SBI Life Insurance

Founded in 2001, SBI Life is one of the most trusted life insurance companies in India. It is a joint venture between the leading global insurance company BNP Paribas Cardif and India’s largest bank (State Bank of India). The company has around 923 branches all over India. This joint mission has excelled in presenting insurance solutions to cater multiple needs of customers The company deals in a wide range of life insurance products that include traditional life insurance plans, child plans, pension plans and savings plans among others. The sheer variety of disposal blended with the great reach of SBI makes the corporation a formidable force in the insurance industry.

Highlights

**Last Updated on 13-07-2020

What Are The Different Types of SBI Life Insurance Plans?

• SBI Life Smart Platina Assure
• SBI Life Shubh Nivesh
• SBI Life Smart Bachat
• SBI Life Smart Humsafar

• SBI Life eShield Insurance
• SBI Life Poorna Suraksha
• SBI Life Sampoorn Cancer Suraksha
• SBI Life Smart Shield
• SBI Life Saral Shield
• SBI Life Smart Swadhan Plus
• SBI Life Saral Swadhan +
• SBI Life Grameen Bima

• SBI Life e Wealth Insurance
• SBI Life Smart Insure Wealth Plus
• SBI Life Saral Insure Wealth Plus
• SBI Life Smart Wealth Builder
• SBI Life Smart Wealth Assure
• SBI Life Smart Power Insurance
• SBI Life Smart Elite
• SBI Life Smart Privilege
• SBI Life Saral Pension
• SBI Life Retire Smart
• SBI Life Annuity Plus
• SBI Life Smart Champ Insurance
• SBI Life Smart Scholar
• SBI Life Smart Money Back Gold
• SBI Life Smart Money Planner
• SBI Life Smart Income Protect

1. SBI Life Insurance Savings Plan

A saving plan is a form of life insurance plan that comes out with an opportunity to save and accumulate a fund for the future. Below is the list of SBI Life saving plans for better understanding.

i. SBI Life Smart Platina Assure

It is a non-linked and non-participating life endowment assurance savings product. It is an endowment plan that offers guaranteed returns with the advantage of paying premiums for a limited tenure.

Key Features

Financial Protection: The plan offers financial protection to your family for complete security in case of your demise.

Guaranteed Additions: Under SBI Life- Smart Platina Assure, you will receive guaranteed additions of 5.50% or 6.00% at the end of each policy year.

Maturity: The plan will provide a guaranteed sum assured at the time of maturity in the form of maturity benefits.

Death Benefit: The plan offers a death benefit to the nominee or beneficiary in case of demise of the life assured.

Eligibility

**Last Updated on 13-07-2020

ii. SBI Life Shubh Nivesh

SBI Life Shubh Nivesh is an individual, non-linked and participating life insurance savings product that offers insurance cover, income & saving under a single insurance plan.

Key Features

Financial Security: The plan offers complete security to your family and empowers them to achieve their financial goals.

Multiple Plan Options: The plan offers two plan options- endowment option & endowment with whole life option to cater to different life insurance needs of the policyholder.

Additional Basic Sum Assured: Under the endowment with whole life option, the plan offers an additional basic sum assured in case of death of the policyholder post maturity.

Riders: The plan comes out with three rider options at an affordable cost-

• SBI Life - Preferred Term Rider
• SBI Life - Accidental Death Benefit Rider
• SBI Life - Accidental Total and Permanent Disability Benefit Rider

Eligibility

**Last Updated on 13-07-2020

iii. SBI Life Smart Bachat

SBI Life Smart Bachat is an individual, non-linked and participating life insurance savings plan with the LPPT option. It provides required financial assistance to your family and loved ones in case of any emergency.

Key Features

Flexibility: The plan comes out with the flexibility of two different plan options-

• Option A: Endowment plan
• Option B: Endowment with in-built AD & TPD benefit

Maturity: On survival till the end of the policy tenure, the policyholder will be liable to receive the basic sum assured + vested simple reversionary bonuses and terminal bonus under both plan options.

Death Benefit: In case of the policyholder’s death during the policy tenure, the nominee/beneficiary will receive the higher of sum assured + vested simple reversionary bonuses and terminal bonus or 105% of the total premium received.

Tax Benefit: By investing in this insurance plan, the insured will be liable to receive tax benefits as per the prevailing tax laws.

Eligibility

**Last Updated on 13-07-2020

iv. SBI Life- Smart Humsafar

SBI Life–Smart Humsafar is an individual, non-linked and participating life insurance saving plan. It is a joint life insurance plan under which you can insure yourself and your spouse. The plan offers multiple benefits and saving options to the husband and wife.

Key Features

Guaranteed Bonus: The plan offers a guaranteed bonus (for active policies) for the initial 3 years of 2.50% of the basic sum assured.

Financial Protection: The plan provides financial protection in case of the death of the policyholder. It also provides a maturity benefit on the survival of one or both assured members at the end of the policy tenure.

Additional Riders: Along with the basic cover, the plan allows you to invest in additional riders by paying an additional premium.

Eligibility

**Last Updated on 13-07-2020

2. SBI Life Insurance Protection Plans

Protection plans are the safest ways to secure your family’s future against different uncertainties of life. Below is the list of all SBI protection plans in which the company deals.

i. SBI Life e shield

SBI Life- e shield is an online term insurance plan or pure protection plan that provides a wide range of benefits at an affordable premium.

Key Features

Benefit Structures: The plan comes out with the two benefit structures - Level Cover Benefit and Increasing Cover Benefit. Accelerated Terminal Illness benefit is also there as an inbuilt benefit for both the structures.

Maturity Benefit: As it is a complete pure protection plan, there will be no maturity benefit at the end of the policy tenure.

Medical Second Opinion: The plan offers coverage against medical second opinion if the customer opts for it.

Additional Riders: In case you are looking for extra coverage, the plan allows you to opt for an additional rider out of two available options.

Eligibility

**Last Updated on 13-07-2020

ii. SBI Life Poorna Suraksha

SBI Life- Poorna Suraksha is an individual, non-linked and non-participating life insurance pure risk premium plan that comes out with an inbuilt critical illness cover.

Key features

Security: This protection plan offers comprehensive insurance coverage against death and critical illness. Under the same plan, the critical illness cover increases every year but the premium of the plan remains constant.

Life insurance cover: In case of demise of the insured during the policy tenure, the plan will provide a sum assured to the nominee.

Premium waiver benefit: Once the company accepts a critical illness claim, all the future premiums of the plan will be waived for the rest of the policy term, from the date of diagnosis of the medical condition.

Eligibility

**Last Updated on 13-07-2020

iii. SBI Life Sampoorn Cancer Suraksha

SBI Life Sampoorn Cancer Suraksha is a comprehensive cancer insurance plan that comes with a host of features. The plan provides needful support to your family to go through the difficult times.

Key Features

Lump-sum pay-out: The plan offers a stage-wise lump sum payout benefit of up to 150% of the sum assured. It will be based on the chosen benefit structure.

Comprehensive cancer insurance cover: The plan offers a comprehensive cancer insurance plan that comes out with three benefit structures. It provides coverage to different stages of cancer that starts from minor stage cancer & early-stage cancer to major stage cancer and advanced-stage cancer.

Medical second opinion: The plan offers a cover against medical second opinion in case the policyholder needs it.

Tax benefits: The plan provides the tax benefits under Section 80C of the Income Tax Act, 1961.

Eligibility

**Last Updated on 13-07-2020

iv. SBI Life Smart Shield

SBI Life – Smart Shield is a pure term insurance plan which provides complete financial security to your family in case of your demise. It secures your family's financial future against an eventuality.

Key Features

Plan options: Under the same, you are allowed to choose the desired plan options as per your needs.

Enhanced cover: The plan allows you to enhance the cover with the help of additional riders that are available at a nominal cost.

Death benefit: In case of an unfortunate demise of the policyholder during the plan, the nominee will be liable to receive the benefits, depending on the chosen plan option.

Tax benefits: By investing in this insurance plan, you become liable to receive tax benefits/exemptions as per the applicable income tax laws in India.

Eligibility

**Last Updated on 13-07-2020

v. SBI Life Saral Shield

SBI Life- Saral Shield is an individual, non-linked and non-participating life insurance pure risk premium product. The plan provides financial protection to your family.

Benefit structures: The plan provides the choice of three benefit structures. You can choose the desired one as per your needs.

Death benefit: The plan offers the death benefit to the nominee in case of your unfortunate demise during the policy tenure.

Additional riders: The plan comes out with three additional riders that will help you in enhancing the basic cover by paying an additional nominal premium.

Maturity benefit: The plan doesn't offer any maturity benefits.

Eligibility

**Last Updated on 13-07-2020

vi. SBI Life Swadhan Plus

SBI Life- Swadhan Plus is an individual non-linked and non-participating life insurance savings product with the return of premium. It offers a guaranteed return of premiums and assurance of protecting your family.

Key Features

Life insurance cover: The plan offers a life insurance cover to the family of the policyholder during hard times.

100% of the return of premium: In case the survival of the policyholder till the end of the policy tenure, he/she will receive 100% of the total premium paid under the plan.

High sum assured rebate: The plan offers a discount of premium rate if customers opt for a higher level of protection.

Surrender: You are free to surrender the policy anytime during the policy tenure.

Eligibility

**Last Updated on 13-07-2020

vii. SBI Life Saral Swadhan +

SBI Life Saral Swadhan + is an individual, non-linked and non-participating life insurance saving product with the return of premium. The plan helps to meet your family's needs in case of an eventuality.

Key Features

Maturity benefit: On survival till the end of the policy tenure, the policyholder will be liable to receive maturity benefit. It will be 100% of the total premiums paid or 115% of the total premiums paid (depends on the chosen policy tenure).

Death benefit: In case of the demise of the policyholder during the policy tenure, the nominee or the beneficiary will be liable to receive a death benefit.

Surrender: You can surrender the policy any time after completion of the first two consecutive policy years.

Tax benefits: The plan provides attractive tax benefits under section 80C of the Income Tax Act, 1961.

Eligibility

**Last Updated on 13-07-2020

viii. SBI Life Grameen Bima

SBI Life – Grameen Bima is an individual, non-linked and non-participating microinsurance life insurance pure risk premium plan that provides financial security to your family at reasonable costs.

Key Features

Security: The plan offers complete financial security to your family against unwanted eventualities.

Death benefit: In case of the demise of the policyholder during the policy tenure, the plan will provide a death benefit to the nominee.

Surrender value: Under this plan, you are free to surrender after the first year of policy cover.

Single premium: It is a single premium plan so there will be no hassles of making premium payment again and again.

Eligibility

**Last Updated on 13-07-2020

3. SBI Life Insurance Wealth creation with insurance

Wealth creation with an insurance cover is popular as ULIPs. Such a plan offers the dual benefit of insurance and investment. The list of all wealth creation insurance plans by SBI Life Insurance is mentioned below.

i. SBI Life eWealth Insurance

SBI Life eWealth Insurance is a ULIP product that helps you to secure your family and grow your wealth. The plan also provides required financial cover to your family in case of any eventuality.

Key Features

Two plan options: Under the same, you will get two plan options- Growth and Balanced to cater to your multiple needs.

Partial withdrawals: The plan allows you to make partial withdrawals from the 6th year of the policy.

Automatic asset allocation: The plan comes out with automatic asset allocation that assists you with hassle-free investment management.

Tax benefits: The plan also assists you with tax benefits under section 80C as well as section 10 (10D) of Income Tax Act, 1961.

Eligibility

**Last Updated on 13-07-2020

ii. SBI Life Smart Insure Wealth Plus

SBI Life- Smart Insure Wealth Insure Plus is an individual, unit-linked and non-participating life insurance plan. It ensures your family’s protection in the case of an eventuality.

Key Features

Different investment strategies: The plan comes out with the Choice of 3 Investment Strategies to cater to different needs of customers – Trigger Strategy, Auto Asset Allocation Strategy and Smart Choice Strategy.

Fund options: The plan offers 9 fund options under the smart choice strategy.

Death benefit: In case of the death of the assured life, the plan will provide a death benefit to the nominee. The amount varies from person to person.

Maturity benefits: At the time of maturity, the plan will offer Fund Value at prevailing NAV.

Eligibility

**Last Updated on 13-07-2020

iii. SBI Life Saral Insure Wealth Plus

SBI Life- Saral Insure Wealth Plus is an individual unit-linked and non-participating life insurance product. It is a monthly savings plan which helps you to build your savings gradually.

Key Features

EMI: The plan is available on an easy monthly insurance basis that helps to achieve all your financial goals.

8 funds: It comes out with 8 different funds options in which you can invest as per your risk appetite.

Monthly withdrawals: The plans offer systematic monthly withdrawal to facilitate regular payouts provided the policy is in force.

Eligibility

**Last Updated on 13-07-2020

iv. SBI Life Smart Wealth Builder

SBI Life Smart Wealth Builder offers comprehensive life coverage and enhanced investment opportunity. The plan also offers guaranteed additions which will be based on the policy tenure.

Key Features

Guaranteed additions: The plan offers guaranteed additions- 125% of one annual regular premium.

Enhanced investment: Enhanced investment opportunity with the help of 11 varied funds. It offers flexibility for switching and redirection.

Partial withdrawals: The plan allows you to make partial withdrawals from the 6th policy year in case of an emergency.

Eligibility

**Last Updated on 13-07-2020

v. SBI Life Smart Wealth Assure

SBI Life-Smart Wealth Assure is an individual unit-linked and non-participating life insurance plan. The plan offers market-linked returns along with the life insurance cover.

Key Features

Security: This plan comes out with the required financial security for your family against any eventuality.

Flexibility: It allows you to choose from 7 different funds to deal with your risk appetite and changing investment requirements.

Liquidity: The plan allows you to make partial withdrawals during the policy tenure (from 6th policy year) to deal with any unforeseen expenses.

Death benefit: In case of the insured’s demise during the policy tenure, the plan offers higher of the fund value or sum assured in the form of death benefits.

Eligibility

**Last Updated on 13-07-2020

vi. SBI Life Smart Power Insurance

SBI Life Smart Power Insurance is a unique plan that allows wealth creation with the help of a reasonable premium.

Two fund & plan options: The plan comes out with different fund options- Trigger Fund and Smart Funds, and two plan options - Level Cover Option and Increasing Cover Option.

Maturity benefit: In case the life assured survives till the end of the policy tenure, the plan offers fund value in a lump sum as maturity benefit.

Death benefit: In case of an unfortunate demise of the life assured during the policy tenure, the plan will pay death benefits to the nominee. It will be higher of the fund value as on the date of intimation of death,

basic sum assured or 105% of the total premiums.

Eligibility

**Last Updated on 13-07-2020

vii. SBI Life Smart Elite

SBI Life Smart Elite is again a unit-linked insurance plan that comes out with dual benefits of investment and insurance. It comes out with useful features that empower great control in managing the investment.

Key Features

Multiple options: The plan comes out with two protection plan options- gold option and platinum option.

Accident death benefit cover: With SBI Life- Smart Elite plan, you will receive an in-built accidental death benefit cover.

Flexibility: The plan offers the flexibility to choose premium payment terms as per your requirements. It allows you to modify your fund allocation as per changing market situations.

Eligibility

**Last Updated on 13-07-2020

viii. SBI Life Smart Privilege

SBI Life- Smart Privilege is an individual, unit-linked and non-participating life insurance plan. The plan allows you to grow your wealth with the help of 11 funds and unlimited free switches.

Key Features

Life Cover: The plan offers a life insurance cover along with market-linked returns that assures complete financial protection.

Loyalty additions: The plan provides loyalty additions to its customers that help them to grow their funds.

Liquidity: The plan offers liquidity with the help of partial withdrawals from the 6th policy year or 18 years of age whichever is later.

Death Benefit: The plan offers a death benefit to the nominee in case of the policyholder’s demise. It will be higher of-

- Fund Value as on the date of death intimation or

- Sum Assured less Applicable Partial Withdrawals or

- 105% of the total Premiums received up to the date of death

Eligibility

**Last Updated on 13-07-2020

4 SBI Life Insurance Retirement Plans

A retirement plan is a form of investment plan which helps you to build a corpus over a longer tenure that assists you to have a secured financial future. Check below to get a list of all SBI Life retirement plans.

i. SBI Life Saral Pension

SBI Life Saral Pension is an individual and non-linked participating savings retirement plan. The plan is specifically designed for those who want to stay away from market volatility with a secured future and enjoy their retirement.

Key Features

Guaranteed bonus: The plan offers guaranteed simple reversionary bonus for the initial 5 years @ 2.50% for the first three years and 2.75% (of the basic sum assured) for the rest of the years.

Vesting maturity benefit: Under this benefit, the policyholder will receive a higher of basic sum assured or total premium received + vested simple reversionary bonus + simple terminal bonus.

Life insurance cover: The plan offers the option of additional life cover with the help of SBI Life- Preferred Term Rider.

Death benefit: SBI Life- Saral Pension provides a death benefit to the nominee in case of policyholder’s death during the policy tenure. It will be higher of total premiums received up to the date of death @ 0.25% p.a. compounded annually + vested simple reversionary bonus + terminal bonuses (if any) or 105% of total premiums.

Eligibility

**Last Updated on 13-07-2020

ii. SBI Life Retire Smart

SBI Life Retire Smart is an individual, unit linked and non-participating pension plan. The plan assists you to secure your future by building a retirement corpus with systematic investments during your earning years.

Key Features

Maturity/vesting benefit: On completion of the policy tenure, the plan will offer a maturity/vesting benefit which will be higher of fund value + 1.5% of the maturity/vesting fund value that would be paid as terminal addition or 101% total premiums paid.

Death benefit: In case of death during the policy tenure, you will receive a higher of fund value + 1.5% of the fund value or 105% of total premiums.

Extend vesting age: The plan allows you to extend the vesting age as per your requirements.

Eligibility

**Last Updated on 13-07-2020

iii. SBI Life Annuity Plus

SBI Life- Annuity Plus is an individual, non-linked and non-participating general annuity plan. The plan helps you to enjoy your post-retirement period without any financial worries.

Key Features

Regular Income: With this annuity plan, you will get a regular income for the lifetime. You can also ask to receive periodic income as per your requirements.

Annuity Options: The plan provides the choice of the required one from a wider range of annuity options.

Tax Benefits: The plan comes out with tax benefits as per the prevailing tax laws.

Eligibility

**Last Updated on 13-07-2020

5. SBI Life Insurance Child Plans

Child insurance plans assist you to secure your child’s future and fulfil their dreams. These plans will be there to provide the required financial support for different needs of your child’s life such as education, marriage, etc. Below is a list of such helpful child insurance plans by SBI Life Insurance Company.

i. SBI Life Smart Champ

SBI Life Smart Champ is a traditional participating child insurance plan that helps you to secure your child’s educational needs.

Key Features

Smart benefit: The plan comes out with smart benefits in four equal annual instalments once the child reaches 18 years of age.

Financial security: In case of any unfortunate event, the plan offers a lump sum amount to deal with the immediate financial needs.

ATPD cover: With this child insurance plan, the policyholder will receive Life and Accidental Total Permanent Disability (ATPD) coverage throughout the policy tenure.

Eligibility

**Last Updated on 13-07-2020

ii. SBI Life- Smart Scholar

SBI Life Smart Scholar is a unique child insurance plan that comes out with twin benefits of market-linked returns and life insurance cover. The plan will assist your child to achieve his/her dreams.

Key Features

Reliability: The plan allows you to secure your child's dreams with the help of an in-built premium waiver feature.

Loyalty additions: SBI Life- Smart Scholar provides regular loyalty additions that help you to boost your funds.

Liquidity: The plan allows the policyholder to make partial withdrawals during the policy tenure to deal with unexpected expenses.

Eligibility

**Last Updated on 13-07-2020

6. SBI Life Insurance Money Back/Income Plans

A money back plan offers a percentage of sum assured at regular intervals, instead of a lump sum amount at the end of the policy tenure. It is basically an endowment plan with the advantage of liquidity. Below is the list of SBI Life Money Back plans for your better understanding.

i. SBI Life Smart Money Back Gold

SBI Life Smart Money Back Gold is an individual, non-linked and participating life insurance savings product. The plan offers twin benefits of life cover and periodic income to deal with different financial requirements.

Key Features

Three money back options: Under the same, the policyholder will receive three money back options which are designed to achieve different milestones.

Payouts: The plan offers regular payouts that would be 15% of the basic sum assured.

Flexibility: The policyholder is free to choose the premium payment term- Single, limited premium payment term or regular premium payment term.

Eligibility

**Last Updated on 13-07-2020

ii. SBI Life Smart Money Planner

SBI Life- Smart Money Planner is an individual, non-linked and participating life insurance savings plan that offers a life insurance cover and an additional benefit of guaranteed cash flows at regular intervals.

Key Features

Regular income: The plan offers regular income with the benefit payment period to deal with different requirements of customers.

Premium payment: The plan allows you to choose the premium payment term (6 years, 10 years or single premium) as per your needs.

Discounts: The plan offers additional discounts on opting for a large sum assured.

Eligibility

**Last Updated on 13-07-2020

iii. SBI Life Smart Income Plan

SBI Life Smart Income Plan is an individual, non-linked and participating life insurance plan that comes out with the benefit of regular cash inflow and life cover over a tenure of 15 years.

Key Features

Life cover: The plan offers a life insurance cover throughout the policy tenure and ensures that your family’s financial needs are met on time.

Riders: The plan allows the policyholder to enhance the cover with three different riders at affordable prices. The riders are mentioned below.

• SBI Life - Preferred Term Rider.
• SBI Life - Accidental Death Benefit Rider.
• SBI Life - Accidental Total and Permanent Disability Benefit Rider.

Tax benefit: By investing in this plan, you are liable to receive tax benefits as per the Income Tax laws.

Eligibility

**Last Updated on 13-07-2020

How to file a claim under SBI Life Insurance plans?

The company is committed to offer complete security to consumers and also take care of the IRDA guidelines and time period when it comes to settling claims. The company ensures to provide a hassle-free death (including rider claim) and maturity claim process. For the same, you just have to follow the below-mentioned steps.

For offline process

Visit the nearby branch of SBI Life Insurance Company. Submit the duly filled claim form along with the supporting documents at your nearest SBI Life branch. The company will verify the details and will inform you regarding the approval/rejection of the claim via mail/phone call.

For the online process

1. Visit the official website of SBI Life Insurance.
2. Take your cursor to the tab “Services For Existing Customers”.
3. Click on the “Claims and Maturity” tab.
4. Under claim intimation, you have to submit policy number, date of birth and claim type. Enter the captcha code and submit.
5. After submitting the claim form along with all the necessary documents and completing the process from your end, the company will verify the details. It will share the approval or rejection letter with you through email, message or mail.

Note- If the SBI Life Insurance Company requires any other information/document to check the admissibility of the claim, the claimant should provide them at the earliest.

Documents Required For filing Claim

Mandatory Documents

• Claim Form
• Claimant’s photo ID proof
• Original or Attested Death Certificate issued by the local authority
• Original Policy Document
• Claimant’s current address proof
• Direct Credit Mandate form

Additional documents

• Copy of FIR/Punchnama Report/Post Mortem
• Hospital treatment certificate
• Medical attendant’s certificate
• Employer’s certificate (for salaried individuals)
• Copy of Police Final Report/Inquest Report/Magistrate’s verdict/Chemical Analysis Report