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SBI Life Insurance
SBI Life Insurance

About SBI Life Insurance 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.

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 is invested in stock market related instruments. The schemes are designed to cater to various risk appetites

SBI Life - eWealth Insurance

Key features of this plan are

  • Available for customers aged between 18 years to 50 years and subsequent maturity of policy at 60 years.
  • Available in two options growth and balance funds
  • Automatic asset allocation for hassle free experience
  • Nil Premium Allocation Charges
  • Available online thereby leading to a quick and transparent process
  • Low entry premium structures, starting from Rs. 1000/- as monthly or Rs. 10,000/- as yearly premium.
  • Partial withdrawal allowed post 6 years of continuity in the policy
  • Double benefit of Maturity & Death Benefit

SBI Life - Smart Wealth Assure

  • Single premium plan with flexibility to choose funds as per risk appetite
  • Fund options available-Bond Fund & Equity Fund
  • Accidental death benefit rider is available under this plan
  • Available for customers between the age group of 8 to 65 years and the Maturity is available up to the age of 75 years.
  • Minimum premium amount for enrollment is Rs. 50,000/- with no cap on maximum amount.
  • Three fold benefit of maturity, Death and accidental death benefit.

SBI Life - Smart Power Insurance

  • A unit linked insurance plan for those who wish to secure their future and achieve a predetermined financial objective in long term.
  • Available as fixed sum assured option or floating cover option wherein the sum assured shall increase in proportion of 10% for every 5 years after the successful commencement of policy for more than 6 years.
  • Twin fund option as Trigger Fund Option which enable to earn maximum as per the market conditions and Smart Funds Option , which provides the option to blend the investment with 7 different types of schemes.
  • Flexibility to switch funds twice in a policy year

SBI Life - Smart Wealth Builder

  • Guaranteed addition up to 125% of one annual regular premium basis proper continuity of the plan till the time of maturity.
  • Three premium payment options to choose from Regular Premium / Limited Premium / Single Premium
  • Enhanced fund value basis Zero policy administration fee for first 5 years Regular and Limited Premium Paying Term (LPPT) plans.
  • Nil premium allocation charges from 11th years onwards.
  • 7 fund variants to choose from.
  • Propionate Sum assured based on age and flexibility to vary the sum assured from 6th year onwards.
  • Triple benefit of Maturity, death & tax saving under one umbrella

SBI Life - Saral Maha Anand

  • The plan is intended to bring the joy of earning with the call for protection under one roof.
  • Simple and hassle free joining with no medical examination required.
  • Available for customer aged 18 years till 55 years subject to age at the time of maturity being 65 years. Available for customer aged 18 years till 55 years subject to age at the time of maturity being 65 years.
  • Three policy term to choose from 10 years, 15 years and 20 years.
  • Assured addition of up to 30% of one annual premium, for a 20 year policy term.
  • Nil premium allocation charges and three funds options available.
  • Partial withdrawal allowed to offer greater liquidity.
  • Option to append SBI Life - Accidental Death Benefit Linked Rider under same plan option
  • Four fold benefit as Maturity benefit , death benefit m Rider benefit and tax saving benefit.

SBI Life - Smart Elite

  • A unit linked insurance plan tailor made for customers who wants to pay premium for a limited tenor and stay with the investment in market for longer term.
  • Premium payment term is fixed as 5, 8 or 10 years or a Single Payment.
  • Nil premium allocation charges from 6th year onwards.
  • Available in two insurance option as gold and Platinum.
  • Continuous monitoring of policy with Switch and redirection facility.
  • Flexibility to vary sum assured from 6th years onwards.
  • Add on benefit of Accidental Death and Accidental Total and Permanent Disability benefit.

Child Plans

SBI Life - Smart Champ Insurance

  • To cover the educational needs of growing children
  • Smart benefits paid between 18th years till 21st year of the child in four equal installments
  • Option to enroll into the plan as one time premium or limited period premium .
  • Cover against unfortunate events to ensure safe and sound future of the child.
  • In the event of any misfortune, waiver on all forthcoming premiums , without discontinuation of any accrued bonuses.
  • Terminal bonus to cover child’s higher education
  • Tax benefits available under section 80(c) as per IT regulations .
  • A smart non participating Unit Linked Insurance Plan , designed to cater the need of those responsible parents who plan well ahead of their child’s future .

SBI Life - Smart Scholar

  • Safety net of insurance with financial comfort for children. This plan is used primarily for funding needs of growing children including education, marriage etc.
  • Available only for minors till the age of 17 years. Whereas on Maturity, the age of child should be between 18 to 25 years.
  • 7 fund options available to be opted for as per risk appetite of customer.
  • Frequency of premium payment- monthly, quarterly , half yearly or yearly.
  • Multiple benefits on coverage such as Sum assured payment, waiver on premium in case of death of parent and Accidental benefit in case of Death or Total and Permanent Disability.
  • Loyalty addition for customers who have continued policy as per the term.
  • Partial withdrawal allowed.
Pension plans

SBI Life - Saral Pension

  • A traditional pension plan tailor-made for senior citizen to enjoy every moment of life post retirement from work.
  • Guaranteed simple reversionary bonuses for first 5 years; @ 2.50% for first three years and @2.75% for the next two years, of the Sum Assured.
  • Triple benefit provision i.e. Maturity benefit, Death Benefit and life cover.
  • Flexibility to defer vesting date up to the age of 70 years or extend the accumulation period.
  • Tax Benefits available as per Income Tax Act, 1961.

SBI Life - Retire Smart

  • A unit linked pension plan to allow individual plan ahead of their financial needs post retirement and being independent for any surplus requirement in situation of financial exigency.
  • Guaranteed additions of up-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 than 15 years till the time of maturity.
  • Terminal Additions of 1.5% of Fund Value, at maturity/vesting or on earlier death.
  • Impeccable management of portfolio through Advantage Plan option which offers minimum of 101% of all premiums paid at maturity/vesting..
  • Flexibility to choose premium payment terms.
  • Option to postpone vesting age as per requirement.

SBI Life - Annuity Plus

  • A traditional non-participating annuity plan to cater the need of those who desire to maintain the same life style even post retirement
  • Numerous variant of annuity option available to be opted.
  • Regular income post the age of 40.
  • Option to include family members for lifetime annuity payout .
  • Flexibility to choose frequency of annuity payout from Monthly, Quarterly, Half-yearly or Yearly.
  • Provision to integrate SBI Life - Accidental Death Benefit Rider
  • Proportionate higher rate for annuity on higher premium amounts.
Protection plans

SBI Life - Smart Shield

  • High Sum Assured
  • Option to include higher coverage benefit vide Accidental Death Benefit Rider, SBI Life - Accidental Total and Permanent Disability Benefit Rider and Accelerated Critical Illness cover option.
  • Tax benefits* as per prevailing norms under the Income Tax Act, 1961.
  • Accelerated Critical Illness benefit to spread the span of critical illness cover.

SBI Life - Saral Shield

  • A simplified term insurance plan to cover every step of life.
  • Option to choose plan from multiple variants from Level Term Assurance , Decreasing Term Assurance (Loan Protection) or Decreasing Term Assurance (Family Income Protection)
  • Higher sum assured rebates and special discounts on premium for women customers.
  • Provision to induct rider plans for enhanced protection cover SBI Life- Accidental Death Benefit Rider and SBI Life- Accidental Total and Permanent Disability Rider.
  • Option to choose on premium payment terms as single premium, monthly, quarterly , half yearly or annually.
  • Tax benefits as per prevailing norms under the Income Tax Act, 1961.

SBI Life - eShield

  • Traditional terms plan offering best in class insurance cover at reasonable cost .
  • Quick and hassle online enrollment option
  • Rewards on maintaining healthy life style.
  • Add on accidental death benefit under the same plan.
  • The Accidental Death Benefit to the quantum of Rs. 50 Lakhs or Basic sum assured whichever is lower

SBI Life - Grameen Bima

  • A customized micro-insurance plan for the underprivileged and economically susceptible segments of the society.
  • Alternative to choose premium amount as per capacity and insurance cover required.
  • Simple and hassle free documentation
  • No medical examination, only a self deceleration of good health is required.
  • Surrender is allowed from 2nd year onwards.
  • Income Tax benefits as per prevailing It rules.

Savings Plans

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

Various types of Insurance saving plans in SBI Life insurance are

SBI Life - Smart Swadhan Plus

  • Individual Non-linked Non-participating Term Insurance plan with guaranteed return on premium paid.
  • Life insurance coverage term between 10 to 30 years for any unseemly event.
  • Can be opted as a single premium plan or limited period premium plan.
  • Higher proportionate discount as per sum assured.
  • Tax benefit under section 80Cand Section 10(10D) of income tax rules on premiums paid.

SBI Life - Smart Humsafar

  • Endowment plan with the benefit of life insurance cum savings for both self and spouse .
  • Assured minimum bonus of 2.5% of basic sum assured for the first 3 years.
  • Comprehensive financial shield in the case of death of either or both the insured.
  • Waiver on premium to be paid in the event of death of any one life insured.
  • Add on benefit available on reasonable cost.
  • Maximum age difference between life assured should be of 20 years.
  • Premium frequency can be opted as Yearly / Half-yearly / Quarterly / Monthly.
  • Tax benefits as per prevailing norms under the Income Tax Act, 1961

SBI Life - Smart Money Planner

  • A profit endowment assurance plan with assured return to generate regular income.
  • Features of savings plan with growth period to accomplish all forthcoming financial requirements
  • Life cover available throughout the Premium Payment Period, Growth Period & Benefit Payment Period i.e. throughout the Policy Term
  • Option to enroll as either single premium or limited premium payment plans .
  • Rebates offered for Large Sum Assured.
  • Four different plans variants to choose as per requirement and future planning.
  • Multiple benefits under single policy as Survival Benefits, Survival Benefits, Maturity Benefit & Tax Benefits

SBI Life - CSC Saral Sanchay

  • A simplified, variable insurance cum savings plan.
  • Hassle free enrollment process
  • Regular payment of minimum Floor rate @ 1.00% p.a.
  • Provision of partial withdrawal from 6th year onwards to meet any urgent financial requirement.
  • Two fixed policy terms of 10 years & 15 years.
  • Triple benefit of death ,maturity and tax rebate.

SBI Life - Smart Income Protect

  • A participating traditional savings plan with guaranteed payout after 15 years.
  • Dual benefit of Insurance Cover and Regular Income.
  • Regular premiums payment terms 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 , a regular annual payout of 11% of Basic Sum Assured/Paid up Sum Assured.
  • Four different rider option for life coverage

SBI Life - Smart Guaranteed Savings Plan

  • Individual insurance cum Savings Plan to endorse the habit of savings and thus earning on the same through guaranteed returns.
  • Assured additions as per the premium amount opted.
  • Guaranteed Additions are applied to the cumulative basic premiums paid and payable on simple rate @ 5.5% or 6%.
  • Premium payment term as 7 years with benefit for the policy term of 15 years.
  • Proportionate Life Insurance coverage as per the premium chosen.
  • Annual Premium payment frequency.
  • Minimum premium amount of Rs. 15,000/- thereafter in multiples of 1000 to maximum Rs. 75,000/-.
  • A Participating traditional money back insurance plan customized to meet all financial obligations at particular interval.
  • Survival Benefit of 110% of Sum Assured paid till maturity
  • Discounts on Large Sum Assured
  • Wide assortment of add on 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 to choose along with 4 different options.

FAQs about Sbi Life Insurance Life Insurance:

Are there any advantages in buying Sbi Life Insurance insurance at an early age?

Yes. The premium that you pay on your insurance policy is mainly dependent upon two things - your age and the tenure of the policy. The younger you are, the lower is your insurance premium amount. At younger age, you would be physically sound and may not be suffering from illnesses/ medical. This would entitle you to a lower premium on the policy. Therefore it is advisable to buy insurance at an early age to reduce the cost of insurance.

Do you need life insurance?

If you have dependents and financial responsibilities towards them, then you certainly need insurance. Imagine what would happen if you were to lose your life suddenly or become disabled and cannot earn. Being insured in a situation like this is a necessity. When you insure your life, in effect what you are doing is insuring your earning capacity. This guarantees that your dependents will be able to continue living without financial hardships even in case of your demise. Most insurance plans available today come with a savings element built into it. These policies help you plan not only for protection against death but also for a financially independent future, which would enable you to have a comfortable retirement.

How else does life insurance help?

The primary need is buying financial security for your family. Other aspects that insurance helps fulfill are:

Tax benefits of opting Sbi Life Insurance Life Insurance?

The Tax exemption available under our insurance and pension policies are described below:

Deductions

*The aggregate amount of deduction under section 80C and 80CCC shall not exceed one lakh fifty thousand rupees.

Exemption

  • Benefit is available to individual assessee and Hindu Undivided Family assessee.
  • In case of individual assessee - himself/herself, spouse, children of such individual.
  • In case of HUF assessee - any member of HUF.
  • Premiums paid under a life insurance policy are eligible for deduction under Section 80C* of the Income Tax Act, subject to the provisions of the said section.
  • Contributions to a pension plan are eligible for deduction under Section 80CCC* of the Income Tax Act, subject to the provisions of the said section.
  • The proceeds under a life insurance policy are exempt under Section 10(10D) of the Income Tax Act, subject to the provisions of the said section.
    Note: If the amount of premium paid in a financial year for a policy is in excess of 10% of the actual capital sum assured, then deduction will be allowed only for premiums up to 10% of the actual capital sum assured.

How much do I insure myself for?

One of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Calculate your total income for the years that you expect to work. Assuming that the prevailing interest rate is 8%, you need to insure your life for at least 12 times your current annual income. Assuming that a family needs Rs.100 annually for household expenditure and the rate of interest would be at 8%, then the breadwinner needs to have a life insurance policy of approximately Rs.1200. If the insurance amount were to be put in the bank by the family, the family would get a comfortable Rs.96 p.a., which would at least let the family maintain the current life style.

However to calculate your insurance need more precisely, use the following steps:
  • Calculate Monthly Livable Income required (Post tax). This is the monthly amount that the survivors of the policyholder will need in the event of his death. This is taken at 70% of the current total family expenses. Denote this as "M".
  • Calculate Monthly Income required (Pre tax) as M/ (100-t)%. Denote this as "M1". Here t = Tax rate.
  • Assume Estimated-earning rate on capital as 8%. Denote this as "r".
  • Calculate Capital livable income required (C ) as A/ r%.
  • Subtract Existing Insurance Cover amount (if any) from "C".
  • The final amount you arrive at is the amount for which you should buy insurance

How much does it cost to buy Sbi Life Insurance life insurance?

Pure protection covers have become fairly affordable over a period of time. Further, the amount of premium depends on the cover and benefits one needs

Is there any policy where I can receive money during the tenure of the policy?

Yes, a MoneyBack Policy. This is an anticipated endowment policy with an additional feature of receiving benefit at regular intervals during the tenure of the policy. The risk cover continues for the entire policy term inspite of the installments already paid. If you outlive the policy, the maturity benefit along with accumulated bonus is paid back to you.

This is suitable for you if
  • You plan to coincide the funds received from the policy with your future anticipated needs like a car, an overseas holiday, children's educational needs, marriage expenses, etc.

What are riders?

Riders are additional benefits that can be attached onto your basic life insurance policy. These riders give you the benefit of increasing your risk cover in case of certain events happening. For instance if you have taken an Accident Death Benefit rider and you die due to an accident then your beneficiaries can get up to a maximum of twice the basic sum assured subject to Claims acceptance. Similarly there are different riders addressing different contingencies like Critical Illness, Permanent Disability Benefit, etc. There are riders available that waive your future premiums in case of death or disability of the proposer. These riders come at a nominal cost and can be availed of depending on the policy taken. These can be taken at the beginning of the policy term or during the policy term.

What are the different premium paying options available?

Nearly all policies provide yearly, half yearly, quarterly and monthly modes of premium payment. In addition, some plans also have the option to pay the premiums only for a limited period of time and not for the full policy term

What is an Sbi Life Insurance Endowment Policy?

An Endowment Policy is a combination of savings along with risk cover. These policies are specifically designed to accumulate wealth and at the same time cover your life. In simple words, these polices are issued for specific time periods during which you pay premiums. If you die during the tenure of the policy, your beneficiaries will receive the death benefit along with the accumulated bonus additions and if you outlive the policy tenure you will receive the maturity benefit along with accumulated bonus additions (if any). This is suitable for you if You want to accumulate capital for anticipated financial needs like buying an asset such as a home, providing for your old age, your children's education, marriage, etc.

What is Life Insurance?

Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased. The primary purpose of life insurance is therefore protection of the family in the event of death. Insurance is also seen as a tool to plan effectively for your future years, your retirement, and for your children's future needs. Today, the market offers insurance plans that not just cover your life and but at the same time grow your wealth too.

What is Sbi Life Insurance Term Insurance?

Term Insurance, also known as pure life cover, is the cheapest and the simplest form of insurance. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the Death Benefit in event of your premature death. However, if you survive till the end of the policy term, nothing is payable to you. This policy has no savings component and the premiums you pay are purely a cost to buy you a life cover. This is suitable for you if
• You are looking for a low cost life cover without any savings benefits attached.

What will I receive on maturity of my policy?

On maturity, you will receive the maturity benefit as defined as for respective Plan.

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