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.

  1. The company has exclusive various delivery channels which include retail units, organizational or institutional and banking partnerships, and many more
  2. The Company was presented with ‘Life Insurance Company of the Year’ Award in the year 2016
  3. The Claim Settlement Ratio (CSR) of the Company for the financial year 2017-2018 was high as 96.76%

Benefits of SBI Life Insurance Company

  1. Complete monetary protection against uncertainties of life: The Company provides a robust guard against all the financial risks which arises due to certain unforeseen incidents
  2. Tailormade Plans: The plans are customized with affordable premiums and thus, help one to choose and buy accordingly
  3. Claims Settlement: The company has a very strong presence across India with 908 branches thereby providing easing out the process of claim settlement
  4. Availability of Online Plans: The existence of Online Plans helps one to buy from the company website directly thereby reducing the cost of the insurance policy
  5. Advantage of Tax Benefit: One can avail the tax benefit under Section 80(C) and 10(10D) of the Income Tax Act, 1961.

SBI Life Protection Plans

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.

1. SBI Life- eShield Plan: 

The main features of the plan are:

  1. One can choose between two advantages of Level Cover Benefit and Increasing Cover Benefit with an in-built Accelerated Terminal Illness Benefit and two-rider benefits for a complete all-inclusive coverage
  2. Under Level Cover Benefit, the sum insured is the same during the policy term with a safeguard against “Terminal Illnesses”. In case of any sudden death or finding of terminal illness, whichever is earlier, “Sum assured on Death” is being paid subject to the policy is active and thereafter the policy dismisses
  3. In Increasing Cover Benefit, the sum insured rises automatically at a simple rate of 10% at the end of every 5th policy year with a safeguard against “Terminal Illnesses”. In case of any sudden death or finding of terminal illness, whichever is earlier, “Sum assured on Death” is being paid subject to the policy is active and thereafter the policy dismisses
  4. Eligibility of SBI Life- eShield Plan

    Two Benefit Pillars

    Level Cover and Increasing Cover

    Minimum Entry Age

    18 years

    Maximum Entry Age

    Level Covers- 65 years

     Increasing Cover- 60 years

    Maturity Age

    Level Covers- 80 years

    Increasing Cover- 75 years

    Sum assured Minimum and Maximum

    Minimum -Rs 35 Lakhs

    Maximum – No Limit

    Policy period- Minimum

    Level Covers- 5 years

    Increasing Cover- 10 years

    Policy period- Maximum

    Level Covers- 80 years

    Increasing Cover- 75 years

    Amount of Premium

    Mode of Payment

    Minimum Amount (Rs)

    Maximum Amount

    (Rs)

    Annually

    2779

    None

2. SBI Life- Purna Suraksha Plan

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:

  1. The Basic Sum Insured is divided into Life Cover Sum Assured and Critical Illness Sum Assured in the ratio of 80:20
  2. There will be an increase in the Critical Illness Sum Assured at the completion of each policy year and this will be given as a certain percentage of the original Critical Illness Sum Assured depending on the term of the policy
  3. Waiver of premium upon detection of Critical Illness
  4. Eligibility of SBI Life – Purna Suraksha Plan

    Minimum Entry Age

    18 years

    Maximum Entry Age

    65 years

    Maturity Age

    Minimum 28 years

    Maximum 75 years

    Sum assured

    Minimum -Rs 20 Lakhs

    Maximum – INR 2.5 Cores

    Policy period

    10 years, 15 years, 20 years, 25 years & 30 years

    Amount of Premium

    Mode of Payment

    Minimum Amount (Rs)

    Maximum Amount

    (Rs)

    Annually

    3000

    932000

3. SBI Life- Sampoorna Cancer Suraksha Plan

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

  1. Choices of 3 benefits, namely: Standard, Classic and Enhanced
  2. At the end of 3 years from the date of in force Minor or Major Cancer claim during the term of the policy together with a subject to no more detection of Cancer throughout the similar period, the full Sum Assured is reinstated. However, the life assured has to undergo the required medical treatment for preceding cancer(s). An important point to note there that this benefit is not valid to individuals with earlier effective Advanced Cancer claim and the policy will be dismissed on claiming for Advanced Stage Cancer
  3. No Maturity and Death Benefit
  4. Eligibility of SBI Life – Sampoorna Cancer Suraksha Plan

    Minimum Entry Age

    6 years

    Maximum Entry Age

    65 years

    Maturity Age

    Maximum 75 years

    Sum assured Basic

    Minimum -Rs 10 Lakhs

    Maximum – INR 50 Lakhs

    Policy tenure

    Minimum -5 years

    Maximum – 30 years

    Amount of Premium

    Mode Minimum Maximum

    Annually

    600

    Based on Sum Assured

4. SBI Life- eIncome Shield Plan

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.

  1. The plan provides a complete Life Insurance coverage comprising of Monthly Income Benefit for 4 years and Lump Sum Benefit
  2. The insured will have 4 benefit choices together with options in monthly income – will be showing this in a tabular form below
  3. There is a discounted premium for women and non-smokers
  4. Eligibility of SBI Life – eIncome Shield Plan

    Minimum Entry Age

    18 years

    Maximum Entry Age

    50 years

    Maturity Age

    Maximum 60 years

    Monthly Income

    Minimum -Rs 25000 per month

    Maximum – No Limit

    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.

    Policy tenure

    Minimum -10 years

    Maximum – 35 years

    Benefit Options

    Maximum increase up to 10% increases for the 4 benefits

    Premium Payment

    Occurrence

    Minimum (Rs)

    Maximum (Rs)

    Monthly

    500

    Zero Limit

    Yearly

    4500

    Zero Limit

5. SBI Life- Smart Shield Plan:

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

  1. A comprehensive term plan with affordable premiums with 2 choices which are Level Term Assurance and Increasing Term Assurance
  2. Choices to have a higher coverage benefit for Accidental Death Benefit Rider, Accidental Total and Permanent Disability Benefit Rider and Accelerated Critical Illness Cover
  3. Accelerated Critical Illness comes with an added advantage of covering the span of critical illness cover
  4. The plan comes with a Death Benefit in case of the sudden death of the life insured during the policy term
  5. Eligibility of SBI Life – Smart Shield Plan:

    Minimum Entry Age

    18 years

    Maximum Entry Age

    60 years

    Maturity Age

    Maximum 80 years

    Two Benefit Pillars

    Level Cover and Increasing Cover

    Sum Assured

    Minimum – INR 25 Lakhs

    Maximum- Zero Limit

    Policy tenure

    Minimum -5 years

    Maximum – Less than 80 years at the time of entry

    Amount of Premium

    Frequency

    Minimum (Rs)

    Maximum (Rs)

    Annually

    Single

    3000

    11000

    As per Underwriting Policy

6. SBI Life- Saral Shield Plan

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:

  1. All-inclusive coverage through 3 plan options namely, Level Term Assurance, Decreasing Term Assurance- protection against the loan and Decreasing Term Assurance- protection against Family Income
  2. Additional rider benefits are available-Accidental Death Benefit Rider, Accidental Total and Permanent Disability Benefit Rider
  3. Maturity Benefit is not available under this plan
  4. Eligibility of SBI Life – Saral Shield Plan

    Minimum Entry Age

    18 years

    Maximum Entry Age

    60 years

    Maturity Age

    Maximum 65 years

    Option of Plans

    Level Term Assurance

    Decreasing Term Assurance (Protection of Loan)

    Decreasing Term Assurance (Protection of Family Income)

    Sum Assured

    Minimum – INR 7.5 Lakhs

    Maximum- INR 24 Lakhs

    Premium Paying Tenure

    Single-Premium- One-time payment till the end of policy tenure which is INR 10000.

    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

    Amount of Premium

    Annually

    Rs 2000) (100)

    Single-Premium

    Rs 10000) (x1000)

      

7. SBI Life- Saral Swadhan + Plan

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:

  1. Provides security with Maturity Benefits subject to payment of 3 annual premiums
  2. Upon survival, one will get the following;
    1. 10 years of Policy- 100% of the total premiums paid
    2. 15 years of Policy- 115% of the total premiums paid

    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

8. SBI Life- Smart Swadhan Plus Plan

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:

  1. There are 5 types of premium paying options available and they are as follows:
  2. In case of unfortunate death of the life insured, Sum Assured on Death is paid to the beneficiary
  3. The plan compensates 100% return of basic premium upon maturity
    1. Regular
    2. Single
    3. Limited Premium Payment of 5 years
    4. Limited Premium Payment of 10 years
    5. Limited Premium Payment of 15 years

    Eligibility of SBI Life– Smart Swadhan Plus Plan

    Minimum Entry Age

    18 years

    Maximum Entry Age

    65 years

    Maturity Age

    Maximum 75 years

    Policy Tenure

    Minimum 10 years

    Maximum 30 years

    Sum Assured

    Minimum – INR 5 Lakhs

    Maximum- No Limit

    Premium Paying Tenure

    Single-Premium, 5 years, 10 years and same as the term of the policy

    Availability of the Policy Term for any chosen premium payment option

    10 years to 30 years

    Premium Amount

    Premium Mode

    Minimum (Rs)

    Maximum (Rs)

    Annually

    2300

    Zero Limit

    Single

    21000

    Zero Limit

SBI Life Savings Plans

Traditional and Non-Linked Endowment Plans with guaranteed maturity and/or survival benefits are termed as Savings Plans of SBI Life.

1. SBI Life- Smart Platina Assure Plan

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.

  1. One can enjoy the facility of a guaranteed return of 5.50% to 6% at the end of each policy year
  2. Limited payment for 6 years or 7 years and get full benefit for the entire policy term
  3. Maturity Benefit= Guaranteed Sum Assured + appropriate Accrued Guaranteed additions
  4. Death Benefit= Sum Assured + appropriate Accrued Guaranteed additions will be paid to the nominee
  5. Eligibility of SBI Life – Smart Platina Assure Plan

    Minimum Entry Age

    18 years

    Maximum Entry Age

    50 years

    Maturity Age

    Maximum 65 years

    Policy Tenure

    Minimum of 12 years

    Maximum 15 years

    Yearly Premium

    Minimum – INR 50000

    Maximum- Zero Limit

    Premium Paying Tenure

    Term of Policy 12 years- 6 years

    Term of Policy 15 years- 7 years

    Frequency of Premium

    Monthly and Annually

    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:

    Entry Age (Years)

    Premium Payment Term

    Premium Payment Term

     

    6 years

    7 years

    18-40

    105%

    120%

    41-50

    100%

    110%

2. SBI Life- Smart Samriddhi Plan

This is an Endowment assurance savings plan which gives full protection to the family in case of any unwanted demise.

  1. The facility of a guaranteed return of 5.50% to 6% at the end of each policy year
  2. Maturity Benefit= Guaranteed Sum Assured + appropriate Accrued Guaranteed additions
  3. Death Benefit= Sum Assured + appropriate Accrued Guaranteed additions will be paid to the nominee
  4. 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

3. SBI Life- Shubh Nivesh Plan

A unique non-linked plan which gives a lifetime coverage with the added benefit of Endowment Assurance Plan, savings as well as income. 

  1. The plan comes with 2 choices which are Endowment Option and Endowment with Whole Life Option
  2. Basic Sum Assured is paid at a regular interval of 5 years, 10 years, 15 years and 20 years
  3. The choice to opt for a lump sum or as a consistent income to receive the basic sum assured
  4. Widespread coverage of risks by adding 3 riders plans namely Preferred Term Rider, Accidental Death Benefit Rider and Accidental Total and Permanent Disability Benefit Rider
  5. Eligibility of SBI Life – Shubh Nivesh Plan

    Minimum Entry Age

    18 years

    Maximum Entry Age

    Endowment Plan – For Regular Premium- 58 years

    For Single Premium- 60 years

    Endowment Plan with Whole Life Option- 50 years

    Maturity Age

    65 years and 100 years if opted for Endowment Plan with Whole Life Option

    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

    Maximum Policy Tenure

    Endowment Plan – 30 years

    100 years if opted for Endowment Plan with Whole Life Option

    Premium Paying Tenure

    Single-Premium and Regular Premium

    Basic Sum Assured

    Minimum- INR 75000

    Maximum- Zero limit

    Amount of Premium

    Minimum (Rs)

    Annually 6000

    Maximum- No limit

    Single-Premium- The amount is based on the minimum Sum Assured

4. SBI Life- Smart Bachat Plan

This is a limited premium payment term endowment plan which takes care of the needs for making investment prudently for the family. 

  1. The plan comes with two options as 
    1. OPTION A- plain vanilla endowment plan and 
    2. OPTIONS B -Endowment plan with an in-built Accidental Death and Total Permanent Disability (AD & TPD)
    3. Premium payment period can be 5 years,7 years, 10 years and 15 years together with a policy period from 10 to 25 years

    Eligibility of SBI Life – Smart Bachat Plan

    Minimum Entry Age

    Option A- 8 years

    Option B- 18 years

    Maximum Entry Age

    50 years

    Maturity Age

    65 years

    Premium Paying Tenure with matching Policy Term

    Premium Paying Term (in Years)

    Policy Terms (In years)

    5

    10-25

    7

    10-25

    10

    15-25

    15

    20-25

    Basic Sum Assured

    Minimum- INR 100000

    Maximum- Zero limit

    Amount of Premium

    Minimum (Rs)

    Annually 5100

    Maximum- No limit

5. SBI Life- Flexi Smart Plus Plan

This plan is a participating, flexible insurance plan allowing one with greater flexibility

  1. Option to choose from two protection plans
    1. Gold Option and 
    2. Platinum Option
  2. The plan allows part withdrawal, flexibility to increase or decrease the sum assured
  3. Part withdrawal can be done from the 6th policy year
  4. 1% guaranteed bonus for the full term of the policy
  5. Eligibility of SBI Life – Flexi Smart Plus Plan

    Minimum Entry Age

    Minimum- 18 years

    Maximum – 60 years

    Maturity Age

    Minimum- 23 years

    Maximum – 65 years

    Term of the Policy

    Minimum-5 years

    Maximum- 30 years

    Sum Assured

    Depends on age, term and chosen plan option

    Amount of Premium

    Minimum (Rs)

    Annually 50000

    Maximum- No limit

    Premium Payment Term

    Equal to Policy Term

6. SBI Life- CSC Saral Sanchay Plan

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.

  1. This plan offers quarterly interest during the entire policy tenure
  2. Fixed policy term of 10 years and 15 years
  3. Partial withdrawal facility from 6th year. Hence, the insured won’t be allowed to withdraw till the end of 5th year
  4. The facility of top-up is available
  5. Eligibility of SBI Life – CSC Saral Sanchay Plan

    Age at the time application

    10 years of Policy Term

    15 years of Policy Term

    Minimum of 18 years

    Minimum of 18 years

    Minimum of 60 years

    Minimum of 55 years

    Maturity Age

    70 years Maximum

    Term of the Policy

    10 years and 15 years

    Sum Assured

    Depends on age, term and chosen plan option

    Premium Payment and mode

     

    Minimum (Rs)

    Maximum (Rs)

    Annually

    2400

    20000

7. SBI Life- Smart Woman Advantage Plan

This plan is a participating, individual traditional plan which is specially designed for a woman

  1. Three-layered benefits of life coverage, savings and Critical Illness (CI) benefit under a single umbrella and no doubt it is one of the best women-specific plans
  2. Presence of Premium Waiver benefit in the event of Major Stage Critical Illness for all policies which are active
  3. Gold and Platinum options are available
  4. One can also opt for Additional Pregnancy Complication and Congenital Anomalies (APC&CA)
  5. Eligibility of SBI Life – Smart Woman Advantage Plan

    Entry Age (Base Plan)

    Minimum of 18 years

    Maximum 50 years

    Entry Age (APC & CA Plan)

    Minimum of 18 years

    Maximum 35 years

    Maturity Age

    Base Plan – 60 years

    APC & CA Plan- 45 years

    Policy Tenure

    10 years and 15 years

    Sum Assured Multiplicative factor- SAMF

    1,2 or 3 are available

    Sum Assured- APC & CA Plan

    20% of Basic Sum Assured

    Basic Sum Assured

    Minimum -Rs 2 lakhs

    Maximum- INR 10 lakhs

    Premium Amount

    Mode

    Minimum (Rs)

    Maximum (Rs)

    Annually

    15000

    Based on Sum Assured

8. SBI Life- Smart Humsafar Plan

SBI Life Smart Humsafar, an exclusive joint life insurance cover together with a saving plan. 

  1. One can avail of the identical benefits of savings with an insurance cover under the same policy for both husband and wife
  2. A profit endowment assurance plan with a guaranteed return to have a steady and a regular income
  3. The guaranteed minimum bonus of 2.5% of the basic sum assured during the 1st 3 years
  4. In case of demise of anyone life insured, waiver of premium is to be paid
  5. The plan allows having added on benefits or riders which are affordable
  6. Eligibility of SBI Life – Smart Humsafar Plan

    Entry Age

    Minimum of 18 years

    Maximum 46 years

    Maturity Age

    65 years

    Policy Tenure

    Minimum -10 years

    Maximum – 30 years

    Sum Assured

    Minimum -Rs 100000

    Maximum- INR 50000000

    Premium Payment Term

    Equal to Policy Term

    Premium Amount (excluding Tax)

    Mode

    Minimum (Rs)

    Annually

    6000

SBI Life ULIPs

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.

1. SBI Life- eWealth Insurance Plan

The plan comes with double benefits of insurance cover together with returns on the investment made in the market

  1. This plan offers an Automatic Asset Allocation strategy of investment and 2 options, Growth and Balanced
  2. There are no premium allocation charges in this plan
  3. Premium amount is as low as INR 1000 monthly and INR 10000 yearly
  4. The facility of partial withdrawal is permissible after 6 years of continuousness of the policy
  5. Maturity Benefit = Fund Value
  6. Death Benefit = Higher of Fund Value or Sum Assured or 105% of total premiums paid till the date of notification of death, would be paid to the nominee
  7. Eligibility of SBI Life – eWealth Insurance Plan

    Entry Age

    Minimum of 18 years

    Maximum 50 years

    Maturity Age

    60 years

    Policy Tenure

    Minimum -10 years

    Maximum – 30 years

    Premium Payment Term

    Equal to Policy Term

    Premium Amount (x100)

    Mode

    Minimum (Rs)

    Annually

    10000

    Maximum – No Limit

2. SBI Life- Smart InsureWealth Plus Plan

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

  1. The option of choosing between 3 investment approaches namely Trigger Strategy, Auto Asset Allocation Strategy and Smart Choice Strategy and 9 assorted funds under the Smart Choice Policy
  2. Upon maturity, the plan reruns the mortality charges as well
  3. The facility of partial withdrawal is permissible after 6 years of continuousness of the policy and Systematic Monthly Withdrawal from the 11th year of the policy
  4. From the end of the 11th Policy Year, fund value Boosters for all active policies by adding loyalty
  5. Eligibility of SBI Life – Smart 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

    Sum Assured

    Depends on age, term and chosen plan option

    Premium Payment Term

    Equal to Policy Term

    Premium Amount (in 100 multiple)

    Mode

    Minimum (Rs)

    Monthly

    4000

    Maximum – No limit

    Mode of Payment

    Monthly

3. SBI Life- Saral InsureWealth Plus Plan

SBI Life Saral InsureWealth is a ULIP plan that provides life cover, wealth accumulation together with the advantage of Systematic Monthly Withdrawal

  1. The option of choosing between 8 assorted funds under the Saral Choice Policy
  2. The facility of partial withdrawal is permissible after 6 years of continuousness of the policy and Systematic Monthly Withdrawal from the 11th year of the policy
  3. From the end of the 6th Policy Year, fund value Boosters for all active policies by adding loyalty
  4. 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

4. SBI Life- Smart Wealth Builder Plan

SBI Life Smart Wealth Builder provides the benefit of boosted investment scope though investing in many funds

  1. The option of choosing between 7 assorted funds under the Smart Wealth Policy
  2. Guaranteed additions up to 125% of one-year regular premium
  3. From the 6th policy year, one can choose to increase or decrease the sum assured as well as the frequency in payment of premium
  4. The facility of partial withdrawal from the 6th policy year or age of 18 years
  5. There are no premium allocation charges applicable from the 11th year
  6. Three-way benefit of Maturity, death and tax are present in the plan
  7. 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

    Maturity Age

    70 years

    Policy Tenure

    Regular and Limited Premium- 10 years, 15-30 years

    Single-Premium- 5 to 30 years

    Sum Assured

    Depends on age, term and chosen plan option

    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.

    Mode of Payment

    Annually or One time (Single)

    Amount of Premium- Minimum

    Type of Plan

    Frequency of Premium

    Minimum (Rs)

    Regular

    Yearly

    30000

    Limited

    Yearly

    40000

    Single

    One-time

    65000

    Amount of Premium- Maximum

    Rs 300000 for all plans

5. SBI Life- Smart Wealth Assure Plan

A plan which gives the benefit of financial protection with an opportunity for investment with one single payment

  1. Smart Wealth is a market-linked plan together with insurance cover with a one-time payment
  2. The plan can be changed as well to ta avail of the facility of Accidental Death Benefit
  3. Triple benefit of maturity, death and accidental benefit makes the product a unique one
  4. 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

6. SBI Life- Smart Power Insurance Plan

SBI Life Smart Power helps to build wealth with affordable premium rates along with enjoying the Benefits of the market

  1. The sum assured can be a fixed one or a floating one and the same rises at the rate of 10% for every 5 years post the effective beginning of policy exceeding 6 years
  2. One can have the choice of two funds which are namely Trigger Fund and Smart Fund Option providing a combination of 7 different schemes together with an opportunity to earn the maximum from the market
  3. The facility of partial withdrawal post 6th year is also present under this plan
  4. Eligibility of SBI Life – Smart Power Insurance Plan

    Entry Age

    Minimum -18 years 

    Maximum 45 years

    Maturity Age

    65 years

    Policy Tenure

    10 years, 15 years to 30 years

    Sum Assured

    Depends on age, term and chosen plan option

    Premium Payment Term

    Equal to the term of the policy

    Premium Amount (in 100 multiple)

     

    Minimum (Rs)

    Maximum (Rs)

    Annually

    15000

    No Limit

7. SBI Life- Smart Elite Plan

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

Maturity Age

65 years

Policy Tenure

5 years to 20 years

Premium Payment Term

For LPPT- 5 years, 8 years and 10 years

For SP- One-time payment

Minimum Single Premium Amount (X 100)

Annually

150000

Maximum Single Premium Amount and Limited Premium (X 100)

No Limit

Minimum Single Premium Amount (X100)

RS 200000

Sum Assured

Depends on age, term and chosen plan option

8. SBI Life- Smart Privilege Plan

SBI Life Smart Privilege Plan again is dedicated to privileged individuals to have a perfect mix of higher return and with life coverage

  1. The plan has the benefit of adding Loyalties from the 6th policy year
  2. One can choose to 8 various funds that include pure fund as well as mid-cap funds
  3. Eligibility of SBI Life – Smart Privilege Plan

    Entry Age

    Minimum

    RP & LPPT- 8 years 

    SP- 13 years

    Maximum- 55 years for all

    Maturity Age

    Minimum – 18 years

    Maximum- 70 years

    Policy Tenure

    RP and LPPT- 10 years to 30 years

    SP-5 years to 30 years

    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

    Premium Amount – For RP & LPPT

    Annually

    600000

    Premium Amount – For RP & LPPT

    There is no maximum limit

    Premium Amount- SP

    Rs 600000 with no limit

    Sum Assured

    Depends on age, term and chosen plan option

9. SBI Life- Saral Maha Anand Plan

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

  1. No medical tests
  2. There are 3 funds from where one can choose as per his risk appetite
  3. Rider of Accidental Death Benefit
  4. 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

SBI Life Child Insurance Plans

Traditional Endowment Plans which can be taken for the benefit of one’s child is categorised as Child Plans in SBI Life Insurance.

1. SBI Life- Smart Champ Insurance Plan

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

  1. The plan provides the benefit of 4 equal instalments which is paid between 18 years till 21st year of the child
  2. In case of any unfortunate event, the sum assured is paid instantly and together with a waiver of premium without any bonus discontinuity
  3. Multiple safeguard aspects like payment of sum assured, waiver of premium and Accidental Death Benefit or Total and Permanent Disability
  4. To give complete coverage to the child’s education, the plan provides Terminal Bonus as well
  5. 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

    Maturity Age

    Life Assured:

     Maximum 70 years

    Child:

     Maximum 21 years

    Policy Tenure

    10 years, 15 years, 20 years and 25 years

    Sum Assured

    Minimum- INR 100000

    Maximum- INR 1 Crore

    Premium Payment Term

    18 years minus the Child’s Entry age

    Minimum- 5 years

    Maximum- 18 years

    Policy Term

    21 years minus the Child’s Entry age

    Minimum- 8 years

    Maximum- 21 years

    Premium Amount Minimum

    Mode

    Minimum (Rs)

    Annually

    6000

    Single-Premium

    66000

    Premium Amount Maximum

    Based on the Sum Assured

2. SBI Life- Smart Scholar Plan

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

  1. In case of any unfortunate demise, waiver of premium is there in the plan
  2. There would be a choice of 7 different funds
  3. 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

    Maturity Age

    65 years

    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

    Sum Assured

    Minimum- INR 100000

    Maximum- INR 1 Crore

    Premium Payment Term

    Single Premium (SP)

    5 years to 25 years and is subject to the limits of the term of the policy

    Policy Term

    21 years minus the Child’s Entry age

    Minimum- 8 years

    Maximum- 21 years

    Premium Amount

    Minimum (Rs)

    PPT

    Frequency

    Minimum (Rs)

    Single-Premium

    One-Time

    75000

     

    Annually

    50000

     

    Single

    75000

       
     

    Annually

    24000

    Maximum- Zero Limit

    Sum Assured

    Depends on age, term and chosen plan option

SBI Pension Plans

Insurance plans that have been designed to meet the lifestyle expenses of a retired lifestyle can be categorised as Pension Plans.

1. SBI Life- Saral Pension Plan

This is a traditional deferred annuity plan. The plan helps to build a reserve after retirement together with life insurance coverage.

  1. There is no maturity benefit in this plan
  2. On vesting, 1/3rd of the entire corpus can be withdrawn tax-free U/S 10(10)A and obtain annuity for the remaining 2/3rd of the corpus
  3. On death before vesting, the death benefit would be paid to the nominee either as a lump sum or annuity as per the option is chosen
  4. Sum Assured on death = Higher of (Total premiums paid X Rate of Interest of 0.25% p.a. compounded on an annual basis) OR (105% of total premiums paid)
  5. 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

2. SBI Life- Retire Smart Plan

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

  1. There is no maturity benefit in this plan but Terminal Addition is available
  2. There is an Advantage Plan strategy that reallocates assets between the equity fund, bond fund as well as money market fund from time to time as per the timelines left for maturity
  3. On vesting, there are certain options provided:
    1. 1/3rd of the entire corpus can be withdrawn tax-free U/S 10(10)A and obtain annuity for the remaining 2/3rd of the corpus
    2. Obtain annuity from the entire corpus
    3. Purchase another single premium deferred annuity plan or extended the vesting date
  4. On death before vesting, the death benefit would be paid to the nominee either as a lump sum or annuity as per the option is chosen
  5. Sum Assured on death = Higher of (Fund Value + Terminal Addition) OR (105% of total premiums paid)
  6. This plan offers guaranteed addition up to 210% of the annual premium
  7. 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

3. SBI Life- Annuity Plus Plan

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

  1. Multiple annuity options to choose from:
    1. Life Income,
    2. Life Income with a refund of Capital and
    3. Life Income with a refund of Capital in instalments
    4. Life Income with a refund of the Balance Capital
    5. Increasing Life Income at 3 or 5%
    6. Life Income with a minimum guaranteed annuity of 5, 10, 15 or 20 years
    7. Joint Life Income/Annuity for the last survivor and/or with a refund in Capital
  2. A family member can be added
  3. 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

SBI Life Money Back Plans

The name itself suggests a plan with a unique combination of a regular income, which is money-back together with investments in the market.

1. SBI Life- Smart Money Back Gold Plan

The plan gives financial coverage to the family in terms of providing a steady income

  1. Availability of 4 plan options
  2. Survival Benefit of 110% of sum assured is being paid till the maturity
  3. Coverage of life together with survival benefit
  4. 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

2. SBI Life- Smart Money Planner Plan

The plan gives full financial protection to the family in terms of providing a regular income

  1. Payment of Sum Assured in equivalent instalments
  2. Availability of 4 plan option
  3. 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

3. SBI Life- Smart Income Protect Plan

  1. The opportunity of an annual income of 11% of Basic Sum Assured for a period of 15 years post maturity
  2. Availability of 4 plan rider options
  3. 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

Process of Claims of SBI Life insurance plans

The claim settlement process is very easy and simple in SBI life. Following steps needs to be followed to make a claim:

  1. Intimation of Claim- Notify the insurance company of your claim through a letter or through an email at claims@sbilife.co.in or online as well.
  2. Submitting of Documents- Claim form needs to be filled and submitted along with the applicable documents for a claim
  3. Conclusion and Settlement: Post the documents are submitted, the company will take the essential steps and settle the claim within 30 days. One can also write toinfo@sbilife.co.in for any query.

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.

Documents required for claims:

A proper list of documents needs to be submitted to the insurance company. The required documents are as follows –

  1. For individual death claims:
    1. Death Certificate in original or attested
    2. Original Policy Bond and if the bond is lost, an Indemnity Bond needs to be submitted
    3. Doctor’s Certificate in a specific format
    4. Identity and address proof of the Claimant
    5. Cancelled cheque or the copy of the bank passbook of the beneficiary or the nominee
    6. Any other relevant documents as required by the insurance company
    7. In case of death caused due to accident, the following added documents also need to be submitted:
      1. Attested copy of the inquest report, panchnama or the police FIR
      2. Attested copy of the post mortem report
      3. Newspaper copy if the accident was reported (if any)
  2. For Critical Illness claims:
    1. Original Policy Bond and if the bond is lost, an Indemnity Bond needs to be submitted
    2. Doctor’s Certificate in a specific format
    3. All relevant diagnosis and treatment reports in original or attested
    4. Attested copies of all the hospital related documents like a summary of discharge, admission sheet, etc.
    5. Cancelled cheque or the copy of the bank passbook of the life insured
  3. For Premium of Waiver Claims:
    1. Original Policy Bond and if the bond is lost, an Indemnity Bond needs to be submitted
    2. Doctor’s Certificate in a specific format
    3. All relevant diagnosis and treatment reports in original or attested
    4. Attested copies of all the hospital related documents like a summary of discharge, admission sheet, etc.
    5. A disability certificate to be issued by a Civil Surgeon or by a competent specialist within 6 months of injury
    6. A certificate confirming the current health status of the insured
    7. Police FIR
    8. Cancelled cheque or the copy of the bank passbook of the beneficiary or the nominee
  4. For Maturity Claims:
    1. Claim discharge form
    2. Identity and address proof of the policyholder
    3. Cancelled cheque or the copy of the bank passbook of the policyholder

Riders Offered

The following riders are available for individuals namely:

  1.  Accidental Death Benefit Rider
  2. Accidental Total and Permanent Disability benefit Rider
  3. Preferred Term Rider
  4. Accidental Death Benefit Linked Rider
  5. Criti Care 13 Non- Linked Rider

SBI Term Insurance Exclusions

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:

  1. Infection
  2. Abuse of Drugs
  3. Any injury which is Self-Inflicted
  4. War or Civil Commotion
  5. Aviation (the only passenger is covered)
  6. Dangerous sports and other related activities
  7. Criminal Acts

SBI Term Insurance Review

The Company has very positive reviews and some of the reviews can be summarized as below:

  1. SBI Life insurance Policies are best
  2. Quality products are found in SBI Life insurance Policies
  3. High Coverage with affordable rates
  4. SBI Term Insurance meets the requirements of all segment of individuals
  5. Claims are very easy

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:

  1. SBI Official website-https://www.sbilife.co.in/en/services
  2. Payment at SBI Life branches
  3. ECS or Direct Debit
  4. SI-EFT for State Bank
  5. Online Payment via VisaBillPay.com, SBI Life website and through State Bank group ATM
  6. Standing Instruction on credit card
  7. National Automated Clearing House ( NACH)
  8. Post / Courier Dispatch

How to buy SBI Life Insurance policies?

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.

SBI Life Insurance Company Address & Contact Information

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.


FAQ’s

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

  • Online
  • SBI Branches
  • SMS
  • Cash

You can change the address in the following ways:

  • On the Online Customer Portal- https://mypolicy.sbilife.co.in/
  • Submit the new address with proof to the nearest SBL branch and fill up the Request for Change in Contact Details Form