#10 PNB MetLife Insurance
PNB MetLife India Insurance Company Limited is one of the major life insurers in India. PNB MetLife is a collaboration between MetLife International Holdings Inc., Punjab National Bank Limited, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited, and other private investors. This company offers a wide range of products for protection and retirement. It is a one-step solution toward a safe future for you and your loved ones.
Key Highlights:-
Foundation: 2001
Claim Settlement Ratio: 98.17%
Solvency Ratio: 1.90
Number of Branches:117
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Benefits & Features:
- Affordable Premiums
- Maximum Sum Assured
- Excellent Customer Services
- Multiple Add-On Covers
- Wide Range of Products
- Return of Premiums
- Flexible Tenure
- Tax Benefits
Plans Available:
- Family Protection Plans
- Online Plans
- Long-Term Plans
- Child Education Plans
- Retirement Plans
- Health Insurance Plan
- Group Plans
Conclusion:
The best way to save for your future is through a life insurance policy. Different types of life insurers offer different types of life insurance policies. Each company has its benefits and risks which you should be aware of before making a decision. It is also important to compare different types of policies before deciding on what type of policy is best for you. The best way to find the perfect life insurance alternative is from the PolicyBachat website where you can compare the top life insurers so that you can find the plan that best suits your needs. So, compare life insurance quotes and grab the best life insurance policy.