We learned how unpredictable life can be during the pandemic. It is essential to avail of a life insurance plan that will offer financial benefits to the policyholder’s dependents in case of an untimely death. The SBI Life Insurance policy is a personal life insurance plan that provides policyholders with a premium payment after a specific period or after the death of the policyholder. The State Bank of India (SBI) and BNP Paribas Cardif, two titans of the banking and insurance industries, came together to form SBI Life Insurance. The policy company is today one of India’s leading life insurance providers.
SBI Life keeps growing its customer base across the nation with the aid of a robust product selection. Their character of being present has been awarded ‘Life Insurance Company of the year – 2019’ by the FICCI and ‘Customer Orientation in Life Insurance -2021’ by the 20th Outlook Money Awards 2021. SBI Life has expanded incredibly, to the point that it has had a substantial impact on the development of the Indian insurance market.
To assist its clients with their needs for life insurance, the company provides individual and group SBI Life insurance plans. If you plan to get a life insurance policy from SBI Life, the company offers a life insurance policy that best meets your unique needs if you are looking for one.
Read more about the different SBI Life Insurance plans based on your budget and requirements.
Table of contents
Types of SBI Life Insurance
SBI Life features an extensive range of SBI Life Insurance plans. They are classified based on the requirements and key features. Here is a detailed list of the different types of life insurance plans. There are three categories of SBI Life Insurance plans –
- Individual
- Group
- Online
- Individual Insurance Plans
SBI Life provides a variety of products to individual buyers. The life insurance plan comprises:
- Savings Plan
- Child Plan
- Protection Plan
- Unit-linked Plan
- Retirement Plan
Savings Plan – SBI Life Insurance
Planning can be beneficial if you have future goals for your family or yourself. SBI Life offers numerous savings insurance plans to assist people in setting aside money for their future needs, whether for a dream home, a long trip, their kids’ education, or their marriage. SBI Life offers the following savings insurance plans –
| Name of the Plan | Key Feature | Eligibility (Age) | Policy Term | Sum Assured |
| Smart Swadhan Plus | Smart Swadhan Plus reimburses the policyholders for all basic premiums paid up until the maturity date if the insurance is still in effect. This non-participating, non-linked term plan offers the policyholder the flexibility to select a payment period that works for them. | Minimum -18 yearsMaximum -65 years | Minimum – 10 yearsMaximum – 30 years | Rs. 5 lakhs as a minimum with no maximum limit |
| Smart Humsafar | This is a joint insurance plan that includes married couples. The endowment plan includes a variety of rider choices and offers insurance coverage for husband and wife. For the first three years of the policy’s existence, a minimum bonus of 2.50% of the amount assured is guaranteed. | Minimum -18 yearsMaximum – 46 years | Minimum – 10 yearsMaximum – 30 years | Rs. 1 lakh minimum and Rs 5 crore maximum |
| Smart Bachat | A limited premium payment term (LPPT) endowment insurance plan is Smart Bachat. As long as the policy is in force, the policyholder will continue to be covered for expenses up to ten years after the final premium payment. | Min – 8 years for endowment option and 18 yearsMax – 50 years | Min – 10 years Max – 25 yearsWith 5 to 15 years of premium payments | Rs. 1 lakh minimum with no maximum limit |
| Women Advantage | This is a participating conventional endowment plan with extra security and protection elements for women policyholders. The plan includes a critical sickness benefit as well as life and savings insurance. For difficulties relating to pregnancy and childbirth, there are also optional and additional benefits available. | Min -18 yearsMax – 50 years | Min – 10 years Max – 15 years | Rs. 2 lakhs minimum and Rs. 10 lakhs maximum |
| Smart Money Planner | This individual non-linked insurance plan ensures a steady stream of cash inflow, giving the policyholder a source of support. Additionally, this policy permits lower premium payment periods while preserving coverage for the duration of the policy. The premium payment period, growth period, and benefit payment period are each separated by the insurance term. | Min -18 yearsMax – 50-60 years | Min – 15 years Max – 25 years | Rs. 1 lakh minimum and Rs 5 crore maximum |
| CSC Saral Sanchay | Under the National e-Governance Plan of the Government of India, this individual, variable insurance plan is non-participating and can be acquired through any authorised common service centre. A five-year lock-in term is included with the policy. To expand insurance coverage, the policyholder may also decide to increase the initial premium payment. | Min -18 yearsMax – 60 years | Min – 10 years Max – 15 years | 10 x Annualised Premium (AP) (for under 45 years)7 x AP (for 45 years and above) |
| Smart Income Protect | It is a participating insurance and savings plan for 7, 12, and 15 years policy terms. The policyholder receives annual payments after the premium payment term for the following 15 years. Additionally, they have the option to select to receive the full amount as a maturity benefit after the policy term. | – For 7-year policyMin -11 years Max – 58 years– For 12-15-year policyMin – 8 yearsMax – 50-53 years | Min – 7 years Max – 12 and 15 years | Rs. 1 lakh as a minimum with no maximum limit. |
| Smart Guaranteed Savings Plan | A conventional insurance and savings plan that offers a variety of extra benefits to policyholders. Depending on the amount of the payment, the plans offer guaranteed additions at the end of each year. The premium payment period is about 7 years. | Min -18 yearsMax – 50 years | 15 years | Based on the selected premium amount |
| Shubh Nivesh | Shubh Nivesh is a unique type of endowment plan because it includes a whole life coverage option in addition to savings and a consistent income. | Min -18 yearsMax – 50 years | Min – 5 years Max – 30 years | Rs. 75,000 minimum with no maximum limit |
| Saral Swadhan | Saral Swadhan is a non-participating individual term insurance plan that provides life coverage throughout the policy and the full premium amount at maturity, as long as the policyholder has made at least 3 yearly premium payments. | Min -18 yearsMax – 55 years | Min – 10 years Max – 15 years | Rs. 30,000 minimum and Rs. 4.75 lakhs maximum |
| Flexi Smart Plus | This participation variable product offers the policyholder the flexibility to select the length of the policy as well as the Sum Assured. The policy is available in two variations, Gold and Platinum, and offers interim, regular, and terminal bonuses. The sixth year of the policy is also eligible for partial withdrawal under this provision. | Min -18 yearsMax – 60 years | Min – 5 years Max – 30 years | Annualised Premium + Sum Assured Multiple Factor |
Child Plan – SBI Life Insurance
Plans for child insurance are especially created to safeguard the policyholders’ children in the tragic event of their unfortunate demise. These arrangements guarantee that a child will be taken care of without a parent, particularly in terms of schooling. SBI Life offers the following child insurance plans –
| Name of the Plan | Key Feature | Eligibility (Age) | Policy Term | Sum Assured |
| Smart Champ Insurance | This participatory, individual life insurance policy was created specifically for kids to cover the cost of their future education. The policyholder can purchase insurance for themselves against death and/or accidental total permanent disability, and their child nominee will receive the sum covered plus a smart bonus when they turn 18, 19, 20, and 21 years. | For PolicyholderMin – 21 yearsMax – 50 years Child Nominee – 13 years max | Min – 8 years Max – 21 years | Rs. 1 lakh minimum and Rs. 1 crore maximum |
| Smart Scholar | This unit-linked policy aids the policyholder in carrying out their parental duty by funding their child’s education. In this policy, there are seven different fund possibilities. A benefit for accidental death is also included in the policy. | For PolicyholderMin – 18 yearsMax – 57 years Child Nominee – 0 to 17 years | Min – 8 years Max – 25 years | 1.25 x Single Premium and Higher (10 x Annualised Premium) or (0.50 x Policy Term x Annualised Premium) for under 45 years7 x AP for 45 years or above |
Protection Plan – SBI Life Insurance
Protection plans are conventional insurance policies that are typically inexpensive and help the insured’s family in the event of death or permanent disability. SBI Life offers the following protection insurance plans –
| Name of the Plan | Key Feature | Eligibility (Age) | Policy Term | Sum Assured |
| e-Shield | The ability to purchase the life insurance plan online is its key advantage. This non-linked, non-participating lifetime plan provides benefits for unintentional death and rewards for living a healthy lifestyle. It is a plan that will provide your family with financial stability for extremely reasonable premiums. This plan provides 1 crore in life insurance. | Min -18 yearsMax – 65 years | Min – 5 years Max – 30 years | Rs. 35 lakhs |
| Smart Shield | This participating term life insurance policy offers comprehensive monetary protection at a reasonable premium cost. It can be modified to include riders for critical care, accidental death, etc. The insurance policy rewards you for leading a healthy lifestyle. | Min -18 yearsMax – 60 years | Min – 5 years Max – 30 years | Rs. 25 lakhs |
| Poorna Suraksha | The policyholders of this non-linked term insurance plan have access to built-in critical illness coverage. The fact that this insurance permits adjusting the coverage as you age is one of its noteworthy features. The plan offers coverage for 36 critical illnesses. | Min -18 yearsMax – 65 years | Min – 10 years Max – 30 years | Only after a 14-day surviving period will this policy’s critical illness benefit become payable. |
Unit-Linked Plans – SBI Life Insurance
Unit Linked Insurance Plans (ULIP), serve as investment vehicles as well. These insurance policies offer the chance to select the level of risk involved and are tied to the market. The entire investment risk is borne by the policyholder. SBI Life offers the following unit-linked insurance plans –
| Name of the Plan | Key Feature | Eligibility (Age) | Policy Term | Premium Amount |
| Smart Wealth Builder | The Smart Wealth Builder plan attempts to increase the policyholders’ financial resources so they can meet their investment and insurance demands. | Min – 7 yearsMax – 65 years | Min – 5 years Max – 30 years | Minimum -Rs. 30,000 for regular premiumRs. 40,000 for limited premiumRs. 65,000 for single premiumMaximum -Rs, 3 lakhs for all plans |
| Smart Elite | A unit-linked insurance policy that only permits short-term premium payments from policyholders. A single payment of the premium will also provide coverage for the entire insurance term. | Min – 18 yearsMax – 65 years | Min – 5 years Max – 20 years | Rs 2 lakhs for single premiumRs. 1.5 lakhs for yearly premiumNo maximum limit |
| Smart Power Insurance | The goal of the non-participating unit-linked life insurance plan is to invest as much as you can while still witnessing your money grow. Due to the flexibility of the plan’s structure, policyholders can select the premium amount, policy term, and even the manner of premium payment. | Min – 18 yearsMax – 45 years | Min – 10 years Max – 30 years | Rs. 2,000 monthly and Rs 15,000 paid yearlyNo maximum limit |
Retirement Plan – SBI Life Insurance
| Name of the Plan | Key Feature | Eligibility (Age) | Policy Term | Sum Assured |
| Retire Smart | The Retire Smart plan is designed for a population that is more developed in terms of age and financial standing. The policy substantially reduces market risk by guaranteeing a 101% return on the total premium paid. | Min – 30 yearsMax – 70 years | Min – 10 years Max – 35 years | N/A |
| Annuity Plus | The Annuity Plus is a non-participating immediate annuity plan that starts paying the insured a monthly income at age 40 and lets them choose how frequently their annuity will be distributed. There are also options for a refund of the payment or a return of the remaining premium. | Min – 40 yearsMax – 80 years | N/A | N/A |
- Group Insurance Plans
Group insurance plans provide coverage for several people, as opposed to just one person. Employers frequently purchase these insurance policies for their company employees. SBI Life Insurance Group Plans are further categorised into group plans:
- Retirement Plans
- Protection Plans
- Loan Protection Plans
- Micro Insurance Plans
| Name of the Plan | Eligibility (Age) | Group Size | Policy Term | Sum Assured |
| Retirement Plans | ||||
| Kalyan ULIP Plus | 18 to 79 years | 10 members | 1-year | Depends on the discretion of the policyholder |
| CapAssure Gold | Based on policy rules | 10 members | 1-year | Rs. 1,000 per member |
| Swarna Jeevan | 30 to 85 years | 50 members | 5-35 years | Rs. 1,000 per member |
| Gaurav Jeevan | 18 to 85 years | 50 members minimum | 5-35 years | Rs. 100 per member |
| Protection Plans | ||||
| Sampoorn Suraksha | 18 to 79 years | 10 members | N/A | Rs. 1,000 minimum and Rs. 25 crore maximum |
| Pradhan Mantri Jeevan Jyoti Bima Yojana | 18 to 50 years | N/A | 1-year | Rs. 2 lakhs |
| Suraksha Plus | 18 to 69 years | 50 members minimum | 30 years maximum | Rs. 1,000 per member |
| Loan Protection Plan | ||||
| RiNn Raksha | 16 to 70 years | 20 members | 2 to 30 years | Rs. 10,000 per member |
| Micro Insurance Plans | ||||
| Grameen Shakti | 18 to 60 years | 10 members | 5 years | Rs. 10,000 minimum and Rs. 50,000 maximum |
| Grameen Super Suraksha | 18 to 65 years | 20 members | 2 to 5 years | Rs. 10,000 minimum and Rs. 50,000 maximum |
- Online Insurance Plans
Online insurance refers to policies that can be purchased through the SBI Life website. SBI Life offers a wide range of online insurance alternatives to meet practically all insurance needs, ranging from traditional term insurance plans to wealth-building plans and annuity plans. SBI Life offers the following online SBI Life Insurance plans –
| Name of the Plan | Eligibility (Age) | Policy Term | Sum Assured |
| eShield | 18 to 65 years | 5 to 30 years | Rs. 20 lakhs and more |
| eIncome Shield | 18 to 50 years | 10 to 35 years | Rs. 25,000 per month. No maximum limit |
| eWealth Insurance | 18 to 50 years | 10 to 20 years | 10 times more of the yearly premium amount |
| Annuity Plus | 40 to 80 years | N/A | Rs. 1,000 monthly and Rs. 12,000 annually |
Benefits of SBI Life Insurance
Availability of SBI Life Insurance credits several benefits to the policyholders. Here are a few of them –
Tax Benefits
A life insurance policy might ensure tax advantages for policyholders. Under Section 80C of the Income Tax Act, the premiums one pays for the policy qualify for tax exemptions of up to Rs 1.5 lakhs on the taxable income. According to Section 10D, likewise, the death benefits are completely tax-exempt.
Extensive Range of Life Insurance Products
SBI features a range of extensive products, including retirement insurance, term insurance, unit-linked savings, child insurance, and money-back. One has the opportunity to choose from a vast range of SBI Life insurance policies depending on the budget and requirements. With online plans, one can buy the policy hassle-free. SBI life insurance online payment makes policy buying easier and more accessible.
Fix Return Guarantee
SBI Life insurance plans ensure that you will get a defined sum of money after a specific time. One must examine the features of various life insurance packages. To select the life insurance plan that best meets your needs, carefully review the terms and conditions of the different life insurance policies. No matter what policy you select, with surety, the beneficiary will get the guaranteed death benefits if the data submitted when enrolling for the insurance was valid and genuine.
Risk Coverage
Insurance plans offer conventional risk coverage in terms of monetary remuneration to reduce and cover risks after the policyholder’s death. Enrolling in life insurance will shield your family from the financial dangers involved in the untimely death of the primary breadwinner.
Loan Provision
Most life insurance policies offer a loan opportunity. As a result, one can use the life insurance policy as leverage if one needs to take out a loan, say, to pay for a child’s school or marriage.
Documents Required for SBI Life Insurance
A few of the following documents must be presented to the insurance company to obtain a life insurance policy from SBI Life Insurance Company Limited. They are –
Proof of ID
- Voter’s ID
- Passport
- Driving Licence
- PAN Card
- Letter from the Unique Identification Authority of India or the National Population Register providing the person’s name, address, and Aadhaar number
- Job card by NREGA and signed by a state government official
Residence Proof
- Less than 2- months old utility bill (water/telephone/gas/electricity)
- Municipal/Property Tax Receipt
- Bank account statement or post office savings
- Family pension or pension payment orders issued to retired individuals by Public Sector undertakings or Government departments. The document must mention the individual’s residential address
- Letters issued by the Mission in India or the Foreign Embassy and documents issued by government departments of the foreign jurisdiction
- Letter of allotment of accommodation from employer issued by Central or State Government departments, and Regulatory or Statutory bodies
SBI Life Insurance Customer Care and Online Payment
SBI Life provides an online payment feature to pay your SBI life insurance premium payment. It is hassle-free and easily accessible. Visit the website and enter the required details, such as policy number, date of birth, mobile number, and email address. After filling in all the details, proceed to make the SBI Life insurance online payment.
SBI Life has dedicated customer service to help you with any queries related to insurance plans. The SBI Life Insurance customer care helpline can be reached via phone, email, or SMS. Through the helpline number, one can send feedback and complaints regarding their queries. One can reach the insurance company via email at info@sbilife.co.in.The SBI Life Insurance customer care number is 1800-267-9090
FAQ’s
How to cancel the SBI life insurance policy?
You can cancel the insurance in two ways – either online or by visiting the SBI Life Insurance Company branch that is closest to you. Online cancellation of an SBI life insurance policy is quite simple. You can do this by checking in to the website and clicking on the ‘Cancel Policy’ page. Fill in all the details of the insurance and submit the form.
How to pay SBI life insurance premiums online?
SBI provides the feature of online payment for SBI life insurance premiums from the comfort of your home or anywhere else. One can make the payment via Paytm, Net Banking, Debit/Credit Card, and Paytm Wallet.
How to download the SBI life insurance premium receipt?
Visit the SBI Life website and on the homepage, click on ‘Services for Existing Customers’ on the description tab. Then, select ‘Premium Paid Certificate’ and download the receipt year-wise.
Is SBI life insurance a private company?
SBI Life Insurance Company Limited was established as a public limited company in Mumbai in October 2000. In November 2000, the RoC granted the company a Certificate of Commencement of Business.
Who is the owner of SBI life insurance?
SBI Life was founded in 2001 and has its headquarters in Mumbai, India. It is a joint venture between SBI and BNP Paribas Cardif S.A. In today’s time, it is considered one of the top life insurance companies in India.
How to check SBI policy status?
To check the life insurance policy status, log on to the website – SBI Life e-portal and enter the customer ID, birth date, and policy number. The screen will display all the details, including the status of the policy.
