SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides comprehensive life insurance cover at competitive prices. SBI Life Insurance provides Unit Linked Plans, Child Plans, Pension Plans, Term Insurance Plans, Endowment Plans and Group Plans.
SBI Life Insurance plans cater to individuals aged from 18 years up to 65 years. The company offers customized plans for salaried, self-employed, professional and business persons. Some key highlights of SBI Life Insurance Plans are:
Cover up to Rs 1 crore (at the rate of Rs 18 per day)
High claim settlement ratio
Three-way grievance redressal procedure
Top SBI Life Insurance Plans in 2016-17:
SBI Insurance Plans
Maximum Maturity Age
SBI Life – eShield
Online Term Plan
18 – 60/65 years
5/10 – 30 years
SBI Life – Smart Money Planner
Traditional Participating Money Back Endowment Plan
18 – 50/55/60 years
SBI Life – Smart Humsafar
Traditional Joint Life Insurance Plan
18 – 46 years
10 – 30 years
SBI Life – CSC Saral Sanchay
Traditional Non-Participating Endowment Plan
18 – 55/60 years
10 / 15 years
SBI Life – Smart Power
Non-Participating Unit Linked Insurance Plan
18 – 45 years
10/ 15 – 30 years
1. SBI Life – eShield
SBI Life – eShield is an individual, non-linked, non-participating pure term plan with customized benefits for those who want the best financial protection at affordable rates. This plan also offers security for the entire family at premiums that are affordable. It includes rewards for maintaining a healthy lifestyle. There’s also an additional cover of Accidental Death Benefit and the minimum age for enrolling in this policy is 18 years and maximum age at maturity is 70 years. This plan proved really lucrative in 2015 and was one of the best choices amongst insurance seekers. The minimum policy term is 5 years and maximum is 30 years. Also, the basic sum assured is Rs 20,000.
2. SBI Life – Smart Money Planner
SBI Life – Smart Money Planner is a non-linked participating Endowment Plan with money back facility. The main purpose of this money back plan is to provide maximum benefits in the form of savings, income and insurance cover to you and your family. SBI Life – Smart Money Planner also offers the flexibility to choose from four plan options with different policy tenures and premium payment modes. As a money back plan, SBI Life- Smart Money Planner pays out a fixed amount of the sum assured annually throughout the benefit period. On maturity or on the death of the life insured, the plan offers guaranteed sum assured along with additional bonuses. The plan does not offer any additional rider option. In case of an emergency, the plan allows you to obtain loan against your policy. The basic sum assured in this plan is Rs 1 lakh (minimum) and offers life coverage up to the age of 75 years.
3. SBI Life – Smart Humsafar
SBI Life – Smart Humsafar is a unique plan of the company for married couples to complement their efforts to achieve prosperity along with protection. It is a joint life non-linked participating endowment plan. It offers multiple benefits of savings and insurance cover for both husband and wife. SBI Life – Smart Humsafar provides financial protection in the event of death of either or both the lives of the insured. There’s a guaranteed minimum bonus for first 3 years at the rate of 2.50% of the basic sum assured. Another benefit is the premium waiver in case of death of any of the lives assured for in force policies, and has option for additional rider benefit at affordable price. The basic sum assured in this plan is Rs 1,00,000 and the minimum policy term is 10 years.
4. SBI Life – CSC Saral Sanchay
SBI Life – CSC Saral Sanchay is a joint life, non-linked, participating endowment plan with benefits of savings and life insurance cover. This plan helps policy seekers to save so as to achieve their future goals and support their family in achieving those goals. SBI Life – CSC Saral Sanchay offers a guaranteed interest rate of 1.00% pa, which will be applicable throughout the policy term. This plan is suitable for anyone between 18 and 60 years. It provides the option of partial withdrawals and benefits on death of the life assured or on maturity of the policy.
5. SBI Life – Smart Power
SBI Life – Smart Power insurance plan is a simple, low premium product that caters to the changing needs of the policyholder. This plan, launched in October 2015, comes with two options – level cover option and increasing cover option. It has two fund options – Trigger Fund option with an advantage of buying low and selling high, and Smart Funds that has the option to choose from seven funds. The policy term in this plan are 10, 15 and 30 years and the minimum age group to buy this plan is 18 years and maximum is 45 years with the maximum age of maturity being 65 years.