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SBI Life Insurance

Claim Settlement Ratio - 95.03%*
*Data according to IRDA Annual Report (2018-19)
  • Choose From

    20+ Insurers

  • Plans Starting at

    ₹ 490/month*

  • Tax Benefit

    Upto Rs. 75000

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners

SBI Life Insurance policies cater to the needs of customers between 18 to 65 years of age. The insurance provider also offers customized plans for the self-employed, salaried, business, and professional individuals depending on their financial needs.

The various life insurance plans provided by SBI Life Insurance include Unit Linked Plans, Pension Plans, Term Insurance Plans, Group Plans, Endowment Plans, and Child Education Plans.

The highlight features of SBI Life Insurance plans are:

  • Policy coverage provided up to Rs. 1crore
  • Very high claim settlement ratio of 96.6%
  • End-to-end grievance redressal process

Features and Benefits of SBI Life Insurance

SBI life insurance plans are a long-term investment and protection plans through which investors can avail of market-linked returns, especially with the ULIP plans, along with life coverage.

Given below are the common features of the SBI Life insurance plans:

  • SBI life insurance plans offer financial protection to the insured and his family
  • SBI insurance company boasts of over 900 branches across the country that can help customers to settle their claims and get support
  • SBI life insurance plans have flexible premiums and various payout options
  • SBI life insurance plans are all offered online and can be customized to the needs of the customer and  can be availed at an affordable rate
  • Under all SBI life insurance plans, tax benefits can be claimed under section 80 C and section 10(10D) of the income tax act, 1961

The various benefits of buying an SBI life insurance policy are as follows:

  • The policies can be availed for a long tenure
  • The nominees of the SBI policy are eligible to get benefits in the event of the sudden demise of the policyholder
  • SBI life insurance also allows policyholders to avail tax benefits under the Income Tax Act of 1961
  • The policyholder can enjoy the maturity benefits of the policy upon completion of the policy term
  • Some policies also allow surrender benefits in case the insurer wishes to discontinue the policy after two years from the date of commencement of a 10-year policy
  • Higher amounts of sum assured are also eligible for rebates in premium

Types of SBI Life Insurance Plans

Depending on the customer’s risk appetite, there are various plans under SBI life insurance s to choose from. The classification of various plans provided by SBI Life is given below:

ULIP Plans Children’s Plans Protection Plans Savings Plan Retirement Plans Group Plans Online Plans
Smart Privilege Smart Scholar eIncome shield Smart Bachat Saral Pension Kalyan ULIP Plus eShield
e-Wealth Insurance Smart Champ Insurance Smart Shield Smart Women Advantage Retire smart CapAssure Gold eWealth Insurance
Smart Wealth Builder n/a eShield Smart Swadhan Plus Annuity Plus Gaurav Jeevan Poorna Suraksha Plan
Smart Wealth Assure n/a Saral shield Smart Humsafar n/a Pradhan Mantri Jeevan Jyoti Bima Yojna Sampoorn Cancer Suraksha
Saral Maha Anand n/a Grameen Smart Money Planner n/a Sampoorn Suraksha Annuity Plus
Smart Scholar n/a n/a CSC SaralSanchay n/a RiNn Raksha eIncome Shield
Smart Elite n/a n/a Smart Income Protect n/a Shakti Smart InsureWealth Plus
Smart Power Insurance n/a n/a Smart Guaranteed Savings Plan n/a Grameen Super Suraksha Smart Samriddhi
n/a n/a n/a Smart Money Back Gold Plan n/a n/a n/a
n/a n/a n/a SubhNivesh n/a n/a n/a
n/a n/a n/a SaralSavdhan+ n/a n/a n/a
n/a n/a n/a Flexi smart Plus n/a n/a n/a

SBI Life Insurance Plans: Explained

  • SBI Life ULIP Plans

    The ULIP plans from SBI Life are an alluring  combination of investment and insurance. They are directly linked to the market so that they offer a return on investment as well as life insurance coverage. A part of the premiums of these ULIP plans is invested in equity, debts, and hybrid funds, depending on the investor's risk appetite. The remaining part of premium is used to provide live coverage.

    Various types of SBI Life Insurance ULIP plans are as follows:

    Entry Age

    Minimum of 7 years

    Maximum 55 years

    And 65 years for Savings plan

     

    Maturity Age

    Minimum: 18 years

    Maximum: 70 years

    Maturity Benefit

    The fund value will be paid on policy maturity

    Death Benefit

    Greater of the fund value or Sum assured you would be paid out. At least 105% of total premiums will be paid until the intimation demise of the policyholder.

  • SBI Life – Smart Wealth Assure

    This is also a non-participating unit-linked plan that offers the insured the benefit of insurance protection and wealth creation with a single premium payment by investing in market instruments that can generate fund growth. This requires only a single time premium payment and allows partial withdrawals from 6th years onwards to meet those financial expenses in the time of need.
    Let’s have a glance here:

    Entry Age

    Minimum of 8 years

    Maximum of 60 years

    Maturity Age

    70 years

    Maturity Benefit

    The fund value will be paid on policy maturity

    Death Benefit

    Greater of the fund value or Sum assured (a minimum of 105% of premiums paid) will be paid out. Also, additional death benefit is given in case  of accidental death as a rider benefit

  • SBI Life - Saral Maha Anand

    The Saral Maha Anand scheme allows the investor to invest in funds based on his risk appetite. There is no medical test required to avail this plan, where no allocation charge to be paid after 11th policy year. The policyholder can withdraw the policy partially after 6th policy tenure in the time of need. The accidental death rider helps in increasing the basic policy coverage.
    Let’s have a glance here:

    Entry Age

    Minimum of 18 years

    Maximum of 55 years

    Maturity Age

    65 years

    Maturity Benefit

    The fund value will be paid  at maturity

    Death Benefit

    Greater of the fund value or Sum assured (a minimum of 105% of premiums paid) will be paid out. Also, death benefit is given in case  of accidental death as a rider benefit

  • SBI Life – Smart Scholar

    This ULIP plan comes in handy in securing the future of your child, in case of an unforeseen event. The policy offers a lump sum at maturity, while premium waiver option triggers in case of sudden demise of the parents. On completion of a specific duration, the policyholder starts earning regular loyalty additions depending on the policy tenure. The additional accidental death rider helps in availing an additional death benefit.
    Let’s have a glance here:

    Entry age

    Child: 0-17 years

    Parents: 18-57 years

    Maturity age

    Child: 18-25 years

    Parent: 65 years

    Maturity Benefit

    Fund value as lump sum to be paid at maturity

    Death Benefit

    ·   105% of total premium paid

    ·   Waiver of future premium

    ·   Accidental rider death benefit equal to sum assured

  • SBI Life – Smart Power Insurance

    This united link insurance plan offers investors life insurance plan coverage as well as avenues for investment at affordable premiums. The investors can get liquidity options through partial withdrawals plus have a choice between a leveled cover or an increasing cover.

    Entry Age

    Minimum of 18 years

    Maximum of 45 years

    Maturity Age

    65 years

    Maturity Benefit

    The fund value will be paid on policy maturity

    Death Benefit

    Greater of the fund value or Sum assured (a minimum of 105% of premiums paid) will be paid out at the time of death.

     Also, a 100% death benefit is given in case the death is due to an accident under accidental rider benefit  

  • SBI Life – Smart Elite

    This united linked insurance plan offers two protection plan options-Gold, and Platinum. It offers coverage up to 7 to 10 times of the actual premium paid annually. Premiums are paid under a single payment scheme. This policy also has the benefits of increasing or decrease the insurance cover, accidental death cover, and permanent accident disability cover.

    Entry Age

    Minimum of 18 years

    Maximum of 60 years

    Maturity Age

    65 years

    Maturity Benefit

    The fund value will be paid on policy maturity

    Death Benefit

    Gold Option:

    Greater of the fund value or Sum assured (a minimum of 105% of premiums paid) will be paid out at the time of death.

     

    Platinum Option:

    Fund value along with Sum assured is paid (with a minimum of 105% of premiums paid)

    will be paid out at the time of death

     

    Inbuilt accidental death and disability benefit and accidental rider benefit

     

  • SBI Life – Smart Privilege

    This non-participating ULIP plan not only offers insurance coverage but gives its users the choice to redirect premiums across eight different funds along with giving them loyalty additions to increase their fund value without premium allocation and policy administration charges.
    The eligibility requirements are:

    Entry Age

    Eight years for Retirement Plan

    13 years for Savings plan

    Maximum of 55 years

    Maturity Age

    18 to 70 years

    Maturity Benefit

    The fund value will be paid  at maturity

    Death Benefit

    Greater of the fund value or Sum assured will be paid out. At least 105% of total premiums will be paid until the demise of the policyholder.

  • SBI Life – eWealth Insurance

    This ULIP that two options to the insurer- balanced and growth with Automatic Asset Allocation feature, which can slowly but steadily increases exposure to debt and other money market instruments that are generally low-risk.

    Entry Age

    Minimum of 5 years

    Maximum of 55 years

    Maturity Age

    60 years

    Maturity Benefit

    The fund value will be paid on policy maturity

    Death Benefit

    Greater of the fund value or Sum assured(less partial withdrawals) will be paid out to the beneficiary on the date of death intimation.

SBI Life Protection Plans

SBI Life offers several variations of term insurance plans that offer financial protection to its customers. These are non-participating, traditional income protection plans. These help to generate regular monthly income in the event of an unfortunate demise of the breadwinner. There are options to choose monthly, annual, or lumpsum payout of the sum assured.

  • SBI Life – eIncome Shield

    This plan has a regular premium payment term with two options – Increasing Term Assurance and Level Term Assurance. The death benefit can be chosen as a Lumpsum payment or Monthly benefit.

  • SBI Life – Smart Shield

    In this, the premium can be single time or regular payment with two plans that allow the sum assured as a level term or increasing term assurance.

  • SBI eShield

    The premium payment term can be regular payment with the option of accidental death benefit that can be increased or level term assurance.

  • SBI Life –Saral Shield

    The death benefit here can be decreasing term assurance for loans or financial protection or level term assurance.

  • SBI Life Grameen

    This plan is for the lower economic class. The premium payment can be single time pay

    .

    Summary

    SBI Life Plan

    Sum Assured

    Policy term

    eIncome Shield

    The minimum monthly amount is Rs. 25,000

    Minimum – 10 years

    Maximum – 35 years

    Smart Shield

    The minimum amount is Rs. 25,00,000

    Minimum – 5 years

    Maximum – 80 years minus age at entry

     

    eShield

    The minimum amount is Rs. 35,00,000

    Level Coverage:

    Minimum – 5 years

    Maximum – 80 years minus age at entry

    Increasing Coverage:

    Minimum – 10 years

    Maximum – 75 years minus age at entry

    Saral Shield

    The minimum amount is Rs. 7,50,000

    Minimum – 5 years

    Grameen

    The minimum amount is Rs. 10,000

    Maximum – 5 years (depends upon the plan chosen)

SBI Life Retirement Plan

The retirement plans from SBI Life help in systematic savings for individuals after retirement so that he can continue a decent lifestyle. Some of the SBI Life retirement plan offered are:

  • Saral Pension

    This is a traditional, participating pension plan. IT offers a terminal bonus along with vesting benefits as well. It offers single or regular premium payment modes along with the customized term riders.

  • Retire Smart

    This linked plan guarantees policy additions for the term of 35 years.

  • Annuity Plus

    This is a traditional non-linking policy that offers various options and the flexibility to choose the payments from 40 years of age. This can be customized to add accidental death benefit rider.


    Summary

    SBI Life Plan

    Sum Assured

    Policy term

    Saral Pension

    The minimum amount is Rs. 100,000

    Minimum for single premium – 5 years

    Minimum for regular premium – 10 years

    Retire Smart

    Higher of the fund value, including final addition or 101% of the premium amount paid.

    Minimum – 10 years

    Maximum – 35 years

     

    Annuity Plus

    Minimum amount:

    The Monthly is Rs. 1,000

    Quarterly is Rs. 3,000

    Half-yearly is Rs. 6,000

     

    Yearly is Rs. 12,000

    Not applicable

SBI Life Savings Plans

The SBI life savings plans offer benefits of savings and a life coverage under a single plan. The family is protected against financial distress as well as it can build funds for long term use. The following is the summary of the SBI life savings plans:

SBI Life Plan

Sum Assured

Policy Term

Smart Bachat

Minimum of Rs 1,00,000 t ono limit

12 - 25 years

Smart Women Advantage

Minimum of Rs 2,00,000

10 - 15 years

Smart Humsafar

Minimum of Rs 1,00,000 to Rs 5,00,00,000

10  years

Saral Sanchay

 

Smart Platina Assure

Ten times the annual premium for individuals below 45 years plus a top-up premium of 125%.

 

Seven times the annual premium for individuals above 45 years plus a top-up premium of 110%.

Maturity factor xPPTx Annual premium

12 &15  years

Shubh Nivesh

Minimum of Rs. 75,000

In the Endowment Option :

Seven years for Regular Premium and five years for Single Premium policies


Endowment with Life Option :

15 years for Regular Premium and Single Premium policies

Flexi Smart Plus

Annual basic premium multiplied by Sum Assured

Five years

Smart Samriddhi

Minimum of Rs. 98,700

15 years

SBI Life Online Plans

SBI life insurance offers various non-participating, non-linked, individual online term plans. They offer level cover and increasing cover benefits. Given below is the summary of the SBI online plans:

SBI Life Plan

Sum Assured

Policy Term

eShield


Minimum of Rs. 35,00,000

Maximum - No limit


Minimum of 5 years for level cover and ten years for increasing cover.


Maximum of 80 years minus age at entry for level over and 75 years minus age at entry for increasing cover

eWealth Insurance

The higher value of the premium multiplied by ten or half of the annual premium multiplied by the policy term

10 - 30 years

Poorna Suraksha Plan


Minimum of Rs. 20,00,000

Maximum of Rs.2.5 crores

10 to 30 years

Sampoorn Cancer Suraksha


Minimum of Rs. 10,00,000 and

Maximum of Rs. 50,00,000


Minimum of 5 years

Maximum  of 30 years

eIncome Shield



Minimum of Rs. 25,000 per month

 No limit on maximum


Minimum of 10 years

Maximum of 35 years

Smart InsureWealth Plus


The greater value of the premium multiplied by ten or half of the annual premium multiplied by the policy term

10 - 25 years

Smart Samriddhi


Minimum of Rs. 98,700

Maximum of Rs. 5,34,750 per policy

15 years

What is not covered in SBI Life Insurance?

If the policyholder commits suicide within a year from the date of policy initiation, the beneficiary or nominee can avail of 80% of the amount of premium paid subject to the condition that the policy is still active. Similarly, if the death of the policyholder occurs within a year of the date of policy revival, the beneficiary or nominee is entitled to the greater of 80% of premium amounts paid till the date of demise or Surrender value subject to the policy is still active.

Claim process of SBI Life Insurance

SBI Life insurance aims to provide its customers with a smooth and prompt claim settlement. Given below are the steps  to be followed in case a claim arises:

  • Claim Intimation

    ULIP is a complex financial product. It comes in a lot of variants, each with its unique set of features and benefits. Buying it can be a mind-boggling process. However, if you will follow these simple steps, the process of choosing a right ULIP can become hassle-free.

      • Sending the claim form to their respective branch office
      • Inform them on their toll-free number which is 1800-22-9090

      • You may also email SBI life at This email address is being protected from spambots. You need JavaScript enabled to view it.

  • Claim Assessment

    Once the SBI Insurance company receives all the essential documents,  the same will analyze the claim documents and authenticate the information provided in the insurance proposal.

  • Claim Approval

    Once the claim assessment form is approved, the claim is accepted, and the specific sum assured is given to the nomineein case of a death claim. If the insured survives throughout the policy tenure, a maturity benefit, along with the relevant bonuses if any, is paid.

  • Claim Documents

    The following are the documents needed for the claim to successfully go through:

      • Accurately filled out a Claim form
      • Original Policy document

      • Original death certificate of the policyholder attested by a valid government authority

      • Address proof of the claimant

      • ID proof of the claimant

      • Bank Passbook, statement and canceled cheque of the claimant

      • Hospital and treatment records

      • Post-mortem report if necessary

      • Physician’s approval

      • FIR and police report in case of unnatural death

Tax Benefits of SBI Life Insurance

SBI life insurance policies offer tax benefits on their premiums.Under section 80C of the income tax act 1961, the insured can claim up to a maximum of Rs. 1.5 lakh as a tax deduction against the premiums paid for the policy

  • The  tax benefits under SBI life insurance must be either for the policyholder, their spouse or dependent children
  • To avail the tax benefits, the insurer must show that the premiums for the policy are being paid out  regularly from his/her account
  • The policyholder and his employed spouse are not eligible for a tax deduction on life insurance premiums in the same year for the same plan
  • The insurer can claim deduction under section 80C if the premium is less than 10% of the sum assured of the policy and if the policy is purchased after April 2012. If the policy is purchased before April 2012, the premium must be less than 20% of the sum assured
  • Yet another SBI Life insurance tax benefit is that the maturity amount received from a policy is exempted from tax under section 10D in case the premium is less than 10% of the sum assured amount

How to Buy SBI Life Insurance

Following are the steps to buy SBI life insurance:

  • The individual must log in to the SBI website, which is sbilife.co.in.
  • Next is to compare plan options such as online plans, protection plans, retirement plans, savings plan and so on and choose the plan that  suits the best
  • The applicant will be asked to provide some personal information such as date of birth, name, address, Adhaar number, address, contact number. An OTP will be sent to the registered number for verification. This will be followed by some medical information of the applicant
  • In the next step, one can calculate the premiums using premium calculator on the SBI life insurance official website
  • If the premiums suit the budget, the same can be paid online to ensure the purchase of the plan, by using debit/credit card or net banking
  • The policy intimation will be sent to the applicant instantly

How to Renew SBI Life Insurance

SBI life insurance offers the facility for online renewal of the insurance policy through their website. The applicant must click on the "Services" option. Then he/she must select "Online premium payment" and click on "Proceed." All details of the policyholder, such as policy number, mobile number, and so on, must be entered. Finally, the premium must be paid to complete the renewal process.

Documents Required to Apply for SBI Life Insurance

The documents required for purchasing any SBI Life Insurance policy are as follows:

  • Document for age proof such as birth certificate, passport, driving license, or PAN card
  • Document for ID proof such as passport, voter id, PAN card, passport and driver license

  • Document for address proof such as utility bills, property tax receipt, pension statements and so on

  • Document for income proof such as IT returns, employer certificate and so on

About SBI Life Insurance

The State Bank of India is the biggest state-owned bank in India, and the BNP Paribas is a global financial provider and multinational bank. BNP Baripas Cardiff holds about 26% of the capital in SBI Life Insurance Company, while SBI holds about 74% of the stake. The net capital of SBI Life is estimated to be Rs. Twenty billion and its paid-up capital is estimated to be Rs. 10 billion. 

Faqs

  • Q: How reliable is SBI Life Insurance?

    Ans: SBI life insurance is one of the most reliable insurance providers in India backed by the State Bank of India. The company has a reasonable claim settlement ratio of 97%. It is one of the most trusted insurance companies offering timely and reliable services.
  • Q: Name some popular SBI life insurance plans

    Ans: SBI life insurance has a wide portfolio of plans. Some of the popular ones among them are Saral Shield, Smart Swadhan, eIncome shield, and so on. All have different features and offerings. It is up to the insurer to choose the plan that caters to their specific needs.
  • Q: How can the SBI life policy be renewed?

    Ans: SBI life insurance plans can be renewed online. The customer must go to the "services" section, click on "online premium payment," and click on proceed to enter all the personal and policy details. The policy will get renewed upon payment of premium.  
  • Q: What is the process of SBI life insurance cancellation?

    Ans: To cancel or surrender a policy, the policyholder must submit the original policy document, attested ID proof, address proof, and bank account proof. This cancellation request must be submitted at the nearest SBI Life branch.
  • Q: Is there any tax applicable to the insurance premium?

    Ans: There is an 18% GST applicable on the premiums of life insurance policies. Some other charges levied are policy administration, fund management, and other charges.
  • Q: How can a customer deal with a grievance?

    Ans: There is a 3-step grievance redressal process offered by SBI Life insurance company which is:
    Level 1: Matter goes to the regional director
    Level 2: Matter goes to the corporate office
    Level 3: Approach the Ombudsman
Written By: Paisawiki - Updated: 10 July 2020
Disclaimer: Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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