SBI Life vs ICICI Prudential 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
iProtect Smart Plus
Premium starts ₹1,062/month
Max Coverage Upto
99 yrs
Claim Settlement Ratio
99.3%
Average Claim Trend
97.92%
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Compare SBI Life Insurance and ICICI Prudential Life Insurance to check how well each insurer performs in providing the best term insurance plans in India in 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 ICICI Prudential?

Both providers are approved by the Insurance Regulatory and Development Authority of India (IRDAI). Your selection depends on your coverage needs.

  • Choose SBI Life if you are looking for an extensive physical branch network accessibility, a higher claim settlement ratio, and traditional, secure, long-term savings.

  • Choose ICICI Prudential if you are looking for competitive lower premiums, high-performing ULIPs, a strong digital-first experience, and higher maximum coverage age (up to 99 years).

Both companies provide reliable term insurance plans that suit the needs of every customer. SBI Life is known for its strong market presence and trusted brand backing, while ICICI Life offers a wide range of innovative plans with flexible features.

SBI Life vs ICICI Prudential - Comparison Table

This table compares SBI Life Insurance and ICICI Prudential Life and highlights their main policy features:

Features SBI Life Insurance ICICI Prudential Life Insurance
Claim Settlement Ratio (FY 2024–25) ~98.83% 99.30%
Solvency Ratio ~2.1 2.15
Entry Age (Term Plans) 18 to 65 years 18 to 65 years
Maturity Age Up to 79 years Up to 99 years
Riders Available Accidental Death Benefit (AD Benefit)
Accidental Partial Permanent Disability Benefit
Accidental Death Rider, Critical Illness Plus Rider, Permanent & Partial Disability Rider, Income Benefit Rider, Waiver of Premium 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 explores the term 'insurance plans' from SBI Life and ICICI Prudential.

SBI Life Term Insurance Plans

  • SBI Life Saral Jeevan Bima: 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 Plus: Ideal for married individuals who want spouse cover and for those seeking a pure term plan with high life coverage and flexible payout options to keep the family safe.

  • SBI Life Smart Shield Premier: It is an upgraded term plan better suited for those with high net-worth, young professionals, and breadwinners who want full protection with a wide range of benefits and riders.

  • SBI Life eShield Insta: It suits young earners, salaried professionals, and people looking for high life cover.

ICICI Prudential Term Insurance Plans

  • ICICI Prudential iProtect Smart Plus: This term insurance plan is ideal for individuals who want multiple payout and premium payment options. There are also added benefit features along with optional rider choices.

  • ICICI Prudential iProtect Smart: This term insurance plan is ideal for pure life cover seekers, and it also offers the ability to enhance protection with the help of add-on benefits.

  • ICICI Prudential Saral Jeevan Bima: Designed for individuals looking for simple, affordable, and high coverage financial protection for their families.

Premium Comparison (Illustrative Example)

This table is made to show the difference between the premiums of these plans; the results are obtained through 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
ICICI Prudential iProtect Smart Plus ₹669

*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, or the CSR, is the percentage of claims an insurer clears in a financial year:

  • SBI Life has settled over 98.83% of the initiated claims, which shows a consistent performance.

  • ICICI Prudential has a claim settlement ratio of 99.30%, showing consistent and reliable performance.

Who Should Choose Which Insurance Company?

Here is how you can choose the insurer based on coverage needs and preferences:

Choose SBI Life if:

  • You prefer a trusted insurer with a strong market presence and a wide range of term and savings plans.

  • You want term insurance that can support protection needs across different life stages.

  • You are looking for a straightforward term plan with options such as return of premium.

  • You are looking for competitive premiums with the backing of a well-known banking group

Choose ICICI Prudential iProtect Smart Plus if:

  • You prefer longer coverage with maturity up to 99 years.

  • You want additional riders such as critical illness, disability, income benefit, or waiver of premium.

  • You prefer flexible features such as increasing cover or the option to receive payouts in instalments.

  • You are looking for a plan that allows customisation based on your protection and financial goals.

Final Recommendation

The insurance plans offered by SBI Life and ICICI Prudential are consistent and stable in terms of performance. SBI Life offers consistency across the plan and stability with a solid market presence. ICICI Prudential, on the other hand, offers flexibility and enhanced benefit programmes in its term insurance plans.

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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