In today’s era of uncertainty, we all must opt for Life Insurance. It is a protection plan for your family and you to protect you in the case of unforeseen future. No matter, what is your earning, each one of us must have a proper life insurance policy in hand. There are various life Insurance policies in the market and the SBI life insurance is one such policy issuer that is a collaboration between State Bank of India and BNP Paribas Assurance. There are various life insurance policies launched by State Bank of India Life Insurance. There are various schemes and each one of them comes with a separate set of advantages.
Before we discuss the 5 Best SBI Life Insurance Plans in 2017, we need to decode some key facts about life insurance.
Kinds of Life Insurance: There are various kinds of life insurance that are available in the market. These are plans like Unit Linked Plans, Child Plans, Pension Plans, Group Plans, Endowment plans and Term Insurance Plans. Each plan has a set of unique features as compared to the other.
Age Criteria: The minimum age criteria for life insurance is 18 years and the maximum is 65 years.
Target Group: Everyone should have life insurance. Whether you are self-employed, salaried, professional or an entrepreneur, you must have life insurance to safeguard the future for yourself and your family.
- You get to cover up to INR 1 Crore
- SBI life insurance is known for its high claim settlement ratio
- It has a strong three-way grievance redressal policy. This helps to safeguard the interest of the insured.
Here are the 5 Best SBI Life Insurance Plans in 2017 that you must keep in mind when buying life insurance for yourself.
SBI Life – shield:
This is an individual policy. It is not equity-linked and non-participating pure term plan. The best feature is that it has special benefits in it that can be customized as per the requirements of the individual. It is a great policy for those who are looking for avenues for financial planning at an affordable rate. This is a great pure term plan that you can take for your entire family. Moreover, if you sport a healthy lifestyle, then it would reward you. The plan comes with an additional accidental death benefit that you can opt for if required. The age criteria are minimum 18 years and up to 70 years. In the year 2015, this plan was announced as the best insurance plan.
Tenure: 5 to 30 years
Basic Sum Assured: INR 20,000.
SBI Life – Smart Money Planner
As the name suggests, it is a smart insurance plan. It is a non-linked endowment plan which has special features like money back facility. There are mainly three reasons why one should opt for such a plan
- Invest as a form of savings
- Regular income in future
- Insurance Cover for your entire family
As an insurance plan, it gives the insured the chance to choose from 4 various plans which have different premium payment modes and policy returns. If you want regular income in the future, the SBI Life Smart Money Planner is the best bet you have.to earn a fixed amount annually for a defined period referred to as the benefit period. As the insured, you will get a fixed guaranteed amount of money plus bonus on the maturity of the policy or at the death of the insured. Unlike other policies, this one does not have a rider option. In dire situations, the insured can pledge the policy and obtain a loan against it.
Basic Sum Assured: Minimum INR 1 lakh
Age Criteria: Maximum 75 years
SBI Life – Smart Humsafar Plan
This is another unique plan launched by SBI life Insurance. This plan, as the name suggests is aimed at married couples who want to save as well as protect their future. It is a joint life insurance that is not linked to any participating endowment plan. It has benefits for both the husband and wife. The smart Humsafar provides financial protection in case of death of anyone or both. This plan also has a guaranteed bonus option off for the first three years at a rate of 2.5 % of the basic sum assured. One can opt for an additional rider at a premium cost.
Sum assured: INR 1,00,000
Minimum Policy Terms: 10 years
SBI Life – CSC Saral Sanchay
SBI Life Insurance has another special joint life insurance plan called the Saral Sanchay. This is also a non-equity linked endowment plan which is a great avenue to save money as well as providing a life insurance cover. As an insured policy seeker, it helps them and their family to achieve future goals. It offers a guaranteed rate of interest of 1.00 % per annum across the lifetime of the policy.
Age criteria: 18 to 60 years
Special Features: One can opt for partial withdrawal of funds
In case of death of assured or maturity of the policy, one gets benefits
SBI LIFE – Smart Power
The SBI Life Smart Power is a smart insurance plan that is easy, low on premium and simple to understand. It is a product that benefits and features change with the changing time of the policyholder. It’s a comparatively new policy that was launched in October 2015. It has 2 options – level cover option and increasing cover option. There are 2 fund options: Trigger fund option that allows you to buy at a low price and sell when the price soars. The other option is the Smarts fund option that has seven variants to choose from.
Policy Terms: 10 years, 15 years and 30 years.
Age Group: 18 years and above to maximum to 45 years
Maximum Age of Maturity: 65 years
The above are the 5 best SBI life insurance plans in 2017 that one can look at as avenues to invest. These plans have been consistently delivering satisfactory results.
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