SBI Life Insurance

SBI Life Insurance Co Ltd is a joint venture. The alliance formed by State Bank of India (SBI) and BNP Paribas Cardif S.A.(BNP Paribas Cardif). In which SBI owns 70.1% of the total capital and BNP Paribas Cardif holds 26%, the rest of 1.95% is shared by Value Line Pte. Ltd, MacRitchie Investments Pte. Ltd each.

Awarded as ‘Life Insurance Company of the Year’ in 2016

In 2016, SBI Life Insurance was awarded as ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Awards.SBI Life offers range of life insurance products to cater different segments as per their need. SBI life offers both Individual and Group plans.

Interesting Facts about SBI Life Insurance

SBI Life has unique multi-distribution model including bancassurance, retail agency, institutional alliance, etc.
Agency Channel, comprising of over 80,000 Insurance Advisors
Awarded as ‘Life Insurance Company of the Year’ in 2016.
The Claim settlement ratio of SBI Life Insurance Company for F.Y 2017-18 is 96.76%.

Highlights of SBI Life Insurance

Particulars	Numbers
Percentage of Grievances Solved	100%
Claim Settlement Ratio	96.76% (No. of policies - claims paid during 2017-2018)
Group Death Claims	99.35% (No. of policies - claims paid during 2017-2018)
Percentage of Claims Rejected	2.63%
Solvency Ratio	2.06 for quarter ended 31.03.2018

Features And Benefits of Buying SBI Life Insurance Plans

Financial Protection - Provides financial protection to your family.
Claims Settlement - About 908 branches across the country to provide claim settlement support.
Flexibility - Flexible premium and payout options.
Online plans - Specifically designed online plans that costs lower
Tax advantage - Tax benefits can be claimed under Section 80C and Section 10 (10D) of the Income Tax Act, 1961

Types of SBI Life Plan

SBI Life insurance offers range of life insurance products with variants to provide financial protection against life’s uncertainties. Plans offered:

SBI Life Unit Linked Insurance Plans (ULIP)
SBI Life Protection (Term Insurance) Plans
SBI Life Savings Plans
SBI Life Investment Plans
SBI Life Retirement Plans
SBI Life Child Plans
SBI Life Insurance for a Home loan

ULIP Plans

Unit Linked Insurance Plan is one of the financial products offered by SBI Life which is a combination of insurance and investment. They are the linked to the market. This way these products offer returns on investment and life insurance cover. The part of the premiums are invested in market - equity, debts, hybrid, based on the investor's choice which helps to build funds. And part of the premiums is kept to provide life cover.

Features

The best of both the world - insurance and investment in one basket
Part of the premiums are invested while other part is used for providing the coverage
Each plan offers returns on maturity
In case life assured dies during the term, the sum assured is paid to the nominee
Option to surrender or partially withdraw ULIPs
Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

SBI Life types of ULIPs:

SBI Life - Smart privilege

Option of regular, limited, and single premium payment policies is available. Choice of 8 different funds with no premium allocation and policy administration charges with unlimited free switches.

Parameter	Eligibility
Age at Entry	8 years for RP and LP, 13 years for SP Maximum - 55 years
Age at Maturity	18 - 70 years
Maturity Benefit	On completion of Policy Term, Fund Value will be paid
Death Benefit	Higher of Fund Value or Sum Assured is payable; with a minimum of 105% of total premiums paid till the date of intimation of death.

SBI Life - eWealth Insurance

Automatic Asset Allocation with choice of two plans - Balanced and Growth. No premium allocation and policy administration charges. Regular payment mode option and sum assured as 10 times of annualised premiums.

Parameter	Eligibility
Age at Entry	Minimum - 5 years Maximum - 50 years
Age at Maturity	60 years
Maturity Benefit	On completion of Policy Term, Fund Value will be paid
Death Benefit	Higher of (Fund Value or Sum Assured less applicable partial withdrawal @ or 105% of total premiums received up to the date of death less applicable partial withdrawal @) is payable to the beneficiary, as on the date of intimation of death claim to the company

SBI Life - Smart Wealth Builder

Option of regular, limited and single premium payment policies. Policy Term can be 10, 15 to 30 years. Offer the option of 7 funds. Guaranteed Additions of up to 125% of one annual premium after 10th year of policy for a policy term of 30 years under regular premium payment policy.

Parameter	Eligibility
Age at Entry	Minimum - 7 years Maximum - 60 years for RP and LP 65 years for SP
Age at Maturity	70 years
Maturity Benefit	On completion of Policy Term, Fund Value will be paid
Death Benefit	Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of total basic premiums paid till the date of intimation of death

SBI Life - Smart Wealth Assure Only single premium payment option with an optional Accidental Death Benefit Rider. Policy Term can be 10 to 30 years and offers option of 2 funds.

Parameter	Eligibility
Age at Entry	Minimum - 8 years Maximum - 65 years
Age at Maturity	75 years
Maturity Benefit	On completion of Policy Term, Fund Value will be paid
Death Benefit	Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of Single premium paid Provides additional death benefit if the death occurs as a result of an accident

SBI Life - SaralMahaAnand Only regular premium payment options. With an option to customize with Accidental Death Benefit Ride. Policy Term can be 10/15/20 years. Offers option of 3 funds as per the risk appetite.

Parameter	Eligibility
Age at Entry	Minimum - 18 years Maximum - 55 years
Age at Maturity	65 years
Maturity Benefit	On completion of Policy Term, Fund Value will be paid
Death Benefit	Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of Single premium paid Provides additional death benefit if the death occurs as a result of an accident

SBI Life - Smart Scholar This plan is designed keeping child's future growth. Offer an inbuilt Waiver of Premium featured rider, while an option to customise with Accidental Death Benefit and Total Permanent Disability Rider. Option of 7 funds allocation.

SBI Life - Smart Elite Offers two protection plan - Gold and Platinum. Switch and redirect your funds.Customize with Accidental Death Benefit and Total Permanent Disability Rider. You can choose limited premium or single premium payment option.

Parameter	Eligibility
Age at Entry	Minimum - 18 years Maximum - 60 years
Age at Maturity	65 years
Maturity Benefit	On completion of Policy Term, Fund Value will be paid
Death Benefit	For Gold Option: Higher of Fund Value or Sum Assured# is payable; with a minimum of 105% of total premiums paid till the time of death For Platinum Option: Fund Value plus Sum Assured is payable; with a minimum of 105% of total premiums paid till the time of death Provides an additional benefit for Accidental Death or Accidental TPD

SBI Life - Smart Power Insurance Offers two protection plan as increasing and level sum assured. Inbuilt Accelerated Total Permanent Disability Rider. Two fund options - Trigger and Smart Funds and flexibility of two free switches.

Parameter	Eligibility
Age at Entry	Minimum - 18 years Maximum - 45 years
Age at Entry	65 years
Age at Entry	On completion of Policy Term, Fund Value will be paid
Age at Entry	Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of total basic premiums paid till the time of death In case of TPD due to Accident or Sickness, 100% of the Death Benefit will be paid immediately

Plan	Basic Sum Assured	Policy Term
SBI Life - Smart privilege	Basic sum assured is Regular / Limited Premium - Higher of 10 X annualized premium or (policy term x 0.5 x AP Single Premium - For ages below 45 years: 1.25 x SP For ages more than or equal to 45 years - Minimum 1.10 x SP Maximum 1.25 x SP	10 years to 30 years for regular / limited premium policies. 5 years to 30 years for single premium policies.
SBI Life - eWealth Insurance	Sum Assured Multiplier Factor is 10 or 0.5 x Policy term (whichever is higher)	10 to 30 years
SBI Life - Smart Wealth Builder	Sum assured: For age below 45 years, the minimum sum assured in case of regular premium and limited premium is higher of (10 x SP) OR (0.50 x Term x AP). The minimum sum assured for single premium is 1.25 x SP. For ages 45 years and above, he minimum sum assured in case of regular premium and limited premium is higher of (7 x AP) or (0.25 x Term x AP). The minimum sum assured for single premium is 1.1 x SP.	Policy term for regular and limited premium payment is 10 years, 15 to 30 years. In case of single premiums, it is 5 to 30 years.
SBI Life - Smart Wealth Assure	Sum assured: The minimum sum assured in case of single premium for ages below 45 years is 1.25 x SP. For ages above 45 years, the minimum sum assured is 1.10 x SP.	10 to 30 years and offers option of 2 funds
SBI Life - Saral Maha Anand	Minimum - Age below - 45 years 10 x AP Age 45 years or above - 7 x AP	10, 15, 20 years
SBI Life - Smart Elite	Limited Premium plans For individuals under 45 years of age: 10 x Annualised premium For individuals who are 45 years or above: 7 x Annualised Premium Single Premium policies For individuals under 45 years of age: 1.25 x Single Premium For individuals who are 45 years or above: 1.10 x Single Premium	5 to 20 years
SBI Life - Smart Power Insurance	Higher of (10 x Annualised Premium) or (0.50 x Policy Term x AP)	10 years, 15 to 30 years

Protection Plan

SBI Life types of Protection Plans:

SBI Insurance (SBI) offers different variants of Term insurance plan to provide financial protection against life’s uncertainties. SBI offers different non-participating, traditional income protection plan. With the help of a term plan you protect your family’s monthly income flow, on the event of unfortunate untimely death. Option to choose as lump sum, monthly income payout or annual increase in payout safeguards your family against the loss of the income.

SBI Life types of Protection Plans:

SBI Life - eIncome Shield

The premium paying term is of regular pay.Offer two plans - Level Term Assurance and Increasing Term Assurance. The Death Benefit can be chosen as Lump Sum Benefit and Monthly Income Benefit.

SBI Life - Smart Shield

The premium paying term can be single payment or regular premium. Offer two plans that allows as payout of sum assured as Level Term Assurance or Increasing Term Assurance @5%.

SBI eShield

The premium paying term can be regular pay. Comes with an option of inbuilt Accidental Death Benefit. Death Benefit can Level Term Assurance and Increasing Term Assurance.

SBI Life - Saral Shield

The minimum sum assured is Rs. 7.5 Lakh, and maximum is Rs.24 Lakh. Death Benefit can be Level Term Assurance, Decreasing Term Assurance (Loan Protection), Decreasing Term Assurance (Family Income Protection).

SBI Life Grameen

This is for people below economical line. The premium paying term - Single pay. With minimum premium Rs.300 and maximum Rs.2000. Sum assured - The minimum sum assured is Rs.10,000 and maximum is Rs.50,000*

Note: Aggregate Sum Assured under this plan will be capped at Rs.50,000 for each life.

Plan	Basic Sum Assured	Policy Term
SBI Life - eIncome Shield	Minimum monthly income is Rs. 25,000	Minimum: 10 years Maximum 35 years
SBI Life - Smart Shield	Minimum: Rs. 25,00,000	Minimum: 5 years Maximum: 80 years less age at entry
SBI eShield	Minimum sum assured is Rs. 35,00,000	Minimum for Level Covers: 5 years Maximum for Level Covers: 80 years less age at entry Minimum for Increasing Covers: 10 years Maximum for Increasing Covers: 75 years less age at entry
SBI Life - Saral Shield	Minimum: Rs. 7,50,000	Minimum: 5 years
SBI Life Grameen	Minimum: Rs. 10,000	5 years Maximum: Depends on plan option chosen

Child’s Plan

This plan offers to save money for child’s future. This plan helps to build funds for child’s education and marriage. Have a complete peace of mind while you celebrate life with your kids with the help of Child’s plan.

Features of Child Plans

Opportunity to build corpus for child’s future
Different variants available
Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

SBI Life types of Child’s Plan:

SBI Life - Smart Scholar

This plan is designed keeping child’s future growth. Offer an inbuilt Waiver of Premium featured rider, while an option to customize with Accidental Death Benefit and Total Permanent Disability Rider. Option of 7 funds allocation.

SBI Life - Smart Champ Insurance

This plan is focuses on the child’s future growth. The policyholder is assured with Accidental Death Benefit. Provides four equal annual installments after the child attains 18 years of age. This plan offers triple protection in case of an unfortunate event during the policy term wherein something happens to the life insured - immediate payment, waiver of premiums and terminal bonus (if any).

Plan	Basic Sum Assured	Policy Term
SBI Life - Smart Scholar	Minimum - 1.25 x SP for single premiums	Minimum 8 years
SBI Life - Smart Champ Insurance	Minimum Rs. 1,00,000	Minimum 8 years

Retirement Plan

A retirement plan is a way of systematic savings. This will help in building funds for your retirement. As increase in the expenses and inflation hinders in savings which makes difficult to continue the same lifestyle post retirement, this plan ensures you continue to maintain your lifestyle.

Features of Retirement Plans

Life coverage plus opportunity of building funds for retirement
Meet retirement goals
Option to choose from different variants
In case of death of the life assured, the annuity is paid to the spouse
Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

SBI Life types of Retirement Plan:

SBI Life - Saral Pension

This is participating, non-linked and a traditional pension plan. Offers Guaranteed bonus for first 5 years of the policy term. This plan offers Vesting benefit with terminal bonus (if any). You can choose from regular or single payment mode. The policyholder can customized the plan with preferred term rider.

SBI Life - Retire Smart

This is linked plan and policy period can be 10, 15 to35 years. Offers guaranteed additions for the policy term of 35 years. Option of regular and limited period. Flexibility of postposing your vesting age. Get terminal additions of 1.5% of fund value.

SBI Life - Annuity Plus

A perfect traditional non-linking annuity plan. Offers wide range of annuity options. Flexibility to choose payouts from the age of 40 years. Larger annuity payouts on larger premiums. Customize with Accidental Death Benefit rider.

Plan	Benefits	Policy Term
SBI Life - Saral Pension	Minimum Rs. 1,00,000	Minimum for Single Premium - 5 years Minimum for Regular Premium - 10 years
SBI Life - Retire Smart	Higher of Fund Value Plus Terminal Addition or 101% total premiums paid.	10, 15 to 35 years
SBI Life - Annuity Plus	Annuity Payout: Minimum monthly Rs. 1,000 Quarterly: Rs. 3,000 Half Yearly Rs. 6,000 Yearly: Rs. 12,000	n/a

Savings Plans

The savings plans by SBI Life offers life cover along with savings. With the help savings plans, the family is not only protected against the financial loss in case of the breadwinner’s passing away but also helps an individual to build funds for short and long term goals.

Features of Savings Plans

Life coverage plus opportunity of savings
Family financial protection
Build funds for short and long term goals
In case of death of the life assured, the sum assured is paid to the nominee
Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.
SBI Life offers Types of Savings Plan

SBI Life - Smart Bachat

It’s a limited premium payment term endowment plan. Offers two option as plain vanilla endowment plan and endowment plan with in-built Accidental Death and Total Permanent Disability. Premium payment period can be 5,7, 10 and 15 years and policy period can be from 10 to 25 years. As a survival benefit at the end of policy term the policyholder receives guaranteed sum assured, vested simple reversionary benefit, terminal bonus (if any).

Smart Women Advantage

As the name suggests, it is specifically designed for women. This plan offers life cover, savings and Critical Illness (CI) rider benefit with in-built premium waiver incase of any CI. Also, offers additional benefits pregnancy complication and congenital anomalies. Offers two plans - Gold and Platinum.

SBI Life - Smart Swadhan Plus

Comes with twin benefit i.e. provide life cover and 100% return of premiums. Offers single and limited premium payment (5,10, 15 years), and regular premium upto policy term. Choose life cover for a term of 10 years to 30 years. On maturity the total premiums will be paid to the policyholder.

SBI Life - Smart Humsafar

A perfect joint life insurance plan. In this plan you can cover yourself and your spouse in a single policy. A non-linked participating endowment plan. Provides financial protection in case of death of either or both the life assured. Customize with additional riders. As a survival benefit at the end of policy term the policyholder receives guaranteed sum assured, vested simple reversionary benefit, terminal bonus (if any).

SBI Life - Smart Money Planner

A non-linked with profit assurance endowment plan with guaranteed cash flow at regular intervals. A savings plan with added feature of ‘Growth period’. Option of single premium payment and limited premium payment. Offer four variants.

SBI Life - CSC SaralSanchay

A non-linked and non-participating variable insurance plan. A simple and easy savings plan with a minimum floor rate of 1% p.a. Payable throughout the policy term Offer partial withdrawal.

SBI Life - Smart Income Protect

A traditional participating plan with life cover and regular cash inflow. Offers different policy term of 7, 12, and 15 years. Premium payment same as policy term. Customize with wide range of riders. Offers different payouts options on maturity - lump sum and installments.

SBI Life - Smart Guaranteed Savings Plan

A traditional non-participating savings plan. Offer guaranteed additions at the simple rate of 5.5% or 6 % applicable to the basic premiums paid. Limited premium payment for 7 years with policy period of 15 years. Life coverage based on the premium chosen.

SBI Life - Smart Money Back Gold Plan Tailored money back options. Allocate fixed cash flows at regular intervals. Survival Benefit of 110% of sum assured paid till maturity. Customize plan with additional wide range of riders. Offers 4 types of variants with policy term of 12, 15, 20 and 25 years.

SBI Life - SubhNivesh

It has two main option, plain vanilla endowment plan and other endowment with whole life cover. A non-linked with profit endowment assurance with whole life coverage. Provides savings, income, and life cover, Option of regular or single premium payment mode. Offer 3 riders to add on. Option to receive the basic sum assured at regular intervals of pre-decided period of 5/10/15/20 years.

SBI Life - SaralSwadhan+

A non-linked, non-participating, term assurance with returns of premium on survival. Provides a fixed life cover over the policy term. It offers guaranteed maturity benefit, provided 3 annual premiums have been made. Fixed premium term of 10 years whereas policy term can be 10 or 15 years.

SBI Life - Flexi Smart Plus

A participating, variable insurance empowering you with more flexibility. Offers guaranteed bonus, Interim bonus, regular bonus, terminal bonus. Option to choose from two protection plan - Gold and Platinum. Offers partial withdrawal, flexibility to increase/decrease sum assured, and complete flexibility to increase chosen policy term.

Plan	Basic Sum Assured	Policy Term
SBI Life - Smart Bachat	Minimum Rs. 1,00,000	10 - 25 ( for PPT 5 years and 7 years) 15 - 25 (for PPT 10 years) 20 - 25 (for PPT 15 years)
SBI Life - Smart Women Advantage	Minimum Rs. 2,00,000	10, 15 years
SBI Life - Smart Humsafar	Minimum Rs. 1,00,000	Minimum 10 years
SBI Life - CSC Saral Sanchay	Regular Premium policies 10 x Annualised Premium if the individual is below 45 years 7 x Annualised Premium if the individual is 45 years or above Top-up premium 125% of top-up premium for individuals below 45 years of age 110% of top-up premium for those who are 45 years or above	10, 15 years
SBI Life - Shubh Nivesh	Minimum Rs. 75,000	Endowment Option - 7 years for Regular Premium plans / 5 years for Single Premium policies Endowment with Whole Life Option - 15 years for Regular Premium plans / 15 years for Single Premium policies
SBI Life - Flexi Smart Plus	Annualised basic premium x Sum Assured Multiple Factor	Minimum 5 years
SBI Life – Smart Samriddhi	Minimum per policy Rs. 98,700	15 years

Group Plans

Corporate Solutions Plan

SBI Life – Kalyan ULIP Plus - This is a non-participating, unit linked fund-based plan for Employer-Employee groups. It combines the benefits of gratuity, superannuation and leave encashment schemes for employees. In the event of death of the member, Sum Assured of Rs. 1,000 shall be paid to the nominee.
SBI Life - CapAssure Gold - This is a variable, non-linked non-participating fund-based plan that helps to meet the needs of Employers/ Trustees/ PSUs /State Governments/ Central Government who want to fund their employees’ retirement benefit schemes of leave encashment, gratuity and superannuation.
SBI Life – Gaurav Jeevan - This is a non-linked, non-participating group annuity plan designed for the Central Government, State Government, Government Enterprises, and their agencies. Government agencies can avail their annuity liability with regards to annuity payments for compensation to land owners whose land is being acquired.
SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana - This is a non-participating, non-linked, one-year renewable group term plan. It offers a life cover of Rs. 2 lakhs at a nominal rate of premium.
SBI Life – Sampoorn Suraksha - This is a yearly, renewable group term assurance, available for different formal and informal groups. It offers comprehensive insurance benefits that can be customized as per one's needs.
SBI Life - Swarna Jeevan - This is a non-linked, non-participating group annuity plan. SBI Life - Swarna Jeevan helps employers transfer the management of pension liabilities. It offers a wide choice of annuity options.

Group Loan Protection Plans

SBI Life – RiNn Raksha - This is a group, credit life, decreasing term plan that provides comprehensive life coverage for loan. Individuals are given a choice of loan cover term. One has the option of including SBI Life - Accidental Total and Permanent Disability Benefit Rider to SBI Life – RiNn Raksha.

Group Micro Insurance Plans

SBI Life – Shakti - This is a non-participating, non-linked group micro term insurance plan with return of 50% premium on maturity. The plan offers choice of coverage amount on the basis of member's needs, capped upto Rs. 2,00,000.
SBI Life – Grameen Super Suraksha - This is a group pure term micro insurance, non-participating, non-linked plan. Medical examination is not required - acceptance is on the basis of satisfactory health declarations.

Plan Names	Benefits	Policy Term
SBI Life – Kalyan ULIP Plus	Life cover of Rs. 1,000 for leave encashment and gratuity scheme members	Minimum - 1 year Maximum - No limit
SBI Life - CapAssure Gold	In case of death, the benefits will be paid as per scheme rules plus sum assured of Rs. 1,000 for Gratuity and Leave Encashment schemes. The benefits will be paid as per scheme rules for Superannuation schemes In case of disability, withdrawal or maturity or any other exit as defined in Scheme rules, the benefits will be payable as per scheme rules.	1 year renewable
SBI Life – Gaurav Jeevan	Level temporary annuity with income protection on death Increasing temporary annuity with income protection on death	-
SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana	Rs. 2,00,000	1 year renewable
SBI Life – Sampoorn Suraksha	Minimum sum assured - Rs. 1,000 Maximum sum assured - Rs. 50,00,00,000 per group member	1 year renewable
SBI Life - Swarna Jeevan	Minimum - Under NPS- Family Income, as per NPS scheme rules Under all other annuity options Monthly: Rs. 1,000 Quarterly: Rs. 3,000 Half-yearly: Rs. 6,000 Yearly: Rs. 12,000 Maximum - no limit	-
SBI Life – RiNn Raksha	Minimum - Rs. 10,000 per member Maximum - No limit	2 years to 30 years 8 years to 30 years 15 years to 30 years
SBI Life – RiNn Raksha	Minimum - Rs. 10,000 Maximum - Rs. 2,00,000	5 years
SBI Life – Grameen Super Suraksha	Minimum - Rs. 5,000 Maximum - Rs. 2,00,000	5 years

Online Plans

SBI Life - eShield - This is an individual, non-linked, non-participating online term plan. The policy offers two benefit structures - Increasing Cover Benefit and Level Cover Benefit. Accelerated Terminal Illness benefit is an inbuilt benefit for both the structures.
SBI Life - eWealth Insurance - This is a non-participating online unit linked insurance plan. Two plan offers options - Growth and Balanced, and allows partial withdrawals from 6th policy year.
SBI Life – Poorna Suraksha Plan - This is a non-linked term plan with in–built critical illness insurance cover. The policy's ‘LifeStage Re-balancing’ feature rebalances cover between life cover and critical illness cover.
SBI Life - Sampoorn Cancer Suraksha - This is an individual, non-linked, non-participating health insurance plan. One can choose the option of Monthly Income benefit under this cover. Additionally, it comes with in-built premium waiver benefit.
SBI Life - Annuity Plus - This is a traditional, non-participating immediate annuity plan. It provides a comprehensive range of annuity options on just a single premium payment. Thus, one can be assured of regular annuity/pension for the remainder of life.
SBI Life - eIncome Shield - This is an online traditional, non-participating, pure term insurance / income protection plan. It factors in the need for increase in income benefit as living expenses move up.
SBI Life - Smart InsureWealth Plus - This is a non-participating ULIP. It gives one life insurance protection along with disciplined savings and wealth creation. Smart InsureWealth Plus also the choice of 3 investment strategies and 9 diverse funds in the Smart Choice Strategy.
SBI Life – Smart Samriddhi - This is a non-participating, non-linked, endowment life plan. It provides cover to the life assured's family in case of an unfortunate event and rewards saving habit through assured additions.

Plan Names	Benefits	Policy Term
SBI Life - eShield	Minimum - Rs. 35,00,000 Maximum - No limit	Minimum - For level cover: 5 years For increasing cover: 10 years Maximum - For level cover: 80 years less age at entry For increasing cover: 75 years less age at entry
SBI Life - eWealth Insurance	Higher of annualized basic premium x 10, or annualized basic premium x 0.5 x policy term	10 to 30 years
SBI Life – Poorna Suraksha Plan	Minimum - Rs. 20,00,000 Maximum - Rs. 2.5 crores	10, 15, 20, 25 and 30 years
SBI Life - Sampoorn Cancer Suraksha	Minimum - Rs. 10,00,000 Maximum - Rs. 50,00,000	Minimum - 5 years Maximum - 30 years
SBI Life - eIncome Shield	Monthly Income Minimum - Rs. 25,000 pm Maximum - No limit	Minimum - 10 years Maximum - 35 years
SBI Life - Smart InsureWealth Plus	Higher of a. 10 x annualized basic premium or b. 0.5 x policy term x annualized basic premium	10, 15, 20 and 25 years
SBI Life – Smart Samriddhi	Minimum per policy - Rs. 98,700 Maximum per life limit - Rs. 5,34,750	15 years

SBI Life Insurance Riders

SBI Life Accidental Death Benefit Rider - In the case of an accidental death of the life insured, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
SBI Life Accidental Death Benefit Linked Rider - In the case of an accidental death of the life insured, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
SBI Life Accidental Total and Permanent Disability Rider - In the case of disability to the life insured caused due to the accident, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
SBI Life Critical Illness Non-Linked Rider - It covers 13 major critical illnesses, including First Heart Attack of specified severity, Cancer, Open Chest CABG,Kidney Failure, Major Burns,Paralysis, Major Organ Transplant,etc. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
SBI Life Preferred Term Rider - It covers death of life assured. This an additional life cover to the base cover. The minimum rider benefit is Rs. 25,000.

Claim Process of SBI Life Insurance

SBI Life is committed to provide the benefits as soon as possible to the nominee and within the prescribed timelines laid down by IRDAI.

Following is the Claim Process:

Claim Intimation:

The nominee/claimant needs to intimate the insurance company by filing a online claim form.

Send form to SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706.

Intimate SBI Life on their Toll-Free number - 1800-22-9090
You can also email at claims@sbilife.co.in

Claim Assessment: On receiving all the necessary documents, SBI Life will asses claim documents and the information provided by the proposal in the form.

Claim Approval process - on the approval of Claim Claim Acceptance the nominee will receive a sum assured. For further process at any time of claim process you can also reach out to info@sbilife.co.in

Claim Documents: List of Mandatory Documents:

Duly filled Claim Form
Original Policy Document
Original/Government officer Attested Death Certificate issued by the local authority
Claimant’s address proof
Claimant’s ID Proof
Claimant’s Bank Pass Book/Bank Statement/Cancelled Cheque

In addition to the standard documents there are other documents required under different case:

Hospital / Other treatment records
Photo Identification & address proof of the claimant
Post-mortem & chemical viscera report (if performed)
Physician's Statement
Police Report/F.I.R in case of unnatural death

Documents Required for Buying SBI Life Insurance Policy

The documents required to avail any SBI Life Insurance Plan are as follows:

Age Proof: passport, birth certificate, driving license, PAN card, etc.
Identity Proof: PAN card, passport, voter ID card, driving license, etc.
Address Proof: electricity bill, bank A/c statement, etc.
Income Proof: employer’s certificate, I-T Return details, etc.

Modes of Payment Options

There are two modes by which individuals can pay premiums towards their SBI life insurance policy - online and office. Under the online mode, payment can be made via

internet banking
Visa BillPay
e-Wallet
website of the insurance company
‘Easy Access’ mobile application
online standing instruction on credit card

If one chooses the offline route, the premium payment options include:

direct remittance at the insurer’s branch office
post or courier
direct debit
in cash at authorized collection centers
auto debit through NACH
State Bank ATM

SBI Life Premium Calculator

Individuals who would like to avail a life insurance policy from SBI Life Insurance can make use of the insurer’s premium calculator. These facilities will help users determine the cost of achieving their life goals. The premium calculators available on the insurer's website are as under:

Human Life Value Calculator
Child Education Planner
Retirement Planner
Need Analysis Planner
Goal Planner
Cost of Smoking
Future Cost Planner
Future value of monthly savings
Personal Tax Rate
Power of Compounding
Family Maintenance Planner
Health Tax Saving
Marriage Financial Planner
Present Value of Future Income
Risk Analyzer & Asset Allocator
Section 80C Tax Calculator
Time to Double Your Money
Your Personal Financial Planner

SBI Life Insurance - 10 Years Policy

SBI Life has a number of insurance plan options that offer coverage for 10 years and more. Here is a look at some of those insurance plans:

SBI Life - Smart privilege
SBI Life - eWealth Insurance
SBI Life - Smart Wealth Builder
SBI Life - Smart Power Insurance
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Why choose SBI Life Insurance?

SBI Life is one of the top life insurance providers in India. The company is a joint venture between State Bank of India and global insurance company BNP Paribas Cardif. Over the years, the company has introduced a number of insurance plans for the benefit of their customers. The insurer is constantly reinventing itself, providing the latest technology and tool to the customers.

Exclusions – SBI life insurance

Suicide Claim Provision

If the insured commits suicide within a year from the policy’s inception date, the nominee or beneficiary shall be entitled to 80% of the premiums paid, provided the policy is active. Similarly, if the insured commits suicide within a year from the policy’s revival date, the nominee or beneficiary shall be entitled to higher of 80% of the premiums paid till the date of demise or the surrender value, provided the policy is active.

Review of SBI Life Insurance

SBI Life Insurance has been awarded as ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Awards, 2016. SBI Life stands out with SBI Bank Group has an unparalleled strength of 23,000 branches across the country. And BNP Paribas Cardif is one of the world leaders in creditor insurance. It has been received an AA rating from Standard & Poor’s. SBI Life offers quick and hassle-free claim process so that the family stays financially protected as promised.

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Reliance General Insurer

Amount Covered: ₹ 1 Lakh

Deal Price: ₹ 2,094 / Year

Waiting period: 4 yrs

Disclaimer: Above mentioned premium is for a 25 years old Male. Premiums payable on a monthly basis.

SBI Life Address

Toll-free number - 1800 267 9090
E-mail - info@sbilife.co.in
Corporate Office: M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069

FAQ's on SBI Life Insurance

Is SBI Life term Insurance reliable?

Established in 2001, SBI Life is presently among the top life insurance providers in India. The insurance company is backed by two major financial giants namely, public sector bank- State Bank of India and global insurance company- BNP Paribas Cardif. The company's claim settlement ratio for the year 2016-2017 stood at about 97%. In 2016, SBI Life Insurance was awarded the titles ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Award. Considering all these points, it can therefore be said that SBI Life’s term insurance covers are reliable. SBI Life’s term insurance offerings include SBI Life – Smart Shield, SBI Life – Saral Shield, SBI Life – Grameen Bima and SBI Life – eShield.

Which are the popular SBI life insurance term plans?

SBI's term life insurance portfolio include SBI Life – Saral Shield, SBI Life – Grameen Bima, SBI Life – Smart Swadhan Plus and SBI Life - eIncome Shield. The features and benefits of each of these plans vary from one another. It is therefore necessary to match what these SBI life insurance term plans are offering against one’s requirements and accordingly make a decision on the policy to purchase.

What is the policy renewal process?

SBI Life Insurance provides the facility of policy renewal on the company’s website. To begin with, click on the ‘Services’ section. Then, select the ‘Online Premium Payment’ and press ‘Proceed’. Enter all the necessary details like policy number and mobile number, and then click on Submit. Finally, make the premium payment to renew the policy coverage.

What is the policy cancellation process?

To surrender your policy, you will need to submit Original Policy Bond, Self-attested Identity Proof & Address Proof and Direct Credit Mandate with proof of bank account. You will need to place your surrender request at the nearest SBI life branch or send it to Central Processing Centre.

What are the taxes applicable on insurance premium/ULIP charges?

An 18% GST will be applicable on the life insurance premiums paid. ULIP charges that are normally levied include mortality charges, policy administration charges, fund management charges and other charges depending on the policy features.

What is the grievance redressal procedure for SBI Life insurance plans?

There are 3 levels of grievance redressal:

Level-1 - Escalate to Regional Director
Level-2 - Escalate to Corporate Office
Level-3 - Approach Ombudsman

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