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SBI Life Insurance
SBI Life Insurance

About SBI Life Insurance

SBI Life Insurance was founded in the year 2001, as a joint venture between State Bank of India & BNP Paribas Cardif , two highly respected service providers in financial domain. SBI holds 74% of the total capital and BNP Paribas Cardif holds 26% of the total capital. SBI Life has emerged as a key insurance player in the country on the back of a strong distribution mechanism offered by State Bank of India branch network and also the leveraging the brand image of SBI. It offers products catering to all customer needs.

SBI Life Insurance was foundedin the year 2001, as a joint venture between State Bank of India & BNPParibas Cardif , two highly respected service providers in financial domain.SBI holds 74% of the total capital and BNP Paribas Cardif holds 26% of thetotal capital.

SBI Life has emerged as a key insurance player inthe country on the back of a strong distribution mechanism offered by StateBank of India branch network and also the leveraging the brand image of SBI. Itoffers products catering to all customer needs.

Types of insurance plans

·        Individual Plans

·        Group Plans

·        Online Plans

SBI Life Insurance Plans Details

Individual plans are broadly classified into the following segments:-

·        Child Plans

·        Unit linked insurance plans

·        Pension plans

·        Protection plans

·        Savings plans

Unit Linked Plans

These are market linked insurance plans where part of invested premium isinvested in stock market related instruments. The schemes are designed to caterto various risk appetites

SBI Life -eWealth Insurance

Key features of this plan are

·        Available for customers aged between 18 years to 50years and subsequent maturity of policy at 60 years.

·        Available in two options growth and balance funds

·        Automatic asset allocation for hassle freeexperience

·        Nil Premium Allocation Charges

·        Available online thereby leading to a quick andtransparent process

·        Low entry premium structures, starting from Rs.1000/- as monthly or Rs. 10,000/- as yearly premium.

·        Partial withdrawal allowed post 6 years ofcontinuity in the policy

·        Double benefit of Maturity & Death Benefit

SBI Life - Smart Wealth Assure

·        Single premium plan withflexibility to choose funds as per risk appetite

·        Fund options available-BondFund & Equity Fund

·        Accidental death benefitrider is available under this plan

·        Available for customersbetween the age group of 8 to 65 years and the Maturity is available up to theage of 75 years.

·        Minimum premium amountfor enrollment is Rs. 50,000/- with no cap on maximum amount.

·        Three fold benefit ofmaturity, Death and accidental death benefit.

SBI Life - Smart Power Insurance

·        A unit linked insuranceplan for those who wish to secure their future and achieve a predeterminedfinancial objective in long term.

·        Available as fixed sumassured option or floating cover option wherein the sum assured shall increasein proportion of 10% for every 5 years after the successful commencement ofpolicy for more than 6 years.

·        Twin fund option asTrigger Fund Option which enable to earn maximum as per the market conditionsand Smart Funds Option , which provides the option to blend the investment with7 different types of schemes.

·        Flexibility to switch funds twice ina policy year

SBILife - Smart Wealth Builder

·        Guaranteed addition upto 125% of one annual regular premium basis proper continuity of the plan tillthe time of maturity.

·        Three premium paymentoptions to choose from Regular Premium / Limited Premium / Single Premium

·        Enhanced fund valuebasis Zero policy administration fee for first 5 years Regular and LimitedPremium Paying Term (LPPT) plans.

·        Nil premium allocationcharges from 11th years onwards.

·        7 fund variants tochoose from.

·        Propionate Sum assuredbased on age and flexibility to vary the sum assured from 6th year onwards.

·        Triple benefit ofMaturity, death & tax saving under one umbrella.

SBILife - Saral Maha Anand

·        The plan is intended tobring the joy of earning with the call for protection under one roof.

·        Simple and hassle freejoining  with no medical examinationrequired.

·        Available for customeraged 18 years till 55 years subject to age at the time of maturity being 65years.

·        Three policy term tochoose from 10 years, 15 years and 20 years.

·        Assured addition of upto 30% of one annual premium, for a 20 year policy term.

·        Nil premium allocationcharges and three funds options available.

·        Partial withdrawal allowedto offer greater liquidity.

·        Option to append SBILife - Accidental Death Benefit Linked Rider under same plan option.

·        Four fold benefit asMaturity benefit , death benefit m Rider benefit and tax saving benefit.

SBI Life - Smart Elite

·        A unit linked insuranceplan tailor made for customers who wants to pay premium for a limited tenor andstay with the investment in market for longer term.

·        Premium payment term isfixed as 5, 8 or 10 years or a Single Payment.

·        Nil premium allocationcharges from 6th year onwards.

·        Available in twoinsurance option as gold and Platinum.

·        Continuous monitoring ofpolicy with Switch and redirection facility. 

·        Flexibility to vary sumassured from 6th years onwards. 

·        Add on benefit ofAccidental Death and Accidental Total and Permanent Disability benefit.

Child Plans

SBI Life - Smart Champ Insurance

·        To cover the educationalneeds of growing children

·        Smart benefits paidbetween 18th years till 21st year of the child in four equal installments.

·        Option to enroll intothe plan as one time premium or limited period premium .

·        Cover againstunfortunate events to ensure safe and sound future of the child.

·        In the event of anymisfortune, waiver on all forthcoming premiums , without discontinuation of anyaccrued bonuses.

·        Terminal bonus to coverchild’s higher education

·        Tax benefits availableunder section 80(c) as per IT regulations .

·        A smart nonparticipating Unit Linked Insurance Plan , designed to cater the need of thoseresponsible parents who plan well ahead of their child’s future .

SBI Life - Smart Scholar

·        Safety net of insurance withfinancial comfort for children. This plan is used primarily for funding needsof growing children including education, marriage etc.

·        Available only forminors till the age of 17 years. Whereas on Maturity, the age of child shouldbe between 18 to 25 years.

·        7 fund options availableto be opted for as per risk appetite of customer.

·        Frequency of premiumpayment- monthly, quarterly , half yearly or yearly.

·        Multiple benefits oncoverage such as Sum assured payment, waiver on premium in case of death ofparent and Accidental benefit in case of Death or Total and PermanentDisability.

·        Loyalty addition forcustomers who have continued policy as per the term.

·        Partial withdrawalallowed.

Pension plans

SBI Life - Saral Pension

·        A traditional pensionplan tailor-made for senior citizen to enjoy every moment of life postretirement from work.

·        Guaranteed simplereversionary bonuses for first 5 years; @ 2.50% for first three years [email protected]% for the next two years, of the Sum Assured.

·        Triple benefit provisioni.e. Maturity benefit, Death Benefit and life cover.

·        Flexibility to defervesting date up to the age of 70 years or extend the accumulation period.

·        Tax Benefits availableas per Income Tax Act, 1961.

SBILife - Retire Smart

·        A unit linked pensionplan to allow individual plan ahead of their financial needs post retirementand being independent for any surplus requirement in situation of financialexigency.

·        Guaranteed additions ofup-to 210%* of Annual Premium to offer enhanced fund value.

·        Assured addition of 10%of annual premium, paid annually post successful continuity of policy more than15 years till the time of maturity.

·        Terminal Additions of1.5% of Fund Value, at maturity/vesting or on earlier death.

·        Impeccable management ofportfolio through Advantage Plan option which offers minimum of 101% of allpremiums paid at maturity/vesting..

·        Flexibility to choosepremium payment terms.

·        Option to postponevesting age as per requirement.

SBI Life - Annuity Plus

·        A traditionalnon-participating annuity plan to cater the need of those who desire tomaintain the same life style even post retirement

·        Numerous variant of annuityoption available to be opted.

·        Regular income post theage of 40.

·        Option to include familymembers for lifetime annuity payout .

·        Flexibility to choosefrequency of annuity payout from Monthly, Quarterly, Half-yearly or Yearly.

·        Provision to integrateSBI Life - Accidental Death Benefit Rider

·        Proportionate higherrate for annuity on higher premium amounts.

Protection plans

SBI Life - Smart Shield

·        High Sum Assured

·        Option to include highercoverage benefit vide Accidental Death Benefit Rider, SBI Life - AccidentalTotal and Permanent Disability Benefit Rider and Accelerated Critical Illnesscover option.

·        Tax benefits* as perprevailing norms under the Income Tax Act, 1961.

·        Accelerated CriticalIllness benefit to spread the span of critical illness cover.

SBI Life - Saral Shield

·        A simplified terminsurance plan to cover every step of life.

·        Option to choose planfrom multiple variants from Level Term Assurance , Decreasing Term Assurance(Loan Protection) or Decreasing Term Assurance (Family Income Protection)

·        Higher sum assuredrebates and special discounts on premium for women customers.

·        Provision to inductrider plans for enhanced protection cover SBI Life- Accidental Death BenefitRider and SBI Life- Accidental Total and Permanent Disability Rider.

·        Option to choose onpremium payment terms as single premium, monthly, quarterly , half yearly orannually.

·        Tax benefits as perprevailing norms under the Income Tax Act, 1961.

SBI Life - eShield

·        Traditional terms planoffering best in class insurance cover at reasonable cost .

·        Quick and hassle onlineenrollment option

·        Rewards on maintaininghealthy life style.

·        Add on accidental deathbenefit under the same plan.

·        The Accidental DeathBenefit to the quantum of Rs. 50 Lakhs or Basic sum assured whichever is lower

SBILife - Grameen Bima

·        A customizedmicro-insurance plan for the underprivileged and economically susceptiblesegments of the society.

·        Alternative to choosepremium amount as per capacity and insurance cover required.

·        Simple and hassle freedocumentation

·        No medical examination,only a self deceleration of good health is required.

·        Surrender is allowedfrom 2nd year onwards.

·        Income Tax benefits asper prevailing It rules.

Savings Plans

SBI Life insurancethrough its specially designed Savings Plans caters the need of both protectionand savings under one umbrella. Savings plans allow customer to plan well aheadfor any untoward event in future and have a source of regular income as well.

Various types ofInsurance saving plans in SBI Life insurance are

SBI Life - Smart Swadhan Plus

·        Individual Non-linkedNon-participating Term Insurance plan with guaranteed return on premium paid.

·        Life insurance coverageterm between 10 to 30 years for any unseemly event.

·        Can be opted as a singlepremium plan or limited period premium plan.

·        Higher proportionatediscount as per sum assured.

·        Tax benefit undersection 80Cand Section 10(10D) of income tax rules on premiums paid.

SBI Life - Smart Humsafar

·        Endowment plan with thebenefit of life insurance cum savings for both self and spouse .

·        Assured minimum bonus of2.5% of basic sum assured for the first 3 years.

·        Comprehensive financialshield in the case of death of either or both the insured.

·        Waiver on premium to bepaid in the event of death of any one life insured.

·        Add on benefit availableon reasonable cost.

·        Maximum age differencebetween life assured should be of 20 years.

·        Premium frequency can beopted as Yearly / Half-yearly / Quarterly / Monthly.

·        Tax benefits as perprevailing norms under the Income Tax Act, 1961

SBI Life - Smart Money Planner

·        A profit endowmentassurance plan with assured return to generate regular income.

·        Features of savings planwith growth period to accomplish all forthcoming financial requirements

·        Life cover availablethroughout the Premium Payment Period, Growth Period & Benefit PaymentPeriod i.e. throughout the Policy Term

·        Option to enroll aseither single premium or limited premium payment plans .

·        Rebates offered forLarge Sum Assured.

·        Four different plansvariants to choose as per requirement and future planning.

·        Multiple benefits undersingle policy as Survival Benefits, Survival Benefits, Maturity Benefit &Tax Benefits

SBI Life - CSC Saral Sanchay

·        A simplified, variableinsurance cum savings plan.

·        Hassle free enrollmentprocess

·        Regular payment ofminimum Floor rate @ 1.00% p.a.

·        Provision of partialwithdrawal from 6th year onwards to meet any urgent financial requirement.

·        Two fixed policy termsof 10 years & 15 years.

·        Triple benefit of death,maturity and tax rebate.

SBI Life - Smart Income Protect

·        A participatingtraditional savings plan with guaranteed payout after 15 years.

·        Dual benefit ofInsurance Cover and Regular Income.

·        Regular premiums paymentterms over a period of 7, 12 or 15 years.

·        At the time of maturity, the benefit of Vested Reversionary bonuses plus Terminal bonus.

·        Post maturity , aregular annual payout of 11% of Basic Sum Assured/Paid up Sum Assured.

·        Four different rideroption for life coverage

SBI Life - Smart Guaranteed Savings Plan

·        Individual insurance cumSavings Plan to endorse the habit of savings and thus earning on the samethrough guaranteed returns.

·        Assured additions as perthe premium amount opted.

·        Guaranteed Additions areapplied to the cumulative basic premiums paid and payable on simple rate @ 5.5%or 6%.

·        Premium payment term as7 years with benefit for the policy term of 15 years.

·        Proportionate LifeInsurance coverage as per the premium chosen.

·        Annual Premium paymentfrequency.

·        Minimum premium amountof Rs. 15,000/- thereafter in multiples of 1000 to maximum Rs. 75,000/-.

·        A Participatingtraditional money back insurance plan customized to meet all financialobligations at particular interval.

·        Survival Benefit of 110%of Sum Assured paid till maturity.

·        Discounts on Large SumAssured

·        Wide assortment of addon protection plans such as SBI Life -Accidental Death Benefit Rider ,SBI Life- Accidental Total and Permanent Disability Benefit Rider , SBI Life -Preferred Term Rider and SBI Life - Criti Care 13 Non-Linked Rider.

·        Multiple plan term tochoose along with 4 different options.

 

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