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SBI Life is one of the leading Life Insurance companies in India. It is a joint venture between India's largest bank - State Bank of India and the leading global insurance company BNP Paribas Cardif. SBI Life Insurance Company has excelled in presenting insurance and investment solutions all across India. There are several domains under SBI Insurance plans. SBI Insurance Company caters insurance plans like health insurance, motor insurance, life insurance, pension plans, child insurance, investments and financial savings plans.
SBI Life Insurance Company is offering a wide range of effective investment plans which can help you in getting desired protection and opportunities of wealth creation.
Here we are going to do a study on the four investment plans offered by the SBI Life Insurance company as per FY 2019-2020.
SBI Life Insurance company offers the best of the investment plans in the insurance market. Here are four of the investment plans offered by SBI Life Insurance company.
SBI Life Smart Platina Assure is a non-linked and non-participating life insurance plan. It is also an endowment product. It assures you of guaranteed returns with an advantage of limited-term premium payment. The plan has been designed for an individual. Here are a few of the facts about the plan:
Benefits
Eligibility
Criteria | Minimum | Maximum |
Entry Age | 18 Years | 50 Years |
Maturity Age | Not mentioned | 65 Year |
Sum Assured | Rs.3 lakhs | No limit |
Policy Term | 12 Years & 15 Years | |
Annual Premium | Rs.50,000 onwards |
Shubh Nivesh Planis an endowment plan being offered by SBI Life. It is one of the best plans in the investment market. It is a non-linked and participating plan. If you are an individual, it can surely serve your investment needs. You can get insurance cover, savings and income options under this single plan.
Benefits
Eligibility
Criteria | Minimum | Maximum |
Entry Age | 18 Years | Endowment options: Regular Premium: 55 years Single-Premium: 60 years Endowment with whole life option: 50 Years for both single and regular premium. |
Maturity Age | Not mentioned | 65 Years |
Sum Assured | Rs.75,000 | No limit |
Policy Term | Endowment options: Regular Premium: 10 years Single-Premium: 5 years Endowment with whole life option: 15 Years for both single and regular premium. | 30 Years (Endowment Term) |
Annual Premium | Annual Pay: Rs.6,000 Single Pay: Rs.43,000 |
Smart Bachat is a limited premium payment term endowment insurance plan. It is a non-linked and participating savings product. It has been designed for an individual. The plan allows you to choose from two options as per your need. The two options are:
Option A: Endowment Option.
Option B: Endowment Option with in-built accidental death & total and permanent disability benefit.
Benefits
Basic sum assured + vested simple reversionary bonuses + Terminal Bonus (if any)
Eligibility
Criteria | Minimum | Maximum |
Entry Age | Option A: 6 years Option B: 18 years | 50 Years |
Maturity Age | Not mentioned | 65 Years |
Sum Assured | Rs.1 lakh | No limit, subject to board approved underwriting policy |
Policy Term | 12 to 25 years for premium payment term of 6 years 12 to 25 years for premium payment term of 7 years 15 to 25 years for premium payment term of 10 years 20 to 25 years for premium payment term of 15 years | |
Annual Premium | Rs.5,100 |
SBI Life Smart Money Back Gold is a traditional coverage plan that pays a normal survival advantage. It also assures that the family of the insured is financially secure by paying out the overall sum assured along with the simple reversionary bonuses. The plan is non-linked and participating in nature. It is designed for an individual and acts as a protection cum investment plan.
Benefits
Eligibility
Criteria | Minimum | Maximum |
Entry Age | 14 Years | Regular premium: 45 years Limited premium & single premium: 55 years |
Maturity Age | Not mentioned | 70 Years |
Sum Assured | Rs.2 lakh | No limit |
Policy Term | Option 1: 15 Years Option 2: 20 Years Option 3: 25 Years | |
Annual Premium | Regular premium and limited premium: Rs.9,500 Single premium: Rs.1,25,000 |
SBI is an institution that represents the largest nationalised banking service in the country. Buying an investment plan under SBI is quite more secure in comparison to other insurance companies. Moreover, the savings & investment plans under SBI Life come with a greater number of options to choose from, whether it is the funds for investment, the sum assured, the premium payment terms, etc. Its other benefits include:-
Suicide is an exclusion to all the SBI Life Investment plans. Suicidal cases have different procedures for different plans. Policy buyers are requested to read the policy documents properly for exclusion.
Yes, you may need to serve lock-in-period for the liquidity of the amount. The lock-in period may vary with the plan and it is specified in the policy document.
The documents required to claim in the case of death of the insured life are:
You can request the liquidity of maturity amount (both online and offline). Either, you can visit the official site of SBI Life Insurance and request for the claim after login into your account or you can also call the customer care representative and get proper guidelines about the procedure.
Last updated on 23-12-2020