SBI Life Insurance

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.

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*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

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SBI Life tries to make insurance available to all, with its comprehensive presence across India through its 947 offices and 18,498 employees. 

Benefits of SBI Life Insurance

SBI Life Insurance offers the following benefits to its clients:

  1. A comprehensive range of products 

    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. 

  2. High Claim Settlement Ratio

    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. 

  3. Award-Winning Insurance Service Provider 

    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. 

  4. Cost-effective plans 

    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. 

  5. Good Customer Service 

    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. 

Types of SBI Life Insurance Plans

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: 

  • 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
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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.

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)
  • 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.

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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 

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
  • 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.

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

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:-

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)
  • 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.

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 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.

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
  1. 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. 
  2. 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.
  3. 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
  1. 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.

    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
  2. 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 plan term between 5 years to 35 years.
    • Annuity amount between minimum Rs. 100/- with no cap on maximum limit
  3. 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.
  4. 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.

    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.

    • 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.
  5. 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.

    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 

    • 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.

How to Process SBI Life Insurance Claim?

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: 

  1. Step1: Claim Intimation 

    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. 

  2. Step 2: Submission of Documents 

    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. 

  3. Step 3: Claim Decision and Settlement 

    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. 

Online 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. 

Offline Claim Settlement Procedure 

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. 

SBI Life Insurance Claim Settlement Ratio 

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)
86.69% 96.76% 95.03% 94.52% 93.09%

Documents Mandatory for Buying SBI Life Insurance Plans 

Following documents are required to be submitted to the insurance company while purchasing SBI Life Insurance 

  1. ID Proof 

    • PAN Card 

    • Passport 

    • Driving License

    • Voter ID 

    • 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. 

  2. Residential Proof 

    • 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.

SBI Life Insurance - FAQs

  • How to pay premium? What are the modes of payment available?

    There are 10 modes to pay your SBI Life Insurance premium namely:
    • Direct Remittance At Sbi Life Branch By Post Or Courier
    • Electronic Clearing Service (ECS) – Mandate
    • Direct Debit
    • Standing Instruction On Your Credit Card
    • Online Payments by SBI Payment Website
    • Through State Bank Group Atms
    • Payment Through Visa Bill Pay.Com
    • Online Payment Of Premium Through Sbi Life Website
    • Si-Eft For State Bank And Associate Banks’ Account Holders
    • Payment Through Point Of Sales (Pos) Terminals At Select Sbi Life Branches
    • Payment Through Easy Access Mobile Application
    • Nach (National Automated Clearing House)

    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.

  • How to check SBI life policy status?

    For checking your SBI life insurance policy status online, login to SBI Life e-portal. You need to enter customer ID, date of Birth and policy number. The details of the policy along with the status is displayed on the next screen.
  • What is the policy renewal process?

    Renewal of policy can be done by the following modes:
    • Online
    • Through SMS
    • Through SBI Brach
    • By Cash

    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.

  • What is the company’s process to settle claim?

    The procedure for settling claim through SBI life Insurance requires intimating the nearest branch by submitting the list of documents as specified in the website. After the documents are verified, the claim is settled as soon as possible.
  • What is the policy cancellation process?

    The policy cancellation process requires you to submit a duly filled surrender form along with relevant documents in the nearest SBI branch in your city. Upon receiving and verifying the documents, the policy is deemed cancelled as per bank accounts record. The premium refund is calculated on NAV value prevailing at the current market rate, if you submit the policy before 3:00 PM , else next day’s NAV value is applicable.
  • Where can one get the details of all the money/premium paid

    Ans: To check the details of the premium paid, the insured can click on the payment summary and see al the details related to the premiums paid to date. Moreover, the insured can also download the financial year wise premium paid certificate to know the details of all the premiums paid to date.
  • What is the premium due date

    Ans: Due-date is stated as the first non-payment of the premium of the plan by the policyholder. When the policyholder pays the due premium, he/she receives the new receipt which includes the details of the next premium due date.
  • What should one do if the payment is not reflecting after making a payment

    Ans: The policyholder can view the details of the latest premium payment on the payment summary page after two days from the premium payment date and the renewal payment can be viewed after 3 days. In case, if the payment is not reflecting in the payment summary after 2 days of premium payment then the policyholder.
  • What is the grace period

    Ans: A grace period is the time period given by the insurance company to the policyholder to clear the due premiums if the policyholder failed to pay the premium of the policy within the premium payment tenure. Generally, insurance companies offer a grace period of 30 days for quarterly, half-yearly, and yearly mode and 15 days for monthly mode.
  • Is there any interest charged during the grace period

    Ans: No, there is no interest charged during the grace period. However, if the policyholder fails to pay the premium in the grace period and pays it after the completion of the grace period, interest is charged from the due date.
  • Where can one find the next premium due date

    Ans: The policyholder can find the due date of the nest premium in policy documents or the latest premium receipt.
  • What does it mean the due date of the premium is not showing

    Ans: The policyholder will have to check whether the premium paying tenure of the policy is completed.
  • What is the use of a Premium paid certificate

    Ans: Premium paid certificate can be used to claim tax exemption.
  • What is the difference between the premium paid certificate and renewal premium receipt

    Ans: The premium paid certificate shows the summary of the total premium paid in a financial year whereas the premium receipt shows the detail of the single premium been paid.
  • How can I get my previous year'spremium paid certificate

    Ans: To get the certificate of premium paid for the previous year’s, follow these simple steps.
    • Log in to your policy account.
    • Go to the policy statement
    • Choose the premium paid certificate and the financial year.
  • Is it possible to generate a renewal receipt for a paid premium

    Ans: If the policyholder pays the premium in advance the deposit will be adjusted towards the premium on the due date and the receipt will be generated after that. In case the policyholder does not receive any premium receipt beyond and above the mentioned time, he/she can write to mysupport@sbilife.co.in.
  • What should I do if the online payment transaction fails

    Ans: If the policyholder pays the premium online and receives the message as ‘failure’ or if the acknowledgment is not generated then the policyholder should cross-check whether the amount is debited from the bank account or the credit card account before retrying another payment. If the amount is debited, then the payment will be reversed to your account after 3-4 working days. In case of any discrepancy in the premium payment, it is advised not to attempt pay again and check for the confirmation on the receipt of the premium amount.
  • Which type of credit card is acceptable for premium payment

    Ans: American express, visa, diner, master cards are accepted for premium payment.
  • Can one pay the premium in advance online

    Ans: Premium payments can be initiated online 25 days in advance.
  • Is an international debit card acceptable for online payment

    Ans: No, payment can be made only through debit or credit card issued in India based on your credit limit.
  • Are there any charges on paying the premium through a credit card

    Ans: SBI Life Insurance Company does not charge any amount for paying the premium through a credit card.
  • Can I pay the premium for my lapse policy online

    Ans: No, late payment of premiums is accepted only for inforced policies within 25 days for non-monthly policies and 11-day for monthly policies from the due date of premium payment. In the case of a lapsed policy, the policyholder will need to contact the nearest branch office of SBI Life Insurance.
  • What should I do if a payment is done twice

    Ans: In case the policyholder pays the premium twice mistakenly with the details of the transaction stating the reference number and date of transaction.
  • Can I make an online payment for a policy that is already registered for autopay

    Ans: It is advised to avoid paying the premium manually since it will result in double payment.
  • Can I split the premium payment in two, one through cash/cheque and the other through credit card

    Ans: No, you cannot split the premium payment in two as premium payment from two different modes are not applicable.
  • Can I not revive a policy by paying online

    Ans: Online option of premium payment for the lapsed policy is not allowed. The policyholder will have to visit the nearest branch office of SBI Life Insurance and pay the premium of the lapsed policy through cheque along with the Declaration of Good health (DGH). The policyholder can generate a revival quotation from the transaction menu.
  • Where can I get an acknowledgment of the premium paid

    Ans: To receive the acknowledgment of the premium paid, the policyholder will need to login to his/her policy account and click on the option of the policy statement and download the premium payment acknowledgment. In case, the policyholder needs any assistance with the details of the transaction stating the reference number and date of transaction.
  • How can I change the sum assured

    Ans: The facility to make changes in the sum assured amount is subject to terms and conditions of the policy (referred to in the policy documents) and the underwriting decision taken by the insurer.
  • How can I correct a wrong beneficiary name and relationship under a policy

    Ans: If the policyholder has entered wrong information about the nominee of the policy,Before sending the mail the policyholder can refer to the proposal form copy attached with the policy documents to verify the beneficiary. In case of error, while filling the proposal form, the policyholder will need to submit the following documents to the nearest branch office of SBI Life Insurance.
    • Request tomake changes policy details (duly filled in)
    • Proof of Nominee:
    • School Certificate
    • Birth certificate
    • PAN Card
    • Passport
    • (d) Driving license
  • When can I add a rider under a policy

    Ans: You can add a rider to the policy while purchasing the policy or at the time of policy initiation. Riders are added to the policy to enhance the coverage of the policy.
  • When can I delete a rider under a policy

    Ans: The policyholder can delete rider on the policy anniversary subject to the terms and conditions of the policy.
  • How can I delete the riders under a policy

    Ans: The policyholder can submit a request for deleting the rider by submitting the form of a request for a change in policy detail at any branch office of SBI life Insurance.
  • How can I correct the name and date of birth

    Ans: The policyholder can submit the request for changes in the policy details to the nearest branch office of SBI life insurance.
  • When can I change the frequency

    Ans: The policyholder can change the frequency from the next plan anniversary at any time during the policy tenure except the first policy year or first 3 policy years depending on the terms and conditions of the policy.
  • What is a premium holiday

    Ans: Under the SBI life Flexi Smart Insurance plan offered by SBI, the policyholder is given the facility to take a break from premium payment for a period of 1 year- 3 years  keeping the policy in force. This facility can be availed only after paying the premium of policy for 5 years.
  • Can an increase or decrease in premium/sum assure done in a lapsed policy

    Ans: To make any changes in the premium and sum assured amount of the policy, the policy should be in force.
  • Can the plan option be changed i.e from regular to single or endowment to whole life post-issuance

    Ans: Changes in the plan option is not applicable post-issuance.
  • What should be done if the original policy document is lost/misplaced

    Ans: In case the policyholder misplaces or lost the original policy documents then he/she can apply for a duplicate copy of the policy bond.
  • What should I do if the policy has lapsed

    Ans: The policyholder can revive the lapsed policy by paying the due premium along with the applicable interest and submit a health certificate to the nearest SBI life insurance branch office.
  • Can I submit the fund switch request form at any branch of the State bank of India

    Ans: Ans- No, the fund switch request form can be submitted only at the SBI life Insurance branch office.
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SBI Life Insurance Reviews & Ratings

4.3 / 5 (Based on 128 Reviews)
(Showing Newest 10 reviews)
Parvati
Delhi, October 14, 2021
Manageable plan
I bought pnb met life e term plan is nice which have low premiums and the paybacks are high. The policy coverage is good 90 percent and the claims are approx. 5 percent more times the amount invested. The services is good and on time till date provided by the policybazaar team. Good future investment which save taxes too. Happy to be their customer.
Rishi
Abohar, March 10, 2021
Financial stability for my family
I got the sbi general term insurance plan last year as I am concerned about my family. I searched various great plans and got to know into the website of policybazaar. Such great plans. Great work.
Sudhir
Baripada, March 09, 2021
Various good offers
I have recently bought a sbi term insurance plan from the website of the policybazaar. I am happy that policybazaar and team provided me with so many good offers at reasonable prices. Thanks.
Pramod
Pandavapura, March 20, 2019
Best insurance provider
Best buy and reliable. I recently got a life insurance for myself from SBI, which apparently is the most trusted life insurance available. I trust them when it comes to helping my family in case of any unfortunate incident. Also, my purchasing experience was made easy and swift, apart from the best deal given by Policybazaar.
Awedesh
Ambala, January 08, 2019
Less costly
This is the plan which I have bought from SBI. Here we have to make the lump sum payment of premium amount. And in case if the person dies then the amount which has been paid will be given to the family. The premium amount is less costly. I like the plan and would recommend everyone.
Vinay
Mubarakpur, October 10, 2016
SBI term insurance
SBI life eshield Term insurance policy which i buy from sbi life insurance ltd is perfect policy plan. Insurance gave me more security and more benefits. Service is fast which is given by the company members. Renewal of the plan can be done through online portal service.
Jyoti
Kolkata, October 10, 2016
Retirement policy
Services of sbi life insurance company is fantastic and on time too. I took pension policy plan from them for me and my family. Investment requirement is less and the returns are much more. Premium are low and the policy coverage is high. Claiming process is simple which can be done by anybody. Online facilities reduces the paperwork and load of wasting time in queue.
Dipendra
Lauriya, September 23, 2016
Best Services
Sbi life insurance company provides best services. I purchased ulip insurance policy from them and the premium is normal but the staff of the company and customer support team available for 24X7. Policy coverage and claims are good.
Kishore
Dalpur, September 23, 2016
Traditional Policy
The sbi life provided me the best traditional insurance policy in very low premiums. The investment is low but the paybacks are high. Coverage is good and claims can be cleared easily by taking executives and staff members services.
Minakshi
Gunupur, September 23, 2016
Insurance Policy
Good to got the very fine child insurance policy from sbi life insurance. Policy coverage is maximum and premium is very less. Claims are easy to get and the procedure is simple, it has less paperwork. Online renewals is possible through online portal of the company websites.
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