Bajaj Allianz Life Term Insurance vs LIC Term Insurance

A term insurance plan is an utmost backup that one can have for his/her family. If you are the sole breadwinner and are covered with term insurance, then in case of your sudden demise, the term insurance offers a hefty amount to dependents. Be it for the higher education of children, for taking care of your aged parents, repaying your debts, term insurance is the best assurance gift that you can give yourself and your loved ones. Though you may find a plethora of term insurance plans in the market, still, not all of them are worthy. After comparing different plans for various parameters, you should handpick the best plan that compliments your financial needs and requirements. Below are the details about the term plans offered by Bajaj Allianz Life Term Insurance vs LIC Term Insurance that you can collate and choose the best one as per your needs.

Bajaj Allianz Life term insurance Vs LIC term insurance plans overview

Term insurance policies: Bajaj Allianz Life insurance Vs LIC insurance                 

Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited and Allianz SE. Headquartered in Pune; Bajaj Allianz is one of the most sought-after names in the field of the Indian insurance industry. The company always tries to make their customers happy and content with their innovative products and astonishing services. The company is flooded with various types of insurance plans, including term plans, pension plans, child plans, savings, and investment plans.

When you are talking about trust, credibility, and loyalty, the Life Insurance Corporation (LIC) of India holds an unparalleled reputation. With an array of intriguing products, this is the country’s oldest insurance provider. Over six decades, the company is offering astounding customer services and has occupied the biggest share in the insurance market. All insurance products of the company are customer-centric and support various needs and requirements of the customers.

By comparing Bajaj Allianz Life Insurance term plans and LIC Term Insurance term plans on various parameters, you need to decide which one will be the most suitable for your secure future. 

Term insurance plans by Bajaj Allianz Life insurance vs LIC insurance

Bajaj Allianz Life term insurance plans

• Bajaj Allianz has three different term plans (Bajaj Allianz Life Smart Protect Goal Term Plan, Bajaj Allianz Life eTouch Online Term Plan, and Bajaj Allianz iSecure Term Plan) in its bucket.
• The minimum entry age is 18 years and the maximum age is 60 years for term plans.
• To strengthen the coverage of your base policy, you can add various riders like critical illness, accidental death, and disability, etc.
• The term plans offer flexibility in the premium payment options. The insured policyholder can pay the premiums on a monthly, quarterly, half-yearly, or annual basis.
• In case of the sudden demise of the insured policyholder, the sum assured is paid as a lump sum amount to the family.
• Certain term insurance plans will offer a rebate in premium for choosing a higher range of sum assured.

Why Choose Bajaj Allianz Life insurance?

• Section 80C and 10(10D) under the Income Tax Act, the term plans offer tax benefits for premiums paid regularly
• Bajaj Allianz term plans are pocket-friendly and that’s why it is the most preferred insurer company.
• Bajaj Allianz offers a plethora of online and offline term insurance plans.
• The company offers hassle-free pre-sales as well as post-sales services to policyholders.

LIC term insurance plans

• LIC welcomes its customers with two different term plans and they are LIC Tech Term Plan and LIC Jeevan Amar.
• LIC term plans offer higher coverage at an affordable premium.
• For term plans, the minimum age is 18 years and the maximum age is 75 years
• To enhance the policy coverage, you can opt for additional riders. Riders offered by LIC term plans are critical illness cover, permanent disability, accidental death cover, etc.
• Policyholders are eligible for various premium payment modes for LIC term plans. One can pay the premiums yearly, half-yearly, monthly, or quarterly according to his/her budget.
• For non-smokers, the term policy offers a special discount on the premium amount.

Why choose LIC term insurance?

• LIC has a claim settlement ratio of 96.69% in FY 2019-20. This means it is a trustworthy insurer and the claim settlement process is also convenient and simple.
• LIC term premiums are eligible for tax exemption according to Section 80C and 10(10D) of the Income Tax Act, 1961.
• You can purchase LIC term plans directly through the insurer’s website. No need to visit the company branch or go through an agent.