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.
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:
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:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
18 years |
46 years |
Maturity Age |
- |
65 years |
Policy Term |
10 years |
30 years |
Sum Assured |
Rs.1 lakh |
Rs.5 crores |
Annual Premium Amount |
Rs.6000 |
No limit |
Premium Payment Term |
Equal to policy term |
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly, monthly |
SBI Life Smart Money Planner – a traditional savings plan with the following features:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
18 years |
60 years |
Maturity Age |
- |
75 years |
Policy Term |
15 years |
25 years |
Sum Assured |
Rs.1 lakh |
Rs.5 crores |
Premium Payment Term |
6 or 10 years |
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly, monthly |
SBI CSC SaralSanchay – a traditional variable insurance plan with the following features:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
18 years |
60 years |
Maturity Age |
- |
70 years |
Policy Term |
10 years |
15 years |
Sum Assured |
7 / 10 times the annual premium |
|
Annual Premium Amount |
Rs.2400 |
Rs.20, 000 |
Premium Payment Term |
6 or 10 years |
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly, monthly |
SBI Life Smart Income Protect – a participating savings plan which promises regular annual payouts. The features of the plan are as follows:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
8 years |
58 years |
Maturity Age |
18 years |
65 years |
Policy Term |
7, 12 or 15 years |
|
Sum Assured |
Rs.1 lakh |
No limit |
Premium Payment Term |
Equal to policy term |
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly, monthly |
SBI Life Smart Guaranteed Savings Plan – a traditional savings plan with the following features:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
18 years |
50 years |
Maturity Age |
- |
65 years |
Policy Term |
15 years |
|
Sum Assured |
Depends on the premium |
|
Annual Premium Amount |
Rs.15, 000 |
Rs.75, 000 |
Premium Payment Term |
7 years |
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly, monthly |
SBI Life Smart Money Back Gold – a money back plan with the following features:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
14 years |
55 years |
Maturity Age |
27 years |
70 years |
Policy Term |
12, 15, 20 or 25 years |
|
Sum Assured |
Rs.75, 000 |
No limit |
Annual Premium Amount |
Rs.4500 |
No limit |
Premium Payment Term |
Equal to policy term |
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly, monthly |
A participating Endowment plan with the following features:
Eligibility Details of SBI Subh Nivesh
|
Minimum |
Maximum |
Entry Age |
18 years |
60 years |
Maturity Age |
- |
65 or 100 years |
Policy Term |
5 years |
30 years |
Sum Assured |
Rs.75, 000 |
No limit |
Annual Premium Amount |
Rs.6000 |
No limit |
Premium Payment Term |
Equal to policy term or Single Pay |
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly, monthly |
SBI Life Flexi Smart + - a variable insurance plan with the following features:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
18 years |
60 years |
Maturity Age |
23 years |
65 years |
Policy Term |
5 years |
30 years |
Sum Assured |
Higher of 10/7 times the annual premium or 0.5/0.25*term*annual premium |
20 times the annual premium |
Annual Premium Amount |
Rs.50, 000 |
No limit |
Premium Payment Term |
Equal to policy term or Single Pay |
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly, monthly |
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.
NACH is a newly launched service that works on the same principle as that of ECS, which requires filling in a form and getting registered before availing this facility.
For renewal process, after login into your account, click on the ‘Renew Policy’ tab to proceed with premium payment.
Alternatively, you can renew the process by using the kiosk in the SBI ATM and select the option for renewal process.