Life insurance is a great investment that can help you and your family in the event of an emergency. There are many types of life insurance policies available in India, with both LIC and Reliance Nippon Life Insurance being two major players. The LIC is a government-owned insurance company that provides life insurance and other types of insurance to the people of India. On the other hand, Reliance Nippon Life Insurance Company is a private life insurance company that offers life insurance products to individuals, groups, etc.
If you’re Looking for Reliance Nippon Life Insurance vs LIC Life Insurance Comparison, Key Benefits, and Features to buy the best life insurance policy. PolicyBachat is helping you find the best life insurance policy that fits your requirement. Comparing life insurance quotes from distinct carriers is a daunting process.
Comparison of life insurance online leads to cost efficiency due to low operating costs to maintain online. PolicyBachat helps to calculate the pros and cons of the policy and buy the desired policy. PolicyBachat gives you the distinction between the carrier backgrounds, claim settlement ratio, and solvency ratio to configure the right life insurance policy.
This article will compare two different life insurers such as LIC life insurance and Reliance Nippon Life Insurance. But, before diving into the topic let us understand the benefits, key features, and plans available in individual life insurance companies.
Reliance Nippon Life Insurance
Reliance Nippon Life Insurance Company Limited is one of the leading private sector life insurance companies in India. Reliance Nippon Life Insurance Company is an important part of Reliance Capital and it is private-sector financial services and Non-banking Company. Reliance Nippon Life Insurance company has private limited life insurers with over 10 million customers and a strong distribution network of 713 branches and 42,604 advisors as of March 31, 2021. Reliance Nippon Life Insurance provides a wide variety of insurance plans to individuals as well as groups such as protection plans, retirement plans, term plans, health plans, savings and investment plans, child plans, etc.
Why Choose Reliance Nippon Life Insurance?
- Cost-effective: Reliance Life insurance plans are quite cheap as compared to other types of life insurance policies.
- Flexibility: You can choose your premium payment term as per your requirement in reliance life insurance policy.
- Online Plans: It offers online life insurance plans so you can buy the policies online at your convenience with the click of the mouse.
- Variety of Products: Reliance Nippon Life Insurance Company offers a variety of life insurance plans online as well as offline.
- Tax benefits: The premium paid towards reliance on Nippon life insurance company are tax exempted under Section 80C and section 10(10D) of the Income Tax Act 1961.
- Customer Service: Reliance Nippon Life Insurance Company has an excellent team of customer service that offers good and hassle-free services.
List of Reliance Nippon Life Insurance Plans
| Type of Plan |
Reliance Nippon Life Insurance Plans |
| Term Insurance Plans |
- Reliance Nippon Life Protection Plus
- Reliance Nippon Life Digi Term Insurance Plan
- Reliance Nippon Life Saral Jeevan Bima
|
| Savings Plans |
- Reliance Nippon Life Nishchit Samrudhi
- Reliance Nippon Life Super Bachat Plus Suraksha
- Reliance Nippon Life Milestone Plan
- Reliance Nippon Life Super Endowment Plan
- Reliance Nippon Life Super Moneyback Plan
- Reliance Nippon Life Increasing Money Back Plan
- Reliance Nippon Life Future Income
- Reliance Nippon Life Fixed Money Back
- Reliance Nippon Life Increasing Income Insurance Plan
- Reliance Nippon Life Smart Zindagi Plus
- Reliance Nippon Life Bluechip Savings Insurance Plan
- Reliance Nippon Life Fixed Savings
- Reliance Nippon Life Guaranteed Money Back Plan
- Reliance Nippon Life Lifelong Savings
|
| Retirement Plans |
- Reliance Nippon Life Immediate Annuity Plan
- Reliance Nippon Life Smart Pension Plan
- Reliance Nippon Life Saral Pension Plan
|
| ULIP Plans |
- Reliance Nippon Life Smart Savings Insurance Plan
- Reliance Nippon Life Prosperity Plus
- Reliance Nippon Life Premier Wealth Insurance Plan
- Reliance Nippon Life Classic Plan II
|
| Health Plans |
- Reliance Nippon Life Cancer Protection Plus
|
| Group Plans |
- Reliance Nippon Life Group Employee Benefits Plan
- Reliance Nippon Life Group Term Assurance Plus
- Reliance Nippon Life Group Unit Linked Employee Benefits Plan
|
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 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
| 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
|
What to Consider When Choosing Between LIC & Reliance Nippon Life Insurance
LIC is one of the leading life insurance companies in India. LIC offers a range of products and services to suit your needs. LIC has been in the business for over 80 years now, which means that they have had ample time to build a reputation for itself. Reliance Nippon Life Insurance is one of the largest insurance companies and Reliance Nippon Life Insurance offers a range of products and services to suit your needs too.
Choosing between LIC and Nippon Life Insurance is not an easy decision. To help you make a more informed decision, we have compiled a list of points to consider when choosing between the two. There are many factors to consider when choosing between Reliance Nippon Life Insurance and LIC Life Insurance such as
- Budget
- Coverage
- Type of Policy
- Claim Settlement Ratio
- Solvency Ratio
- Riders, etc.
So it's important to do some research before committing to a plan.
Comparison of LIC vs Reliance Nippon Life Insurance
| Parameter |
Reliance Nippon Life Insurance |
LIC Life Insurance |
| Solvency Ratio |
2.41 |
1.83 |
| Claim settlement ratio |
98.49% |
98.62% |
| Number of Branches |
714 |
2048 |
| Online Availability |
Yes |
Yes |
| Life Cover |
Up to 99 Years |
Up to 99 years |
| Riders Available |
Accidental Death and Disability Plus Rider
Family Income Benefit Rider
Critical Illness Plus Rider
Surgical Benefit Rider
Accidental Death Benefit Rider
|
Accidental Death Benefit Rider
Accidental Disability Benefit Rider
Critical Illness Benefit Rider
Term Assurance Rider
|
Conclusion:
The LIC life insurance company is the oldest company in India and has a long history of providing life insurance to Indians. Reliance Nippon Life Insurance is more recent, but it offers customers a more attractive package with its life cover. When comparing these two companies, the LIC offers more flexible premiums for investors while Reliance Nippon Life Insurance provides better benefits for those who need them.
Choosing between LIC Life Insurance and Reliance Nippon Life Insurance is not an easy decision. So, before deciding on the best policies check all the features and benefits of LIC life insurance and Reliance Nippon life insurance before concluding on the right insurance policy. Configure the premium with the benefits availed on LIC Life Insurance vs Reliance Nippon life insurance at PolicyBachat by comparing life insurance quotes online.