SBI Life Insurance Plans

Why Should You Buy the SBI Life Insurance Plans?

Here are some reasons why it's a good idea to choose the SBI Life Insurance Plan:

• Family's financial security: In case of an unfortunate event, the SBI Life Plans will pay the death benefit to the family to help them take care of their financial needs in your absence.

• Repaying loans or debts: If you have outstanding loans or debts, your family may be burdened with the repayment of loans in your absence. The payout received from the SBI life insurance plan, like term plans, can help your family take care of remaining loans and debts.

• Secure child’s future: With the SBI Life plan, you can protect your children's future. The payout can help your children fund their financial needs like a business, higher education, or wedding.

• Retirement security: After working hard for many years, you deserve a stress-free and protected life during your retirement. The SBI Life insurance plan ensures financial stability even after the end of your income-earning years.

• Savings Plans: Plans like SBI Life Smart Swadhan Plus ensure you receive protection and a savings facility. With the maturity benefits provided once you outlive your policy term, you can have a great savings option while you protect your loved ones.

• Tax benefits: The SBI Life Insurance Plans offer life insurance tax benefits under Sections 80C and 10(10D) of the Income Tax Act. This means you can save on your taxes while securing your family's financial future.

So, considering these reasons, it's a good idea to consider choosing the SBI Life Insurance Plan.

What Are The SBI Life Insurance Plans in India?

Below mentioned are the SBI Life Insurance plans in India 2024:

* You can use a life insurance premium calculator that can help you estimate the premiums you need to pay for the desired life cover.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply

1. SBI Life eShield Next

   SBI Life eShield Next is an SBI term insurance plan for individuals who want to ensure financial protection for their families at affordable rates. Below are some key benefits of the SBI Life eShield Next plan.

   • The plan offers 3 plan options:

     • Level Cover

     • Increasing Cover

     • Level Cover with Future Proofing Benefits

   • You can customize the plan to meet your financial needs by choosing the Death Benefit payment mode and Better Half Benefit option

   • The plan has an inbuilt terminal illness cover under all plan options

   • You can choose from 2 riders: Accidental Death benefit rider and Accidental Total Permanent Disability rider

   • Tax Benefits under Section 80C and 10(10D) are also available under this plan.

2. SBI Life – Smart Swadhan Plus

   The SBI Life Smart Swadhan Plus is a term insurance product designed for individual policyholders, which does not have any investment or participation features. It offers a unique Return of Premium benefit, ensuring that if the policy remains active until maturity, you will receive a refund of the total premiums paid. This product effectively combines your insurance needs with the advantage of receiving your premium payments at the end of the policy term. Below mentioned are the key benefits of the Smart Swadhan Plus plan:

   • The SBI Smart Swadhan Plus Term Plan offers a unique combination of protection and a total refund of premiums if you survive the policy term.

   • This plan offers zero waiting period and the life cover benefit will be the same all throughout the policy term. 

   • You can enjoy reduced premium rates if you opt for a higher sum assured. 

   • You can choose to surrender the SP policies while the policy is active. However, in the case of RP and LPPT Policies, the policy will be able to acquire the benefits of paid-up/surrender value only if the premiums are paid for at least 2 years consecutively.

3. SBI Life Smart Elite 

   SBI Life Smart Elite is a Unit-linked life insurance plan that offers protection and life insurance coverage for the entire policy term. This plan is best suited for high-net-worth individuals. Below mentioned are some key benefits of this plan:

   • The plan has two protection options: gold and platinum death benefit options

   • You get an inbuilt accidental death benefit and accidental total permanent disability rider

   • The plan does not charge any premium allocation charges from the 6th policy year

   • You can choose to invest in a wide range of fund options for customized returns

   • Claim tax benefits as per the prevailing tas laws of the Income Tax Act, 1961

4. SBI Life Shubh Nivesh

   SBI Life Shubh Nivesh is an endowment savings plan that offers the option of converting the policy to a whole life insurance plan. Let us take a look at some of the benefits of this plan:

   • The plan offers security, wealth creation, and regular flow of income for your family

   • You get two plan options: Endowment option and Endowment with Whole life option 

   • Choose to pay the premiums in single or regular premium payments

   • In the endowment + whole life options, on the maturity of the policy, if the policyholder dies, an additional sum assured is provided

   • Choose to receive the base sum assured at regular intervals of 5, 10, 15, or 20 years

   *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

5. SBI Life Smart Champ Insurance

   SBI Life Smart Champ Insurance is a child insurance plan designed to fit the needs of parents and help them secure their child’s financial future in the event of your untimely demise. Below mentioned are some key benefits of this plan: 

   • The plan provides triple protection in the form of immediate payment, waiver of due premiums, and smart benefits

   • Choose to pay the premiums in a single go or pay for the limited premium pay term

   • The policy provides Guaranteed Smart Benefits for the child from the age of 18 to 21 years

   • Terminal bonus will be paid along with the smart benefits as per their declarations

   • The policy participates in profits and thus you will be entitled to receive all the declared bonuses

How To Buy the SBI Life Insurance Plans From Policybazaar?

Here is the step-by-step process to purchase the SBI Life Insurance policy from Policybazaar:

Step 1: Visit the Life Insurance Page of Policybazaar.

Step 2: Choose the ‘Term Insurance’ or ‘Investment Plans’ option as per your needs.

Step 3: Enter your name, gender, and also provide your date of birth, and contact number.

Step 4: Provide additional information such as your annual income, type of occupation, educational qualification, tobacco consumption habits, and your pincode.

Step 5: Choose the SBI life insurance plan from the available options

Step 6: Proceed to the pay using your preferred payment method.

Wrapping It Up!

SBI Life insurance plans are an excellent choice for individuals due to their trusted reputation, flexible options and benefits. With a wide range of coverage options, the SBI Life Insurance policy caters to the various needs of people. They prioritize customer satisfaction, ensuring prompt claim settlements and providing innovative features. Their commitment to transparency and stability makes them a reliable option for those seeking financial security. You can buy the SBI Life Insurance plans very easily from Policybazaar’s website and be financially secured in the long run.

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