SBI Vs LIC Life Insurance Comparison 2024

The two insurance companies, SBI Life Insurance and LIC Life Insurance are both well-established in the Indian insurance market but the two companies are different in many ways. This article will compare the features and benefits offered by SBI Life Insurance and LIC Life Insurance.

SBI Life Insurance is an Indian private life insurance company that has been in the market for more than 20 years. It provides life insurance plans, investment products, retirement products, and health insurance products to its customers. LIC is a public sector company that is also in the insurance business for more than 50 years now. It offers life insurance plans, education loans, mutual funds, etc to its customers.

SBI Life Insurance

SBI Life insurance company, one of the most trusted life Insurance companies in India, was incorporated in the year 2000 and started operations after registering with the Insurance Regulatory and Development Authority of India in March 2001. SBI Life 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 Plans List

SBI Life Insurance Key Features

• SBI life insurance policy is designed to provide protection for the family's future.
• It provides coverage for death, terminal illness, and critical illness.
• The policy can be bought online without any medical tests or physical checkups.
• SBI Life Insurance Covers Childless Couples as well as those with children.
• SBI Life Insurance offers a Wealth Creation Option.
• SBI Life Insurance will help to plan for your retirement.

Benefits of SBI Life Insurance

• Financial Security: Life insurance is a great way to safeguard your family's financial stability. It can help protect against the uncertainties of life like illness, accidents, and death.
• Wide Range of Options: SBI Life Insurance offers a range of products to meet your needs and budgets, as well as the option to choose between term and permanent cover.
• Claim settlement Ratio: SBI Life Insurance Company has a good claim settlement ratio of 94.52% which means your family doesn't have to go through any inconvenience while getting claims.
• Solvency Ratio: SBI life has a 2.15 solvency ratio compared with other companies that offer equity shares too.
• Market Share: SBI Life Insurance Company has seen growth in its annual premium over the past few years which in turn has increased its market share to 20%.

How Does SBI Life Insurance Work?

Life insurance is a type of investment and it comes in many different forms. The most common types are term life insurance, whole life insurance, etc. The purpose of SBI life insurance is to provide financial protection for your family in the event that you die. It does this by paying out a death benefit, which can then be used to pay off any outstanding debts, cover funeral costs, or replace lost income.

SBI Life Insurance is a life insurance company in India that offers a variety of products to cater to different needs. These products include term plans, whole life, and ULIPs. One of the most popular products offered by SBI Life Insurance is endowment plans. It provides coverage for the insured person's life and also builds up an investment corpus over time with regular premiums paid. The policyholder pays premiums for a specified number of years (usually 20 to 25 years) and then gets back the entire sum invested.

LIC Life Insurance

LIC is one of India's largest life insurance companies. It was founded in 1956. 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.

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. The company has been facing stiff competition from private players in recent years, but still remains the market leader in India. LIC Life Insurance offers products like term insurance, endowment, pension plans, and general insurance to individuals and corporate clients.

LIC Life Insurance Plans List

LIC Life Insurance Key Features

• Hassle-free claim settlement
• No lengthy documentation.
• Simple insurance purchase procedures.
• Can purchase a policy online instantly.
• Dedicated customer support team.
• Online Availability

Benefits of LIC Life Insurance

• Variety 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.
• Excellent 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. 

How Does LIC Life Insurance Work?

LIC life insurance is a popular form of life insurance in India. It has been providing financial protection to Indian families since 1956. LIC offers so many types of policies such as term and whole life, etc. Term policies offer coverage for a specific period of time, while whole life policies offer coverage for the entire lifetime of the insured person.

Life insurance is a type of insurance that pays out a cash sum to the beneficiary or beneficiaries (usually the family) when the policyholder dies. The life insurance policy is usually taken out by an individual, but it can also be taken out by a company on behalf of one of its employees. The company will pay the premiums and in return, they receive certain tax advantages.

LIC Life insurance is an important part of financial planning because it provides protection against death and guarantees money for your family if you die prematurely. It can also be used as a way to save for retirement or protect your business interests.

Comparison Table of LIC Life Insurance vs SBI Life Insurance

Here are some of the key parameters based on which they differ from each other:

Conclusion:

Both the companies SBI Life Insurance Company and LIC Life Insurance Company offer similar services but 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. Know all the key features and benefits of SBI Life Insurance and LIC Life Insurance. To buy the best life insurance policy compare life insurance quotes at Policybachat.