SBI Life Insurance is one of the most reputed insurance companies in India. The company is headquartered in Mumbai. It was formed in the year 2001. SBI Life has a claim settlement ratio of 96.69%. The company is widely known to provide various types of products that are easily customizable on the basis of your financial needs.
SBI Life Insurance began its operations as a joint business enterprise between BNP Paribas Cardiff (holds 26% stake), a French financial services provider and multinational bank with its headquarter in Paris, and State Bank of India (holds 74% stake), the state-owned bank and the largest financial service provider in India.
The authorized capital of SBI Life is Rs.20 billion and paid-up capital is Rs. 10 billion. SBI Life initially focused mostly on bancassurance, however with time, the company has now developed into one of the biggest life insurance companies across India.
What Are the Benefits of SBI Life Insurance?
SBI Life Insurance Company has grown enormously following its inception. The company has significantly contributed in terms of transpiring the insurance industry in India. Consequently, SBI Life is now among the top players in the market. On the other hand, the services and products offered by the SBI Life Insurance Company are resourceful in order that the insurance requirements of varied customers can be satisfied.
SBI Life Insurance Company has access to over 100 million accounts all over India and provides its products and services to every economic class and geographic region in the country, thus making sure that individuals from all over India can avail its offerings.
The SBI Life Insurance Company is also recognized for boasting the most industrious force so far as insurance agents are concerned, having associated with over 80,000 advisors. So if it is a life insurance plan that you are looking for, rest is assured in the knowledge that SBI Life and its dedicated and experienced personnel will help you unearth the one that best suits your precise requirements for the life insurance policy.
Different Types of Life Insurance Plans from SBI Life:
SBI Life has a wide-ranging collection of different insurance products to meet the individual needs of a rather bulky customer base that the company has. Following are the plans that SBI Life Insurance Company has on offer:
SBI Life Insurance for Individuals:
SBI Life Insurance Company provides a number of different kinds of plans for individual customers. The range includes child plans, unit-linked plans (ULIPs), protection plans, endowment plans and savings plans.
SBI Life Unit-linked Insurance Plans (ULIPs)
Unit linked insurance policies from SBI Life are basically long-term protection plus investment plans. SBI unit-linked insurance plans provide customers with a chance to avail market-linked returns. At the same time, these SBI unit-linked insurance plans also offer life insurance protection. On the basis of the risk appetite of a customer, SBI life offers various funds to opt from.
The unit-linked insurance plans from SBI Life Insurance Company are as follow:
- SBI Life – Smart Wealth Builder: Smart Wealth Builder plan from SBI life is basically a non-participating unit linked life insurance plan. The policy has been designed to make sure that you can invest to the extent that you can afford and still manage to watch your wealth multiply. The design of the Smart Wealth Builder scheme gives policyholders the flexibility to settle on their premiums, the policy term and even the premium payment mode.
- SBI Life – Smart Wealth Assure: Smart Wealth Assure from SBI Life Insurance Company too is a non-participating unit-linked insurance plan. The policy offers investors the benefits of a life insurance policy plus a chance to invest in the markets by means of diverse funds to help their wealth grow. SBI Life – Smart Wealth Assure is a single premium payment policy that comes with partial withdrawal features. This feature can be used to meet financial requirements that might take place at a later stage.
- SBI Life – Saral Maha Anand: Saral Maha Anand scheme from SBI Life is basically a unit-linked, non-participating life insurance plan. The policy allows you to invest as per your risk appetite. SBI Life – Saral Maha Anand scheme also lets you choose how much insurance you want to cover yourself which is conditional on certain minimum and maximum amounts.
- SBI Life – Smart Scholar:Smart Scholar plan from SBI life is basically a ULIP that has been designed specifically for those who want to make sure that their family’s requirements are taken care of even if they are not around. SBI Life – Smart Scholar offers the beneficiary the benefit of the payment of the Sum Assured as well as a waiver of premiums so that policy remains in force even in case of the unfortunate death of the policyholder.
- SBI Life – Smart Elite: Smart Elite from SBI Life is a unit-linked policy. This policy has been designed to offer life insurance cover of 7 to 10 times of the annualized premium paid. SBI Life – Smart Elite also lets you to pay the premiums under the single pay scheme. The advantages of this policy comprise the alternative to increase or decrease the insurance cover. The policy also comes with accidental death or accidental total permanent disability cover.
- SBI Life – Smart Power Insurance:Smart Power Insurance from SBI Life Insurance Company is a ULIP plan that provides the investors with life insurance cover as well as investment opportunities at affordable premiums. SBI Life – Smart Power Insurance also offers liquidity options by allowing investors to make partial withdrawals. The policy also lets the investors choose between a level cover and an increasing cover scheme.
- SBI Life – Smart Privilege: This is a non-participating unit-linked life insurance policy from SBI Life Insurance Company. SBI Life – Smart Privilege has been designed to offer both life cover as well as the flexibility to redirect your premiums between 8 different funds while providing you with loyalty additions so that your fund value may increase.
- SBI Life – eWealth Insurance:This is a non-participating online unit-linked insurance policy from SBI Life Insurance Company. SBI Life – eWealth Insurance basically comes with 2 options to choose from – Balanced and Growth. On the other hand, the Automatic Asset Allocation feature of eWealth Insurance plan slowly yet steadily increases exposure to debt instruments or money market with comparatively low risk.
|Plan Name||Basic Sum Assured||Policy Term|
|SBI Life Smart Wealth Builder||
|SBI Life Smart Wealth Assure||
|SBI Life Saral Maha Anand||
|SBI Life Smart Scholar||
|SBI Life Smart Elite||
|SBI Life Smart Power Insurance||
|SBI Life Smart Privilege||
|SBI Life eWealth Insurance||
SBI Life Insurance Child Plans
Planning for the future of your kids at an early age is very important since it can bring you a plethora of benefits when the child comes of age. SBI Life Insurance Company has designed 2 comprehensive child insurance plans that are shaped to provide widespread benefits over time.
Following are the two SBI Life Insurance Child Plans you may choose from:
- SBI Life – Smart Champ Insurance: : Smart Champ Insurance plan from SBI Life Insurance Company can be purchased to make sure that the future of your child is protected against all contingencies. SBI Life – Smart Champ Insurance provides the investors with advantages like lump sum payments in 4 installments once your child reaches the age of 18 years, the opportunity to pay the premium in one go and waiver of premiums.
- SBI Life – Smart Scholar: : Smart Scholar plan from SBI Life provides with a double death benefit of the payment of the Sum Assured as well as a waiver of the outstanding premiums. SBI Life – Smart Scholar also offers total permanent disability and accidental death benefits along with partial withdrawal benefits.
|Plan Name||Basic Sum Assured||Policy Term|
|SBI Life Smart Champ Insurance||
|SBI Life Smart Scholar||
SBI Life Insurance Retirement Plans
SBI Life Insurance Company has designed the retirement plans for its customers to make sure that everyone is prepared for the challenges of life after their working age. SBI Life Retirement Plans provide monthly payments to individuals in the form of pension so that they can keep going with things without having to depend on anybody for economic support.
Check out the following retirement plans that you can buy from SBI Life Insurance Company:
- SBI Life – Saral Pension: The Saral Pension plan from SBI Life ensure that it’s never too late to put something aside for your retirement. That is the reason why SBI Life – Saral Pension provides investors with guaranteed simple reversionary bonuses, maturity bonus which is the Sum Assured as well as the simple reversionary bonus along with terminal bonus (if any). This retirement plan from SBI Life Insurance Company can also be linked with a range of riders that help augment the life insurance cover offered.
- SBI Life – Retire Smart: The Retire Smart is basically a non-participating unit-linked pension plan from SBI Life Insurance Company that invests your money into different funds and assures a minimum return of 101% of all premiums that you pay. SBI Life – Retire Smart also offers increased fund value through additions of up to 210% of the yearly premium paid, subject to certain conditions.
- SBI Life – Annuity Plus: The Annuity Plus is basically a non-participating immediate annuity plan from SBI Life Insurance Company. This annuity plan has been designed to offer the insured a regular income from the age of 40 years with the alternative to decide the annuity payout frequency. This SBI Life retirement plan can also be enhanced by choosing to purchase the accidental death rider. In addition, SBI Life – Annuity Plus also offers a return of balance premium or a return of premium options.
|Plan Name||Basic Sum Assured||Policy Term|
|Saral Pension||Rs. 1 lakh||
|Retire Smart||Not Applicable||10, 15 to 35 years|
|Annuity Plus||Not Applicable||Not Applicable|
SBI Life Term Insurance Plans
Term insurance plans from SBI Life Insurance Company are low-cost insurance policies. SBI Life Term Insurance Plans have been designed in a creative way that they offer full financial stability along with protection to the family of an individual in case of his/her ill-timed demise.
Check out the protection plans from SBI Life Insurance that you can avail:
- SBI Life – Smart Shield: The Smart Shield Plan from SBI Life is basically a term plan. This SBI Life term plan offers a huge Sum Assured in exchange of a nominal premium. SBI Life – Smart Shield can also be coupled with a choice of riders that improve the cover this plan offers. This policy also comes with rewards for leading a healthy life. SBI Life Smart Shield plan can also be taken as level or decreasing term assurance or increasing term assurance to protect a loan that you may have taken.
- SBI Life – Saral Shield: The Saral Shield plan from SBI Life is a traditional term insurance plan. This plan can be taken to make sure that your family is well taken care of in the ill-fated event of your death. SBI Life – Saral Shield plan features regular payment options and single premium payment and the cover of the same can be enhanced by the addition of certain riders available.
- SBI Life – eShield: This term life insurance plan from SBI Life is a non-linked and non-participating. As its main feature, SBI Life – eShield comes with the option to buy this life insurance plan online without any hassle. The policy also provides rewards for leading a healthy life and offers accidental death benefits. SBI Life eShield term insurance plan will offer your family financial security for premiums that are very reasonable. This SBI Life term insurance plan is providing life cover of Rs. 1 crore.
- SBI Life – Grameen Bima:The Grameen Bima plan from SBI Life is basically an individual, micro insurance term plan. This SBI Life term plan has been designed to provide the economically weaker segments of society with an opportunity to secure themselves against hard-hitting times. SBI Life – Grameen Bima plan does not necessitate health checkups and provides an insurance cover that can be as high as 60 times of the total premium paid.
- SBI Life – eIncome Shield: SBI Life eIncome Shield plan is basically a traditional, non-participating online pure term life insurance policy. This SBI Term Life Insurance Policy makes sure that your monthly income is secured so that your family or dependents can utilize that amount in the event of your ill-timed death.
|Plan Name||Basic Sum Assured||Policy Term|
|SBI Life Smart Shield||
|SBI Life Saral Shield||
|SBI Life eShield||
|SBI Life Grameen Bima||
|SBI Life eIncome Shield||
SBI Life Insurance Savings Plans
Advance planning can take you a long way in the long run in case you have any future plans for your family or yourself. Keeping this in mind, SBI Life has made it easy for you to avail a number of effective savings plans so that you or any individual can save money for the future – be it for purchasing your dream house, education or marriage of our children, or taking a long off for vacation.
Check out the savings plans that SBI Life Insurance Company has on offer:
- SBI Life – Smart Humsafar: The Smart Humsafar from SBI Life is basically joint life insurance plan. This policy comes with savings options where you and your spouse can be covered under a single plan. Along with death benefits, SBI Life – Smart Humsafar plan also provides maturity benefits in case either or both partners survive till the policy tenure.
- SBI Life – Smart Money Planner:The Smart Money Planner is a limited premium paying individual non-linked plan from SBI Life Insurance Company. This savings plan from SBI Life offers profit endowment as well as guaranteed cash inflows at regular intervals which also double up as a life cover the event of the ill-fated demise of the life insured. The policy also offers tax benefits as per the Income Tax Act of 1961.
- SBI Life – CSC Saral Sanchay:The CSC Saral Sanchay is offered through the Common Service Centre Network under the National eGovernance Plan of India. This is basically a non –participating, non-linked, variable insurance plan. SBI Life – CSC Saral Sanchay offers an alternative of savings too, together with a death benefit that would be paid in the event of the ill-fated death of the life insured.
- SBI Life – Smart Income Protect:The Smart Income Protect plan from SBI Life is basically an insurance plan that that has been designed to provide with 2 benefits to the insured. The first benefit is that the insured is provided with a life insurance cover and the second is that the insured gets the benefit of a regular income. SBI Life – Smart Income Protect policy also offers terminal and reversionary bonuses together with guaranteed payouts of 11% of the Sum Assured for 15 years after the policy maturity.
- SBI Life – Smart Guaranteed Savings Plan: The Smart Guaranteed Savings Plan is a non-participating savings plan from SBI Life Insurance Company. This policy has been designed to offer guaranteed additions. These additions are calculated at a rate of 5.5% to 6%. These calculated additions are applied to the cumulative basic premiums that have been paid. SBI Life – Smart Guaranteed Savings Plan also offer the alternative to pay premiums only for 7 years.
- SBI Life – Smart Money Back Gold: The Smart Money Back Gold is a traditional money back plan from SBI Life. The policy provides you with the advantages of a life insurance policy along with an income at regular intervals. SBI Life – Smart Money Back Gold plan can be improved using a broad range of riders available for this plan.
- SBI Life – Shubh Nivesh: The Shubh Nivesh scheme from SBI Life is basically a non-linked profit endowment assurance plan. This policy has been designed to provide the flexibility to turn this plan into a whole life insurance policy. SBI Life – Shubh Nivesh also offers benefits like a pick between regular premium payment and single premium payment alternatives and options to get the basic Sum Assured over a period of time.
- SBI Life – Saral Swadhan+:The Saral Swadhan+ is a non-linked, non-participating term assurance plan from SBI Life Insurance Company which is meant for individuals. The policy offers life cover for a period of 10 years or 15 years. Furthermore, this SBI life insurance plan offers a higher return on investment on the survival of the life insured till the policy maturity period. SBI Life – Saral Swadhan+ benefits and payable premiums are entitled for tax benefits.
- SBI Life – Flexi Smart Plus: The Flexi Smart Plus is basically an individual, participating variable insurance policy from SBI Life Insurance Company. You can customize this plan as per your requirements. SBI Life – Flexi Smart Plus offers a bundle of bonuses on the maturity value in addition to a death benefit as per the Platinum or Gold option.
- SBI Life – Smart Women Advantage: The Smart Women Advantage is basically a participating traditional endowment policy plan from SBI Life Insurance Company. This policy comes with additional protection features you can plan your finance easily plus you get additional valuable security offered by SBI Life.
- SBI Life – Smart Swadhan Plus: The Smart Swadhan Plus plan is a non-participating, non-linked Term Assurance with Return of Premium policy from SBI Life Insurance Company. This policy has been designed to help you meet your insurance requirements while providing the additional benefit of getting back your entire premium payments in policy maturity.
|Plan Name||Basic Sum Assured||Policy Term|
|SBI Life Smart Humsafar||Rs. 1 lakh||10 years to 30 years|
|SBI Life Smart Money Planner||Rs. 1 lakh||15 years to 25 years|
|SBI Life CSC Saral Sanchay||
|SBI Life Smart Income Protect||Rs. 1 lakh||7 years / 12 years / 15 years|
|SBI Life Smart Guaranteed Savings Plan||Dependent on premium selected by customer||15 years|
|SBI Life Smart Money Back Gold||Rs. 75,000/-||12 years to 25 years|
|SBI Life Shubh Nivesh||
|SBI Life Saral Swadhan+||
|SBI Life Flexi Smart Plus||Annualised basic premium x Sum Assured Multiple Factor||5 years to 30 years|
|SBI Life Smart Women Advantage||Rs. 2 lakh||10 years and 15 years|
|SBI Life Smart Swadhan Plus||Rs. 5 lakh||10 years to 30 years|
SBI Life Insurance for Groups:
SBI Life Insurance Company also offers a number of group insurance plans. These Group Insurance Plans from SBI have been designed to aid companies and organizations in rewarding, retaining and encouraging their best employees. These policies also offer an assortment of corporate solutions to meet the statutory as well as voluntary requirements of employers, thus making the relationship between employees and employers even stronger.
Check out the following group insurance plans you can avail from SBI Life Insurance Company under each category:
SBI Life Group Retirement Plans
SBI Life group retirement plans are designed in such a way that they provide financial constancy as well as protection to the family of an employee, and in so doing, ensure that the employees of an organization remains loyal and motivated. SBI Life Group Retirement Plans safeguard funds that can be used at an afterward date to meet up the obligations of your organization on annuity, gratuity or pension, leave superannuation and encashment.
Check out the following SBI Life Group retirement Plans:
- SBI Life – Kalyan ULIP Plus: The Kalyan ULIP Plus is basically fund based group insurance plan from SBI Life Insurance Company. The benefits offered under SBI Life – Kalyan ULIP Plus plan can be obtained by the master policy holders as well as by each member of the group.
- SBI Life – CapAssure Gold:The CapAssure Gold is offered only to employer or employee groups i.e. to the employers/central government/ state government who want SBI Life Insurance Company to manage their employee’s gratuity, superannuation benefit schemes, leave encashment.
- SBI Life – Swarna Jeevan:The Swarna Jeevan has been designed by SBI Life Insurance Company to provide higher annuity rates.
- SBI Life – Gaurav Jeevan:The Gaurav Jeevan from SBI Life Insurance Company only offered to the central government/state government and government agencies willing to buy their emerging or existing in respect to annuity payments for compensation to landowners whose lands are being taken.
SBI Life Group Protection Plans
The group protection plans on offer from SBI Life Insurance Company have been designed to provide pure protection cover for the employees of a company. These policies make sure that the financial safekeeping of their families in the event of unforeseen and unfortunate circumstances.
Following are the Group Protection Plans from SBI Life Insurance Company:
- SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana: Pradhan Mantri Jeevan Jyoti Yojana is a non-linked, non-participating plan. The policy offers an annually renewable group term insurance. The policy has been designed to provide a death benefit of Rs. 2, 00,000/- at an annual premium of Rs. 330/- only. In order to get enrolled in this plan, no medical examinations are required.
- SBI Life – Sampoorn Suraksha: The Sampoorn Suraksha from SBI Life is basically a group term insurance policy. This plan can be renewed. The policy has been designed to offer excellent protection at affordable rates.
- SBI Life – Suraksha Plus:The Suraksha Plus plan is a group insurance scheme like company employers or government institution.
SBI Life Group Loan Protection Plans
The group loan protection plans from SBI Life Insurance Company is available at affordable prices. These policies provide considerable support in terms of sharing the burden of your liabilities.
There is only one SBI Life group loan protection plan, which is as follows:
- SBI Life – Rinn Raksha: Rinn Raksha plan from SBI Life Insurance Company guarantees that you get to take pleasure in the simple joys of life like buying a dream car, taking a vacation overseas with the family, building a house without having to worry about accountability
SBI Life Group Micro Insurance Plans
The group micro insurance plans from SBI Life Insurance Company have been designed specifically for customers with small savings and low household income.
There are two SBI life group micro insurance plans available to choose from:
- SBI Life – Grameen Shakti:The Grameen Shakti from SBI Life has been designed to provide life insurance to the underprivileged segments of the society.
- SBI Life – Grameen Super Shiksha: The Grameen Super Shiksha from SBI Life Insurance Company has been designed for the rural segment as well as the underprivileged parts of the society who choose life insurance cover without maturity benefit.