SBI Life Insurance: Best Plans, Premium & Plan Benefits
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SBI Life is one of the largest and leading insurers in the life insurance space. The company has a high claim settlement ratio of 97.05% and offers all new-age features such as in-built riders, whole life coverage, flexible premium payment options, premium waiver options in their life insurance policies. Policyholders can easily buy their plans via their website also by their mobile app- SBI Yono.
The SBI Life term plans also offer limited but useful riders such as accidental death, accidental disability, critical illness or terminal illness riders, which supports you and your family in any difficult time.
Let’s read this article to understand in-depth about each and every life insurance policies of SBI Life along with their key features.
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- Highlights of SBI Life Insurance Policies
- Types of SBI Life Insurance Plans
- What is The Claim Settlement Process of SBI Insurance Policies?
- Documents Needed for Claim Settlement Process
- Whom to Connect With For SBI Life Insurance Policies?
Highlights of SBI Life Insurance Policies
Here are some of the highlights of the SBI Life Insurance:
- Claim Settlement Ratio: 97.05% (FY 21-22)
- Maximum Life coverage: Up to 100 years
- Benefit: In-built terminal illness cover, premium waiver and joint ife cover options.
- Discount: 5% (online)
- Minimum Entry Age: 18 years to 65 years.
Types of SBI Life Insurance Plans
Savings Plan
SBI Life- Smart Lifetime Saver
Key features
- Coverage till the age of 100 years.
- Annualized premium starts from INR 30,000.
- Entry age is 30 days.
- Add-on riders: Accidental death benefit rider, accidental total and permanent disability benefit rider.
- Guaranteed survival income benefits.
- Lump sum maturity benefit.
SBI Life – Smart Platina Plus
Key features:
- Assured regular long-term income.
- Two income plan options: Guaranteed income and life income.
- Annualized premium starts from INR 50,000.
- Entry age is 30 days.
- Maturity benefit is 110% of total premiums paid at the end of policy term.
SBI Life – Smart Platina Assure
Key features:
- Annualized premium starts from INR 50,000.
- Entry age is three years.
- Premium payment for six or seven years.
- Life coverage with assured guaranteed returns.
- Option to choose monthly or yearly premium payment frequency.
SBI Life – New Smart Samriddhi
Key features:
- Annual premium range is INR 12,000 to INR 15,000.
- Entry age is three years.
- No pre-health screening is required.
- Receive maturity benefits for long-term by paying premiums only for a limited period.
- Dual benefit of life coverage and long-term savings.
- Guaranteed additions at the time of maturity.
SBI Life – Smart Future Choices
Key features:
- Annual premium starts from INR 1 lakh.
- Designed from high-network individuals.
- Entry age is 18 years.
- Receive maturity and survival benefits.
- Option to avail cash bonus or defer.
SBI Life – Shubh Nivesh
Key features:
- Annual premium starts from INR 6,000.
- Option to receive regular flow of income.
- Whole life insurance plan.
- Provides insurance cover, savings and income under a single plan.
- Entry age is 18 years.
SBI Life – Smart Bachat
Key features:
- Annual premium starts from INR 5,000.
- Limited premium payment term.
- Entry age is six years.
- Option to receive benefits via two options.
- Life coverage along with in-built accident benefit and in-built premium waiver benefit.
- Simple reversionary bonuses throughout the policy term.
SBI Life – Smart Swadhan Plus
Key features:
- Low-premium based plan.
- Annual premium starts from INR 2,000.
- Entry age is 18 years.
- Provides life coverage along with guaranteed return of premiums.
SBI Life – Saral Swadhan+
Key features:
- Low-premium based plan.
- Annual premium range starts from INR 1,500 to INR 5,000.
- Life coverage throughout the policy term.
- Fixed guaranteed maturity benefit.
Unit-linked Investment Plans (ULIPs)
SBI Life – eWealth Insurance
Key features:
- Online plan with two different plan options: growth and balanced.
- Annual premium starts from INR 24,000.
- Entry age is five years.
- Partial withdrawal starts from the sixth policy year.
- No premium allocation charges.
- Receive both death benefit and maturity benefit.
SBI Life – Smart InsureWealth Plus
Key features:
- Flexibility of systematic monthly withdrawal.
- Option to choose between three investment strategies and nine diverse funds.
- Monthly premium range is INR 4,000.
- Entry age is zero years.
- Return of Mortality Charges (ROMC) on maturity.
SBI Life – Saral InsureWealth Plus
Key features:
- Monthly premium range is INR 8,000.
- Entry age is zero years.
- Option to choose between eight diverse funds.
- Flexibility of systematic monthly withdrawal.
- Partial Withdrawal option from the sixth policy year.
SBI Life – Smart Wealth Builder
Key features:
- Annual premium range is INR 30,000- INR 2,50,000.
- Life coverage along with guaranteed additions.
- Entry age is two years.
- Choose investments among eleven funds.
- Life coverage along with guaranteed additions.
- Flexibility to switch and redirect funds.
SBI Life – Smart Wealth Assure
Key features:
- One-time premium payment is INR 50,000.
- Entry age is eight years.
- Flexibility to opt for additional accidental death benefit options.
- Liquidity through partial withdrawals.
- Partial withdrawal starts from the sixth policy year.
SBI Life – Smart Power Insurance
Key features:
- Annual premium range is INR 15,000.
- Entry age is 18 years.
- Option to choose between two fund options strategy: trigger fund option and smart funds option.
- In-built accelerated total and permanent disability benefit.
- Partial withdrawal starts from the sixth policy year.
SBI Life – Smart Elite
Key features:
- Annual premium range is INR 2,50,000.
- Entry age is 18 years.
- This plan is especially designed for HNIs (high net-worth individuals)
- Option to choose between two fund options strategy: trigger fund option and smart funds option.
- Life cover along with in-built accident benefits.
- Option to choose between eight investment funds.
- No premium allocation charge from sixth policy year.
SBI Life – Smart Privilege
Key features
- Annual premium range is INR 6 lakh.
- Entry age is eight years.
- Option to make free switches between 11 funds.
- Unlimited free switches and redirection.
- Designed for UHNIs (ultra-high net-worth individuals)
Retirement Plans
SBI Life- Retire Smart Plus
Key features:
- Annual premium range starts from INR 30,000.
- Entry age is 20 years.
- Choice of seven investment funds.
- Loyalty additions and terminal additions to boost fund value.
- Option to pay single premium, regular premium or for a limited period.
- Partial withdrawals allowed.
SBI Life – Retire Smart
Key features:
- Guaranteed maturity benefit with loyalty additions.
- Policy term is 35 years.
- Assured benefits are up to 210% of annual premium.
- Annual premium range is INR 24,000.
- Entry age is 30 years.
- Minimum assured maturity amount.
SBI Life – Saral Retirement Saver.
Key features:
- Annual premium range is INR 7,500.
- Entry age is 18 years.
- Regular stream of income via bonuses.
- Option of life cover via SBI Life – Preferred Term Rider.
- Guaranteed simple reversionary bonuses for first five policy years.
SBI Life – Saral Pension
Key features:
- Receive regular Income with return of purchase price.
- Option to surrender the policy upon diagnosis of any listed critical illness.
- One-time premium payment.
- Avail guaranteed regular pension or annuity.
- Option to receive annuity from two different options.
SBI Life- Smart Annuity Plus
Key features:
- Receive regular guaranteed income for lifetime.
- Flexibility to choose from various annuity options.
- Offers immediate, deferred annuity options along with joint life options.
- High annuity payouts for large premiums.
Children Insurance Plans
SBI Life – Smart Champ Insurance
Key features:
- Annual premium range starts from INR 6,000.
- Entry age is 0 years and 21 years for proposers.
- Provides benefits for future educational needs as soon as a child turns 18 years.
- Benefit of lump sum payout and premium waiver option.
- Flexibility to pay premium one time or for a limited period.
SBI Life – Smart Scholar
Key features:
- Create a corpus for children by investing in nine investment funds.
- Benefit of lump sum payout and premium waiver option.
- Receive loyalty additions along with guaranteed returns.
- Annual premium range starts from INR 24,000.
- Entry age is 0 years and 18 years for proposers.
Money Back Plans
SBI Life – Smart Money Back Gold
Key features:
- Annual premium range starts from INR 9,500.
- Entry age is 14 years.
- Three different payout options to choose from.
- Survival benefits are 110% of the sum assured.
- Flexibility to choose policy terms and premium payment terms.
- Regular cash inflows.
- Attractive discount on higher sum assured.
SBI Life – Smart Money Planner.
Key Features:
- Annual premium range is based on sum assured amount.
- Entry age is 18 years.
- Life cover benefit throughout the policy term.
- Benefit of regular cash inflows.
- Four different plan options.
- Receive sum assured in equal installments throughout the benefit payment period.
SBI Life – Smart Income Protect
Key features:
- Annual premium range is based on sum assured amount.
- Entry age is eight years.
- Benefit of regular annual income and regular reversionary bonuses.
- Dual advantage of life cover and regular income over a period of 15 years.
- Option to enhance coverage by adding three options riders:
- Preferred term rider.
- Accidental death benefit rider.
- Accidental total and permanent disability benefit rider.
Protection or Term Plans
SBI Life – eShield Next
Key features:
- Option to choose from three plan options: Level cover benefit, increasing cover benefit, level cover with future proofing benefit.
- Two benefits include death benefit payment mode or better half benefit option.
- In-built terminal illness rider.
- Live coverage up to 100 years.
- Online term insurance plan.
- Option to enhance coverage by adding options riders:
- Accidental death benefit rider
- Accidental total and permanent disability benefit rider.
SBI Life – Saral Jeevan Bima
Key features:
- Option to pay premium once, regularly or for a limited (five or ten years) period.
- Option to pay premium once, regularly or for a limited (five or ten years) period.
- Sum assured ranges from INR 5 lakh to INR 25 lakh.
- Minimum entry age is 18 years.
- Maximum entry age is 65 years.
- Policy term ranges from five to 40 years.
SBI Life Poorna Suraksha
Key features:
- Standard and basic term plan.
- In-built critical illness rider.
- Covers 36 listed illnesses such as cancer, heart stroke, among others.
- Sum assured ranges from INR 20 lakh to INR 25 crore.
- Entry age is 18 years and 65 years.
- Policy terms are of 10,15, 20,25 and 30 years.
SBI Life- Smart Shield
Key features:
- Pure term plan.
- Offers two options such as level term assurance and increasing term assurance.
- Attractive discount on a huge sum assured amount.
- Lower premium for non-smokers.
- Entry age is 18 years and 60 years.
SBI Life- Arogya shield
Key features:
- Sum assured cover is up to INR 25 lakh.
- Standard term plan which comes along with the health cover.
- Provides coverage for day care procedures and pre- and post- hospitalization expenses.
- Offers life coverage amount as death benefit.
- Entry age is 18 years and 65 years.
SBI Life – Grameen Bima
Key features:
- Sum assured ranges from INR 10,000 to INR 50,000.
- Policy term is five years.
- Plan provides a death benefit as a lump sum payout.
- Surrender benefit is payable only after the first year of life cover.
- There is no maturity benefit.
- Entry age is 18 years and 50 years.
SBI Life- Sampoorn Cancer Suraksha
Key features:
- Designed to provide protection against all the stages of cancer.
- Stage-wise lump sum payout benefit.
- Option to choose from the three benefit structures.
- In-built premium waiver option.
- Option to avail a second medical opinion from any network doctor or medical practitioner.
SBI Life- Corona Rakshak Policy
Key features:
- Designed to provide protection against Covid-19.
- Provides the lump sum payout of 100% of the sum assured.
- Policy terms are 3.5 months, 6.5 months and 9.5 months.
- No hassle of pre-medical check-ups.
What is The Claim Settlement Process of SBI Insurance Policies?
Below mentioned is the SBI Life’s claim settlement process which follows a simple and easy three-step process, such as:
- Step 1: Claim Intimation: Submit the duly filled claim form along with the supporting documents at nearest SBI Life branch or via their official website.
- Step 2: Document Submission: All the required documents have to be submitted for each type of claim. In addition to these, SBI Life might ask for other additional documents. The policyholder can submit these documents either via email or mail.
- Step 3: Decision and Settlement: SBI Life team checks all the claims related documents. Once a claim decision is taken, the claim amount is given to the policyholders as per the terms and conditions of the policy.
Documents Needed for Claim Settlement Process
- Claim authorization form.
- Original policy document.
- Original or attested death certificate issued by local authority.
- Claimant’s current address proof.
- Claimant’s photo ID proof.
- Hospital treatment certificate.
- Employer’s certificate (for salaried individuals).
Whom to Connect With For SBI Life Insurance Policies?
As we have already mentioned the online process of buying a policy, you can also buy or renew your policy by directly connecting with the company. Following is the details of their respective customer care :
| Helpline Number | 1800 267 9090(Available from 9:00 am to 9:00 pm everyday) |
| E-mail | info@sbilife.co.in |
| SMS | SMS ‘LIBERATE’ to 56161 |
| For Death Claim
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FAQs How We Work
How can I change allocation percentage or switch between different funds in SBI ULIPs?
The policyholder can change allocation percentage or switch between funds by filling “Fund Switch and Redirection Form”. This form has to be submitted at the nearest SBI Life Branch.
How to pay premium for my SBI Life insurance policies?
SBI Life offers various online and offline options for hassle-free premium payment. You can also pay a premium by selecting options such as auto-payment.
Can I insure my spouse or children under SBI Life plans?
Yes. However, there are certain plans which allow mid-term inclusion or joint life cover options which allows to insure spouse or children under the same life insurance policy.
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