Comparison of SBI Life with LIC of India

1. Fund management charges of SBI Life Company are very lesser then other companies
including government companies-LIC of India.
2. SBI Life Insurance has expanded its business in entire India by selling its life insurance
products through banqua channel, agency channel, corporate channel, and broker
channel.
This is the alone company that is getting maximum business from the villages due to its
well-renamed brand.
3. In banqua channel 15000 branches are providing SBI Life Products through its all-level
customers. Under the details of few banks: -
a. State Bank of India
b. State Bank of Bikaner & Jaipur
c. State Bank of Patiala
d. State Bank of Travancore
e. State Bank of Jammu & Kashmir
f. State Bank of Saurashtra
g. State Bank of Maysore
4. In nut and shell, as far as Renewal Premium questions arises this is very typical for a
common & general man to deposit premium on time without the help of an adviser; but
SBI Life customer can easily deposits his renewal premium in Bank because he is use
to SBI Bank.
5. As far as ULIP Products are being concerned all company’s ULIP Product has given
loss to its investors.
The recent example of LIC is their investments in Satyam
Computers. They had invested maximum customer’s money in Satyam.
6. Maximum administrative cost, fund management charges and premium allocation
charges has also reduced money of investors of all insurance companies other then SBI
Life.
SBI Life Insurance Company’s fund managers are very smarter as
they are related to SBI-LIFE MUTUAL FUND.
7. Money Back products are available in 10-year term, 15-year term, 20-year term, and 25-
year term.
SBI Life is giving quarter return of (10, 15, 20, and 25) % of sum assured in this plan,
which non-other company in India is giving.
8. SBI Life Horizon is a product with a auto piloting facility with dynamic fund and growth
fund and having double benefit for its customers i.e. Sum assured plus fund value will
be paid in case of death, which non other company is giving to its customers. This
product is specially planned for middle class people.
9. In case of ULIP Plan related to children Unit Plan child plan is providing triple benefit to
its customers.
10. In case of customer’s unfortunate demise, the benefits are: -
a. SBI Life pays the sum assured in lump sum.
b. SBI Life continues to pay regular premium on its customer’s behalf.
c. Fund value is payable at maturity.
d. Loyalty units by way of free allocation of units.
e. After paying three regular premiums continuously for three years- any customer
can surrender its policy and get the fund value after deducting 1% of surrender
charger.