SBI Life Insurance offers a comprehensive range of insurance products catering to diverse needs, including term plans, endowment policies, ULIPs, retirement solutions, and child insurance plans. With a CSR of 97.05%, the company has shown a strong track record of settling claims quickly, enhancing its reputation and presence as a trusted insurer. Let us take a look at the various plans and their benefits offered by SBI Life Insurance.Read more
SBI Life Insurance Company, one of the leading life insurance companies in India, was founded in 2001. Serving millions of Indian families across the country, the diverse range of insurance products of SBI Life caters to individuals through pension, protection, health, and savings solutions. With these plans, you can get family financial protection, wealth creation, stress-free retirement, and take care of your child’s higher education. SBI Life tries to make insurance available to all, with its comprehensive presence across India through its 996 offices and 22,015 employees.
Following are the benefits offered by SBI Life Insurance:
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.
SBI Life provides online life insurance plans that help in the quick and hassle-free buying process. Every policy differs from the other and comes with various options that can fit your budget and needs.
SBI Life Insurance has a claim settlement ratio (CSR) of 97.05% as per the IRDAI Annual Report 2021-22. CSR is the percentage of the total claims settled by the number of received claims by the insurer. The higher the CSR, the more reliable 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.
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, provide plans at affordable premium rates. The insurer values its clients and offers good customer service. The customer care staff is available 24X7 on their official website and you can contact them on their toll-free number 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 to the needs of the individual customer in every walk of life. These plans are divided into the following two categories:
The savings plans are divided into the following different types of plans that can help you fulfil your financial needs:
Money Back/Income Plans
SBI Life Insurance Protection Plan are term plans that help you protect your loved ones by providing them with comprehensive coverage. It secures your family members and helps them fulfill their life-long dreams by offering financial support to your family in your absence.
Here is a list of all the SBI Term Insurance Plans offered by SBI Life Insurance
|Protection Plan||Entry Age||Maturity Age||Sum Assured (Min.)|
|SBI Life Arogya Shield||18 years||70 years||5 Lakhs|
|SBI Life-e-Shield Next||18 years||65 years||50 Lakhs|
|SBI Life Saral Jeevan Bima||18 years||70 years||5 Lakhs|
|SBI Life – Sampoorna Cancer Suraksha||18 years||75 years||10 Lakhs|
|SBI Life Smart Shield||18 years||80 years||25 Lakhs|
|SBI Life Grameen Bima||18 years||-||10,000|
Low premium rates
Individual pure term life cover under a single policy
Choice of three plan options: Increasing cover, level cover, and level cover with future-proofing benefit.
Terminal illness benefit
Pay premium one time, for a limited time or complete policy term
Availability of riders
Provides security to the family at low premium rates
Flexibility of paying premium one time or for a limited time (5 or 10 years)
Hassle-free purchase with standard T&Cs
Easy issuance with no medical examination
Premiums are fixed for five years of policy
Premium waiver benefit in-built
Opt for medical 2nd opinion
Low premium rates for maintaining a good lifestyle
2 plan options to provide you full freedom from loans, liabilities
Rebates on the large sum assured
Customize your cover by choosing from a comprehensive range of extra benefits like Accidental total and permanent disability benefit rider.
Protection at affordable premium rates
Instant processing with no medical examination
Option of paying a single premium
Protection at low premium rates
SBI Life Insurance Savings Plan helps fulfill the need of both protection and saving under one umbrella. It helps you secure your short-term and long-term goals financially. This policy allows customers to plan for any unforeseen event in the future and have a source of regular income.
Various types of Insurance saving plans in SBI Life insurance are
|Savings Plan||Entry Age||Maturity Age||Sum Assured (Min.)|
|SBI Life-Smart Platina Plus||30 days||99 years||Rs 5,50,000|
|SBI Life- Smart Platina Assure||3 years||75 years||Rs. 2,40,000|
|SBI Life – New Smart Samriddhi||3 years||65 years||Rs. 63,500|
|SBI Life – Smart Future Choices||18 years||70 years||Rs. 6,55,000|
|SBI Life – Shubh Nivesh||18 years||65 years||Rs. 75000|
|SBI Life – Smart Bachat||6 years||65 years||Rs. 1,00,000|
|SBI Life- Smart Hamsafar||18 years||46 years||Rs. 1,00,000|
|SBI Life – Smart Swadhan Plus||18 years||75 years||Rs. 5,00,000|
|SBI Life – Saral Swadhan Plus +||18 years||70 years||Rs. 30,000|
Choice of 2 income plan options to suit your financial requirements – Life income & Guaranteed Income
Flexibility to choose the payout time to match your life objectives
Option to alter the frequency of income payout before payout period
Limited premium payment option of 7, 8 & 10 years
Get tax benefits as per the prevailing laws of Income Tax Act, 1961.
Get life coverage along with guaranteed returns
Pay for 6/7 years and enjoy the benefit throughout the policy tenure of 12/15 years respectively.
Option to select yearly or monthly premium payment frequency
Get tax benefits as per ITA, 1961
Easy processing of plan
No medical examination required
Guaranteed additions at the end of each plan year
Pay for 6 or 7 years and enjoy the benefit throughout the policy term of 12 or 15 years respectively.
Select the policy term, premium amount, and premium payment term as per your convenience
Choose benefit as per your requirement: Flexi Choice or Classic Choice
Option to opt for cash bonus
Enjoy survival benefits or a lump sum benefit on the basis of the option chosen
Get maturity benefit as lump sum
Option to avail whole life insurance as an additional benefit
Choose single or regular premium payment
Rider benefit at low-cost
Option to receive sum assured amount at regular intervals over a time of 5,10,15, 20 years
Choose from 2 options as per insurance needs: Option A: Endowment Option, and Option B: Endowment Option along with AD&TPD benefit.
Choose premium payment term and policy term as per your financial goals
Premium waiver benefit in case of Total and Permanent disability because of accident
Joint life insurance and savings plan in which you can take life cover for yourself and your partner under a single plan.
Guaranteed bonus for 1st three years of 2.5% of the sum assured
Premium waiver benefit
Rider benefit at low-cost
Dual benefits of protection and 100% Return of premiums
Pay premium amounts through a one-time payment or for a limited time i.e., 5/10/15 years or throughout the policy tenure.
Select policy term from 10 to 30 years
Rebates on high sum assured
Protection at low premium rates
You will receive guaranteed benefits at maturity of 100/115% of the full premium paid based on the policy term
Easy buying process
SBI Life ULIP plans provide dual protection as they provide life cover as well as investment benefits within the same plan. With these plans in place, you won't have to worry about inflation or your family’s goals. Here is a list of all the ULIP plans offered by SBI Life that can help you financially secure your family’s future.
|ULIP Plan||Entry Age||Maturity Age||Sum Assured (Min.)|
|SBI Life- e-Wealth Insurance||5 years||60 years||Annual Premium X 10|
|Smart InsureWealth Plus||30 days||65 years||Annual Premium X 10|
|Saral InsureWealth Plus||30 days||55 years||Annual Premium X 10|
|Smart Wealth Builder||2 years||70 years||Annual Premium X 10|
|Smart Wealth Assure||8 years||70 years||Single Premium X 1.25|
|Smart Power Insurance||18 years||65 years||Annual Premium X 10|
|Smart Elite Plan||18 years||65 years||7 X Annual Premium|
|Smart Privilege Plan||8 years||70 years||7 X Annual Premium|
Dual benefits of life cover and market-linked returns
Choice of 2 plan options: Growth and Balanced
Premiums starts at Rs. 2000/-
Liquidity by partial withdrawals from sixth policy year onwards
No premium allocation values, thus enhancing your fund amount
Easy insurance on a monthly basis that helps achieve your dreams
Option of 3 investment strategies to suit your requirements
Choice of 9 fund options
Partial withdrawal from 6th year of policy
Systematic withdrawal on a monthly basis to help in regular payouts, provided the plan in force.
Choice of 8 fund options
Partial withdrawal option from 6th year of policy
Choice of 8 fund options
Easy insurance on a monthly basis to help achieve goals
No plan administrative charges for 1st five years for limited and regular premium payment term plans.
11 different fund options to enhance investment opportunity
Life insurance coverage throughout the policy tenure
No premium allocation charges from 11th year
Option to select from a number of funds offering market-linked returns
Pay only one time and receive the benefits all over the policy tenure
Liquidity by partial withdrawal after 5th year of policy
Customize the plan with accidental death benefit option
Choose from 2 plan options: Level cover and increasing cover
Enhance the policy benefits through accelerated total and permanent disability benefit
Flexibility through two switches
Liquidity option through partial withdrawals
Pay premiums for 7/10/12 years or single premium payment, as per your preference and enjoy the plan benefits throughout the selected policy tenure
Premium allocation charges are not available from 6th year of the policy, thus increasing the fund value
2 options of protection are available: Gold and Platinum
Facility of switching and redirection to suit your investment needs
Get tax benefits
Flexibility of paying premiums throughout the policy tenure or for a limited time or through a single premium payment
No plan administrative charges throughout the policy tenure
Flexibility of choosing 11 funds
Facility of unlimited free switches
Get tax benefits
SBI Life insurance offers Pension plans for you to secure your financial independence even after retirement. With these plans, you can fulfill your retirement goals even after the loss of monthly income. Below is the list of all pension plans offered by SBI Life:
|Retirement Plan||Entry Age||Maturity Age||Sum Assured (Min.)|
|SBI Life – Retire Smart Plus||20 years||70 years||-|
|SBI Life – Retire Smart||30 years||80 years||-|
|SBI Life – Saral Retirement Saver||18 years||70 years||1 Lakh|
|SBI Life – Saral Pension||40 years||80 years||-|
|SBI Life – Smart Annuity Plus||30 days||-||-|
Option of 7 different funds according to your risk appetite
Retirement corpus through maturity benefit
Flexibility in paying premiums such as single, regular, or limited.
Unlimited free switches are available during the plan term
Free redirection of premium is available from 2nd year of policy
Get terminal additions (1.5% of fund value) at vesting or maturity date.
Option to pay a single, regular premium or for a limited time
Option to postpone your maturity age through deferment.
Guaranteed bonus for 1st five years of policy
Additional life cover option through Preferred term rider
Get tax benefits
Get security for your retirement years using a standard immediate annuity plan
Choose from the available return of premium options: Joint life or single life annuity
Loan facility is available in case of financial needs
Surrender facility is available in case of diagnosis of mentioned critical illnesses
Flexibility to select from the comprehensive range of annuity options
Option to get immediate or deferred annuity
Option to select the frequency of annuity payouts
Higher annuity rates for larger premium rates
SBI Life Child Plans can help you secure your child’s dreams and aspirations. The funds received from these plans can be used to pay for their higher education or milestone events like marriage. Here is a list of all the child plans available under SBI Life Insurance company.
|Child Plan||Entry Age||Maturity Age||Sum Assured (Min.)|
|SBI Life- Smart Champ Insurance||21 years||70 years||Rs. 1 Lakhs|
|SBI Life-Smart Scholar||18 years||65 years||Annual Premium X 10|
Guaranteed smart benefits paid in 4 equal installments
Option to pay single or limited premium
Option to get discounted rates of the future due installments
Double protection for the future of your child: lump sum payment and in-built premium waiver benefit
Flexible options to meet your altering needs
Liquidity option through partial withdrawal
The SBI Life Insurance Group plans are created to cover and protect the individuals working under an organization. Let us see the types of Group plans available under SBI Life Insurance Company.
SBI Life Corporate Plans allow a company to cover its employees under the same plan. These plans provide the same level of coverage to everyone, irrespective of gender, age, occupation, or socioeconomic situation. Let us take a look at all the corporate solutions offered by SBI Life Insurance Company.
|Corporate Solution Plans||Entry Age||Maturity Age||Min. Group Size|
|SBI Life – Kalyan ULIP Plans||18 years||85 years||10 members|
|SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana||18 years||55 years||-|
|SBI Life – CapAssure Gold||As per scheme rules||As per scheme rules||10 members|
|SBI Life- Sampoorna Suraksha||18 years||80 years||10 members|
|SBI Life- Swarna Jeevan Plus||18 years||85 years||10 members|
Different annuity options are available
Option to select the premium payment mode
Discounts on higher purchase rate
Protection at affordable rates
Fast processing of application
No medical examination needed
Enrolment based on a simple proposal form.
This plan covers the below group schemes:
Leave Encashment schemes
Post-retirement Medical benefit schemes
Get tax benefits
Comprehensive benefits package to an employee that is customized to offer coverage against death
Flexible premium payment options
Premium amounts are tax deductible as business expenditure
Riders at affordable premium rates
Easy to install
Good annuity rates because of group effect
Different annuity options are available
Options to choose the annuity premium payment mode
SBI Term Life Insurance has a quick and hassle-free claim settlement process. Below mentioned are the 3 simple steps of the SBI Life claim settlement process:
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 the 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)||Claim Settlement Ratio (2021-22)|
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 a state or Central Government Statutory or Regulatory bodies.
Orders of Pension payment or family pensions allotted to retired persons by the Government Departments or Public Sector Undertakings, providing they contain the individual’s current address.
Step 1: Visit the SBI Life Insurance Registration/Login portal
Step 2: Enter the policy number, date of birth, and customer ID
Step 3: After entering the login ID and password, the policyholder will have to enter the policy details like customer ID, policy number and date of birth.
Step 4: Once the insured enters all the required details, he/she will be redirected to the other page where they will have to choose the option to view enroll policies.
Step 5: Once the insured clicks on the option to view enrolled policies, the page will display all the details of the policy like enrollment date, vested bonus, and premium amount.
Step 6: The insured can check the SBI Life Insurance Plan status by clicking on the policy number.
*Note: You can use the term insurance calculator to calculate the premium amount of your selected term plan easily.
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