SBI Life Insurance Company is a collaborative scheme between SBI, State Bank of India, the biggest financial service supplier, and the state -& BNP Paribas Cardiff, a French monetary service supplier. The company was founded in 2001. Serving millions of Indian families across the country, the diverse range of products of SBI Life caters to individuals through pension, protection, health, and savings solutions.Read more
*Tax benefit is subject to changes in tax laws.
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
SBI Life tries to make insurance available to all, with its comprehensive presence across India through its 947 offices and 18,498 employees.
SBI Life Insurance offers the following benefits to its clients:
SBI offers a comprehensive range of Unit-Liked Savings, Term insurance, Retirement, Investment, child, and money-back plans. You can select the plan that fits your budget and requirements. They provide online life insurance plans that help in the quick and hassle-free buying process. Every policy differs from each other and comes with various options that can fit your budget and needs.
SBI Life Insurance has a claim settlement ratio (CSR) of 93.09% as per IRDAI Annual Report 2020-21. CSR is the percentage of the total claims settled by the number of received claims by the insurer. It indicates the insurer’s credibility and reliability. As a simple regulation, the higher the CSR, the more consistent the insurance company is.
SBI Life Insurance has been awarded ‘Life Insurance company of the year 2019’ by the FICCI (Federation of Indian Chambers of Commerce. It has also been awarded Customer Orientation in Life Insurance at the 20th outlook money awards 2021. The company has also won the GPNTA (Golden Peacock National Training Award) by Golden Peacock awards 2021.
An insurance policy seeker is always looking out for a good plan that fits their important needs and most essential that fits into their budget. SBI Life offers comprehensive life coverage on the payment at a low premium rate. Some plans provide various options at a very affordable rate.
SBI Life Insurance, one of the leading insurers, provides plans at affordable premium rates. The insurer values its clients and offers good customer service. Their customer assistance team is available 24X7 on their official website and their toll-free number. They help a client to stay connected with the insurer to resolve their queries.
SBI Life has an extensive range of insurance products to fulfill the needs of its customers. Following are the different plans provided by the insurer:
The SBI Life Insurance individual plans are designed to cater the needs of individual customer in every walk of life. The variants of Individual Plans are
The protection plans offered by SBI Life Insurance Policy ensure insurance benefits and bonuses alongside tax benefits.
The various Protection plans offered by SBI life insurance Company are listed below.
|Protection Plan||Eligibility||Policy Term||Maturity Benefit||Death Benefit|
|SBI Life - eShield||18 to 65 years||5 to 30 years||Nil||Sum Assured|
|SBI Life – Poorna Suraksha||18 to 65 years||10 years/ 15 years/ 20 years/ 25 years/ 30 years||Nil||Sum Assured|
|SBI Life – Sampoorn Cancer Suraksha||Adult - 18 to 65 years||5 to 30 years||Standard Benefit/ Classic Benefit/ Enhanced Benefit (as per type of Cancer and stage upon diagnosis)|
|Child – 7 to 17 years|
|SBI Life – Smart Shield||18 to 60 years||5 to 30 years||Nil||Sum Assured|
|SBI Life – Saral Shield||18 to 60 years||5 to 30 years (subject to undertaking)||Nil||Sum Assured (subject to undertaking)|
|SBI Life – Saral Swadhan+||18 to 55 years||10 years/ 15 years||Increased percentage of Total Premiums Paid, subject to Policy Term||Sum Assured|
|SBI Life – Smart Swadhan Plus||18 to 65 years||10 to 30 years||100% of total premiums paid||Sum Assured|
|SBI Life – Grameen Bima||18 to 50 years||5 years||Nil||Sum Assured|
|SBI Life - eIncome Shield||18 to 50 years||10 to 35 years||Nil||Sum Assured (payable lump-sum or as Monthly Income)|
Calculate your Life Insurance Premium
SBI Life insurance through its specially crafted Savings Plans caters the need of both protection and saving 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
|Savings Plan||Eligibility||Policy Term||Maturity Benefit||Death Benefit|
|SBI Life – Shubh Nivesh||18 to 60 years||5 to 30 years||Available, payable as per policy option||Payable as per policy option|
|SBI Life – Smart Bachat||8 to 50 years||10 to 25 years||Sum Assured plus Maturity Bonus + Terminal Bonus, if any||Sum Assured plus Maturity Bonus + Terminal Bonus, if any OR 105% of total premiums paid, subject to policy option|
|SBI Life – Flexi Smart Plus||18 to 60 years||5 to 30 years||Policy Account Value and Terminal Bonus, if any||As per completed Policy Term and Policy Option|
|SBI Life – CSC Saral Sanchay||18 to 60 years||10 years/ 15 years||Total of all premiums paid, or balance in IPA, whichever is highest||Sum assured, or 105% of premiums paid, or Total of all premiums paid, or balance in IPA, whichever is highest|
|SBI Life – Smart Women Advantage||18 to 50 years||10 years/ 15 years||Sum Assured, plus Maturity Bonus, plus Terminal Bonus, if any||Sum Assured plus Bonuses or 105% of premiums paid, whichever is higher|
|SBI Life – Smart Guaranteed Savings Plan||18 to 50 years||15 years||Sum assured plus accrued bonuses, if any||Sum assured plus accrued bonuses, if any|
|SBI Life – Smart Humsafar||18 to 46 years||10 to 30 years||Sum assured, plus Maturity Bonus, plus Terminal Bonus, if any||Subject to age at entry and age at the time of death: inclusive of Sum Assured and other bonuses|
|SBI Life – Smart Money Planner||18 to 60 years||15 years/ 20 years/ 25 years (subject to plan option)||Sum Assured on Maturity, plus Maturity Bonus, plus Terminal bonus, if any||Sum Assured on Death, plus Maturity Bonus, plus Terminal bonus, if any OR 105% of Premiums paid, whichever is higher|
|SBI Life – Smart Money Back Gold||14 to 55 years (subject to plan option)||12 years/ 15 years/ 20 years/ 25 years||Sum assured at Maturity||Sum Assured on Death, plus Maturity Bonus, plus Terminal bonus, if any OR 105% of Premiums paid (Minimum Death Benefit), whichever is higher|
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
These are market-linked insurance plans with an exclusive amalgam of both earning and protection cover. The plans are offered in multiple schemes as per the risk appetite of the customer. The various Unit-Linked plans offered are:-
|ULIP Plan||Eligibility||Policy Term||Maturity Benefit||Death Benefit|
|SBI Life – Smart Wealth Builder||7 to 65 years||5 to 30 years||Fund Value||Fund Value or Sum Assured (whichever is higher)|
|SBI Life – Smart Wealth Assure||8 to 65 years||10 to 30 years||Fund Value||Fund Value or Sum Assured (whichever is higher)|
|SBI Life – Smart Power Insurance||18 to 45 years||10 to 30 years||Fund Value||Fund Value or Sum Assured (whichever is higher)|
|SBI Life – Smart Elite||18 to 65 years||5 to 20 years||Fund Value||Fund Value or Sum Assured, whichever is higher OR Fund Value and Sum Assured (as per the plan)|
|SBI Life – Smart Privilege||18 to 55 years||5 to 30 years||Fund Value||Fund Value or Sum Assured or 105% of total premiums paid until demise (whichever is higher)|
|SBI Life – Saral Maha Anand||18 to 55 years||10 years, 15 years, or 20 years||Fund Value||Fund Value or Sum Assured or 105% of total premiums paid until demise(whichever is higher)|
|SBI Life - eWealth Insurance||18 to 50 years||10 to 20 years||Fund Value||Fund Value or Sum Assured or 105% of total premiums paid until demise(whichever is higher)|
The key features of this plan are
SBI Life Insurance Policy also offers Child Plans to ensure a safe and secure future for children so that their monetary expenses are covered.
|Child Plan||Eligibility||Policy Term||Life Benefit||Maturity Benefit|
|SBI Life – Smart Champ Insurance||21 to 50 years||21 years – child’s entry age||Smart Benefits as per policy||-|
|SBI Life – Smart Scholar||18 to 57 years||8 to 25 years||Sum Assured or 105% of total premiums paid until demise(whichever is higher)||Fund Value|
SBI Insurance offers several retirement plans so that customers can easily build a safe haven for themselves upon retirement and continue to be self-sufficient.
|Retirement Plan||Eligibility||Policy Term||Vesting Benefit||Death Benefit|
|SBI Life – Saral Pension||18 to 65 years||10 to 40 years||Sum assured or Total premiums paid accumulated with compound interest, plus bonuses (if any)||Available (as per policy option)|
|SBI Life – Retire Smart||30 to 70 years||10 to 35 years||Fund Value + terminal Addition, or 101% of total premiums paid, whichever is higher||Fund Value + 105% of total premiums paid until the demise|
|SBI Life – Annuity Plus||40 to 80 years||-||-||As per undertaking|
The Group Plans offered by SBI Life Insurance Company provide effective insurance and protection solutions to groups. These are categorized as follows:
SBI Life Insurance company brings a host of corporate solutions to the customers. These are customized to meet the requirement of corporate bodies to strengthen employer-employee relationship.
Various products offered to corporates are based on both statutory requirements as well as voluntary ones.
|Group Plan||Eligibility||Policy Term||Benefits|
|SBI Life – Kalyan ULIP Plus||18 to 79 years||1 years to No Limit||Nil|
|SBI Life - CapAssure Gold||As per scheme rules||1 year, renewable||As per scheme rules|
|SBI Life – Gaurav Jeevan||18 to 85 years Minimum number of members - 50||Nil||As per scheme rules|
|SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana||18 to 50 years||1 year, renewable||Sum Assured- benefit upon Death|
|SBI Life – Sampoorn Suraksha||18 to 79 years Minimum number of members - 10||Nil||Death Benefit Sum Assured|
|SBI LIFE - Swarna Jeevan||30 to 85 years Minimum number of members -10||Nil||Death Benefit|
SBI life insurance retirement plans are perfectly designed for corporate to bid adieu to its employee with the joy and peace of mind for any financial obligations pots retirement.
The variants of retirement plans from SBI life insurance are
SBI Life - Kalyan ULIP Plus
SBI life - Swarna Jeevan
SBI Life - Gaurav Jeevan
SBI life insurance offers its group based customer with manifold protection plans to be all geared up for any unpredicted and untoward event.
SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana
SBI Life - Suraksha Plus
SBI life insurance offers its group-based customer’s manifold protection plans to be all geared up for any unpredicted event.
|Group Plan||Eligibility||Policy Term||Benefits|
|SBI Life – RiNn Raksha||16 to 70 years||2 to 30 years||Death and disability cover|
SBI Life - RiNn Raksha, a group credit life insurance plan meant for protection from liability obligation towards loans availed.
SBI insurance Group Micro Insurance Plans are specially crafted for the inclusion of financially weaker segment of society into insurance sphere.
|Plan||Eligibility||Policy Term||Maturity Benefit||Death Benefit|
|SBI Life – Shakti||18 to 60 years Minimum group size- 10 members||5 years||50% of premiums paid||Sum assured|
|SBI Life – Grameen Super Suraksha||18 to 65 years||5 years||No benefit||Sum assured|
SBI Life - Grameen Shakti
SBI Life - Grameen Super Suraksha
SBI life insurance offers a state-of-the-art online platform to enroll for various life insurance plans. Plans which are available online are:
Other Online Facilities offered by SBI Life Company are:
SBI Life Insurance is dedicated to making sure that the interest of their clients are secure and also make sure that the time period set by the IRDAI is also met at the time of claims processing. The insurer has a quick and hassle-free claim settlement process. Below mentioned are the 3 simple steps of the SBI Life claim settlement procedure:
In order to intimate the insurer about the claim, the policyholder can file the claim online on the official website of SBI Life Insurance. Also, the policyholder can submit the filled claim application along with required documents at the nearest branch office of SBI Life Insurance.
The policyholder needs to submit the relevant documents at the nearest SBI office branch or at the online portal. Moreover, they can also request additional documents for checking the permissibility of the claim. In such scenarios, you will have to submit all the requested documents on time.
Claims are then assessed on the basis of the documents that the policyholder or his/her family members has submitted.
Once a claim decision and settlement are made, the amount will be paid as per the T&Cs of the policy. In case of any query, the claim assistance team of the company will guide you thoroughly about the SBI Life Insurance claim settlement procedure.
Visit the SBI Insurance Company’s official website
Click on ‘Services - Existing Customers’
Then, hit on ‘Maturity and Claims’
Submit some basic details like DOB, policy number, and claim type. And then enter the details on the captcha image to finish the entire procedure.
Click on Submit
Then, the details will be verified and if those details were found right, your claim form will get accepted and the sum of money will be submitted to your registered bank.
Visit the nearby branch of SBI Insurance Company Ltd. with appropriate documentation and the duly filled claim form. Submit the documents. If the provided documents and information are all correct, the insurance company will deposit the amount of the claim to your registered bank.
|Claim Settlement Ratio (2016-17)||Claim Settlement Ratio (2017-18)||Claim Settlement Ratio (2018-19)||Claim Settlement Ratio (2019-20)||Claim Settlement Ratio (2020-21)|
Following documents are required to be submitted to the insurance company while purchasing SBI Life Insurance
Job card allotted by NREGA and completely signed by the state Government
Letter allotted by (UIAI) Unique Identification Authority of India and National Population Register containing information like address, name, and Aadhar number of the person.
Property tax or Municipal receipt
Utility Bills (less than 2 months) such as water, piped gas, post-paid mobile phone bill, electricity bill
Bank account or Post office savings statement
Allotment letter of accommodation from employer issued by state or Central Government Statutory or Regulatory bodies.
Orders of Pension payment or family pensions allotted to retired persons by Government Department or Public Sector Undertakings, providing they contain the individual’s current address.
NACH is a newly launched service that works on the same principle as that of ECS, which requires filling in a form and getting registered before availing this facility.
For renewal process, after login into your account, click on the ‘Renew Policy’ tab to proceed with premium payment.
Alternatively, you can renew the process by using the kiosk in the SBI ATM and select the option for renewal process.
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