SBI Saral Jeevan Bima Plan
  • Standard plan
  • Affordable premiums
  • Tax benefits
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SBI Saral Jeevan Bima Plan

Security for your loved ones is available with the SBI Saral Jeevan Bima Plan at a reasonable cost. It is a straightforward policy that offers the ease of paying a premium once, on a regular basis, or over the course of a policy period of 5 or 10 years. SBI Life Saral Jeevan Bima offers a death benefit to policyholders safeguarding the future of their loved ones. On the death of the life assured during the policy period once the waiting period has passed or due to an accident, the nominee/legal heir will receive the sum assured in lumpsum. SBI Life Saral Jeevan Bima does not offer any survival benefits, maturity benefits or rider benefits. It is a simple, straightforward life insurance plan.

SBI Saral Jeevan Bima is a non-linked and non-participating life insurance premium product. SBI life Saral Jeevan Bima is suitable for people who want a pure protection cover.

SBI Life Saral Jeevan Bima Plan Specifications

The table given below highlights the eligibility criteria for the SBI Life Saral Swadhan Plus plan.

Age of Entry

Min: 18 Years
Max: 65 Years

Sum Insured (in Rs.)
(Minimum)

Min: 5 L
Max: 25 L

Maturity Age

Max: 70 years

Policy Term

5 to 40 Years

Premium Payment Frequency

Regular Premium, Limited Premium (5 and 10 years), Single Premium

Read the brochure below to understand more about the plan:

Key Features of SBI Life Saral Jeevan Bima Plan

SBI Life Saral Jeevan Bima Policy is a simple pure protection plan that is well known for protecting and safeguarding the insured life’s family in the face of adversity under any unforeseen circumstances. Read more to understand the features and benefits.

  • Economical
    SBI life Saral Jeevan Bima is a basic pure protection plan offering security to the insured individual’s family at an affordable cost. Any individual can purchase SBI Saral Jeevan Plan as it is easy to understand.
  • Flexible Premium Payment
    Convenience of paying the premium once, regularly, or for a limited (5/10 years) period.
  • Easy to Understand
    SBI Saral Jeevan Bima is an easy plan with simple terms and conditions which in turn is helpful for every individual as the plan provides basic coverage and secures a family’s future.
  • Tax Benefits
    SBI Saral Jeevan Bima offers Tax benefits as per prevailing norms under the Income Tax Act, 1961.
  • Waiting Period
    SBI Saral Jeevan Plan will only cover death due to an accident during the waiting period of 45 days from the date of commencement of risk. In case of death of the life assured other than due to accident, during the waiting period, an amount equal to 100% of all premiums excluding taxes, if any, shall be paid.

Benefits of SBI Life Saral Jeevan Bima Plan

There are multiple benefits available when purchasing SBI Saral Jeevan Bima Plan. Here we have mentioned the advantages:

  • In case of the death of life assured during the policy period due to an accident the legal beneficiary will avail the lumpsum sum assured. The death benefit is available only once the waiting period has been passed mentioned in the policy wordings.
  • For regular and Limited Premium payment policies, it is the highest of 10 times the Annualized premium, 105% of all premiums paid as on the date of death or Absolute Amount assured to be paid on death.
  • For single premium policies, it is higher of, 125% of Single premium or Absolute amount assured to be paid on death.
  • In case you are not satisfied with the policy after receiving the policy documents, you can cancel the policy and get a refund. They can cancel the policy within the free look period as defined here:
    • Within 15 days in case the policy is not purchased electronically or through distance marketing.
    • Within 30 days in case the policy is purchased electronically or through distance marketing.

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Explore SBI Life Insurance

Know more about SBI Term Insurance plans, claim process, buying process, and contact details of the company by clicking on the sections below:

Claim Process

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Buying Process

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Contact Us

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Explore Other SBI Term Insurance Plans

You can find other term policies offered by the SBI Term Insurance company in the section below:

SBI Life Arogya Shield

SBI Life Arogya shield is a dual protection plan that covers health along with the life insurance cover. The plan comes with affordable premiums and offers discounts also.

Unique Features

  • 5% Discount on Premiums
  • OPD Coverage
  • Maternity Cover

SBI Life Arogya Shield (Pros)

  • Mental Illness Cover
  • Pre & Post Hospitalization
  • HIV/AIDS Cover

SBI Life Arogya Shield (Cons)

  • No Loans Allowed
  • No cover for suicide
  • No rider Benefits

SBI Life Arogya Shield (Other Benefits)

  • 141 Day Care Procedures
  • Tax Saving on 80D and 80C (Health & Life Premiums)
  • Multiple Sum Insured (1, 2 & 3L )

SBI Life Arogya Shield (Eligibility Criteria)

  • Entry Age - 90 Days (Health) 18 Years (Life)
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - 70 Years
  • Premium Payment Term - Regular Premium (Annually)

SBI Life e-Shield Next

A protection plan offering 3 plan options to choose from along with a Terminal Illness Benefit that allows you to enhance your protection with Riders.

Unique Features

  • Online Plan
  • Increasing Cover on Life Stages
  • 100 Years Life Cover

SBI Life e-Shield Next (Pros)

  • 2 Rider Options
  • Better Half Benefit Option
  • Guaranteed Surrender Value

SBI Life e-Shield Next (Cons)

  • No Loans Allowed
  • No Maturity Benefit
  • Suicide no covered

SBI Life e-Shield Next (Other Benefits)

  • Life Cover with Future Proofing Benefit
  • Death Benefit Options
  • Terminal Illness Cover on all Variants

SBI Life e-Shield Next (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 85 Years
  • Premium Payment Term - SP/RP/LP

SBI Life Saral Jeevan Bima

An Individual, Non-linked Pure Risk premium product, that offers complete protection to the family members.

Unique Features

  • Life Cover with Future Proofing Benefit
  • 100 % Death Benefit
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Spouse Cover
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Easy Claim Settlement Process
  • Avail Tax Benefits
  • Flexible-Premium Payment term

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured-5 L
  • Maximum Maturity Age- NA
  • Premium Payment Term-RP/SP/LP(5&10 Years)

SBI Life Poorna Suraksha

Offers Critical illness cover and coverage for 36 Critical Illnesses with premium waiver benefit on the diagnosis of any of the covered Critical Illnesses.

Unique Features

  • 'LifeStage Re-balancing' feature.
  • Avail Critical Illness Benefits.
  • Premium Waiver Benefit.

SBI Life Smart Shield

SBI Life Smart Shield is a pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance and offers additional riders for enhanced protection.

Unique Features

  • Coverage at an affordable cost.
  • Lower premiums for non-smokers.
  • Discount on larger sum assured.

SBI Life Smart Shield (Pros)

  • Two Plan Options
  • Accidental Total and Permanent Disability Benefit Rider
  • Accidental Death Benefit Rider

SBI Life Smart Shield (Cons)

  • Premium Loading
  • No Loan Benefit
  • No Survival Benefit

SBI Life Smart Shield (Other Benefits)

  • Covers Suicide
  • Death Benefit
  • Accelerated Critical Illness Benefit

SBI Life Smart Shield (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 80 Years
  • Premium Payment Term - 5 Yeras SP/RP

SBI Life Saral Sawdhan+

A Life insurance, saving product with a return of premium. This plan provides fixed life cover throughout the term along with maturity benefits.

Unique Features

  • Maturity benefit.
  • Death benefit.
  • Flexible premium amount.

SBI Life Grameen Bima

A Life Insurance Pure Risk Premium Product. It provides a life cover with a one-time premium payment. It is an affordable plan with surrender benefits.

Unique Features

  • Death benefit available.
  • Surrender allowed after 1st year.
  • No medical examination required.

SBI Life Grameen Bima (Pros)

  • Easy Enrolment
  • Suicide Cover
  • Fast Processing

SBI Life Grameen Bima (Cons)

  • No Loans Allowed
  • No Maturity Benefit
  • No Rider Benefits

SBI Life Grameen Bima (Other Benefits)

  • Min Single Premium Amount Rs 300
  • Max Sum Assured 50K
  • Tax Benefits

SBI Life Grameen Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 50 years
  • Minimum Sum Assured - 10 K
  • Maximum Maturity Age - NA
  • Premium Payment Term - One-Time Payment at Inception

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SBI Life Saral Jeevan Bima Plan: FAQs

1. What is the Saral Jeevan Bima Policy?

Saral Jeevan Bima simplifies the concept of term insurance and brings it within easy reach of everyone. The Saral Jeevan Bima insurance is a standard term insurance policy that is being rolled out by insurance companies from 1 January 2021. This follows a directive from the Insurance Regulatory and Development Authority of India (IRDAI) to all life insurers to launch a standard term plan which will have uniform terms and conditions across insurers, with sum assured ranging between Rs 5 lakh and Rs 25 lakh.

2. What is the minimum Sum assured available under SBI saral Jeevan Plan?

SBI Saral Jeevan Bima offers a minimum sum assured of Rs 5 lakhs.

3. What is the entry age for SBI Saral Jeevan Bima Plan?

The minimum and maximum entry age for SBI Saral Jeevan Bima Plan are 18 Years to 65 Years.

4. Does the policyholder get any survival benefit under SBI Saral Jeevan Bima Plan?

SBI Saral Jeevan Bima policy is a basic pure protection plan that offers financial security to the insurer’s family in the face of adversity. It offers the sum assured in the form of a lump sum amount to the insurer’s family in order to provide them with financial protection.

5. Do I get any maturity benefit under SBI Saral Jeevan Plan?

SBI Saral Jeevan Bima is a basic protection scheme which does not offer any maturity benefits.

SBI Term Insurance Reviews

Read what our customers have to say about SBI term insurance company

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Munmum Pathak

Pune

October 4, 2021

I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

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Rahul Kakoti

Allahabad

September 30, 2021

SBI has been my go-to for almost every finance stuff...got a decent cover through policyx this time! they have extensive knowlege and im happy

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Guni Das

Chandigarh

September 28, 2021

amaaaaaazing team at policyx.com! super helpful and ready to give any aid as and when asked! thankssss y all

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Himanta Biswa

Mysore

September 28, 2021

truly great support staff at policy man! they helped me compare options and weighed in with interesting insights...finally bought life cover from SBI life!...

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Salman A

Bengaluru

September 27, 2021

very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

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Jayesh

Gurgaon

September 22, 2021

the reputation of the company got me to approach SBI ...I bought a life plan and added riders etc ...so pretty sure its good enough coverage

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Krutika Kalra

Jaipur

September 21, 2021

buyed my 1st plan from sbi ...took help from policyx who guide me to this ! so so pleased !very happy

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Girish Saikia

Mumbai

September 20, 2021

very healthy discussion I did with policyx.com...i only wanted to buy SBI life plan so when I told them they helped me customize a good policy that I hope will be helpful

View All Sbi Term Insurance Reviews

Naval Goel

Reviewed By : Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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