SBI Life vs Exide Life
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SBI Life vs Exide Life Insurance 2024

SBI Life and Exide 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 SBI Life is 97% whereas Exide Life has 99.09% 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 SBI Life

SBI Life

 Edit exide-life

Exide Life
Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-65 years 18-65 years
Policy Term 5 to 80 years 10 - 20 years
maturity Age (Min-Max) 23 to 75 years 5-70 years
Claim settlement ratio (CSR) 97% 99.09%
Asset under managment (AUM) 307300 Crores 1800 Crores
Solvency ratio 2.1 2.1
Policy Type
  • Term insurance
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
  • Term insurance
  • Endowment policy
  • ULIP
  • Annuity plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 10 Lakh
  • Maximum- No Limit
  • Minimum- 5 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Life term rider
  • Critical illness rider
  • Accidental death and disability rider
  • Life term rider
  • Critical illness rider
  • Accidental death and disability rider
Number of term plans 6 4
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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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

Exide Life Term Insurance Plans

Exide Saral Jeevan Bima

Saral Jeevan Bima is a standard term insurance plan that provides complete protection to your family's dreams that too at affordable rates.

Unique Features

  • Coverage up to 40 years
  • Affordable premiums
  • Flexibility in PPT

Saral Jeevan Bima (Pros)

  • Available for Online Buying
  • Choose to pay Premium Once
  • Max Sum Assured 50L

Saral Jeevan Bima (Cons)

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

Saral Jeevan Bima (Other Benefits)

  • Suicide Cover
  • Spouse Cover
  • Policy Revival Within 5 Years

Saral Jeevan Bima (Eligibility Criteria)

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

Exide Term with Return of Premium

It is a pure-term insurance plan that offers comprehensive coverage at an affordable price with ROP benefit.

Unique Features

  • No Medical Test
  • 100% ROP
  • Flexible PPT

Term with Return of Premium (Pros)

  • Maximum SA: 25 Lakh
  • Maximum Maturity Age: 99 Years
  • Discount For Females

Term with Return of Premium (Cons)

  • No Rider Benefit
  • No Policy Loan Allowed
  • Pre-existing diseases Not Covered

Term with Return of Premium (Other Benefits)

  • Tax Benefit
  • Suicide Plan
  • Large Sum Assured Discount

Term with Return of Premium (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 50 Years
  • Minimum Sum Assured - 10L
  • Maximum Maturity Age - 99 Years
  • Premium Payment Term - RP/SP/LP

Exide Term Rider

By paying an additional premium, Exide Life Term Rider can be added to the Exide Term Insurance plans and will provide enhanced coverage.

Unique Features

  • Tax Benefits
  • Affordable premiums
  • Avail up to twice life cover

Term Rider (Pros)

  • 3 Pay Out Benefits
  • Discount For Females
  • Flexible-Premium Paying Term

Term Rider (Cons)

  • 1 Yr Waiting Period For Suicide
  • No HIV Cover
  • No Discount For Females

Term Rider (Other Benefits)

  • 2 Optional Rider
  • Rebate On High Sum Assured
  • Standard premium rates for non-smokers

Term Rider (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 50L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - 5/8/10/12 Yrs

Exide Sampoorna Jeevan Plan

A plan that offers a 105 % sum assured as a death benefit, and comes with life insurance coverage for up to 75 or 100 years.

Unique Features

  • 5 Policy Bonus Option
  • Survival Benefit
  • Flexible Income Payouts

Sampoorna Jeevan Plan (Pros)

  • Guaranteed Income Benefit
  • Loan Benefit
  • Reduced Paid-Up Benefit

Sampoorna Jeevan Plan (Cons)

  • No Rider Benefit
  • Pre-Existing Diseases Not Covered
  • 1 Yr Waiting Period For Suicide

Sampoorna Jeevan Plan (Other Benefits)

  • Maturity Benefit
  • Surrender Benefit
  • Suicide Plan

Sampoorna Jeevan Plan (Eligibility Criteria)

  • Entry Age -12 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 10L
  • Maximum Maturity Age - 100 Years
  • Premium Payment Term - LP

Exide New Fulfilling Life Insurance

A plan that offers life cover up to 85 years of age, and death benefits and promises safe returns with reduced paid-up benefits.

Unique Features

  • Loan Benefit
  • Periodic Survival Benefits
  • Discount For Females

New Fulfilling Life Insurance (Pros)

  • Surrender Benefit
  • Maturity Benefit
  • Simple Reversionary & Terminal Bonus

New Fulfilling Life Insurance (Cons)

  • No Alterations Allowed
  • Pre-Existing Diseases Not Covered
  • 1 Yr Waiting Period For Suicide

New Fulfilling Life Insurance (Other Benefits)

  • Double Sum Assured Benefit
  • 2 Rider Options
  • Discount For High Premiums

New Fulfilling Life Insurance (Eligibility Criteria)

  • Entry Age -15 Years
  • Max Entry Age- 50 Years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - 85 Years
  • Premium Payment Term - 12, 16, 20 or 24 Yrs

Exide Smart Term Insurance Plan

A plan that offers three plan variants to suit the desired protection provides a return of total premiums paid on completion of the policy term.

Unique Features

  • Critical Illness and Accident Riders
  • Life covers up to 85 years
  • Reduced Paid-up Benefits

Smart Term Insurance Plan (Pros)

  • Surrender Benefit
  • Maturity Benefit
  • Flexible-Premium paying options

Smart Term Insurance Plan (Cons)

  • No Alterations Are Allowed
  • No Large SA Discount
  • No Policy Loan Allowed

Smart Term Insurance Plan (Other Benefits)

  • Suicide Cover
  • 2 Rider Options
  • Tax Benefit

Smart Term Insurance Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 5L
  • Maximum Maturity Age - 75 Years
  • Premium Payment Term - LP/SP/RP

Exide Smart Term Plus Insurance

A comprehensive plan that offers accidental disability and dismemberment and critical illness rider, a 105% death benefit & family income payout for 5 or 10 years.

Unique Features

  • Guaranteed RoP on maturity
  • Life cover
  • 3 Payout Options

Smart Term Plus Insurance (Pros)

  • Reduced Paid Up Benefit
  • Flexible Payout Options
  • 3 Rider Options

Smart Term Plus Insurance (Cons)

  • 1 Yr Waiting Period For Suicide
  • No HIV Cover
  • No Pre-Existing Cover

Smart Term Plus Insurance (Other Benefits)

  • Surrender Benefit
  • Maturity Benefit
  • Suicide Cover

Smart Term Plus Insurance (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 15L
  • Maximum Maturity Age - 80 Years
  • Premium Payment Term - 5, 8, 10 or 12Yrs

Exide Elite Term Plan Insurance

A comprehensive plan that offers accidental disability and dismemberment cover, 105% death benefit and a family payout option.

Unique Features

  • Discount of 4.17% on Premium
  • No Max Sum Assured
  • 3 Payout Options

Elite Term Plan Insurance (Pros)

  • Affordable Premiums
  • Flexible Payout Options
  • 3 Rider Options

Elite Term Plan Insurance (Cons)

  • 1 Yr Waiting Period For Suicide
  • No HIV Cover
  • No Pre-Existing Cover

Elite Term Plan Insurance (Other Benefits)

  • Term Extension by 5 or 10 Years
  • Exclusive SA Band of 50 L - 99.99 L
  • Discounts For Online Sales

Elite Term Plan Insurance (Eligibility Criteria)

  • Entry Age: 21 Yrs
  • Max Entry Age: 60 Yrs
  • Min Sum Assured: 50 L
  • Max Maturity Age: 80 Yrs
  • Premium Payment Term: 10 Yrs

Exide Mera Aashirvad Insurance

A plan that offers corpus for the child’s future, discount for high premiums accidental death disability and dismemberment rider benefit.

Unique Features

  • 105% of SA Death Benefit
  • Waiver of Premiums
  • Maturity Benefit

Mera Aashirvad Insurance (Pros)

  • Surrender Benefit
  • Exide Life Term Rider
  • Limited Pay Option

Mera Aashirvad Insurance (Cons)

  • 1 Yr Waiting Period For Suicide
  • No HIV Cover
  • No Discount For Females

Mera Aashirvad Insurance (Other Benefits)

  • Exide Life Critical Illness Rider
  • Loan Benefit
  • Exide Life Critical Illness Rider

Mera Aashirvad Insurance (Eligibility Criteria)

  • Entry Age: 18 Years
  • Max Entry Age: 45 Years
  • Min Sum Assured: 1 L
  • Max Maturity Age: 60 Yrs
  • Premium Payment Term: 5/8/10 Yrs

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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.