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SBI Life Insurance Company

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.

Benefits of Buying

  • Financial Protection - Provides financial protection to your family.
  • Claims Settlement - 23,000 branches across the country to provide claim settlement support.
  • Flexibility - Flexible premium and payout options.
  • Online plans - Specifically designed online plans that costs lower

Types of SBI Life Plan

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

Plans offered:

  1. SBI Life Unit Linked Insurance Plans (ULIP)
  2. SBI Life Protection (Term) Insurance
  3. SBI Life Savings Plans
  4. SBI Life Investment Plans
  5. SBI Life Retirement Plans
  6. SBI Life Child Plans

SBI Life Unit Linked Insurance Plans (ULIPs)

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.

SBI Life - eWealth Insurance

Automatic Asset Allocationwith 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.

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.

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.

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.

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 of7 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.

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.

SBI Life Protection Plan

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.

SBI Life 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).

SBI Life 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.

SBI Life 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.

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.

  • BI 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 and the maximum is Rs.

Claim Process

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:

  1. Duly filled Claim Form
  2. Original Policy Document
  3. Original/Government officer Attested Death Certificate issued by the local authority
  4. Claimant’s address proof
  5. Claimant’s ID Proof
  6. 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

Review

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.

SBI Life Address

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