PNB MetLife vs SBI Life

DigiProtect Term Plan

Premium starts ₹927/month

Max Coverage Upto

85 yrs

Claim Settlement Ratio

99.8%

Average Claim Trend

99.53%

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Smart Shield Plus

Premium starts ₹1,201/month

Max Coverage Upto

79 yrs

Claim Settlement Ratio

98.3%

Average Claim Trend

98.20%

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PNB MetLife vs SBI Life

DigiProtect Term Plan

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SBI Life-Smart Shield Plus

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Compare PNB MetLife Insurance and SBI Life Insurance to understand each insurer and how they offer the best term insurance in India in 2026. This comparison includes factors like claim settlement ratios, solvency ratios, premium rates, and personal insurance needs.

Which is Better - PNB MetLife or SBI Life?

Both insurers are regulated by the Insurance Regulatory and Development Authority of India (IRDAI). The selection between two depends on your coverage and protection needs.

Choose PNB MetLife Insurance: If you want term insurance plans that allow premium break options, enabling temporary pauses in premium payments while keeping the policy active under defined conditions.
Choose SBI Life: If you prefer term insurance plans offering cover structures where the sum assured can increase gradually over the policy duration.

Both PNB MetLife and SBI Life provide trusted term insurance options that meet every investor's requirements. The best choice will depend on your coverage needs, premium affordability, rider options, and most importantly, individual financial needs.

PNB MetLife vs SBI Life - Comparison Table

Here is a clear and detailed comparison between the policies and features of both insurers. The table below covers different aspects of PNB MetLife and SBI Life Insurance based on various important terms and conditions of the policies:

Features	PNB Met Life Insurance	SBI Life Insurance
Claim Settlement Ratio (FY 2024–25)	99.57%	98.83%
Solvency Ratio	~1.71	~2.1
Entry Age (Term Plans)	18 – 65 years	18 – 65 years
Maturity Age	Up to 99 years	Up to 100 years
Riders Available	Accidental Death Benefit Rider Accidental Disability Benefit Rider Critical Illness Rider	Accidental Death Benefit (AD Benefit) Accidental Partial Permanent Disability Benefit Better half benefit
Premium Payment Options	Yearly / Half Yearly / Monthly / Quarterly	Yearly / Half Yearly / Monthly / Quarterly
Online Purchase	Yes	Yes

Note: Information based on publicly available insurer disclosures and IRDAI reports.

Term Insurance Plans Offered

The term insurance plans of PNB MetLife and SBI Life Insurance are as follows:

PNB Met Life Insurance Plans

PNB MetLife Mera Term Plan Plus: Suited for policyholders who want coverage enhancement options through the Step-Up feature during life events such as marriage or childbirth.
PNB MetLife DigiProtect: Ideal for buyers who prefer premium break functionality that allows temporary suspension of premium payments under specific policy conditions.
PNB MetLife Saral Jeevan Bima: Suitable for anyone who wants an affordable, basic term plan with less underwriting, especially first-time purchasers.
PNB MetLife Aajeevan Suraksha Plan: Suited for individuals who want whole-life style protection structures that can continue coverage for an extended policy duration.

SBI Life Insurance Plans

SBI Life Saral Jeevan Bima: Suited for anyone who wants a simple, basic protection coverage with conventional terms and easy-to-understand underwriting conditions.
SBI Life Smart Shield Premier: Ideal for policyholders who want multiple coverage structures, such as level cover or increasing cover within the same plan.
SBI Life eShield Insta: Ideal for buyers who want a fully digital policy purchase with simplified documentation and quick online processing.
SBI Life Smart Shield Plus: Designed for individuals who want a protection-focused term plan that allows the addition of accidental and disability riders.

Premium Comparison (Illustrative Example)

Using the current online term insurance premium calculators, the following comparison provides an approximate idea of the monthly premiums for the following example customer profile:

Age: 23 years
Gender: Male
Smoker: No
Occupation: Salaried
Sum Assured: ₹1 Crore
Annual income: ₹8 lakh to ₹10 lakh
Policy Term: 60 years

Insurer	Approx. Monthly Premium
PNB MetLife Digi Protect term plan	₹594
SBI Life	₹755

*The real premium varies according to age, health status, policy duration, and chosen riders.

Information sourced from Policybazaar’s website

Claim Settlement Analysis

The Claim Settlement Ratio indicates the percentage of claims settled by an insurance company within a financial year.

PNB MetLife has been maintaining a steady CSR of 99.57% in recent years. The company has leveraged its banking tie-up to ensure good service and integrity.
SBI Life has demonstrated stable performance in claim settlement with a CSR of 98.25. This shows improved efficiency and prompt claim settlement.

Who Should Choose Which Insurer?

You now know the features and offerings under each of the policies. But making your choice might be a hassle. Use this quick list of criteria to choose the best insurance company for you:

Choose PNB MetLife if:

You want a lifelong protection plan with whole life coverage till 99 years of age
You prefer the return of premium (ROP) option, in which premiums are refunded upon survival
You want spouse coverage in the same policy, reducing the need for separate plans
You are looking for child education benefit add-ons for your future goals
You want multiple payout options to better plan your finances

Choose SBI Life if:

You prefer an insurer with a strong bancassurance network via SBI branches, making servicing easier
You want the insurance company to be stable, have high premium collection, and a strong financial scale
You are looking for a higher solvency ratio reflecting better financial strength
You prefer a wider branch presence (900+ branches) for offline support
You want access to a wide variety of plans (term, ULIP, pension, child plans) under one insurer

Final Recommendation

PNB MetLife and SBI Life Insurance are both good options for term insurance in India, and they will suit various customers. PNB MetLife has bank-supported term plans with flexible options such as a whole-life cover and life-stage benefits, whereas SBI Life is a reliable insurer that has simple, digital, and return-of-premium term plans. Comparison of the premiums, terms, and riders requirements will assist you in making an informed decision.

Explore the popular searches and stay informed

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 410/month (Rs.14/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age rounded off to nearest 10

+Rs. 245 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 504/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 494/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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