Best 5 SBI Life Insurance Plans in India - 2024
Updated On Jan 17, 2024
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One of India's leading life insurance companies in India, SBI Life Insurance is a joint venture life insurance company between the State Bank of India and BNP Paribas Cardif, a French multinational bank and financial services company. Life insurance policies offered to meet the distinct needs and requirements of individuals between 18 to 65 years include Term Life Insurance Policies, ULIPs, Endowment Plans, Group Life Insurance Plans, Child's Life Insurance Plans and Retirement Plans.
Some of the factors that make SBI life insurance unique are personalised plans for self-employed, salaried, people in business and professional people, coverage up to Rs. 1 Crore and their high claim settlement ratio. Read on to learn about the 5 best life insurance plans offered by SBI in India to choose the best option for yourself.
5 Best SBI Life Insurance Plans in India
Here is the list of the best life insurance policies offered by the SBI life insurance company.
1. SBI Life e-Shield
SBI Life - eShield plan is a customized online term life insurance plan offered to individuals between 18-65 years to meet their distinct needs at reasonable rates. The plan provides a twofold advantage of a level cover benefit and an increasing cover benefit according to the terms and conditions of the contract. Furthermore, the Accelerated Terminal Illness Benefit applies to both of the options.
Moreover, two rider benefit options - Accidental Death Benefit Rider and Accidental Total and permanent Disability Benefit Rider are also available. Another notable feature is giving discounts on payable premiums to non-smokers and people with healthy lifestyles.
2. SBI Life CSC Saral Sanchay
SBI Life - CSC Saral Sanchay is a variable insurance plan with insurance and saving options. Under this, the assured interest rate of 1% per annum is given throughout the policy term. Furthermore, the plan offers quarterly interest additions for the entire policy duration and a partial withdrawal facility from the 6th policy year. It has an Aadhar number-based online application process.
The minimum age for applying for this policy is 18 years; however, the maximum range depends on different plans.
3. SBI Life Smart Money Planner
SBI Life - Smart Money Planner is an individual endowment policy plan that provides a life cover for the entire policy term and consistent income according to the life assured's needs throughout the benefit payment period. Moreover, the sum assured is also paid in equal instalments during the benefit payment period. The life assured is provided with four policy plans with either a limited premium payment option or a single premium payment option, and he/she can choose the most suitable policy.
The minimum age for availing of any of the four plans is 18 years, whereas the maximum age ranges between 50-60 years, depending on the policy options.
4. SBI Life Smart Humsafar
SBI Life - Smart Humsafar is a joint life insurance plan that provides coverage to both spouses with saving options. The plan can be availed through a single application form for both spouses. The plan offers assured minimum bonuses at 2.50% of the basic sum assured in the contract for the first 3 policy years. Moreover, a waiver on future premium payments is given if either of the life assured dies. The rider benefit of accidental death benefit is also applicable to get extensive coverage.
The minimum age for purchasing the policy is 18 years, while the maximum age is 65 years. The policy duration ranges from 10 - 30 years.
5. SBI Life Smart Power
SBI Life - Smart Power is a unit-linked insurance plan to ensure the financial protection of families. The plan provides level cover benefits along with an increasing cover benefit with the rider benefit of Accelerated Total and Permanent Disability Benefits. Moreover, the plan offers two fund options - Smart Funds, which provides opportunities to choose from various funds and Trigger Fund, which provides the option of buying low and selling high.
The minimum age to invest in this plan is 18 years, while the maximum is 45 years. The tenure ranges from 10-30 years.
Takeaway
The plans mentioned above can be considered while purchasing a life insurance policy from the SBI life insurance company. You can even consult an insurance agent or a financial advisor to help in choosing the right life insurance plan for yourself and your family.
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