SBI Life Online Plans

SBI Life Insurance is a leading insurance company which has been formed as a joint venture between State Bank of India and BNP Paribas Cardiff. The company offers individual as well as group life insurance products. There is a range of insurance plans which the company offers. The products are offered online through the website of the insurance company as well as offline. When it comes to online life insurance plans, SBI Life has a range of plans in their kitty. Let’s understand what online life insurance plans mean and the plans offered by SBI Life through the online medium –

What are online life insurance plans?

Online life insurance plans are plans which are offered directly by the insurance company through its website or through the websites of insurance aggregators. No insurance middlemen are involved as the plans are sold directly by the insurance company.

Salient features of online life insurance plans

Online life insurance plans have the following salient features –

  • These plans can be bought easily by filling up an online application form and paying the premiums online.
  • Online plans are, usually, pre-underwritten, over-the-counter life insurance plans
  • The premium charged by online plans is low because it does not involve the commission payable to the insurance middleman.
  • Online plans are bought and issued instantly allowing instant coverage benefits to the policyholder.

Online life insurance plans offered by SBI Life

SBI Life Insurance offers the following online life insurance plans –

  • SBI Life – eShield
    This is an online term insurance plan to meet the protection needs of individuals. The plan has the following features –
    • Two coverage options are allowed under the plan of level sum assured and increasing sum assured
    • There is an inbuilt terminal illness benefit which enhances the coverage of the plan
    • Two optional riders are also promised under the plan
  • SBI Life - eWealth Insurance
    eWealth Insurance is an online unit linked plan which aims at creating wealth along with providing insurance coverage. The features of the plan are as follows –
    • No premium allocation charge is deducted from the premium ensuring higher investment
    • Automatic asset allocation strategy provides policyholders with the benefit of automated investments
    • There are two plan options for Growth and Balanced
  • SBI Life -Poorna Suraksha
    Poorna Suraksha is a term insurance plan which also gives coverage against critical illnesses. The plan’s benefits are as follows –
    • There is an inbuilt coverage for critical illness. The sum assured is divided between life cover and critical illness cover and the allocation changes as the insured ages
    • Premiums are waived if the insured is diagnosed with a covered critical illness.
  • SBI Life - Sampoorn Cancer Surakshi
    This is an online cancer-specific health insurance plan which covers cancer of all stages. The plan’s features are as follows –
    • Fixed benefits are paid on diagnosis of cancer irrespective of the actual medical costs incurred
    • Three plan options are available to choose the coverage
    • Premiums are waived on the diagnosis of cancer
  • SBI Life - Annuity Plus
    Annuity Plus is an immediate annuity policy which is available online. The policy’s features and benefits are as follows –
    • A variety of annuity payout options are available to choose from
    • An additional annuitant might also be included to receive annuity pay-outs if the primary annuitant dies
    • The annuity rates are increased if the premium paid is high
  • SBI Life - eIncome Shield
    This is a pure term insurance plan which has no maturity benefit. The plan’s benefits include the following –
    • In case of death of the insured, the benefit is paid in a lump sum as well as in monthly instalments as regular incomes
    • Women and non-smokers are charged lower premium rates
    • There are four benefit options to choose from and the policyholder can also choose the monthly income
  • SBI Life Smart InsureWealth Plus
    This plan is an online unit linked plan wherein premiums are payable monthly making the plan affordable. The features of the plan are as follows –
    • There are three investment strategies to choose from
    • When the policy matures, the mortality charges charged for providing insurance cover are refunded back
    • Loyalty additions are allowed from the end of the 11th policy year
  • SBI Life Smart Samriddhi
    Smart Samriddhi is an online endowment insurance plan which provides guaranteed savings. The features of the plan are as follows –
    • Guaranteed additions are allowed @ 5.5% or 6% depending on the premium that is paid
    • Premiums are payable only for a limited tenure
    • The plan provides dual benefits of saving as well as insurance cover.


Online life insurance plans can be bought from the website of the insurance company or from the website of any insurance aggregator or insurance broker.

The process to buy online plans is simple. Individuals would have to fill up an online application form and submit it. Then, they would have to pay the premium online after which the policy would be issued.

Online plans are, usually, pre-underwritten plans. However, in instances when the sum assured is high or the insured is more than 45 years of age or there is a history of medical ailment, medical underwriting might be required to buy the policy. The choice of medical underwriting would depend on the company’s underwriter and the proposal form.

Premiums are low because the element of insurance commission which is payable to middlemen for sourcing the policy is absent.

Yes, online plans also allow you the option of free-look cancellation within 15 days of policy issuance. If you are not satisfied with the policy or have second thoughts, you can cancel the plan and avail the refund of your premium.

Yes, online plans have suicide exclusion. If the insured commits suicide within 12 months of buying or reviving the policy, the death benefit is not paid. In such cases, either the premium is refunded if suicide is committed within 12 months of buying the policy or higher of the surrender value or 80% of the premiums paid is refunded if suicide is committed within 12 months of policy revival.