Aditya Birla Sun Life Insurance and Bajaj Allianz Life Insurance offer a lump sum of money to support your family financially in the event of your untimely death. Having life insurance helps cover the family’s ongoing costs, as well as goals and any outstanding debt, after your passing. Accidents and mishaps serve as powerful reminders of how brittle human life can be and the importance of life insurance. It is a crucial tool for ensuring the safety and security of a person’s family.
Having reputed names in the market, both life insurance enables individuals to protect themselves and their families in case of any unfortunate happening.
Now, the question arises- What Life Insurance to Choose? What is the Best Life Insurance that Can Offer Maximum Protection? Let’s find out and understand both of them in detail!
About Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance Co. Ltd., one of India’s leading private life insurers, is a joint venture between Bajaj Finserv Limited, one of the most diversified non-banking financial institutions in India, and Allianz SE, one of the world’s leading global insurer and asset manager. One of the top insurance providers in India, Bajaj Allianz Life Insurance has a CSR of 99.02% (FY 2021-22), according to the IRDAI Report and provides a wide range of insurance products. The life insurance from Bajaj Allianz is made to act as a shield for your family, ensuring that their future is safe and protected from the uncertainties of life.
What are the Features and Benefits of Bajaj Allianz Life Insurance?
Listed below are the key features and benefits of considering Bajaj Allianz Life Insurance.
Achievement of Your Child’s Goals:
As a parent, you might want to make provisions for your child’s future requirements, such as financing their education, marriage, or other objectives. If you pass away, your life insurance from Bajaj Allianz might be able to provide your child with the necessary funds in the event of your death.
Financial Security of Your Loved Ones:
By having Bajaj Allianz life insurance, you could prevent your family from experiencing financial hardship after you pass away. Your dependents might be put in a precarious situation if you suddenly pass away. The death benefit they receive may be essential at this time to guarantee their financial security.
Premium Payment Options:
The premium paid to the insurer is one of the key elements of life insurance. Depending on your convenience, you can select the premium cycle and payment method from the list of options. If you need to pay your insurance provider’s premiums, you have a variety of payment options to choose from.
Substantial Tax Savings:
There are two tax advantages to life insurance from Bajaj Allianz. By the limitations outlined in Section 80C of the Income Tax Act of 1961, the premiums paid are tax deductible. You can currently reduce your tax burden by deducting up to 1.5 lakh in premiums from your gross income each year.
Multiple Add-ons:
With the addition of riders, Bajaj Allianz Life Insurance gives customers the option to increase their life insurance coverage. In the event of any financial emergency, riders offer additional benefits. Critical Illness Rider, Accidental Death/Total Permanent Disability Rider, Waiver of Premium Rider, and other riders are available under Life insurance from Bajaj Allianz.
Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc. that offers Aditya Birla Sun Life Insurance to cater to the wide needs of customers looking to safeguard their family financially in case their demise. Aditya Birla Sun Life Insurance offers very competitive premium rates while meeting all of the customers’ essential requirements. With an impressive claim settlement ratio of 98.07% (FY 2021-22), customers can get quick and hassle-free settlement of their claims, making Aditya Birla a preferred choice.
What Features and Benefits Come With Aditya Birla Sun Life Insurance?
The following are the key features and benefits of Aditya Birla Sun Life Insurance.
Comprehensive Protection:
Aditya Birla Sun Life Insurance guarantees that the insured’s goals in life are attained without difficulty and offers financial protection to the insured’s family in the event of unforeseen circumstances.
Wealth Creation:
Aditya Birla Sun Life Insurance assists in creating a corpus to accomplish many long-term goals, whether they are related to children’s education, marriage, retirement, or a dream vacation.
Excellent Customer Support:
Aditya Birla Sun Life Insurance offers digital customer care support around the clock. Furthermore, it strives to offer simple, cost-effective, and need-based insurance.
Affordable Products:
Aditya Birla Sun Life Insurance offers reasonably priced premium rates that satisfy the needs of potential customers and can fit the pocket of every income group.
Customisation:
Depending on a person’s risk tolerance and insurance needs, Aditya Birla Sun Life Insurance offers additional optional riders that can be added to the base coverage.
Tax Benefits:
Most life insurance premium payments are eligible for tax deductions under Section 80C of the Income Tax Act. According to Section 10 (10D) of the Income Tax Act, lump-sum benefits received from the policies are not subject to taxation. Following Section 80D of the Income Tax Act, you will get tax advantages.
Comparison Between Bajaj Allianz Life Insurance and Aditya Birla Sun Life Insurance
Listed below are the key differences between Bajaj Allianz Life Insurance and Aditya Birla Sun Life Insurance.
| Parameters | Bajaj Allianz Life Insurance | Aditya Birla Sun Life Insurance |
| Claim Settlement Ratio (As per the IRDAI Report) | 99.02% (FY 2021-22) | 98.07% (FY 2021-22) |
| Solvency Ratio (As per the IRDAI Report) | 5.81% (March 2022) | 1.88% (March 2022) |
| No. of Plans | 29 | 20+ |
| Premium Underwritten (As per the IRDAI Report) | Rs. 16,127.05 Cr. | Rs. 12,140.23 Cr. (2021-22) |
| Equity Share Capital (As per the IRDAI Report) | Rs. 150.71 (March 31, 2022) | Rs. 1,901.21 (March 31, 2022) |
| Asset Under Management (As per the IRDAI Report) | Rs. 83,442.27 Cr. (2022) | Rs. 60,556.63 Cr. (2022) |
| Branches | 503 branches | 348 branches |
| Number of Agents | 1,31,743 agents | 52000+ |
| Team Members | 21K team members | 185,000 employees |
| Awards | APAC Region’s Insurer Innovation Award 2023 at The World’s Digital Insurance Awards for project, WhatsApp Conversational Platform. Best Use of Technology Category for Project ‘Humanoid’ ‘AI’ category award at the Express BFSI Technology Awards 2023 for the ‘Humanoid AI Project’. ‘Best Life Insurance Company of the Year ‘Best Employer India 2022’ and ‘India Best Employer Club 2023’. Best Marketing Technology Stack of the Year for the project on CDP (Customer Data Platform) & Best Use of Conversational Bot/Tool to Enhance Customer Experience for its WhatsApp Enhancements at the 16th edition of Customer Fest Show 2023 ‘Best Insurance Campaign – Life Category at the FICCI Insurance Industry Awards 2022 for the campaign ‘Yeh Bhi Sahi Hai’. | Quality Circle Forum of India- Won 10 Gold & 1 Silver for “Cultural Breakthrough” Confederation of Indian Industry (CII)- Won a Silver and a Bronze. Frost and Sullivan Awards 2021-First Runner-Up in Customer Value Leadership Category Employee Engagement Leadership Summit 2019- Most Effective Recruitment and Retention Strategy Award NNQC Forum 2019- Six Sigma Projects – Improvement in TAT Adherence for Legal Risk Mitigation Processes BSG UAT Automation QIMPRO Convention 2019- 2nd Runner-Up: Six Sigma Project – DM Persistency Kamikaze Customer Experience and Loyalty Awards- Best Customer Service Initiative Quality Circle Forum of India – Mumbai Chapter (CCQC 2018)- Silver in Innovation – Contract Management Process |
| Mobile App | “Bajaj Allianz Life: Life Assist” | “Aditya Birla Capital” |
What to Choose: Bajaj Allianz Life Insurance or Aditya Birla Sun Life Insurance?
In terms of their competitive environment, Aditya Birla Sun Life Insurance and Bajaj Allianz Life Insurance are comparable to one another. They both offer coverage for the same target market, have a comparable customer base, and are among the top life insurance providers in India.
It’s crucial to conduct thorough research before making a choice. You can make an informed choice by doing your research, which will help you understand the benefits and drawbacks of both types of life insurance.
If you want higher claim settlement with a greater number of life insurance products, then considering Bajaj Allianz Life Insurance is an ideal choice. On the other hand, you can consider Aditya Birla Sun Life Insurance if you want seamless customer support and a quick claim settlement process.
For those looking to purchase life insurance, both are excellent choices. Both are good choices for various people because they provide a variety of coverage.
