The two insurance companies, SBI and ICICI Prudential Life Insurance, are both well-established in the Indian insurance market. They have been around for many years and have a significant customer base. Both companies offer life insurance plans to customers. The premiums are calculated based on the age of the customer, their family medical history and other factors. However, there are some key differences between them that you should be aware of before making a decision.
What is SBI Life Insurance?
SBI Life insurance company, one of the most trusted life insurance companies in India. It offers a variety of products for individuals and families. SBI life insurance products include Term insurance with return of premium, Term insurance with investment, Money back plans, SBI life Annuity plans, Retirement plans, Child plans, ULIPs, etc.
SBI Life Insurance Company was incorporated in the year 2000 and started operations after registering with the Insurance Regulatory and Development Authority of India in March 2001. Life Insurance of SBI Company operates across the country with 947 offices, productive individual agents of about 170,096 agents, 57 corporate agents, 28000+ partner branches, and other insurance marketing businesses.
Key Features and 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 offers equity shares too.
- Market Share: SBI Life Insurance Company has seen growth in its annual premium over the past few years which in turn have increased its market share to 20%.
SBI Life Insurance Plans
| Type of Plans |
SBI Life Insurance Plans |
| Protection Plans |
- SBI Life eShield Next
- SBI Life Saral Jeevan Bima
- SBI Life Poorna Suraksha
- SBI Life Sampoorn Cancer Suraksha
- SBI Life Corona Rakshak Policy
- SBI Life Smart Shield
- SBI Life Smart Swadhan Plus
- SBI Life Saral Swadhan+
- SBI Life Grameen Bima
|
| Child Plans |
- SBI Life Smart Champ Insurance plan
- SBI Life insurance child plan Smart Scholar
|
| Savings Plans |
- 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
|
| Pension Plans |
- SBI Life Retire Smart plan
- 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 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
|
What is ICICI Prudential Life Insurance?
Every family's need in their life is to get happy life throughout their life span to secure and financial stability from younger ones who are earning. With life insurance, you can guarantee them the life insurance best plans. From ICICI Prudential Life Insurance Company provides you with a wide range of Term Insurance Plans, Health Insurance Plans, Unit Linked Insurance Plans, Traditional Savings/Money Back Plans, Retirement Plans, Riders, Group Plans, and Rural Plans.
ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential Financial, Inc. It is the first life insurance company in India to offer digital services to its customers. The company provides life insurance products for individuals, families, senior citizens and corporates. The company has been awarded the ‘Most Trusted Brand’ award by Brands of India (BOI) consecutively for six years - 2017-2020.
Key Features and Benefits of ICICI Prudential Life Insurance
- Low premium rates: One of the biggest benefits of a product like ICICI prudential life insurance is that it comes with a low premium rate.
- Budget Friendly: ICICI Prudential life insurance plans offers only limited coverage. The limited coverage means that the insured can save money on premiums as well as on out-of-pocket expenses for healthcare services.
- Life Cover: Coverage of life cover till 99 years at affordable premiums when your family is not around will cover up the financial security to you.
- Covers Illness: This ICICI Prudential Life Insurance covers 35 critical illnesses like cancer, heart attack, and kidney failure, etc. In case policyholder spot with a terminal illness can get 100% coverage amount.
- Claim settlement Ratio: The customer support claims are settled within 24 hours and get a hassle-free experience. As per the IRDAI Report, the claim settlement ratio of ICICI Prudential Life Insurance Company is 97.84% in FY 2019-2020.
- Tax Savings: According to sections 80c and 10(10d) of tax benefits eligible for a premium paid and received benefits.
ICICI Prudential Life Insurance Plans
| Type of Plans |
ICICI Prudentail Life Insurance Plans |
| Term Plans |
- ICICI Pru iProtect Smart Term Plan
- ICICI Prudential SARAL JEEVAN BIMA Plan
- ICICI Prudential iCare II Plan
- ICICI Prudential PRECIOUS LIFE Plan
- ICICI Prudential Life Raksha Plan
- ICICI Prudential POS iProtect Smart Plan
- ICICI Prudential POS Life Raksha Plan
- ICICI Prudential Loan Protect Plan
- ICICI Prudential Loan Protect Plus Plan
|
| ULIP Plans |
- ICICI Prudential Signature Online Plan
- ICICI Prudential Signature Plan
- ICICI Pru1wealth Plan
- ICICI Prudential life Time Classic Plan
- ICICI Pru Guaranteed Wealth Protector Plan
- ICICI Prudential Smart Life Plan
- ICICI Prudential Smart Kid Plan
- ICICI Prudential Smart Couple Plan
|
| Savings Plans |
- ICICI Prudential Guaranteed Income For Tomorrow Plan
- ICICI Prudential Cash Advantage Plan
- ICICI Pru Savings Suraksha Plan
- ICICI Prudential Assured Savings Insurance Plan
- ICICI Pru Future Perfect Plan
- ICICI Prudential LAKSHYA Plan
- ICICI Prudential LAKSHYA Lifelong Income Plan
|
| Retirement Plans |
- ICICI Pru Easy Retirement Plan
- ICICI Prudential Guaranteed pension Plan – Deferred Annuity
- ICICI Prudential Guaranteed pension Plan – Immediate Annuity Plan
- ICICI Prudential Easy Retirement SP Plan
- ICICI Prudential Saral Pension Plan
|
| Health Plans |
- ICICI Prudential Heart/Cancer Protect Health Plan
|
| Group Plans |
- ICICI Pru Group Term Plus Plan
- ICICI Prudential Group Loan Secure Plan
- ICICI Prudential Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
- ICICI Prudential Shubh Raksha Credit Plan
- ICICI Prudential Super Protect – Credit Plan
- ICICI Prudential Group Suraksha Plan
- ICICI Prudential Group Suraksha Plus Superannuation Plan
|
| Rural Plans |
- ICICI Prudential Sarv Jana Suraksha Micro Insurance Plan
- ICICI Prudential Anmol Bachat Plan
|
| Rider Plans |
- ICICI Prudential Corona Protect Rider Plan
- ICICI Prudential Corona Protect plus Rider Plan
|
Comparison of ICICI Prudential vs SBI Life Insurance
Here are some of the key parameters based on which they differ from each other:
| Parameter |
ICICI Prudential Life Insurance |
SBI Life |
| Claim Settlement Ratio |
97.90% |
93.09% |
| Solvency Ratio |
2.07 |
2.15 |
| Availability |
Online/Offline |
Online/Offline |
| Life Cover |
Up to 99 years |
Up to 99 years |
| Riders |
Available |
Available |
| Number of Branches Available |
947 |
514 |
| 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 |
| Entry Age |
18 to 65 years |
18 to 65 years |
| Death Benefit |
Yes |
Yes |
| Maturity Benefit |
Yes |
Yes |
| E-services |
Buying policy, renewal, update information, premium payments and claim settlement |
Buying policy, renewal, update information, and claim settlement |
| Plans Available |
Term, ULIP, Savings, Retirement, Group, Health, Rural Plans |
Protection, ULIP, Savings, Retirement, Group, Wealth Creation, Money Back Plans |
Which One is Right Policy SBI Life or ICICI Prudential Life Insurance?
To protect the policyholder from unfortunate events which make an adverse impact financially, it is better to be insured. Check all the features and benefits of sbi life insurance and ICICI Prudential life insurance before concluding the right insurance policy. Configure the premium with the benefits availed on SBI life vs ICICI Prudential life insurance. Compare sbi life insurance vs ICICI Prudential life insurance through life insurance quotes for the best life insurance plans in India from top insurers online at PolicyBachat.com.