v individuals from all over the country can avail its offerings. If you are looking for a life insurance policy, rest assured in the knowledge that SBI Life and its experienced and dedicated workforce will help you find one that best suits your specific requirements.
SBI Life has a comprehensive portfolio of insurance products to meet the individual needs of a rather large customer base. Following are the plans offered by the insurance company:
The various plans offered under the SBI Life insurance savings plan are mentioned below –
SBI Life – Smart Humsafar – This life insurance plan from SBI offers savings as well as insurance benefits for the insurer and their spouse. It provides complete financial cover in case of the insurer’s or their spouse’s death. The life insurance plan offers the option of a premium payout of monthly/quarterly/half-yearly/yearly. Insurers can avail add-ons on their Smart Humsafar life insurance on additional charges. This life insurance plan has four different plans for the insurer to choose from as per their future planning and requirement.
SBI Life – Smart Swadhan Plus – This life insurance from SBI is an individual non-participating and non-linked term insurance where there is guaranteed returns on premium paid. Smart Swadhan Plus insurance plan can be opted as a limited period premium plan or as a single premium plan. The coverage term of this plan is between 10 to 30 years. Insurers can claim tax benefits on the premium paid under section 80C and Section 10 (10D).
SBI Life Smart Income Protect – This SBI life Smart Income Protect insurance policy has a guaranteed payout after 15 years. The payment terms for this policy are 7, 12 or 15 years. It also provides dual benefits of regular income and insurance coverage. Comes with four rider option of life coverage – SBI Life ciriti care 13 non-linked rider, SBI Life accidental death benefit rider, SBI life preferred term rider, and SBI life accidental total and permanent disability benefit rider.
SBI Life CSC Saral Sanchay – The SBI Life CSC Saral Sanchay is a simplified insurance as well as a savings plan offered by SBI life insurance. It has a hassle-free enrollment process. The SBI life insurance has two fixed policy terms of 10 years and 15 years.
SBI Life Flexi Smart Plus – The SBI Life Flexi Smart Plus is an individual variable insurance plan that provides a variable premium at a later stage. The plan has two protection options – gold plan and platinum option. The insurance plan offers a partial withdrawal that allows liquidity after 6 years on plan commencement. It has a triple benefit coverage of survival benefit during maturity, death benefit, and tax benefit.
SBI Life Saral Swadhan + – The SBI Life saral swadhan life insurance plan offers premium that are very affordable. The minimum premium offered is Rs.1500 and the maximum is Rs.5000. This plan offers dual benefits of guaranteed maturity benefit and fixed life covers throughout the policy term.
SBI Life Shubh Nivesh – This life insurance offered by SBI Life Shubh Nivesh is a lifelong coverage plan that comes with a blend of profit endowment. The payment of the basic sum assured is made on fixed intervals of 5/10/15/20 years. Insurers can take up add on benefits at additional cost.
SBI Life – Smart Guaranteed Savings Plan – Sbi Life Smart Guaranteed is an individual insurance cum savings plan. This plan endorses healthy saving habits. The payout term for this saving plan is 7 years and 15 years. For this plan, the minimum premium payment is Rs.15,000 while the maximum payment is Rs.75,000.
SBI Life offers several different kinds of to individual customers. The portfolio includes unit-linked plans, child plans, endowment plans, protection plans and savings plans.
Plan | Policy Term | Eligibility | Maturity Benefit | Death Benefit |
SBI Life – Smart Bachat | 10 years to 25 years | 8 years to 50 years | Sum assured + Maturity bonus + Terminal Bonus (if any) |
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SBI Life – Shubh Nivesh | 5 years to 30 years | 18 years to 60 years | As per policy option | As per policy option |
SBI Life – Flexi Smart Plus | 5 years to 30 years | 18 years to 60 years | Policy account value and terminal bonus (if any) | As per policy option and policy term |
SBI Life – CSC Saral Sanchay | 10 years or 15 years | 18 years to 60 years | Sum of all premiums paid, or balance in IPA, whichever is highest | Sum assured, or 105% of premium paid, whichever is highest |
SBI Life – Smart Guaranteed Savings Plan | 15 years | 18 years to 50 years | Sum assured + accrued bonuses (if any) | Sum assured + accrued bonuses (if any) |
SBI Life – Smart Humsafar | 10 years to 30 years | 18 years to 46 years | Sum assured + Maturity bonus (if any) | Depends on age of entry and age of death (includes sum assured and other bonuses) |
SBI Life – Smart Money Back Gold | 12 years/15 years/20 years/25 years | 14 years to 55 years | Sum assured at maturity |
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SBI Life – Smart Money Planner | 15 years/20 years/25 years | 18 years to 60 years | Sum assured on maturity + Maturity Bonus + Terminal Bonus (if any) |
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SBI Life – Smart Women Advantage | 10 years/15 years | 18 years to 50 years | Sum assured on maturity + Maturity Bonus + Terminal Bonus (if any) | Sum assured or 105% of total premium paid (whichever is higher) |
A few plans that are offered under the SBI Life Insurance Protection Plan are mentioned below –
SBI Life Smart Shield – Smart Shield is a budget insurance plan for people who want to have a life insurance plan under their monetary means. There is a high sum assured under this plan and it offers accelerated critical illness benefits to cover any critical illness of the insurer. Insurers can avail tax benefits on this plan under Income Tax Act, 1961.
SBI Life eShield – Eshield is a term insurance plan that is designed to financially secure the insurer and insurer’s family. This plan also gives you the flexibility to choose between two plans that match your financial needs. It has a variety of benefits with a premium price and provides premium rates to non-smoker applicants. This plan has an online application process which is easy and hassle free.
SBI Life Grameen Bima – The SBI Life Grameen Bima is a plan tailored for economically lower class and the underprivileged. This plan has an application process that is easy and hassle-free. This plan also doesn’t require any medical examination.
Plan | Policy Term | Eligibility | Maturity Benefit | Death Benefit |
SBI Life e-Shield | 5 years to 30 years | 18 years to 65 years | Nil | Sum assured |
SBI Life – Sampoorn Cancer Suraksha | 5 years to 30 years | 18 years to 65 years (Adult)7 years to 17 years (Child) | Classic benefit/Standard benefit/Enhanced benefit (As per type of cancer and stage upon diagnosis) | Classic benefit/Standard benefit/Enhanced benefit (As per type of cancer and stage upon diagnosis) |
SBI Life – Poorna Suraksha | 10 years/15 years/20 years/25 years/30 years | 18 years to 65 years | Nil | Sum assured |
SBI Life – Smart Shield | 5 years to 30 years | 18 years to 60 years | Nil | Sum Assured |
SBI Life – Smart Swadhan Plus | 10 years to 30 years | 18 years to 65 years | 100% of the total premiums paid | Sum assured |
SBI Life – Saral Swadhan Plus | 10 years/15 years | 18 years to 55 years | Increase percentage of the total premium paid (Subjected to policy term) | Sum assured |
SBI Life – elncome Shield | 10 years to 35 years | 18 years to 50 | Nil | Sum Assured |
SBI Life – Grameen Bima | 5 years | 18 years to 50 years | Nil | Sum assured |
The SBI Life Insurance ULIP’s plans are market related insurance plans. The plans offered under this are customized according to the needs of the customers. The various ULIP’s plans are mentioned below –
SBI Life – Smart Wealth Assure – It is a life insurance plan that provides flexibility to choose one’s fund as per individual risk appetite. Equity fund and bond funds are the two methods through which returns can be availed. Smart Wealth Assure plan is available for individuals between the ages of 8 years and 65 years. The maturity for this plan comes at the age of 75 years. For enrollment, the minimum premium amount is Rs.50,000.
SBI Life – eWealth Insurance – E wealth plan is available for customers between the ages of 8 years and 50 years. The maturity of this plan comes at the age of 60 years. The minimum premium to be paid for this plan is Rs.1000 and the maximum to be paid is Rs.10,000. After 6 years of continuous payment, partial withdrawal can be done. It offers death benefit and maturity benefit as well.
SBI Life – Smart Power Insurance – Smart Power plan is available as a fixed sum option or as floating cover. Great for individuals who want to make their future safe.
SBI Life – Smart Scholar – This SBI life smart scholar insurance plan is geared to provide safe financial coverage. It provides the flexibility of payment as monthly, quarterly, half-yearly, or yearly. This life insurance plan offers partial withdrawal. This life insurance is only available for children until the age of 17 years.
SBI Life – Smart Elite – Smart Elite plan is best for customers who would like to play premium for a limited period of time. For this plan the payment term is fixed for 5 years, 8 years or 10 years. This is available in two options – gold and platinum.
Plan | Policy Term | Eligibility | Maturity Benefit | Death Benefit |
SBI Life – Smart Wealth Builder | 5 years to 30 years | 7 years to 65 years | Fund value | Sum assured or fund value |
SBI Life – Smart Power Insurance | 10 years to 30 years | 18 years to 45 years | Fund value | Sum assured or fund value |
SBI Life – Smart Wealth Assure | 10 years to 30 years | 8 years to 65 years | Fund value | Sum assured or fund value |
SBI Life – Smart Elite | 5 years to 20 years | 18 years to 65 years | Fund value | Sum assured or fund value |
SBI Life – Smart Privilege | 5 years to 30 years | 18 years to 55 years | Fund value | Sum assured or fund value |
SBI Life – eWealth Insurance | 10 years to 20 years | 18 years to 50 years | Fund value | Sum assured or fund value |
SBI Life – Saral Maha Anand | 10 years/15 years/20 years | 18 years to 55 years | Fund value | Sum assured or fund value |
Child plans offered by SBI life ensures a future for your child that is secure and safe. The various plans offered are mentioned below –
SBI Life – Smart Champ Insurance – Smart Champ plan provides financial protection for your child’s secure future. The smart benefits of this plan are paid between 18th and 21st years of the child for their education. To cover a child’s higher education, a terminal bonus is also provided. Partial withdrawal is allowed for this plan and tax benefits can also be availed under section 80(c) as per IT regulations.
Plan | Policy Term | Eligibility | Maturity Benefit | Death Benefit |
SBI Life – Smart Champ Insurance | 21 years to child’s entry age | 21 years to 50 years | Smart benefits as per the plan | Nil |
SBI Life – Smart Scholar | 8 years to 25 years | 18 years to 57 years | Sum assured or 105% of total premium paid | Fund value |
SBI provides various retirement plans to build a relaxing post-retirement life for their customers. The various plans are explained in detail below –
SBI Life – Saral Pension – Saral pension is a traditional pension plan for senior citizens. Provides triple benefit provisions – life cover, maturity benefit, and death benefit. For this plan, tax benefits can be availed under the Income Tax Act, 1961.
SBI Life – Retire Smart – Retire Smart is a unit-linked pension plan. This pension plan guarantees an addition of up to 210% of the annual premium. Upon successful continuous policy payment for more than 15 years, an additional 10% of the annual premium is assured.
Plan | Policy Term | Eligibility | Maturity Benefit | Death Benefit |
SBI Life – Saral Pension | 10 years to 40 years | 18 years to 65 years | Total premium paid along with the accumulated compound interest, or sum assured | Available |
SBI Life – Retire Smart | 10 years to 35 years | 30 years to 70 years | 101% of total premium paid, or fund value plus terminal addition | Fund value plus 105% of total premiums paid until demise |
SBI Life – Annuity Plus | nil | 40 years to 80 years | – | As per undertaking |
Below is the process on how to claim SBI Life Insurance –
Step 1: Claim Intimation – The policyholder will inform the insurer about the claim by filling in an online form on SBI’s official website. Policyholders can also submit the intimation in person by visiting their nearest branch of SBI.
Step 2: Document Submission – The relevant documents should be submitted by the policyholder at the nearby SBI office or on the online portal of SBI.
Step 3: Claim Decision and Settlement – The insurer then assesses the documents submitted by the policyholder for claim settlement.
Offline Claim Settlement Procedure
Policyholders can visit the nearby SBI life insurance office to intimate their claim by submitting a duly filled form along with all the necessary documents.
Online Claim Settlement Procedure
Follow the steps mentioned below to fill your claim settlement online –
Step 1: Open the official website of SBI Insurance company.
Step 2: Select ‘Services – Existing Customers
Step 3: Next, choose ‘Maturity and Claims’
Step 4: Submit all the required details and fill in the captcha, then click submit.
Claim Settlement Ratio (2017 – 2018) | Claim Settlement Ratio (2018 – 2019) | Claim Settlement Ratio (2019 – 2020) | Claim Settlement Ratio (2020 – 2021) |
86.69% | 96.76% | 95.03% | 93.09% |
The documents that are required to purchase SBI Life Insurance are mentioned below-
It is not too difficult to check the status of your insurance with SBI Life Insurance. Simply go to SBI life Login/Registration1.aspx, enter your policy number, Customer ID, and date of birth as they appear on your policy document, and click “Register.” Information about the insurance and the policyholder will appear on the screen as soon as you have provided the necessary details. You must verify or edit your phone number and email address here. Before clicking “Submit,” you must also input your login information. Then, you will receive an email with a link that enables you to change your password. You must first enter the password you used to register before selecting a new one.
If you want to pick the option of paying your life insurance policy’s premiums online, go to an online payment website, input the necessary information, such as the policy number, your date of birth, your mobile number, and your email address, and then continue to make the payment.
Visit the website and select the product you want from the drop-down menu to calculate the premium payment for your particular insurance. When you click on your life insurance plan, a new page will open asking you to enter details such your name, date of birth, policy term, premium payment frequency, plan type (regular, single, or limited premium), and so on. You’ll be able to see how your premium is determined once you’ve done that.
