SBI life insurance

  SBI Life Insurance Company, one of the leading life insurance companies in India was founded in 2000. It is a collaborative scheme between SBI, State Bank of India, the biggest financial service supplier, and the state -& BNP Paribas Cardiff, a French monetary service supplier. Serving millions of Indian families across the country, the diverse range of insurance products of SBI Life caters to individuals through pension, protection, health, and savings solutions. 

With a CSR of 93.09%, SBI Life tries to make insurance available to all, with its comprehensive presence across India through its 990 offices and 19,599 employees.

Benefits of SBI Life Insurance

Following are the benefits offered by SBI Life Insurance:

A comprehensive range of plans

SBI offers a comprehensive range of Unit-Liked Savings, Term insurance, Retirement, Investment, child, and money-back plans. You can select the plan that fits your budget and requirements.

Buy plans online

SBI Life provides online life insurance plans that help in the quick and hassle-free buying process. Every policy differs from the other and comes with various options that can fit your budget and needs.

High Claim Settlement Ratio

SBI Life Insurance has a claim settlement ratio (CSR) of 93.09% as per the IRDAI Annual Report 2020-21. CSR is the percentage of the total claims settled by the number of received claims by the insurer. The higher the CSR, the more reliable the insurance company is.

Award-Winning Insurance Service Provider

SBI Life Insurance has been awarded ‘Life Insurance company of the year 2019’ by the FICCI (Federation of Indian Chambers of Commerce. It has also been awarded Customer Orientation in Life Insurance at the 20th outlook money awards 2021. The company has also won the GPNTA (Golden Peacock National Training Award) by Golden Peacock awards 2021.

Cost-effective plans

SBI Life offers comprehensive life coverage on the payment at a low premium rate. Some plans provide various options at a very affordable rate.

Good Customer Service

SBI Life Insurance, one of the leading insurers, provide plans at affordable premium rates. The insurer values its clients and offers good customer service. The customer care staff is available 24X7 on their official website and you can contact them on their toll-free number to resolve their queries.

Types of SBI Life Insurance Plans

SBI Life has an extensive range of insurance products to fulfill the needs of its customers. Following are the different plans provided by the insurer:

1. Individual Plans
2. Group Plans

SBI Life Insurance Individual Plans

The SBI Life Insurance individual plans are designed to cater to the needs of the individual customer in every walk of life. The variants of Individual Plans are

1. Savings Plans
2. Protection Plans
3. ULIP Plans
4. Retirement/Pension Plans
5. Child Plans
6. Money Back/Income Plans
7. Combo Plans

SBI Life Insurance- Savings 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

SBI Life-Smart Platina Plus

1. Choice of 2 income plan options to suit your financial requirements – Life income & Guaranteed Income
2. Flexibility to choose the payout time to match your life objectives
3. Option to alter the frequency of income payout before payout period
4. Limited premium payment option of 7, 8 & 10 years
5. Get tax benefits as per the prevailing laws of Income Tax Act, 1961.

SBI Life- Smart Platina Assure

1. Get life coverage along with guaranteed returns
2. Pay for 6/7 years and enjoy the benefit throughout the policy tenure of 12/15 years respectively.
3. Option to select yearly or monthly premium payment frequency
4. Get tax benefits as per ITA, 1961

SBI Life – New Smart Samriddhi

1. Easy processing of plan
2. No medical examination required
3. Guaranteed additions at the end of each plan year
4. Pay for 6 or 7 years and enjoy the benefit throughout the policy term of 12 or 15 years respectively.

SBI Life – Smart Future Choices

1. Select the policy term, premium amount, and premium payment term as per your convenience
2. Choose benefit as per your requirement: Flexi Choice or Classic Choice
3. Option to opt for cash bonus
4. Enjoy survival benefits or a lump sum benefit on the basis of the option chosen
5. Get maturity benefit as lump sum

SBI Life – Shubh Nivesh

1. Option to avail whole life insurance as an additional benefit
2. Choose single or regular premium payment
3. Rider benefit at low-cost
4. Option to receive sum assured amount at regular intervals over a time of 5,10,15, 20 years

SBI Life – Smart Bachat

1. Choose from 2 options as per insurance needs: Option A: Endowment Option, and Option B: Endowment Option along with AD&TPD benefit.
2. Choose premium payment term and policy term as per your financial goals
3. Premium waiver benefit in case of Total and Permanent disability because of accident

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.

1. Guaranteed bonus for 1st three years of 2.5% of the sum assured
2. Premium waiver benefit
3. Rider benefit at low-cost

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
• 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 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

SBI Life Arogya Shield

1. Low premium rates
2. Individual pure term life cover under a single policy
3. Tax benefits
4. SBI Life - eShield Next
5. Choice of three plan options: Increasing cover, level cover, and level cover with future-proofing benefit.
6. Terminal illness benefit
7. Pay premium one time, for a limited time or complete policy term
8. Availability of riders

SBI Life Saral Jeevan Bima

1. Provides security to the family at low premium rates
2. Flexibility of paying premium one time or for a limited time (5 or 10 years)
3. Hassle-free purchase with standard T&Cs
4. SBI Life – Sampoorna Cancer Suraksha
5. Easy issuance with no medical examination
6. Premiums are fixed for five years of policy
7. Premium waiver benefit in-built
8. Opt for medical 2nd opinion

SBI Life Smart Shield

1. Low premium rates for maintaining a good lifestyle
2. 2 plan options to provide you full freedom from loans, liabilities
3. Rebates on the large sum assured
4. Customize your cover by choosing from a comprehensive range of extra benefits like Accidental total and permanent disability benefit rider.
5. SBI Life Grameen Bima
6. Protection at affordable premium rates
7. Instant processing with no medical examination
8. Option of paying a single premium
9. Protection at low premium rates

SBI Life ULIP Plans

SBI Life ULIP plans provide dual protection as they provide life cover as well as 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 that can help you financially secure your family’s future.

SBI Life - e-Wealth Insurance

1. Dual benefits of life cover and market-linked returns
2. Choice of 2 plan options: Growth and Balanced
3. Premiums starts at Rs. 2000/-
4. Liquidity by partial withdrawals from sixth policy year onwards
5. No premium allocation values, thus enhancing your fund amount

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.

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

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

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

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

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

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

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

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.

SBI Life – Saral Retirement Saver

• Guaranteed bonus for 1st five years of policy
• Additional life cover option through Preferred term rider
• Get tax benefits

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

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.

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

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

SBI Group Insurance Plans

The SBI Life Insurance Group plans are created to cover and protect the individuals working under an organization. Let us see the types of Group plans available under SBI Life Insurance Company.

SBI Life – Corporate Plans

SBI Life Corporate Plans allow a company to cover its employees under the same plan. These plans provide the same level of coverage to everyone, irrespective of gender, age, occupation, or socioeconomic situation. Let us take a look at all the corporate solutions offered by SBI Life Insurance Company.

SBI Life – Kalyan ULIP Plans

• Different annuity options are available
• Option to select the premium payment mode
• Discounts on higher purchase rate

SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana

• Protection at affordable rates
• Fast processing of application
• No medical examination needed
• Enrolment based on a simple proposal form.

SBI Life – CapAssure Gold

• This plan covers the below group schemes:
• Gratuity
• Superannuation schemes
• Leave Encashment schemes
• Post-retirement Medical benefit schemes
• Other schemes
• Get tax benefits

SBI Life- Sampoorn Suraksha

• Comprehensive benefits package to an employee that is customized to offer coverage against death
• Flexible premium payment options
• Premium amounts are tax deductible as business expenditure
• Riders at affordable premium rates
• Easy to install

SBI Life- Swarna Jeevan Plus

• Good annuity rates because of group effect
• Different annuity options are available
• Options to choose the annuity premium payment mode

How to Process SBI Life Insurance Claim?

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

In order to intimate 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 at the nearest SBI office branch or at 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 on the basis of the documents that the policyholder or his/her family members has 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 claim assistance team of the company will guide you thoroughly about the SBI Life Insurance claim settlement procedure.

Online Claim Settlement Procedure of SBI Term Life Insurance

1. Visit the SBI Insurance Company’s official website
2. Click on ‘Services - Existing Customers’
3. Then, hit on ‘Maturity and Claims’
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.
5. Click on Submit
6. Then, the details will be verified and if those details were found right, your claim form will get accepted and the sum of money will be submitted to your registered bank.
7. Offline Claim Settlement Procedure of SBI Term Life Insurance
8. 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 amount of the claim to your registered bank.
9. SBI Life Insurance Claim Settlement Ratio of Last 5 years

Documents Mandatory for Buying SBI Life Insurance Plans

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

1. ID Proof
2. PAN Card
3. Passport
4. Driving License
5. Voter ID
6. Job card allotted by NREGA and completely signed by the State Government
7. Letter allotted by (UIAI) Unique Identification Authority of India and National Population Register containing information like address, name, and Aadhar number of the person.
8. Residential Proof
9. Property tax or Municipal receipt
10. Utility Bills (less than 2 months) such as water, piped gas, post-paid mobile phone bill, electricity bill
11. 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?

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 details of the policy 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.