In a life insurance policy ,age 40 years. LICI premium around Rs.28000/ and SBI life premium around Rs.21000/.?

LIC Policies cost more that all other companies but they are better as their claim settle ratio is 97%. You can be sure that your claim when it arises will be settled. With SBI the claim settlement ratio is 83%. This means 17 claims out of 100 will be rejected by SBI and you could be one of them. While with LIC only 1 in three will be rejected. Thus your chance of claim rejection is 5 times with SBI.