SBI Life Insurance Company Limited is a leading name in the insurance industry. The company is backed by India’s largest bank, the State Bank of India. In terms of products, the company has a range of life insurance plans for customers. All types of life insurance plans are offered by the company whether it is term insurance, endowment insurance, retirement plans, health plans or unit linked plans. Savings plans are also offered by the company which help individuals create savings. Let’s understand the plans in details –
Savings plans are life insurance plans which help individuals create a guaranteed corpus through long-term investing. Endowment insurance plans are called saving plans which pay a guaranteed benefit on maturity or death. These plans are, therefore, suitable for risk-averse individuals who want to create a secured corpus for their future.
Endowment assurance plans have the following salient features –
SBI Life Insurance offers the following types of savings plans –
No, the bonus is available only in participating endowment plans. If the plan is non-participating, the bonus would not be allowed
Yes, some endowment plans are offered online. SBI Life offers Smart Samriddhi plan online.
No, bonus declaration depends on the profits earned by the insurance company. Only if the insurer earns a profit would bonuses be declared.
Endowment plans allow limited or regular premium payment terms depending on the plan’s terms and conditions.