SBI Life Insurance Plans

SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides comprehensive life insurance cover at competitive prices. SBI Life Insurance provides Unit Linked Plans, Child Education Plans, Pension Plans, Term Insurance Plans, Endowment Plans and Group Plans.

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Best Investment Plans
  • Guaranteed Tax Savings

    Under sec 80C & 10(10D)
  • ₹ 1 Crore

    Invest 10k Per Month*
  • Zero LTCG Tax

    Unlike 10% in Mutual Funds

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

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

SBI Life Insurance plans cater to individuals aged from 18 years up to 65 years. The company offers customized plans for salaried, self-employed, professional and business persons. Some key highlights of SBI Life Insurance Plans are:

  • Cover up to Rs 1 crore (at the rate of Rs 18 per day)
  • High claim settlement ratio
  • Three-way grievance redressal procedure

SBI Life Insurance Plans in India

SBI Insurance Plans

Plan Type

Entry Age

Maximum Maturity Age

Policy Term

SBI Life – eShield

Online Term Plan

18 – 60/65 years

70 years

5/10 – 30 years

SBI Life – Smart Money Planner

Traditional Participating Money Back Endowment Plan

18 – 50/55/60 years

75 years

15/20/25 years

SBI Life – Smart Humsafar

Traditional Joint Life Insurance Plan

18 – 46 years

65 years

10  – 30 years

SBI Life – CSC Saral Sanchay

Traditional Non-Participating Endowment Plan

18 – 55/60 years

70 years

10 / 15 years

SBI Life – Smart Power

Non-Participating Unit Linked Insurance Plan

18 – 45 years

65 years

10/ 15 – 30 years

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply

You may also compare: Saral Pension Yojana

1.    SBI Life – eShield 

SBI Life – eShield plan is an individual, non-participating, non-linked pure term assurance plan with customized benefits for the individuals who want the best financial security for their families at affordable rates. The plan also rewards the individuals maintaining a healthy lifestyle. Besides that, there is also an additional Accidental Death Benefit rider offered with the plan. The minimum entry age for the plan is of 18 years; while, the maximum entry age limit is of 70 years. The minimum policy tenure can be chosen as 5 years and the maximum limit goes up to 30 years. The basic sum assured offered in SBI eShield is of Rs 20,000.

2.    SBI Life – Smart Money Planner 

SBI Life – Smart Money Planner is a non-linked participating Endowment Policy with money back facility. The main purpose of this money back plan is to provide maximum benefits in the form of savings, income and insurance cover to you and your family. SBI Life – Smart Money Planner also offers the flexibility to choose from four plan options with different policy tenures and premium payment modes. As a money back plan, SBI Life- Smart Money Planner pays out a fixed amount of the sum assured annually throughout the benefit period. On maturity or on the death of the life insured, the plan offers guaranteed sum assured along with additional bonuses. The plan does not offer any additional rider option. In case of an emergency, the plan allows you to obtain loan against your policy. The basic sum assured in this plan is Rs 1 lakh (minimum) and offers life coverage up to the age of 75 years. 

3.    SBI Life – Smart Humsafar

SBI Life – Smart Humsafar is a unique plan of the company for married couples to complement their efforts to achieve prosperity along with protection. It is a joint life non-linked participating endowment plan. It offers multiple benefits of savings and insurance cover for both husband and wife. SBI Life – Smart Humsafar provides financial protection in the event of death of either or both the lives of the insured. There’s a guaranteed minimum bonus for first 3 years at the rate of 2.50% of the basic sum assured. Another benefit is the premium waiver in case of death of any of the lives assured for in force policies, and has option for additional rider benefit at affordable price. The basic sum assured in this plan is Rs 1,00,000 and the minimum policy term is 10 years.

4.    SBI Life – CSC Saral Sanchay

SBI Life – CSC Saral Sanchay is a joint life, non-linked, participating endowment plan with benefits of savings and life insurance cover. This plan helps policy seekers to save so as to achieve their future goals and support their family in achieving those goals. SBI Life – CSC Saral Sanchay offers a guaranteed interest rate of 1.00% pa, which will be applicable throughout the policy term. This plan is suitable for anyone between 18 and 60 years. It provides the option of partial withdrawals and benefits on death of the life assured or on maturity of the policy. 

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

5.    SBI Life – Smart Power

SBI Life – Smart Power insurance plan is a simple, low premium product that caters to the changing needs of the policyholder. This plan, launched in October 2015, comes with two options – level cover option and increasing cover option. It has two fund options – Trigger Fund option with an advantage of buying low and selling high, and Smart Funds that has the option to choose from seven funds. The policy term in this plan are 10, 15 and 30 years and the minimum age group to buy this plan is 18 years and maximum is 45 years with the maximum age of maturity being 65 years.

Helpful Resources: HDFC life insuranceICICI Life insuranceSBI Life insurance

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply

Written By: PolicyBazaar - Updated: 19 August 2021

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