When it comes to protecting your and your family's well-being, life insurance becomes essential. There are many life insurance companies in India to buy life insurance, but which one is the best? In this article, we will compare the most popular life insurance companies LIC Life Insurance Company and Edelweiss Tokio Life Insurance Company through their product offerings, financial stability, customer service, reputation, etc. So you can make a smart decision about your family's security. Let's explore the differences between these two.
LIC Life Insurance Company
LIC (Life Insurance Corporation of India) is the largest and most prominent life insurance company in India. Established in 1956, LIC operates as a state-owned insurance group and investment corporation. It is owned by the Government of India and has played a vital role in the development of the life insurance industry in the country. LIC offers a wide range of insurance products and services, catering to the diverse needs of individuals, families, and businesses.
Here are some key aspects of LIC Life Insurance Company:
- LIC has a rich heritage and a legacy of over six decades. It is widely recognized and trusted by millions of policyholders across India. LIC's
- LIC offers a comprehensive range of insurance products to cater to various life stages and financial goals.
- LIC enjoys a strong financial position and is known for its financial stability. The company follows conservative investment practices and has a well-diversified investment portfolio.
- The company has a high claim settlement ratio, indicating its commitment to honouring valid claims promptly.
- LIC places significant emphasis on customer service and aims to provide a satisfactory experience to policyholders.
LIC Life Insurance Plans List
| Type of Plans |
LIC Life Insurance Plans |
| Term 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 Lakshmi
- 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 Lakshmi
- 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
|
LIC Life Insurance Benefits
- Death Benefit: Life insurance from LIC provides a financial safety net for your family and dependents in case of your unfortunate demise. The policy's death benefit ensures that your loved ones receive a lump-sum payout, helping them maintain their standard of living and meet financial obligations.
- Maturity Benefit: Many LIC policies come with a maturity benefit, where the policyholder receives a lump-sum amount at the end of the policy term if they survive the term. This can serve as a source of savings or additional funds for future goals.
- Tax Benefits: Premiums paid for LIC life insurance policies are eligible for tax benefits under Section 80C of the Income Tax Act, up to a specified limit. The maturity proceeds or death benefits may also be tax-free under Section 10(10D), subject to certain conditions.
- Loan Facility: Some LIC policies offer the option to avail loans against the policy's surrender value, providing a source of liquidity during emergencies.
- Riders and Add-Ons: LIC offers a variety of riders or add-on options that can be attached to your base policy for enhanced coverage. These riders may include critical illness, accidental death, disability, and more.
- Wealth Creation and Savings: Certain LIC policies, such as endowment plans, help policyholders create a corpus over time, combining life insurance protection with a savings element.
Edelweiss Tokio Life Insurance Company
Edelweiss Tokio Life Insurance Company is a private life insurance company operating in India. It is a joint venture between Edelweiss Financial Services, a diversified financial services conglomerate in India, and Tokio Marine Holdings Inc., one of the oldest and largest insurance groups in Japan. The company was established to provide innovative and customer-centric life insurance solutions to individuals and families in India. Edelweiss Tokio Life Insurance offers a range of life insurance products that cater to various financial needs and goals of policyholders. The company focuses on providing comprehensive coverage, financial protection, and wealth creation opportunities to its policyholders.
Key aspects of Edelweiss Tokio Life Insurance Company:
- Edelweiss Tokio Life Insurance provides a range of insurance products, including term plans, endowment plans, ULIPs, savings plans, etc. These products are designed to cater to different life stages and financial goals.
- The company aims to prioritize its customers' needs and offers personalized solutions based on individual circumstances and goals.
- Edelweiss Tokio Life Insurance offers digital technologies to enhance customer experience. This could include online policy purchases, customer service portals, and digital claims processing.
- Edelweiss Tokio Life Insurance may have focused on streamlining its claims process to provide a smoother experience for policyholders and beneficiaries.
- Edelweiss Tokio Life Insurance's financial strength and stability would be a key consideration for potential customers.
- Edelweiss Tokio Life Insurance may offer a variety of riders that can be added to their base insurance plans.
Edelweiss Tokio Life Insurance Plans List
| Type of Plans |
Edelweiss Tokio Life Insurance Plans |
| Term Insurance Plans |
- Edelweiss Tokio Life Zindagi Plus
- Edelweiss Tokio Life Total Protect Plus
- Edelweiss Tokio Life Saral Jeevan Bima
- Edelweiss Tokio Life Simply Protect
|
| Retirement Plans |
- Edelweiss Tokio Life Easy Pension
- Edelweiss Tokio Life Saral Pension
- Edelweiss Tokio Life Cashflow Protection Plus
- Edelweiss Tokio Life Forever Pension
|
| Health Plans |
- Edelweiss Tokio Life CritiCare Plus
- Edelweiss Tokio Life Covid Shield Plus
|
| Group Plans |
- Edelweiss Tokio Life Pradhan Mantri Jeevan Jyoti Bima Yojana
- Edelweiss Tokio Life Group Wealth Accumulation
- Edelweiss Tokio Life Group Life Protection Plan
- Edelweiss Tokio Life Group Employee Benefit Plus
- Edelweiss Tokio Life Group Credit Protection Plan
- Edelweiss Tokio Life Group Total Secure
|
| Investment Plans |
- Edelweiss Tokio Life Premier Guaranteed Income
- Edelweiss Tokio Life GCAP
- Edelweiss Tokio Life Wealth Secure Plus
- Edelweiss Tokio Life Wealth Plus
- Edelweiss Tokio Life Wealth Gain plus
- Edelweiss Tokio Life Active Income Plan
- Edelweiss Tokio Life Income Builder
- Edelweiss Tokio Life Wealth Ultima
- Edelweiss Tokio Life Single Pay Endowment Assurance Plan
- Edelweiss Tokio Life POS Saral Nivesh
- Edelweiss Tokio Life Dhan Labh
- Edelweiss Tokio Life Smart lifestyle
- Edelweiss Tokio Life Wealth Premier
|
| Micro Insurance Plans |
- Edelweiss Tokio Life Insurance Jan Suraksha Plan
- Edelweiss Tokio Life Insurance Raksha Kavach Plan
|
Edelweiss Tokio Life Insurance Benefits
Here are some potential benefits that policyholders could expect from Edelweiss Tokio Life Insurance:
- Financial Protection: Life insurance policies from Edelweiss Tokio provide financial protection to your loved ones in the event of your untimely demise. The death benefit paid out can help your family meet their financial needs, pay off debts, and maintain their lifestyle.
- Customizable Plans: Edelweiss Tokio Life Insurance may offer customizable insurance plans to cater to different financial goals and needs. This includes options to choose the coverage amount, policy term, premium payment frequency, and additional riders.
- Savings and Investment: Some insurance products from Edelweiss Tokio might have a savings or investment component.
- Tax Benefits: Life insurance policies often offer tax benefits under the Income Tax Act of India. The premiums paid and the benefits received may be eligible for tax deductions or exemptions.
- Maturity Benefits: For certain policies, you might receive a lump sum maturity benefit at the end of the policy term, provided you survive the term of the policy. This can be useful for achieving long-term financial goals.
Comparison Table of Edelweiss Tokio Life Insurance vs LIC Life Insurance
The table below compares the two insurance providers Edelweiss Tokio Life Insurance 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 |
Edelweiss Tokio Life Insurance |
| Claim Settlement Ratio |
98.62% |
97.01% |
| Solvency Ratio |
1.76 |
2.15 |
| Availability |
Online/offline |
Online/offline |
| Life Cover |
Up to 99 years |
Up to 99 years |
| Number of Branches Available |
2048 |
116 |
| Inception |
1956 |
2011 |
| Types of Plans Available |
- Term Plans
- Whole Life Insurance Plans
- Money-Back Plans
- Endowment Plan
- Pension Plans
- ULIP Plans
- Micro Insurance Plans
- Health Plans
- Withdraw Plans
- Group Plans
|
- Term Insurance Plans
- Investment Plans
- Retirement Plans
- Health Insurance Plans
- Group Insurance Plans
- Micro Insurance Plans
|
| Riders Available |
- Accidental Death Benefit Rider
- Accidental Death and Disability Benefit Rider
- Critical Illness Benefit Rider
- New Term Assurance Rider
|
- Accidental Total and Permanent Disability Rider
- Waiver of Premium Rider
- Accidental Death Benefit Rider
- Hospital Cash Benefit Rider
- Critical Illness Rider
|
| Online Services |
- Update Information
- Claim Settlement
- Premium Payment
- Policy Status Checking
- Buy Policy
- Renewal Policy, etc.
|
- Report a Claim
- Claim Tracking
- Download Certificates
- Premium Payment
- Update Details
- Fund Statement Download, etc.
|
Conclusion
In comparing LIC and Edelweiss Tokio Life Insurance companies, LIC Life Insurance Company holds a longstanding reputation and widespread trust, while Edelweiss Tokio offers more customization and modern features. The choice depends on individual preferences and priorities. It's recommended to compare life insurance quotes at PolicyBachat and get the best policy based on your specific needs and goals.