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SBI Life Insurance offers a wide range of plans that provide financial protection to its customers. The plans offered can be chosen according to the varying requirements of customers. SBI Life Insurance provides 7 types of life insurance plans. Explore the types of life insurance plans offered by SBI Life Insurance, one of the leading private life insurance providers by reading about them in detail below:
- Term Insurance Plans
- Health Insurance Plans
- Unit Linked Insurance Plans (ULIP)
- Savings Plans
- Retirement Plans
- Child Plans
- Money Back Plans
SBI provides a vast array of insurance plans. You can select a plan in accordance with your requirements and budget.
SBI Life Term Insurance Plans
SBI Life offers 7 terms insurance plans as discussed below:
- SBI Life eShield: SBI Life eSheild is an online pure term plan that provides Security that ensures your family is financially protected. This plan provides a choice between two benefit structures with inbuilt accelerated terminal illness benefits and two rider options (SBI Life - Accidental Death Benefit Rider and SBI Life - Accidental Total & Permanent Disability Benefit Rider). SBI Life eSheild can be purchased with an easy hassle free online process.
- SBI Life Saral Jeevan Bima: SBI Life Saral Jeevan Bima is a standard term plan that protects and secures your family. This pure term plan ensures that your loved ones are financially protected in case of any unforeseen circumstances. Some key benefits of the policy include simple plan terms & conditions and multiple premium payment options.
- SBI Life Poorna Suraksha: SBI Life Poorna Suraksha is a term Insurance product with Critical Illness cover that offers protection in case of death and critical illness. It also provides critical illness cover on every policy anniversary. SBI Life Poorna Suraksha offers a lump sum payout in case of diagnosis of any of the covered 36 critical illnesses and waiver of all future premiums. This online plan offers fixed premiums throughout the policy tenure.
- SBI Life Smart Shield: SBI Life Smart Shield is a term plan that provides financial protection to the family of the insured. This offers the customer to choose from two plan options (Level Term Assurance and Increasing Term Assurance) according to their requirements and budget. This term plan also provides rider benefits at an affordable rate.
- SBI Life Saral Swadhan+: SBI Life Saral Swadhan+ is a term insurance plan with the return of premium features. This term plan offers life cover and the advantage of guaranteed maturity benefit. SBI Life Saral Swadhan+ offers an option to pay premiums as per customer’s financial capability.
- SBI Life Grameen Bima: SBI Life Grameen Bima is a term plan that provides financial security to the family of the insured at a very affordable price. It provides life cover through one time premium payment. SBI Life Grameen Bima offers maturity, death, and surrender benefits. This term plan has hassle free registration procedure with no medical examination required.
- SBI Life Smart Swadhan Plus: SBI Life Smart Swadhan Plus safeguards you at a nominal cost, with the added benefit of getting your premiums back. It is an individual, non-linked, non-participating, life insurance, savings product with return of premium. SBI Life Smart Swadhan Plus is the second name for security, reliability, flexibility, and simplicity.
SBI Life Health Insurance Plans
The 2 Health insurance plans offered under SBI Life Insurance include:
- SBI Life Sampoorn Cancer Suraksha: SBI Life Sampoorn Cancer Suraksha offers affordable financial protection to defeat cancer. This plan offers stage wise lump sum payout on diagnosis.
- Corona Rakshak Policy, SBI Life Insurance Company Ltd.: Corona Rakshak Policy, SBI Life Insurance Company Ltd. is a health insurance plan that provides protection against expenses due to COVID-19. Key features of this plan include simple issuance without physical examination and easy payout.
SBI Life Unit-Linked Insurance Plans
SBI Life Insurance offers 8 Unit-Linked Plans as discussed below:
- SBI Life eWealth Insurance: SBI Life eWealth Insurance is a ULIP that provides financial protection to the family of insured in case of unforeseen events and helps the insured to grow his wealth as well. This is an online plan that provides Invest Management through Automatic Asset Allocation.
- SBI Life Smart InsureWealth Plus: SBI Life Smart InsureWealth Plus offers life insurance cover as well as support in maintaining savings and wealth creation. It provides systematic monthly withdrawal as well.
- SBI Life Saral InsureWealth Plus: SBI Life Saral InsureWealth Plus offers financial protection to the family in case of unforeseen events. This plan provides monthly premiums and multiple fund options.
- SBI Life Smart Wealth Builder: SBI Life Smart Wealth Builder offers dual benefits of Life cover and investment opportunity by investing in one or more investing funds.
- SBI Life Smart Wealth Assure: SBI Life Smart Wealth Assure offers Market-linked return along with insurance cover with one time premium payment option.
- SBI Life Smart Power Insurance: SBI Life Smart Power Insurance helps you secure your family’s future with Inbuilt Accelerated Total & Permanent Disability (TPD). This ULIP provides an option to invest in two fund options (Trigger Fund and Smart Funds), and two plan options (Level Cover Option and Increasing Cover Option)
- SBI Life Smart Elite: SBI Life Smart Elite is a ULIP plan that offers two protection options(Gold and Platinum options). This plan has inbuilt Accidental Benefit Cover and provides limited and single premium payment options.
- SBI Life Smart Privilege: SBI Life Smart Privilege plans helps you to increase your wealth by choosing from 11 funds options with unlimited free switches. It provides dual benefits of insurance coverage and multiplies your investments.
SBI Life Saving Insurance Plans
SBI Life Insurance provides the following 6 Saving Plans:
- SBI Life Smart Platina Assure: Smart Platina Assure by SBI Life Insurance is an individual, non-linked, non-participating endowment assurance plan. This online plan assures guaranteed returns with the benefit of paying premiums for a limited term. Key features of the plan include premium payment for 6 or 7 years and choice of monthly or yearly payments.
- SBI Life New Smart Samriddhi: New Smart Samriddhi by SBI Life Insurance provides protection cover to your family in case of an unfortunate event. Furthermore, it rewards your saving habit with assured additions. Key benefits of the plan include life cover throughout the policy term and simple & swift processing.
- SBI Life Smart Future Choices: SBI Life Smart Future Choices is a with-profit endowment assurance plan. This plan by SBI Life Insurance provides insurance cover in addition to savings and income under a single plan. Prime benefits of the plan include 2 benefit options and cash bonus or defer cash bonus as per choice.
- SBI Life Shubh Nivesh: Shubh Nivesh by SBI Life Insurance is an individual, non-linked, participating life insurance savings product. This is a with-profit endowment assurance plan, key benefits of which include add-on benefit of whole life insurance and optional benefit of regular flow of income.
- SBI Life Smart Bachat: SBI Life Insurance's Smart Bachat plan is designed to safeguard your family's future and meet your investment needs in a wide manner. The major benefits of the plan include limited premium payment term and two plan options (Endowment Option & Endowment Option with in-built Accidental Death and Total Permanent Disability (AD&TPD) Benefit).
- SBI Life Smart Humsafar: SBI Life Smart Humsafar is a unique life insurance-with-saving plan. This single policy provides twin benefits of savings and insurance cover. Prime benefits of the plan include life insurance cover for spouses and premium waiver benefits.
SBI Life Insurance Retirement Plans
SBI Life Insurance offers 3 Retirement Plans as discussed below:
- SBI Life Saral Pension: SBI Life Saral Pension helps meet your post-retirement financial needs with reversionary bonuses. This plan also provides an option of life cover through SBI Life Preferred Term Rider.
- SBI Life Retire Smart: SBI Life Retirement Smart is an online plan that helps by creating a retirement corpus with the help of systematic investments during your earning years.
- SBI Life Annuity Plus: SBI Life Annuity Plus helps you achieve regular income for lifetime after your retirement through annuity. This online plan lets you choose from a range of annuity options to choose from on just a single premium payment. It comes with the option to include a family member.
SBI Life Insurance Child Plans
SBI Life Insurance offers 2 Child Plans as discussed below:
- SBI Life Smart Champ Insurance: SBI Life Smart Champ Insurance helps you secure financial protection for your family and secure your child’s educational needs. This plan offers smart benefits after the child reaches 18 years of age in four equal annual instalments.
- SBI Life Smart Scholar: SBI Life Smart Scholar provides you with dual benefits of market-linked returns and life cover for your children. It offers a choice of 9 funds options.
SBI Life Insurance Money Back Plans
SBI Life Insurance offers 3 money back plans that include:
- SBI Life Smart Money Back Gold: SBI Life Smart Money Back Gold insurance plan helps you make the most of twin benefits of life cover as well as periodic income to cater to your financial requirements at crucial points in life. The key benefits of the policy include three money back plan options and total survival benefits of 110% of sum assured.SBI Life Smart Money Planner: SBI Life Smart Money Planner plan offers the dual benefits of regular income and security for your loved ones under the same plan. The prime benefits of the plan include life cover throughout the policy term and regular income during benefit payment period.
- SBI Life Smart Income Protect: SBI Life Smart Income Protect is a traditional participating savings plan. This policy offers dual benefits of life cover and regular cash inflow over a period of 15 years. Its major benefits include uninterrupted annual income and regular simple reversionary bonuses.
Latest News on SBI Life Insurance
- SBI Life term insurance premium receipt download process is quick and easy. The policyholders can visit the official website of SBI Life Insurance and download the policy receipt online with ease. Read on to know the complete process.
- Revive your lapsed SBI term insurance policy: contact the insurer, pay overdue premiums, fulfil requirements promptly for continued coverage. Check steps Now!
- SBI Life Insurance policy renewal payments can be done in a few easy steps. You can pay premiums both online and offline. Read on to find out the process of making payments for a life insurance plan.
- SBI Life Insurance premium payment process is quick and easy. Individuals can choose to pay either online or offline at their convenience.
- The Saral Pension Plan from SBI Life allows investors to pursue hobbies and passions. Purchasing the SBI Life Saral Pension Plan can help you maintain your existing lifestyle and cover unexpected medical and family needs. The plan protects you from market
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Life Insurance News
SBI Life term insurance premium receipt download process is ...15 March 2023
Revive your lapsed SBI term insurance policy: contact the in...17 February 2023
SBI Life Insurance policy renewal payments can be done in a ...05 January 2023
SBI Life Insurance premium payment process is quick and easy...03 January 2023
The Saral Pension Plan from SBI Life allows investors to pur...28 December 2022
SBI Life Insurance User Reviews
Claim Process at SBI Life Insurance
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.
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FAQ About SBI Life Insurance
Why should I choose SBI Life Insurance?
SBI Life offers a variety of comprehensive plans that you can choose from according to your requirements and budget. SBI Life insurance has a high Claim Settlement Ratio of 94.52% FY 2019-20. The plans offered by SBI Life Insurance are affordable.
What all life insurance plans does SBI Life offer?
SBI provides Protection plans (Term plans), Online Plans, Savings Plans, Wealth Creation Plans, Retirement Plans and Child Plans.
What is the grace period of SBI Life Insurance plans?
SBI offers a 30 days grace period for the premium due date for yearly, half-yearly and quarterly mode of premium and 15 days for monthly mode of premium. The policy will not lapse during the grace period and will lapse thereafter if no premium is paid.
What factors will determine the premium of SBI Life Insurance plans?
Policyholder’s age, sum assured, gender, lifestyle, job, medical history, type of policy and tenure of the policy and Riders (if any) are some of the factors that determine the premium of SBI Life Insurance Plans.
What is the Claim settlement Ratio of SBI Life Insurance?
SBI Life Insurance has a claim settlement ratio of 94.52% for the year 2019-20.