Windows 7 does have Hibernate, which is not enabled by default.
However, Hibernate is a preferred way to leave your computer powered off while storing its active state.

Follow the following steps to enable hibernate in your Win-7 computer.
  1. Press Win+R to open Run dialog and Enter “Powercfg.cpl”
  2. Choose the active power-saving plan and choose “Change Plan Settings” on it
  3. Now choose “Change Advanced power settings”
  4. In the dialog opened navigate to “Sleep -> Allow Hybrid Sleep => Setting” and turn it off
  5. That’s it you are done. you should observe a new button named “Hibernate” as shown in the image below.


Now it’s time to turn “Hibernate” as your default power button action
Do following for that
  1. Right-click on the taskbar and choose properties.
  2. Navigate to Start Menu(second) tab
  3. Open the drop-down and choose “Hibernate” as the default action and then apply
  4. You can now observe “Hibernate” button in start menu instead of “Shutdown”