SBI Term Insurance
SBI Life , one of the most trusted names in the insurance industry is a joint venture between the State bank of India and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake including other investors. SBI Life has an authorized capital of Rs. 20 billion (US$260 million) and a paid-up capital of Rs. 10 billion (US$130 million). The AUM is Rs. 2,441.8 billion.
SBI Life's diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings, and Health solutions. Driven by a customer-centric approach, the company makes sure to provide a hassle-free claim settlement experience to its customers and come out with plans that are affordable and within the reach of a common man.
SBI Life Term Insurance offers various life insurance products such as Term, Unit-Linked, Investment, Savings, Retirement, Child and Money-Back plans. In this article PolicyX has rounded up all the term plans offered by SBI Life, read further to select the best one for you.
SBI life insurance company operates with an extensive presence across the country through its 947 offices, 17,466 employees, 28,000+ partner branches, 111 brokers, 1,69,006 individual agents, and 57 corporate agents. The company has maintained a record of receiving several awards and recognitions ever since its inception. Given below is a list of a few key rewards achieved by the company in the last 2 years. Read along to find out.
- Gold Award under the category, 'Life Insurance Provider of the Year' (in the Private Sector) by the Outlook Money Awards in 2019.
- VC Circle Award under the category 'Financial Services Company of the Year' in the year 2020.
- Company Performance Award under the category 'India's Leading Life Insurance Company - Private' at the BFSI Summit & Awards by Dun & Bradstreet in the year 2020.
- Gold Shield award from the Institute of Chartered Accountants of India (ICAI) for excellence in Financial Reporting for FY 2018-19.
- SMART Award-Life Insurance in Large Category at the ET Insurance Summit held in Mumbai 2019.
- Best Life Insurance Company Award at ICC Emerging Asia Insurance Conclave & Awards 2019.
- Gold Award in the 'Best Content Marketing Launch (National)' Foxglove Awards in 2019.
- Silver Award in the 'Best Brand Film: BFSI' category at the Indian Television BrandVid Awards 2019.
Key Features of SBI Life Insurance
As per IRDAI's report of 2020-21, there are 24 Term Insurance Companies in India. The multiple insurance providers and products may make the task of choosing the right company and term plan a daunting task and this is where PolicyX helps you make the right choice and offer you updated information helping you in making your financial decisions.
SBI offers a diverse range of insurance term plans that cater to the different needs of people including individuals as well as group customers. The company commits to maintain high standards of customer satisfaction along with world-class operating efficiency.
Given below are a few highlights of the key features of SBI Life Insurance Company. Let's have a look at them:
| Annual premium (2020-21) | Rs. 50,254.17 crores |
| Market share | 6.4% |
| Claim settlement ratio (2020-21) | 93.09% |
| Solvency ratio | 2.33 |
2 An Impressive Claim Settlement Ratio
The main idea behind purchasing a term insurance plan is to make sure that your beneficiaries are able to claim the coverage amount in case of your unfortunate demise. Therefore, it is important to select an insurance company that has a good claim settlement ratio (CSR), as a higher ratio indicates better claim credibility of the company. It is the number of claims paid against the number of claims filed - the higher the ratio, the better for the insurer. As per the IRDAI report of 2020-21the claim settlement ratio of SBI Life Insurance stood at 93.09%in the financial year 2020-21.
3 Solvency Ratio
The solvency ratio is one of the various important factors one should consider while buying an insurance policy. Insurers receive hundreds of claims from their customers regularly. To process all these claims and pay the monetary benefit to the beneficiaries, the company needs to be financially stable and have adequate funds. The solvency ratio is a simple indicator to know how good or bad the financial strength of an insurer is. An insurer with a high solvency ratio has more chances of fulfilling its commitment of paying your beneficiary the sum assured in case of your demise. As per IRDAI, all life insurance companies in India are obliged to maintain a solvency ratio of at least 1.5% and SBI Life Insurance has managed to maintain a solvency ratio of more than 1.5% over the past few years. At present, the solvency ratio of the company is 2.33.
We've created a graph below that highlights the solvency ratio of SBI Life Insurance for the last 3 years. Refer to this chart to get a clearer understanding of the financial soundness of the company.
Solvency ratio of SBI Life Insurance Company
*Data sourced from IRDAI's annual report of 2017-18, 2018-19, and 2019-20
Term Plans offered by SBI Life
There are 8 different types of SBI life term insurance plans offered to keep your loved ones financially protected, even in unforeseen circumstances. All the SBI term plans are carefully designed to cater to the needs of a diverse range of people, coming from all segments of society.
Let's have a quick overview of the SBI term plans to understand who all should buy these plans and why.
| S.No. | SBI Term Insurance Plans | Who Should buy? |
| 1 | Arogya Shield- Health plus life combi plan | This plan offers dual benefits of health insurance and pure term life insurance in a single plan which will protect you and your family and provide financial Suraksha for your dear ones even when you are not around. |
| 2 | SBI Life - Saral Jeevan Bima | This SBI term plan is suitable for people who are buying a term insurance plan for the first time and cannot devote much time and effort to understanding how a policy works. |
| 3 | SBI Life- e shield next | A plan for those who want to give a boost to their financial immunity. It is a new age protection plan, thoughtfully crafted for you to meet not only your present requirements but also take care of your changing responsibilities as life goes along. |
| 4 | SBI Life Poorna Suraksh | Individuals who are more prone to get diagnosed with any type of critical illness and want to protect the financial future of their family should consider opting for this SBI life term plan. |
| 5 | SBI LIFE - Smart shield | This plan is designed for people who want to provide financial protection to their families with comprehensive coverage at an affordable cost. |
| 6 | SBI LIFE - Grameen Bima | The plan offers a significantly lowered premium amount and is suitable for customers coming from financially weaker segments of society. |
| 7 | SBI LIFE - Saral Swadhan+ | People who want to protect their families with the assured return of premiums should consider investing in this plan. |
| 8 | SBI LIFE - Smart Swadhan Plus | This SBI life term plan is suitable for people who are interested in getting protection for their family at a nominal cost, with the added benefit of getting their premiums back. |
Let us understand these 8 plans in a little more detail.
SBI Life - Arogya Shield - Health Plus Life Combi Plan
Arogya Shield, is an insurance product that will offer you a dual benefit of health insurance and pure term life insurance in a single plan which will protect you and your family and provide financial support for your dear ones, even when you are not around.
Key Features of the Plan
- This plan is a comprehensive plan which will provide hospitalization coverage to you and your family.
- It offers multiple Sum Insured Options- Rs. 100,000, Rs. 200,000, and Rs. 300,000.
- Individual, Non-Linked, Non-Participating Life Insurance Pure Risk Premium Product.
- Security for your family with a standard term insurance plan at an affordable cost.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 65 years |
| Policy Term | 5 to 40 years |
| Premium Payment Options | Regular premium, annual premium |
| Sum Assured | Minimum: Rs. 5,00,000, Maximum: Rs. 25,00,000 |
SBI Life - Saral Jeevan Bima
SBI Life Saral Jeevan Bima is a standard, individual term life insurance plan. This plan is specially designed to suit the insurance needs of first-time buyers planning to invest in a simple plan and for people looking for pure protection cover.
Key Features of the Plan
- This SBI life insurance term plan offers the benefit of selecting the premium payment term and frequency as per the convenience of the customer.
- With this plan, the policyholder can enjoy revival benefits if in case their policy has lapsed due to non-payment of the due premium amount.
- The plan also offers premium discounts on opting for a larger sum assured.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 65 years |
| Policy Term | 5 to 40 years |
| Premium Payment Options | Regular premium, limited premium (5 and 10 years), single premium |
| Sum Assured | Minimum: Rs. 5,00,000, Maximum: Rs. 25,00,000 |
SBI Life- e-shield Next
It is a newly launched plan by SBI and is considered to be the "new age" plan as it can be customized to the ever-changing needs of an individual's life. It has been thoughtfully crafted for everyone to meet not only your present requirements but also take care of your changing responsibilities as life goes along.
Key Features of the Plan
- It comes with an option to choose from 3 different plan variants- Level Cover, Increasing Cover, and Level Cover with future-proofing benefits to suit your protection needs.
- You can customize the plan to meet your requirements through the death benefit payment mode or the better half benefit option.
- It provides terminal illness benefit under all plan options.
- Pay premium as per your convenience - Only once, for a limited period, or for entire policy term
- Additional coverage through two rider options.
Eligibility Criteria
| Age at Entry | Minimum: For Whole Life: 45 years For Other than Whole Life: 18 years
Maximum: For Level Cover, Increasing Cover Benefit & Level Cover with Future-Proofing Benefit: Single Premium & LPPT: 65 years Regular Premium: 60 years
For Better Half Benefit: 55 years |
| Policy Term | 5 to 85 years |
| Premium Payment Options | Single, Yearly, Half-yearly & Monthly |
| Sum Assured | Minimum: Rs.50,00,000,
Maximum: Rs. 99,00,000 |
SBI LIFE - Poorna Suraksha
SBI Life Poorna Suraksha is a comprehensive term insurance plan that offers insurance coverage to the insured's family members if in case they die or gets diagnosed with any of the listed critical illnesses.
Key Features of the plan
- This SBI life insurance term plan has a unique 'Life-Stage Rebalancing' feature wherein the sum assured under life cover would reduce over the term whereas the critical illness cover would increase.
- The policyholder gets coverage against a range of 36 critical illnesses including serious diseases like heart attack, brain tumour, cancer, and kidney failure.
- The plan offers an in-built premium waiver benefit that waives all future premiums in case of the diagnosis of any of the covered critical illnesses.
- With this SBI term insurance plan, the policyholder has to pay a fixed premium amount as the premium remains the same throughout the term of the policy.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 65 years |
| Policy Term | 10, 15, 20, 25, 30 Years |
| Premium Payment Options | Yearly, Half Yearly, and Monthly |
| Sum Assured | Minimum: Rs. 20 Lakh, Maximum: Rs. 2.5 crores |
SBI LIFE - Smart Shield
SBI Smart Shield is a traditional term insurance plan that provides helpful financial assistance to the family of the insured in case of their unfortunate demise. The plan offers a variety of features and benefits that are designed to help people protect their family's financial future at an affordable cost.
Key Features of the plan
- This policy is available within two plan options called Level Term Insurance and Increasing Term Assurance @ 5% Simple p.a.
- The plan offers two-rider benefits including accidental death benefit rider, and accidental total and permanent disability benefit rider.
- The premium discount is given to those who opt for a higher sum assured amount.
- Special rewards are provided for maintaining a healthy lifestyle.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 60 years |
| Policy Term | Minimum: 5 years, Maximum: 80 years less age at entry |
| Premium Payment Options | Quarterly, yearly, half-yearly, and monthly |
| Sum Assured | Minimum: Rs. 25 Lakh, Maximum: No limit |
SBI LIFE - Grameen Bima
SBI Life - Grameen Bima is a microinsurance life insurance product that is specially designed to provide financial security to the policyholder's family at reasonable costs.
Key Features of the plan
- The plan offers life cover with a one-time premium payment.
- The registration procedure for the plan is very simple and requires no prior medical examinations.
- The premium amount of the plan is significantly low and policyholders can choose from a range of premiums in multiples of Rs. 100.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 50 years |
| Policy Term | 5 years |
| Premium Payment Options | Single-Premium: One Time payment at the time of inception |
| Sum Assured | Minimum: Rs. 10,000, Maximum: Rs. 50,000 |
SBI LIFE - Saral Swadhan+
SBI Life - Saral Swadhan+ is a special type of term insurance product that comes with the feature of a return of premium. The plan offers a fixed life cover throughout the policy tenure along with a guaranteed maturity benefit.
Key Features of the plan
- The plan provides customers with the convenience to choose the cover and premium amount as per their needs.
- At the time of maturity, the policyholder will receive a guaranteed benefit of 100% or 115% of the total paid premium.
- In the event of the death of the insured during the policy tenure, the plan will pay the sum assured to the nominee/beneficiary.
- The plan adopts an easy enrolment process which is based on a simplified proposal form.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 55 years |
| Policy Term | Regular Premium: 10 years, Limited Premium: 15 years |
| Premium Payment Options | Quarterly, yearly, half-yearly, and monthly |
| Sum Assured | Minimum: Rs. 30,000, Maximum: Rs. 4,75,000 |
SBI LIFE - Smart Swadhan Plus
SBI Life Smart Swadhan plus is an individual insurance product that comes with a special return of premium option that helps the policyholder to get back all the total premiums paid by them during the tenure period, in the form of a lump sum amount.
Key Features of the plan
- Under this plan, the policyholder will receive 100% of the paid premium at the time of maturity.
- The plan offers the option to pay premiums through a single payment, for a limited period (5,10,15 years) and throughout the policy tenure.
- Customers can avail of discounts on premium rates if they opt for a high amount of sum assured.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 65 years |
| Policy Term | Regular Premium: 10 years, Limited Premium: 30 years |
| Premium Payment Options | Quarterly, yearly, half-yearly, and monthly |
| Sum Assured | Minimum: Rs. 5,00,000, Maximum: No limit |
Exclusions of SBI Term Insurance Plans
There are some general exclusions against which the above-mentioned term insurance plans by the SBI Life Insurance company would not provide coverage. Let's have a look at them:
- Death due to self-inflicted injuries.
- Death due to any pre-existing or critical disease against which coverage is not provided in the policy document.
- Death due to intoxication (alcohol or drug overdose).
- Death by suicide (during the initial 12 months from issuance of the policy).
- Death resulting due to an act of criminal nature.
- Death due to natural calamity.
How To Buy SBI Term Insurance Plans?
To buy any other insurance plan that is not available online, you will have to visit the nearest SBI Life Insurance branch to invest in the same.
Follow the below steps to buy SBI Life Term Insurance from the company's official website.
- Visit the official website BI's life official website & click on the products section from the top menu.
- Select PlanSelect your preferred plan & click on the tab 'Buy now' option.
- Submit DetailsFill in the required details & click on the tab 'Calculate Premium'.
- Customize PlanSelect the desired plan option and add on riders if available in your plan.
- Check PremiumTap on the tab "Get Quote" & check the final premium amount for your plan
- Select OptionsTick on the suitable opinions if you have or have not purchased any policy before.
- Make PaymentClick on the option 'Buy Now' & pay the final premium amount online. Once done, your SBI Term Insurance policy details will be sent to you at your registered email address.
Official website of the SBI Life Insurance companyThird-party intermediaries like agents, brokers, and banks
Steps to buy from SBI Life Insurance Company
Before we step into the detailed buying process of SBI Life Insurance Company, it is important to note that the company provides online buying options only within 3 SBI term insurance plans. These plans are SBI Life - Saral Jeevan Bima, SBI Life eShield and, SBI Life Poorna Suraksha.
To buy SBI life term plans from the official website of SBI Life Insurance Company, follow the below-mentioned steps:
Once your payment is received by the company, it will share the SBI term insurance policy documents on your registered mail Id and also send a hard copy of the same to your address.
To buy any other insurance plan that is not available online, you will have to visit the nearest SBI Life Insurance branch to invest in the same.
Documents Required to Buy SBI Term Insurance Plans
While purchasing SBI Term Plan, one should always keep the below-mentioned documents handy for hassle free buying experience:
- Aadhar Card, Passport for Age proof
- Pan Card, Driving License, Voter's ID for identity proof
- Income Tax Return or salary slip for Income proof
Claim Process of SBI Term Insurance
The nominee of the insured can file a claim for the policy upon the death of the policyholder. SBI Life Insurance offers a hassle-free and simple 3 step settlement claim process. Given below is a detailed explanation of these steps. Read along to find out.
1 Claim intimation
- The very first thing to do while filling a claim is to intimate the company immediately by filling an online claim form. To do this, you should visit the claims and maturity section on the company's website.
- Next, send the duly filled claim form along with the supporting documents either by post or by visiting the nearest branch of the company.
- You can also mail the documents at claims[at]sbilife[dot]co[dot]in (for death claim) and maturity[at]sbilife[dot]co[dot]in (for living benefit claims).
2 Document Submission
You will be required to submit a few necessary documents while filing for a claim. Here is a list of some of these documents
- Claimant Statement/Claim intimation form duly filled and attested by the claimant
- Policy document
- Death certificate original as well as photocopies issued by Local Municipal bodies located in your area
- Identity proof and address proof of the nominee/claimant
- Bank passbook cancelled cheque or bank statement of the claimant
- Hospital records
- Post-mortem and chemical viscera of the dead insured, if performed
- FIR
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.
3 Claim Assessment
- After receiving the claim application, the company will assess it based on the claim documents submitted and the information provided by the life Assured in their proposal form.
- If the application gets approved by the company, the claim amount will be provided to the nominee as per the terms and conditions of the policy.
I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth