Which is better ? HDFC Life or SBI life ?

POSTED BY vishalnarang79 ON February 17, 2014 3:20 pm COMMENTS (8)

Hi, Thanks for lot for your insightful articles.

Between HDFC Life and SBI Life which is a better bet (in terms of claim settlement ratio/track record etc), to buy a term insurance of 1Cr for 30 years starting at the age of 34. Pl share all data points for an easy decision.

Any other related suggestions would be a big help.

8 replies on this article “Which is better ? HDFC Life or SBI life ?”

  1. Yogesh K says:

    In my opinion one should take term insurance from company where the company office (as far as possible head office or main branch) is located at such a place which is accessible to nominees easily. eg. If a person is staying in Pune better he should take term insurance from company having head office in Pune region rather than having office at Noida or Chennai. After the death of policy holder in case company is not willing to settle the claim (despite of genuine case) or making delay in the payment then in that case having company main branch easily accessible to nominees will be useful.

    My Experience: I was thinking to take HDFC click2protect plan. Coincidentally one HDFC person approached me at the same time. He was insisting to buy insurance from him (which was costing me Rs. 350 more per annul premium). He also told me that if a person is taking insurance through them then it will take minimum 1 month to finish entire process. In fact he showed me few cases where the insurance was not approved even after 1 month. So I did not go with HDFC.
    I opted for SBI term insurance and the process was completed within 4 days after submitting my documents online.

  2. rajkanwar321 says:

    Great insight Akgc2, I mostly agree with you. CSR alone won’t be the decision maker for term insurance policies. And I think nobody has 100% CSR, I may be wrong though. I suggest opening out for more suggestions. I have a personal experience with BSLI. You can try them and couple more before making a final decision.

  3. akgc2 says:

    Any particular reason to choose only these two ? If the reason is just claim settlement ratio(CSR) than these two does not have 100% CSR. There are some other companies too with less premium.

    And as said above, CSR ratio is not the only factor to choose teh term insurance.

    Important factor is how honestly you declare all the facts while buying the policy.

    Also the IRDA reports about CSR is about overall policies a company sells and not just Term Insurance plans. In case you are concerned about CSR you must look into CSR of Term Insurance policies alone.

  4. ashalanshu says:

    Dear Vishal, opt for a single big cover from one of the insurer of your choice.



  5. ashalanshu says:

    Dear Vishal, what about reverse risk. One insurer reject claim on the basis of this rejection, another also rejects?



    1. vishalnarang79 says:

      Understood. That’s where seeking guidance on best way forward. All Pro/cons? Thanks.

  6. ashalanshu says:

    Dear Vishal, both are equally good and equally bad. What is the benefit of this exercise if in case of actual need, claim on your policy, the insurance company rejects?

    Opt any of the 2 you quoted. Declare all the facts honestly while applying for your policy.



    1. vishalnarang79 says:

      Thanks Ashal. How about getting insured for 50L in each of these. This will give a total cover of 1Cr and i think it’ll also mitigate some risk in case of any rejections by any one on some unforseen grounds. Any pros/cons of this proposition?

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