SBI Life Insurance vs Bandhan Life Insurance

Smart Shield Plus
Premium starts ₹1,201/month
Max Coverage Upto
79 yrs
Claim Settlement Ratio
99.4%
Average Claim Trend
98.55%
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VS
iTerm Prime
Premium starts ₹992/month
Max Coverage Upto
85 yrs
Claim Settlement Ratio
99.7%
Average Claim Trend
99.37%
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Compare SBI Life Insurance and Bandhan Life Insurance to determine which insurer provides the most suitable term insurance plans in India in 2026. This would involve a comparison of their premiums, claim settlement ratio, riders, solvency ratio, and suitability.

Which is Better - SBI Life or Bandhan Life?

Both SBI Life Insurance and Bandhan Life Insurance operate under IRDAI and provide reliable term insurance plans in India. The suitable choice between the two would depend on the amount of cover flexibility you are seeking.

  • Choose SBI Life if you prefer a trusted brand with consistently high claim settlement ratios, multiple term plan variants, and strong financial stability backed by a government-linked institution.

  • Consider Bandhan Life if you want term plans that are easy to understand, have competitive premium rates, flexible sum assured options, return of premium options, and easy online policy management

SBI Life caters to customers who want a term insurance policy full of features, and especially from a trusted brand. In the same way, Bandhan Life offers a full-term plan with low-cost price and essential benefits and riders to people. Your choice should depend on your needs and the coverage you need.

SBI Life vs Bandhan Life Insurance - Comparison Table

Now, here’s a brief and accurate comparison between SBI Life and Bandhan Life Insurance based on their features, eligibility criteria, and policies. Check out this table!

Features SBI Life Insurance Bandhan Life Insurance
Claim Settlement Ratio (FY 2024–25) 98.83% 99.73%
Solvency Ratio ~2.1 ~2.52
Entry Age (Term Plans) 18 – 65 years 18 – 65 years
Maturity Age Up to 100 years Up to 85 years
Riders Available Accidental Death Benefit (AD Benefit)
Accidental Partial Permanent Disability Benefit
Accidental Death Benefit
Accidental Death & Dismemberment Rider
Critical Illness Rider
Premium Waiver
Terminal Illness Benefit
Premium Payment Options Yearly / Half Yearly / Quarterly /Monthly Yearly / Half Yearly / Quarterly /Monthly
Online Purchase Yes Yes

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

Term Insurance Plans Offered

The section below talks about the term insurance plans that SBI Life and Bandhan Life Insurance offer:

SBI Life Insurance Plans

  • SBI Life Saral Jeevan: Designed for budget-conscious individuals, first-time buyers, and low-income groups of people. It is a standard term plan that offers basic life insurance at a low cost.

  • SBI Life Smart Shield Premier: Designed for budget-conscious individuals, first-time buyers, and low-income groups of people. It is a standard term plan that offers basic life insurance at a low cost.

  • SBI Life eShield Insta: It suits technical professionals or someone who wants a better online interface for their policy. Young professionals or millennials can also buy this to level up their lifestyle.

  • SBI Life Smart Shield Plus: It is designed for those people who want a pure term plan with cover features that are flexible. You can select either a fixed or increasing sum assured and enhance protection by adding relevant rider benefits.

Bandhan Life Term Insurance Plans

  • Bandhan Life iTerm Prime: It is ideal for young professionals, self-employed individuals, or anyone seeking a quick online purchase experience, often without the need for a medical examination.

  • Bandhan Life Saral Jeevan Bima: It is ideal for individuals who are seeking a simple life insurance product with simple terms, conditions, etc., as offered in the standard IRDAI format.

  • Bandhan Life iTerm Comfort: Suitable for those who are looking to purchase a protection plan with specific and simple requirements meant to be fulfilled.

Premium Comparison (Illustrative Example)

With current online term insurance premium tools, the comparison shown below gives an estimated view of monthly premiums for the example profile outlined here:

  • Age: 23 years

  • Gender: Male

  • Smoker: Yes

  • Education: Graduate

  • Occupation Type: Salaried

  • Sum Assured: ₹1 Crore

  • Annual income: ₹8 lakh to ₹10 lakh

  • Policy Term: 60 years

Insurer Approx. Monthly Premium
SBI Life ₹755
Bandhan Life ₹658

*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 is the percentage of claims that an insurance company settles in a given year.

  • SBI Life has maintained a stable, consistent claim settlement rate of 98.83% over the years.

  • Bandhan Life remains the leader with an extremely high claim settlement ratio of 99.73% in FY 2024-25, via "Express Claims", under which clear verification is done digitally and genuine claims are passed.

Who Should Pick Which Insurance Company?

Here is a list of factors to consider when comparing SBI Life and Bandhan Life for term insurance:

Choose SBI Life if:

  • You want to be able to choose from several term plans that offer pure protection, increasing cover, and return of premium.

  • You need more riders to choose from and more ways to pay your premiums.

  • You trust an insurance company that has been in business for a long time and has a good track record of paying claims.

  • You like support at branches as well as online services.

Choose Bandhan Life if:

  • You are looking for the most affordable term insurance plan available.

  • You would like to have a completely online experience with no need to visit a branch office.

  • You are seeking a straightforward "buy and forget" policy arrangement.

Final Recommendation

SBI Life and Bhandhan Life both offer reliable term insurance. If you want an insurance company that is well-known in the market, offers a variety of term policies, and has return-of-premium options, SBI Life is a better choice. Whereas Bandhan Life would be a good option for people who want basic life insurance benefits that are easy to understand and come with an affordable price.

exclusive-benefit

˜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

Rs. 400/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. 400/month (Rs.13/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.

+Rs. 230 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. 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. 12/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. 497/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. 487/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. 626/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. 905/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. ₹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

+Rs. 1,267/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.

*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. 447/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.679/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. 910/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. 1,924month 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.

Women

+Rs. 400/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, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

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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˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.


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