HDFC Life vs SBI Life
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HDFC Life vs SBI Life Insurance 2024

HDFC Life and SBI Life both are one of the top life insurance providers in India. Both the companies offer comprehensive life insurance plans offering life cover from 10 to 99 years of age. The product portfolio of both of them is vast and caters to unique needs of the customers. The claim settlement ratio of HDFC Life is 99.39% whereas SBI Life has 97% CSR for the FY 2022-23. The companies provide benefits such as high sum assured, flexible premiums, customizable coverage, rider benefits, options for premium payment terms, maturity benefits, online discounts, non-smoker discounts and various plan options to choose from.

PLAN DETAILS Edit HDFC Life

HDFC Life

 Edit sbi-life

SBI Life
Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-65 years 18-65 years
Policy Term 5 to 100 years 5 to 80 years
maturity Age (Min-Max) 23 to 60 years 23 to 75 years
Claim settlement ratio (CSR) 99.39% 97%
Asset under managment (AUM) 250000 Crores 307300 Crores
Solvency ratio 1.9 2.1
Policy Type
  • Term insurance
  • Whole life policy
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
  • Term insurance
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 5 Lakh
  • Maximum- No Limit
  • Minimum- 10 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Critical illness rider
  • Accelerated death benefit rider
  • Accident disability rider
  • Critical illness rider
  • Accidental disability rider
  • Income rider
  • Waiver of premium rider
  • Critical illness rider
  • Accelerated death benefit rider
  • Accident disability rider
  • Critical illness rider
  • Accidental disability rider
  • Income rider
  • Waiver of premium rider
Number of term plans 13 6
Exclusions Suicide or self inflicted Injury Suicide or self inflicted Injury
Death Benefit Yes Yes
Survival Benefit Yes Yes
Claims procedure Both (Online+offline) Both (Online+offline)
Type of the insurer Private Private
Online buying facility for life plans Yes Yes
Premium payment options Single/limited/Regular Single/limited/Regular
Online claim facility Yes Yes

Life Insurance Companies

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HDFC Top Term Insurance Plans

HDFC Life Click 2 Protect Life

A plan offering spouse benefits, premium waivers, premium refunds, and death benefits. It is a flexible protection plan that adapts to your changing needs.

Unique Features

  • Return of Premium
  • Offers coverage for whole life
  • Regular monthly income

HDFC Life Click 2 Protect Life (Pros)

  • Auto Balances Death Cover
  • Auto Balances Critical Illness cover
  • Reduce Premium Payment Term

HDFC Life Click 2 Protect Life (Cons)

  • No Suicide Cover
  • No War Injury Cover
  • No Adventure Sports Cover

HDFC Life Click 2 Protect Life (Other Benefits)

  • Life & CI Rebalance
  • Maturity Benefit
  • Waiver Of Premium

HDFC Life Click 2 Protect Life (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 20 L
  • Maximum Maturity Age - 75 years
  • Premium Payment Term - SP/RP/LP

HDFC Life Saral Jeevan Bima

HDFC Life Saral Jeevan Bima, a term insurance plan providing flexible premium payment terms and additional rider options to customize your plan.

Unique Features

  • Lump Sum Variant
  • Income Variant
  • Guaranteed Surrender Value

HDFC Life Saral Jeevan Bima (Pros)

  • Discount on Higher Premiums
  • Policy Loan Available
  • No Interest on ROP Minors

HDFC Life Saral Jeevan Bima (Cons)

  • No Alterations Allowed
  • No Death Benefit on Income Payout
  • Advance premiums for monthly payment mode

HDFC Life Saral Jeevan Bima (Other Benefits)

  • 3 Rider Options Available
  • Premium Payment Flexibility
  • Tax Benefits on Premiums and Maturity

HDFC Life Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 30 Days
  • Max Entry Age - 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP

HDFC Life Click 2 Protect Super

A term plan that offers all-around protection to the policyholder as it protects against 36 critical illnesses, accidental death benefits, etc.

Unique Features

  • Life Stage Option
  • Multiple Coverage Options
  • Increasing Death Benefit

HDFC Life Click 2 Protect Super (Pros)

  • Terminal Illness Benefit
  • Smart Exit Benefit
  • Acceleration Death Benefit

HDFC Life Click 2 Protect Super (Cons)

  • 1 Year WP for Suicide
  • No Policy Loans
  • No Pre-existing Conditions

HDFC Life Click 2 Protect Super (Other Benefits)

  • Death Benefit in Instalments
  • RP, WOP & 3 Riders
  • Additional Cover for Spouse

HDFC Life Click 2 Protect Super (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age - 84 years
  • Minimum Sum Assured - INR 5,000
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP/LP

HDFC Life Term With Return Of Premium

This plan guarantees a return of total premiums paid upon policy survival and comes with a high sum assured.

Unique Features

  • High Sum Assured discount
  • Premium Discount for Females
  • No Medical Tests

HDFC Life Term With Return Of Premium (Pros)

  • Premium Payment Options
  • Absolute Amount Assured Paid
  • Tax Benefits on Premiums and Maturity Benefit

HDFC Life Term With Return Of Premium (Cons)

  • No Discount on Limited Pay
  • No Riders Available
  • No Policy Loan

HDFC Life Term With Return Of Premium (Other Benefits)

  • Guaranteed Surrender Value
  • Guaranteed Maturity Benefits
  • No Waiting Period on Accidental Death

HDFC Life Term With Return Of Premium (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 50 years
  • Minimum Sum Assured - 10 L
  • Maximum Maturity Age - 65 years
  • Premium Payment Term - LP/RP

HDFC Life Smart Term Pro

This plan provides a 100% return of premium upon maturity, offers life coverage up to 80 years, and allows premium payments over 5, 8, 10, or 12 years.

Unique Features

  • Riders Protection
  • Premium Discount for Females
  • Family Income Payout

HDFC Life Smart Term Pro (Pros)

  • Death Benefit
  • Maturity Benefit
  • Death Benefit Payout Options

HDFC Life Smart Term Pro (Cons)

  • Reduced Paid-up Benefits
  • Reduced Paid-up Death Benefit
  • No Adventure Sports Cover

HDFC Life Smart Term Pro (Other Benefits)

  • Guaranteed Surrender Value
  • 80% Premiums on Suicide
  • Guaranteed Sum Assured on Maturity

HDFC Life Smart Term Pro (Eligibility Criteria)

  • Entry Age - 30 Days
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 15 L
  • Maximum Maturity Age - 80 years
  • Premium Payment Term - 5/8/10/12 yrs

HDFC Life Smart Term Edge

This policy offers up to 150% return of premiums, comes in 3 variants and with critical illness and accident riders.

Unique Features

  • Life Cover till 75 yrs
  • Guaranteed Surrender Value
  • Return of Percentage of Premiums

HDFC Life Smart Term Edge (Pros)

  • 3 Premium Payment Modes
  • Option to Increase Death Benefit
  • 3 Premium Payment Modes

HDFC Life Smart Term Edge (Cons)

  • No Suicide Cover
  • No Policy Loans
  • No Pre-existing Conditions

HDFC Life Smart Term Edge (Other Benefits)

  • 3 Plan Options
  • 100% Death Cover
  • Tax Benefits on Premiums/Maturity/Riders

HDFC Life Smart Term Edge (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 5 Lakhs
  • Maximum Maturity Age- 75 years
  • Premium Payment Term - 12 to 30 Years

Quick Protect By HDFC Life

A comprehensive term insurance plan that offers protection against Death, Disease & Disability. 3 different plan options to choose from – 75 lacs, 1cr, 1.25cr.

Unique Features

  • Coverage for 19 Critical Illnesses.
  • 2x coverage for accidental death.
  • Quick Issuance with no medical.

Quick Protect By HDFC Life (Pros)

  • Monthly Income For 10 Years
  • Critical Illness Plus Rider
  • Income Benefit Rider

Quick Protect By HDFC Life (Cons)

  • No HIV Cover
  • No Policy Loans
  • No Pre-existing Conditions

Quick Protect By HDFC Life (Other Benefits)

  • Accidental Death Benefit
  • Maturity Benefit
  • Waiver Of Premium

Quick Protect By HDFC Life (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 50 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 years
  • Premium Payment Term - 5 to 40 Years

Sbi Term Insurance Plans

SBI Life Arogya Shield

SBI Life Arogya shield is a dual protection plan that covers health along with the life insurance cover. The plan comes with affordable premiums and offers discounts also.

Unique Features

  • 5% Discount on Premiums
  • OPD Coverage
  • Maternity Cover

SBI Life Arogya Shield (Pros)

  • Mental Illness Cover
  • Pre & Post Hospitalization
  • HIV/AIDS Cover

SBI Life Arogya Shield (Cons)

  • No Loans Allowed
  • No cover for suicide
  • No rider Benefits

SBI Life Arogya Shield (Other Benefits)

  • 141 Day Care Procedures
  • Tax Saving on 80D and 80C (Health & Life Premiums)
  • Multiple Sum Insured (1, 2 & 3L )

SBI Life Arogya Shield (Eligibility Criteria)

  • Entry Age - 90 Days (Health) 18 Years (Life)
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - 70 Years
  • Premium Payment Term - Regular Premium (Annually)

SBI Life e-Shield Next

A protection plan offering 3 plan options to choose from along with a Terminal Illness Benefit that allows you to enhance your protection with Riders.

Unique Features

  • Online Plan
  • Increasing Cover on Life Stages
  • 100 Years Life Cover

SBI Life e-Shield Next (Pros)

  • 2 Rider Options
  • Better Half Benefit Option
  • Guaranteed Surrender Value

SBI Life e-Shield Next (Cons)

  • No Loans Allowed
  • No Maturity Benefit
  • Suicide no covered

SBI Life e-Shield Next (Other Benefits)

  • Life Cover with Future Proofing Benefit
  • Death Benefit Options
  • Terminal Illness Cover on all Variants

SBI Life e-Shield Next (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 85 Years
  • Premium Payment Term - SP/RP/LP

SBI Life Saral Jeevan Bima

An Individual, Non-linked Pure Risk premium product, that offers complete protection to the family members.

Unique Features

  • Life Cover with Future Proofing Benefit
  • 100 % Death Benefit
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Spouse Cover
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Easy Claim Settlement Process
  • Avail Tax Benefits
  • Flexible-Premium Payment term

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured-5 L
  • Maximum Maturity Age- NA
  • Premium Payment Term-RP/SP/LP(5&10 Years)

SBI Life Sampoorn Cancer Suraksha

This plan provides extensive coverage from Minor Stage Cancer to Advanced Stage Cancer, offering up to 150% of the Sum Assured, while maintaining fixed premiums for 5 policy years.

Unique Features

  • Stage-wise Lumpsum Payout Benefit
  • Early Stage 30% SA
  • Major Stage 100% SA

Sampoorn Cancer Suraksha (Pros)

  • Sum Assured Reset Benefit
  • Medical Second Opinion Benefit
  • 50L Maximum Sum Assured

Sampoorn Cancer Suraksha (Cons)

  • No Loan Benefit
  • No Spread to Lymph Nodes Cover
  • No Maturity Benefit

Sampoorn Cancer Suraksha (Other Benefits)

  • No Medical Examination
  • Premium Waiver Benefit
  • Large Sum Assured Discount

Sampoorn Cancer Suraksha (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured-10 L
  • Maximum Maturity Age- 75 Years
  • Premium Payment Term - 5 to 30 Years

SBI Life Smart Shield

SBI Life Smart Shield is a pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance and offers additional riders for enhanced protection.

Unique Features

  • Coverage at an affordable cost.
  • Lower premiums for non-smokers.
  • Discount on larger sum assured.

SBI Life Smart Shield (Pros)

  • Two Plan Options
  • Accidental Total and Permanent Disability Benefit Rider
  • Accidental Death Benefit Rider

SBI Life Smart Shield (Cons)

  • Premium Loading
  • No Loan Benefit
  • No Survival Benefit

SBI Life Smart Shield (Other Benefits)

  • Covers Suicide
  • Death Benefit
  • Accelerated Critical Illness Benefit

SBI Life Smart Shield (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 80 Years
  • Premium Payment Term - 5 Yeras SP/RP

SBI Life Grameen Bima

A Life Insurance Pure Risk Premium Product. It provides a life cover with a one-time premium payment. It is an affordable plan with surrender benefits.

Unique Features

  • Death benefit available.
  • Surrender allowed after 1st year.
  • No medical examination required.

SBI Life Grameen Bima (Pros)

  • Easy Enrolment
  • Suicide Cover
  • Fast Processing

SBI Life Grameen Bima (Cons)

  • No Loans Allowed
  • No Maturity Benefit
  • No Rider Benefits

SBI Life Grameen Bima (Other Benefits)

  • Min Single Premium Amount Rs 300
  • Max Sum Assured 50K
  • Tax Benefits

SBI Life Grameen Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 50 years
  • Minimum Sum Assured - 10 K
  • Maximum Maturity Age - NA
  • Premium Payment Term - One-Time Payment at Inception

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.