SBI Life insurance best savings scheme for new users

• Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
• Claim up to Rs. 1,50,000 deduction under section 80C**
• Choose between annual and monthly premium payment options

SBI Life, a relatively new entrant to the life insurance industry, offers a multitude of plans for people with different types of life insurance requirements. While term plans provide high value coverage at an affordable price, savings plans are primarily designed to provide low-risk life insurance coverage and fulfill the future requirements of the insurer. Most people choose savings plans for specific reasons such as children’s higher education, marriage, new home purchase, etc. SBI offers various savings plans for its customers, and these plans can be used to take care of the specific requirements of life insurers.

Savings plans by SBI Life

The savings plans offered by SBI Life are listed as follows:

• SBI Life - Shubh Nivesh: This is an endowment policy that offers the benefits of insurance, income, and savings under one single coverage. One of the advantages of this policy is the flexibility in choosing the type of coverage. It is available either as an endowment only option or an endowment with whole life option. The regular income option available with this plan will help you take care of your liquidity needs during the course of the policy term. By choosing one of the variants available within this plan, you can start investing money and build a corpus sufficient to take care of your needs.
• SBI Life - Smart Bachat: This is a non-linked endowment plan that focuses on financially safeguarding your family. Customers can choose the policy term and premium term at their own convenience based on their requirements. This savings plan helps you build a decent corpus over the course of up to 30 years. Customers can choose the sum assured amount starting from Rs.1 lakh and get coverage for their desired amount.
• SBI Life - Flexi Smart Plus: One of the advantages of this plan is that it allows customers to make changes to the plan as per their changing requirements. In other words, policyholders can increase or decrease their policy term and sum assured amount based on their changing requirements. This plan comes with a minimum lock-in period of five years and allows policyholders to make partial withdrawals from the sixth year onwards.
• SBI Life- CSC Saral Sanchay: This is an endowment policy that offers many flexible benefits to policyholders. Similar to other savings plans, this policy also offers a combination of both death and maturity benefit to policyholders. It allows partial withdrawals from the sixth year onwards. Policyholders are free to choose the premium payment term based on their own convenience.
• SBI Life- Smart Women Advantage: As the name implies, this is a policy customised to the specific requirements of women in the country. In addition to the savings and insurance benefits, women can also benefit from the policy’s additional coverage provided for pregnancy and childbirth-related complications. The benefits and premium payment terms are customised in such a way that women can avail this coverage at flexible terms and conditions.
• SBI Life - Smart Guaranteed Savings Plan: This is a non-participating savings plan that comes within the affordable price range of customers. This policy comes with a fixed policy term of 15 years and premium payment term of 7 years. The maturity benefit provides assured returns and the insurance coverage secures the family’s financial requirements. If you are looking for a savings plan that provides accumulated benefits over the course of 15 years, this policy is an ideal choice.
• SBI Life - Smart Humsafar: This is a joint life insurance scheme that can be availed by married couples in the country. It allows spouses to take care of their joint liabilities and save money under one single policy. This policy comes with flexible terms and provides guaranteed returns for policyholders. In addition to the basic coverage, customers can also choose additional riders to enhance their life insurance coverage.

These are the savings plans currently available under SBI Life’s lineup. These savings plans are ideal for those who wish to practice financial discipline and save money without incurring any risk. The terms of these policies listed here slightly vary from one another. These plans are designed in such a way that they provide maximum benefits for policyholders enrolled in the scheme.

Conclusion

In addition to these savings plans, SBI Life also have various protection and investment plans available in its lineup. One of the advantages of savings plans is that they provide coverage for people without exposing them to market risks. Moreover, customers can choose the type of coverage based on their age, income, and affordability. By choosing the right plan, customers can build a decent corpus sufficient to meet their financial requirements.