Life insurance is a type of insurance that pays out a sum of money to the insured person's family in the event of their death. Life insurance is often taken out to provide financial security for dependents who are financially dependent on the life of another. There are many types of life insurance companies that provide life insurance policies. Each company has its pros and cons.
SBI life insurance Company is one of the best life insurance companies. It offers a wide range of life insurance plans at affordable prices. For buying a life insurance policy SBI is one of the best options in the insurance industry. SBI offers a range of different types of life insurance products. If you have considered SBI Life Insurance, you may also need to look into alternatives or competitors to find the right one that fits your needs.
In this article, we will talk about some top 10 competitors or alternatives to SBI life insurance that are available in India. But before moving into the top alternatives of SBI life insurance lets us know about SBI Life Insurance Company.
SBI Life Insurance Company
SBI Life Insurance Company is a joint venture between State Bank of India, the largest state-owned banking and financial services company in India and BNP Paribas Cardiff, a French Multinational bank and financial services company with HO in Paris. SBI Life insurance company is one of the most trusted life insurance companies in India and it offers different insurance products that suit individual as well as institutional customers to provide financial protection against life’s uncertainties.
| Foundation |
2001 |
| Claim Settlement Ratio |
93.09% |
| Solvency Ratio |
2.15 |
| Number of Branches |
947 |
| Plans |
Individual Plans, Online Plans, Savings Plans, Protection Plans, Wealth Creation Plans, Retirement Plans, Money Back/Income Plans, Combo Plans, Group Plans
|
| Benefits & Features |
Affordable Plans, Life Long Coverage, Tax Advantages, Award Winning Services, Wide Range of Products, Excellent Customer Services |
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Best SBI Life Insurance Alternatives & Competitors in India
Finding the best SBI Life Insurance alternatives is not always an easy task. There are many things to consider, such as cost, coverage, benefits, and features. The best SBI 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 life insurance plans from various companies. It sorted out a list of the best alternatives and competitors to SBI India Life Insurance so that you can get the right policy from the right company.
This article is a complete guide to finding the best SBI Life Insurance online alternative. It will help you find the best company for your needs, and it will also provide you with some of the most important details about what to look for when you're comparing plans. To help you find the best SBI Life Insurance alternatives for your needs, we've compiled a list of some of the top companies that offer life insurance policies.
Top 10 SBI Life Insurance Alternatives & Competitors
Here are the top 10 SBI Life Insurance Online Alternatives that you should consider when choosing a life insurance plan.
- Tata AIA Life Insurance
- Aviva Life Insurance
- ICICI Prudential Life Insurance
- Canara HBC OBC Life Insurance
- Edelweiss Tokio Life Insurance
- IndiaFirst Life Insurance
- Star Union Dai-Ichi Life Insurance
- Shriram Life Insurance
- Ageas Federal Life Insurance
- Future Generali Life Insurance
#1 Tata AIA Life Insurance
Tata AIA Life Insurance Company is one of the fastest-growing leading insurers in the Indian private sector. Tata AIA Life Insurance Company Limited is a joint venture between Tata Sons and AIA Group Ltd. Tata Sons holds a stake of 74% in the company and AIA holds 26%. It is accomplished by offering customized life, health, and group insurance solutions to individuals, families, and a group of people.
Key Highlights:-
Claim Settlement Ratio: 98.02%
Foundation: 2000
Solvency Ratio: 2.04
Number of Branches:216
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Benefits & Features:
- Wide Range of Products
- Trusted Brand
- Excellent Claim Settlement Ratio
- Affordable Insurance Plans
- Excellent Customer Services
- Flexible Payment Options
Plans Available:
- Term Plans
- ULIP Plans
- Retirement Plans
- Savings Plans
- Group Plans
- Combo Plans
#2 Aviva Life Insurance
Aviva Life Insurance Company Limited India is a joint venture between Dabur Invest Corporation and Aviva PLC UK-based Insurance Group. It is one of India’s oldest and most respected insurance companies to fulfill policyholder certain needs. The main purpose of Aviva Life Insurance Company is to give simple and useful policies that achieve customer life goals. Aviva life insurance company’s gained experience in this field over centuries in offering comprehensive insurance solutions.
Key Highlights:-
Claim Settlement Ratio: 98.01%
Foundation: 2002
Solvency Ratio: 2.24
Number of Branches:790
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Benefits & Features:
- Tax Benefits
- Wealth Creation
- Life-Long Coverage
- Investment Option
- Good Customer Support
- Easy Claim Settlement
- Death Benefits
Plans Available:
- Term Insurance Plans
- Retirement Plans
- Child Plans
- Savings Plans
- Group Plans
#3 ICICI Prudential Life Insurance
ICICI Prudential life insurance company is a leading international financial services group headquartered in the UK. ICICI Prudential Life Insurance Company has consistently been the top company in the Indian Life Insurance Sector. It is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The company aims to provide cost-effective products, good supervision of assets and funds under its management, and a hassle-free claim settlement experience for its valued customers.
Key Highlights:-
Claim Settlement Ratio: 97.90%
Foundation: 2001
Solvency Ratio: 2.17
Number of Branches:514
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Benefits & Features:
- Wide Range of Products
- Affordable Plans
- Excellent Claim Settlement
- Multiple Payout Options
- Excellent Customer Service
- Long-Term Coverage
- Tax Benefits
Plans Available:
- Term Plans
- Health Plans
- ULIP Plans
- Traditional Savings/Money Back Plans
- Retirement Plans
- Group Plans
- Rural Plans
- Rider Plans
#4 Canara HSBC OBC Life Insurance
The Canara HSBC OBC life insurance company is a joint venture between Canara Bank, HSBC Asia Pacific Holdings Limited, and Punjab National Bank. The company brings the trust and market knowledge together of two big public sector banks in India namely Canara Bank and Punjab National Bank combined with the global insurance expertise of HSBC. Canara HSBC OBC Life Insurance is the first to launch 'Immediate Pay-outs on Death Claim' under unit-linked policies so that the family of the life insured will receive the fund value immediately on registration of the death claim.
Key Highlights:-
Claim Settlement Ratio: 97.10%
Foundation: 2008
Solvency Ratio: 3.27
Number of Branches:2251
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Benefits & Features:
- Financial Protection
- Easy Policy Issuance
- Tax Benefits
- Excellent Customer Service
- Hassle-free claim settlement
- Flexibility in Payment Options
Plans Available:
- Term Plans
- ULIP Insurance Plans
- Child Plans
- Retirement Plans
- Savings Plans
- Health Plans
- Group Plans
#5 Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance Company is a joint venture between Edelweiss Financial Services and Tokio Marine Holdings Inc. Edelweiss Tokio Life Insurance Company offers comprehensive protection life insurance plans to help you to coverage for your life. The company helps you to create a secure and bright future for yourself and your loved ones. Edelweiss Tokio Life Insurance provides amazing services. Also, it has many attractive plans for different types of customers to choose from as per their requirements.
Key Highlights:-
Claim Settlement Ratio: 97.01%
Foundation: 2011
Solvency Ratio: 2.15
Number of Branches:116
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Benefits & Features:
- Customizable Plans
- Simple Claims Process
- Complete Transparency
- Investment Option
- Tax Benefits
- Long-Term Coverage
- Affordable Premiums
Plans Available:
- Term Plans
- Investment Plans
- Health Plans
- Retirement Plans
- Group Plans
- Micro Plans
#7 IndiaFirst Life Insurance
IndiaFirst Life Insurance Company Limited is one of the youngest life insurance companies in India. It is a joint venture between Union Bank of India, Bank of Baroda, and Carmel Point India Investments India Private Limited. It’s Headquartered in Mumbai, IndiaFirst Life Insurance Company Limited is the fastest growing life insurance company in India. IndiaFirst Life Insurance Company provides a wide range of life insurance products. Their extensive knowledge makes their customers meet their requirements and are also satisfied by their services.
Key Highlights:-
Claim Settlement Ratio: 96.81%
Foundation: 2009
Solvency Ratio: 1.81
Number of Branches:4800
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Benefits & Features:
- High Coverage At Low Premiums
- Multiple Payout Options
- Excellent Customer Services
- Availability of Excellent Riders
- Return Of Premium
- Tax Benefits
Plans Available:
- Term Plans
- Child Plans
- ULIP Plans
- Savings Plans
- Investment Plans
- Retirement Plans
#7 Star Union Dai-Ichi Life Insurance
Star Union Dai-ichi Life Insurance Co Ltd is a joint venture of India’s two leading public sector banks Bank of India, the Union Bank of India, and Dai-ichi Life, the second-largest life insurance company in Japan. The combination of three leading financial service providers makes the SUD life insurance plans outstanding insurance solutions and customized to suit the protection needs of common people. Star Union Dai-ichi life insurance provides a range of life insurance products to cater to different requirements of customers.
Key Highlights:-
Claim Settlement Ratio: 95.96%
Foundation: 2009
Solvency Ratio: 2.06
Number of Branches:1950
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Benefits & Features:
- Range of Products
- Affordable Premiums
- Excellent Claim Settlement Ratio
- Customer-Friendly Services
- Complete Transparency
- Flexible Payment Options
Plans Available:
- Protection Plans
- Retirement Plans
- Child Plans
- Wealth Plans
- Rider Plans
- Group Plans
- Investment & Savings Plans
#8 Shriram Life Insurance
Shriram Life Insurance Company is a joint venture between Shriram Group and Sanlam. Shriram life insurance company aims to provide the best life insurance products to cater to different segments of the Indian market. Shriram Life Insurance Company Limited is an insurance and financial service provider that serves less fortunate people and economically weaker families in society. Their main motive is to reach common people and the products/plans are helpful to them work efficiently. Shriram group institutions is a chit fund company before initiated into business and now it is one of the leading commercial vehicle finance and Micro, Small, and Medium Enterprise finances.
Key Highlights:-
Claim Settlement Ratio: 95.12%
Foundation: 2005
Solvency Ratio: 1.80
Number of Branches:423
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Benefits & Features:
- Tax Benefits
- Flexible Payment Modes
- Availability of Riders
- Broad Catalogue
- Customer-Oriented Services
- Maturity and Death Claims
Plans Available:
- Individual Plans
- Savings Plans
- Investment Plans
- Protection Plans
- Retirement Plans
- Micro Insurance Plans
- Rider Plans
- Group Plans
- Protection Plans
- Employee Benefit Plans
- Micro Insurance Plans
- Special Plans
- Featured Plans
- Online Plans
#9 Ageas Federal Life Insurance
Ageas Federal Life Insurance formerly known as IDBI Federal Life Insurance Co Ltd. Ageas Federal Life Insurance company is one of the fastest growing life insurance companies in India. Ageas Federal Life Insurance Co Ltd is a joint venture of IDBI Bank, India’s premier commercial and premier development bank, Federal Bank, a leading bank of India in the private sector, and Ageas, a multinational insurance company in Europe. Ageas federal life insurance is headquartered in Mumbai, India. The company offers its customer’s wealth management, protection, and retirement solutions.
Key Highlights:-
Foundation: 2008
Claim Settlement Ratio: 95.07%
Solvency Ratio: 3.4
Number of Branches:3000
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Benefits & Features:
- Hassle-Free Claim Settlement
- Flexibility in Premium Payment
- Tax Benefits
- Life Coverage
- Affordable Premiums
- Discounts for Females
Plans Available:
- Online Plans
- Term Plans
- Child Plans
- ULIP Plans
- Savings Plans
- Retirement Plans
- Health Plans
- Group Plans
#10 Future Generali India Life Insurance
Future Generali Life Insurance Company is one of the reputed insurance companies in India. Future Generali Life Insurance Company Limited is a joint venture between three leading groups: Future Group and Generali Group and Industrial Investment Trust Limited (IITL). Future Generali Life Insurance aims towards becoming one of the leading insurers in India. Future Generali India Life Insurance Company Ltd provides a complete range of products and services for the financial security of customers.
Key Highlights:-
Foundation: 2007
Claim Settlement Ratio: 94.86%
Solvency Ratio: 2.03
Number of Branches:1100
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Benefits & Features:
- Range of Exciting Insurance Options
- Easy to Apply and Service
- Flexibility in Premium Payment
- Security of Your Premiums
- Availability of Useful Riders
- Customer-Friendly Claim Process
- Tax Benefits
Plans Available:
- Term Plans
- Child Plans
- ULIP Plans
- Savings Plans
- Combo Plans
- Retirement Plans
- Health Plans
- Group Plans
Conclusion:
When you are considering life insurance alternatives, it is important to think about what your needs are. Depending on your situation, you may want a more affordable policy or one that covers more of the expenses in case of an emergency. To find the right policy for you, it is important to do research and find out which company offers the best coverage for your needs.
PolicyBachat is an insurance web aggregator and it is a good place to start by looking at life insurance companies. It offers life insurance policies at low premiums by comparing life insurance quotes online in simple steps. Compare quotes and grab your life insurance policy with the right insurer now.