#Virukipolicy | T&C*
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. This joint mission has excelled in presenting insurance and investment solutions all across the country and offers more than one product in the classes inclusive of life insurance, pension, child plans, investments and financial savings. The sheer variety of disposal blended with the great reach of SBI makes the corporation a formidable force in the insurance industry.
They provide secure and helpful solutions that can meet upcoming expenses easily. It prepares you to face unwanted situations that can occur in the future.
Life insurance coverage is the method to ensure that your dependents retain monetary protection even after your retirement, death or in thecase when you could not provide them due to accident/ disability. By means of entering into a fixed tenure agreement with a life coverage company and paying the premium, you safeguard the monetary pastimes of your family. In case you die during the tenure of the policy, your beneficiaries acquire tax-free money payout of a predetermined quantity. Historically, life insurance coverage removes the chance of any uncertainty popping up because of the loss of a breadwinner for the own family. However, with the changing lifestyle, people need a complete cover. An amazing life coverage can provide any or all of the following:
Natural life cover
Saving plans
Financial investment
Retirement planning
Child plan
Human beings today are taking help of their insurance policy for monetary funding making plans for their complete family which includes their unborn youngsters. A variety of coverage products are present in the market to cater to each and every financial requirement of the insured. A few crucial advantages of purchasing life insurance in India at an early age are:
Meet the fixed price
Nearly every family has a few long-term fixed obligation like a domestic loan, education loan or medical loan. You would not like to leave your family harassed with a hefty loan responsibility in case something happens to you. The coverage will help them better to address any incurring costs.
Take benefit of lesser premium
A younger and healthy person will have to pay a smaller premium as compared to an older and unhealthy one. Hence doing away with a long time insurance coverage for say 30 years will assist you to save considerably. Except, the benefit is that in case you do develop some health issues later in life, your coverage will assist you to address the financial ramifications of it.
Safety for dependents
Death is unavoidable, but the pain of the loss may be notably decreased if the surviving members have a monetary planning to fall back upon. Your demise should not be the reason for your family to scale back your child's education needs, medical aid as they cannot come up with the money for bearing the costs. The peace of mind you get from knowing that your family will always stay in peace is the largest reward of investing in life coverage.
Low priced life insurance
For people who cannot afford to take different varieties of insurance for special desires like medical insurance, home coverage and so forth, taking a low-cost life insurance is a better choice. Your insurance policy will help you meet with any clinical costs because of terminal contamination.
Meet immediate financial wishes
Considering that life insurance benefits can be accessed at once, they could help you pay funeral costs and property agreement expenses.
Stay independent all your life
The wish to live a dignified life and no longer dependent on others can be fulfilled with a life insurance plan.
Whichever life insurance coverage you choose, make sure to understand all the phrases and conditions of the policy. Additionally, calculate your minimum insurance requirements to ensure that your coverage amount is not insufficient when the actual need arises. Eventually, invest a realistic quantity, do not take out an unreasonable premium policy that can become a massive drain on your monthly earnings.
| S.No | PLANS | TYPE |
| 1 | SBI Life – Poorna Suraksha | Online |
| 2 | SBI Life – Sampoorn Cancer Suraksha | Online |
| 3 | SBI Life - eWealth Insurance | Online |
| 4 | SBI Life - eShield | Online |
| 5 | SBI Life - eIncome Shield | Online |
| 6 | SBI Life – Annuity Plus | Online |
| 7 | SBI Life – Shubh Nivesh | Savings |
| 8 | SBI Life – Smart Bachat | Savings |
| 9 | SBI Life – Flexi Smart Plus | Savings |
| 10 | SBI Life – CSC Saral Sanchay | Savings |
| 11 | SBI Life – Smart Women Advantage | Savings |
| 12 | SBI Life – Smart Guaranteed Savings Plan | Savings |
| 13 | SBI Life – Smart Humsafar | Savings |
| 14 | SBI Life – Poorna Suraksha | Protection |
| 15 | SBI Life – Sampoorn Cancer Suraksha | Protection |
| 16 | SBI Life - Smart Shield | Protection |
| 17 | SBI Life - Saral Shield | Protection |
| 18 | SBI Life – Saral Swadhan+ | Protection |
| 19 | SBI Life – Smart Swadhan Plus | Protection |
| 20 | SBI Life - Grameen Bima | Protection |
| 21 | SBI Life – eShield | Protection |
| 22 | SBI Life - eIncome Shield | Protection |
| 23 | SBI Life Smart Wealth Builder | Wealth Creation |
| 24 | SBI life Smart Wealth Assure | Wealth Creation |
| 25 | SBI life Smart Power Insurance | Wealth Creation |
| 26 | SBI Life Smart Elite | Wealth Creation |
| 27 | SBI life Smart Privilege | Wealth Creation |
| 28 | SBI life Saral Maha Anand | Wealth Creation |
| 29 | SBI life eWealth Insurance | Wealth Creation |
| 30 | SBI life - Saral Pension | Pension |
| 31 | SBI life - Retire smart | Pension |
| 32 | SBI life - Annuity Plus | Pension |
| 33 | SBI Life – Smart Champ Insurance | Child |
| 34 | SBI Life – Smart Scholar | Child |
| 35 | SBI Life – Smart Money Back Gold | Moneyback/Income |
| 36 | SBI Life – Smart Money Planner | Moneyback/Income |
| 37 | SBI Life – Smart Income Protect | Moneyback/Income |
Buy life insurance plans online to keep your family financially secure from unforeseen circumstances.
SBI Life – Poorna Suraksha
SBI Life – Poorna Suraksha Plan is an auto-rebalance life and critical illness cover for extra effective protection. A lump sum payout providing financial support in case of diagnosis of any of the covered 36 critical illnesses and waiver of all future premiums.
Features
Eligibility
| Age at Entry | Min:18 years | Max:65 years |
| Age at maturity | Min:28 years | Max:75 years |
| Sum assured(in multiples of RS 1 lakh) | Min Rs.20 lakhs | Max: Rs 2.5 crore |
SBI Life – Sampoorn Cancer Suraksha
SBI Life - Sampoorn Cancer Suraksha is designed to defeat Cancer financially. Claim payouts are independent of the nature/ amount of expenses incurred.
Features
Eligibility
| Age at Entry | Min:6 years | Max:65 years |
| Age at maturity | - | Max:75 years |
| Sum assured(in multiples of RS 1 lakh) | Min Rs.10 lakhs | Max: Rs 50 lakhs |
SBI Life - eWealth Insurance
SBI Life - eWealth Insurance, helps you grow your wealth. Avail twin benefits of market-linked returns on your invested money and the security of life cover.
Features
Eligibility
| Age at Entry | Min:18 years | Max:50 years |
| Age at maturity | - | Max:60 years |
| Sum assured(in multiples of RS 1 lakh) | - | 10*annualized premium |
SBI Life - eShield
SBI Life – eShield offers you the advantage of an easy and seamless online process of obtaining a life insurance.
Features
Eligibility
| Age at Entry | Min:18 years | Max:65 years(level cover) |
| Age at maturity | - | Max:75 years |
| Sum assured(in multiples of RS 1 lakh) | Min Rs.35 lakhs | No limits |
SBI Life - eIncome Shield
SBI Life – eIncome Shield, is a pure term, income protection plan that provides the security of regular monthly income for your dependents. The plan also factors in the need for anincrease in income benefit as living expenses rise.
Features
Eligibility
| Age at Entry | Min:18 years | Max:50 years(level cover) |
| Age at maturity | - | Max:60 years |
| Policy term | Min 10 years | 35 years |
SBI Life – Annuity Plus
With SBI Life– Annuity Plus, you receive a comprehensive range of annuity options on just a single premium payment. Thus, you are assured of regular annuity/pension for the rest of your life.
Features
Eligibility
| Age at Entry | Min:0 | Max:40 years |
| Age at maturity | - | Max:80 years |
| Premium amounts | Such that the minimum annuity installments can be paid. | No limit |
Savings Insurance Plan allows you to enjoy the benefits of long-term savings and helps you to save money.
SBI Life – Shubh Nivesh
SBI Life – Shubh Nivesh, a with-profits endowment assurance plan, provides insurance cover, savings,and income under a single plan.
Features
Eligibility
| Age at Entry | Min:18 years | Max:60 years |
| Age at maturity | - | Max:65 years and can reach upto 100 years in case of endowment with whole life insurance plan. |
| Premium amounts | Min:Rs 75000(*1000/-) | No limit |
SBI Life – Smart Bachat
This plan assists you to safeguard your family's future and meet your investment needs wisely with simple reversionary bonuses throughout the policy term.
Features
Eligibility
| Age at Entry | Min:18 years | Max:60 years |
| Age at maturity | - | Max:65 years and can reach upto 100 years in case of endowment with whole life insurance plan. |
| Premium amounts | Min:Rs 75000(*1000/-) | No limit |
SBI Life – Flexi Smart Plus
SBI Life – Flexi Smart Plus allows you to modify your insurance plan according to your ever-changing needs. It also offers regular bonus interest to help your savings grow.
Features
Eligibility
| Age at Entry | Min:18 years | Max:60 years |
| Age at maturity | - | Max:65 years and can reach upto 100 years in case of endowment with whole life insurance plan. |
| Premium amounts | Min:Rs 75000(*1000/-) | No limit |
SBI Life – CSC Saral Sanchay
It offers twin benefits of savings andinsurance coverto protect your family financially in case of an eventuality. You can make partial withdrawals from 6th policy year.
Features
Eligibility
| Age at Entry | Min:18 years | Max:60 years |
| Age at maturity | - | Max:70 years |
| Policy Term | 10 years | 15 years |
SBI Life – Smart Women Advantage
With SBI Life – Smart Women Advantage avail triple benefits of life cover, savings and Critical Illness (CI) benefit under a single, women-centric plan. With this three-fold advantage, spread your wings and soar high.
Features
#Specific Critical Illnesses (CI) are covered based on the plan chosen. Plan once selected at inception cannot be changed during the policy term
Eligibility
| Age at Entry | Min:18 years | Max:50 years |
| Age at maturity | - | Max:60 years |
| Policy Term | 10 years | 15 years |
SBI Life – Smart Guaranteed Savings Plan
SBI Life - Smart Guaranteed Savings Plan provides protection cover to your family in case of an unfortunate event and also rewards your saving habit with assured additions.
Features
Eligibility
| Age at Entry | Min:18 years | Max:50 years |
| Age at maturity | - | Max:65 years |
| Policy Term | - | 15 years |
SBI Life – Smart Humsafar
SBI Life - Smart Humsafar, a unique life insurance with asavingsplan. Avail of the twin benefits of savings and insurance cover under a single policy for both you and your spouse.
Features
Eligibility
| Age at Entry | Min:18 years | Max:46 years |
| Age at maturity | - | Max:65 years |
| Policy Term | - | 15 years |
Term plans or protection plans are typically affordable insurance plans that provide full protection and financial stability to your loved ones in case of any unforeseen events
SBI Life – Poorna Suraksha
SBI Life – Poorna Suraksha Plan is an auto-rebalance life and critical illness cover for extra effective protection. A lump sum payout providing financial support in case of diagnosis of any of the covered 36 critical illnesses and waiver of all future premiums.
Features
Eligibility
| Age at Entry | Min:18 years | Max:65 years |
| Age at maturity | 28 years | Max:75 years |
| Sum Assured | 20 Lakhs | 2.5 crore |
SBI Life – Sampoorn Cancer Suraksha
SBI Life - Sampoorn Cancer Suraksha is designed to defeat cancer financially. Claim payouts are independent of the nature/ amount of expenses incurred.
Features
Eligibility
| Age at Entry | Min:6 years | Max:65 years |
| Age at maturity | - | Max:75 years |
| Sum Assured | 10 Lakhs | 50 Lakhs |
SBI Life - Smart Shield
A traditional non-participating pure term life insurance plan. It will protect your family's financial future against an eventuality. It is a pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance. Offer comprehensive coverage at an affordable cost with three rider options.
Features
Eligibility
| Age at Entry | Min:18 years | Max:60 years |
| Age at maturity | Max:65 years | |
| Sum Assured | 25 Lakhs | No limit |
SBI Life - Saral Shield
It can create a safety cover to safeguard your family's dream and future. This pure term plan offers you affordability and simplicity in your bid to provide financial protection to your family.
Features
Eligibility
| Age at Entry | Min:18 years | Max:60 years |
| Age at maturity | - | Max:65 years |
| Sum Assured | 750000 | 2400000 |
SBI Life – Saral Swadhan+
This plan offers fixed life cover throughout the term along with maturity benefits.Maturity benefits of 100% or 115% of the premium paid, based on the policy term.
Features
Eligibility
| Age at Entry | Min:18 years | Max:55 years |
| Age at maturity | 28 years | Max:70 years |
| Sum Assured | 30,000 | 4,75,000 |
SBI Life – Smart Swadhan Plus
It offers guaranteed thereturn of premiums and assurance of protecting your family in case of in-force policies. The option of regular, limited or single premiums and to choose policy term.
Features
Eligibility
| Age at Entry | Min:18 years | Max:65 years |
| Age at maturity | - | Max:75 years |
| Sum Assured | 500000 | No limit |
SBI Life - Grameen Bima
SBI Life – Grameen Bima is a pure term, a micro-insurance plan that helps you provide financial security for your family at reasonable costs. It offers Life cover with one-time premium payment.
Features
Eligibility
| Age at Entry | Min:18 years | Max:50 years |
| Age at maturity | - | Max:5 years |
| Sum Assured | 300 | 2000 |
SBI Life – eShield
SBI Life - eShield offers a plethora of benefits at an affordable premium. Four plan options, namely Level Cover, Level Cover with Accidental Death Benefit, Increasing Cover and Increasing Cover with Accidental Death Benefit.
Features
Eligibility
| Age at Entry | Min:18 years | Max:50 years |
| Age at maturity | - | Max:75 years |
| Sum Assured | 3500000 | No Limit |
SBI Life - eIncome Shield
SBI Life – eIncome Shield, is a pure term, income protection plan that provides the security of regular monthly income for your dependents. The plan also factors in the need for an increase in income benefit as living expenses rise.
Features
Eligibility
| Age at Entry | Min:18 years | Max:50 years |
| Age at maturity | - | Max:75 years |
| Sum Assured | 3500000 | No limit |
Wealth Insurance plan offers the right balance between investment & wealth accumulation to secure your family and fulfill your future goals.
SBI Life Smart Wealth Builder
With SBI Life – Smart Wealth Builder, avail the benefit of enhanced investment opportunity by investing in one or many investment funds. It offers liquidity through partial withdrawals from 6th policy year or 18 years of age.
Features
# Assured Additions at the specified percentages for RP, LPPT & SP, will be given at the end of 10th policy year and every five years thereafter for policies which are in- force
Eligibility
| Age at Entry | Min:7 years | Max:60 years |
| Age at maturity | - | Max:70 years |
| Policy Term | 5 | 30 |
SBI life Smart Wealth Assure
It helps you to enjoy market-linked returns along with insurance coverage, with only a one-time premium. Take advantage of affordability – with a one-time premium payment for long-term benefits.
Features
Eligibility
| Age at Entry | Min:7 years | Max:60 years |
| Age at maturity | - | Max:70 years |
| Policy Term | 5 | 30 |
SBI life Smart Power Insurance
This plan assists in wealth creation journey with the help of reasonable premiums. Also, obtain returns in tune with the current investment scenario.
Features
Eligibility
| Age at Entry | Min:18 years | Max:45 years |
| Age at maturity | - | Max:65 years |
| Policy Term | - | 30 |
SBI Life Smart Elite
It allows you to maximize your savings through market-linked returns and features that empower you with greater control in managing your investment portfolio.
Features
Eligibility
| Age at Entry | Min:18 years | Max:60 years |
| Age at maturity | - | Max:65 years |
| Policy Term | - | Max: 0 years |
SBI life Smart Privilege
This plan helps you to grow your wealth by choosing from among 8 funds with unlimited free switches and redirections. Also, enjoy the benefit of insurance coverage as you multiply your investments.
Features
Eligibility
| Age at Entry | Min:18 years | Max:60 years |
| Age at maturity | - | Max:65 years |
| Policy Term | - | Max: 30 years |
SBI life Saral Maha Anand
It will help you to gain twin benefits of market-linked returns and security of life insurance coverage for your family. With reasonable premiums and no medical examination.
Features
Eligibility
| Age at Entry | Min:18 years | Max:55 years |
| Age at maturity | - | Max:65 years |
| Policy Term | - | Max: 20 years |
SBI life eWealth Insurance
Avail twin benefits of market-linked returns on your invested money and the security of life cover. It comes out with the security to cover your family's needs in case of an eventuality.
Features
Eligibility
| Age at Entry | Min:18 years | Max:50 years |
| Age at maturity | - | Max:60 years |
| Policy Term | - | Max: 20 years |
A pension is a fund into which a sum of money is added during an employee's employment years, and from which payments are drawn to support the person's retirement from work in the form of periodic payments.
SBI life - Saral Pension
It is a Pension Product. Benefits by way of surrender, complete withdrawal or maturity/vesting will be there in the form of annuities except to the extent of commutation of such benefits as allowed under the Income Tax Rules.
Features
Eligibility
| Age at Entry | Min:18 years | Max:65 years |
| Age at maturity | Min 40 years | Max:70 years |
| Policy Term | Min: 5 years | Max: 40 years |
SBI life - Retire smart
The Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of thefifth year.
Features
Eligibility
| Age at Entry | Min:30 years | Max:70 years |
| Age at maturity | Min 40 years | Max:80 years |
| Policy Term | Min: 10 years | Max: 35 years |
SBI life - Annuity Plus
A traditional, non-participating immediate annuity plan. Under the same, you receive a comprehensive range of annuity options on just a single premium payment. Thus, you are assured of regular annuity/pension for the rest of your life.
Features
Eligibility
| Age at Entry | Min:0 years | Max:70 years |
| Age at maturity | Min 40 years | Max:80 years |
| Policy Term | Min: 10 years | Max: 35 years |
Child plans are insurance cum investment plans that help an individual create a corpus for children's future, over a period of time (policy term).
SBI Life – Smart Champ Insurance
SBI Life - Smart Champ Insurance, a traditional participating child insurance plan, helps in securing your child's educational needs.
Features
Eligibility
| Age at Entry | Min:0 years | Max:70 years |
| Age at maturity | Min 40 years | Max:80 years |
| Policy Term | Min: 10 years | Max: 35 years |
SBI Life – Smart Scholar
Avail twin benefits of market-linked returns on your invested money and the security of life cover for your children with SBI Life - Smart Scholar.
Features
Eligibility
| Age at Entry | Min:0 years | Max:17 years |
| Age at maturity | - | Max:65 years |
| Policy Term | Min: 8 years | Max: 25 years |
SBI offers premier money back plans with flexible premium options which give assured cash back options of your choice to secure your future.
SBI Life – Smart Money Back Gold
Smart Money Back Gold, a participating traditional money back insurance plan, and avail twin benefits of life cover as well as periodic income to meet your financial requirements at crucial points in life.
Features
Eligibility
| Age at Entry | Min:0 years | Max:17 years |
| Age at maturity | - | Max:65 years |
| Policy Term | Min: 8 years | Max: 25 years |
SBI Life – Smart Money Planner
This plan offers dual benefits of regular income and security for your family under the same plan with SBI Life - Smart Money Planner.
Features
Eligibility
| Age at Entry | Min:18 years | Max:60 years |
| Age at maturity | - | Max:75 years |
| Policy Term | Min: 6 years | Max: 25 years |
SBI Life – Smart Income Protect
SBI Life - Smart Income Protect, a traditional participating savings plan, offers dual benefits of life cover and regular cash inflow over a period of 15 years.
Features
Eligibility
| Age at Entry | Min:7 years | Max:50 years |
| Age at maturity | Min: 18 years | Max: 50 years |
| Policy Term | Min: 7 years | Max: 15 years |
When it comes to claim, you are required to provide complete and detailed information about the same. The claim is something for which you have invested so far. For getting your claim done, you must ensure that the state in which you file your claim is good enough to get assistance. For it, you must read the terms and conditions, inclusions and exclusion as well. The process of filing claim with SBI Life insurance is really very simple. You have to just submit the relevant document along with the claim form. Don’t forget to inform your insurance company asap. SBI Life insurance company have a proven record in settling claim so you can trust it easily.
The company is committed to offer complete security to consumers and also take care of the IRDA guidelines and timelines when it comes to settling claims
Following is the claim settlement process associated with SBI Life:1. Intimation of Claim
You have to inform the company as soon as possible about the claim through claim form attached with the necessary documents.
2. Addressing Requirements
In case SBI Life Insurance has a few needs or asks you to check the admissibility of the claim, the claimant should make sure that these requirements are met
3. Claiming the Amount
4. After submitting the claim form along with all the necessary documents and completed the process from your end then the company will settle the claim as soon as possible. IN the hour of need during the claims settlement process should you require any assistance, you can contact the company’s officials.
Going through the detailed description of claims in the policy document will assist on seamless claim settlement process.
As we discussed earlier, the claim settlement process is fast and easy. It carries transparency in the entire procedure. You can file your claim whenever the need arises. If you have any query then you can ask the company, it will be happy to serve you with the needful information.
Date and time of accident
Policy Number
Insured Contact Details, etc
Age proof of insured
Checking your policy status with SBI Life Insurance is a simple process. All you have to do is visit https://mypolicy.sbilife.co.in/Login/Registration1.aspx and key in your date of birth, Customer ID and policy number as mentioned in your policy document. You have to submit the desired details, information related to the policy and insured. You have to also confirm the phone number and email address. You may require to enter the login details before hitting Submit, after which you will receive an email with a link that allows you to reset your password. Just enter the same password you used during registration and then choose a new password. After your password has been changed successfully, you are done with the registration process and can check your policy status online easily.
If you are looking for the online payment method of SBI Life Insurance Company, you should visit https://mypolicy.sbilife.co.in/onlinepayment/bulletpayment.aspx and enter the required details, such as policy number, your date of birth, your mobile number and email address and proceed to make the payment.
1. What are the taxes applicable on insurance premium/ULIP charges?
Charges like service tax / GST (for J&K residents) /cess will be charged at the rates notified by the Central or State government on the following:
For traditional plans:
For ULIPs:
2. Is it possible to pay premiums online?
Yes.visit the My policy portal, and pick the “Pay Premium Online” option under the Transaction menu. Pick the policy you’re enrolled under and make the payment.
3. What are the other ways to make payments online?
You can pay premium through Visa, Master, and Diners & American Express cards. Net banking customers can also pay online if the bank is listed on the site.
4. What is the procedure to change the address as mentioned in the policy?
To start the procedure of changing the address, a written request needs to be sent to the Central Processing Centre, or any SBI Life branch. The request can also be faxed to the insurer.
5. What is the process of changing the percentage of allocation or to switch between funds?
To begin with the same procedure, you should furnish and submit the policy servicing form to any SBI Life branch.
