• Investment
  • Car
  • Bike
  • Taxi
  • Term Life
  • Health
  • Travel

SBI Life Investment Plans

Traditional plans which are conventional plans are non-linked plans and invest according to IRDAI guidelines. The policy holder and the nominee are entitled to certain benefits. The benefits include maturity benefits, accidental death benefits, death benefits, or money back at certain intervals.

The features of traditional plans are:

  • These are long-term plans and premature withdrawals are not possible.
  • For paid-up policies, you need to pay at least 3 premiums. The sum assured is proportionately reduced. You could also surrender the policy.
  • There are two types of plans, namely participating and non-participating plans. Only participating plans entitle you to a share of the company's profits in the form of bonuses.
  • Traditional plans can be endowment plans or money back plans.

Types of Investment Plans offered by SBI Life Investment Plans

SBI Life – Shubh Nivesh

This is a participating endowment plan.

Product Benefits

  • There are two coverage options under this plan, namely the Endowment Option, Endowment with Whole Life Option.
  • Sum assured and vested bonuses are paid on maturity under the first option.
  • You can extend the plan to the age of 100 years under the second option. The sum assured is paid on maturity and paid again if you die before the age of 100. If you reach the age of 100, the sum assured is paid again.
  • You can receive the monthly pay outs post maturity over a period of 5 years, 10 years, 15 years, or 20 years.
  • Remaining pay outs are made on death at a discounted value.
  • Sum assured over Rs. 1.5 lacs entitles you to a rebate in premiums.
  • There are options for riders like Accidental Death Benefit Rider, Accidental Total and Permanent Disability Benefit Rider, and Preferred Term Rider.
  • Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act are available.

Eligibility Details

MinimumMaximum
Entry Age18 years 60 years for Single Pay 58 years for Regular Pay
Maturity Age-65 or 100 years
Policy Term5 years for Single Pay, 7 years for Regular Pay, 15 years for Single Pay and Regular Pay under Endowment with Whole Life Option. 30 years (Endowment Option)
Sum Assured (Rs.)75,000/-No limit
Annual Premium (Rs.)6000/-No limit
Premium Paying TermSingle / Equal to policy term or single pay-
Premium Paying FrequencySingle / Yearly, half-yearly, quarterly, monthly-

SBI Life – Smart Bachat

Product Benefits

  • There are two options, namely Endowment Benefit only and Endowment Benefit with in-built Accidental Death & Total Permanent Disability Benefit.
  • Maturity benefit includes guaranteed sum assured plus vested simple reversionary bonus and terminal bonus, if any.
  • Death benefit under the first option includes sum assured plus vested simple reversionary bonus, and terminal bonus, if any. In case of the second option, additional accidental death benefit will be paid.
  • Loan facilities are available.
  • Future premiums will be waived off in case of accidental Total Permanent Disability Benefit.
  • Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.

Eligibility Details

MinimumMaximum
Basic Sum AssuredRs. 1,00,000No limit
Policy Term10 years25 years
Premium Paying Term 5/7/10/15 years-
Entry AgeOption A - 8 years, Option B - 18 years50 years
Maximum Maturity Age65 years-
Premium Paying FrequencyAnnually, half-yearly, quarterly, monthlyNo limit
Premium Annual - Rs. 5,100, Half Yearly - Rs. 2,600 , Quarterly - Rs. 1350 , Monthly - Rs. 450 -

How The Plan works

Mr. Lakhotia takes the Smart Bachat Plan with a policy term of 20 years and a cover of Rs. 50 lacs. He adds an Accidental Death Benefit of Rs. 30 lacs. Mr. Lakhotia dies 10 years later. His family gets Rs. 80 lacs.

SBI Life – Flexi Smart Plus

This is a variable insurance plan.

Product Benefits

  • The two protection options are Gold and Platinum.
  • You get a guaranteed bonus of 1% for the whole term.
  • The value of the policy account is paid on maturity.
  • The higher of the sum assured, or policy account balance, or 105% of all premiums paid to date are payable on death under the Gold option.
  • On death, under the Platinum Option, the higher of the policy account balance, or 105% of all premiums paid are payable on death.
  • You can make partial withdrawals from the 6th year onwards.
  • Tax benefits include deductions under Section 80C and Section 10(10D) under the Income Tax Act, 1961.

Eligibility Details

MinimumMaximum
Entry Age18 years60 years
Maturity Age23 years 65 years
Policy Term5 years 30 years
Sum Assured (Rs.)Higher of 10/7 times the annual premium20 times the annual premium
Annual Premium (Rs. )50,000/-No limit
Premium Paying Term Equal to policy term -
Premium Paying FrequencyYearly, half-yearly, quarterly, monthly-

How The Plan works

Mr. Banerjee takes the Flexi Smart Plus Plan with platinum option having a cover of Rs. 50 lacs for a 20 year term. He dies 10 years later. His annual premium for 10 years equaled to Rs. 25 lacs. Therefore, 105% of annual premium would be 26.25 lacs. His fund value was Rs. 75 lacs. Therefore, his nominee would get Rs. 75 lacs.

SBI Life – CSC Saral Sanchay

This is a traditional variable insurance plan.

Product Benefits

  • You get a guaranteed interest of 1% every year,
  • The premiums less allocation charges are invested.
  • For the first 5 years, you get an additional 4% interest of the policy account every quarter. Thereafter, the rate falls to 0.5%.
  • In the event of death, you get the higher of policy fund account, or sum assured with any top up increments, total premiums paid which includes top up premiums compounded at 1% or 105% of total premiums paid.
  • You can make partial withdrawals after 5 policy years.
  • You can pay top-up premiums
  • Tax benefits under section 80C and Section 10(10D) of the Income Tax Act are available.

Eligibility Details

MinimumMaximum
Entry Age18 years 60 years for policy term 10, 55 years for policy term 15
Maturity Age70 years
Policy Term10 years15 years
Sum Assured (Rs.)7/10 times the annual premium-
Annual Premium (Rs.)2,400/- p.a.20,000/- p.a.
Premium Paying FrequencyYearly, half-yearly, quarterly, monthly-

How The Plan works

Mr. Nain bought the CSC Saral Sanchay Policy with a sum assured of Rs. 2 lacs for a 10 year term. He died 5 years later. His policy fund value was Rs. 1.2 lacs. His nominee would get Rs. 2 lacs.

SBI Life – Smart Women Advantage

This is a participating traditional endowment plan with extra protection features.

Product Benefits

  • There are two options, namely Gold Plan and Platinum Plan. The Gold Plan provides you with life cover, savings, and critical illness cover. The Platinum plan has a wider critical illness cover.
  • Maturity benefits include basic sum assured, vested simple reversionary bonuses, and terminal bonus.
  • Death benefits include basic sum assured, vested simple reversionary bonuses, and terminal bonus.
  • Tax benefits are available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • This plan also provides riders like critical illness benefit and premium waiver benefit.
  • Coverage is also provided for complications related to pregnancy.

Eligibility Details

MinimumMaximum
Entry Age18 years 50 years for Base Plan 35 years for APC&CA Option
Maturity Age-60 years for Base Plan 45 years for APC & CA Option
Policy Term10 years 15 years
Sum Assured (Rs.)2,00,000 Annual - Rs. 15,000, Half Yearly - Rs. 7,50010,00,000
Annual Premium (Rs.)Quarterly - Rs. 4000, Monthly - Rs. 1500Based on sum assured
Premium Paying Term Same as policy term-
Premium Paying FrequencyYearly, half-yearly, quarterly, monthly-

How The Plan works

Mrs. Panikar took the Smart Advantage Plan for a 5 lac cover with a 10-year term. She died 5 years later. The reversionary bonus and terminal bonus amounted to Rs. 50,000/-. Her nominee will get Rs. 5.5 lacs.

How to Apply for SBI Life Investment Plans

You can apply for SBI Life Investment Plans online or offline.

In case of online purchase, you need to visit the SBI Life Insurance website.

Then you will need to provide basic information like name, date of birth, smoking habits, contact details, life cover expected and income. You will then be given a list of plans which best suit your purpose.

After choosing the right plan, you need to make the online premium payment which will depend on the frequency of payment. On making the payment, a confirmation mail will be sent to the registered email id. Payment can be made by debit card, credit card or net banking. The second option is the offline option where you need to contact the intermediaries such as agents, banks, brokers and so on.

FAQs on SBI Life Investment Plans

Why Choose SBI Life Investment Plans?

SBI Life Investment Plans are an excellent choice are:

  • Protection: In the event of your death, your family is covered.
  • Claim settlement: It has a claim settlement ratio of 97% and 23,000 branches.
  • Flexibility: You can choose from different premium paying options.
  • Online options: There are specific plans which can be bought online and these are more economical.

Which is the best Investment Plan of SBI Life Investment Plans 2018?

The best plan offered by SBI Life would depend on your needs. If you are a woman, then the Smart Woman Advantage Plan would be ideal for you. On the other hand, if you want to ensure you meet your financial objectives, need accidental death cover, and permanent disability benefit, then Smart Bachat is the right plan for you.

Which is the best SBI Life Investment Plans for long term?

If you want a long-term plan that will protect your family till you reach age of 100, then you should choose Shubh Nivesh.

Why should I buy SBI Life Investment Plans?

SBI Life Insurance company has been voted the 'Most trusted Private Life Insurance Brand 2013'. It offers a wide range of Savings & Investment Plans. That is why it makes sense to buy SBI Life Investment Plans.

How to pay premium? What are the modes of payment available?

There are different options to pay your premium. You can opt for the online mode and pay through SBI group ATMs, Visa Bill Pay.com, or through the SBI Life Website. There are options for paying by debit or credit card. Premium can be paid through Easy Access Mobile Application.

How can I check policy status for SBI Life Investment Plans?

You can check the policy status by logging on to the e-portal using your customer ID, date of birth and policy number.

Leave a rating!
5.0 (2 votes)