SBI Life Insurance

Let’s check out the various plans and their benefits offered by SBI Life Insurance.

SBI Life Insurance Company – An Overview

SBI Life Insurance is one of India’s leading and most trusted life insurance providers, serving millions of families since 2001. The company offers a wide range of products, including term plans, savings, health, pension, and child insurance solutions, designed to meet the unique needs of individuals and groups. With a strong focus on customer satisfaction, hassle-free claim settlement, and digital innovation, SBI Life ensures financial security and peace of mind for its customers, empowering them to achieve their life goals confidently.

Key Highlights of SBI Life Insurance Company?

Benefits of SBI Life Insurance

The following are the benefits offered by SBI Life Insurance:

1. Wide Range of Plans:

   SBI Life Insurance offers a variety of plans, including Unit-Linked Savings, Term Life Insurance, Retirement, Investment, Child, and Money-Back plans. You can choose a plan that matches your insurance needs and budgets, ensuring complete financial security for you and your loved ones.

2. Easy Online Buying:

   With SBI Life, you can buy life insurance plans online quickly and hassle-free. Each policy is unique and offers flexible options to suit individual requirements, making it convenient to find the right plan.

3. High Claim Settlement Ratio (CSR):

   SBI Life boasts an impressive CSR of 99.02% (IRDAI Annual Report 2023-24), reflecting its reliability in settling claims promptly and efficiently. A higher CSR ensures peace of mind for policyholders.

4. Award-Winning Services:

   SBI Life has received numerous awards, including Life Insurance Company of the Year 2019 (FICCI), Customer Orientation in Life Insurance 2021 (Outlook Money Awards), and the India CSR Leadership Award 2024. These awards highlight its commitment to quality service.

5. Affordable Plans:

   SBI Life offers cost-effective life insurance plans, providing comprehensive coverage at affordable premiums. With flexible options, these plans are designed to fit various budgets without compromising benefits.

6. Exceptional Customer Support:

   SBI Life values its customers and offers 24/7 customer support through its website and toll-free helpline. The dedicated customer care team ensures all your queries are resolved efficiently.

7. SBI Life Smart Care App:

   Enhance your digital experience with the SBI Life Smart Care App, a user-friendly policy management platform. It offers self-service options, allowing you to transact seamlessly with just one click.

Types of SBI Life Insurance Plans

SBI Life Insurance offers a variety of insurance products to help customers get coverage that fits their needs. Below mentioned are the plans offered by SBI life insurance plans:

SBI Life Insurance Individual Plans

SBI Life-Protection Plans

SBI Life Insurance Protection Plan are term plans that help you protect your loved ones by providing them with comprehensive coverage. It secures your family members and helps them fulfill their life-long dreams by offering financial support to your family in your absence.

Here is a list of all the SBI Term Insurance Plans offered by SBI Life Insurance

1. SBI Life Arogya Shield

   • Get pure term and health cover under one plan

   • The plan is available at affordable premiums

   • Get pre and post-hospitalisation cover with 141 day care procedures cover

   • Avail tax benefits as per the prevailing tax laws

2. SBI Life - eShield Next

   • Choice of three plan options: Increasing cover, level cover, and level cover with future-proofing benefit.

   • Terminal illness benefit

   • Pay premium one time, for a limited time or complete policy term

   • Availability of riders

3. SBI Life Saral Jeevan Bima

   • Provides security to the family at low premium rates

   • Flexibility of paying premium one time or for a limited time (5 or 10 years)

   • Hassle-free purchase with standard T&Cs

4. SBI Life – Sampoorna Cancer Suraksha

   • Easy issuance with no medical examination

   • Premiums are fixed for five years of policy

   • Premium waiver benefit in-built

   • Opt for medical 2nd opinion

5. SBI Life Smart Shield

   • Low premium rates for maintaining a good lifestyle

   • 2 plan options to provide you full freedom from loans, liabilities

   • Rebates on the large sum assured

   • Customize your cover by choosing from a comprehensive range of extra benefits like Accidental total and permanent disability benefit rider.

6. SBI Life Smart Shield Premier

   • Choose your policy term with coverage available up to the age of 85 years.

   • Flexibility to pay premiums throughout your policy term or for a limited period.

   • Select between Level Cover or Increasing Cover to best suit your protection needs.

   • Add optional riders for additional coverage and protection.

7. SBI Life Grameen Bima

   • Protection at affordable premium rates

   • Instant processing with no medical examination

   • Option of paying a single premium

   • Protection at low premium rates

SBI Life Insurance- Traditional Plan

SBI Life Insurance Savings Plan helps fulfill the need of both protection and saving under one umbrella. It helps you secure your short-term and long-term goals financially. This policy allows customers to plan for any unforeseen event in the future and have a source of regular income.

Various types of Insurance saving plans in SBI Life insurance are

1. SBI Life-Smart Platina Plus

   • Choice of 2 income plan options to suit your financial requirements – Life income & Guaranteed Income

   • Flexibility to choose the payout time to match your life objectives

   • Option to alter the frequency of income payout before payout period

   • Limited premium payment option of 7, 8 & 10 years

   • Get tax benefits as per the prevailing laws of Income Tax Act, 1961.

2. SBI Life- Smart Platina Assure

   • Get life coverage along with guaranteed returns.

   • Pay for 6/7 years and enjoy the benefit throughout the policy tenure of 12/15 years respectively.

   • Option to select yearly or monthly premium payment frequency

   • Get tax benefits as per ITA, 1961

3. SBI Life – New Smart Samriddhi

   • Easy processing of the plan

   • No medical examination is required

   • Guaranteed additions at the end of each plan year

   • Pay for 6 or 7 years and enjoy the benefit throughout the policy term of 12 or 15 years, respectively.

4. SBI Life – Smart Future Choices

   • Select the policy term, premium amount, and premium payment term as per your convenience.

   • Choose the benefit as per your requirement: Flexi Choice or Classic Choice

   • Option to opt for a cash bonus

   • Enjoy survival benefits or a lump sum benefit on the basis of the option chosen

   • Get maturity benefit as lump sum

5. SBI Life – Shubh Nivesh

   • Option to avail whole life insurance as an additional benefit

   • Choose single or regular premium payment

   • Rider benefit at low-cost

   • Option to receive sum assured amount at regular intervals over a time of 5,10,15, 20 years

6. SBI Life – Smart Bachat

   • Choose from 2 options as per insurance needs: Option A: Endowment Option, and Option B: Endowment Option along with AD&TPD benefit.

   • Choose premium payment term and policy term as per your financial goals

   • Premium waiver benefit in case of Total and Permanent disability because of accident

7. SBI Life- Smart Hamsafar

   • Joint life insurance and savings plan in which you can take life cover for yourself and your partner under a single plan.

   • Guaranteed bonus for 1st three years of 2.5% of the sum assured

   • Premium waiver benefit

   • Rider benefit at low-cost

8. SBI Life – Smart Swadhan Plus

   • Dual benefits of protection and 100% Return of premiums

   • Pay premium amounts through a one-time payment or for a limited time i.e., 5/10/15 years or throughout the policy tenure.

   • Select policy term from 10 to 30 years

   • Rebates on high sum assured

9. SBI Life – Saral Swadhan +

   • Protection at low premium rates

   • You will receive guaranteed benefits at maturity of 100/115% of the full premium paid based on the policy term

   • Easy buying process

SBI Life-ULIP Plans

SBI Life ULIP plans provide dual protection as they provide life cover and investment benefits within the same plan. With these plans in place, you won't have to worry about inflation or your family’s goals. Here is a list of all the ULIP plans offered by SBI Life to help you financially secure your family’s future.

1. SBI Life - e-Wealth Insurance

   • Dual benefits of life cover and market-linked returns

   • Choice of 2 plan options: Growth and Balanced

   • Premiums starts at Rs. 2000/-

   • Liquidity by partial withdrawals from sixth policy year onwards

   • No premium allocation values, thus enhancing your fund amount

2. SBI Life – Smart InsureWealth Plus

   • Easy insurance on a monthly basis that helps achieve your dreams

   • Option of 3 investment strategies to suit your requirements

   • Choice of 9 fund options

   • Partial withdrawal from 6th year of policy

   • Systematic withdrawal on a monthly basis to help in regular payouts, provided the plan in force.

3. Saral InsureWealth Plus

   • Choice of 8 fund options

   • Partial withdrawal option from 6th year of policy

   • Choice of 8 fund options

   • Easy insurance on a monthly basis to help achieve goals

4. Smart Wealth Builder

   • No plan administrative charges for 1st five years for limited and regular premium payment term plans.

   • 11 different fund options to enhance investment opportunity

   • Life insurance coverage throughout the policy tenure

   • No premium allocation charges from 11th year

5. Smart Wealth Assure

   • Option to select from a number of funds offering market-linked returns

   • Pay only one time and receive the benefits all over the policy tenure

   • Liquidity by partial withdrawal after 5th year of policy

   • Customize the plan with accidental death benefit option

6. Smart Power Insurance

   • Choose from 2 plan options: Level cover and increasing cover

   • Enhance the policy benefits through accelerated total and permanent disability benefit

   • Flexibility through two switches

   • Liquidity option through partial withdrawals

7. Smart Elite Plan

   • Pay premiums for 7/10/12 years or single premium payment, as per your preference and enjoy the plan benefits throughout the selected policy tenure

   • Premium allocation charges are not available from 6th year of the policy, thus increasing the fund value

   • 2 options of protection are available: Gold and Platinum

   • Facility of switching and redirection to suit your investment needs

   • Get tax benefits

8. Smart Privilege Plan

   • Flexibility of paying premiums throughout the policy tenure or for a limited time or through a single premium payment

   • No plan administrative charges throughout the policy tenure

   • Flexibility of choosing 11 funds

   • Facility of unlimited free switches

   • Get tax benefits

SBI Life Retirement/Pension Plans

SBI Life Insurance offers Pension plans to secure financial independence even after retirement. With these plans, you can fulfill your retirement goals even after losing monthly income. Below is the list of all pension plans offered by SBI Life:

1. SBI Life – Retire Smart Plus

   • Option of 7 different funds according to your risk appetite

   • Retirement corpus through maturity benefit

   • Flexibility in paying premiums such as single, regular, or limited.

   • Unlimited free switches are available during the plan term

   • Free redirection of premium is available from 2nd year of policy

2. SBI Life – Retire Smart Plan

   • Get terminal additions (1.5% of fund value) at vesting or maturity date.

   • Option to pay a single, regular premium or for a limited time

   • Option to postpone your maturity age through deferment.

3. SBI Life – Saral Retirement Saver

   • Guaranteed bonus for 1st five years of policy

   • Additional life cover option through Preferred term rider

   • Get tax benefits

4. SBI Life – Saral Pension

   • Get security for your retirement years using a standard immediate annuity plan

   • Choose from the available return of premium options: Joint life or single life annuity

   • Loan facility is available in case of financial needs

   • Surrender facility is available in case of diagnosis of mentioned critical illnesses

5. SBI Life – Smart Annuity Plus

   • Flexibility to select from the comprehensive range of annuity options

   • Option to get immediate or deferred annuity

   • Option to select the frequency of annuity payouts

   • Higher annuity rates for larger premium rates

SBI Life – Child Plans

SBI Life Child Plans can help you secure your child’s dreams and aspirations. The funds received from these plans can be used to pay for their higher education or milestone events like marriage. Here is a list of all the child plans available under SBI Life Insurance Company.

1. SBI Life- Smart Champ Insurance

   • Guaranteed smart benefits paid in 4 equal installments

   • Option to pay single or limited premium

   • Option to get discounted rates of the future due installments

2. SBI Life-Smart Scholar

   • Double protection for the future of your child: lump sum payment and in-built premium waiver benefit

   • Flexible options to meet your altering needs

   • Liquidity option through partial withdrawal

What Are the Policy Details of SBI Life Insurance?

Below are the SBI Life Insurance Policy Details you need to know before purchasing a life insurance plan from SBI.

• Free Look Period: SBI Life Insurance offers a free look period of 15 days for offline policies and 30 days for online policies. During this time, policyholders can review the terms and conditions and return or cancel the policy if dissatisfied.

• Add-On Riders: Various riders can be added to the base plan for increased coverage, including critical illness benefits, accidental death benefits, permanent or partial disability benefits, income replacement benefit, and premium waivers.

• Premium Payment Tenure: Customers can choose between single premium payment, regular premiums payable throughout the policy term, or limited premiums payable for a set period.

• Premium Payment Frequency: Premium payment frequency is flexible, allowing policyholders to pay monthly, quarterly, bi-annually, or annually.

• Grace Period: SBI Life Insurance grants a grace period to the policyholder in case they miss the premium due date. The grace period is generally 15 days for monthly premiums and 30 days for other frequencies.

How to Process SBI Life Insurance Claims?

SBI Term Life Insurance has a quick and hassle-free claim settlement process. Below mentioned are the 3 simple steps of the SBI Life claim settlement process:

Step 1: Claim Intimation

To inform the insurer about the claim, the policyholder can file the claim online on the official website of SBI Life Insurance. Also, the policyholder can submit the filled claim application along with the required documents at the nearest branch office of SBI Life Insurance.

Step 2: Submission of Documents

The policyholder needs to submit the relevant documents to the nearest SBI office branch or on the online portal. Moreover, they can also request additional documents for checking the permissibility of the claim. In such scenarios, you will have to submit all the requested documents on time.

Step 3: Claim Decision and Settlement

Claims are then assessed based on the documents that the policyholder or his/her family members have submitted.

Once a claim decision and settlement are made, the amount will be paid as per the T&Cs of the policy. In case of any query, the company claim assistance team will guide you thoroughly through the SBI Life Insurance claim settlement procedure.

Online Claim Settlement Procedure of SBI Term Life Insurance

• Step 1: Visit the SBI Insurance Company’s official website

• Step 2: Click on ‘Services - Existing Customers’

• Step 3: Then, hit on ‘Maturity and Claims’

• Step 4: Submit some basic details like DOB, policy number, and claim type. And then enter the details on the captcha image to finish the entire procedure.

• Step 5: Click on Submit

• Step 6: Then, the details will be verified and if those details were found right, your claim form will be accepted and the sum of money will be submitted to your registered bank.

Offline Claim Settlement Procedure of SBI Term Life Insurance

Visit the nearby branch of SBI Insurance Company Ltd. with appropriate documentation and the duly filled claim form. Submit the documents. If the provided documents and information are all correct, the insurance company will deposit the claim amount to your registered bank.

How to Avoid SBI Life Insurance Claim Rejection?

Here are some tips to make sure your life insurance claim doesn't get rejected:

• Provide Accurate Information: Be honest and thorough when disclosing your health, lifestyle habits, and personal details during the application process. Any inaccuracies could lead to claim rejection.

• Promptly File Claims: In case of a claim, notify your insurance provider immediately. Delays in filing could raise suspicions and lead to rejection.

• Timely Premium Payments: Stay up-to-date with premium payments to keep your policy active. Failure to pay premiums could result in the policy lapsing, leading to claim denial.

SBI Life Insurance Claim Settlement Ratio of Last 5 years

Here is the Claim Settlement Ratio (CSR) of SBI Life Insurance for the last 5 years:

What Documents Are Required To Buy SBI Life Insurance Plans?

Following documents are required to be submitted to the insurance company while purchasing SBI Life Insurance

1. ID Proof

   • PAN Card

   • Passport

   • Driving License

   • Voter ID

   • Job card allotted by NREGA and completely signed by the State Government

   • The letter allotted by (UIAI) the Unique Identification Authority of India and the National Population Register contains information like the address, name, and Aadhar number of the person.

2. Residential Proof

   • Property tax or Municipal receipt

   • Utility Bills (less than 2 months) such as water, piped gas, post-paid mobile phone bill, electricity bill

   • Bank account or Post office savings statement

   • Allotment letter of accommodation from employer issued by a state or Central Government Statutory or Regulatory bodies.

   • Orders of Pension payment or family pensions allotted to retired persons by the Government Departments or Public Sector Undertakings, providing they contain the individual’s current address.

How To Check SBI Life Insurance Policy Status?

Here are the steps to check SBI Life Insurance Policy Status:

Step 1: Visit the SBI Life Insurance Registration/Login portal

Step 2: Enter the policy number, date of birth, and customer ID

Step 3: After entering the login ID and password, the policyholder will have to enter the policy details like customer ID, policy number and date of birth.

Step 4: Once the insured enters all the required details, he/she will be redirected to the other page where they will have to choose the option to view enroll policies.

Step 5: Once the insured clicks on the option to view enrolled policies, the page will display all the policy details like enrollment date, vested bonus, and premium amount.

Step 6: The insured can check the SBI Life Insurance Plan status by clicking on the policy number.

*Note: The term insurance premium calculator makes it easy to calculate the premium amount of your selected term plan.

How To Contact SBI Life Insurance?

Call us at toll-free number 1800 267 9090
Email at info@sbilife.co.in
SMS LIBERATE on 56161
You can also locate the nearest SBI branch by clicking on the SBI Branch Locator and then selecting the state and city.

SBI Life Insurance — Recent Stock Updates

As of December 18, 2024, SBI Life Insurance Company Limited's stock is trading at ₹1,398.00. The company's market capitalization stands at ₹150,848 crore. In the second quarter ending September 30, 2024, SBI Life reported a nearly 40% year-on-year increase in profit, reaching ₹5.29 billion, up from ₹3.8 billion in the same period last year. This significant growth was primarily driven by higher investment income, which more than doubled to ₹197.53 billion, and a steady demand for insurance products.

FAQs