SBI Life Insurance

Overview of SBI Life Insurance Company Ltd.

SBI Life Insurance Company Limited, established in 2001, offers a comprehensive range of insurance products, such as term insurance plans, savings plans, wealth creation with insurance, retirement plans, and child plans. With a claim settlement ratio of 99.02%, SBI Life Insurance Co Ltd. is one of India's leading and reputed life insurance companies. It offers plans that can be easily customised based on your financial needs. 

Key Highlights of SBI Life Insurance Company?

Why Should You Buy SBI Life Insurance Plans?

• Financial Security - SBILife offers death benefits to ensure the family's financial security in case of a policyholder's sudden death. The payout also covers unpaid debts or loans.

• High Claim Settlement Ratio (CSR) - SBILife's CSR is 99.02% (IRDAI Annual Report 2023-24), ensuring quick and reliable claim processing.

• Award-Winning Services – Recognized for excellence with awards like Life Insurance Company of the Year (FICCI) and Customer Orientation in Life Insurance (Outlook Money Awards).

• Affordable Plans – Get comprehensive life coverage at budget-friendly premiums without compromising benefits.

• 24/7 Customer Support – Get a well-coordinated customer care team that offers timely assistance to customers round the clock. 

• SBI Life Smart Care App – Manage your policy effortlessly with a user-friendly digital platform offering self-service options.

• Tax Benefits - SBILife Insurance Plans offer tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961. 

• Secures child's future - The payout received from SBILife Insurance plans supports your children's financial needs, such as higher education, marriage, etc. 

Types of SBI Life Insurance Plans

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

• Protection Plan 

• Savings Plan 

• Wealth Creation Plans 

• Retirement Plans 

• Child Plans 

SBI LifeProtection Plans

SBI Life Insurance Company offers Protection Plans, which are pure-term plans designed to secure your family's financial stability by providing financial coverage in case of an unforeseen event like illness, accident, or death. 

Here is a list of all SBI Term insurance plans offered under SBI Term Insurance Protection Plans. Let's discuss these plans in detail:

• SBI Life eShield Next

  SBILife – eShield Next is a flexible SBI Term insurance plan that offers life cover up to 100 years with customizable options for premium payments and additional riders.

  • Choose three plan options: Increasing, level, and level coverage with future-proofing benefits.

  • Terminal illness benefit

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

• SBI Life Saral Jeevan Bima

  SBILife—Saral Jeevan Bima is an affordable SBI term plan offering coverage with flexible premium payment options, including one-time, regular, or limited-period payments.

  • Provides security to the family at low premium rates

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

  • Hassle-free purchase with standard T&Cs

• SBI Life Smart Shield

  SBI Life – Smart Shield Premier is a offered by SBI Insurance Company. The plan offers flexible coverage options, including Level Cover and Increasing Cover, with life cover up to age 85. 

  • Low premium rates for maintaining a good lifestyle

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

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

• SBI Life Smart Shield Premier
  SBI Life – Smart Shield Premier is a flexible term insurance plan designed to provide financial protection to your family at an affordable cost. The plan also includes an optional accident benefit rider for enhanced coverage.

  • 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.

• SBI Life Smart Swadhan Neo

  SBILife—Smart Swadhan Neo is a SBI Term plan that offers protection with a return-of-premium benefit. You can choose from regular, limited, or single premium payment options, and coverage is available for a specified term. 

  • Life insurance coverage with easy issuance

  • 100% Return of Total Premiums Paid at maturity

  • Choice of Regular, Limited, or Single premium and Policy term

• SBI Life eShield Insta

  SBILife—eShield Insta is a digital SBI term plan offered by SBI Life Insurance Company. The plan offers two options: Pure Term Insurance or Term Insurance with Return of Premium. The plan provides affordable coverage and a 100% return of premiums paid upon survival until maturity.

  • Flexibility to choose Plan A (Pure Term) or Plan B (Return of Premium).

  • Get affordable life insurance with a 10-year premium term.

  • Get 100% return of premiums at maturity under Plan B.

• SBI Life Smart Swadhan Supreme

  SBILife—Smart Swadhan Supreme is a life insurance savings plan that offers life coverage at affordable premiums and a return-of-premium benefit. Provided you survive the policy term, you receive 100% of the premiums paid as a maturity benefit. 

  • Affordable life insurance coverage with flexible policy terms from 10 to 30 years.

  • Choice of premium payment options: regular or limited (7/10/15 years).

  • Enjoy maturity benefits with a 100% return of total premiums paid and an optional Accident Benefit Rider.

• SBI Life Saral Swadhan Supreme

  SBILife – Saral Swadhan Supreme offers comprehensive protection with the added benefit of a 100% return of premiums at maturity. It allows flexibility in premium payment terms and policy duration, ensuring it fits various life goals. 

  • Life insurance coverage with easy issuance and flexible premium payment options.

  • Choose a policy term between 10 to 30 years with an optional Accident Benefit Rider.

  • Get 100% of Total Premiums Paid# as a Maturity Benefit along with tax benefits

SBI Life Insurance SavingsPlan

The SBILife Insurance Savings Plan allows you to save money while being insured.

Various types of plans offered under SBI Life Insurance Corporation saving plans are mentioned below: 

• SBI Life Smart Platina Plus

  SBILife - Smart Platina Plus offers guaranteed income, flexible payout options, limited premium payment, and life insurance coverage.

  • 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

• SBI Life Smart Platina Assure

  SBILife – Smart Platina Assure offers guaranteed returns, life cover, flexible premium payment options, and guaranteed additions for financial security.

  • 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 a yearly or monthly premium payment frequency

• SBI Life New Smart Samriddhi

  SBILife – New Smart Samriddhi offers life cover, guaranteed additions (5.5% or 6%), and limited premium payments. It provides affordable security and savings with easy application and tax benefits.

  • Easy processing of the plan

  • No medical examination is required

  • Guaranteed additions at the end of each plan year

• SBI Life Smart Bachat Plus

  SBILife—Smart Bachat Plus is a life insurance plan offered by SBI Insurance Company that combines savings and financial protection. It offers flexible premium payment terms and a lump sum maturity benefit with bonuses.

  • Choose between Life (basic life cover with savings) or Life Plus (includes additional accidental coverage).

  • Receive a lump sum maturity benefit with Sum Assured + Bonuses (if declared).

  • Flexible premium payment options: pay throughout the policy term or for a limited period.

• SBI Life Smart Lifetime Saver

  SBILife - Smart Lifetime Saver offers lifetime life cover, guaranteed survival income, and optional cash bonuses. With limited premium payments, it provides financial security and tax benefits.

  • Life Cover till 100 years with Guaranteed Survival Income# after the Premium Payment Term.

  • Additional Non-Guaranteed Survival Income (Cash Bonus), if declared, starting from the 7th policy year.

  • Flexible premium payment options with choices of 10, 12, or 15 years and optional rider benefits.

• SBI Life Smart Platina 

  SBILife - Smart Platina Supreme is a life insurance savings plan offering guaranteed returns. It provides financial protection with life cover during the policy term and guaranteed income payouts during the pay-out period.

  • Life insurance covers financial protection during the Policy Term.

  • Customizable plan with flexible Premium Payment Term, Policy Term, Pay-out Period, and income frequency.

  • Guaranteed Maturity Benefit with Level/Increasing Income plus 110% of Total Premiums Paid at the end of the Pay-out Period.

SBI Life-ULIP Plans

SBILife ULIP plans to provide dual protection as they provide life cover and investment benefits within the same plan. With these plans, you won't have to worry about inflation or your family's goals. 

Here is a list of all the ULIP plans offered by SBILife to help you financially secure your family's future.

• SBI Life e-Wealth Plus

  SBILife—eWealth Plus is a SBI ULIP plan that combines life coverage with wealth creation, offering flexibility in investment strategies. It allows hassle-free online purchasing, low premiums, and partial withdrawals from the sixth policy year.

  • Life coverage with two Investment Strategies – Growth Strategy & Active Strategy.

  • Automatic Asset Allocation in Growth Strategy or self-managed fund allocation in Active Strategy.

  • Hassle-free online purchase with no Premium Allocation charges and partial withdrawals from the 6th policy year.

• SBI Life Smart Fortune Builder

  SBILife - Smart Fortune Builder is a unit-linked life insurance plan designed to help individuals build wealth through market-linked returns while offering life coverage. 

  • Flexibility to invest in 12 varied funds with switching and redirection options.

  • Life insurance coverage throughout the policy term with Guaranteed Additions.

  • Liquidity through partial withdrawals from the 6th policy year onwards.

• Smart Elite Plus Plan

  SBILife - Smart Elite Plus is a unit-linked life insurance plan offered by SBI Insurance Company for individuals seeking flexibility in wealth creation and investment management. 

  • Two protection options – Gold and Platinum, with inbuilt Accidental Benefit Cover.

  • Choose between limited or single premium payment.

  • Liquidity through partial withdrawals from the 6th policy year onwards.

• Smart Privilege Plan

  SBILife—Smart Privilege Plus is a unit-linked life insurance plan that offers protection and wealth creation. It allows you to switch between 12 diverse funds.

  • Life insurance coverage with market-linked returns and Loyalty Additions from the 6th policy year.

  • Flexible premium payment options – regular, limited, or single payment with 12 fund choices.

  • Liquidity through unlimited free switches, premium redirection, and partial withdrawals from the 6th policy year or age 18, whichever is later.

SBI Life Retirement/Pension Plans

SBI Life Insurance Company 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 SBILife:

• SBI Life Retire Smart Plus

  SBILife—Retire Smart Plus is a Unit-Linked Pension plan that helps you build a retirement corpus with market-linked returns. It offers seven fund options, loyalty, and terminal additions to boost your fund value and tax benefits. 

  • 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.

• SBI Life Saral Pension

  SBILife—Saral Pension is a single premium, immediate annuity plan offered by SBI Insurance Company that is designed for post-retirement financial independence. It provides guaranteed regular income with the option of a return of the purchase price.

  • 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

  • A loan facility is available in case of financial needs

• SBI Life Smart Annuity Plus

  SBILife—Smart Annuity Plus offers guaranteed regular income for life. You can choose between immediate or deferred annuity and joint life options to secure your loved ones. 

  • 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

SBI Life – Child Plans

SBILife 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.

• SBI Life Smart Scholar Plus

  SBILife – Smart Scholar Plus is a unit-linked child insurance plan that provides a lump sum payout, premium waiver on death, and loyalty additions. It offers 10 fund options and partial withdrawals from the 6th year.

  • Life insurance coverage with market-linked returns and Loyalty Additions from the 6th policy year onwards.

  • Flexible premium payment options – choose from regular, limited, or single premium payment with 10 fund choices.

  • Liquidity through unlimited free switches, premium redirection, and partial withdrawals from the 6th policy year or age 18, whichever is later.

How to File a Claim with SBI Life Insurance Plan?

SBILife Insurance offers a quick and hassle-free claim settlement process in just 3 simple steps:

Step 1: Claim Intimation

The policyholder should inform the insurance company about the claim by filling out an online application form on SBILife Insurance's official website. Policyholders can also submit the intimation letter by visiting SBI ‘s nearest branch. 

Step 2: Document Submission

Submit the filled claim form along with the required documents.

Step 3: Claim Decision & Settlement

SBILife will assess the claim based on submitted documents. Once approved, the claim amount will be transferred to the registered bank account as per policy terms. You can follow the below-mentioned steps to fill your claim settlement online: 

Step 1: Visit the official website of SBI Life Insurance Company

Step 2: Choose ‘Services - Existing Customers’ 

Step 3: Then select ‘Maturity and Claims’

Step 4: Submit details like DOB, policy number, and claim type

Step 5: Once the details are verified, your claim form will be accepted, and the sum of money will be submitted to your registered bank.

You can also file the claim offline: 

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.

Documents Required for SBI Life Insurance Claim

*These documents are required only in case of unnatural death (Suicide/Murder/Accident) 

**Death certificate can be attested by Bank manager, SBILife officer, Magistrate, Gazetted Officer, and Headmaster of high school. 

Where to File SBI Claims Offline and Online? 

By Post: 

Send the filled application form along with the requested supporting documents to the address: 

SBI Life Insurance Co. Ltd,

8th level Seawoods Grand Central, Tower 2,

Sector 40, plot No.R-1, Seawoods, Nerul,

Navi Mumbai- 400706.

At SBILife Insurance Nearest Branch 

Submit the filled application form with all the requested documents to your nearest SBILife Insurance branch. You can find the SBI Life Branch near me, and file offiline claim.

 Email 

Contact for death claim: claims @sbilife.co.in 

How to Avoid SBI Life Insurance Claim Rejection?

To ensure your SBILife Insurance claim gets approved without issues, follow these simple tips:

✔ Provide Accurate Information: Always give correct details about your health, lifestyle, and personal information while buying the policy. False or incomplete details can lead to claim rejection by SBI Insurance Company.

✔ File Claims on Time: Inform SBILife about the claim immediately. Delays in claim submission may raise doubts and result in rejection.

✔ Pay Premiums on Time: Keep your policy active by paying premiums regularly. A lapsed policy due to missed payments can lead to claim denial by SBI Insurance Company Limited.

How To Buy SBI Life Insurance Plans Online From Policybazaar?

You can buy term plan insurance online by following the below-mentioned steps:

• Step 1: Visit Policybazaar and go to ‘SBILife insurance’ plan

• Step 2: Enter your name, gender, contact number, and date of birth

• Step 3: Fill in your smoking habits, educational qualifications, occupation type, and annual income

• Step 4: Select the most suitable SBI Policy and proceed to pay.

• Step 5: Once the first premium is paid, SBILife Insurance will verify your policy form and will issue your policy.

What Documents Are Required To Buy SBI Life Insurance Plans?

The following documents are required to be submitted while purchasing SBILife Insurance policy:

• ID Proof: PAN Card, Passport, Driving License, Voter ID, Job card allotted by NREGA and completely signed by the State Government

• 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.

How To Contact SBI Life Insurance Customer Care?

Below is the SBILife Insurance Customer Care Number: 

**You can also locate the nearest SBI branch by clicking on the SBI Branch Locator and selecting the state and city to select the SBILife Insurance near me

What are the Steps to Register on the SBI Life Insurance Login Portal? 

Step 1: Visit the SBI Life Official website 

Step 2: Go to the SBILife Insurance ‘Login’ tab and choose ‘Customer’ from the drop-down menu. 

Step 3: You will then be redirected to the Smart Care Portal. In the New User section, enter your customer ID, policy number, email ID, and date of birth. Click Submit. 

Step 4: The SBI life policy login credentials will be shared with your registered email ID.

How to Check SBI Life Insurance Policy Status? 

To check the SBILife Insurance Policy Status online, follow the below-mentioned steps: 

Step 1: Visit SBI Life Insurance's official website 

Step 2: Log in to your SBILife account. 

Step 3: Enter your policy number and registered mobile number or password. 

Step 4: Click on ‘MY POLICY’ 

Step 5: Get all the SBILife policy details 

How Can I Make SBI Life Insurance Online Premium Payment? 

There are several options to pay online and offline regarding SBI Life Insurance premium payment. Now with the availability of online platforms, you don't have to visit your bank or the insurer's nearest branch. Let’s see how to pay SBIlLife insurance premiums: 

• Internet Banking: Net banking is a convenient way to pay your insurance premium online. If you have an account with SBI or its partner banks, follow these steps to make a payment:

  Step 1: Add SBI Life as a biller.

  Step 2: Provide your policy number and personal details.

  Step 3: Your details will be verified, and the service will be activated on your account.

  Step 4: Once activated, you can view your premium bill and its due date. You can choose to pay immediately or schedule the payment through internet banking.

• SBILife Website: Paying your insurance premium online is quick and easy via the SBILife website:

  Step 1: Visit the official website and navigate to the premium payment section.

  Step 2: Enter your policy number and personal details.

  Step 3: Select your preferred payment mode and complete the transaction once your details are verified.

• VISA Credit Cards: This is the quickest way of paying your insurance premium online. The procedure is as follows.

  Step 1: Select Billdesk as your payment gateway

  Step 2: Select the 'Pay through credit card' option

  Step 3: Click on 'One Time Payment + Standing Instruction.'

  Step 4: The standing instructions will be activated in 3-4 working days. You will be directly billed to your credit card from the next premium date. 

• Mobile App: A mobile application lets you easily pay your SBILife insurance premiums online.

  Step 1: Download the SBILife Easy Access app on your mobile device.

  Step 2: Select the "Renewal Premium Payment" option after registration.

  Step 3: Enter your policy number and the required personal details.

  Step 4 : Choose your preferred payment method and complete the payment.

• Mobile Wallets: SBILife insurance premiums can be paid online using popular mobile wallets like SBI Buddy, Jio Money Wallet, or Paytm. The payment process is similar across these platforms:

  Step 1: Download and install any supported mobile wallet.

  Step 2: If you are a new user, create a profile.

  Step 3: Select the option to pay insurance premiums.

  Step 4: Choose SBILife Insurance from the list.

  Step 5: Enter your policy number and personal information.

  Step 6: Once your details are verified, you can pay using any payment method supported by the wallet.

FAQs