SBI Life vs HDFC Life Insurance

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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Click 2 Protect Supreme

Premium starts ₹0/month

Max Coverage Upto

0 yrs

Claim Settlement Ratio

99.7%

Average Claim Trend

99.53%

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₹1 Crore Life cover starting from ⁺

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Comparison between Plans

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Compare SBI Life Insurance and HDFC Insurance to check how both of the insurers perform in providing the best term insurance plan in India 2026. This comparison is made by considering factors such as claim settlement ratios, solvency ratios, premium rates, and personal insurance needs.

Which is Better - SBI Life or HDFC Life?

Both of the providers are approved by the Insurance Regulatory and Development Authority of India (IRDAI). The selection, however, depends on coverage needs and personal preferences of the insured individual.

Choose SBI Life if you are looking for features such as the Better Half Benefit, highly cost-effective term plans, reliable, traditional savings-cum-insurance products with high CSR.
Choose HDFC Life if you want plans that provide Life Stage Protection, allowing the sum assured to increase automatically after major life events such as marriage or childbirth.

Both insurers are ideal for the customer’s needs. SBI Life is focused on stability and simple structures, and HDFC is focused on multiple plan types with customisation availability. Final selection should depend on your personal protection goals.

SBI Life vs HDFC Life - Comparison Table

This table is to compare the SBI Life Insurance and HDFC Life Insurance’s main policy features and eligibility:

Features	SBI Life Insurance	HDFC Life Insurance
Claim Settlement Ratio (FY 2024–25)	~98.83%	99.68%
Solvency Ratio	~2.1	1.87
Entry Age (Term Plans)	18 – 65 years	18 – 65 years
Maturity Age	Whole Life: 100 years Other than Whole Year: 79 years	Up to 99 years
Riders Available	Accidental Death Benefit (AD Benefit) Accidental Partial Permanent Disability Benefit	Accidental Death Benefit Rider, Accidental Total & Permanent Disability Rider, Critical Illness Rider, Livwell Rider, Waiver of Premium Rider, Income Benefit on Accident Disability Rider, Protect Plus Rider,
Premium Payment Options	Yearly/Half-Yearly/Quarterly/Monthly	Yearly/Half-Yearly/Quarterly/Monthly
Online Purchase	Yes	Yes

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

Term Insurance Plans Offered

This section goes into details of other offerings of the SBI Life and HDFC Life Insurance:

SBI Life Term Insurance Plans

SBI Life Saral Jeevan Bima: Targeted at budget-conscious individuals and low-income groups of people.
SBI Life Smart Shield Premier: Ideal for young professionals who want protection with a wide range of benefits and riders.
SBI Life eShield Insta: Suits for someone who wants a better online interface for their policy.
SBI Life Smart Shield Plus: Designed for those who are seeking a pure term plan with flexible cover features.

HDFC Life Term Insurance Plans

HDFC Life Click 2 Protect Supreme: Ideal for long-term planners who need flexible payouts and benefit customisation aligned with financial goals.
HDFC Life Click 2 Protect Supreme Plus: Ideal for individuals seeking a comprehensive, flexible, and family-focused term plan, mainly married women, young parents and those with home loans or dependents.
HDFC Life Click 2 Protect Super: Best for individuals wanting a high-value, customisable and affordable term plan.
HDFC Life Click 2 Protect Life: Designed for those seeking a comprehensive, customisable, and affordable term plan with high sum assured options.
HDFC Life Sanchay Legacy: Suitable for individuals preferring guaranteed income and steady financial planning.
HDFC Life Click 2 Protect Elite Plus: Ideal for individuals aged 18-45 years with an annual income over ₹10 lakh.
HDFC Life Click 2 Protect Ultimate: Suitable for individuals looking for high-value, comprehensive, and highly flexible term insurance with robust terminal illness benefits.

Premium Comparison (Illustrative Example)

The table below is made to show how an individual can check the premiums for both insurers using a sample profile:

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

Insurer	Approx. Monthly Premium
SBI Life Smart Shield Premier	₹755
HDFC Life C2P Supreme	₹768

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

Information sourced from Policybazaar’s website

Claim Settlement Analysis

Claim settlement ratio, or the CSR, is the percentage of claims an insurance company has settled during a financial year.

SBI has a claim settlement ratio of 98.83%, which shows stable and consistent performance.
HDFC has a claim settlement ratio of 99.68%, which also shows consistent and stable performance.

Who Should Choose Which Insurance Company?

The following general factors may help determine which insurer best matches varying coverage preferences:

Choose SBI Life if:

You want plans like SBI Life eShield Next with options such as level or increasing cover.
You prefer features like the Better Half Benefit and flexible payout options.
You prefer plans that include an automatic terminal illness benefit, where the insurer pays a portion of the sum assured upon diagnosis of a terminal illness.

Choose HDFC Life if:

You want flexible plans like HDFC Life Click 2 Protect with multiple coverage options.
You want an easy online purchase and digital policy management.
You are looking for options like increasing cover or return of premium.

Final Recommendation

SBI Life and HDFC Life are established insurers in the Indian market. SBI Life focuses on consistency and stability of the features, while HDFC focuses on variety and customisation for its customers. It is important to compare the premiums, payout options, and riders before purchasing.

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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