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SBI Life Guaranteed Investment Plans

SBI Life Investment Plans

Investment plans are those in which you invest a handsome amount of money throughout a certain period of time as per the guidelines laid out by the Insurance Act to reap the maximum benefits from it. If you want to fulfill your life’s dreams or want to offer your child a secure life or if you want to spend a peaceful life in your golden days of retirement, an investment plan is the best option for you as it helps to build a financial corpus over a period of time. SBI Life has offered a bundle of investment plans, in different forms, so that you can find the most suitable one for yourself.

Features And Benefits of Investment Plans

Investment plans not only offer you financial security to you and your family, but also it has come up with many other benefits that ensure your wellbeing. Have a look at the different benefits and key features of investment plans.

Types of Investment Plans – Investment plans can be of different types such as savings plans, endowment plans, money back plans, unit linked insurance plans (ULIP), etc.

Longer Policy Period – These plans are designed for a longer period of time than other insurance plans. Entire money withdrawal is not available with these plans. 

Paid-up Plan – If you fail to pay the premiums within the grace period of the policy, the plan becomes a paid-up policy only if you have paid at least 3 or 2 years of full premiums. In paid-up, policies, the sum assured is decreased and comes with lesser benefits. 

Participating and Non-participating – Investment plans can be of participating and non-participating type. In participating plans, a certain amount of the premiums paid by you to the policy is invested in the market and thus you can participate in the profit of the company. On the other hand, for non-participating plans, this does not happen. 

Tax Benefits – An investment plan may offer you the tax exemption benefits as per the prevailing income tax laws of India. 

Financial Corpus – As usually, investment plans are long-term plans, it helps to build a financial corpus for your future. Under this type of plan, you can reap the maximum economic benefits as compared to other plans. 

Helps To Fulfill Dreams – If you want to achieve your life goals or want to secure your post-retirement days, investment plans are the best to help you do so. 

Helps To Secure Family’s Needs – Your child’s marriage, educational expenses, and the other costs that your growing child may need – all these can be availed of easily with the help of the investment plans.

List of SBI Life Investment Plans

SBI Life has offered a number of investment plans with varied benefits, advantages, and facilities to address the different needs of the individuals. Here is a list of investment plans, offered by SBI Life.

Plan namesType of plan
SBI Life – Smart Platina AssureGuaranteed Savings Plans
SBI Life – New Smart Samridhhi
SBI Life – Smart Future Choice
SBI Life – Shubh Nivesh
SBI Life – Smart Bachat
SBI Life – Smart Humsafar
SBI Life – eWealth InsuranceMarket Linked Investment Plans
SBI Life – Smart InsureWealth Plus
SBI Life – Saral InsureWealth Plus
SBI Life – Smart Wealth Builder
SBI Life – Smart Wealth Assure
SBI Life – Smart Power Insurance
SBI Life – Smart Elite
SBI Life – Smart Privilege

SBI Life Investment Plans Detail

For your better understanding, all the above-listed plans are here described in detail. Have a look at them.

1. SBI Life – Smart Platina Assure

It is an individual, non-linked, non-participating, life endowment assurance savings product that assures guaranteed returns along with an assurance that your money works harder while you work hard for your family and also gives you peace of mind. Thus, it promises to fulfill your future needs.

Key Highlights:

  • Assured return – With this policy, you can get assured return along with Guaranteed Additions of 5.25% to 5.75% at the end of each policy year.
  • Tax benefit – Under this plan, you can avail of tax exemption benefit on the payment of premium under Sec 80C of Indian Income Tax Act 1961.
  • Maturity benefit – One is entitled to receive Guaranteed Sum Assured on maturity that is Basic Sum Assured along with accrued Guaranteed Additions as maturity benefit.
  • Death benefit – In case of the unfortunate and untimely demise of the Life Assured, ‘Sum Assured on Death’ along with accrued Guaranteed Additions, if any, will be paid to the beneficiary by the insurer, where, Sum Assured on Death is equal to 10 times the Annualized Premium or 105% of total premiums paid up to the date of death, whichever is higher.

Eligibility Criteria:

ParametersDescription
Entry age

Minimum – 3 years, Maximum – 60 years

Maximum age at maturity75 years
Policy term12 years and 15 years
Premium payment term

6 years for a policy term of 12 years, 7 years for policy terms of 15 years

Premium frequencyYearly and monthly
Annualized premium

Minimum – Rs. 50,000, Maximum – No upper limit

Basic sum assured

Minimum – Rs. 2,40,000, Maximum – Rs. No upper limit

2. SBI Life – New Smart Samridhhi

It is an Individual, Non-Linked, Non-Participating, Life Insurance Savings Product that offers you to cover your family’s financial needs in case of an unfortunate eventuality and provides you certain rewards. This plan can be bought online.

Key Highlights:

  • Guaranteed additions – The Guaranteed Additions (GA) would apply on the cumulative premiums excluding the applicable taxes at the end of each policy year for active policies. It will be 5.5% for Annualized premium less than Rs. 30,000 and 6.0% for Annualized premium greater than or equal to Rs. 30,000.
  • Maturity benefit – One can get 155% to 173% of the sum of annualized premiums paid as maturity benefit depending on age and annualized premium chosen in case of survival of the life assured at the end of the policy term.
  • Paid-up value – This policy will acquire a paid-up value only if you have paid premiums for at least two full consecutive policy years. In that case, the sum assured will be decreased, and will be called the paid-up sum assured.
  • Death benefit – In case of unfortunate demise of the life assured within the policy term of an active policy Sum Assured on Death along with Accrued Guaranteed Additions will be paid to the beneficiary or nominee.

Eligibility Criteria:

ParametersDescriptions
Entry age

Minimum – 18 years, Maximum – 50 years

Maximum age at maturity65 years
Policy term15 years
Premium payment term7 years
Premium frequencyYearly and monthly
Annualized premium

Minimum – Rs. 12,000, Maximum – Rs. 75,000

Basic sum assured

Minimum – Rs. 75,120 (Based on minimum premium)

Maximum – Rs. 5,28,000 (Based on Maximum Premium)

3. SBI Life – Smart Future Choice

It is a with-profit endowment assurance plan that not only comes with insurance cover, and savings benefits but also income advantages under a single plan. The plan is flexible enough to offer you the choices to select between the different payout options as per your changing needs to fulfill your short-term and long-term goals.

Key Highlights:

  • Cash bonus – One can avail of Regular Income through Cash Bonus that will be payable through the policy term. For that, you need to declare this at the time of inception of the policy. You can also go for the option to defer the same to earn interest and withdraw according to your convenience.
  • Auto cover period – under this policy, you can enjoy an auto cover period facility only if you have paid at least the first 2 full years’ premiums and if any subsequent premium is not duly paid. On the other hand, the Auto Cover Period of 1 year from the due date of the first unpaid premium will be available only if you have paid at least 5 full years’ premiums and any subsequent premium is not duly paid.
  • Variants – The plan has come up with two variants and they are Classic Choice and Flexi Choice.
  • Survival and death benefit – For both variants, the plan has presented survival and death benefits. However, for different variants, the benefits will vary.

Eligibility Criteria:

ParametersDescription
Entry age

Minimum – 18 years

Maximum – 50 years

Maximum age at maturity70 years
Policy term

Minimum – 12 years

Maximum – 30 years

Premium payment term7, 10, 12, and 15 years
Premium frequencyYearly, monthly and half-yearly
Annualized premium

Minimum – Rs. 1 lakh

Maximum – No upper limit

Basic sum assured

Minimum – Rs. 6,55,000

Maximum – No upper limit

4. SBI Life – Shubh Nivesh

It is an Individual, Non-linked, participating life insurance savings product that provides all the benefits of insurance cover, savings, and income under a single plan. The premium rate for this plan is affordable and this plan helps you to secure your family financially for the future.

Key Highlights of Plan:

  • Rider options – To enhance the benefits of your existing SBI Life Shubh Nivesh plan, you can avail yourself of any of the three rider options by paying a little extra premium, as per your choice. They are – SBI Life – Preferred Term Rider, SBI Life – Accidental Death Benefit Rider, and SBI Life – Accidental Total and Permanent Disability Benefit Rider.
  • Maturity benefit – It totally depends on the chosen variant of the plan whereas for both the plans the basic maturity benefit will be the same, Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus. But the additional bonuses will differ.
  • Deferred Maturity Payment Option – You can use this option to generate a regular flow of income at certain intervals. Income will be paid at a frequency of either Yearly, Half-Yearly, Quarterly, or Monthly of your choice.
  • Reliability – With this plan, you can build your financial corpus through regular simple reversionary bonuses throughout the policy term.

Eligibility Criteria:

ParametersDescriptions
Entry age

Minimum – 18 years, Maximum – 50, 55, 60 years (depends on the plan variant)

Maximum age at maturity65 years
Basic sum assured

Minimum – Rs. 75,000, Maximum – No upper limit

Policy term

Minimum – 5 years, 10 years, and 15 years, Maximum – 30 years

Premium frequencySingle premium, yearly, quarterly, half-yearly, and monthly.
Premium paying term

Single premium, Regular premium

Minimum premium amount

Single premium – Rs. 43,000, Yearly – Rs. 6000

Quarterly – Rs. 1500, Half-yearly – Rs. 3000, Monthly – Rs. 500

5. SBI Life – Smart Bachat

It is an Individual, Non-linked, Participating Life Insurance Savings Product that helps to secure your family’s future and also helps you to meet your investment needs. This plan promises to provide you with simple reversionary bonuses throughout the policy term to keep you protected.

Key Highlights:

  • Variants – This plan has come up with two variants to choose from according to your needs, and they are – The Endowment Option and the Endowment Option with in-built Accidental Death and Total Permanent Disability Benefit.
  • Maturity benefit – On survival till the end of the policy term, Basic Sum assured + Vested Simple Reversionary Bonuses + Terminal Bonus, if any, will be paid to the policyholder. This is applicable for both variants.
  • Tax exemption benefit – Under this policy, you are eligible to avail of tax benefits are as per Income Tax Laws and that are subject to change from time to time.
  • Reliability – With this plan, you can build your corpus through regular simple reversionary bonuses and also can enjoy a premium waiver on Accidental Total and Permanent Disability, which is only available for the Endowment Option with in-built Accidental Death and Total Permanent Disability Benefit Option.

Eligibility Criteria:

ParametersDescription
Entry age

Minimum – 6 years and 18 years, Maximum – 50 years

Maximum age at maturity65 years
Basic sum assured

Minimum – Rs. 1 lakh, Maximum – No upper limit

Premium paying term6, 7, 10, and 15 years
Policy term12years to 25 years (depends on the premium paying term)
Premium frequencyYearly, half-yearly, quarterly, and monthly
Minimum premium amount

Yearly – Rs. 5100, Half-yearly – 2600

Quarterly – 1350, Monthly – 450

6. SBI Life – Smart Humsafar

It is unique life insurance with savings product that has offered you the twin benefits of insurance cover and savings under a single policy for both you and your spouse. The plan is An Individual, Non-linked, participating plan to offer your family financial protection in case of any eventuality.

Key Highlights:

  • Guaranteed benefit – This plan promises to provide you guaranteed minimum bonuses for the first 3 policy years at the rate of 2.50% of the Basic Sum Assured for active policies.
  • Maturity benefit – In case either or both of the lives assured survive till maturity then Basic Sum Assured and Vested Simple Reversionary Bonuses along with the Terminal bonus will be paid for an active policy.
  • Participation in profit – The policy will participate in profits arising out of the company’s participating life insurance business. The profit will be in the form of a bonus.
  • Discount – Apart from the death benefit, surrender value, the policy also provides several discounts such as a large sum assured discount on the basic premium and also staff discount that is applicable for employees, retired employees, VRS holders, minor children, and spouse of employees.

Eligibility Criteria:

ParametersDescription
Entry ageMinimum – 18 years, Maximum – 46 years
Maximum age at maturity65 years
The maximum age difference between the life assured20 years
Basic sum assuredMinimum – Rs. 1 lakh, Maximum – Rs. 5,00,00,000
Policy termMinimum – 10 years, Maximum – 30 years
Premium frequencyYearly, half-yearly, quarterly, and monthly
Premium frequency loading

Half-yearly – 51.00% of annualized premium

Quarterly – 26.00% of annualized premium

Monthly – 8.50% of annualized premium

Minimum premium amount

Yearly – Rs. 6000, Half-yearly – Rs. 3000

Quarterly – Rs. 1500, Monthly – Rs. 500

7. SBI Life - eWealth Insurance

It is an Individual Non-Participating Unit Linked Life Insurance Product that not only helps you to secure your family’s future but also allows you to grow your wealth as well. However, this plan does not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in this plan completely or partially till the end of the fifth year.

Key Highlights:

  • Management of the investment – You can manage your investment through automatic asset allocation. And also, your funds will be automatically rebalanced to counter market fluctuations.
  • Variants – This plan has come up with two variants. They are – Growth and Balanced.
  • Maturity benefit – Under this plan, on completion of the policy term, the fund value will be paid as the maturity benefit.
  • Death benefit – In case of the unfortunate and untimely demise of the life assured, the death benefit will be provided to the beneficiary or the nominee, which is equal to Fund Value or Sum Assured less applicable partial withdrawal or 105% of total premiums received up to the date of death less applicable partial withdrawal, whichever is higher.

Eligibility Criteria:

ParametersDescription
Entry age

Minimum – 5 years, Maximum – 50 years

Maximum age at maturity60 years
Policy term10 years to 30 years
Premium payment modeRegular
Premium payment frequencyYearly and monthly
Minimum premium rage

Yearly – Rs. 24000 per month, Monthly – Rs. 2000 per month

Basic sum assuredAnnualized basic premium x 10

8. SBI Life – Smart InsureWealth Plus

The HDFC Life Pension Guaranteed Plan is a single-premium annuity that pays a guaranteed income for the rest of your life. For all possibilities, the product is available as a single-life or joint-life option. The Primary Annuitant will be the primary beneficiary of the payouts, while the Secondary Annuitant will be the beneficiary of the annuities if the Primary Annuitant dies before the Secondary Annuitant.

Features of HDFC Life Pension Guaranteed Plan:

  • Decide how much you want to pay for the purchase and how much you want to get in an annuity.
  • Decide if you want solo or joint life insurance.
  • You have the opportunity to top up your annuity payout at any time.
  • Depending on your financial needs, you can receive annuities monthly, quarterly, half-yearly, or yearly.

Eligibility Criteria:

Entry AgeMin. Age-30 years, Max. Age- 85 Years
Age At MaturityMin. – 18 years, Max. Age- 65 years
Premium Payment Term (PPT)Single Pay, (5 to 12 years)
Policy TermMin- 8 years, Max- 30 years

9. SBI Life – Saral InsureWealth Plus

It is an Individual, Unit Linked, Non-Participating Life Insurance Product, under which you can reap maximum benefit, build a financial corpus and also can get the life cover, and thus, you can protect and safeguard your family, in case of any eventuality.

Key Highlights:

  • Liquidity option – Under this policy, you can avail of the option of partial withdrawal from the 6th policy year and systematic Monthly Withdrawal to generate a monthly flow of income and to meet your regular expenses while the policy is in force.
  • Boosters – Apart from the traditional benefits, you can also get Fund Value Boosters to avail of greater benefits through loyalty additions, from the end of the 6th Policy Year. This is possible, only if the policy is active.
  • Maturity benefit – at the time of maturity, Fund Value at prevailing NAV on the maturity date will be payable in lump sum as the maturity benefit.
  • Death benefit – You can also avail of the death benefit in case of the untimely demise of the life assured with the policy term of an active policy. But the death benefit will differ in case of the life assured whose entry age is below and above 8 years.

Eligibility Criteria:

ParametersDescription
Entry ageMinimum – 30 days, Maximum – 55 years
Age at maturityMinimum – 18 years, Maximum – 65 years
Plan typeRegular premium product
Policy term10, 15, 20, and 25 years
Premium payment termSame as policy term
Premium amountMinimum – Rs. 8000, Maximum – No upper limit
Premium frequencyMonthly
Basic sum assuredMinimum – 10 x annualized premium, Maximum – As per board approved underwriting policy

10. SBI Life – Smart Wealth Builder

This plan offers you the benefit of life coverage and enhanced investment opportunities by investing in one or many investment funds. Apart from that, you can also get guaranteed additions based on the term of the policy. Remember, during the settlement period, the investment risk in the investment portfolio is borne by the beneficiary.

Key Highlights of Plan:

  • Opportunities – Under this plan, you can get guaranteed additions up to 125% of one annual regular premium. Along with this, you can also avail yourself of the enhanced investment opportunity through 11 varied funds.
  • Flexibility – This plan offers you the flexibility to adjust your plan according to your financial needs and to switch your investments among eleven funds to suit your changing investment needs according to your convenience.
  • Death benefit – In case of any eventuality of the life assured, the nominee or the beneficiary is entitled to receive the death benefit, which is equal to Fund Value as on the date of death intimation or Sum Assured less Applicable Partial Withdrawals (APW), or 105% of the total Premiums received up to the date of death less Applicable Partial Withdrawals (APW), whichever is higher.
  • Maturity benefit and liquidity option – Fund value will be paid as the maturity benefit and partial withdrawal is available with the policy from the 6th policy year onwards.

Eligibility Criteria:

ParametersDescription
Entry age

Minimum – 2 years, Maximum – 55 years

Age at maturity

Minimum – 18 years, Maximum – 70 years

Plan type

Limited premium, Regular premium, Single premium

Policy term12 years and 30 years (the limit depends on the plan type)
Premium frequencySingle and annual
Basic sum assured

Regular premium and limited premium payment term – 10 x annualized premium.

Single premium – 1.25 x single premium

11. SBI Life – Smart Wealth Assure

This plan helps you to enjoy market-linked returns along with insurance coverage, with only a one-time premium, and also offers your family financial security, even in your absence. It is an Individual, Unit-linked, Non-Participating Life Insurance Product.

Key Highlights of Plan:

  • Flexibility – This plan is flexible enough to offer you the choice among seven funds to suit your risk appetite and your changing investment needs according to your convenience.
  • Additional benefit – You can enhance the benefits of your existing SBI Life – Smart Wealth Assure Plan through comprehensive coverage by availing of the Accidental Death Benefit option in case of any eventuality of the life assured arising out of an accident.
  • Maturity and death benefit – Under this policy, you can get fund value on the completion of the policy term as maturity benefit. And, in case of unfortunate demise of the life assured, the beneficiary is entitled to receive the death benefit, which is equal to fund value or sum assured, whichever is higher.
  • Tax exemption benefit – Under this plan, you may avail of Income Tax benefits or exemptions are as per the applicable income tax laws in India, which are subject to change from time to time.

Eligibility Criteria:

ParametersDescription
Entry age

Minimum – 8 years, Maximum – 60 years

Maximum age at maturity70 years
Policy term10 years to 30 years
Premium payment termSingle pay
Single premium amount

Minimum – Rs. 50,000, Maximum – No upper limit

Basic sum assured1.25 x single premium

12. SBI Life – Smart Power Insurance 

This is an Individual, Unit Linked, Non – Participating, Life Insurance Product that comes with an affordable premium rate to help you to build financial security for your family and offers the scope to obtain returns in tune with the current investment scenario.

Key Highlights of The Plan:

  • Flexibility – This plan comes with a unique facility that you can buy at a low rate and sell at a high rate with the Trigger Fund option or choose from 10 Smart Funds. Apart from that, you can also invest in any of the two fund options – Trigger Fund and Smart Funds, and two plan options – Level Cover Option and Increasing Cover Option.
  • Maturity benefit – In case of survival of the life assured up to the maturity date of an active policy, he/she will receive the fund value as the maturity benefit.
  • Death benefit – In case of unfortunate death of the life assured within the policy period of an active policy, the beneficiary or the nominee is entitled to receive the death benefit, which is equal to Fund Value as on the date of intimation of death, or Basic Sum Assured as applicable, or 105% of the total premiums received up to the date of death, whichever is higher.
  • In-built Accelerated Total and Permanent Disability (TPD) Benefit – In case of TPD due to Accident or Sickness, 100% of the Death Benefit will be paid immediately, and thereafter the policy would terminate.

Eligibility Criteria:

ParametersDescription
Entry age

Minimum – 18 years, Maximum – 45 years

Maximum age at maturity65 years
Policy term10 years to 30 years (both inclusive)
Minimum basic sum assuredAnnualized premium x 10
Premium frequencyAnnual, quarterly, half-yearly, and monthly
Premium amount

Minimum:

Yearly – Rs. 15,000, Quarterly – Rs. 5500

Half-yearly – Rs. 9500, Monthly – Rs. 2000

Maximum – No upper limit

13. SBI Life – Smart Elite

This plan is specially designed for HNIs (High Net-worth Individuals) that have come up with double benefits of life cover and savings benefits and also enables you to maximize your savings through market-linked returns and features. With this plan, you can manage your investment portfolio according to your requirements.

Key Highlights of The Plan:

  • Variant – The plan has come up with two variants, and they are – Gold Option and Platinum Option.
  • Death and maturity benefit – The maturity benefit for this policy will be the fund value, whereas in case of unfortunate demise of the life assured, the death benefit will be paid to the beneficiary but, it will differ as per the chosen variant.
  • In-built benefit – This plan has come up with an in-built benefit, Accidental Death and Accidental Total and Permanent Disability (Accident Benefit) that provides an additional benefit for Accidental Death or Accidental TPD. The death benefit can be taken as a lump sum or as per the settlement option.
  • Flexibility – You can choose premium payment term according to your requirements, and also can modify your fund allocation as per changing market conditions.

Eligibility Criteria:

ParametersDescription
Entry age

Minimum – 18 years

Maximum – for Limited Premium Plan: 55 years.

For Single Premium Plan 60 years

Maximum age at entry65 years
Plan type

Limited Premium

Single Premium

Policy term5 years to 30 years (The limit varies on the basis of different factors)
Premium payment term

Limited Premium – 7, 10, and 12 years

Single Premium – One time payment at policy inception.

Minimum premium amount

Limited premium payment:

Yearly – Rs. 2,50,000

Half-yearly – Rs. 1,25,000

Quarterly – Rs. 62,500

Monthly – 21,000

Single premium – 2,50,000

Premium frequencyYearly, half-yearly, quarterly, monthly, and monthly
Basic sum assured

Limited premium – 7 x annualized premium

Single premium – 1.25 x single premium

14. SBI Life – Smart Privilege

This plan is an Individual, Unit linked, Non-Participating Life insurance Product that not only offers you and your family financial protection but also, allows you to control your investment in the market through multiple fund switches. Apart from these, this plan has come up with a sack full of benefits and facilities to fulfill your needs.

Key Highlights of The Plan:

  • Flexibility – This plan allows you to manage your funds as per your investment objectives and risk appetite. You can also pay premiums at your convenience. The special feature of this policy is that you can manage your evolving financial priorities with an unlimited free switching facility.
  • Loyalty additions – Under this policy, Loyalty Additions start as early as the end of the 6th policy year onwards for active policies, and with this, you can build your financial corpus.
  • Maturity benefit – On the completion of the Policy Term, if the life assured survives, the Fund Value will be paid in lump sum as maturity benefit.
  • Death benefit – In case of unfortunate demise of the life assured, the company will pay the death benefit, which is equal to Fund Value as on the date of death intimation or Sum Assured less Applicable Partial Withdrawals or 105% of the total Premiums received up to the date of death, whichever is higher.

Eligibility Criteria:

ParametersDescription
Entry age

Minimum – 8 years and 13 years

Maximum – 55 years

Age at maturity

Minimum – 18 years

Maximum – 70 years

Plan type

Regular Premium

Single Premium

Limited Premium

Minimum premium amount

Regular premium and Limited premium payment:

Yearly – Rs. 6,00,000

Half-yearly – Rs. 3,00,00

Quarterly – Rs. 1,50,000

Monthly – Rs. 50,000

Single premium payment – 6,00,000

Policy term

Regular premium and Limited premium – 10 years to 30 years

Single premium – 5 years to 30 years

Premium frequencySingle, yearly, half-yearly, and monthly
Basic sum assured

Regular premium and Limited premium payment term – 7 x annualized premium

Single premium – 1.25 x single premium

How Do SBI Life Investment Plans Work?

For your better understanding, here is an example to find out how SBI Life investment plans work.

Suppose, Mr. Basu, a 36-years-old male businessman has purchased SBI Life Smart Future Choice Plan for himself. Let us find out depending on the following variables, for the different policy terms, how much amount he will receive as maturity benefit and what the sum assured will be.

Premium payment term10 years
Policy term15 years20 years25 years
Benefit optionClassic Choice
Bonus optionCash Bonus
Premium frequencyYearly
Premium amount (excluding taxes)Rs. 1 Lakh
Sum assuredRs. 10,10,000Rs. 10,79,000Rs. 11,34,000
Maturity benefit (At assumed rate of returns)

Rs. 10,84,614 (at 4% rate)

Or

Rs. 11,39,280 (at 8% rate)

Rs. 12,30,330 (at 4% rate)

Or

Rs. 13,06,229 (at 8% rate)

Rs. 14,12,681 (at 4% rate)

Or

Rs. 15,10,913 (at 8% rate)

Why SBI Life is an Ideal Choice For Investment Plans?

As the market is flooded with various insurance companies that offer investment plans along with various variants and unique benefits to cater to the varied needs of the individuals, it becomes really difficult for a policy-seeker to find out an ideal investment plan for himself. But, while selecting an insurer, if you keep certain parameters in mind, the job would become easier. To make it more convenient for you, after evaluating and assessing almost all the potential parameters, it has been found that SBI Life is the best option for you. To know about the reason, follow the below mentions. 

Rich and strong background – The name itself comes with assurance and SBI Life has started its journey as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardiff. So, it’s a perfect amalgamation of local knowledge and foreign expertise that has built a strong customer base and has been serving them faithfully since its inception. Looking at its rich background, it can be assured that once you buy an investment plan under this company, you will remain secure and protected.

Claim settlement ratio – We buy insurance plans so that, they can help us in our most needed times. For that, the claim settlement ratio plays a pivotal role as it shows the company’s integrity. As the IRDA Annual Report, the claim settlement ratio of SBI Life Insurance Company is 94.52% in the financial year of 2019-2020, which is better than many other insurers. 

Solvency ratio – A solvency ratio stands for the potential of the company to meet its long-term financial goal. It is usually found that if the solvency ratio is higher, the company has more capability to pay off the lump sum amount of its customers. According to the IRDA Annual Report, the solvency ratio of SBI Life as of March 2020 is 1.95, which is good enough to keep the company on your bucket list.

Market share – According to the IRDA Annual Report, the premium underwritten in the financial year of 2019-2020 of SBI Life is Rs. 40634.730 crores and the equity share is 1000.03 crores as of March 31, 2020, which makes the insurer capable enough to handle any kind of financial crisis in near and thus it keeps its customers safe.

Types of plans – If your chosen company has matched all the above parameters but it does not have a variety of investment plans, it would be of no use as you are not going to get many options to choose from. But SBI Life has come up with a bundle of investment plans that can offer you plenty of options to select the most suitable one for yourself. 

Distribution network – SBI Life is well-connected with its customers through its 947 offices, 18,498 employees, a large and productive individual agent network of about 135,902 agents, 64 corporate agents, a widespread bancassurance network of 14 partners, more than 29,000 partner branches, 110 brokers and other insurance marketing firms. So, whenever you need the insurer, you can get it beside you.

Online plans – Keeping pace with the growing demand of digitalization and online facilities, SBI Life has made its official website in such a way that you can do almost every policy related work such as renewal, purchasing a plan, paying premiums, tracking claim status, and many more by visiting the website only. So, it has not only made the plans easily available and convenient for you but also, saves your precious time.

Calculators and tools – SBI Life has offered you different tools and calculators that can be found on the official website to help you to compare plans, plan your goals, plan your savings, and many more.

Customer service – You can always reach the insurer at your convenience. Either you can call the company or write to them via mail or message or else, you can also visit one of the branches of the company to raise your query or for any policy-related purpose. The company is just a click away from you.

Buying SBI Life Investment Plans

SBI Life has offered both online and offline processes to purchase the investment plans, whereas few plans are available online, on the other hand, certain plans have to be purchased offline only.

Online Process:

For buying the investment plans online, follow the below mentioned steps.

  • Go to the official website of the company and select the particular plan that you want to buy.
  • If the plan is available online, on the right-hand side, there will be the Buy Now option. Click on that.
  • Fill in the necessary details and click on the continue option.
  • Again, you need to enter required credentials such as name, email ID, phone number, and who is the policy for and click on the continue option.
  • Then provide policy-related information and proceed.
  • On the basis of your given data, the premium amount will be displayed.
  • Pay the premium, and on successful payment, your buying process is completed. The notification will be sent to your registered email ID and/or mobile number.

Offline Process:

For purchasing the investment policies, that are only available offline, you can visit the nearest official branch of the company. Their experts will help you out through the buying process smoothly. You can also contact the customer service of the company via call, message or email to get connected to their executives. They will guide you smoothly. Apart from these, you can also take the help of one of the registered and licensed agents of the company. They are knowledgeable and experienced enough to offer you a hassle-free buying process.

Frequently Asked Questions

For the renewal, you need to log in to your e-portal and click on the renew portal. Provide your policy number and check the amount for renewal. Pay the amount and your job is done.

You can also renew your policy using the kiosk service in the SBI ATM and select the renew option. Follow the instructions as stated and renew your policy.

Under this plan, If the life assured is minor, the date of commencement of policy and date of commencement of risk shall be the same and the policyholder/proposer can be parents or legal guardian.

No, for this plan, you do not need to go through any pre-policy medical examinations.

On surrender, the surrender value would be the Guaranteed Surrender Value or Non-Guaranteed Special Surrender Value, whichever is higher.

The tools and calculators offered by SBI Life that may help you, are as follows:

  • Human Life Value Calculator
  • Need Analysis Planner
  • Child Education Planner
  • Goal Planner
  • Future Cost Planner
  • Future Value of Monthly Savings
  • Personal Tax Rate
  • Present Value of Future Income
  • Power of Compounding
  • Risk Analyzer & Asset Allocator
  • Section 80C Tax Calculator
  • Your Personal Financial Planner

During Auto-Cover Period, under this plan, the Survival and Maturity Benefits will be as applicable for Paid-up policies.

SBI Life – Shubh Nivesh offers two variants such as Endowment Option and Endowment with Whole Life Option.

For checking your policy status, you need to visit the official website of the company and log in to your e-portal. For this, you need to have a customer ID, date of birth, and your policy number. Once you successfully log in, the details of your policy along with the policy status will be displayed.

Yes, a policy loan is available under this policy, whereas loans will be available after the policy acquires surrender value. The policy loan will be limited to a maximum limit of 90% of the surrender value.

Yes, you can. To meet your unexpected financial needs, you can make partial withdrawals to fund from the 6th policy year.

In cases where Life Assured is a minor, for maturity benefit, the policy will automatically vest in the Life Assured on attaining 18 years of age.

There are 8 fund options available under this policy to choose from. They are – Pure Fund, Midcap Fund, Bond Optimizer Fund, Balanced Fund, Corporate Bond Fund, Equity Optimizer Fund, Equity Fund, and Growth Fund.

Under this policy, the free look period is 15 days for policies sourced through any channeled mode other than distance marketing and for electronic policies. And for distance marketing and electronic policies, the free look period is 30 days.

The nominee or beneficiary or legal heir has the option to receive the Death Benefit, in installments over 2 to 5 years under the ‘Settlement’ Option as yearly, half-yearly, quarterly, or monthly payouts as required, from the date of death.

This plan offers you unlimited free switches and premium redirection.

For SBI – Life, the claim can file in four ways, – online, by visiting the official branch, by post, and via email. You can avail of any of the processes according to your convenience that will involve only three steps, claim intimation, documents submission, and decision and settlement.

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