SBI Life Insurance Company Limited is one of the leading life insurance companies in India. It is a joint venture between State Bank of India (SBI) and BNP Paribas Cardif. SBI owns 74% stake in the company while BNP Paribas Cardif owns the remaining 26%.
SBI Life Insurance has a nationwide network of over 100,000 agents, 290 offices, and wide range of life insurance products to offer. The company has over 31 million customers and manages assets of over INR 1,80,000 crores. SBI Life Insurance offers various insurance plans like term insurance, endowment plans, ULIPs, pension plans, child plans etc. to meet the different needs of customers.
Types of Life Insurance Plans Offered
SBI Life Insurance offers a wide range of life insurance plans to choose from:
Term Insurance Plans
Term insurance plans provide life cover for a specified term. SBI Life term plans like eShield Next Term Plan, Smart Bachat Plan etc. provide high life cover at low premiums. They provide financial protection to family in case of unfortunate event.
Endowment Plans
Endowment plans provide dual benefit of life cover and saving. SBI Life endowment plans like Smart Bachat Endowment Plan, Smart Wealth Assure Plan etc. provide lumpsum amount at maturity along with insurance cover.
Unit Linked Insurance Plans (ULIPs)
ULIPs provide life cover along with investment. SBI Life ULIP plans like Smart Elite Plan, Smart Super Plan etc. invest premiums into equity and debt funds based on chosen strategy. They provide market linked returns along with insurance.
Child Plans
Child plans provide benefits to secure child’s future. SBI Life child plans like Smart Scholar Plan, Smart Champ Plan etc. offer guaranteed additions, waiver of premium on death etc. to ensure child’s financial needs are met.
Pension Plans
Pension plans provide regular income after retirement. SBI Life pension plans like Smart Income Plan, CPF Plan etc. offer guaranteed regular income through annuities to maintain lifestyle during retirement years.
Benefits of Buying SBI Life Insurance
Here are some of the major benefits of buying life insurance from SBI Life Insurance:
Strong Parentage
SBI Life is backed by State Bank of India, the largest public sector bank in India. This gives it strong financial backing and stability.
Claim Settlement Ratio
SBI Life has high claim settlement ratio of 98.5% for FY 2020-21 which denotes robust claim process.
Wide Range of Plans
SBI Life offers comprehensive plans for life cover, child education, retirement, wealth creation for diverse needs of customers.
Tax Benefits
Premiums paid and benefits received are eligible for tax exemptions as per Income Tax Act, 1961 which helps in financial planning.
Customer Service
SBI Life provides seamless customer service across various channels like website, call center, email, branches etc. for any policy related query.
SBI Life Insurance Plans in Detail
Let’s look at some of the popular SBI Life insurance plans in detail:
SBI Life eShield Next Term Insurance Plan
- It is a pure protection term plan with life cover till age 80 years
- Provides high sum assured at economical premiums
- Offers guaranteed income on diagnosis of critical illnesses
- Return of premium on survival till maturity to get value for money
SBI Life Smart Bachat Plan
- It is an endowment insurance plan that offers dual benefits
- Provides life cover along with lumpsum payout on maturity
- Flexible premium payment terms of 10-15 years
- Option to enhance protection through riders
SBI Life Saral Pension Plan
- A traditional immediate annuity plan for regular income
- Get guaranteed income after vesting to maintain lifestyle
- Option of joint life annuity for spouse income continuation
- Return of purchase price as legacy for nominee
SBI Life Smart Scholar Plan
- Child insurance plan that secures child’s education
- Waiver of premium on death of parent plus fund booster
- Guaranteed additions to enhance corpus for higher education needs
- Flexibility of premium payment term and policy term
SBI Life eWealth Insurance Plan
- A unit linked insurance plan that provides market linked returns
- Option to choose investment funds based on risk appetite
- Unlimited free switches between funds and premium redirection
- Loyalty additions from 6th policy year for enhanced benefits
Eligibility Criteria for SBI Life Plans
The eligibility criteria for few major SBI Life insurance plans are:
Term Insurance Plans
- Entry age – 18 to 65 years
- Policy term – 10 to 40 years
- Maximum maturity age – 80 years
Endowment Plans
- Entry age – 18 to 50 years
- Policy term – 10 to 30 years
- Maximum maturity age – 70 years
ULIPs
- Entry age – 18 to 55 years
- Policy term – 10 to 30 years
- Maximum maturity age – 70 years
Pension Plans
- Entry age – 18 to 65 years
- Vesting age – 45 to 80 years
- Minimum purchase price – Rs 1 lakh
Child Plans
- Entry age of parent – 18 to 55 years
- Entry age of child – 0 to 12 years
- Policy term – 10 to 25 years
How to Buy SBI Life Insurance?
Buying SBI Life insurance is simple and can be done in following ways:
Online
Visit SBI Life website, choose suitable plan, fill details, pay premium online and policy is issued instantly through e-insurance account.
Agent/Advisor
Contact a certified SBI Life agent or advisor. Share requirements. Agent will help suggest suitable plan, fill details and purchase policy.
Branch
Visit nearest SBI Life branch office. Meet sales representative. Discuss requirements and buy suitable policy over counter by filling proposal form and paying premium.
Telemarketing
Give a missed call on SBI Life number or leave call back request. Sales representative will explain plans, premiums and policy details. You can buy policy via call.
One can choose the most convenient option to buy SBI Life insurance based on their preference and needs.
SBI Life Insurance Plans – Frequently Asked Questions
Here are some common FAQs on SBI Life insurance plans:
Q1. How to pay premium for SBI Life insurance plans?
Premiums can be paid online, by cheque, DD, cash deposit, ECS, auto debit, credit card, UPI etc. Premium frequency can be single, yearly, half-yearly, quarterly or monthly.
Q2. What are the tax benefits on SBI Life insurance?
Premiums paid are eligible for tax deductions under Section 80C and Section 80D. Maturity and death benefits are tax free under Section 10(10D).
Q3. What is the claim settlement process in SBI Life insurance?
Claimants have to submit claim documents like death certificate, FIR, KYC papers etc. SBI Life settles claims within 7-10 days on validation of documents.
Q4. How to pay renewal premium for SBI Life insurance policy?
Login to customer portal, select policy, choose payment mode, make payment. One can set reminder to get renewal notice via email or text in advance.
Q5. What are the charges in SBI Life insurance plans?
Charges vary by plan including premium allocation charge, policy admin charge, mortality charge, fund management charge etc. Details are mentioned in policy document.
This covers a detailed overview of SBI Life insurance plans, their benefits, features, eligibility criteria and other key details. SBI Life offers comprehensive insurance solutions for life stage financial needs.
