When you’re planning for your family’s financial security, life insurance is one of the smartest long-term decisions. But with so many insurers out there, how do you know which one to choose? Two of India’s biggest names—SBI Life and ICICI Prudential (ICICI Pru)—often top the list. If you’re stuck between the two, this detailed SBI Life vs ICICI Pru comparison for 2025 will give you everything you need to make an informed choice.
Let’s break it down based on features, plans, premium costs, claim settlement ratios, and customer experiences.
🔍 Overview: SBI Life vs ICICI Prudential
| Feature | SBI Life | ICICI Prudential (ICICI Pru) |
|---|---|---|
| Founded | 2001 | 2001 |
| IRDAI License | Yes | Yes |
| Ownership | Joint venture between SBI & BNP Paribas Cardif | Joint venture between ICICI Bank & Prudential Corporation Holdings |
| Products | Term, ULIP, Endowment, Retirement, Child, Health | Term, ULIP, Savings, Pension, Child, Health |
| Digital Services | SBI Life Smart App, website, chatbot | ICICI Pru iProtect App, website, WhatsApp support |
| IRDAI Claim Settlement Ratio (2023-24)* | 97.90% | 98.60% |
*Data as per IRDAI Annual Report 2024
🛡️ ICICI Pru vs SBI Life Term Plan: Which Offers Better Protection?
Term insurance is the most basic yet essential type of life insurance. It provides a large sum assured for low premiums, ideal for income protection.
✅ SBI Life eShield Next (Popular Term Plan)
Sum Assured: ₹50 Lakhs to ₹10 Crores
Entry Age: 18 – 65 years
Maturity Age: Up to 85 years
Premium Waiver for Accidental Disability: Available
Terminal Illness Benefit: Included
Premium: Starts from ₹500/month for ₹1 crore (non-smoker, age 30)
✅ ICICI Pru iProtect Smart (Popular Term Plan)
Sum Assured: ₹50 Lakhs to ₹10 Crores
Entry Age: 18 – 65 years
Maturity Age: Up to 99 years
Terminal Illness Benefit: Included
Critical Illness Rider: Optional (34 illnesses)
Premium: Starts from ₹525/month for ₹1 crore (non-smoker, age 30)
🆚 SBI Life Term Plan vs ICICI Pru – Quick Verdict:
| Parameter | Winner |
|---|---|
| Lower Premium | SBI Life |
| More Comprehensive Riders | ICICI Pru |
| Longer Policy Coverage | ICICI Pru |
| Simpler Claim Process | SBI Life (as per customer reviews) |
💰 SBI Life vs ICICI Pru Premium Comparison (2025)
Using their online premium calculators, here’s an approximate breakdown for a ₹1 crore cover, non-smoker male, age 30, policy term: 30 years.
| Company | Basic Premium (Yearly) | Critical Illness Add-on | Total (With Rider) |
|---|---|---|---|
| SBI Life eShield Next | ₹6,100 | ₹2,000 | ₹8,100 |
| ICICI Pru iProtect Smart | ₹6,500 | ₹3,000 | ₹9,500 |
Note: Premiums vary based on age, health, occupation, and lifestyle.
📈 Claim Settlement Ratio of Indian Insurers
When buying life insurance, the claim settlement ratio (CSR) tells you how likely your insurer is to honor a claim.
ICICI Prudential Life: 98.6% (2023-24)
SBI Life: 97.9% (2023-24)
👉 Both companies have excellent track records and are well above the industry average (~97%).
🎯 Policy Benefits and Features Comparison
ICICI Pru Smart Life Plan
Type: Unit Linked Insurance Plan (ULIP)
Market-linked Returns: Yes
Life Cover + Investment: Combined
Partial Withdrawals: Allowed after 5 years
Premium Waiver on Disability: Optional rider
SBI Life Smart Wealth Builder
Type: ULIP
Return Options: Guaranteed Additions + Market-Linked
Loyalty Additions: Yes
Policy Term: Up to 30 years
Top-Up Premium Option: Available
Comparison Verdict:
| Feature | Better Option |
|---|---|
| Market-linked returns | ICICI Pru Smart Life |
| Guaranteed Additions | SBI Life Smart Wealth Builder |
| Child Future Planning | ICICI Pru (Smart Kid plan) |
| Investment Flexibility | SBI Life |
🔍 Difference Between SBI Life and ICICI Prudential
| Parameter | SBI Life | ICICI Pru |
|---|---|---|
| Product Range | Slightly wider, simple plans | More riders, digital-friendly |
| Mobile App Experience | Decent | Better UX and claim tracking |
| Agent Support | Very strong through SBI Bank | Balanced via digital & ICICI branches |
| Online Term Plan Offers | Competitive | Customizable, but slightly higher premium |
| Claim Processing Speed | High | Higher (as per user reviews on forums) |
✅ Compare SBI Life and ICICI Prudential: Summary Table
| Aspect | SBI Life | ICICI Prudential |
|---|---|---|
| Claim Settlement Ratio | 97.90% | 98.60% |
| Popular Term Plan | eShield Next | iProtect Smart |
| Entry Age for Term Plan | 18 | 18 |
| Maturity Age | 85 | 99 |
| Premium Cost | Lower | Slightly higher |
| Add-On Riders | Limited | Extensive |
| Online Presence | Moderate | Strong |
| Investment Plans | More traditional | Market-linked & ULIPs |
🧠 Real-Life Example
Raj, 35, IT Professional, Bengaluru
Looking for: ₹1 crore term cover with critical illness
Shortlisted: SBI Life eShield Next vs ICICI Pru iProtect Smart
✅ He chose ICICI Pru iProtect Smart because it offered a comprehensive critical illness cover and lifetime protection till age 99.
Learning: If you’re okay with slightly higher premiums for broader coverage, ICICI Pru is a great pick. If affordability is your goal, SBI Life still gives excellent value.
🙋 FAQs About SBI Life vs ICICI Pru (2025)
1. Which is better: SBI Life or ICICI Prudential in 2025?
Both are top-rated, IRDAI-approved companies with excellent CSRs. If you want lower premiums, go with SBI Life. For broader coverage and riders, ICICI Pru is better.
2. How do SBI Life and ICICI Pru compare in term insurance?
ICICI Pru offers more features like critical illness and longer maturity. SBI Life gives competitive premiums and simpler options.
3. Are these policies IRDAI approved?
Yes, all term and investment plans from SBI Life and ICICI Pru are approved by IRDAI.
4. What is the claim settlement ratio of SBI Life vs ICICI Pru?
As of 2024, SBI Life is at 97.9%, and ICICI Pru is at 98.6%.
5. Can I use a premium calculator for SBI Life and ICICI Pru?
Absolutely. Both insurers provide online premium calculators on their official websites.
6. Which has better ULIP options – SBI Life or ICICI Pru?
ICICI Pru leads slightly in ULIPs due to flexible fund options and advanced digital features.
7. Are SBI Life and ICICI Prudential term plans suitable for NRIs?
Yes, both insurers allow NRIs to purchase term insurance with remote onboarding options.
🏁 Final Verdict: SBI Life vs ICICI Pru – Which Should You Choose?
Go for SBI Life if you:
Want lower premiums
Prefer traditional investment options
Need strong offline agent support via SBI branches
Choose ICICI Prudential if you:
Want wider rider options
Are tech-savvy and prefer digital servicing
Need term insurance coverage till age 99
🎯 Bottom line: There’s no one-size-fits-all. The right choice depends on your goals, age, health, and whether you prefer affordability (SBI Life) or flexibility & digital convenience (ICICI Pru).
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