SBI Life vs ICICI Pru – Everything You Need to Know in 2025

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.

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🔍 Overview: SBI Life vs ICICI Prudential

*Data as per IRDAI Annual Report 2024

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🛡️ 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:

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💰 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.

Note: Premiums vary based on age, health, occupation, and lifestyle.

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📈 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%).

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🎯 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:

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🔍 Difference Between SBI Life and ICICI Prudential

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✅ Compare SBI Life and ICICI Prudential: Summary Table

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🧠 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.

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🙋 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.

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🏁 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).