LIC vs Ageas Federal
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LIC Life vs Ageas Federal Life Insurance 2024

LIC and Ageas Federal both are one of the top life insurance providers in India. Both the companies offer comprehensive life insurance plans offering life cover from 10 to 99 years of age. The product portfolio of both of them is vast and caters to unique needs of the customers. The claim settlement ratio of LIC is 98.74% whereas Ageas Federal has 97.03% CSR for the FY 2022-23. The companies provide benefits such as high sum assured, flexible premiums, customizable coverage, rider benefits, options for premium payment terms, maturity benefits, online discounts, non-smoker discounts and various plan options to choose from.

PLAN DETAILS Edit LIC

LIC

Edit ageas-federal-life

Ageas Federal

Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-65 years 18-65 years
Policy Term 5 to 40 years 5-40 years
maturity Age (Min-Max) 21 to 70 years 10-75 years
Claim settlement ratio (CSR) 98.74% 97.03%
Asset under managment (AUM) 509000 Crores 12011 Crores
Solvency ratio 1.8 3.1
Policy Type
  • Term insurance
  • Whole life policy
  • Endowment Plan
  • ULIP
  • Money-back Plan
  • Pension Plan
  • Micro Insurance Plan
  • Withdrawn Plan
  • Group Insurance Plan
  • Term insurance
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 5 Lakh
  • Minimum- 2 Lakh
  • Maximum- 50 Lakh
Optional Additional Riders
  • Critical illness rider
  • Waiver of premium rider
  • Accidental death benefit rider
  • Accidental disability benefit rider
  • Income benefit rider
  • Critical illness rider
  • Waiver of premium rider
  • Accidental death benefit rider
  • Accidental disability benefit rider
  • Income benefit rider
Number of term plans 4 4
Exclusions Suicide or self inflicted Injury Suicide or self inflicted Injury
Death Benefit Yes Yes
Survival Benefit Yes Yes
Claims procedure Both (Online+offline) Both (Online+offline)
Type of the insurer Government Private
Online buying facility for life plans Yes Yes
Premium payment options Monthly/Quarterly/Half Yearly/Annually Single/limited/Regular
Online claim facility Yes Yes

Life Insurance Companies

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Ageas Federal Term Insurance Plans

IDBI Federal Life Income Protect Plan

The plan comes with a lump sum benefit on the demise of the policyholder and increasing monthly income benefit.

Unique Features

  • Monthly Income Benefit
  • 2 Types of Death Benefit
  • Choose Premium Payment Term

Income Protect Plan (Pros)

  • Secured Income For 10 Years
  • Life Cover For 20 Years
  • No Limit on Max Monthly Income

Income Protect Plan (Cons)

  • Fixed Policy Payment Option
  • No Survival Benefit
  • No HIV/AIDS Cover

Income Protect Plan (Other Benefits)

  • 15 Days Free Look Period
  • Suicide Cover After 1 Yr
  • Total and Permanent Disablement Benefit

Income Protect Plan (Eligibility Criteria)

  • Entry Age -25 Years
  • Max Entry Age- 60 Years
  • Min Sum Assured - 15 K per month
  • Max Maturity Age - 70 Yrs
  • Premium Payment Term - Fixed 10 Years

IDBI Federal Life My Life Protection Plan

An affordable pure protection plan that has 3 plan options to provide comprehensive coverage and offers discounts to female and marathon runners.

Unique Features

  • 3 life cover options
  • Accidental Death Benefit
  • Discounts for marathon runners

My Life Protection Plan (Pros)

  • 105% Death Benefit
  • Discount For Non-Tobacco Users
  • Coverage Booster Option Upto 150%

My Life Protection Plan (Cons)

  • No Maturity Benefit
  • No Loans Allowed
  • No Surrender Benefit For RP

My Life Protection Plan (Other Benefits)

  • Suicide Cover
  • Plan Available Online
  • Discounts for Females & Marathon Runners

My Life Protection Plan (Eligibility Criteria)

  • Entry Age -21 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - RP/SP/LP(7&10 Years)

IDBI Federal Life Protection Plan

An economical term insurance plan with a maturity benefit, high sum assured, and flexible premium payment options.

Unique Features

  • Multiple cover options
  • Flexible policy term
  • ROP on Maturity Option

Life Protection Plan (Pros)

  • Highly Customizable Plan
  • Suicide Cover After 12 Months
  • Flexibility in Premium Payment Options

Life Protection Plan (Cons)

  • No Loans Allowed
  • No Accidental Death Benefit
  • No Policy Loan Allowed

Life Protection Plan (Other Benefits)

  • Premium Discount For Females
  • High Sum Assured Discount
  • Surrender Benefit

Life Protection Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 5L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term -SP & RP

IDBI Federal Life Saral Jeevan Bima

An ideal comprehensive life insurance protection plan with life cover to provide financial security to your family, flexible premium payment, and tax benefits.

Unique Features

  • Avail death benefit
  • Flexible premium payment
  • Discounts for females

Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Max Sum Assured 50L
  • Choose To pay Premium Once

Saral Jeevan Bima (Cons)

  • No Maturity Benefit
  • No Survival Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Suicide Cover
  • Spouse Cover
  • Policy Revival Within 5 Years

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP (5&10 Yrs)

Life Insurance Articles

Life Insurance FAQs

Life Insurance FAQsSeptember, 2021

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.