• Best Sbi Life Insurance Plans

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    SBI Life Insurance, one of the leading insurance firms in India, is a joint venture between the India-based State Bank of India and BNP Paribas Cardif. The insurer offers a varied range of life insurance policies, including savings plans, protection plans, retirement plans, child plans, wealth creation plans, etc. in an effort to meet the needs of their customers. The insurer also offers a Cancer Care Insurance and online plans that can be purchased directly on the insurer’s website. The insurer has reported a high claim settlement ratio (CSR) of 97.98% for FY16-17.

    Best SBI Life Insurance Plans in 2018

    Some of the top insurance plans offered by SBI Life in the year 2018 are listed in the table below with important details about the plan.

    Plan Name Plan Type Age at Entry Maximum Maturity Age Policy Tenure Sum Assured
    SBI Life – Smart Humsafar Endowment Plan 18 – 46 years 65 years 10– 30  years
    • Minimum Sum Assured: Rs.1 lakh
    • Maximum Sum Assured: Rs.5 crore
    SBI Life – eShield Term Plan 18 – 65 years 70 years 5 – 30 years
    • Minimum Sum Assured: Rs.20 lakh
    • Maximum Sum Assured: No limit
    SBI Life – Smart Money Planner Endowment Plan 18 – 60 years 75 years 15 – 25 years
    • Minimum Sum Assured: Rs.1 lakh
    • Maximum Sum Assured: Rs.5 crore
    SBI Life – Smart Power ULIP 18 – 45 years 65 years 10 – 30 years Up to 20 x Annualised Premium
    SBI Life – CSC Saral Sanchay Variable Insurance Product
    • 10-Year Policy Term: 18 – 60 years
    • 15-Year Policy Term: 18 – 55 years
    70 years 10 – 15 years
    • Regular Premium Policy: 7/10 times the Annualised Premium (based on the age at entry)
    • Top-Up Premium: 110%/125% of the top-up premium (based on the age at entry)
    1. SBI Life – Smart Humsafar Plan

    The Smart Humsafar Plan from SBI Life is a participating, non-linked, endowment plan. This is a joint life insurance plan, wherein the policyholder can choose to extend the policy’s coverage to their spouse.

    Key Features of the SBI Life – Smart Humsafar Plan

    • The insurer offers a guaranteed minimum bonus for the first three policy years at the rate of 2.5% of the sum assured amount.
    • In case any one of the policyholders succumb to an untimely death, future premiums will be waived off.
    • Policy buyers can buy the SBI Life – Accidental Death Benefit (ADB) Rider if they wish to customise their plan.
    • The policy provides a death benefit/maturity benefit to the policyholder/nominee, based on the eventuality.
    • Policyholders can avail a loan against this policy after the policy acquires a surrender value.
    • Policyholders can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
    1. SBI Life – eShield Plan

    The eShield Plan from SBI Life is a non-linked, individual, non-participating, pure term insurance plan that can be purchased in a hassle-free manner from the insurer’s website.

    Key Features of the SBI Life – eShield Plan

    • The plan provides a risk cover against death. In the event of the policyholder’s death, the insurer will pay the death benefit to the nominee.
    • The policy is offered at an affordable rate, with the minimum premium amount coming up to Rs.3,500.
    • The plan comes with 4 plan options – Level Cover, Level Cover with Accidental Death Benefit, Increasing Cover, and Increasing Cover with Accidental Death Benefit.
    • The insurer offers special rewards to policyholders for maintaining a healthy lifestyle.
    • Premiums towards this policy have to be paid on an annual basis.
    • You can save on tax deductions for premiums paid and benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
    1. SBI Life – Smart Money Planner Plan

    The Smart Money Planner Plan from SBI Life is a non-linked, individual, with-profit, endowment, assurance plan that comes with four different plan options which the policy buyer can choose from.

     

    Key Features of the SBI Life – Smart Money Planner Plan

    • The policy provides a regular source of income throughout the benefit payment period.
    • The insurer offers rebates to policyholders who opt for a high sum assured.
    • Policyholders can choose between paying their premium as a one-time amount or for a limited portion of the policy tenure.
    • The policy provides a life cover to the policyholder during the Benefit Payment Period, Growth Period, and the Premium Payment Period.
    • The policyholder is also entitled to receive bonuses as part of this policy.
    • Policyholders are entitled to receive tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, thus helping them save more.
    1. SBI Life – Smart Power Plan

    The Smart Power Plan from SBI Life is a non-participating, unit linked insurance policy that provides policy buyers a life cover and the option to invest in funds, as per their appetite for risk.

    Key Features of the SBI Life – Smart Power Plan

    • At the end of the policy tenure, the insurer will pay the fund value as the maturity benefit.
    • This policy comes with a built-in Accelerated Total and Permanent Disability (TPD) Benefit.
    • The minimum premium amount is Rs.2,000, which is payable on a monthly basis.
    • The policyholder can make partial withdrawals starting from the 6th year of the policy tenure.
    • Policyholders are given the option of increasing their plan cover.
    • Policyholders can claim income tax rebates for premiums paid and benefits received, under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
    1. SBI Life – CSC Saral Sanchay Plan

    The CSC Saral Sanchay at SBI Life is an individual, non-participating, non-linked, variable insurance plan that is designed to help policy buyers achieve their financial goals.

    Key Features of the SBI Life – CSC Saral Sanchay Plan

    • The insurer offers a guaranteed interest rate of 1% p.a., which is payable throughout the duration of the policy tenure.
    • Post the 6th policy year, policyholders can make partial withdrawals in order to meet their liquidity needs.
    • In the event of the policyholder’s death, the nominee is paid the death sum assured by the insurer.
    • After the completion of the policy tenure, a maturity benefit will be paid to the policyholder.
    • Policyholders cannot avail a loan against this policy.
    • Customers can avail tax benefits under Section 80C and Section 10(10D) when they purchase this policy.

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