SBI Life Insurance

Founded in the year 2001, as a joint venture between State Bank of India & BNP Paribas Cardif, two highly distinguished service provider in financial domain. SBI holds 74% of the total capital and BNP Paribas Cardif holds 26% of the total capital.

Since then SBI Life Insurance has transpired the insurance sphere in India and is one of the key player in insurance domain as on date.

The products offered as not only as versatile it could be to cater the need of every Indian, but are also loaded with dexterity of State Bank of India.

Types of SBI Life Insurance Plans

The Life Insurance plans are offered in three categories by SBI Life insurance as per the customer need and their base

• Individual Plans
• Group Plans
• Online Plans

SBI Life Insurance Individual Plans

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

• Protection Plans
• Savings Plans
• ULIP's Plans
• Child Plans
• Pension Plans
• Money Back Income Plans

SBI Life Insurance- Protection Plans

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.

SBI Life - eShield

• A term insurance plan to financially secure your family based on the chosen plan option.
• Flexibility to choose between two plan options suiting your protection needs
• Two additional riders to provide comprehensive coverage
• Easy and hassle-free online application process
• An extensive range of benefits at affordable premium rates
• saving in premium rates for non-smoker applicants
• Option to get second medical opinion from a panel of doctors
• Tax benefits (applicable as per preceding Income Tax Laws) and are subject to change from time to time.

SBI Life - Smart Shield 

• A term plan to meet the financial objective of those who wants insurance cover within their means.
• High Sum Assured rebates.
• Manifold variants to offer peace of mind from all the liabilities.
• Option to include higher coverage benefit vides 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 benefits to widespread the span of critical illness cover. 

SBI Life - Saral Shield

• A simplified term insurance plan from SBI life insurance 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 savings on premium for women customers.
• Provision to induct rider plans for enhanced protection covers 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 - 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.

SBI Life Insurance- Savings Plans

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 

SBI Life - Smart Swadhan Plus

• This is an Individual Non-linked Non-participating Term Insurance plan from SBI life insurance 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 saving as per sum assured.
• Tax benefit under section 80C and Section 10(10D)  of income tax rules on premiums paid.

SBI Life - Smart Humsafar

• An endowment plan from SBI life insurance that offers life insurance benefits cum savings for both self and spouse.
• Assured minimum bonus of 2.5% of basic sum assured for the first 3 years.
• Complete 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
• 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 with SBI life insurance.
• 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 SBI life insurance 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 - Accidental Death Benefit Rider
• SBI Life - Accidental Total and Permanent Disability Benefit Rider
• SBI Life - Criti Care 13 Non Linked Rider
• SBI Life - Preferred Term Rider

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.
• savings 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.

SBI Life - Shubh Nivesh 

• A lifelong coverage plan with the blend of profit Endowment.
• Available with two options (a) Endowment Option & (b) Endowment with Whole Life Option
• Manifold benefit including Wealth Creation, Insurance cover and Regular flow of income to meet all financial commitments.
• Add no benefit plans available at reasonable cost with SBI life insurance.
• Payment of basic sum assured on fixed intervals of 5/10/15/20 years.
• Extensive risk coverage through 3 Riders plans
• Deferred Maturity Payment Option available to earn income at regular intervals.

SBI Life - Saral Swadhan+ 

• A simplified term assurance product with return of premium.
• Dual benefit of fixed life covers throughout the policy term and guaranteed maturity benefit.
• Affordable premium starting from minimum Rs. 1,500  till Max: Rs. 5,000
• Available for two policy terms of 10 years and 15 years and fixed premium payment term of 10 years for both the plans.
• Annual premium frequency.
• Paid up value payment for lapsed policy post continuity of plan for at least 3 years.

SBI Life - Flexi Smart Plus 

• An Individual Variable Insurance Product with the provision to vary the premium on later stage.
• Guaranteed minimum bonus @ 1% for entire policy term.
• Available in two protection option as gold plan and Platinum Option.
• Flexibility to increase policy term on later stage.
• Interim bonus interest  rate are announced at the beginning of each financial year and Regular Bonus interest rate will be declared at the end of every financial year
• Partial withdrawal allowed offering liquidity post 6 years on plan commencement.
• Triple benefit coverage for death benefit, survival benefit at the time of maturity and tax benefit as per applicable tax rules.

SBI Life insurance- ULIP's Plans

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:-

SBI Life - eWealth Insurance

The key features of this plan are

• Available in two options growth and balance.
• Automatic asset allocation for tranquil investment experience.
• Nil Premium Allocation Charges
• Available Online in quick and simple process
• Easy on pocket premium structure, starting with Rs. 1000/- as monthly or Rs. 10,000/- as yearly premium.
• Available for customers aged between 18 years till 50 years and subsequent maturity of policy @ 60 years.
• Partial withdrawal allowed post 6 years of continuity of policy.
• Double benefit  of Maturity & Death Benefit 

SBI Life - Smart Wealth Assure              

• A single premium plan with flexibility to choose funds as per risk appetite.
• Return can be availed either as – Bond Fund & Equity Fund
• Can be modified to avail accidental death benefit under the plan.
• Available for customer between the age group of 8 years till 65 years and the Maturity is at 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 Scholar

• A market link plan intended to provide a safe and sound financial coverage in future to our children.
• Flexibility to choose premium frequency as monthly, quarterly, half yearly or yearly.
• Manifold protection coverage and benefit such as sum assured payment, waiver on premium and Accidental benefit in case of Death or  Total and Permanent Disability.
• Loyalty addition for steadfast customer who have continued policy as per the term.
• 7 varied funds available to be opted for as per risk appetite of customer.
• Partial withdrawal allowed.
• Available only for minors till the age of 17 years. Whereas on Maturity, the age of child should be between 18 to 25 years. 

SBI Life - Smart Power Insurance 

• A unit linked insurance plan dyed in the wool for those who wants 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 variance of schemes.
• Suppleness to switch twice in a policy years.

SBI Life - Smart Wealth Builder

• Assured addition up to 125% of one annual regular premium basis proper continuity of the plan till the time of maturity.
• 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.
• Three premium payment options to choose from Regular Premium / Limited Premium / Single Premium
• Triple benefit of Maturity, death & tax saving under one umbrella.

SBI Life - Saral Maha Anand

• As the name suggest, the plan is intended to bring the joy of earning with the call for protection under one roof.
• Simple and hassle free joining fee with no medical examination required.
• 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 offering greater liquidity.
• Option to append SBI Life - Accidental Death Benefit Linked Rider under same plan option.
• 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.
• 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 the privileged customer 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.

SBI Life Insurance- Child Plans

SBI Life Insurance Policy also offers Child Plans to ensure a safe and secure future for children so that their monetary expenses are covered.

 SBI Life - Smart Champ Insurance

• An paramount insurance plan designed expressly to ascertain the financial protection of children’s future and leaves no stone unturned to compromise on dreams and ambitions of the child
• To cover the educational needs, smart benefits is 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 event 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 .
• A market link plan intended to provide a safe and sound financial coverage in future to our children.
• Flexibility to choose premium frequency as monthly, quarterly, half yearly or yearly.
• Manifold protection coverage and benefit such as Sum assured payment, waiver on premium and Accidental benefit  in case of Death or  Total and Permanent Disability.
• Loyalty addition for steadfast customer who have continued policy as per the term.
• 7 varied funds available to be opted for as per risk appetite of customer.
• Partial withdrawal allowed.
• Available only for minors till the age of 17 years. Whereas on Maturity, the age of child should be between 18 to 25 years.

SBI Life Insurance- Pension Plans

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.

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 .
• Suppleness 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.

SBI Life Insurance Group Plans

The Group Plans offered by SBI Life Insurance Company provide effective insurance and protection solutions to groups. These are categorized as follows:

• Corporate Solutions
• Group Loan Protection Products
• Group Micro Insurance Plans

Corporate Solutions

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.

Retirement Solutions

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 - CapAssure Gold
• SBI Life - Gaurav Jeevan
• SBI life - Swarna Jeevan

SBI Life - Kalyan ULIP Plus 

• A unit linked fund based group life insurance product offered to employer-employee groups only.
• Pervasive benefit to master policy holder and other group members.
• Flexibility to pay premium any time annually based on fund valuation report.
• Proportionate loyalty benefit as per the fund size .
• Available Group Members of 10  people and above between the age of 18 years and 79 years.
• Systematic Transfer Option offering maximum return on the capital with minimum risk .
• Insurance benefit including gratuity and leave encashment schemes.
• Dedicated service team  for hassle free operation and claim settlement.
• A variable group insurance product offered only to employer – employees groups to deal with employees’ gratuity, leave encashment and superannuation benefit schemes
• Can be availed as Defined Benefit (DB) or Defined Contribution (DC) or Hybrid schemes.
• Mandatory insurance cover for Gratuity and Leave Encashment schemes.
• Free look Period for 30 days to review policy terms and conditions.
• Income Tax exemptions available as per the applicable income tax laws.

SBI life - Swarna Jeevan

• A Group Immediate Annuity Plan for Employer-Employee groups.
• Available as either single annuity plan or joint annuity plan.
• Annuity payment post 12 months of commencement of plan subject to periodicity opted.
• Customized annuity plan and enhanced rate of  Annuity considering group effect.
• Available for group member and their spouse  between 35 years to 85 years and 18 years to 85 years respectively.
• Annuity amount of  Rs. 1,200/- per person per annum.

SBI Life - Gaurav Jeevan 

• An annuity based plan for Central Government / State Governments/ Government Enterprises and their agencies.
• In-house investment counseling apposite to the risk appetite of members.
• Provision for transfer of annuity liability
•  Flexible annuity term & enhanced rate of annuity.
• Supple  options with Income Protection on Death.
• Available for a group of 50 individuals aged between 18 years to 85 years.
• Wide range of annuity term between 5 years to 35 years.
• Annuity amount between minimum Rs. 100/- with no cap on maximum limit

SBI Group Protection Plans

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

• A very recent inclusion in insurance sphere, this is one year renewable group term insurance product.
• Low cost premium for maximum inclusion in insurance domain.
• Easy enrollment and simplified processing and no medical checkup is required.
• Fixed premium amount as Rs. 330/- with sum assured of Rs. Two lakhs.
• No maturity or surrender benefit.
• Income tax exemptions available as per It rules .
• A yearly renewable group term insurance plan offering first-rate protection at reasonably priced rates.
• Available to any form of group.
• Flexible options such as Spouse cover benefit, switch & Terminal illness benefit
• Multiple Options to choose sum assured based on group requirement.
• Life Cover in lieu of Employee Deposit Linked Insurance (EDLI) scheme 
• Manifold range of rider plans available for all inclusive protection cover.

SBI Life - Suraksha Plus 

• A Group Term Assurance product focused to provide life cover to group members for a fixed term.
• Flexibility to choose sum assured as either Uniform cover or based on grade/designation.
• Multiple premium frequency can be opted out of yearly, half yearly, quarterly or monthly.
• Surrender facility available for Single Premium mode .
• Available for a minimum group size of 50 members.

SBI Group Loan Protection Plans

SBI life insurance offers its group-based customer’s manifold protection plans to be all geared up for any unpredicted event.

SBI Life - RiNn Raksha, a group credit life insurance plan meant for protection from liability obligation towards loans availed.

• Provides protection towards most of loan types such as Housing Loans, Car Loans, Agricultural Loans, Educational Loans and Personal loans. 
• Option to choose loan cover term as per the loan term availed.
• Flexible Premium Paying Terms as single premium (SP) or as level premiums (LP) payable for 5 or 10 years.
• Provision to induct 2 co-borrowers apart from the primary borrower.
• Add on cover plan available in two variants (a) Gold Plan (b) Platinum plan.
• In the event of death, loan outstanding balance at the time of death shall be considered as death cover amount.

SBI Group Micro Insurance Plans

SBI insurance Group Micro Insurance Plans are specially crafted for the inclusion of financially weaker segment of society into insurance sphere.

SBI Life - Grameen Shakti 

• A group micro insurance plan designed to address the insurance need for those who are funded by Micro Financial Institutions or NGO’s or have availed loan from Bank/ Financial Institutions through Self Help Group.
• Option to choose sum assured amount as per the requirement of group members.
• Maturity benefit as refund of 50% of the premiums paid.
• Fixed policy term of 5 years.
• Affordable premium @ minimum of Rs. 85/- and maximum of Rs. 925/- per month.
• Annual premium payment frequency.
• Surrender benefit available on request either through master policy holder or individual members subject to premium payment of two years.

SBI Life - Grameen Super Suraksha 

• A group based micro insurance scheme intended to provide insurance cover to economically susceptible sections of the society .
• Affordable premium amount
• Flexibility to choose sum assured amount for the group members.
• Fixed policy term of 5 years.
• Premium frequency could be either singly or annually.
• Minimum Premium amount as either Rs. 102.50/- or Rs. 22.50/- for Single Pay and Regular Pay options respectively.
• No maturity benefit.
• Free look period of 15 days to review terms and conditions of the plan.
• Waiting period of  45 days from the date of commencement of risk or date of revival

SBI Life Online Plans 

SBI life insurance offers a state-of-the-art online platform to enroll for various life insurance plans. Plans which are available online are:

• SBI Life – eShield
• SBI Life - eWealth Insurance
• SBI Life – Annuity Plus
• SBI Life - eIncome Shield
• SBI Life – Sampoorn Cancer Suraksha
• SBI Life – Poorna Suraksha
• SBI Life – Kalyan ULIP Plus
• SBI Life - CapAssure Gold
• SBI Life – Gaurav Jeevan
• SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana
• SBI Life – Sampoorn Suraksha
• SBI LIFE - Swarna Jeevan

Other Online Facilities offered by SBI Life Company are:

• Online Premium Calculator
• Need Analysis Calculator
• Retirement calculator
• Child education planner
• Tax calculator
• Check NAV online.

SBI Life Insurance - FAQ