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LIFE INSURANCE

Best 5 SBI Life Insurance Plans in 2019-20

Janhavi Shinde Janhavi Shinde 29 March 2019

Purchasing a life insurance cover is one of the most important financial decisions you ever make. To help meet this need, SBI Life Insurance offers a range of life insurance products that will protect you and your family.

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Life is unpredictable - nobody knows for sure what is going to happen next. However, in the face of uncertainty, it is possible to take conscious efforts to secure the financial future of your loved ones in the event of any mis-happenings. That is exactly the function of life insurance policy. It pays out a stipulated sum to your designated beneficiary in the event you pass away during the policy period. This money can be used in any manner that your family wishes - the insurance company will have no say in what they do with it.

One of the leading life insurance providers in the country - SBI Life Insurance, offers a range of products to meet varying needs of customers. The company is a joint venture between public sector bank State Bank of India and BNP Paribas Cardif, one of the world leaders in creditor insurance. SBI Life Insurance offers comprehensive cover at competitive rates. In this article, we will look at some of the top SBI Life Insurance plans you can consider including in your portfolio:

Top 5 SBI Life Insurance Plans

1 - SBI Life - eShield - This is an individual, non-participating, non-linked online term plan.

Features

  • It offers two benefit structures - Level Cover Benefit and Increasing Cover Benefit.
  • Accelerated Terminal Illness Benefit is an inbuilt benefit for both the structures.
  • Riders available include SBI Life - Accidental Death Benefit Rider and SBI Life - Accidental Total & Permanent Disability Benefit Rider.

2 - SBI Life - Smart Money Planner - This is an individual, non-linked, with-profit endowment assurance plan.

Features

  • It provides regular income during benefit payment period.
  • Sum assured is payable in equal instalments throughout the benefit payment period.
  • The plan comes in four options to suit different financial requirements.
  • Policyholders can choose between limited premium payment and single premium payment options

3 - SBI Life - CSC Saral Sanchay - This is an individual, non-linked, non-participating, variable insurance plan.

Features

  • Partial withdrawal facility is available from the 6th policy year.
  • The minimum floor rate is 1% per annum for the entire policy period.
  • Quarterly interest additions are made for the entire policy period.
  • Ease of online application with Aadhaar number.

4 - SBI Life - Smart Power - This is a non-participating, unit linked insurance plan.

Features

  • Partial withdrawals can be made from the 6th policy year.
  • Unique ‘Trigger Fund Option’ facility is available.
  • In-built Accelerated Total and Permanent Disability Benefit.
  • Two fund options – Smart Funds and Trigger Fund, and two plan options – Increasing Cover Option and Level Cover Option.

5 - SBI Life - Smart Humsafar - This is a joint life, participating, non-linked endowment plan.

Features

  • Single application is made for both lives.
  • Assured bonuses for in-force insurance policies.
  • Option to attach SBI Life – Accidental Death Benefit Rider for comprehensive coverage.
  • Premium Waiver Benefit is available.

Source: SBI Life Insurance website

SBI Life Insurance 1 Crore Policy

When you take into account the rising cost of living expenses, it becomes necessary to have sufficient financial coverage in place to ensure that your loved ones are protected in the event you are no more. SBI Life Insurance has designed Rs. 1 crore and above insurance plans for this very reason. They are the most ideal for individuals who fall within the age group of 30 - 35 years and are the sole breadwinner of the family.

SBI Life Insurance with a sum assured of Rs. 1 crore include:

SBI Life - Smart Champ Insurance - This is a traditional participating child plan that helps secure your child's educational needs.

  • Minimum Sum Assured Rs. 1,00,000
  • Maximum Sum Assured Rs. 10,000,000

Features

  • Smart benefits available through four equal annual instalments after the child turns 18 years of age.
  • Life and accidental total permanent disability coverage available throughout the policy period.
  • Immediate payment of sum assured and premium waiver in the event of an eventuality.
  • There is the option to pay one-time premium or limited premium.

SBI Life - Smart Power - This is a non-participating, unit linked insurance plan.

  • Minimum Sum Assured Higher of [(Annual premium x 10) or (0.50 x term of policy x annual premium)]
  • Maximum Sum Assured Annual premium x 20

Features

  • Partial withdrawals can be made from the beginning of the 6th policy year.
  • Unique ‘Trigger Fund Option’ facility is available.
  • Inbuilt Accelerated Total and Permanent Disability Benefit.
  • Two fund options – Smart Funds and Trigger Fund, and two plan options – Increasing Cover Option and Level Cover Option.

SBI Life – eShield - This is an individual, non-participating, non-linked online term plan.

  • Minimum Sum Assured Rs. 35,00,000
  • Maximum Sum Assured No limit

Features

  • It offers two benefit structures - Level Cover Benefit and Increasing Cover Benefit.
  • Accelerated Terminal Illness benefit is an inbuilt benefit for both the structures.
  • Riders available include SBI Life - Accidental Death Benefit Rider and SBI Life - Accidental Total & Permanent Disability Benefit Rider.

Source: SBI Life Insurance website

Conclusion

Going without a life insurance plan is a big risk to take - you are essentially putting the financial future of your loved ones in jeopardy. To ensure that they’re entirely secure, you must consider availing one of the policies mentioned in this article. Insurance plans from SBI Life will help provide your loved ones with the future you’ve always wanted them to have even in your absence.

Recommended Read: SBI Life Insurance

Janhavi Shinde
Written by Janhavi Shinde
Right from being a Flight Attendant to a Banker and now to a Content Writer, she has tasted success in all the fields. The kinda girl who loves pets and knows how to manage difficult people and events.