SBI Life Insurance offers an array of life insurance products, catering to the needs of different individuals. The plans provide financial security to the family in situations like death, accident or disability of the policyholder. The products also help in meeting various financial goals of life.
Types of SBI Life Insurance Plans
To help manage the financial risks of life, you can opt for one of the various life insurance plans offered by SBI Life. These plans can be broadly clubbed under 2 sections – individual and group plans. Here are the various types of plans under the 2 heads.
Individual Life Insurance Plans: They provide coverage to individuals. The different types of this plan are:
- Savings Plans
- Protection Plans
- Wealth Creation with Insurance
- Retirement Plans
- Child Plans
- Money Back/Income Plans
Group Insurance Plans: They cater to the insurance needs of groups of individuals. The various types are:
- Corporate Solutions Plans
- Group Loan Protection Plans
- Group Micro Insurance Plans
Read More: What is Life Insurance?
|Policy Term||1-35 years|
|Entry Age||7-85 years|
|Minimum Annual Premium||Rs 600|
Documents Required to Purchase SBI Life Insurance Plans
Below are the documents needed to buy any SBI Life Insurance plan:
- Age Proof: driving license, PAN card, passport, birth certificate
- Identity Proof: passport, voter ID card, PAN card, driving license
- Address Proof: bank A/c statement, electricity bill
- Income Proof: employer’s certificate, I-T Return details
SBI Life Insurance Plans
Saving Plans: These insurance policies provide coverage and as well as investment options. The plans help in disciplined saving and creating a corpus to be used for fulfilling various financial goals. They provide death benefits, maturity benefits and bonuses.
|Names of Plans||Policy Term||(Max) Maturity Age||(Min) Sum Assured||Entry Age|
|Shubh Nivesh||5-30 years||65 years (100 years for whole life)||Rs. 75,000 (x1,000)||18-60 years|
|Smart Bachat||10-25 years||65 years||Rs. 1 lakh||8-50 years|
|Flexi Smart Plus||5-30 years||65 years||Annualised basic premium x Sum Assured Multiple Factor||18-60 years|
|CSC Saral Sanchay||10/15 years||70 years||7 times of annualised premium||18-60 years|
|Smart Women Advantage||10/15 years||45 years||Rs. 2 lakh||18-50 years|
|Smart Samriddhi||15 years||65 years||Rs. 98,700||18-50 years|
|Smart Humsafar||10-30 years||65 years||Rs. 1 lakh||18-46 years|
Protection Plans: These are pure term insurance plans that help the family meet financial requirements if something untoward happens with the breadwinner of the family. Thus, the plan safeguards the family’s future in case of death or permanent disability of the policyholder.
|Names of Plans||Policy Term||(Max) Maturity Age||(Min ) Sum Assured||Entry Age|
|Poorna Suraksha Plan||10/15/20/25/30 years||75 years||Rs. 20 lakh||18-65 years|
|Sampoorn Cancer Suraksha||5-30 years||75 years||Rs. 10 lakh||Adults: 18-65 years|
Children: 6-17 years
|Smart Shield||5-30 years||80 years||80 years minus age at entry||18-60 years|
|Saral Shield||5-30 years||65 years||Rs. 7.5 lakh||18-60 years|
|Saral Swadhan+||10/15 years||70 years||Rs. 30,000||18-55 years|
|Smart Swadhan Plus||10-30 years||75 years||Rs. 5 lakh||18-65 years|
|Grameen Bima||5 years||NA||Rs. 10,000||18-50 years|
|eShield||5-80 years minus age at entry||80 years||Rs. 35 lakh||18-65 years|
|eIncome Shield||10-35 years||60 years||NA||18-50 years|
ULIP Plans: These plans come under wealth creation with insurance. They are market-linked insurance plans which provide earning as per the risk appetite of the customer.
|Names of Plans||Policy Term||Death Benefit||Entry Age|
|Smart Wealth Builder||5-30 years||Fund value or sum assured (whichever is higher)||7-65 years|
|Smart Wealth Assure||10-30 years||Fund value or sum assured (whichever is higher)||8-65 years|
|Smart Power Insurance||10-30 years||Fund value or sum assured (whichever is higher)||18-45 years|
|Smart Elite||5-20 years||Fund value or sum assured (whichever is higher) or Fund value and sum assured*||18-60 years|
|Smart Privilege||5-30 years||Fund value or sum assured or 105% of total paid premium (whichever is higher)*||18-55 years|
|Saral Maha Anand Plan||10/15/20 years||Fund value or sum assured or 105% of total paid premium (whichever is higher)*||18-55 years|
|eWealth Insurance||10-20 years||Fund value or sum assured or 105% of total paid premium (whichever is higher)*||18-50 years|
|Smart InsureWealth Plus||10/15/20/25 years||Higher of 10 x anualised basic premium or .5 x policy term x anualised basic premium||30 days-55 years|
|Saral Insurewealth Plus||10/15/20/25 years||Higher of anualised basic premium x 10 or .5 x policy term x anualised basic premium||30 days-55 years|
Know About: SBI ULIP Plans
Retirement Plans: Pension plans by SBI Life Insurance help the insured to build a corpus for their retirement or to get regular income so that they can lead an independent life and maintain their standard of living.
|Names of Plans||Policy Term||Vesting Age||(Min) Sum Assured||Entry Age|
|Saral Pension||5-40 years (single premium)|
10-40 years (regular premium)
|40-70 years||Rs, 1,00,000||18-65 years (single premium)|
18-65 years (regular premium)
|Retire Smart||10/15/35 years||40-80 years||NA||30-70 years|
|Annuity Plus||Lifetime||–||As per undertaking||40-80 years|
Child Plans: Child plans help the insured to put aside a portion of funds with a view to fulfil financial needs of children in future. These funds can be used for various needs of the child like higher education. Let us look at various plans under this head:
|Names of Plans||Policy Term||(Max) Maturity Age||(Min) Sum Assured||Entry Age|
|Smart Champ Insurance||21 minus child’s entry age-22 years||21 years (Child)|
70 years (Proposer)
|Rs. 1,00,000 (x1000)||0-13 years (Child)|
21-50 years (Proposer)
|Smart Scholar||8-25 years less child’s entry age||65 years||1.25-single premium||0-17 years (Child)|
18-57 years (Proposer)
Read More: Child Plans: Coverage, Claim & Exclusions
Money Back or Income Plans: These are traditional insurance plans that give back money at regular intervals to fulfill various financial requirements. Thus, the plans give regular income along with insurance.
|Names of Plans||Policy Term||Maturity Age||(Min) Sum Assured||Entry Age|
|Smart Income Protect||7/12/15 years||65 years||Rs. 1,00,000 (x 1000)||8-58 years|
|Smart Money Back Gold||12/15/20/25 years||70 years||Rs. 75,000 (x 1000)||14-55 years|
|Smart Money Planner||15/20/25 years||75 years||Rs. 1,00,000||18-60 years|
Group Insurance Plans: Group insurance plans benefit a group, often bought by employers for their employees. The 3 group plans are:
- Corporate Solutions Plans: These plans are customised to meet the requirements of corporate bodies that help them to strengthen employer-employee relationship.
|Names of Plans||Policy Term||Benefits||Entry Age|
|Kalyan ULIP Plus||1 year – no limit||Sum Assured base on scheme policy.||18-79 years|
|CapAssure Gold||1 year, but renewable||As per the policy’s rules||As per the rules of policy|
|Gaurav Jeevan Plan||5-35 Years (Annuity Term)||As per the policy’s rules||18-85 years (minimum count of members should be 50)|
|Pradhan Mantri Jeevan Jyoti Bima Yojana||1 year, but renewable||Sum assured (benefits upon death)||18-50 years|
|Sampoorn Suraksha||Nil||Sum assured (benefits upon death)||18-79 years (minimum count of members should be 10)|
|Swarna Jeevan||Nil||Death benefits||30-85 years (minimum count of members should be 10)|
- Group Loan Protection Plans: Under these plans, SBI Life Insurance offers loan protection against any unpredictable event.
|Names of Plans||Policy Term||Benefits||Entry Age|
|SBI Life – RiNn Raksha||2-30 years||Death and disability cover||16-70 years|
- Group Micro Insurance Plans: SBI Life Insurance provides insurance to people funded by Micro Financial Institution or who get loan from banks through self-help groups. Unlike other products, this insurance plan caters to economically weaker section.
|Names of Plans||Policy Term||Maturity Benefits||Death Benefits||Entry Age|
|SBI Life – Shakti||5 years||50% of total paid premiums||Sum assured||18-60 years|
(with minimum 10 members)
|SBI Life – Grameen Super Suraksha||5 years||NA||Sum assured||18-65 years|
SBI Life Insurance Online Plans
SBI Life Insurance offers a number of plans on their online platform. With rising internet penetration, these plans are getting quite popular. They represent the fulfilment of a customer’s desire for modern insurance cover that can be accessed easily and from anywhere. Here is the list of SBI Life Insurance online products:
- eWealth Insurance
- eShield Insurance
- eIncome Shield
- Annuity Plus
- Poorna Suraksha
- Sampoorn Cancer Suraksha
- Sampoorn Suraksha
- Kalyan ULIP Plus
- CapAssure Gold
- Gaurav Jeevan
- Swarn Jeevan
- Pradhan Mantri Jeevan Jyoti Bima Yojana
In case of any eventuality, file claims with the SBI Life insurance by providing the requisite documents for timely claim settlement. Let us look at the process to file claims.
- Immediately inform the insurance company. This can be done in 3 ways.
- Submit the filled in claim form along with the required documents at the nearest branch office
- Use the email firstname.lastname@example.org
- File claim online under the Services tab on the website. In the given form, enter the policy number, date of birth and the claim type. Click on “Submit”
- Then provide the supporting documents. This can be done by either visiting the branch or emailing the documents or mailing on the address: SBI Life Insurance Co. Ltd, 8th level Seawoods Grand Central, Tower 2, Sector 40, plot No.R-1, Seawoods, Nerul, Navi Mumbai- 400706
- SBI Life will assess the case and the documents and then transfer the claim amount on the basis of the terms and conditions of the plan
Documents Required For Claim Process
In case of an untoward event, it is important to first intimate the insurance company by logging on to the website and entering the policy number and claim type. The documents needed vary from case to case. Here are some documents needed to process the claim:
- Duly signed in claim form
- Original policy document
- Original or attested death certificate issued by local authority (In case of death claim)
- Maturity discharge voucher (In case of individual maturity)
- Nominee’s address proof
- Nominee’s ID proof
- Claimant’s bank account details
- Hospital records
- FIR copy (unnatural death)
- Panchnama (unnatural death)
The life insurance products offer various kinds of coverage; however, not all situations are included in the plans. For some cases, also called exclusions, the insurance company is not liable to pay:
- Any pre-existing condition
- Suicide or attempted suicide
- Participation in any hazardous sports or activity
- Death due to influence of drugs or alcohol not prescribed by medical practitioner
- Claims due to war, invasion, terrorist attack, etc.
Time Taken to Settle Claims
On receiving the required documents, the insurance company assesses the claim as well as the claim documents. Once a claim decision is taken, the claim amount will be released as per the terms and conditions of the policy. The total around time for the claim to be settled is 30 days.
Advantages of SBI Life Insurance Plans
Various types of life insurance plans by SBI Life offer coverage along with investment and saving benefits to meet various financial goals of life. Some of the advantages of these plans are:
- Helps get tax benefits. The premium and the returns are tax exempt under Sections 80C and 10(10D) of the Income Tax Act, 1961
- Easy to apply for SBI Life Insurance policies through online mode
- SBI Life Insurance provides a variety of plans – investment plans, savings plans and child protection plans – to meet the various financial needs of people
- Various riders or additional benefits with the plans provide extra coverage and make the plan a comprehensive one
Customer Care Details
In case of the need to contact the company for concerns like knowing policy status or making complaints, contact SBI Life customer care through the following ways:
- Email: email@example.com
- Visit the nearest customer service desk of SBI Life office
- Call: 1800-22-9090 (toll-free number, 9 am-9 pm)
Q1. What should be considered before buying a life insurance policy?
Before buying a life insurance policy, you should consider factors like premium, policy term, premium payment term, sum assured and claim settlement ratio of the insurance company.
Q2. What will happen to my policy if I don’t pay the premium for some time?
The insurance company will give 15-30 days of grace period to the insured to pay the required premium for the policy. In case the insured doesn’t pay within this period, the policy will lapse and benefits will either reduce or cease.
Q3. What do you mean by fund switch in ULIPs?
A part of the premium in ULIPs is put under various funds. You can change or switch these funds as per your wish.
Q4. How can life insurance benefit me?
A life insurance policy can help in the following ways: protect the family, create wealth and make savings, manage various financial liabilities, manage business needs, etc.