SBI Life Insurance
Incorporated in 2000, SBI Life Insurance is currently serving millions of customers through its diverse range of products. They have made it their mission to make insurance accessible to all. And to achieve this incredible feat, they have 947 offices throughout the country, 18,236 employees, and an extensive network of agents
SBI Life Insurance - At A Glimpse
| Type | Public sector Undertaking |
| Industry | Financial services |
| Founded | October 2000 |
| Headquarters | Mumbai, India |
| Area served | Worldwide |
| Key people | Mr. Mahesh Kumar Sharma, MD & CEO |
| No. of offices | 947 |
| Number of employees | Approx 18,236 |
| Claim Settlement Ratio | 94.52% |
| Solvency ratio (Q3 as of December 2020) | 2.34% |
| First year premium (Up to 31st March, 2021) | 20625.46 |
| No. of policies (Up to 31st March, 2021) | 1,6,56,891 |
| No. of lives (Up to 31st March, 2021) | 1,06,56,702 |
| Sum assured (Up to 31st March, 2021) | Rs. 522251.44 crore |
SBI Life Insurance Plans
1. SBI Life Insurance Child Plans
These plans help in saving money for a child’s future be it education or marriage.
i. SBI Life Smart Champ Insurance Plan
An individual, non-linked, participating, life insurance savings product, helps in securing your child’s educational needs
Key Features:
- Payouts in four equal annual installments when your child turns 18– Smart Benefits, which will be paid at the end of the policy year in which the child completes 18, 19, 20 and 21 years of age,
- Premium waiver benefit – Immediate payment of sum assured and premium waiver in case of an eventuality
- Regular simple reversionary bonuses – At maturity 25 % of Basic Sum Assured + 25% of Vested Simple Reversionary Bonus + Terminal Bonus, if any
- ATPD safeguard for the policyholder – Life and Accidental Total Permanent Disability (ATPD) coverage throughout the policy term
| Age at entry | Life assured: 21 to 50 years Child: 0 to 13 years |
| Age at maturity | Life assured:: 42 years to 70 years Child : 21 years |
| Basic sum assured | Minimum: 1 lakh (in multiples of 1,000) Maximum: 1 crore, subject to approval |
| Policy term | 21 minus child’s age at entry Minimum: 8 years Maximum: 21 years |
| Premium frequency | Single, annual, half-yearly, quarterly, monthly |
| Premium payment term | 18 minus child’s age at entry Minimum: 5 years Maximum: 18 years |
| Premium amount | Monthly: Rs. 500 Quarterly: Rs. 1,500 Half-yearly: Rs. 3,000 Annual: Rs. 6,000 Single: Rs. 66,000 Max: Based on approval |
ii. SBI Life Smart Scholar Plan
With this plan, you get the twin benefits of market-linked returns on your invested money and the security of life cover for your children
Key Features:
- Lump sum amount at maturity – On completion of Policy Term, Fund Value will be paid as lump sum.
- Premium waiver benefit – Inbuilt premium waiver option in case of any eventuality
- Avail partial withdrawals from 6th policy year – Partial withdrawals can be made when needed to meet unexpected expenses
| Age at entry | Parent (life assured): 18 years to 57 years Child: 0 to 17 years |
| Age at maturity | Parent (life assured): 65 years Child: 18 years to 25 years |
| Basic sum assured | Limited premium up to the policy term: 10 x annualized premium Single premium: 1.25 x single premium |
| Policy term | 8 years to 25 years |
| Premium frequency | Single, annual, half-yearly, quarterly, monthly |
| Premium payment term | Single premium |
| Premium amount | Single policy – Rs. 75,000 5 years to 7 years: Monthly: Rs. 4,500 Quarterly: Rs. 12,500 Half-yearly: Rs. 25,000 Yearly: Rs. 50,000 8 years or more: Monthly: Rs. 4,000 Quarterly: Rs. 10,000 Half-yearly: Rs. 16,000 Yearly: Rs. 24,000 Maximum: No limit, subject to approval |
2. SBI Life Insurance Retirement Plans
SBI Life Insurance Retirement Plans are a way of systematic savings that helps in building funds for your retirement.
i. SBI Life Retire Smart Plan
Assured maturity benefit that safeguards your investment by creating a retirement corpus with systematic investments during your earning years.
Key Features:
- Security – Protection and establishment of an adequate retirement amount to finance your hassle-free retirement
- Flexible premium payment options– Flexibility to pay premiums depending on convenience – one time, regularly or for a limited period
- Assured benefits – This is a way to add benefits to your corpus to give it a boost.
| Age at entry | The minimum is 30 years and the maximum is 70 years | |||||||||||||||||
| Age at maturity | The maximum is 80 years | |||||||||||||||||
| Policy term | 10 years to 35 years | |||||||||||||||||
| Plan type | Single premium, limited premium and regular premium | |||||||||||||||||
| Premium frequency | Single, annual, half yearly, quarterly, monthly | |||||||||||||||||
| Premium payment term | Single premium – One time payment at the inception of the policy Regular premium – Same as the term of the policy Limited premium: 5 years to 8 years – policy term of 10 years to 14 years 5, 8, 10 and 15 years – policy term of 15 years to 35 years | |||||||||||||||||
| Premium amount |
Max: No limit, subject to approval | |||||||||||||||||
| Death benefit | Higher of (Fund Value as on the date of intimation of claim plus 1.5% of the fund value as Terminal Addition) or (105% of total premiums received up to the date of death) |
ii. SBI Life Saral Retirement Saver Plan
With this plan, benefits include surrender, complete withdrawal, or maturity/vesting will be available in the form of annuities plus with an add-on rider, you get life cover as well.
Key Features:
- Assembles retirement corpus – Build your retirement corpus through regular simple reversionary bonuses throughout the policy term.
- Reversionary bonuses – Receive simple reversionary bonuses throughout the policy term for in-force policies
- Life protection through elective rider – SBI Life Preferred Term Rider provides added financial protection to your family.
- Security – Regular income during your retired years for a cushion to fall back on.
| Age at entry | The Minimum is 18 years The maximum for RP is 60 years and SP is 65 years |
| Vesting Age | The Minimum is 40 years and maximum is 70 years |
| Plan type | Regular premium/ single premium |
| Premium frequency | Single, annual, half-yearly, and monthly |
| Basic sum assured | The minimum is 1 lakh and maximum is no limit (The maximum basic sum assured shall be as per the board approved underwriting policy) |
| Annualized premium amount | Minimum Rs 7500 per annum Maximum no limit. (The maximum basic sum assured shall be as per the board approved underwriting policy) |
iii. SBI Life Saral Pension Plan
With this plan, you can ensure you and your family have a safety net during your golden years so you can remain worry-free.
Key Features:
- Standard Immediate Annuity Plan – Give your future the protection it needs with this plan.
- Critical illness – When you are diagnosed with a listed critical illness, you can opt for the surrender facility.
- Loan facility – When a financial need strikes, you have the opportunity to avail of a loan against this policy.
| Age at entry | The minimum is 40 years and the maximum is 80 years |
| Premium | Minimum: Such that the minimum annuity installment can be paid as per the annuity payment mode Maximum: No limit, as per board approved underwriting policy |
| Plan type | Single premium |
| Premium frequency | Annual, semi-annual, quarterly, and monthly |
| Minimum annuity payout | Monthly:1000 Quarterly: 3000 Half-yearly: 6000 Yearly:12000 |
| Maximum annuity payout | No limit, as per board approved underwriting policy |
| Annuity Payment mode | Monthly/ Quarterly/ Half-yearly/ Yearly |
iv. SBI Life Insurance Annuity Plus Plan
Enjoy your life in a worry-free manner as this plan helps pick from a variety of comprehensive annuity options with just a single premium payment.
Key Features:
- Regular income through annuity- Annuity payout at constant rate, throughout the life of the annuitant.
- Option to include a family member- Option to add family members like spouse, children, parents, parents-in-law, or siblings
| Age at entry | Minimum: 0years for product conversion, 40 years for all other cases Maximum: 80 years |
| Premium | Minimum: Such that the minimum annuity instalment can be paid. Maximum: No limit |
| Annuity payment mode | Yearly/ Half yearly/ Quarterly/ Monthly |
| Minimum annuity payout | Monthly:1000 Quarterly: 3000 Half yearly: 6000 Yearly: 12000 |
Protect your family from unforeseen events due to financial losses such as loss of income in case of your unfortunate death or critical illness.
i. SBI Life Insurance Arogya Shield Plan
This plan gives you dual protection with both life and health cover. With the health cover, you can seek assistance during medical emergencies and the life cover ensures you are financially stable in the long run.
Key Features:
- Affordability – The premiums are extremely affordable premiums and you can get an extra 5% off on life and health insurance premiums.
- Convenience – At a time of need, you can opt for the cashless claims option, which ensures you pay minimally from your pocket.
- Security – It’s comforting to know that both health and life are covered under one plan and well-taken care of.
| Health Insurance | Pure term Life Insurance | |
| Age at entry | Min: 91 days to Max: 65 years | Min: 18 years to Max: 65 years |
| Age of maturity | Life long on continuous renewals | 23 years to 70 years |
| Policy term | 1,2,3 years | 5 to 40 years |
| Premium frequency | Single | Regular and annual |
| Sum assured | 1,2 or 3 lakh | 5 to 25 lakh |
| Min-Max Sum insure/assured | Rs. 100,000. Rs. 200,000. Rs. 300,000. | Minimum: Rs.500,000. Maximum: Rs 2,500,000. (in multiples of Rs. 50,000.) |
| Who can be covered | Primary insured i.e Self+Spouse and up to 2 dependent children | The primary insured only |
ii. SBI Life Insurance eShield Next Plan
A new age protection plan that ensures you can care for any present requirements as well as manage any upcoming responsibilities as life changes.
Key Features:
- Life Cover– Life cover up to 100 years (Whole life) or 85 years (other than Whole Life).
- Simplicity and flexibility – Not only can you customize your plan as per your needs but also have a variety of three options to choose from.
- Riders – Riders offer additional protection and coverage.
| Plan options | Level cover/ increasing cover/ level cover with the future-proofing benefit |
| Policy term | Min: Single premium (85 less age entry) in years Regular premium (85 less age entry) in years Whole life: (100 less age at entry) in years Other than whole life: (85 less age at entry) in years |
| Minimum Age at entry | Min: For whole life is 45 years For other than whole life is 18 years |
| Maximum age at entry | For better half benefit: 55 years Regular premium: 60 years Single premium & LPPT: 65 years |
| Age at maturity | Single premium is 85 years Regular premium is 85 years LPPT- Whole life: 100 years Other than whole life: 85 years |
| Premium frequency | Single, yearly, half-yearly or monthly |
| Basic sum assured ( in multiples of 1 lakh) | Min: For online(through company’s website) and web aggregator channel: 50,00,000. For other distribution channels: Rs 75,00,000. Max: for non smoker lives: No limit For smokers lives: Rs 99,00,000. The maximum basic sum assured shall be as per the board approved underwriting policy |
| Premium amount | Single: Rs. 19,000. Yearly: Rs. 3,600. Half-yearly: Rs. 1,836. Monthly: Rs. 306 |
iii. SBI Life Saral Jeevan Bima
Specially designed for the first-time life insurance buyers a simple plan to give your family security during any untimely instances of unforeseen circumstances.
Key Features:
- Standard term plan – Simple and straightforward plan with uncomplicated requisites and conditions
- Multiple premium payment options – Enjoy the ease of paying a premium for a limited period, regularly or just once.
- Financial protection for your kin – Security for your family with a Standard term plan at an affordable cost
| Premium option | RP, LP (5 to 10 years) SP |
| Age at entry | Minimum: 18 years Maximum: 65 years |
| Age of maturity | 70 years |
| Policy term | 5 years to 40 years Regular premium: 5 years to 40 years Limited premium(5yrs): 10 years to 40 years Limited premium(10yrs): 15 years to 40 years Single premium: 5 years to 40 years |
| Premium frequency | Single, yearly, half-yearly or monthly |
| Sum assured | Minimum: 5,00,000. Maximum: 25,00,000. |
| Premium amount | Minimum Maximum Single 5,480. 4,15,475. Yearly 1,415. 1,01,025. Half-yearly 721.65 51,522.75 Monthly 120.28 8,587.13 The maximum premium shall be subject to board approved underwriting policy |
iv. SBI Life Poorna Suraksha Plan
Get better and enhanced protection as you get older with life and Critical illness cover.
Key Features:
- Premium waiver – In the event you are diagnosed with any of the listed 36 critical illnesses then all future premiums are waived off
- Simplicity – Automatically adjusts your sum assured between life and critical illness cover on every policy anniversary.
- Security – You can reap the benefits of the critical illness cover increasing with each policy anniversary however, the amount of premium you pay remains consistent.
| Age at entry | Minimum: 18 years Maximum: 65 years |
| Age of maturity | Minimum: 28 years Minimum 75 years |
| Policy term | 10 years,15 years, 20 years, 25 years, 30 years |
| Premium paying term | Regular premium |
| Premium frequency | Yearly, half-yearly monthly |
| Sum assured | 20 Lakh to 2.5 crore |
| Premium amount | Minimum Maximum Yearly 3,000. 9,32,000. Half Yearly 1,500. 4,75,000. Monthly 250. 80,000. |
v. SBI Life Sampoorn Cancer Suraksha Plan
With this plan, you receive benefits that help you remain prepared financially to beat any occurrences of cancer.
Key Features:
- Simple disbursement on diagnosis – Easy and hassle-free issuance process, claim payouts are independent of the nature/ amount of expenses incurred
- Advantage of Monthly Income Benefit – Choose this benefit to help cope with expenses or any loss of income
- Medical Second Opinion – If you need, you can seek a second opinion from a panel of experts.
| Policy term | 5 years to 30 years |
| Premium paying term | Same as policy term |
| Minimum Age at entry | 6 years for child 18 years for adult |
| Maximum age at entry | 17 years for child 65 years for adult |
| Age at maturity | 75 years |
| Premium frequency | Yearly/half-yearly/ quarterly/ monthly |
| Basic sum assured | Minimum: 10 lakh Maximum: 50 lakh |
| Premium | Minimum Yearly 600 Half-yearly 300 Quarterly 150 Monthly 50 Maximum: based on the age and sum assured |
vi. SBI Life Corona Rakshak Policy
With the COVID-19 virus spreading rapidly, it’s best to be protected and this policy does just that – gives you financial protection and safety from COVID-19.
Key Features:
- Simplicity – You get easy issuance without medical examination along with a hassle-free enrolment and payout process.
- Choice of policy term – You can pick a short term for your policy that ranges from 3 to 9 months.
- Security – Ensure your financial security through 100% lump sum payout
| Premium option | Single premium |
| Age at entry | Minimum 18 years Maximum 65 years |
| Age of maturity | 66 years |
| Policy term | 3.5 Months (105 days)/6.5 Months (195 days)/9.5 Months (285 days) |
| Premium | Minimum Rs. 156.50/- Maximum Rs. 2,230/- |
| Sum assured | Minimum: 50,000 Maximum: 2,50,000 |
vii. SBI Life Smart Shield Plan
The feeling of a financially secure family is something else, and this plan gives you just that. Ensure security even in the long run.
Key Features:
- Options of two riders options – Get comprehensive coverage at an affordable cost with two rider options
- Premium reduction on a large sum assured – Lower premium if you are a non-smoker and discount on a large sum assured.
| Plan options | Level term assurance Increasing term assurance |
| Age at entry | Minimum: 16 years Maximum: 60 years |
| Age of maturity | Maximum: 80 years |
| Policy term | Minimum: 5years Maximum: 80 years less age at entry |
| Premium paying term | Single premium/Regular premium |
| Premium frequency | Half-yearly, quarterly, monthly |
| Sum assured | Minimum:25,00,000 to no limit Maximum: No limit, The maximum basic sum assured shall be as per the board approved underwriting policy |
| Premium Amounts | Minimum Single premium 11,000. Yearly 3,000. Half-yearly 1,500. Quarterly 750. Monthly 300. Maximum: It would depend on the sum assured offered subject to the board approved underwriting policy |
viii. SBI Life Smart Swadhan Plus Plan
With this plan, you get protection at a price that’s nominal as well as the benefit of securing the premiums you pay back.
Key Features:
- Simplicity – With a simplified proposal form you can be assured the enrolment process is simple.
- Premiums refund – At the time of maturity, you have the assurance of getting back the total premiums that you paid.
- Multiple premium payment options – Choose your policy term and premium payment frequency as per your requirements.
- Life cover – Give your family ample protection with life cover
| Age at entry | Minimum: 18 years Maximum: 65 years |
| Age of maturity | 75 years |
| Policy term | 10 years to 30 years |
| Premium paying term | Single payment, Limited premium payment term 5, 10, 15 years Regular premium |
| Premium frequency | Single, yearly, half-yearly, quarterly, monthly |
| Sum assured | Minimum: 5,00,000. Maximum: No limit |
| Premium (rs.) | Minimum Single 21,000. Yearly 2,300. Half-yearly 1,200. Quarterly 650. Monthly 250. Maximum: No limit subject to approval |
ix. SBI Life Saral Swadhan+ Plan
Return of premium feature that offers fixed life cover throughout the policy term along with an added advantage of guaranteed maturity payouts.
Key Features:
- Effortless enrolment – The process of application is hassle-free which makes it quicker and easier to process
- Life cover all through the policy term – Fixed life cover throughout the term
- Fixed maturity benefit – For a policy of 10 to 15 years, you get a maturity benefit of 100% or 115% of the total paid premiums
| Age at entry | Minimum: 18 years Maximum: 55 years |
| Age of maturity | For POS and CSC Channel:65 years, For Others channels: 70 years |
| Policy term | Regular premium: 10 years Limited premium: 15 years |
| Premium paying term | Regular: Same as policy term Limited: 10 years |
| Premium frequency | Annual |
| Sum assured | Minimum: 30,000 Maximum: 4,75,000 |
| Premium Amounts | Minimum: 1,500. Maximum: 5,000. |
x. SBI Life Grameen Bima Plan
A low-cost plan that gives your family support at a time of need.
Key Features:
- One-time premium payment – You get the option to make your premium as a one-time payment and you also get life cover.
- No medical examination – Simple registration process which does not entail a medical exam.
- Affordability – Premiums starting from Rs. 100 and multiply thus forth and you can pick what works for you.
| Age at entry | Minimum: 18 years Maximum: 50 years |
| Policy term | 5 years |
| Premium paying term | One time payment at policy inception |
| Premium frequency | Single premium |
| Sum assured | Minimum: 10,000 Maximum: 50,000 |
4. SBI Life Wealth Creation With Insurance Plans
Double benefits of insurance shield and market-linked returns. The plans help the policyholders to protect their insurance needs and also make the most of their wealth gain through attractive returns.
i. SBI Life eWealth Insurance Plan
This plan gives you the benefits of growing your wealth and availing the twin benefits of a life cover plus the returns of the invested money.
Key Features:
- Easy online buying process – Simple and easy buying process with just 3 steps.
- Liquidity – At a time of need you can make partial withdrawals for unexpected expenses.
- Market-linked returns – With premiums as less as Rs. 2,000 you get the chance to avail of market-linked returns without any allocation charges.
| Age at entry | Minimum: 5 years Maximum: 50 years |
| Age of maturity | Maximum: 60 years |
| Policy term | 10 years to 30 years |
| Premium paying term | Regular |
| Premium frequency | Yearly and monthly |
| Sum assured | 10 x annualized premium |
| Premium Range | Minimum Yearly 24,000. Monthly 2,000. Maximum: No limit, subject to approval |
ii. SBI Life Insurance Smart InsureWealth Plus
A multi-pronged plan that gives you the chance to create wealth, save in a disciplined manner, withdraw money systematically on a monthly basis as well as protection in the form of a life cover.
Key Features:
- Monthly option – This is a monthly savings plan which helps you build your savings gradually
- Investment strategies – You get to pick from 3 investment strategies based on your needs and risk appetite that will help meet your financial goals.
- Systematic monthly withdrawal – You can partially withdraw an amount from your fund during a time of need.
| Age at entry | Minimum: 30 days Maximum: 55 years |
| Age of maturity | Minimum: 18 years Maximum: 65 years |
| Policy term | 10 years, 15 years, 20 years, 25 years |
| Premium paying term | Same as policy term |
| Plan type | Regular premium |
| Premium frequency | monthly |
| Sum assured | 10 x annualized premium Maximum as per board approval |
| Premium amount | Minimum: 4000 Per month Maximum: No limit Subject to board approved underwriting policy |
iii. SBI Life Smart Wealth Assure Plan
With this plan, you can make single premium payment and enjoy life coverage as well as market-related returns.
Key Features:
- Single premium – Continue to get benefit advantage all through the policy term making only a single premium payment
- Partial withdrawals – From the 6th year of the plan, you can make a part withdrawal to help manage any unanticipated expenses.
- Insurance coverage – Insurance coverage as well as market-linked returns
- Fund options – You can pick from seven different funds options based on your needs and risk appetite.
| Age at entry | Minimum: 8 years Maximum: 60 years |
| Age of maturity | 70 years |
| Plan term | 10 years to 30 years |
| Premium mode | Single premium |
| Sum assured | Single premium x 1.25 |
| Single premium amount | Minimum: 50,000. Maximum: No limit |
iv. SBI Life Smart Power Insurance Plan
This is an excellent plan that offers reasonable and affordable premiums to enable you to build up a corpus for your future use.
Key Features:
- Fund options – With this plan, you get to choose between 10 smart funds or trigger funds or different plan options like increasing cover option or level cover option.
- Partial withdrawals – Starting from the policy’s 6th year, you can make withdrawals to meet any needs that arise financially.
- Riders – Inbuilt riders like Accelerated Total & Permanent Disability for enhanced protection.
| Age at entry | Minimum: 18 years Maximum: 45 years |
| Age of maturity | 65 years |
| Plan term | 10 years to 30 years |
| Premium frequency | Yearly, half yearly, quarterly, monthly |
| Sum assured | 10 x annualized premium |
| Premium | Minimum Yearly 15,000. Half yearly 9,500. Quarterly 5,500. Monthly 2000. Maximum: Subject to board approval |
v. SBI Life Smart Elite Plan
If you’re looking to use market-linked returns to maximize your savings, then this is the plan for you. Not only can you gain better control of your investments but you get life cover as well.
Key Features:
- Inbuilt Accidental Benefit Cover – Inbuilt riders like Accidental Death or Accidental TPD for enhanced protection.
- Partial withdrawals – From the 6th year of the policy, you can avail partial withdrawals to help manage unexpected expenses.
- Fund options – You have the choice to redirect or switch your investments when you need.
| Age at entry | Minimum: 18 years Maximum:Limited premium plan 55 years Single premium plan 60 years |
| Age of maturity | 65 years |
| Plan type | LP, SP |
| Premium frequency | Single, yearly, half yearly, quarterly and Monthly |
| Sum assured | LP 7 x annualized premium SP 1.25 x single premium |
| Premium amount | Minimum Yearly 2,50,000. Half yearly 1,25,000. Quarterly 62,500. Monthly 21,000. Single 2,50,000. Maximum:No limit. Subject to board approval |
vi. SBI Life Smart Privilege Plan
Specifically designed for those who want to build a wealth corpus by selecting from among 11 funds with the option to redirect and switch. Also, provides the benefit of insurance coverage.
Key Features:
- Investment flexibility – A choice of multiple premium alternatives to deal with the invested funds.
- Security –Life insurance cover together with market-linked returns
- Liquidity – When you reach 18 years or from the 6th policy year onwards, whichever is later, from then you’re permitted for partial withdrawals.
| Age at entry | Minimum: Regular/Limited premium is 8 years Single premium is 13 years Maximum: 55 years |
| Age of maturity | Minimum: 18 years Maximum: 70 years |
| Plan type | RP, LP and Single premium |
| Premium frequency | Single, yearly, half yearly, quarterly and monthly |
| Sum assured | LP 7 x annualized premium SP 1.25 x single premium |
| Premium amount | Minimum Yearly 6,00,000. Half yearly 3,00,000. Quarterly 1,50,000. Monthly 50,000. Single 6,00,000. Maximum: No limit. Subject to board approval |
vii. SBI Life Insurance Saral InsureWealth Plus
A ULIP plan that offers the flexibility of choosing from eight different funds together with a systematic monthly withdrawal facility.
Key Features:
- Partial withdrawal – Meet unforeseen financial expenses with the help of partial withdrawals.
- Loyalty additions – From the 6th policy year you can avail fund boosters like loyalty additions to enhance the value of your fund.
- Systematic Monthly Withdrawal – From 11th policy year, if the policy is in-force, then you can secure monthly payouts.
- Fund options – Based on the amount of risk you want to take, you can pick from 8 different fund opinions.
| Age at entry | Minimum: 30 years Maximum: 55 years |
| Age of maturity | Minimum: 18 years Maximum: 65 years |
| Plan type | Regular premium |
| PPT | same as policy term |
| Policy term | 10 years,15 years, 20 years and 25 years |
| Premium frequency | Monthly |
| Basic sum assured | 10 x annualized premium |
| Premium amount | Minimum: 8000 per month Maximum: No limit. Subject to board approval. |
viii. SBI Life Insurance Smart Wealth Builder
Avail the benefit of enhanced investment opportunities by investing in one or multiple funds that help meet your needs while staying secure.
Key Features:
- Guaranteed additions – At the end of the 10th policy year, get guaranteed additions at a pre-specified percentage of the single or annual premium and every 5th year henceforth.
- Partial withdrawals – If you face any financial emergency from the 6th policy year onwards you can make partial withdrawals.
- Investment strategy – Invest in a choice of 11 varied funds from which you can switch too.
| Age at entry | Minimum: 2 years Maximum: 55 years |
| Age of maturity | Minimum: 18 years Maximum: 70 years |
| Plan type | Regular premium/ limited premium and Single premium |
| Premium frequency | Single, annual |
| Sum assured | Regular and Limited Premium: 10 x annualized premium Single Premium: 1.25 x Single Premium |
| Premium Amount | Minimum Regular premium 30,000. Limited premium 40,000. Single premium 65,000. Maximum: 2,50,000. Subject to board approval |
5. SBI Life Insurance Savings Plans
Savings insurance plans provide the double benefit of both a life insurance cover and growth of funds so that the money is put to work even if no insurance claim is made. A savings plan gives maturity benefits and bonuses along with the usual death benefits.
i. SBI Life - Smart Platina Assure Plan
This plan gives surety of definite returns with the advantage of paying premiums for a limited-term along with life cover.
Key Features:
- Premium payment – You can pay your premiums only for a limited time say 6 to 7 years but you can enjoy the benefits until 12 or 15 years.
- Choose a monthly or yearly payment – Based on your needs, you can choose yearly or monthly premium payments.
- Guaranteed Additions – At the end of the plan year, you can avail 5.25% to 5.75% guaranteed benefits.
| Age at entry | Minimum: 3 years Maximum: 60 years |
| Age of maturity | 75 years |
| Policy term | 12 years to 15 years |
| Policy payment term | 6 years for a rem of 12 years 7 years for a term of 12 years |
| Premium frequency | Yearly, monthly |
| Sum assured | 2,40,000 to no limit |
| Annualized premium | Minimum: 50,000. Maximum: No limit. Subject to board approval |
ii. SBI Life New Smart Samriddhi Plan
With this plan, you get into the habit of savings, the assurance of guaranteed returns along with the advantage of paying premiums for a limited term.
Key Features:
- Assured additions – With this plan, you can get upto 5.5% to 6.0% of guaranteed additions.
- Limited premium payment period – When you pay for just 6 or 7 years you can still avail the benefit throughout the policy term of 12 or 15 years respectively.
- Life cover – Dual benefits of reasonable premiums and life cover.
| Age at entry | Minimum: 18 years Maximum: 50 years |
| Age of maturity | 65 years |
| Policy term | 15 years |
| Policy payment term | 7 years |
| Premium frequency | yearly, monthly |
| Sum assured | 75,120. ( for minimum premium) 5,28,000. ( for maximum premium) |
| Annualized premium | Minimum: 12,000. Maximum: 75,000. Subject to board approval |
iii. SBI Life Smart Future Choices Plan
With this plan, you can meet your different life goals without compromises by availing of the different payout options based on your requirements.
Key Features:
- Cash bonus – Based on which plan option you choose, during the policy term, you can get cash bonus as well as lump sum maturity benefit or survival benefit when the plan ends.
- Limited Premium – All along the plan term, you can get limited premium payment as well as life coverage.
| Age at entry | Minimum: 18 years Maximum: 50 years |
| Age of maturity | 70 years |
| Policy term | 12 years to 30 years |
| Policy payment term | 7, 10, 12, 15 years depending on policy term |
| Premium frequency | Yearly, half yearly, monthly |
| Sum assured | Minimum: 6,55,000. Maximum: No limit. Subject to board approval |
| Annualized premium | Minimum: 1,00,000. Maximum: No limit. Subject to board approval |
iv. SBI Life Shubh Nivesh Plan
This is the perfect plan to get your wealth creation journey started. This plan helps with savings, provides insurance cover, and offers income all in one place.
Key Features:
- Life cover – Whole life cover or up to 30 years depending on your insurance requirements
- Reversionary bonuses – You can increase your fund through regular simple reversionary bonuses valid all along the term of the plan.
- Comprehensive cover – Secure coverage at a reasonably priced rate with enhanced protection in the form of riders.
- Additional Basic sum assured – Post maturity, on passing of the policyholder with the endowment option, you can get additional basic sum assured.
| Age at entry | Minimum: 18 years Maximum: Regular premium is 55 years Single premium is 60 years Whole life option is 50 years |
| Age of maturity | 65 years |
| Policy term | 10 years to 30 years (depending on RP and SP options) |
| Policy payment term | Same as policy term |
| Premium frequency | Single, yearly, half yearly, quarterly, monthly |
| Sum assured | Minimum: 75,000. Maximum: No limit. Subject to board approval |
| Premium | Minimum Single premium 43,000. Yearly 6,000. Half yearly 3,000. Quarterly 1,500. Monthly 500. Maximum: No limit. Subject to board approval |
v. SBI Life Smart Bachat Plan
This plan allows you to protect your family’s future expenses and fulfils your investment requirements judiciously.
Key Features:
- Life insurance coverage – You can secure comprehensive cover for your life via options like endowment and endowment with AD and TPD benefit.
- Reversionary bonuses – You can increase your fund through regular simple reversionary bonuses
- Premium waiver benefit – On Accidental Total & Permanent Disability you can waive premiums off.
- Choice of premium payment terms – Choice between four premium payment terms and a wide range of policy term
| Options | A : Endowment B : Endowment with AD and TPD benefit |
| Age at entry | Minimum Maximum A 6 B 18 50 |
| Age of maturity | 65 years |
| Policy term | 12 years to 25 years |
| Policy payment term | 6,7,10,15 corresponding to PT |
| Premium frequency | Yearly, half yearly, quarterly, monthly |
| Sum assured | Minimum: 1,00,000 Maximum: No limit. Subject to board approval |
| Premium | Minimum Yearly 5,100. Half yearly 2,600. Quarterly 1,350. Monthly 450. Maximum: Based on sum assured Subject to board approval |
vi. SBI Life Smart Humsafar Plan
Enjoy the dual advantages of insurance and savings with one policy for both you and your spouse.
Key Features:
- Joint life insurance – WIth this plan you can secure coverage for you and your spouse.
- Waiver of premium benefit – In case of an untimely passing, the premiums are waived off.
- Bonus – For those policies in-force, you can avail a bonus of 2.50% on the basic sum assured for the first 3 years of the policy.
| Age at entry | Minimum: 18 years Maximum: 46 years |
| Age of maturity | 65 years |
| Policy term | Minimum: 10 years Maximum: 30 years |
| Policy payment term | Same as policy term |
| Premium frequency | Half yearly, quarterly, monthly |
| Sum assured | Minimum: 1,00,000 Maximum: 5,00,00,000. |
| Premium | / Minimum Yearly 6,000. Half yearly 3,000. Quarterly 1,500. Monthly 500. Maximum: Based on the basic sum assured |
6. SBI Life Money Back/Income Plans
A range of monthly income scheme money back plans that provide guaranteed returns on investment as regular income.
i. SBI Life Smart Money Back Gold Plan
Enjoy double benefits of periodic income as well as life cover to provide financial support during vital situations in life.
Key Features:
- Flexibility – You have the option to pick your payouts time, policy term and 3 money-back plan options based on your requirement.
- Cash inflow – Ensure you are able to meet your financial needs with the help of a regular flow of cash.
- Discounts – If you choose a higher sum assured, you instantly get a discount on your premiums.
| Age at entry | Minimum: 14 years Maximum: 45 (RP). 55 (LP, SP) |
| Age of maturity | 70 years |
| Policy term | 15 years to 25 years |
| Policy payment term | Same as policy term for RP |
| Premium frequency | Single, yearly, half yearly, quarterly, monthly |
| Sum assured | Minimum: 2,00,000. Maximum: No limit |
| Premium | Minimum Yearly 9,500. Half yearly 5,000. Quarterly 2,500. Monthly 800. Single premium 1,25,000. Maximum: Based on sum assured |
ii. SBI Life Smart Money Planner Plan
If you’re looking for security as well as regular income, this is the plan for you.
Key Features:
- Life cover – Enjoy cover for your life for the entire term of the policy.
- Regular income – Throughout the benefit payment period, you can get sum assured in equal instalments.
- Plan option – Different plan options based on your needs.
| Plan option | 1 | 2 | 3 | 4 |
| Age at entry (years) | Min: 18 years Max: 60 years | Min: 18 years Max: 55 years | Min: 18 years Max: 55 years | Min: 18 years Max: 50 years |
| Age of maturity | 75 years | |||
| Policy term | 15 years | 20 years | 20 years | 25 years |
| Premium frequency | Single, yearly, half yearly, quarterly, monthly | |||
| Sum assured | Minimum: 1 Lakh Maximum: 5 crore | |||
Plan option Premium period Growth period Benefit period Policy term | Plan1 Plan2 Plan3 Plan4 6 years 6 years 10 years 10 years 4 years 4 years 5 years 5 years 5 years 10 years 5 years 10 years 15 years 20 years 20 years 25 years | |||
iii. SBI Life Insurance Smart Income Protect Plan
A savings plan that offers double benefits of life cover protection and continuous reversionary bonuses over a period of 15 years.
Key Features:
- Reliable – At the time of maturity, you have a choice between a lump sum or regular annual income.
- Riders – Option to pick from three riders at an affordable price to augment your protection.
- Life cover – All through the term of the policy, you can enjoy life cover.
| Age at entry | Policy term | minimum | maximum |
| 7 years | 11 years | 58 years | |
| 12 years | 8 years | 53 years | |
| 15 years | 8 years | 50 years | |
| Age of maturity | Minimum: 18 years Maximum: 65 years | ||
| Basic sum assured | Minimum: 1 Lakh Maximum: No limit | ||
| Policy term | 7 years, 12 years, 15 years | ||
| Premium frequency | Yearly, half yearly, quarterly, monthly | ||
| Payout period | 15 years | ||
| Payout frequency | yearly | ||
Why Choose SBI Life Insurance?
- Extensive Presence: SBI Life Insurance has a wide distribution presence by its 947 offices, 27,000 branches, 43,232 agents, 60 corporate agents, and 108 brokers.
- Assets Under Management: The company has assets worth Rs. 2,441.8 billion under management
- Excellent Customer Service – Customer support is available 24/7 via both their website and a toll-free line.
- Pan India presence – With over 947 offices, you have offices in every part of the country to help with your needs.
- CSR initiatives – The company touched more than Rs. 4.30 lakh direct beneficiaries through different CSR interventions.
Exclusions of SBI Life Insurance Policies
There are some exclusions that are not covered by term plans.
Suicide:
In the situation of suicide during the first 12 months, the beneficiary receives 80% of the amount availed from premiums in the case of a non-linked plan and 100% in the case of a linked plan. If the policyholder commits suicide after 12 months, the nominee is usually not entitled to any compensation.
Deaths:
- Due to self-inflicted injuries – These insurance policies do not cover death due to self-inflicted wounds.
- Due to existing illness – If existing sickness is the cause of the policyholder’s death, the nominee is only liable for the payout if the information was given at the time of purchase. Otherwise, they are not eligible for death benefits.
- Due to intoxication – Death as the result of alcohol or drug overdose is unqualified for payouts under life Insurance.
- Due to natural calamity – Death caused by natural disasters such as Earthquake, or Floods, is not covered by life Insurance unless the policyholder chooses a specific rider to cover these calamities.
- Homicide – In case, the nominee murders the policyholder for money the claimant will not be entitled to death benefits until the judiciary acquits the nominee.
Riders With SBI Life Insurance Plans
Riders are some voluntary, additional terms generally at an extra premium cost. A rider provides additional coverage and risk protection..
- Accelerated death benefit rider – provides additional coverage in the case of the policyholder’s death due to any predefined condition.
- Accidental Death benefit – provision for a lump-sum payment of the principal amount to the nominee in the event of the policyholder’s death as a result of an accident
- Accidental disability rider – financial protection for any type of disability.
- Critical illness rider – provides complete financial protection against the likelihood of any critical conditions. This rider covers critical conditions as specified and cited in the policy papers. of the individual insurers
- Income rider – provides the beneficiary a sum as a fixed income in the event of the policyholder’s death during the term of the plan.
- Waiver of premium – If the policyholder dies, there will be no paying premiums, and her/his nominee will be entitled to the base plan benefits.
How Can You Buy An SBI Life Insurance Online?
- Visit the official SBI Life Insurance website
- Choose the plan you are interested in and complete the form.
- You may also estimate the premium by choosing additional alternatives/riders.
- Choose one payment frequency according to your choice.
- Complete the forms with the required information from your government ID.
- Choose a payment method and proceed to the payment.
- In case you are not satisfied or have any further clarifications, you can request a call from a customer care service executive.
SBI Life Insurance Online Premium Payment
Renewing your SBI Life Insurance Online Premium Payment is simple and you can do it from your home.
- Visit the official SBI Life Insurance website
- Click on the services category (for existing customers)
- Under that, click online premium payment (where you can do a renewal payment of the premium)
- Fill in the policy details.
- Choose a payment method and proceed to make the payment
Claim Settlement Process For SBI Life Insurance Policies
The claim settlement process for SBI Life Insurance plans is efficient and simple and can be done both online and offline.
Following is the Claim Process:
Claim Intimation:
- The nominee/claimant needs to intimate the insurance company by filing an online claim form.
- Intimate SBI Life on their Toll-Free number – 1800-22-9090 You can also or email at claims@sbilife.co.in
Assessment:
On receiving all the necessary documents, SBI Life will assess claim documents and the information provided by the proposal in the form.
Claim Approval process
On the approval of Claim Claim Acceptance the nominee will receive a sum assured.
Tracking:
For tracking your claim process you can also reach out to info@sbilife.co.in
Filing a claim:
On the homepage, on the main header, click on services then claims. Follow the steps to get what you need to be done.
What Are The Documents Required To File A Claim Under SBI Life Insurance?
Here’s a list of a few mandatory documents:
- Completed Claim Form
- Original Policy papers
- Original/Government officer Attested Death Certificate issued by the local authority
- Claimant’s ID and address Proof
- Claimant’s Bank Pass Book/Bank Statement/Cancelled Cheque
- Other documents required
- Hospital / Other treatment records
- Post-mortem & chemical viscera report (if performed)
- Physician’s Statement
- Police Report/F.I.R in case of unnatural death
Frequently Asked Questions
Only if your policy has a paid-up value may you surrender it for non-linked products. In case your insurance has a surrender value, it must be effective for a specific amount of time, and you must have paid a certain number of premiums.
Charges such as service tax / GST (for J&K residents)/cess will be charged at the rates notified by the Central or State government on the following:
For traditional plans:
- Base premium.
- Rider premium.
- Other charges depending on the features of the product in question.
For ULIPs:
- Mortality charges.
- Policy administration charges.
- Fund management charges.
- Discontinuance / Surrender charges.
- Partial withdrawal charges.
- Other charges depending on the features of the product in question.
There are 3 levels of grievance redressals:
Level 1: You can call SBI Life customer care and inform them of your issue.
Level 2: In case your grievance is not satisfactorily resolved in level 1, you can contact the Head Grievance Redressal Officer who deals with aspects of Client Relationship.
Level 3: In case the Head Grievance Redressal Officer is unable to satisfactorily resolve your grievance, you may directly approach the Insurance Ombudsman.
The policyholder can restore the lapsed policy by paying the outstanding premium plus interest and submitting a health certificate to the nearest SBI Life Insurance branch office.
SBI Life Plans
- SBI Life Arogya Shield
- SBI Life eShield Next
- SBI Life eWealth Insurance
- SBI Life New Smart Samriddhi
- SBI Life Retire Smart
- SBI Life Retire Smart Plus
- SBI Life Sampoorn Cancer Suraksha
- SBI Life Saral InsureWealth Plus
- SBI Life Saral Pension
- SBI Life Saral Retirement Saver
- SBI Life Saral Swadhan Plus
- SBI Life Shubh Nivesh
- SBI Life Smart Annuity Plus
- SBI Life Smart Bachat
- SBI Life Smart Champ Insurance
- SBI Life Smart Elite
- SBI Life Smart Future Choices
- SBI Life Smart Humsafar
- SBI Life Smart Income Protect
- SBI Life Smart InsureWealth Plus
- SBI Life Smart Money Back Gold
- SBI Life Smart Money Planner
- SBI Life Smart Platina Assure
- SBI Life Smart Platina Plus
- SBI Life Smart Power Insurance
- SBI Life Smart Privilege
- SBI Life Smart Scholar
- SBI Life Smart Shield
- SBI Life Smart Swadhan Plus
- SBI Life Smart Wealth Assure
- SBI Life Smart Wealth Builder
Life Insurers
- Aditya Birla Sun Life Insurance
- Aegon Life Insurance
- Aviva Life Insurance
- Bajaj Allianz Life Insurance
- Bharti Axa Life Insurance
- Canara HSBC Life Insurance
- Edelweiss Tokio life Insurance
- Exide Life Insurance
- Future Generali Life Insurance
- HDFC Life Insurance
- ICICI Prudential Life Insurance
- Ageas Federal Life Insurance
- Indiafirst life Insurance
- Kotak Mahindra Life Insurance
- Life Insurance Corporation of India
- Max Life Insurance
- PNBMetlife India Insurance
- Pramerica Life Insurance
- Reliance Nippon Life Insurance
- SBI Life Insurance
- TATA AIA Life Insurance
