SBI Life Savings Plans

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 –

What are savings plans?

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.

Salient features of saving plans

Endowment assurance plans have the following salient features –

  • Many of these plans are offered as participating plans. This means that the plan participates in bonus declarations and earns bonuses. These bonuses increase the benefit payable on death or maturity
  • Guaranteed additions or loyalty additions are also promised under many plans
  • Savings plans come with a long term investment horizon and have tenures going up to 30 or 35 years
  • Attractive premium discounts are allowed which makes the plan affordable

Savings plans offered by SBI Life

SBI Life Insurance offers the following types of savings plans –

  • SBI Life – Smart Samriddhi
    This is an online endowment plan which is a simple plan offered to individuals. The main benefits of the plan are as follows –

    • The plan allows guaranteed additions the rate of which depends on the amount of premium that is paid
    • Premiums are affordable and payable only for a limited period.
  • SBI Life – Shubh Nivesh
    This is an endowment plan which offers coverage up to the insured’s whole life if required. The salient features of the plan are as follows –

    • The term can be chosen for up to 30 years or till the insured attains 100 years
    • Simple reversionary bonuses are paid throughout the policy tenure which increases the benefits
    • The sum assured can be received in monthly instalments after the plan matures
    • Three additional riders are available for a more comprehensive coverage
  • SBI Life – Smart Bachat
    This is an endowment plan which earns bonuses and also lets you customise your coverage as per your suitability. The features of the plan are as follows –

    • Individuals can choose a basic endowment coverage or an endowment coverage with inbuilt Accidental Death and Total Permanent Disability Benefit
    • Bonuses are declared throughout the policy tenure
    • The plan offers a range of policy term and premium payment term allowing individuals to choose the suitable duration of coverage and premium payment.
  • SBI Life – Flexi Smart Plus
    This is a variable endowment assurance plan which behaves like unit-linked plans and offers flexibility during the policy tenure. The features of the plan are as follows –

    • Individuals can choose from two plan options of Gold and Platinum. The death benefit would depend on the plan option selected
    • A guaranteed bonus of 1% is allowed throughout the policy tenure
    • The sum assured and policy term can be altered during the policy tenure
    • The facility of partial withdrawals is also allowed from the sixth policy year
  • SBI Life – CSC Saral Sanchay
    This is a simple endowment plan which is variable in nature offering flexibility to policyholders. The features of the plan are as follows –

    • Interest is added to the policy account every quarter which increases the benefit corpus
    • Individuals can pay additional premiums through top-ups
    • Partial withdrawals are allowed from the sixth policy year
    • The policy can be bought by submitting the copy of the Aadhar Card with the application form. No other documents would be required.
  • SBI Life – Smart Women Advantage
    As is evident from the name itself, Smart Women Advantage is an endowment plan especially created for women. The plan has the following features –

    • There are two coverage options of Gold and Platinum
    • Critical illness is covered under the plan and in case of diagnosis of an illness, the premiums payable are waived off
    • An optional rider called the Additional Pregnancy Complication and Congenital Anomalies rider can be chosen for covering maternity related contingencies.
  • SBI Life – Smart Humsafar
    This is a joint life endowment plan which covers both the husband and wife in a single plan. The features of the plan are as follows –

    • Assured bonuses are added during the policy tenure
    • There is a premium waiver benefit which waives the premiums in case of death of either of the insured member
    • Optional riders are also available for increasing the scope of coverage
    • The death benefit is paid on the death of each covered member during the policy tenure


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.

If the premium is not paid within the grace period the policy would lapse. A lapsed policy does not earn future bonuses. If the premiums are paid for a minimum tenure, the policy becomes paid-up and continues on a reduced sum assured.