A three parameter novel hyperelastic strain energy function is introduced in this paper for soft and rubber-like materials. The function integrates a non-separable exponential component with a single term Ogden-type polynomial-like function, resulting in an exponential-polynomial based strain energy function. This helps in capturing both small and large deformation (stretch) behaviours of hyperelastic materials. The structure of the model is simple and validated against several experimental datasets including rubbers, hydrogel, and soft tissues. The model is reported to capture key material behaviors, including strain stiffening and various deformation paths. Through comparative studies with well-known models like the Ogden (six parameters) and Yeoh (three parameters), the model’s effectiveness is established. Furthermore, the model successfully addresses pressure-inflation instability in thin spherical balloons. It’s applicability extends to biological materials, as evidenced by its effectiveness in characterizing porcine brain tissue and a monkey’s bladder.