Top 3 SBI Life Insurance Plans in 2021

Best SBI life insurance plans

SBI Life Insurance is a leading life insurance company which is formed as a joint venture between the State Bank of India Group and BNP Paribas. The company offers a range of life insurance products to customers ranging from term insurance to unit linked plans to pension plans. The plans help you to take care of all your financial needs and requirements. Moreover, you also get the assurance of a company backed by leading promoters.

At Turtlemint, we offer a range of the best life insurance plans in India compared on various parameters to your personal needs. Click the link below to browse the most relevant plans at attractive premiums.

SBI Life has carved a name for itself in the life insurance industry with the achievements that it has tucked under its belt. Some of the milestones of the company are as follows –

SBI Life has carved a name for itself in the life insurance industry with the achievements that it has tucked under its belt. Some of the milestones of the company are as follows –

  • It has serviced more than INR 79,000 crore worth of claims
  • The company enjoys the trust of more than 2.5 crore policyholders
  • In the year 2017, the company’s Assets Under Management crossed INR 100,000 crores
  • The company has received the Brand of the Year Award in the financial year 2016-17

SBI Life Insurance is a popular insurance company in India trusted by many. It offers a variety of plans for life insurance. You can choose the best plan for yourself by following simple instructions after clicking here .

The life insurance plans of the company are, therefore, good and they also offer you a range of benefits. Among the various plans sold by SBI Life, here are the top 3 plans which you can buy in 2020-

 

  1. SBI Life e-Shield
    term life insurance plan is the most important product which you should add to your financial portfolio. The plan gives you and your family financial security and should not be avoided. When it comes to term insurance, SBI Life’s e-Shield is one policy which you cannot miss. The major highlights of the policy, which make it a must, include the following –

    • You can choose from two coverage options. One option offers you a level sum assured throughout the policy tenure while under the other you get the benefit of increasing sum assured after every five policy years
    • There is an inbuilt accelerated terminal illness benefit under the plan which covers terminal illnesses
    • Two optional riders are also available which enable you to enhance the scope of coverage of the plan
    • A free medical second opinion facility is allowed under the plan in case of major illnesses
    • The premiums are low and affordable and if you don’t smoke, the premiums are reduced further.
  2. SBI Life Smart Money Planner
    This is a traditional money back life insurance plan for those of you who don’t like taking on market risks. The plan is not an average money back plan as it has some unique features. The term of the policy is calculated taking into consideration three distinct periods – Premium Payment period, Growth period and Benefit Payment premium. You have to pay premiums during the premium payment period after which the growth period would start. During the growth period, your corpus would grow. Thereafter, as the benefit payment period starts, the policy would pay you regular incomes throughout the growth period. Here are other features of SBI Life Smart Money Planner plan –

    • You can pay premiums for a limited time or at once
    • There are four plan options and each option has a different combination of premium payment period, growth period and benefit payment period
    • The plan also earns bonuses which enhance the corpus
    • You can take a loan under the plan against the surrender value
    • You also get premium discounts if you choose a higher level of sum assured

    Read more Are traditional life insurance plans good?

  3. SBI Life Smart Wealth Builder
    How can we forget the popular unit linked plans when discussing the top life insurance plans? SBI Life’s Smart Wealth Builder plan is a unit linked plan which invests your premiums in the capital markets to give you attractive returns. The USP of the plan includes the following –

    • No policy administration charges are deducted from the fund value un the first five years which gives you better returns
    • No premium allocation charges are charged from the 11th year
    • There are seven diversified investment funds to invest your premium into
    • Guaranteed additions are also added to the fund value, besides the market linked returns, which further enhance the fund value

With a range of life insurance plans out there, it can be intimidating to select the best policy. However, having clarity of your needs and preferences can help you select the best life insurance plan. You can choose a life insurance plan based on your needs here.

So, these are the three best plans offered by SBI Life. All these plans are fundamentally different from one another and you can buy all three for suiting different financial needs. Also, the premiums paid and the benefits earned from these plans would also give you tax benefits. So, what are you waiting for? Choose these plans and get the best insurance coverage that money can buy.

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