The two insurance companies, SBI Life Insurance and Reliance Nippon 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 Reliance Nippon Life Insurance.
SBI Life Insurance, a joint venture between the State Bank of India and the BNP Paribas Cardif, stands as one of the largest and most trusted insurance companies in India. On the other hand, Reliance Nippon Life Insurance, a subsidiary of Reliance Capital, has made its mark as a dynamic player in the insurance market. Both these insurance giants offer a wide range of policies, from term insurance to investment-linked plans, each designed to cater to the diverse needs of the Indian population.
SBI Life Insurance Company
SBI Life Insurance Company Limited is one of the leading life insurance companies. Established in March 2001. It is a joint venture between the State Bank of India (SBI), which is one of India's largest and most trusted public sector banks, and the BNP Paribas Cardif, a leading global insurance company, SBI Life Insurance Company offers a wide range of insurance and investment products to cater to the diverse financial needs of its customers.
List of SBI Life Insurance Plans
| Type of Plans |
SBI Life Insurance Plans |
| Protection Plans |
- SBI Life eShield Next
- SBI Life Arogya Shield
- SBI Life Saral Jeevan Bima
- SBI Life Sampoorn Cancer Suraksha
- SBI Life Smart Shield
- SBI Life Grameen Bima
|
| Child Plans |
- SBI Life Smart Champ Insurance plan
- SBI Life insurance child plan Smart Scholar
|
| Savings Plans |
- SBI Life – Smart Lifetime Saver
- SBI Life - Smart Platina Plus
- SBI Life - Smart Platina Assure
- SBI Life – New Smart Samriddhi
- SBI Life- Smart Future Choices
- SBI Life – Shubh Nivesh
- SBI Life – Smart Bachat
- SBI Life – Smart Humsafar
- SBI Life – Smart Swadhan Plus
- SBI Life – Saral Swadhan+
|
| Pension Plans |
- SBI Life Retire Smart Plus
- SBI Life Retire Smart
- SBI Life Annuity Plus
- SBI Life Saral Retirement Saver
- SBI Life Saral Pension Plan
|
| Money-Back/Income Plans |
- SBI Life Smart Money Back Gold
- SBI Life Smart Money Planner
- SBI Life Smart Income Protect
|
| Wealth Creation Plans |
- SBI Life eWealth Insurance
- SBI Life Smart InsureWealth Plus
- SBI Life Saral InsureWealth Plus
- SBI Life Smart Wealth Builder
- SBI Life Smart Wealth Assure
- SBI Life Smart Power Insurance
- SBI Life Smart Elite
- SBI Life Smart Privilege Investment Plan
|
| Group Plans |
- SBI Life Kalyan ULIP Plus
- SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana
- SBI Life CapAssure Gold
- SBI Life Sampoorn Suraksha
- SBI Life Swarna Jeevan Plus
|
SBI Life Insurance Features & Benefits
Here are some key features and benefits associated with SBI Life Insurance in India:
- Wide Range of Products: SBI Life Insurance provides comprehensive insurance products, including term insurance, endowment plans, ULIPs (Unit Linked Insurance Plans), retirement plans, child plans, and health insurance. This extensive range allows customers to choose policies that align with their specific goals and requirements.
- Financial Protection: One of the primary benefits of SBI Life Insurance is the financial protection it offers to policyholders and their families. In the event of the policyholder's demise, the insurance payout provides financial support to the nominee, ensuring their well-being and financial stability.
- Savings and Investment Opportunities: SBI life insurance policies offer the potential for wealth accumulation and can act as tools for achieving various financial goals such as buying a house, funding children's education, or planning for retirement.
- Flexible Premium Payment Options: SBI Life Insurance policies typically offer flexibility in premium payment modes. Policyholders can choose to pay premiums annually, semi-annually, quarterly, or monthly, depending on their convenience.
- Tax Benefits: Life insurance premiums are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the maturity proceeds and death benefits received from SBI Life Insurance policies are generally tax-free under Section 10(10D) of the same act, subject to certain conditions.
- Riders and Add-Ons: SBI Life Insurance policies often come with the option to add riders or supplementary benefits. These riders can enhance the coverage and offer additional protection against specific risks, such as critical illness, accidental death, or disability.
- Claim Settlement: SBI Life Insurance maintains a favourable claim settlement ratio, which indicates its commitment to honouring genuine claims promptly and providing financial support to beneficiaries in their time of need.
- Online Services: SBI Life Insurance provides online services, allowing customers to purchase policies, pay premiums, and access policy-related information conveniently through the company's website and mobile app.
Reliance Nippon Life Insurance Company
Reliance Nippon Life Insurance Company Limited, now known as Nippon Life India Insurance Company Limited, is a leading private life insurance company in India. It is a joint venture between Nippon Life Insurance, one of Japan's largest and oldest life insurance companies, and Reliance Capital, a part of the Reliance Group, one of India's prominent conglomerates. Reliance Nippon Life Insurance offers a wide range of life insurance products and solutions to cater to the varying needs of individuals and families. The company focuses on customer-centricity and strives to provide comprehensive coverage, financial protection, and long-term savings options to its policyholders.
Reliance Nippon Life Insurance Plans List
| 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
|
Reliance Nippon Life Insurance Features & Benefits
Here are some key benefits of buying Reliance Nippon Life Insurance:
- Product Range: Reliance Nippon Life Insurance offers a diverse portfolio of insurance products, allowing individuals to choose policies that align with their specific requirements and financial goals.
- Financial Security: The Company aims to provide financial security and peace of mind to policyholders by offering coverage against various life risks, including death, critical illness, and disability.
- Investment Opportunities: Reliance Nippon Life Insurance offers investment-linked plans such as ULIPs, which provide the dual benefit of life insurance coverage along with the potential for wealth creation through market-linked investments.
- Flexible Premium Payment Options: The Company provides flexibility in premium payment terms, allowing policyholders to choose from annual, semi-annual, quarterly, or monthly premium payment frequencies, depending on their convenience.
- Claim Settlement: Reliance Nippon Life Insurance strives to ensure a smooth and efficient claim settlement process, assisting policyholders and beneficiaries in the event of a claim. The company has a dedicated claims team to provide prompt assistance and support.
- Customer Service: Reliance Nippon Life Insurance emphasizes customer service and aims to provide a satisfactory experience to policyholders. They have customer support channels through which individuals can reach out for assistance, queries, or policy-related information.
What are the Factors to Consider When Selecting a Life Insurer?
When comparing SBI Life Insurance and Reliance Nippon Life Insurance, consider the following factors to make an informed choice that aligns with your financial goals and requirements:
- Policy Types
- Premium Costs
- Riders and Add-Ons
- Claim Settlement Ratio
- Coverage Needs
- Customer Service
- Financial Strength
- Investment Options and Returns
- Online Services
- Market Reputation
- Policy Terms and Conditions
- Long-term Goals, etc.
Comparison of SBI Life Insurance Vs Reliance Nippon Life Insurance
| Feature |
SBI Life Insurance |
Reliance Nippon Life Insurance |
| Claim Settlement Ratio |
93.09% |
98.49% |
| Solvency Ratio |
2.15 |
2.41 |
| Availability |
Online/offline |
Online/offline |
| Life Cover |
Up to 99 years |
Up to 99 years |
| Inception |
2001 |
2001 |
| Premium Payment Term |
Regular Pay, Single Pay, Limited Pay |
Regular Pay, Single Pay, Limited Pay |
| Premium Payment Mode |
Yearly/Half-yearly/ Quarterly/ Monthly |
Yearly/Half-yearly/ Quarterly/ Monthly |
| Types of Plans Available |
- Protection Plans
- Child Plans
- Savings Plans
- Pension Plans
- Money-Back/Income Plans
- Wealth Creation Plans
- Group Plans
|
- Term Plans
- Savings Plans
- Retirement Plans
- ULIP Plans
- Health Plans
- Group Plans
|
| Riders Available |
- Accidental Death Benefit Rider
- Accidental Total and Permanent Disability Benefit Rider
- Preferred Term Rider
|
- Accidental Death and Disability Plus Rider
- Family Income Benefit Rider
- Critical Illness Plus Rider
- Surgical Benefit Rider
- Accidental Death Benefit Rider
|
| Online Services |
- Buy Online
- Pay Premiums
- Download Documents
- Claim Settlement
- Fund Switch
- Know Your Policy
- Application Tracker, etc.
|
- Buy Policy
- File a Claim
- Track Policy
- Pay Premium
- Update Details,
- Download Statements, etc.
|
Conclusion
Both the companies SBI Life Insurance Company and Reliance Nippon Life Insurance Company offer similar services but 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 Reliance Nippon Life Insurance by comparing life insurance quotes online.