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.
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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These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.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 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
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:
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
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:
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
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:
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
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:
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
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:
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
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:
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
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:
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
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.
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.
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.