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Which Is Better? LIC or ICICI Prudential Life Insurance

Updated On Oct 04, 2023

Time is such that an unfortunate can knock on your door at any point in life and burn a deep hole in your savings. To be prepared against such situations, it is best to invest in insurance plans like life insurance that protects your finances even if an unexpected situation takes place. Now, with so many life insurance companies offering such plans, it becomes difficult to decide which company to choose. So, let’s discuss which is better, LIC life insurance or ICICI Prudential life insurance.

What is Life Insurance?

Which Is Better? LIC or ICICI Prudential Life Insurance

Life insurance is a type of insurance plan that is basically a contract between the policyholder and the insurance company wherein the latter agrees to provide financial assistance in case the former meets an unfortunate demise. There are two types of life insurance plans, term insurance and investment. 

ICICI Life Insurance

ICICI Prudential Life Insurance is a joint venture between Prudential Corporation Holdings Limited and ICICI Bank Limited. It offers a variety of life insurance plans so that policyholders can buy a plan that best suits their needs. Some of the benefits of buying a life insurance plan with ICICI Prudential are as follows:

  • ICICI Life insurance plan comes with tax benefits. As per section 80C of the Income Tax Act of 1961, you can claim tax benefits of up to Rs. 1.5 lakhs.
  • Some of the best life insurance plans offered by ICICI Life are ICICI Pru iProtect Smart Term Plan, ICICI Prudential SARAL JEEVAN BIMA Plan, ICICI Prudential Life Raksha Plan, ICICI Prudential POS Life Raksha Plan, ICICI Prudential Loan Protect Plus Plan, and many more ICICI prudential term insurance plans. With so many life insurance available, you can easily buy a plan based on your requirements and budget.
  • You can also include riders to the ICICI life insurance plan to further enhance the plan benefits. The different riders that you can include in your ICICI life insurance waiver of premium rider, critical illness rider, accidental death rider, and more. These riders are however available at additional premiums. 
  • ICICI Prudential has a 24*7 service to cater to all customer queries in a matter of a few minutes. 
  • ICICI Prudential also has life insurance plans that provide complete coverage till the age of 99 years. 

LIC Life Insurance

LIC is one of the oldest life insurance companies in India that provides a variety of life insurance plans. Offering one of the best customer services, LIC is often the preferred name when it comes to buying life insurance plans. Some of the types of life insurance that you can buy with LIC are ULIPs, endowment, term insurance, and more. Scroll through the section to know why you should buy life insurance with LIC:

  • LIC offers a bunch of life insurance plans such as LIC tech term plan, LIC Jeevan Umang, LIC Saral Jeevan Bima, LIC Bima Jyoti, and more. The features of this plan vary, so based on your life insurance coverage buy the right life insurance plan with LIC.
  • LIC life insurance plans are available at very affordable premiums.
  • You can customise your LIC life insurance plan by including different add-ons to it.

LIC Life Insurance vs ICICI Prudential Life Insurance

Listed below are some of the differences between LIC life insurance and ICICI Prudential life insurance:


LIC Life Insurance

ICICI Prudential Life Insurance

Claim Settlement Ratio



Solvency Ratio



Number of Branches




  • Critical Illness Plus Rider
  • Accidental Death Benefit Rider
  • Accidental Permanent Disability Benefit Rider
  • Term Benefit Rider
  • Accidental Death Benefit Rider
  • Accidental Death and Disability Benefit Rider
  • Critical Illness Benefit Rider
  • New Term Assurance Rider

Take Away

Thus, now that you know the difference between LIC and ICICI Prudential life insurance plans, you can select either of the two. You can also contact us at InsuranceDekho to know more about life insurance plans.

Also read: Life Insurance Plans for Senior Citizens


This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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