Why I Chose SBI Term Insurance Over Other Companies

Three years ago, I found myself scrolling through insurance comparison websites, overwhelmed by choices. As a 32-year-old with a young family and a new home loan, I knew I needed a term insurance plan that could secure my family’s future without breaking the bank. I compared plans from HDFC Life, ICICI Prudential, Max Life, and others, but one name consistently stood out: SBI Term Insurance. After weeks of research and reflection, I chose SBI Life’s eShield Next plan, and I haven’t looked back. Here’s why SBI Term Insurance won my trust and became my go-to choice over its competitors.

What I Was Looking For

When I started my search, I had a clear checklist. Affordability was key—my budget as a salaried professional in Bangalore couldn’t handle steep premiums. Reliability mattered just as much; I wanted a company with a proven track record of paying claims. The trust factor was non-negotiable—insurance is a long-term commitment, and I needed a brand I could rely on for decades. Finally, I wanted a seamless process, both online and offline, because life’s busy enough without complicated paperwork or unresponsive customer service.

I spent hours on platforms like Policybazaar and BankBazaar, comparing term plans, reading reviews, and even asking colleagues for advice. While HDFC Life, ICICI Prudential, and Max Life offered competitive plans, SBI Term Insurance kept ticking more boxes. It wasn’t just about the numbers—it was about feeling confident that my family would be protected if the worst happened.

Why SBI Term Insurance Won

Several factors made SBI Term Insurance stand out, and they aligned perfectly with what I was looking for.

Government-Backed Trust

SBI Life Insurance, the provider of SBI Term Insurance, is a joint venture between the State Bank of India and BNP Paribas Cardif. The SBI connection was a game-changer for me. As India’s largest public-sector bank, SBI has a reputation for stability and trust that’s hard to match. Knowing that SBI Term Insurance is backed by a government-linked institution gave me confidence that my policy would hold up over the long term, unlike some private players where I worried about financial volatility.

High Claim Settlement Ratio

Claims are the heart of any insurance policy, and SBI Term Insurance delivered here too. According to Policybazaar, SBI Life’s claim settlement ratio for FY 2023-24 was an impressive 99.20%. This meant that nearly every valid claim was paid out, which was reassuring. Compared to others, SBI’s ratio was among the highest, giving me peace of mind that my family wouldn’t face delays or rejections if they needed to claim the sum assured.

Affordable ₹1 Crore Plan Premiums

Budget was a big factor, and SBI Term Insurance offered excellent value. I chose the SBI Life eShield Next plan with a ₹1 crore cover for a 30-year term. As a 32-year-old non-smoker, my annual premium came to around ₹12,500—well within my budget. I also liked the flexibility to add riders like the Accidental Death Benefit for a small additional cost, which increased the payout to ₹2 crore in case of an accidental death. When I compared this to similar plans from other insurers, SBI’s premiums were consistently competitive, especially for high coverage amounts.

Easy Digital Application

Applying for SBI Term Insurance was a breeze. Their Smart Care portal let me explore plans, calculate premiums, and apply online without needing to visit a branch. The process was intuitive: I entered my details, chose my coverage, and scheduled a medical check-up, which SBI arranged at a diagnostic center near me. The entire process, from application to policy issuance, took less than a week. I also appreciated the 15-day free-look period, which gave me time to review the policy document and ensure it met my needs.

Strong Offline Support

While I’m comfortable with digital platforms, I valued SBI’s offline support. Their toll-free number (1800 267 9090) and WhatsApp service (+919029006575) were responsive when I had questions about adding a rider or updating my nominee. Once, when I visited an SBI branch to clarify a premium payment issue, the staff was courteous and resolved it on the spot. This blend of digital ease and offline reliability set SBI Term Insurance apart from competitors, some of whom had clunky online interfaces or less accessible branch support.

How It Compared to Others

I didn’t choose SBI Term Insurance in a vacuum—I compared it against heavyweights like HDFC Life, ICICI Prudential, and Max Life. Each had strengths, but SBI edged them out for personal reasons.

HDFC Life’s Click 2 Protect Super was appealing for its critical illness rider, which SBI’s eShield Next doesn’t offer. However, HDFC’s premiums for a ₹1 crore cover were slightly higher, and I wasn’t fully convinced by their claim settlement ratio of 98.66% (per Policybazaar, FY 2023-24) compared to SBI’s 99.20%. ICICI Prudential’s iProtect Smart had a strong digital platform, but their customer service felt less responsive during my inquiries, and their branch network wasn’t as widespread as SBI’s. Max Life’s Smart Secure Plus offered return-of-premium options, but I didn’t need that feature, and their premiums were less competitive for pure term plans.

SBI Term Insurance won because it balanced affordability, trust, and accessibility. The government backing, high claim settlement ratio, and seamless online-offline experience felt like the perfect fit for my needs. I didn’t feel pressured to choose SBI—it was a logical choice driven by my priorities.

Top Reasons I Chose SBI Term Insurance

• Trusted Brand: SBI’s government-backed stability was unmatched.
• High Claim Settlement: 99.20% ratio ensured reliability.
• Affordable Premiums: ₹1 crore cover at ~₹12,500/year fit my budget.
• User-Friendly Process: Easy online application with strong offline support.

Final Decision & Peace of Mind

Choosing SBI Term Insurance was one of the best financial decisions I’ve made. After signing up for the eShield Next plan, I felt a weight lift off my shoulders. My wife and daughter now have a ₹1 crore safety net, with the option for double payout in case of an accident. The policy’s flexibility—covering me until age 65 with options to adjust riders—gives me confidence that it will grow with my family’s needs.

What sealed the deal was the peace of mind. Knowing that SBI Term Insurance is backed by a brand as solid as SBI, with a near-perfect claim settlement record and a process that respects my time, made it the clear winner. I’ve set up auto-debit for premiums, receive timely renewal reminders, and can reach their team easily if I need help. Unlike some competitors, where I worried about hidden clauses or unresponsive service, SBI felt transparent and dependable.

If you’re weighing term insurance options, I recommend exploring SBI Term Insurance. Visit their website or call their helpline to check plans like eShield Next. Compare premiums, read the fine print, and ensure the sum assured matches your family’s needs—10-15 times your annual income is a good rule of thumb. For me, SBI Term Insurance wasn’t just a policy; it was a promise to my family, backed by a name I trust.

Disclaimer: This article reflects my personal experience with SBI Term Insurance as of July 2025. Always consult a financial advisor and review policy details before purchasing.