SBI Life Traditional Plans

SBI Life Traditional / Investment Plans

SBI Life Insurance Company is a joint venture between the State Bank of India and BNP Paribas Cardif. While the former Indian counterpart has a stake-holding of 74% of the company, BNP Paribas Cardif has a total holding of 26% of the company. According to the Brand Equity and Nielsen Survey conducted by the Economic Times in 2013, SBI life Insurance Company was voted ‘The Most Trusted Private Life Insurance Brand 2013’. The company works on its mission to emerge as the leading company which offers a comprehensive range of insurance products to customers and to ensure high standards of customer satisfaction through service efficiency. Being true to its mission, the company offers a wide range of products which include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

• These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
• In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
• The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
• The plans may be issued either as Endowment Plans or Money Back Plans

SBI Life Traditional / Investment Plans

SBI Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

SBI Smart Humsafar – a traditional joint life endowment plan with the following features:

• The husband and wife can be covered under a single policy
• Guaranteed bonuses @ 2.50% of the Sum Assured in the first 3 years of the plan
• On maturity of both the lives the Sum Assured including simple reversionary bonus and terminal bonus, if any, is paid
• On death of either of the husband or wife higher of the basic Sum Assured or 10/7 times the annual premium or 105% of the total premiums paid till death is paid. Furthermore, all future premiums are waived off and the plan continues
• In the event of the second death, higher of the basic Sum Assured or 10/7 times the annual premium or 105% of the total premiums paid till death is paid
• SBI Life Accidental Death Benefit Rider can be availed which promises an additional amount in case of accidental death
• Rebates are allowed in premium for choosing higher Sum Assured levels of Rs.3 lakhs and above
• The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

SBI Life Smart Money Planner – a traditional savings plan with the following features:

• The plan has a concept of Growth Period and Benefit Period which depends on the Premium paying term of the plan
• The Growth Period starts after the Premium paying term which is limited
• The Benefit Period starts after the completion of the Growth Period and during this period a fixed percentage of the Sum Assured is paid to the policyholder.
• In case of death, the Sum Assured on death along with the vested simple bonus and terminal bonus if any is payable
• The Sum Assured on death is higher of the basic Sum Assured or the final benefit instalment payable at maturity or 10/7 times the annual premium or 1.25/1.10 times the single premium paid or 105% of all premiums paid till death
• On maturity, the final instalment of the benefit amount and the vested simple bonus and terminal bonus if any is payable
• Rebates are allowed in premium for choosing higher Sum Assured levels of Rs.3 lakhs and above
• The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

SBI CSC SaralSanchay – a traditional variable insurance plan with the following features:

• Guaranteed interest @1% is paid in every year of the plan
• The premium paid is invested in a policy account net of allocation charges
• Additional interest rate @4% of the policy account is credited in each quarter during the first 5 years and thereafter the rate becomes 0.5%
• On death, higher of the policy fund account or Sum Assured including any top-up increments, total premiums paid including top-up premiums compounded @1% or 105% of all total premiums paid is payable
• On maturity, higher of the policy account balance or total premiums paid including top-up premiums compounded @1% is payable
• Partial withdrawals can be made from the policy account after first 5 policy years
• Top-up premiums can be payable
• The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

SBI Life Smart Income Protect – a participating savings plan which promises regular annual payouts. The features of the plan are as follows:

• On maturity, the vested reversionary bonus and terminal bonus, if any is paid and regular annual payouts @11% of the Sum Assured is paid for 15 years
• The policyholder can choose to take a lump sum amount on maturity wherein 110% of the Sum Assured and vested reversionary bonus and terminal bonus, if any is paid
• On death during the payout period post maturity, the payouts continue without any effect
• On death before maturity, during the term, higher of the Sum Assured including the vested reversionary bonus and terminal bonus or 105% of all premiums paid till death is paid
• Rebates in premium for choosing higher Sum Assured levels of Rs.2 lakhs and above
• SBI Life - Accidental Death Benefit (ADB) Rider, SBI Life - Accidental Total and Permanent Disability (ATPD) Benefit Rider, SBI Life Criti-Care 13 Non- Linked Rider and SBI Life – Preferred Term Rider are available under theplan
• The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

SBI Life Smart Guaranteed Savings Plan – a traditional savings plan with the following features:

• Guaranteed Additions @ 5.5% or 6% of the cumulative premiums paid are paid from the end of the first policy year
• On maturity, the Sum Assured along with the cumulative Guaranteed Additions are paid
• On death, higher of the Sum Assured along with the cumulative Guaranteed Additions or 105% of all premiums paid till death is paid
• Loan is available under the plan up to a maximum of 90% of the Surrender Value
• The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

SBI Life Smart Money Back Gold – a money back plan with the following features:

• The plan has 4 options of availing money back benefits wherein the total money back benefits paid is 110% of the Sum Assured
• On maturity, the last instalment of the money back benefit and the vested reversionary bonus and terminal bonus, if any is paid
• On death, higher of 7/10 times the annual premium paid along with the cumulative Guaranteed Additions or 105% of all premiums paid till death is paid
• Rebates in premium for choosing higher Sum Assured levels of Rs.2 lakhs and above
• SBI Life - Accidental Death Benefit (ADB) Rider, SBI Life - Accidental Total and Permanent Disability (ATPD) Benefit Rider, SBI Life Criti-Care 13 Non- Linked Rider and SBI Life – Preferred Term Rider are available under theplan
• The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

SBI Life Shubh Nivesh

A participating Endowment plan with the following features:

• The plan has 3 coverage options of Endowment option, Endowment with Whole life option and Deferred Maturity Payment option
• Under the first option, the Sum Assured and the vested bonuses is paid on maturity
• Under the second option, the plan can be extended to cover the insured till 100 years. On maturity, the Sum Assured is paid and the plan continues. On death any time before reaching 100 years, the Sum Assured is again paid. If the insured reaches 100 years of age, the Sum Assured is again paid
• Under the third option, post maturity, regular payouts can be received over 5, 10, 15 or 20 years post maturity
• On death, the discounted vale of the remaining payouts is paid
• Rebates in premium for choosing higher Sum Assured levels of Rs.1.5 lakhs and above
• SBI Life - Accidental Death Benefit (ADB) Rider, SBI Life - Accidental Total and Permanent Disability (ATPD) Benefit Rider, and SBI Life – Preferred Term Rider are available under theplan
• The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details of SBI Subh Nivesh

SBI Life Flexi Smart + - a variable insurance plan with the following features:

• The plan has two protection options of Gold & Platinum
• A guaranteed bonus of 1% is paid along with regular bonus, interim bonus and terminal bonus, if any
• The premiums paid net of charges are invested in the policy account
• On maturity, the pokily account value is paid
• On death, under the Gold Option, higher of the policy account balance or Sum Assured or 105% of all premiums paid till death is payable
• Under the Platinum option, on death, higher of the policy account balance + the Sum Assured or 105% of all premiums paid is payable
• One free partial withdrawal is allowed every year from the 6thn year onwards
• The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

SBI Life Traditional Plans - FAQ

1. 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
• 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
• Pay Premium In Cash At Authorized Collection Centers
• 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.

2. How can I check policy status for SBI Life traditional plans?

For checking your policy status online, login to 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.

3. What is the policy renewal process for SBI Life traditional plans?

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.

4. What is the company’s process to settle claim for SBI Life traditional plans?

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. In case one requires additional help or further clarifications, one can write to claims@sbilife[dot]co[dot]in

5. What is the policy cancellation process for SBI Life traditional plans?

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.