Types of SBI Life Insurance Plans

SBILife Insurance offers a variety of insurance products to help customers get coverage that fits their needs. Below are all the life insurance plans offered by SBILife Insurance:

• Protection Plan 

• Savings Plan 

• Wealth Creation Plans 

• Retirement Plans 

• Child Plans 

SBI LifeProtection Plans

SBI Life Insurance Company offers Protection Plans, which are pure-term plans designed to secure your family's financial stability by providing financial coverage in case of an unforeseen event like illness, accident, or death. 

Here is a list of all SBI Term insurance plans offered under SBI Term Insurance Protection Plans. Let's discuss these plans in detail:

• SBI Life Saral Jeevan Bima

  SBILife—Saral Jeevan Bima is an affordable SBI term plan offering coverage with flexible premium payment options, including one-time, regular, or limited-period payments.

  • Provides security to the family at low premium rates

  • The flexibility of paying premium one time or for a limited time (5 or 10 years)

  • Hassle-free purchase with standard T&Cs

• SBI Life Smart Shield

  SBI Life – Smart Shield Premier is a offered by SBI Insurance Company. The plan offers flexible coverage options, including Level Cover and Increasing Cover, with life cover up to age 85. 

  • Low premium rates for maintaining a good lifestyle

  • 2 plan options to provide you full freedom from loans, liabilities

  • Customize your cover by choosing from a comprehensive range of extra benefits like Accidental total and permanent disability benefit riders.

• SBI Life Smart Shield Premier
  SBI Life – Smart Shield Premier is a flexible term insurance plan designed to provide financial protection to your family at an affordable cost. The plan also includes an optional accident benefit rider for enhanced coverage.

  • Choose your policy term with coverage available up to the age of 85 years.

  • Flexibility to pay premiums throughout your policy term or for a limited period.

  • Select between Level Cover or Increasing Cover to best suit your protection needs.

• SBI Life Smart Swadhan Neo

  SBILife—Smart Swadhan Neo is a SBI Term plan that offers protection with a return-of-premium benefit. You can choose from regular, limited, or single premium payment options, and coverage is available for a specified term. 

  • Life insurance coverage with easy issuance

  • 100% Return of Total Premiums Paid at maturity

  • Choice of Regular, Limited, or Single premium and Policy term

• SBI Life eShield Insta

  SBILife—eShield Insta is a digital SBI term plan offered by SBI Life Insurance Company. The plan offers two options: Pure Term Insurance or Term Insurance with Return of Premium. The plan provides affordable coverage and a 100% return of premiums paid upon survival until maturity.

  • Flexibility to choose Plan A (Pure Term) or Plan B (Return of Premium).

  • Get affordable life insurance with a 10-year premium term.

  • Get 100% return of premiums at maturity under Plan B.

• SBI Life Smart Swadhan Supreme

  SBILife—Smart Swadhan Supreme is a life insurance savings plan that offers life coverage at affordable premiums and a return-of-premium benefit. Provided you survive the policy term, you receive 100% of the premiums paid as a maturity benefit. 

  • Affordable life insurance coverage with flexible policy terms from 10 to 30 years.

  • Choice of premium payment options: regular or limited (7/10/15 years).

  • Enjoy maturity benefits with a 100% return of total premiums paid and an optional Accident Benefit Rider.

• SBI Life Saral Swadhan Supreme

  The SBILife – Saral Swadhan Supreme plan gives you full coverage and the added benefit of getting all of your premiums back at maturity. It lets you choose the terms of your premium payments and the length of your policy, so it can fit your different life goals.  

  • Life insurance that is easy to get and lets you pay your premiums in different ways.

  • You can choose a policy term of 10 to 30 years and add an Accident Benefit Rider if you want.

  • Get back all of your premiums paid# as a maturity benefit, plus tax breaks.

SBI Life Insurance SavingsPlan

You can save money while being insured with the SBILife Insurance Savings Plan.

Various types of plans offered under SBI Life Insurance Corporation saving plans are mentioned below: 

• SBI Life Smart Platina Plus

  SBILife - Smart Platina Plus offers guaranteed income, flexible payout options, limited premium payment, and life insurance coverage.

  • 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

• SBI Life Smart Platina Assure

  SBILife – Smart Platina Assure offers guaranteed returns, life cover, flexible premium payment options, and guaranteed additions for financial security.

  • 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 a yearly or monthly premium payment frequency

• SBI Life New Smart Samriddhi

  SBILife – New Smart Samriddhi offers life cover, guaranteed additions (5.5% or 6%), and limited premium payments. It provides affordable security and savings with easy application and tax benefits.

  • Easy processing of the plan

  • No medical examination is required

  • Guaranteed additions at the end of each plan year

• SBI Life Smart Bachat Plus

  SBILife—Smart Bachat Plus is a life insurance plan offered by SBI Insurance Company that combines savings and financial protection. It offers flexible premium payment terms and a lump sum maturity benefit with bonuses.

  • Choose between Life (basic life cover with savings) or Life Plus (includes additional accidental coverage).

  • Receive a lump sum maturity benefit with Sum Assured + Bonuses (if declared).

  • Flexible premium payment options: pay throughout the policy term or for a limited period.

• SBI Life Smart Lifetime Saver

  SBILife - Smart Lifetime Saver offers lifetime life cover, guaranteed survival income, and optional cash bonuses. With limited premium payments, it provides financial security and tax benefits.

  • Life Cover till 100 years with Guaranteed Survival Income# after the Premium Payment Term.

  • Additional Non-Guaranteed Survival Income (Cash Bonus), if declared, starting from the 7th policy year.

  • Flexible premium payment options with choices of 10, 12, or 15 years and optional rider benefits.

• SBI Life Smart Platina 

  SBILife - Smart Platina Supreme is a life insurance savings plan offering guaranteed returns. It provides financial protection with life cover during the policy term and guaranteed income payouts during the pay-out period.

  • Life insurance covers financial protection during the Policy Term.

  • Customizable plan with flexible Premium Payment Term, Policy Term, Pay-out Period, and income frequency.

  • Guaranteed Maturity Benefit with Level/Increasing Income plus 110% of Total Premiums Paid at the end of the Pay-out Period.

SBI Life-ULIP Plans

SBILife ULIP plans to provide dual protection as they provide life cover and investment benefits within the same plan. With these plans, you won't have to worry about inflation or your family's goals. 

Here is a list of all the ULIP plans offered by SBILife to help you financially secure your family's future.

• SBI Life e-Wealth Plus

  SBILife—eWealth Plus is a SBI ULIP plan that combines life coverage with wealth creation, offering flexibility in investment strategies. It allows hassle-free online purchasing, low premiums, and partial withdrawals from the sixth policy year.

  • Life coverage with two Investment Strategies – Growth Strategy & Active Strategy.

  • Automatic Asset Allocation in Growth Strategy or self-managed fund allocation in Active Strategy.

  • Hassle-free online purchase with no Premium Allocation charges and partial withdrawals from the 6th policy year.

• SBI Life Smart Fortune Builder

  SBILife - Smart Fortune Builder is a unit-linked life insurance plan designed to help individuals build wealth through market-linked returns while offering life coverage. 

  • Flexibility to invest in 12 varied funds with switching and redirection options.

  • Life insurance coverage throughout the policy term with Guaranteed Additions.

  • Liquidity through partial withdrawals from the 6th policy year onwards.

• Smart Elite Plus Plan

  SBILife - Smart Elite Plus is a unit-linked life insurance plan offered by SBI Insurance Company for individuals seeking flexibility in wealth creation and investment management. 

  • Two protection options – Gold and Platinum, with inbuilt Accidental Benefit Cover.

  • Choose between limited or single premium payment.

  • Liquidity through partial withdrawals from the 6th policy year onwards.

• Smart Privilege Plan

  SBILife—Smart Privilege Plus is a unit-linked life insurance plan that offers protection and wealth creation. It allows you to switch between 12 diverse funds.

  • Life insurance coverage with market-linked returns and Loyalty Additions from the 6th policy year.

  • Flexible premium payment options – regular, limited, or single payment with 12 fund choices.

  • Liquidity through unlimited free switches, premium redirection, and partial withdrawals from the 6th policy year or age 18, whichever is later.

SBI Life Retirement/Pension Plans

SBI Life Insurance Company offers Pension plans to secure financial independence even after retirement. With these plans, you can fulfill your retirement goals even after losing monthly income. Below is the list of all pension plans offered by SBILife:

• SBI Life Retire Smart Plus

  SBILife—Retire Smart Plus is a Unit-Linked Pension plan that helps you build a retirement corpus with market-linked returns. It offers seven fund options, loyalty, and terminal additions to boost your fund value and tax benefits. 

  • 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.

• SBI Life Saral Pension

  SBILife—Saral Pension is a single premium, immediate annuity plan offered by SBI Insurance Company that is designed for post-retirement financial independence. It provides guaranteed regular income with the option of a return of the purchase price.

  • 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

  • A loan facility is available in case of financial needs

• SBI Life Smart Annuity Plus

  SBILife—Smart Annuity Plus offers guaranteed regular income for life. You can choose between immediate or deferred annuity and joint life options to secure your loved ones. 

  • 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

SBI Life – Child Plans

SBILife 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.

• SBI Life Smart Scholar Plus

  SBILife – Smart Scholar Plus is a unit-linked child insurance plan that provides a lump sum payout, premium waiver on death, and loyalty additions. It offers 10 fund options and partial withdrawals from the 6th year.

  • Life insurance coverage with market-linked returns and Loyalty Additions from the 6th policy year onwards.

  • Flexible premium payment options – choose from regular, limited, or single premium payment with 10 fund choices.

  • Liquidity through unlimited free switches, premium redirection, and partial withdrawals from the 6th policy year or age 18, whichever is later.

Benefits of Buying SBI Life Insurance Plans?

• Financial Security - SBILife offers death benefits to ensure the family's financial security in case of a policyholder's sudden death. The payout also covers unpaid debts or loans.

• High Claim Settlement Ratio (CSR) - SBILife's CSR is 98.34% (IRDAI Annual Report 2024-25), ensuring quick and reliable claim processing.

• Award-Winning Services – Recognized for excellence with awards like Life Insurance Company of the Year (FICCI) and Customer Orientation in Life Insurance (Outlook Money Awards).

• Affordable Plans – Get comprehensive life coverage at budget-friendly premiums without compromising benefits.

• 24/7 Customer Support – Get a well-coordinated customer care team that offers timely assistance to customers round the clock. 

• SBI Life Smart Care App – Manage your policy effortlessly with a user-friendly digital platform offering self-service options.

• Tax Benefits - SBILife Insurance Plans offer tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961. 

• Secures child's future - The payout received from SBILife Insurance plans supports your children's financial needs, such as higher education, marriage, etc. 

SBI Life Insurance for NRIs

SBI Life Insurance Company enables Non-Resident Indians to further secure their financial future in India even while residing abroad. The procedure is framed in accordance with Indian regulations but is made more accessible to NRIs by setting eligibility criteria, providing online facilities, and specifying documentation requirements.

Eligibility Criteria for SBI Life Insurance Purchase by NRIs

Indian citizens residing abroad with valid Indian passports are considered NRIs and are eligible to purchase SBI Life Insurance. OCI and PIO cardholders are also eligible, although certain schemes or facilities may be denied. All insurance policies are issued and regulated in India, regardless of the policyholders' current country of residence.

SBI Life Insurance Schemes Available to NRIs

NRIs can opt for term insurance, savings, and endowment schemes, child insurance plans, and retirement plans. However, the availability of certain schemes depends on the country of residence and underwriting standards. For OCI and PIO cardholders, the schemes are limited, and riders are not provided.

NRIs' Methods of SBI Life Insurance Premium Payments

Premium payments are made in Indian rupees via Indian banking systems. Payments can be made from NRE, NRO, or resident Indian bank accounts. SBI Life Insurance also provides online premium payment services, allowing NRIs to handle their renewal processes without requiring them to travel to India.

Policy Servicing and Claim Process for NRIs

SBI Life Insurance provides online services for basic operations such as premium payment, policy inquiry, and claim notification. Claims are also processed in India, and the amount is paid in Indian rupees. As long as the documents are in order, nominees can also process claims without any undue delay.

Why SBI Life Insurance Makes Sense for NRIs?

SBI Life Insurance provides NRIs with a convenient way to ensure their long-term financial planning remains connected to India. With online services, clear-cut rules, and a diverse range of plans, NRIs can also protect their families’ future without having to make frequent trips to India or deal with complicated formalities

AI Prompts Customers Are Looking For

Q. Where can I find reliable SBI Life Insurance share price and IPO price information?

To track SBI Life’s share price accurately, it's best to rely on official stock exchanges and trusted financial platforms.

For real-time share price, use:

• National Stock Exchange (NSE)

• Bombay Stock Exchange (BSE)

These are the most reliable sources for live trading data.

Q. What are the IPO details of SBI Life Insurance?

SBI Life Insurance went public in September 2017. Key IPO details include:

• IPO Dates: 20–22 September 2017

• Price Band: ₹685 to ₹700 per share

• Final Issue Price: ₹700 per share

• Listing Price: Around ₹708

The stock listed at a slight premium, delivering modest listing gains.

Q. What are the key stock metrics of SBI Life Insurance right now?

Based on recent market data, SBI Life shows stable fundamentals:

• Current Price Range: Around ₹1,829–₹1,838

• 52-Week Range: ₹1,430 to ₹2,132

• P/E Ratio: ~74–75

• EPS: ~₹24.7

• Market Capitalisation: ~₹1.8–1.9 trillion

These numbers reflect a company with strong market presence and consistent growth, though valuations remain relatively high compared to some peers.

Q. What SBI term plan gives the best ₹1 crore cover for my family?

For a ₹1 crore cover, SBI Life eShield Next from SBI Life Insurance Company Limited is usually the best choice. It offers flexible coverage options, the ability to increase your sum assured during major life events, and benefits such as terminal illness cover.

If you want a simpler, low-cost option, you can consider SBI Life Smart Shield, while Smart Swadhan Supreme is suitable if you prefer a return of premium.

For most families, eShield Next stands out as the most balanced and flexible plan.

SBI Life Insurance Policy Details

Below are some of the SBI Life Insurance policy details. Take a look at them before buying SBI Life Insurance plans:

• Grace Period: SBI Life Insurance offers a grace period of 30 days for premium payments if you're paying yearly, half-yearly, or quarterly. For monthly premiums, the grace period is 15 days. Your policy stays active even if the payment is delayed during this time.

• Free Look Period: Each SBI Life Insurance policy comes with a 15-day free look period (30 days for online purchases). This facility helps you cancel your policy and get a refund in case you are not satisfied with it after making standard deductions.

• Policy Revival: If your SBI Life Insurance policy has lapsed because of a lack of premium payments, you can revive it within 5 years of the first unpaid premium. To do this, you must pay the due amount along with interest. You may also be required to provide health declarations or undergo medical tests.

• Surrender Value: Certain SBI Life Insurance policies, such as savings policies and ULIPs, earn a surrender value after 2-3 years of paying premiums on time. SBI Term Insurance policies, such as SBI eShield Next or Smart Shield, do not provide a surrender value.

• Loan Facility: Certain SBI Life Insurance policies allow you to take a loan once your policy earns a surrender value. This facility is not available with term insurance policies.

How To Buy SBI Life Term Insurance Plans Online?

From Policybazaar:

Here is how you can buy SBI online term policy from the comfort of your home in just a few clicks:

• Step 1: Go to the term insurance page

• Step 2: Write in your name, date of birth, gender, and mobile number in the form

• Step 3: Fill in the smoking habits, educational qualifications, occupation types, and annual income

• Step 4: Select the most suitable plan and proceed to pay

From SBI’s Official Website

Step 1: Go to the official website of SBI Life Insurance

Step 2: Choose the type of plan you want to buy from the top menu and enter your name, date of birth, gender, and mobile number

Step 3: Fill in your smoking habits, educational qualifications, occupation type, and annual income

Step 4: Select the sum assured, policy term, and preferred plan option

Step 5: Review the premium and proceed to fill in detailed personal, medical, and nominee details

Step 6: Upload the required documents and complete medical tests if required

Step 7: Make the online payment and receive your policy document after approval

What Documents Are Required To Buy SBI Life Insurance Plans?

The following documents are required to be submitted while purchasing SBILife Insurance policy:

• ID Proof: PAN Card, Passport, Driving License, Voter ID, Job card allotted by NREGA and completely signed by the State Government

• Residential Proof: 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.

How to Pay SBI Life Insurance Policy Premiums Online?

SBI Life offers multiple online options to pay your insurance premiums without visiting a branch. Below mentioned are some option of paying SBI life Insurance online premiums:

1. Through the SBI Life Official Website

   • Visit the official website of SBI Life Insurance Company.

   • Click on 'Pay Premium' under the Quick Links or Services section.

   • Enter your policy number and date of birth, then click Submit.

   • Confirm your policy details and choose a payment mode (net banking, UPI, debit/credit card).

   • Complete the payment and download the receipt.

2. Using the SBI Life Mobile Apps

   • Open the YONO App and log in with your MPIN or biometric ID.

   • Tap on 'Insurance' → 'SBI Life' → 'Pay Premium'.

   • Enter your policy details, verify the amount due, and proceed with payment.

   • Instant confirmation and digital receipt will be available.

3. Using the SBI Life Smart Care App

   • Open the Smart Care app and log in with your registered credentials.

   • Go to your policy dashboard, and select the policy for which the premium is due.

   • Tap on “Pay Premium.”

   • Check the premium amount and choose a payment method, and complete the payment.

   • You’ll receive an instant confirmation and digital receipt.

   Note: You can download the SBI Life App from the App Store or the Play Store

4. Via Policybazaar Portal

   • Log in to your Policybazaar account.

   • Go to My Policies → SBI Life Policy → Pay Premium.

   • Choose your payment mode and complete the transaction.

5. Through SBI Net Banking

   • Log in to SBI Net Banking.

   • Go to Bill Payments → Manage Biller → Register SBI Life Insurance.

   • Add your policy as a biller using the policy number.

   • Pay directly from your account each due date.

6. Using BHIM UPI / Payment Wallets

   • Use apps like PhonePe, Paytm, or Google Pay.

   • Choose Insurance → SBI Life Insurance.

   • Enter your policy number, verify, and pay the due amount.

Manage SBI Life Insurance Premiums on SBI YONO App

You can easily manage and pay your SBI Life Insurance premiums using SBI's mobile apps. Both SBI YONO and SBI Life Smart Care let you handle your policy directly from your smartphone.

The SBI YONO App lets you manage your insurance along with your banking services in one place. You can view and pay your SBI Life Insurance premiums directly from your smartphone. 

SBI Life Smart Care is built specifically for insurance. It gives you a more detailed view of your policy, including premium history, upcoming due dates, fund value (for ULIPs), and policy status. You can also receive reminders, track transactions, and make quick premium payments directly from your policy dashboard.

How to Download the SBI Life App?

To download the SBI Life Smart Care:

• Open Google Play Store (Android) or Apple App Store (iPhone)

• Search for “SBI Life Smart Care”

• Select the app published by SBI Life Insurance Co. Ltd.

• Tap on Install / Download

• Once installed, open the app and log in using your policy details

• You can then manage your policy, pay premiums, and access services directly from the app

How to File a Claim with SBI Life Insurance Plan?

SBI Life Insurance makes it easy and quick to settle a claim in just three steps:

Step 1: Claim Intimation

The policyholder needs to fill out an online application form on the official SBILife Insurance website to file a claim. People who have policies can also bring the intimation letter to the nearest SBI branch.

Step 2: Send in your documents

Send in the filled-out claim form and the other documents that are needed.

Step 3: Claim Decision & Settlement

SBILife will look at the claim and the documents that were sent in. The claim amount will be sent to the registered bank account once it is approved, as stated in the policy. To fill out your claim settlement online, follow these steps:

Step 1: Go to the SBI Life Insurance Company's official website.

Step 2: Choose "Services - Existing Customers"

Step 3: Next, choose "Maturity and Claims."

Step 4: Give information like your date of birth, policy number, and type of claim

Step 5: After the information has been checked, your claim form will be approved, and the money will be sent to your bank account online.

You can also file the claim offline:

Go to the nearest SBI Insurance Company Ltd. branch with the right paperwork and the claim form that you have filled out. Turn in the papers. If the documents and information you gave are correct, the insurance company will put the claim amount into your bank account that you have already set up.

Documents Required for SBI Life Insurance Claim

*These documents are required only in case of unnatural death (Suicide/Murder/Accident) 

**Death certificate can be attested by Bank manager, SBILife officer, Magistrate, Gazetted Officer, and Headmaster of high school. 

Where to File SBI Claims Offline and Online? 

By Post: 

Send the filled application form along with the requested supporting documents to the address: 

SBI Life Insurance Co. Ltd,

8th level Seawoods Grand Central, Tower 2,

Sector 40, plot No.R-1, Seawoods, Nerul,

Navi Mumbai- 400706.

At SBILife Insurance Nearest Branch 

Submit the filled application form with all the requested documents to your nearest SBILife Insurance branch. You can find the SBI Life Branch near me, and file offiline claim.

 Email 

Contact for death claim: claims @sbilife.co.in 

How to Avoid SBI Life Insurance Claim Rejection?

To ensure your SBILife Insurance claim gets approved without issues, follow these simple tips:

✔ Give the Right Information: When you buy a policy, always give the right information about your health, lifestyle, and personal life. If you give SBI Insurance Company false or incomplete information, they may deny your claim.

✔ File Claims on Time: Let SBILife know about the claim right away. If you don't submit your claim on time, it could raise doubts and cause it to be denied.

✔ Pay Your Premiums on Time: Make sure your policy stays active by paying your premiums on time. SBI Insurance Company Limited may deny a claim if the policy has lapsed because payments were missed.

How To Contact SBI Life Insurance Customer Care?

Below is the SBILife Insurance Customer Care Number: 

**You can also locate the nearest SBI branch by clicking on the SBI Branch Locator and selecting the state and city to select the SBILife Insurance near me

You can also reach out SBI Life Insurance through their social media channels: 

SBI Life official instagram page - sbilifeinsurance with 3k+ posts and 265k+ followers 

SBI Life Insurance Facebook page with 3.3M followers 

Youtube SBI Life Insurance Co. Ltd with 146k subscribers

What are the Steps to Register on the SBI Life Insurance Login Portal? 

Step 1: Visit the SBI Life Official website 

Step 2: Go to the SBILife Insurance ‘Login’ tab and choose ‘Customer’ from the drop-down menu. 

Step 3: You will then be redirected to the Smart Care Portal. In the New User section, enter your customer ID, policy number, email ID, and date of birth. Click Submit. 

Step 4: The SBI life policy login credentials will be shared with your registered email ID.

FAQs