SBI Life vs TATA AIA
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SBI Life vs TATA AIA Life Insurance 2024

SBI Life and TATA AIA 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 TATA AIA has 98.53% 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 tata-aia-life

TATA AIA
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 - 99 years
maturity Age (Min-Max) 23 to 75 years 18 to 100 years
Claim settlement ratio (CSR) 97% 98.53%
Asset under managment (AUM) 307300 Crores 73538.6 Crores
Solvency ratio 2.1 1.9
Policy Type
  • Term insurance
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
  • Term insurance
  • Whole life policy
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 10 Lakh
  • Maximum- No Limit
  • Minimum- 10 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Critical illness rider
  • Term rider
  • Accidental death rider
  • Accidental disability rider
  • Waiver of premium rider
  • Non-linked comprehensive protection rider
  • Critical illness rider
  • Term rider
  • Accidental death rider
  • Accidental disability rider
  • Waiver of premium rider
  • Non-linked comprehensive protection rider
Number of term plans 6 8
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

TATA Term Insurance Plan

Tata AIA Life Insurance Sampoorna Raksha Supreme

The plan offers various life coverage options, including Whole Life coverage up to age 100, and the added benefit of the Credit Protect option.

Unique Features

  • Low premiums for women
  • Life cover up to 100 years
  • 24x7 online medical consultation

Sampoorna Raksha Supreme (Pros)

  • 2 Premium Payout Options
  • 2 Rider Option
  • Top-Up Sum Assured

Sampoorna Raksha Supreme (Cons)

  • No Loans Allowed
  • Only 1% Discount on Installment
  • No Suicide Cover in Terminal Illness

Sampoorna Raksha Supreme (Other Benefits)

  • Non-Forfeiture Benefit
  • Survival and Maturity Benefit
  • Payor Accelerator Benefit advances 50% SA

Sampoorna Raksha Supreme (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 60 years(POS)
  • Minimum Sum Assured - 1 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - LP/RP/SP

TATA AIA Insta Protect Solution

This is a comprehensive plan that provides financial protection by combining life coverage with critical illness, accidental death and more.

Unique Features

  • Lump Sum Benefit
  • Payor Accelerator Benefit
  • Surrender Value Offered

Insta Protect Solution (Pros)

  • Covers Death Due to Accident
  • No Medical Tests
  • Accelerated Terminal Illness

Insta Protect Solution (Cons)

  • No Loans Allowed
  • No Maturity Benefit
  • No Suicide Cover in Terminal Illness

Insta Protect Solution (Other Benefits)

  • Return of Premiums (Optional)
  • Survival and Maturity Benefit
  • Health and Wellness Benefits

Insta Protect Solution (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 45 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - LP/RP/SP

Tata AIA Life Insurance Saral Jeevan Bima

This is a simple and affordable plan that protects your family financially. The plan allows you to enhance your protection with the help of optional riders.

Unique Features

  • Flexibility to choose policy term
  • Lower premium rate for females
  • Avail Tax Benefits

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 - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

Tata AIA SRS Vitality Protect

An all-inclusive plan that comes with mental and physical wellness features, discount on premium, early rewards and high sum assured of 2 crores.

Unique Features

  • Life Coverage With Term Booster
  • Wellness Based Discount
  • Rider Sum Assured Boosters

SRS Vitality Protect (Pros)

  • 10% Guaranteed Discount
  • Wellness Rewards Program
  • Guaranteed 1st Year Discount

SRS Vitality Protect (Cons)

  • No Plan Conversion Option
  • No Maturity Benefit
  • Limited Premium Payment Terms

SRS Vitality Protect (Other Benefits)

  • 75% SA Terminal Illness Coverage
  • Cover Boosters
  • Up To 30% Rider Premium Discount

SRS Vitality Protect (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 50 L
  • Max Maturity Age 100Yrs
  • Premium Payment Term - (5-81 Yrs) LP/RP/SP

Tata AIA Maha Suraksha Supreme

A whole life cover plan that offers flexible premiums, covers terminal illnesses with 50% of the basic sum assured upon detection, and a life stage plus option.

Unique Features

  • Life/Life Plus Income Options
  • 50% of SA on Terminal Illness
  • Female & Non-Smoker Discounts

Maha Suraksha Supreme (Pros)

  • Additional Riders
  • High Cover Discount
  • Life Coverage with Terminal Illness Payout

Maha Suraksha Supreme (Cons)

  • No Policy Loan is Available
  • No Plan Conversion Option
  • No Maturity Benefit

Maha Suraksha Supreme (Other Benefits)

  • Payout Accelerator Benefit
  • 105% SA Death Benefit
  • Whole Life coverage (till age 100 years)

Maha Suraksha Supreme (Eligibility Criteria)

  • Entry Age - 18 years
  • Minimum Sum Assured - 50 L
  • Max Maturity Age 100Yrs
  • Premium Payment Term - LP/RP/SP
  • Max Entry Age - 65 years(Adaptable)

Sampoorna Raksha Supreme Credit Protect

This plan with 3 Income options comes with combined life coverage and terminal illness payout, offering benefits rider benefit and a 105% Death Benefit.

Unique Features

  • Life/Life Plus/Life Income Options
  • 50% of SA on Terminal Illness
  • Female & Non-Smoker Discounts

Sampoorna Raksha Supreme Credit Protect (Pros)

  • Additional Riders
  • High Cover Discount
  • Combines Life Coverage And Terminal Illness Payout

Sampoorna Raksha Supreme Credit Protect (Cons)

  • No Policy Loan is Available
  • No Plan Conversion Option
  • No Maturity Benefit

Sampoorna Raksha Supreme Credit Protect (Other Benefits)

  • Payout Accelerator Benefit
  • Early Mover Advantage
  • Whole Life coverage (till age 100 years)

(Eligibility Criteria)

  • Entry Age - 18 years
  • Minimum Sum Assured - 50 L
  • Max Maturity Age 100Yrs
  • Premium Payment Term - LP/RP/SP
  • Max Entry Age - 65 years (Adaptable)

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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.