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SBI Life Insurance is a collaboration between the State Bank of India and French Financial Institution BNP Paribas Cardiff. SBI Life Insurance has a 55.50% stake in the company and BNP Paribas Cardiff owns a 0.22% stake including other investors.
Being one of the key players in the Indian Insurance Industry they have access to over 100 million accounts throughout India and offer products and services to people of all economic strata in the country. SBI Life Insurance products and policies cater to individual customers' needs in every walk of life. SBI Life insurance has a varied product portfolio with traditional life insurance plans, child plans, pension plans, and savings plans, amongst others.
SBI Life Insurance with a claim settlement ratio of 97.05% is amongst the most trusted and revered brands in the Indian Insurance sector. SBI Life Insurance strives to make insurance accessible to all, with its extensive presence across the country through its 970 offices, 18,401 employees, an extensive and productive individual agent network of about 161,923 agents, 56 corporate agents, and 14 bancassurance partners with more than 40,000 partner branches, 119 brokers and other insurance marketing firms.
Awards And Achievement
SBI Life Insurance is amongst the most trusted insurance providers in India. With so many life insurance companies available in India, choosing the right insurance company can be a hectic task. It is important that you choose the right insurer and the right plan that will best suit the potential needs of your family. So, before choosing any life insurance company, you need to check some important factors of the insurance company such as claim settlement ratio, solvency ratio, annual premium, and operating network.
To get more insight into SBI Life Insurance Company's performance, take a look at the below key features that will help you to analyze the company based on its performance:
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SBI Life Insurance comes with several plans that offer financial security and protection to individuals. SBI Life Insurance Company comes with a range of plans that allow the customers to choose their ideal plan as per their and their family's requirements. The company ensures to offer a plan for everyone.
SBI Life online Insurance Plans are hassle-free and can be bought directly through the website with minimal effort.
Plan | Entry Age | Tenure | Minimum Sum Assured |
SBI Life eShield Next | Minimum Age:- 18 years Maximum Age:- 65 years | 5 years to whole life | Rs. 50,00,000 (for online and web aggregators) Rs. 75,00,000 (for other channels) |
SBI Life eWealth Insurance | Minimum Age:- 5 years Maximum Age:- 50 years | 10 to 30 years | Annualized basic premium X 10 |
SBI Life- Smart Platina Plus | Minimum Age:- 30 days Maximum Age:- 60 years | 23 to 39 years | Rs. 5,50,000 |
SBI Life- Smart Annuity Plus | Minimum Age:- 0 years Maximum Age:- 95 years | N/A | Annuity payout: - Rs. 1,000 |
SBI Life-Saral Jeevan Bima | Minimum Age:- 18 years Maximum Age:- 65 years | 5/10/15 to 40 | Rs. 5,00,000 |
SBI Life- Sampoorna Cancer Suraksha | Minimum Age:- 6 years (Child) 18 years(Adult) Maximum Age:- 17 years (Child) 65 years | 5 to 30 years | Rs. 10,00,000 |
SBI Life- Smart Wealth Builder | Minimum Age:- 2 years Maximum Age:- 55 years | 12 to 30 years | 10 x Annualized premium |
SBI Life- Smart InsureWealth Plus | Minimum Age:- 0 years Maximum Age:- 55 years | 10/15/20 and 25 years | 10 x Annualized premium |
SBI Life- Smart Champ Insurance | Minimum Age:- 21 years Maximum Age:- 50 years | 8 to 21 years | Rs. 1,00,000 |
SBI Life- New Smart Samriddhi | Minimum Age:- 3 years Maximum Age:- 50 years | 12&15 years | Rs. 63,500 |
SBI Life Savings Plan helps you achieve your financial goals like buying your dream home, achieving financial freedom, planning your child's future, and more.
Plan | Entry Age | Tenure | Minimum Sum Assured |
SBI Life- Smart Platina Assure | Minimum Age:- 3 years Maximum Age:- 60 years | 12&15 years | Rs. 2,40,000 |
SBI Life- Smart Future Choices | Minimum Age:- 18 years Maximum Age:- 50 years | 12/15/20/25 and 30 years | Rs. 6,55,000 |
SBI Life- Shubh Nivesh | Minimum Age:- 18 years Maximum Age:- 60 years | 5/10/15 and 30 years | Rs. 75,000 |
SBI Life- Smart Bachat | Minimum Age:- 6 years Maximum Age:- 50 years | 12/15/20 and 25 years | Rs. 1,00,000 |
SBI Life- Smart Humsafar | Minimum Age:- 18 years Maximum Age:- 46 years | 10 to 30 years | Rs. 1,00,000 |
SBI Life- Smart Sawdhan Plus | Minimum Age:- 18 years Maximum Age:- 65 years | 10 to 30 years | Rs. 5,00,000 |
SBI Life- Saral Sawdhan + | Minimum Age:- 18 years Maximum Age:- 55 years | 10 to 15 years | Rs. 30,000 |
SBI Life Term Insurance Plans are designed to safeguard your family's future requirements and provide them with financial stability in case of an unfortunate event leading to the demise of the policyholder.
Plan | Entry Age | Tenure | Minimum Sum Assured |
SBI Life Arogya Shield | Minimum Age:- 91 days Maximum Age:- 18 years | 1/2/3/5 to 40 years | Rs. 1,00,000 |
SBI Life Smart Shield | Minimum Age:- 18 years Maximum Age:- 60 years | 5 to 80 years | Rs. 25,00,000 |
SBI Life- Grameen Bima | Minimum Age:- 18 years Maximum Age:- 50 years | 5 years | Rs. 10,000 |
SBI Life ULIP Plans offer life insurance coverage along with disciplined savings, and wealth creation with the flexibility of Systematic Monthly Withdrawal.
Plan | Entry Age | Tenure | Minimum Sum Assured |
SBI Life- Smart InsureWealth Plus | Minimum Age:- 0 years Maximum Age:- 55 years | 10/15/20 and 25 years | 10 x Annualized premium |
SBI Life- Saral InsureWealth Plus | Minimum Age:- 0 years Maximum Age:- 55 years | 10/15/20 and 25 years | 10 x Annualized premium |
SBI Life- Smart Wealth Assure | Minimum Age:- 8 years Maximum Age:- 60 years | 10 to 30 years | 1.25 x Single premium |
SBI Life- Smart Power Insurance | Minimum Age:- 18 years Maximum Age:- 45 years | 10 to 30 years | Annualized premium x 10 |
SBI Life- Smart Elite | Minimum Age:- 18 years Maximum Age:- 60 years | 10/12/15 to 30 years | 7 x Single premium |
SBI Life- Smart Privilege | Minimum Age:- 8 years Maximum Age:- 55 years | 5/10 to 30 years | 7 x Single premium |
Know More About: SBI Life ULIP Plan
SBI Life Retirement Plans offer stable and stress-free second innings of life to the insured individual with guaranteed annuity benefits.
Plan | Entry Age | Tenure | Minimum Sum Assured |
SBI Life- Saral Retirement Saver | Minimum Age:- 18 years Maximum Age:- 65 years | 5/10 to 40 years | Rs. 1,00,000 |
SBI Life- Saral Pension | Minimum Age:- 40 years Maximum Age:- 80 years | N/A | Rs. 1,000 (Annuity) |
SBI Life- Smart Annuity Plus | Minimum Age:- 0 years Maximum Age:- 95 years | 1 to 10 years (Deferment period) | Rs. 1,000 (Annuity) |
SBI Life- Retire Smart Plus | Minimum Age:- 20 years Maximum Age:- 60 years | 5/15/20 to 35 years | N/A |
SBI Life- Retire Smart | Minimum Age:- 30 years Maximum Age:- 70 years | 10 to 35 years | N/A |
Secure your child's future and fulfill their aspirations with SBI Life Child Plans.
Plan | Entry Age | Tenure | Minimum Sum Assured |
SBI Life- Smart Champ Insurance | Child:- Minimum Age:- 0 years Maximum Age:- 13 years Minimum Age:- 21 years Maximum Age:- 50 years | 8 to 21 years | Rs. 1,00,000 |
SBI Life- Smart Scholar | Child:- Minimum Age:- 0 years Maximum Age:- 17 years Minimum Age:- 18 years Maximum Age:- 57 years | 8 to 25 years | 1.25 x Single Premium |
Know More About: SBI Life Child Plan
SBI Life Investment plans offer dual benefits of regular income and security for your family.
Plan | Entry Age | Tenure | Minimum Sum Assured |
SBI Life- Smart Money Back Gold | Minimum Age:- 14 years Maximum Age:- 55 years | 15/20/25 years | Rs. 2,00,000 |
SBI Life- Smart Money Planner | Minimum Age:- 18 years Maximum Age:- 60 years | 15/20/25 years | Rs. 1,00,000 |
SBI Life- Smart Income Protect | Minimum Age:- 11 years Maximum Age:- 58 years | 7/12/15 years | Rs. 1,00,000 |
SBI Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.
**Once the payment is made, you will get a payment confirmation at your registered email address.
**Once the payment is made, you will get a payment confirmation at your registered email address.
Filing a claim for SBI Life Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online or offline. To file a claim for SBI Life Term Plan, you need to follow the below-mentioned steps.
Claim Intimation
A claim reference number/intimation number will be provided to you upon successful registration of the claim.
Document Submission
Submit the necessary documents requested by the company to process the claim. In the case of natural death-
You will be required to submit a few necessary documents while filing for a claim. Here is a list of some of these documents:
Note: Depending upon the TnCs of the plan, you might be required to submit some additional documents as well. We recommend that you should check the specific plan brochure for that.
Claim Settlement
SBI Life Insurance Co. Ltd, 8th level Seawoods Grand Central, Tower 2, Sector 40, plot No.R-1, Seawoods, Nerul, Navi Mumbai- 400706.
info@sbilife.co.in
Toll-Free Number: 1800 267 9090 (Available from 9:00 am to 9:00 pm IST)
The required documents are:
You can easily update the address by logging in to MyPolicy account >> Transact Online >> Change of Address >> and fill the respective fields. Make sure to submit the address proof in PDF/JPEG format
To update your bank a/c details, you have to log in to your My Policy account >> Transact Online>>Update Bank A/c details and follow the procedure. Ensure that the bank account proof is in PDF/JPEG format.
No, this is not allowed.
You can easily revive your plan by paying the outstanding premium (including interest) and submitting proof of continued good health to the SBI Life Insurance.
In case the original SBI Life Insurance Policy documents are misplaced or lost, inform SBI Life Insurance company. You can request for a duplicate policy paper if you lose your insurance policy.
You must pay the document preparation fees and sign an indemnification agreement. If the policy's value is significant, you may be requested to furnish a guarantor in addition to the indemnity.
Yes, you have the option to modify your nomination. Change in Nomination Forms can be submitted to us at any SBI Life branch or the Central Processing Centre.
Yes, you can. However, a guardian (adult) has to be provided for the Minor Nominee.
Your proposal for term insurance might be cancelled or rejected based on your lifestyle condition. However, if accepted, you should know that the smoker rates are higher than the non-smoker rates. A person is considered a non-smoker if he/she has not been smoking or using tobacco in any form for at least the last 5 years.
No, Loans are not available under SBI Term Insurance because it doesn't have any surrender value.
For non-linked products, you can surrender your policy only if it has acquired a paid-up value. For your policy to acquire a surrender value, your policy should have run for a specific period and you should have paid a minimum number of premiums.
No, they remain constant throughout the term of the policy.
In case of such an emergency, you can apply for a duplicate policy document.
The vesting age is the maturity age for a pension plan. This is the time when an annuity plan begins payouts to the policyholder.
If you survive the policy term, then you are eligible to receive maturity benefits as explained in your policy document.
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
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Piyush
Raipur
May 1, 2023
I seek help from PolicyX when it comes to purchasing any kind of insurance because they provide me with the best quotes and options for insurance
Priya Sharma
Jaipur
December 14, 2022
PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process. Had great experience dealing with them
Somesh
Agra
December 9, 2022
I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.
Prerna Kumari
Mumbai
July 11, 2022
Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.
Priya Sangwan
Mumbai
July 11, 2022
IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.
Priyanshi Deewan
Hyderabad
July 6, 2022
I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...
Rishabh Kumar
Delhi
July 6, 2022
I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.
Samarth Gaur
Chennai
July 6, 2022
I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.
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