SBI Life Insurance Company Limited is a pioneer in the life insurance industry in India which was instituted in the year 2001. The Company is a joint collaboration between India’s biggest bank State Bank of India and BNP Paribas Cardif, a prominent worldwide player in insurance. SBI Life has emerged as a strong player with its comprehensive range of life insurance products which suits everyone across all income segments, thereby making its presence felt in every Indian’s life.
Term Insurance Plans with protection as the key benefit are termed as Protection Plans by SBI Life Insurance. Term Plans are designed to provide coverage against premature death. There is usually only a Death Benefit with no Maturity Benefit.
The main features of the plan are:
Eligibility of SBI Life- eShield Plan
Two Benefit Pillars |
Level Cover and Increasing Cover |
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Minimum Entry Age |
18 years |
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Maximum Entry Age |
Level Covers- 65 years Increasing Cover- 60 years |
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Maturity Age |
Level Covers- 80 years Increasing Cover- 75 years |
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Sum assured Minimum and Maximum |
Minimum -Rs 35 Lakhs Maximum – No Limit |
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Policy period- Minimum |
Level Covers- 5 years Increasing Cover- 10 years |
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Policy period- Maximum |
Level Covers- 80 years Increasing Cover- 75 years |
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Amount of Premium |
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The captioned plan main comes with a ‘Life Stage Rebalancing” which means a complete cover and a perfect combination of “Life Cover” and “Critical Illnesses Cover”. The main features of the plan are:
Eligibility of SBI Life – Purna Suraksha Plan
Minimum Entry Age |
18 years |
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Maximum Entry Age |
65 years |
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Maturity Age |
Minimum 28 years Maximum 75 years |
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Sum assured |
Minimum -Rs 20 Lakhs Maximum – INR 2.5 Cores |
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Policy period |
10 years, 15 years, 20 years, 25 years & 30 years |
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Amount of Premium |
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The name itself suggests that the plan is all about protecting against the most horrifying disease of Cancer and be ready to face it with a strong financial coverage
Eligibility of SBI Life – Sampoorna Cancer Suraksha Plan
Minimum Entry Age |
6 years |
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Maximum Entry Age |
65 years |
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Maturity Age |
Maximum 75 years |
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Sum assured Basic |
Minimum -Rs 10 Lakhs Maximum – INR 50 Lakhs |
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Policy tenure |
Minimum -5 years Maximum – 30 years |
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Amount of Premium |
Mode Minimum Maximum
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A unique income protection plan that gives the safety of steady monthly income for the dependents in a family. Not only the plan protects the need for income but also takes into consideration the rise in income due to the rise in the cost of living.
Eligibility of SBI Life – eIncome Shield Plan
Minimum Entry Age |
18 years |
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Maximum Entry Age |
50 years |
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Maturity Age |
Maximum 60 years |
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Monthly Income |
Minimum -Rs 25000 per month Maximum – No Limit |
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Term for Payout of Monthly Income |
Remaining Policy Term. The Monthly Income will be compensated for a minimum of 4 years regardless of death time. |
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Policy tenure |
Minimum -10 years Maximum – 35 years |
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Benefit Options |
Maximum increase up to 10% increases for the 4 benefits |
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Premium Payment |
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This is a Term Plan which takes care of the financial requirements in case of the untimely death of the insured individual. The features are
Eligibility of SBI Life – Smart Shield Plan:
Minimum Entry Age |
18 years |
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Maximum Entry Age |
60 years |
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Maturity Age |
Maximum 80 years |
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Two Benefit Pillars |
Level Cover and Increasing Cover |
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Sum Assured |
Minimum – INR 25 Lakhs Maximum- Zero Limit |
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Policy tenure |
Minimum -5 years Maximum – Less than 80 years at the time of entry |
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Amount of Premium |
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The plan provides protection to secure the future of the family of the life insured. The plan is basic term insurance which protects the family in meeting the regular needs. The main benefits are:
Eligibility of SBI Life – Saral Shield Plan
Minimum Entry Age |
18 years |
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Maximum Entry Age |
60 years |
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Maturity Age |
Maximum 65 years |
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Option of Plans |
Level Term Assurance Decreasing Term Assurance (Protection of Loan) Decreasing Term Assurance (Protection of Family Income) |
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Sum Assured |
Minimum – INR 7.5 Lakhs Maximum- INR 24 Lakhs |
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Premium Paying Tenure |
Single-Premium- One-time payment till the end of policy tenure which is INR 10000. |
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Modes of Premium |
Level Term Assurance: Single Premium or Regular Decreasing Term Assurance (Protection of Loan) Decreasing Term Assurance (Protection of Family Income): Single Premium |
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Amount of Premium |
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This plan is an Individual, non-participating, non-linked term assurance life insurance plan with a return of premium which essentially means a fixed life coverage together with the return of premiums upon maturity. The plan:
Eligibility of SBI Life – Saral Swadhan + Plan
Minimum Entry Age |
18 years |
Maximum Entry Age |
55 years |
Maturity Age |
Minimum of 28 years Maximum 70 years |
Policy Tenure |
10 years and 15 years |
Sum Assured |
Minimum – INR 30000 Maximum- INR 475000 |
Sum Assured & Age of Entry |
Sum Assured is demarcated as a multiple of yearly premium paid. |
Frequency of premium |
Annually |
Premium Payment Term |
10 Years which is constant for both the terms |
Premium Amount |
Minimum- INR 1500 Maximum- INR 5000 |
This plan is a non-participating, term assurance life insurance plan with a return of premium at a very minimal cost. A guaranteed return of premium with life insurance coverage is present in this plan. Let us see the main benefits:
Eligibility of SBI Life– Smart Swadhan Plus Plan
Minimum Entry Age |
18 years |
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Maximum Entry Age |
65 years |
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Maturity Age |
Maximum 75 years |
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Policy Tenure |
Minimum 10 years Maximum 30 years |
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Sum Assured |
Minimum – INR 5 Lakhs Maximum- No Limit |
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Premium Paying Tenure |
Single-Premium, 5 years, 10 years and same as the term of the policy |
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Availability of the Policy Term for any chosen premium payment option |
10 years to 30 years |
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Premium Amount |
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Traditional and Non-Linked Endowment Plans with guaranteed maturity and/or survival benefits are termed as Savings Plans of SBI Life.
This is a Non-participating Endowment assurance savings plan which reduces the risk of potential financial loss and promises a definite return with a benefit of paying premiums for a limited period.
Eligibility of SBI Life – Smart Platina Assure Plan
Minimum Entry Age |
18 years |
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Maximum Entry Age |
50 years |
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Maturity Age |
Maximum 65 years |
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Policy Tenure |
Minimum of 12 years Maximum 15 years |
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Yearly Premium |
Minimum – INR 50000 Maximum- Zero Limit |
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Premium Paying Tenure |
Term of Policy 12 years- 6 years Term of Policy 15 years- 7 years |
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Frequency of Premium |
Monthly and Annually |
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Basic Sum Assured |
Minimum- INR 300000 Maximum- Zero Limit Basic Sum Assured is Maturity Aspect X Premium Paying Term X Yearly Premium. The basis of Maturity Aspect is on the entry age and Premium Paying Term as below:
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This is an Endowment assurance savings plan which gives full protection to the family in case of any unwanted demise.
Eligibility of SBI Life – Smart Samriddhi Plan
Minimum Entry Age |
18 years |
Maximum Entry Age |
50 years |
Maturity Age |
Maximum 65 years |
Policy Tenure |
15 years |
Premium Paying Tenure |
7 years |
Frequency of Premium |
Monthly and Annually |
Basic Sum Assured |
Minimum- INR 98700 per policy Maximum- INR 534750 per life limit |
Amount of Yearly Premium |
Minimum -Rs 15000 per policy Maximum- INR 75000 per life limit |
A unique non-linked plan which gives a lifetime coverage with the added benefit of Endowment Assurance Plan, savings as well as income.
Eligibility of SBI Life – Shubh Nivesh Plan
Minimum Entry Age |
18 years |
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Maximum Entry Age |
Endowment Plan – For Regular Premium- 58 years For Single Premium- 60 years Endowment Plan with Whole Life Option- 50 years |
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Maturity Age |
65 years and 100 years if opted for Endowment Plan with Whole Life Option |
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Minimum Policy Tenure |
Endowment Plan – For Regular Premium- 7 years For Single Premium- 5 years Endowment Plan with Whole Life Option- For RegularPremium- 15 years For Single Premium- 15 years |
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Maximum Policy Tenure |
Endowment Plan – 30 years 100 years if opted for Endowment Plan with Whole Life Option |
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Premium Paying Tenure |
Single-Premium and Regular Premium |
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Basic Sum Assured |
Minimum- INR 75000 Maximum- Zero limit |
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Amount of Premium |
Maximum- No limit Single-Premium- The amount is based on the minimum Sum Assured |
This is a limited premium payment term endowment plan which takes care of the needs for making investment prudently for the family.
Eligibility of SBI Life – Smart Bachat Plan
Minimum Entry Age |
Option A- 8 years Option B- 18 years |
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Maximum Entry Age |
50 years |
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Maturity Age |
65 years |
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Premium Paying Tenure with matching Policy Term |
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Basic Sum Assured |
Minimum- INR 100000 Maximum- Zero limit |
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Amount of Premium |
Maximum- No limit |
This plan is a participating, flexible insurance plan allowing one with greater flexibility
Eligibility of SBI Life – Flexi Smart Plus Plan
Minimum Entry Age |
Minimum- 18 years Maximum – 60 years |
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Maturity Age |
Minimum- 23 years Maximum – 65 years |
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Term of the Policy |
Minimum-5 years Maximum- 30 years |
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Sum Assured |
Depends on age, term and chosen plan option |
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Amount of Premium |
Maximum- No limit |
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Premium Payment Term |
Equal to Policy Term |
This plan is a non-linked, non-participating variable insurance cum savings plan which provides a complete safety, flexibility and full reliability to the insured’s family.
Eligibility of SBI Life – CSC Saral Sanchay Plan
Age at the time application |
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Maturity Age |
70 years Maximum |
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Term of the Policy |
10 years and 15 years |
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Sum Assured |
Depends on age, term and chosen plan option |
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Premium Payment and mode |
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This plan is a participating, individual traditional plan which is specially designed for a woman
Eligibility of SBI Life – Smart Woman Advantage Plan
Entry Age (Base Plan) |
Minimum of 18 years Maximum 50 years |
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Entry Age (APC & CA Plan) |
Minimum of 18 years Maximum 35 years |
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Maturity Age |
Base Plan – 60 years APC & CA Plan- 45 years |
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Policy Tenure |
10 years and 15 years |
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Sum Assured Multiplicative factor- SAMF |
1,2 or 3 are available |
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Sum Assured- APC & CA Plan |
20% of Basic Sum Assured |
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Basic Sum Assured |
Minimum -Rs 2 lakhs Maximum- INR 10 lakhs |
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Premium Amount |
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SBI Life Smart Humsafar, an exclusive joint life insurance cover together with a saving plan.
Eligibility of SBI Life – Smart Humsafar Plan
Entry Age |
Minimum of 18 years Maximum 46 years |
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Maturity Age |
65 years |
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Policy Tenure |
Minimum -10 years Maximum – 30 years |
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Sum Assured |
Minimum -Rs 100000 Maximum- INR 50000000 |
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Premium Payment Term |
Equal to Policy Term |
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Premium Amount (excluding Tax) |
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Unit Linked Insurance Plans are market-linked insurance plans where the policyholder gets a choice of investment options to choose from. ULIPs are life insurance with an element of investment.
The plan comes with double benefits of insurance cover together with returns on the investment made in the market
Eligibility of SBI Life – eWealth Insurance Plan
Entry Age |
Minimum of 18 years Maximum 50 years |
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Maturity Age |
60 years |
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Policy Tenure |
Minimum -10 years Maximum – 30 years |
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Premium Payment Term |
Equal to Policy Term |
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Premium Amount (x100) |
Maximum – No Limit |
SBI Life Smart InsureWealth Plus Plan gives coverage of life together with controlled and systematic savings and wealth formation with the flexibility of Systematic Monthly Withdrawal
Eligibility of SBI Life – Smart InsureWealth Plus Plan
Entry Age |
Minimum 0 years (30 days) Maximum 55 years |
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Maturity Age |
Minimum -18 years Maximum – 65 years |
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Policy Tenure |
10 years, 15 years, 20 years and 25 years |
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Sum Assured |
Depends on age, term and chosen plan option |
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Premium Payment Term |
Equal to Policy Term |
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Premium Amount (in 100 multiple) |
Maximum – No limit |
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Mode of Payment |
Monthly |
SBI Life Saral InsureWealth is a ULIP plan that provides life cover, wealth accumulation together with the advantage of Systematic Monthly Withdrawal
Eligibility of SBI Life – Saral InsureWealth Plus Plan
Entry Age |
Minimum 0 years (30 days) Maximum 55 years |
Maturity Age |
Minimum -18 years Maximum – 65 years |
Policy Tenure |
10 years, 15 years, 20 years and 25 years |
Basic Sum Assured -Minimum and Maximum |
Depends on age, term and chosen plan option |
Premium Payment Term |
Equal to Policy Term |
Premium Amount (in 100 multiple) |
Minimum-Rs 8000 Maximum – No limit |
SBI Life Smart Wealth Builder provides the benefit of boosted investment scope though investing in many funds
Eligibility of SBI Life – Smart Wealth Builder Plan
Entry Age |
Minimum of 7 years Maximum: Regular and Limited Premium- 60 years Single-Premium- 65 years |
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Maturity Age |
70 years |
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Policy Tenure |
Regular and Limited Premium- 10 years, 15-30 years Single-Premium- 5 to 30 years |
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Sum Assured |
Depends on age, term and chosen plan option |
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Premium Payment Term |
RP- Same as per the term of the policy SP- One-time payment at the beginning of the term LPPT- 5 years and 8 years for a 10 years term policy 5 years, 8 years and 10 years for a 15-30 years policy term. |
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Mode of Payment |
Annually or One time (Single) |
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Amount of Premium- Minimum |
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Amount of Premium- Maximum |
Rs 300000 for all plans |
A plan which gives the benefit of financial protection with an opportunity for investment with one single payment
Eligibility ofSBI Life – Smart Wealth Assure Plan
Entry Age |
Minimum -8 years Maximum 65 years |
Maturity Age |
75 years |
Policy Tenure |
10 years to 30 years |
Sum Assured |
Depends on age, term and chosen plan option |
Premium Payment Term |
Single-Premium |
Amount of Single Premium (in 100 multiple) |
Minimum-Rs 50000 Maximum – No limit |
SBI Life Smart Power helps to build wealth with affordable premium rates along with enjoying the Benefits of the market
Eligibility of SBI Life – Smart Power Insurance Plan
Entry Age |
Minimum -18 years Maximum 45 years |
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Maturity Age |
65 years |
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Policy Tenure |
10 years, 15 years to 30 years |
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Sum Assured |
Depends on age, term and chosen plan option |
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Premium Payment Term |
Equal to the term of the policy |
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Premium Amount (in 100 multiple) |
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This plan is entirely intended for the top segment of Individuals to capitalize on their return to the best possible extent. There are two options available which are Gold and Platinum.
Eligibility of SBI Life- Smart Elite Plan
Entry Age |
Minimum -18 years Maximum 60 years |
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Maturity Age |
65 years |
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Policy Tenure |
5 years to 20 years |
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Premium Payment Term |
For LPPT- 5 years, 8 years and 10 years For SP- One-time payment |
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Minimum Single Premium Amount (X 100) |
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Maximum Single Premium Amount and Limited Premium (X 100) |
No Limit |
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Minimum Single Premium Amount (X100) |
RS 200000 |
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Sum Assured |
Depends on age, term and chosen plan option |
SBI Life Smart Privilege Plan again is dedicated to privileged individuals to have a perfect mix of higher return and with life coverage
Eligibility of SBI Life – Smart Privilege Plan
Entry Age |
Minimum RP & LPPT- 8 years SP- 13 years Maximum- 55 years for all |
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Maturity Age |
Minimum – 18 years Maximum- 70 years |
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Policy Tenure |
RP and LPPT- 10 years to 30 years SP-5 years to 30 years |
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Premium Payment Term |
For RP- Same as the policy term For LPPT- Minimum is and Maximum is policy term < 1 year. For SP- One-time payment |
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Premium Amount – For RP & LPPT |
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Premium Amount – For RP & LPPT |
There is no maximum limit |
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Premium Amount- SP |
Rs 600000 with no limit |
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Sum Assured |
Depends on age, term and chosen plan option |
SBI Life Saral Maha Anand is a simple plan which gives the double benefit of life coverage with returns on the investment with affordable premium and with nil medical tests
Eligibility of SBI Life – Saral Maha Anand Plan
Entry Age |
Minimum -18 years Maximum 55 years |
Maturity Age |
65 years |
Policy Tenure |
10 years, 15 years and 20 years |
Sum Assured |
Depends on age, term and chosen plan option |
Traditional Endowment Plans which can be taken for the benefit of one’s child is categorised as Child Plans in SBI Life Insurance.
The plan is a traditional child insurance plan which takes care of the education of the child after he or she attains the age of 18 years
Eligibility of SBI Life – Smart Champ Insurance Plan
Entry Age |
Life Assured: Minimum 21 years Maximum 50 years Child: Minimum of 0 years Maximum 13 years |
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Maturity Age |
Life Assured: Maximum 70 years Child: Maximum 21 years |
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Policy Tenure |
10 years, 15 years, 20 years and 25 years |
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Sum Assured |
Minimum- INR 100000 Maximum- INR 1 Crore |
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Premium Payment Term |
18 years minus the Child’s Entry age Minimum- 5 years Maximum- 18 years |
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Policy Term |
21 years minus the Child’s Entry age Minimum- 8 years Maximum- 21 years |
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Premium Amount Minimum |
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Premium Amount Maximum |
Based on the Sum Assured |
This plan is intended keeping in mind the future growth of the child. This plan is a Unit Linked Plans which offers an inbuilt Waiver of the Premium included rider with a choice to modify the same with Accidental Death Benefit and Total Permanent Disability Rider
Eligibility of SBI Life – Smart Scholar Plan
Entry Age |
Proposer: Minimum of 18 years Maximum 57 years Child: Minimum of 0 years Maximum 17 years |
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Maturity Age |
65 years |
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Policy Tenure |
Minimum: 8 years Maximum: 25 years less child’s entry age. On Maturity, child’s age should be between 18 years to 25 years |
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Sum Assured |
Minimum- INR 100000 Maximum- INR 1 Crore |
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Premium Payment Term |
Single Premium (SP) 5 years to 25 years and is subject to the limits of the term of the policy |
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Policy Term |
21 years minus the Child’s Entry age Minimum- 8 years Maximum- 21 years |
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Premium Amount |
Minimum (Rs)
Maximum- Zero Limit |
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Sum Assured |
Depends on age, term and chosen plan option |
Insurance plans that have been designed to meet the lifestyle expenses of a retired lifestyle can be categorised as Pension Plans.
This is a traditional deferred annuity plan. The plan helps to build a reserve after retirement together with life insurance coverage.
Eligibility of SBI Life – Saral Pension Plan
Entry Age |
Minimum -18 years Maximum 60 years for regular & 65 for single premium |
Vesting |
Minimum- 40 years Maximum- 70 years |
Policy Tenure |
Regular- 10 years Single- 5 years Maximum- 40 years |
Sum Assured |
Minimum INR 100000 Maximum- Zero Limit |
Amount of Premium |
Minimum -Rs 7500 per annum Maximum- Zero Limit |
Frequency of Premium |
Monthly, Half Yearly, Yearly and Single |
This is a Unit Linked Deferred Annuity Plan. So, there is an investment option in 3 funds, namely Equity Pension Fund II, Bond Pension Fund II and Money Market Pension Fund II to choose from
Eligibility of SBI Life – Retire Smart Plan
Entry Age |
Minimum -30 years Maximum 70 |
Vesting |
Minimum- 40 years Maximum- 80 years |
Policy Tenure |
10 years, 15 years & 35 years |
Amount of Premium |
Minimum -Rs 24000 Annually for Regular Premium Minimum -Rs 40000 Annually for Single Premium Maximum- No Limit |
This plan is a traditional and non-participating annuity plan for retired individuals who want to continue with the same standard of living. This plan is based on the PFRDA regulations of NPS Scheme
Eligibility of SBI Life – Annuity Plus Plan
Entry Age |
Minimum -0 years-40 years Maximum 80 |
Payout of Annuity |
Minimum -Annually INR 12000 Maximum- Zero Limit |
Policy Tenure |
10 years, 15 years & 35 years |
Amount of Premium |
Minimum – Should be such that the basic minimum annuity repayment can be paid Maximum- No Limit |
The name itself suggests a plan with a unique combination of a regular income, which is money-back together with investments in the market.
The plan gives financial coverage to the family in terms of providing a steady income
Eligibility of SBI Life – Smart Money Back Gold Plan
Entry Age |
Depends on the various plan options with terms |
Maturity Age |
Minimum of 27 years Maximum- 70 years |
Payout of Annuity |
Minimum -Annually INR 12000 Maximum- Zero Limit |
Policy Tenure |
12 years till 25 years across the 4 plan options |
Sum Assured |
Minimum -Rs 75000 Maximum- No Limit |
Amount of Premium |
Minimum – INR 4500 Annually Maximum- No Limit |
The plan gives full financial protection to the family in terms of providing a regular income
Eligibility of SBI Life – Smart Money Planner Plan
Entry Age |
Depends on the various plan options with terms Minimum – 18 years Maximum- 60 years |
Maturity Age |
Maximum- 75 years |
Period of Premium and Benefit Payment |
Depends on the plan option and policy term |
Policy Tenure |
15 years till 25 years across the 4 plan options |
Sum Assured |
Minimum -Rs 100000 Maximum- INR 50000000 |
Eligibility of SBI Life – Smart Income Protect Plan
Entry Age |
Depends on the 3-policy terms Minimum – 11 years Maximum- 50 years |
Maturity Age |
Minimum of 18 years Maximum- 65 years |
Period of Payout and frequency |
15 years and Annually |
Sum Assured |
Minimum -Rs 100000 Maximum- No Limit |
Amount of Premium |
Minimum – INR 4500 Annually Maximum- No Limit |
The claim settlement process is very easy and simple in SBI life. Following steps needs to be followed to make a claim:
The claims can be also settled through Turtlemint. Turtlemint is a company that provides customers with the facility of claim settlement through a squad of claim specialists. The company needs to be informed by calling their toll-free number 1800 266 0101 or via an email at claims@turtlemint.com. Post this, the claim department will connect and coordinate with SBI Life to process the claims.
A proper list of documents needs to be submitted to the insurance company. The required documents are as follows –
Riders Offered
The following riders are available for individuals namely:
Suicide Exclusion: If there is a situation where the policyholder commits suicide within 1 year of the date of the policy, then the nominee will not get any death benefit. The Beneficiary will get 80% of the premium paid, subject to paying off all the premiums at a regular interval and the policy is active. There are other exclusions which are:
SBI Term Insurance Review
The Company has very positive reviews and some of the reviews can be summarized as below:
SBI Life Insurance -Modes of payment’
There are various premium payment modes which one can use as per his convenience. Some of these are as follows:
You can buy SBI Life Insurance plans both offline as well as online. In order to buy the plans offline, you would have to visit the branch directly and purchase the same from the insurance company directly.
However, the same can be purchased online as well from the official website of SBI Life Insurance. A simpler process for buying the policies online is through Turtlemint, an online platform to buy and renew insurance policies by simply filling in details and then making the payment online.
Renewal of SBI Life Insurance Policies can also be done online through Turtlemint. If you have bought the policy through Turtlemint you are an existing customer. You would have the login details with which you can log into your Turtlemint account. After you are logged in, choose the health or car or bike insurance plan which you would want to renew, click on ‘Renew’ and you would be able to check the policy details. If you want to renew without any changes, pay the renewal premium and the policy would be renewed.
One can contact at the toll-free number of 1800 267 9090 from 9 AM to 9 PM all days or email at info@sbilife.co.in orrequest a call back at the official website. SMS services are also available and one can message at 56161.
One can also register an online complaint at https://www.sbilife.co.in/en/feedbackand give suggestions as well.
Different online and offline options are available for you to pay the premium. You can refer www.sbilife.co.in/en/services/premium payment procedure to have a quick look on the options and choose accordingly.
The name of the nominee can be changed. You need to submit the Change in Nomination Form which is available in the website and submit the same in any SBI life branches or the central office address which is SBI Life Insurance Co. Ltd. Central Processing Center, 8th Level, F2 Wing, Seawoods Grand Central, Tower 2, Sector-40, Seawoods, Nerul Node, Navi Mumbai 400 706
By logging into-e portal and entering details like policy number, customer id and date of birth, you can know the status of your policy.
You can renew the policy through
You can change the address in the following ways: