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Articles » Life insurance » SBI Life Insurance Company – Compare Online Plans & Premium

SBI life insurance

SBI Life Insurance Company:

  SBI Life Insurance is a joint venture between 2 corporate companies. State Bank of India (SBI) is the largest state-owned banking and financial services company in India, and BNP Paribas Cardif.

  BNP Paribas is a French multinational bank and financial services company with its global headquarters in Paris.

  SBI Life Insurance is enlisted in Fortune Global 500 list of the world’s biggest corporations.

  Life insurance is a form of protection against the financial loss of the insured person’s family members or his dependents in the case of his unexpected/ sudden death.

  Life insurance is a legal document /contract between the insured person and the insurance company.

  If some unfortunate incident occurs resulting in the death of the insured person, then the insurance company pays assured sum to the nominee/ dependents of the insured person.

  It gives cash benefits to the insured’s dependents upon his untimely exit.

Principle of life insurance:

  Life Insurance company collects a premium from all those, who purchased the life insurance form the company.

  The premium may be in the form of monthly, quarterly or yearly basis. Against the premium, the life insurance company covers the risk of an insured person.

  Then for the matter of understanding suppose it ensures 1000 persons. Then the probability of any person’s death is about 0.15% to 0.20% only. Then the company is liable to pay the sum assured to only 15 to 20 policyholders.

  Thus the insurance companies manage their earning, after paying all the claims and administrative costs.

Also read: Max Life Insurance

Monetary benefits of the life insurance policy:

  As discussed above, the financial loss of the insured person family members gets covered in the case of an unfortunate event.

  Along with this, some insurance companies cover the below expenses:

1) Final expenses and funeral services.

2) Outstanding debts or mortgages of the insured person.

3) The marriage of insured people: Son and daughter.

3) Educational Expenses

4) Day-to-day Expenses

  To understand the importance of life insurance, let us take the example of 3 friends.

  Kamlesh, Suyash, and Parag are classmates.

  They graduated from the same college. They joined in different companies and their annual income is around 3-4 Lakh Rupees.

  In the tenure of one year from their graduation, Kamlesh got married.

  Suyash and Parag are searching for their life partners.

  Kamlesh bought a life insurance policy from a reputed life insurance company. He is paying an annual premium of 15,000 to the company. He has got a life cover of Rs. 2 crores.

  Suyash has invested some amount in mutual funds. He did not take any life cover. Parag was not serious about any investment or insurance cover.

  The life was going well, 5 yrs later these friends met with an accident. Kamlesh & Parag lost their life.

  Suyash was fortunate as he lost only his one hand and survived.

  As Kamlesh had been insured, his dependents got a sum assured of 2 crores, and his family’s lifestyle remains unchanged.

  On the other hand, Suyash had become handicapped and was not able to earn as he was earning previously. Parag’s family suffered from a huge loss as he was the only son to his mother and father.

  Thus, though Kamlesh was no more, his family did not suffer a financial loss. While Suyash and Parag’s family members were under the huge financial and emotional loss.

  Thus, from the above example, it is clear that Kamlesh is not physically present in the world now, but he had protected his income, and his dependents managed their finances.

Who are eligible to get a life insurance?

  The following people can get life cover if they are in the capacity to pay the amount of premium by the insurance company:

1) All those who need to get a life cover to protect their income.

2) The people having their own business.

3) Employees in the Government Organizations, Private companies.

Also read our blog on HDFC Life Insurance

SBI life insurance

Types of life insurance plans:

  There are two types of life insurance :

1) Term Life Insurance

2) Whole Life Insurance

  Also, there is a difference between the needs of various age-group regarding life insurance.

  For a person, newly started his career, have few responsibilities towards his family. For a newly married couple, securing their spouse in the case of an unfortunate event is a major concern.

  For a Family having a newborn baby, deciding for any investment plan for the baby’s future is the topmost priority.

  As the child grows up, his education and settlement is the priority. While for a middle-aged person, planning for the whole family’s financial needs if something wrong happens with him, it is the need of the time.

  In this context, SBI Life Insurance company offers various plans for Indian citizens.

  When the person is young and does not have the responsibility of taking care of a family, then looking for a life insurance plan is likely to seem less important.

  Purchasing life insurance at an early age has many advantages. For the person having early age, there are no health problems and he can enjoy his life as he wants.

  There seems no reason to buy a life insurance. But as the time passes, there is a possibility of meeting any unfortunate incident or having some ailments.

  At an early age, the premium for life insurance is low, and it provides your family a financial shield and protection against any possible misfortune.  

  By starting early, one learns with the habit of saving. Thus he acquires discipline in saving and ultimately towards investment.

  When one decides to go for a life insurance plan he/she is committed to himself and his family’s coming future.

  The person who bought the life insurance policy is more close to his own long-term financial goals. We can say that buying a life insurance is the beginning towards the achievement of your financial goals.

  In life insurance plans, there are not only risks covered, but it can help the customer to meet multiple financial goals. Through buying life cover at the same time, one should opt for an investment option suitable as per his need.

  Tax benefits are the types of concession one can get only in a Life Insurance plan. Tax benefits can get availed under the Income Tax Act, 1961.

SBI Life Insurance:

Key features:

  Life  Insurance offers its services through multi-distribution modules.

  It includes the following models:

  1.  Retail agency Model
  2.  Institutional alliance model
  3.  Bancassurance model
  4.  Along with this Agency Channel module of business, comprises of around 1 Lac
  5.  Insurance Advisors.      

 The company was awarded as ‘Life Insurance Company of the Year’ in 2016.

Also read: Birla Sun Life Insurance

SBI Life Insurance Plans:

Key Benefits:

1) It provides financial protection to the family.

2) The company’s claims Settlement ratio is much higher. The company has around 23,000 branches across India. It provides fast claim settlement support.

3) The Premium is affordable, reasonable and flexible premium having smart payout options.

4) SBI Life has hassle-free online plans as there is no mediator it costs lower.

SBI Life insurance plans in detail:

  SBI Life insurance is offering various ranges of life insurance products.

  The plans are designed with variants to provide financial protection for all age groups.

  There are various plans offered by SBI Life Insurance Company.

  SBI Life Insurance provides a traditional plan which is purely life insurance/ term insurance policies and investment plans also.

  1.  Term Insurance: SBI Life Protection (Term) Insurance
  1.  Saving Plan: SBI Life Savings Plans
  1.  ULIP Plans: SBI Life Unit Linked Insurance Plans (ULIP)
  1.  Investment Plan: SBI Life Investment Plans
  1.  Retirement Plans: SBI Life Retirement Plans
  1.  Child Plan: SBI Life Child Plans

Term Insurance Plans from SBI Life:

  SBI Life Insurance (SBI) offers various Term insurance plans to provide financial protection against any misfortune or uncertainties.

  SBI Life offers different plans which are linked to share market or traditional plans which are not linked to share market. In Term plan, one cannot generate income, but these plans provide huge coverage against risk at very low premium amount.

  The main aim to provide term insurance is to cover the risk of unfortunate and untimely death. In the term plan, the insured person’s family is able to continue their current lifestyle in the event of such unfortunate events.

  One can choose various payout options such as lump sum payouts, monthly payout or the payout with an annual increase.

Thus the basic aim to protect the income and safeguard the family against the loss of income gets satisfied.

Also read: Exide Life Insurance

SBI Life Insurance Company offers the below types of Protection Plans:

1) SBI Life – income Shield is an online plan:

  In this plan, the premium has to be paid on regular basis.

  There are 2 options to choose from Level Term Assurance and Increasing Term Assurance.

  The Claim for Death Benefit can be chosen as either as:

1)Lump Sum Benefit or Monthly Income Benefit

2) SBI Life – Smart Shield plan.

  In this plan, one has an option to pay the premium once only (single payment) or there is an option to pay the regular premium. The payouts are available as Level Term Assurance or Increasing Term Assurance at 5%.

2) SBI eShield – Online Plan offered by SBI Life Insurance:

  In this plan, the premium paying term is of regular pay. It comes with an option of inbuilt Accidental Death Benefit.

  Both Level Term Assurance and Increasing Term Assurance are available in case of Death Benefit.

3) SBI Life – Saral Shield:

  In this plan, the minimum sum assured is Rs. 7.5 Lakh and maximum is Rs.24 Lakh.

  Death benefit can be availed in the form of Level Term Assurance, Term Assurance (for Loan Protection purpose), and Term Assurance (This is for the purpose of Family Income Protection).

4) SBI Life Grameen:

  This is for people who stay in rural area and whose income is low.

  The premium paying term is single payer. The minimum premium is Rs.300 and the maximum is Rs.2000. The minimum sum assured is Rs.10, 000 and maximum sum assured is Rs.50, 000.

Also read our blog on What is life insurance?

ULIP Plans from SBI Life Insurance Plans (ULIPs):

SBI Life offers a Unit Linked Insurance Plans which are linked to the share market.

This plan is a combination of insurance and investment.  

They serve dual purpose of Life Insurance and investment.

SBI Life Insurance’s expert Finance Person invests some percentage of one’s funds into different funds like equity funds, debts funds, and hybrid funds. It gives a financial return of average 20% from the market.

  Some Part of the funds is utilized to offer life cover.

SBI Life ULIP Plans Features:

  This is the best plans offering insurance and investment in the same plan.

  The plan offers returns on maturity. But In case the policyholder dies during the term, the sum assured is paid to the nominee.

  This plan provides flexibility to surrender or partially withdraw ULIPs plan after a mentioned period.

  Tax Benefits will be applicable as per the Section 80C and 10(10D) under the Income Tax Act

SBI life insurance

SBI Life Insurance offers the following types of ULIPs:

1) SBI Life Insurance – Smart privilege plan :

  This is a plan in which option is available as regular, limited, and single premium payment policies.

  Also, the plan is enough flexible. One can choose from 8 different funds with no premium allocation and policy administration charges with unlimited free switches.

2) SBI Life – eWealth Insurance:

  The Plan is an online plan in which Automatic Asset Allocation is available with a  choice of two Options – i.e. Balanced and Growth.

  Premium allocation and policy administration charges are not required. Regular payment mode option is available and sum assured is of 10 times of yearly premiums.

3) SBI Life – Smart Wealth Builder :

  The plan is intended for investment purpose: In this plan option of regular, limited and single premium is available. Policy Term is of the different period such as 10, 15 to 30 years.

 In this plan, one can get Guaranteed Additions of up to 125% after 10th year of policy term.

4) SBI Life – Smart Wealth Assure:

  This plan offers only single premium payment option. An option of Accidental Death Benefit Rider is available Policy Term can be from  10 to 30 years.

5) SBI Life – Saral Maha Anand:

  Offers only regular premium payment options. Also, an option is available to customize Accidental Death Benefit Rider.

  The Policy Term can be from 10 to 20 years.

6) SBI Life – Smart Scholar plan:

This plan is designed as per looking for child’s future growth.  

This policy offers an inbuilt Waiver of Premium featured rider the option is also available to customize with Accidental Death Benefit and Total Permanent Disability Rider.

7) SBI Life – Smart Elite:

  As per this policy, two protection plans are offered. The plans are Gold and Platinum plans. The switching option of switching between 2 plans is available.

  The Redirection of funds is also available. One can manage with Accidental Death Benefit and Total Permanent Disability Rider.

  One can also choose a limited premium or single premium payment option.

8) SBI Life – Smart Power Insurance:

  This plan offers two protection plans as increasing and level sum assured.

  One can switch between 2 fund options – Trigger and Smart Funds and there is flexibility of two free switches.

Also read: Aviva Life Insurance

SBI Life Insurance Child Plans:

SBI Life offers plans to save money for the child’s future. This plan helps to build funds for child’s education and marriage purpose.

  Thus one should have a complete peace of mind while by ensuring r kids future with the help of Child’s plan.

  • Brings you an opportunity to  get an amount for the child’s future
  • Under this plan different options are  available
  • Tax Benefits are applicable as per the Section 80C and 10(10D) of  the Income Tax Act

SBI Life types of Child’s Plan:

1) SBI Life – Smart Scholar plan:

  This plan is designed in keeping child’s future growth. This offers an inbuilt waiver of premium featured rider.

  Also, an option to customize with Accidental Death Benefit and Total Permanent Disability Rider is offered.

2) SBI Life – Smart Champ Insurance:

  This plan is also focused on the child’s future growth. The policyholder has been assured with Accidental Death Benefit.

  Four equal annual installments are available after the child attains 18 years of age.

  The triple protection is offered in case of an unfortunate event during the policy term. Such as if something happens to the life insured – immediate payout, waiver for premiums and a terminal bonus is also offered.

SBI Life Insurance Online:

  For all the policy details and calculation of premiums, online one can visit the below link. He can get all the information in online mode.

  Just fill the personal details, enter the medical history details. Decide for which policy you want to purchase and buy the policy by paying premium online.

  Thus, one can view, compare and purchase all the policies available sitting at the comfort of your home.

Also read: Life Insurance

SBI Life Retirement Plans:

  SBI Life Insurance pension plan is a way of systematic savings and getting fixed monthly or annual income as per the plan. This helps in building funds for the policyholder’s life after retirement.

  As the medical expenses are continuously rising, this expenses and inflation hinder in savings which makes difficult to continue the same lifestyle post-retirement, this plan ensures you continue to maintain your lifestyle.

SBI Life Insurance Retirement Plans Key Benefits:

  • This offers Life coverage plus opportunity of building funds for retirement.
  • The plan is intended to achieve an individual ’s retirement goals.
  • Options are available to choose from different variants.
  • If the unfortunate event happens In case of insured’s death, the annuity amount is paid to the spouse/dependents of the life assured.
  • Tax Benefits are applicable  as per the Section 80C and 10(10D) of Income Tax Acts Life types of Retirement Plans.

SBI Life – Retirement Plans in detail:

1) SBI Life – Saral Pension plan:

  This plan is participating, non-linked and a traditional pension plan. This Offers Guaranteed bonus for first 5 years of the policy term.

  Also, plan offers Vesting benefit with terminal bonus (if any). One can choose from regular or single payment mode. The policyholder can customize the plan with preferred term rider option.

2) SBI Life – Retire Smart:

  This is linked plan and policy period can be 10, 15 to 35 years. This offers guaranteed additions for the policy term of 35 years.

  Options are available for regular and limited period. The plan offers flexibility of postponing one’s vesting age.

  The terminal additions of 1.5% of fund value are offered.

3) SBI Life – Annuity Plus:

  This is a perfect traditional non-linking annuity plan. This offers wide range of annuity options. The Flexibility is available to choose payouts from the age of 40 years.

Larger annuity payouts are available on larger premiums. One can customize with the Accidental Death Benefit rider.

SBI Life Savings Plans:

  SBI Life offers savings plans along with life cover. Buying this plan the family is not only protected against the financial loss in case of the breadwinner passing away but also helps an individual to build funds for short and long-term goals.

Features of Savings Plans:
  •         Life cover plus savings benefits are provided.
  •         Family interest gets protected as they get risk protection against financial problems.
  •         Helps to Generate funds for short and long-term goals
  •         In case of death of the life assured, the sum assured is paid to the nominees/ dependents.
  •         Tax Benefits are applicable as per the Section 80C and 10(10D) under the Income Tax Act.

Also read: Max Life Insurance

SBI Life offers following types of Savings Plans:

1) SBI Life – Smart Bachat:

  This plan is limited premium payment term endowment plan. This offers two options:

  First is Vanilla endowment plan and the second is endowment plan with in-built Accidental Death and Total Permanent Disability.

  Premium payment period ranges as 5, 7, 10 and 15 years and policy period can be from 10 to 25 years. Survival benefit is provided at the end of the policy term.

 The policyholder receives guaranteed sum assured. Also, vested simple reversionary benefit and terminal bonus will be provided.

2) SBI Life Smart Women Advantage:

  This plan is offered in keeping view of Working women’s requirement  

  This plan offers life coverage, savings options and Critical Illness (CI) rider benefit with in-built premium waiver in case of any critical illness.

  Also, it offers additional benefits if any pregnancy complication and congenital anomalies arise.  This is available in two forms – Gold and Platinum.

3) SBI Life – Smart Swadhan Plus:

  This plan comes with twin benefit i.e. it provides life cover and 100% return of premiums.

  This Offers single and limited premium payment (5, 10, 15 years), and regular premium up to policy term. One can choose life cover for a term of 10 years to 30 years.

  After policy maturity, the total premiums will be paid to the policyholder.

4) SBI Life – Smart Humsafar:  

  This policy is a perfect joint life insurance plan. In this plan one can cover himself and his spouse in a single policy. This plan is a non-linked participating endowment plan. This Provides financial protection in case of death of either or both the life assured.

  This plan is customized with additional riders.

  Policyholder receives the total sum assured as a survival benefit at the end of policy term.

  Along with this vested simple reversionary benefit, terminal bonus (if any) is getting paid.

5) SBI Life – Smart Money Planner:

  This plan is a non-linked assuring profit endowment. This plan provides guaranteed cash flow at regular intervals.

  This savings plan is with added feature of ‘Growth period’.

  As per this policy option of single premium payment and limited premium payment is offered.

6) SBI Life – CSC SaralSanchay:  

  This is non-linked and non-participating variable insurance plan. This is simple and easy savings plan providing minimum floor rate of 1% p.a.

  This is payable throughout the policy term offer partial withdrawal of amount.

7) SBI Life – Smart Income Protect:

  This plan is a traditional participating plan with life cover and regular cash inflow. This offers different policy term of 7, 12, and 15 years.

  The premium payment period is same as policy term. This plan is customized with wide range of riders.

  The plan offers different payouts options on maturity – lump sum and installments.

8) SBI Life – Smart Guaranteed Savings Plan:

  This plan is a traditional non-participating savings plan. This offers guaranteed additions at the simple rate of 5.5% or 6 % as per the number of basic premiums paid.

  Here Payment period is limited up to 7 years with policy period of 15 years.

  Life coverage is based on the premium chosen.

9) SBI Life – Smart Money Back Gold Plan:

  This plan is customized for money back options. This policy offers fixed cash payouts at regular intervals. If the insured gets survived after policy term, the benefit of 110% of sum assured paid till maturity.

  The various rider options are also available. The plan is available in  4 types of variants with policy term of 12, 15, 20 and 25 years.

10) SBI Life – SubhNivesh:

  This plan is available in 2 different forms.  First is plain vanilla endowment plan and other is endowment with whole life cover. 

  This plan is non-linked with profit endowment assurance with whole life coverage. Thus savings, income, and life cover all get covered in this single plan.

  Single or regular premium payment mode is available.

  Also, this plan covers 3 riders as an additional benefit.

  Payout option is available to receive the basic sum assured at regular intervals of pre-decided period of 5/10/15/20 years.

11) SBI Life – SaralSwadhan+:  

  This plan is non-linked, non-participating, term assurance. But provides returns of premium on survival.

  It provides a fixed life cover over the policy term. It offers guaranteed maturity benefit, provided  that 3 annual premiums have been made.

  The premium term is minimum of 10 years whereas policy term can be 10 or 15 years.

12) SBI Life – Flexi Smart Plus:

 This is a participating, variable insurance providing with  more flexibility. This offers different types of bonus such as guaranteed , Interim bonus, regular bonus and terminal bonus.

  Flexibility to offer to choose from two protection plan – Gold and Platinum. This also offers partial withdrawal of money.

 The Flexibility to increase/decrease sum assured, and complete flexibility to increase chosen policy term is also provided.

Also read: HDFC Life Insurance

SBI life insurance

Riders provided by SBI Life Insurance Policy:

1) SBI Life – Accidental Death Benefit Rider:

  In the case of an accidental death of the policyholder, SBI will pay rider sum as per policy in addition to the basic term assured to the nominee.

  The minimum rider benefit will range from  Rs.25,000 up to Rs.50 Lakh.

2) SBI Life Accidental Total and Permanent Disability Rider:  

  In the case of the insured gets permanently of partially disable due to an unfortunate incident, SBI will pay rider sum assured in addition to the basic term assured to the nominee.

  The minimum rider benefit is from between Rs.25, 000 up to maximum Rs.50 Lacs

3) SBI Life Critical Illness Rider:  

  It covers 13 major critical illnesses, including First Heart Attack subject to specified severity, Open Chest CABG, Cancer, Kidney Failure, Major Burns, Paralysis, Major Organ Transplanted. The Rider benefit can be from .25, 000 to s Rs.50 Lacs.

4) SBI Life Preferred Term Rider:

 It covers death of the life assured. This is an additional life cover to the base cover. The minimum rider benefit is Rs.25, 000 and the maximum is Rs. 50 Lacs.

SBI Life Insurance Premium :

  One can pay his premium online through below link of SBI Life Insurance Company. So, no need to go to branch office to pay the premium. It can be paid online

  As per customer convenience. This facility is available along with other options such as ECS facility.

  Just one has to track the premium paying dates. Just visit the below link for paying the insurance premium.

Also read: Birla Sun Life Insurance

SBI Life Insurance Claim Process:

  SBI Life is committed to provide the benefits as soon as possible to the nominee and within the prescribed time as per IRDAI guidelines.

Following is the Claim Process:

  1. A) Claim Intimation: The nominee/claimant needs to intimate the insurance company by filing an online claim form. The form is to send to the below address:

SBI Life Insurance Co. Ltd, 8th level Seawoods Grand Central, Tower 2, Sector 40, plot No.R-1, Seawoods, Nerul, Navi Mumbai- 400706.

  1.  B) The Intimation can also be sent to SBI Life on their Toll-Free number – 1800-22-9090
  2. c)  The intimation of claim can also be made by sending an email at claims@sbilife.co.in

Claim Assessment Process:

  After receiving all the necessary documents, SBI Life will asses claim documents and the information provided by the proposal in the form.

Claim Approval process

After the approval of Claim /Claim acceptance, the nominee will receive a sum assured.

For more information and in case of queries one can also reach the company to info@sbilife.co.in

SBI Life:  List of Mandatory Documents for submission of Claim :

1) Duly filled Claim Form is required.

2) Original Policy Documents are required.

3) Original  Attested Death Certificate  issued by Government officer or Death Certificate issued by the local authority

4) Claimant’s address proof is required.

5) Claimant’s ID Proof is required.

6) Claimant’s Bank Pass Book/Bank Statement/Cancelled Cheque is required for payout.

7) Other documents are required if company feels their necessity.

  1. a)  Hospital / Other treatment records
  1. b)  Photo Identification & address proof of the claimant
  2. c)  Post-mortem & chemical viscera report (if performed)
  3. d)  Physician’s Statement
  4. e)  Police Report/F.I.R in case of unnatural death

This is all about SBI Life Insurance.  The above information is as per latest updates. Though, one should check with their nearest branch, as some plans changes or restructured as per company policy.

So, Friends insure and be secure with buying most awarded products from SBI Life Insurance.

Also read: Exide Life Insurance

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