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SBI Life Insurance is the product of the amalgamation between two banking and insurance giants - the State Bank of India (SBI) and the BNP Paribas Cardif. The company is currently one of the top players in the life insurance in India. With the help of its strong product lineup, SBI Life continues to expand its customer base throughout the country. The company offers both individual and group insurance plans to help its customers with their life insurance requirements. If you are looking forward to buy a life cover from SBI Life, you may take a look at various aspects of the company and products available in it.
Percentage of Grievances Solved | 100% |
Claim Settlement Ratio | 96.76% |
Group Death Claims | 99.35% |
Solvency Ratio | 2.06 (for the quarter ended March 2018) |
SBI Life Insurance has 16 glorious years of providing great service to its customer base. Moreover, SBI is the largest lender in India. This makes it one of the most recognized brands in the country.Over the years SBI Life have come up with various insurance plans and products for the benefit of their customers. They are constantly reinventing themselves providing the latest technology and tool to the policyholders to make insurance-buying a simpler process.
SBI Life offers a wide range of insurance products to satisfy all their customer’s requirements. These plans can be sorted into different categories such as Protection Plans, ULIP Plans, Savings Plans, Retirement Plans, Child Plans, Group Plans and Online Plans.
However, some plans come under two different categories given that they suit the requirement of both type of plans. The following table shows which plans falls under which category:
Protection Plans | ULIP Plans | Savings Plans | Retirement Plans | Child Plans | Group Plans | Online Plans |
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Protection plans are traditional insurance plans which are usually low cost and benefit the family of the insured in case of death/permanent disability.
Plan name | Key Features |
SBI Life - Smart Shield |
This is a participating term life plan that provides all around financial protection at affordable premium costs. It can be customized with riders for accidental death, critical care etc. The plan also awards you for maintaining a healthy lifestyle.
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SBI Life - Saral Shield |
Saral Shield, as the name suggests, makes getting an insurance easier with very low premiums and adequate coverage. This is a traditional term insurance plan that also doubles as a loan protection plan. There are also special discount on premium for women policyholders.
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SBI Life - Grameen Bima |
Grameen Bima is a micro-insurance term plan that benefits the poorer sections of the society, especially in the rural areas of the country. The aim of this plan is to provide some life cover to those who need it the most at the lowest premiums possible. The premium amount actually depends on the life coverage required.
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SBI Life - Smart Swadhan Plus |
Smart Swadhan Plus pays back the total basic premiums paid by the policyholders till maturity date, provided the policy is still in force. This is a non-participating, non-linked term plan with the option to choose a payment term as per the policyholder’s convenience.
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SBI Life - Saral Swadhan+ |
Saral Swadhan+ is a non-participating, individual term insurance plan that gives the policyholder life coverage during the policy period, and the entire premium amount on maturity, provided he/she has paid a minimum of 3 annual premiums.
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SBI Life – Poorna Suraksha |
This is a non-linked term insurance plan that offers in-built critical illness coverage for policyholders. One of the notable aspects of this policy is that it allows rebalancing the coverage as you age. This is to ensure more protection for you. Some of the notable features of this policy are listed as follows:
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SBI Life – SampoornCancer Suraksha |
As the name implies, this is a policy designed specifically to provide coverage against cancer. This policy provides lump sum benefit against the first diagnosis of various types of cancer. It also provides benefits against various stages of cancer. Some of the key features of this cancer insurance policy are listed as follows:
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ULIP or Unit Linked Insurance Plans double as investment ventures. These insurance plans are market linked, with the option to choose the degree of risk involved. The policyholder bears all the risk of the investment.
Plan name | Key Features |
SBI Life - Smart Privilege |
Smart Privilege Plan comes with the flexibility of having 8 diverse funds to switch between re-direct premiums to. The plan also allows for loyalty additions that adds to the fund value. It doesn’t levy any administration fee either.
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SBI Life - Smart Wealth Builder |
As the name suggests Smart Wealth Builder plan aims to build funds for the policyholders to cover both investment and insurance needs.
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SBI Life - Smart Wealth Assure |
This plan is a market-linked non-participating policy. The policyholder has to pay premium only once to avail of the benefits of this plan throughout the term of the policy.
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SBI Life - Saral Maha Anand |
This is a simple unit linked insurance product that helps policyholders manage their investments depending on their appetite for risk. The policy comes with 3 fund options to choose from, along with a guaranteed 30% addition to an annual premium.
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SBI Life - Smart Elite |
A unit-linked insurance product, that allows policyholders to pay premiums for limited period only. Premium can also be paid in a single payment, with the protection extending till the entire insurance term.
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SBI Life - Smart Power Insurance |
Another unit linked plan, Smart Power Insurance takes care of your insurance as well as investment needs. The product comes to you at reasonable premium and is in tune with the current investment scenario. It is a flexible product, which also takes care of your liquidity needs. Additional protection requirement, due to changing personal and/or financial circumstances, is also taken care by the product.
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Savings insurance plans are mostly participating plans that provide the double benefit of both a life insurance cover and growth of funds, so that the money is put to work even if there’s no insurance claim ever made. Savings plan gives maturity benefits and bonuses along with the usual death benefits.
Plan name | Key Features |
SBI Life - Smart Bachat |
Smart Bachat is a Limited Premium Payment Term (LPPT) endowment insurance plan. The policy term exceeds the premium payment term, so a policyholder continues to enjoy life cover up to 10 years after the last premium amount is paid.
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SBI Life - Smart Women Advantage |
This is a participating traditional Endowment Plan, especially designed for women policyholders with added features for protection and security. The plan covers life and savings along with critical illness benefit. There is also optional benefits available for pregnancy and childbirth related issues.
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SBI Life - Smart Swadhan Plus |
Smart Swadhan Plus pays back the total basic premiums paid by the policyholders till maturity date, provided the policy is still in force. This is a non-participating, non-linked term plan with the option to choose a payment term as per the policyholder’s convenience.
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SBI Life - Smart Humsafar |
This is a joint participating insurance plan or married couples. The endowment plan provides both the husband and wife with insurance cover and comes with multiple rider options. The policy offers a guaranteed minimum bonus at 2.50% of the sum assured for the first 3 years.
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SBI Life - Smart Money Planner |
This is a non-linked individual insurance plan which guarantees periodic cash inflow, thus providing the policyholder with a avenue of financial support. This policy also allows for lower premium payment term while maintaining coverage throughout the term of the policy. The policy term is divided into Premium Payment Period, Growth Period and Benefit Payment Period.
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SBI Life - CSC Saral Sanchay |
This is a non-participating, individual, variable insurance plan that can be purchased from any authorised Common Service Centre under the National e-Governance Plan (NeGP) of Government of India. The policy comes with a lock-in period of 5 years. The policyholder can also choose to top up the initial premium amount to increase insurance cover.
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SBI Life - Smart Income Protect |
It is a participating insurance cum savings plan where the policyholder pays regular premiums for a term of 7, 12 or 15 years. After the premium period is over, the policyholder gets annual payouts for the next 15 years. They can also choose to receive the entire sum as maturity benefit at the end of the policy term. This policy also boasts of a wide variety of riders.
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SBI Life - Smart Guaranteed Savings Plan |
A traditional insurance plus savings plan which rewards its policyholders with a number of add-ons. The plans gives guaranteed additions at the end of each year depending on the premium amount. The premium payment tenure is a mere 7 years.
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SBI Life - Smart Money Back Gold |
It is a traditional insurance plan, participating in nature that pays a regular Survival benefit. It also assures the family of the insured is financially secure after he/she is no more by paying out the full Sum Assured along with Simple Reversionary Bonus, irrespective of the sum already paid as Survival benefit.
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SBI Life - Shubh Nivesh |
Shubh Nivesh is an endowment plan of a different kind as it offers Whole Life coverage option along with savings and a regular income.
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SBI Life - Saral Swadhan+ |
Saral Swadhan+ is a non-participating, individual term insurance plan that gives the policyholder life coverage during the policy period, and the entire premium amount on maturity, provided he/she has paid a minimum of 3 annual premiums.
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SBI Life - Flexi Smart Plus |
This is a participating variable product that gives the policyholder the freedom to choose both their policy term and change their Sum Assured. The policy offers interim bonus, regular bonus and terminal bonus, and comes in two options - Gold and Platinum. This policy also allows partial withdrawal from the 6th year of the policy.
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Retirement insurance plans are those especially designed to facilitate better returns for retirees. These plans provides for the future of the policyholders post retirement in the form of pensions.
Plan name | Key Features |
SBI Life - Saral Pension |
This is a traditional, participating, individual pension plan that provides life cover and death benefit along with guaranteed bonuses during the first 5 years. Plus a maturity benefit at the rate 0.25% p.a. compounded yearly. Since the returns are guaranteed, the policy is completely secure from the ups and downs of the market.
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SBI Life - Retire Smart |
Retire Smart plan is for a more matured populace, in terms of both age and financial stature. The policy guarantees a 101% return on the total premium paid, thus mitigating the market risk to a great extent.
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Child insurance plans are especially designed to protect children of the policyholders in event of their unfortunate demise. These plans ensure that a child is provided for, especially in matters of education, in the absence of his/her parent.
Plan name | Key Features |
SBI Life - Smart Champ Insurance |
This is a participating, individual life insurance product designed especially for children to ensure their future education is taken care of. The policyholder can get him/herself assured against death and/or Accidental Total Permanent Disability, and their child nominee will get the Sum Assured plus Smart Bonus on attaining ages 18, 19, 20 and 21 in case the the event insured against occurs.
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SBI Life - Smart Scholar |
This is a unit-linked policy that helps the policyholder fulfill their responsibility as a parent by securing their child’s education. This policy offers 7 different fund options to invest in. The policy also has built in Accidental Death and AT&PD benefit.
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Group plans are those insurance that benefit a group of people, not just individuals. These insurance plans are often bought by employers for their employees. Group plans can be further divided into Retirement Plans, Protection Plans, Loan Protection Plans and Micro Insurance Plans.
Plan name | Key Features |
Retirement Solutions: | |
SBI Life - Kalyan ULIP Plus | This is a unit linked plan that aims to provide retirement benefits to the employees in a group larger than 10 members. This is a fund-based non-participating policy which allows for premiums to be paid any time of the year. Age requirement for group members is between 18 and 79 years. |
SBI Life - CapAssure Gold | This is a non-linked group plan that provides services like Leave Encashment, Gratuity and Superannuation. This policy is only available to employer – employees groups. The product comes with a free look period of 30 days wherein the employer can reevaluate the policy and return it if required. |
SBI life - Swarna Jeevan |
This is an annuity plan that starts paying its members almost immediately depending on the option opted for. This plan is especially aimed towards corporate clients and offers Single and Joint annuity options. The minimum amount of annuity permissible is Rs1,200 p.a. per member.
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SBI Life - Gaurav Jeevan |
Gaurav Jeevan scheme is that allows for a government entity to transfer its liability for annuity payments for acquired land compensation to SBI Life. SBI Life’s inhouse financial experts invest the funds wisely to generate better annuity rates.
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Protection Plans: | |
SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana |
This is not a unique SBI Life product, but is actually designed as per the criteria of the Indian Government on its pension scheme, the Pradhan Mantri Jeevan Jyoti Bima Yojana. This is a yearly renewable non-linked product that’s non-participating in nature. The insurance provides cover from the day the premium is paid till a year after. Although a group plan, it doesn’t require to be purchased by a group and can be availed individually.
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SBI Life - Sampoorn Suraksha |
This is another yearly renewable insurance plan offering affordable rates to groups like Employer-Employee, Professional/Affinity, Borrower/Depositor etc. The plan offers multiple options of determining Sum Assured like flat cover, times of salary or CTC, outstanding loan, bank deposit size etc. The policy also comes with a comprehensive list of riders - the most any SBI Life scheme offers.
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SBI Life - Suraksha Plus |
This is a non-linked group term insurance, non-participating in nature. This is a flexible product with wide range of premium cost and Sum Assured and Premium Payment options. This product can be used to provide coverage based on employee designation, salary etc.
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Group Loan Protection Products: | |
SBI Life - RiNn Raksha |
SBI Life’s RiNn Raksha is a credit insurance plan, which ensures that the life insured’s property remains with their family even after they are no longer there to pay off the loan installments. This policy cover a variety of loans such as car loans, housing loans, education Loans, agricultural loans and personal loans. A total of up to 3 loan applicants can be insured under this plan.
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Group Micro Insurance Plans: | |
SBI Life - Grameen Shakti |
This group insurance provides insurance to people funded by Micro Financial Institutions/NGO’s or who get loan from Banks/Financial Institutions through Self Help Groups. Thus, this plan caters to economically weaker people. Unlike other products, this insurance plan offers maturity benefits amounting to 50% of the premiums paid.
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SBI Life - Grameen Super Suraksha Plan |
Another plan aimed at the poorer sections of the society, this is however, a pure traditional term insurance plan. This means that it doesn’t offer any maturity benefit in addition to death benefits or Sum Assured. The premium costs of this plan are extremely low.
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Online insurance are those which can be bought online via SBI Life’s website. SBI Life has a variety of online insurance options starting from traditional term insurance plans to wealth building plans to annuity plans, to cover almost all kinds of insurance requirements.
Plan name | Key Features |
SBI Life - eIncome Shield |
eIncome Shield is a traditional non-participating term insurance plan that can be purchased online via SBI Life’s website. The plan provides for a monthly payout as a means to replace a policyholder’s monthly income in event of their unfortunate demise. It also has 4 different options to facilitate an annual increase of that monthly income.
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SBI Life - eShield |
eShield plan is an individual participating term plan that comes tailored with multiple coverage options to suit the needs of different policyholders. This plan covers Accidental Death Benefit without any additional riders.
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SBI Life - eWealth Insurance |
This is a non-participating linked insurance plan purchasable online. The plan is designed to provide both insurance cover and wealth growth. This plan comes with Automatic Asset Allocation or AAA feature that invests the premium in equities in the initial years, slowly shifting to debt and money market. Thus, effectively lessening risks and producing greater returns.
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SBI Life - Annuity Plus |
This is a non-participating traditional annuity plan that provides for regular income from the age of 40 years to a policyholder. A wide range of annuity options ensures a source of supplementary income for a lifetime. The plan also provides for Accidental Death Benefit Rider as an option.
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Claim Settlement Process:
The Claim Settlement Process with SBI Life is a 3 step process:
Step 1: Intimation of Claim
The first part of staking a claim is, of course, letting the insurer know that the insured is seeking claims. SBI Life can be intimated about the claim by one of the following channels:
Step 2: Submission of Required Documents (if any)
Different types of documents are required to process different claims. However, the documents required can be broadly classified as
Step 3: Final Settlement of Claim
State Bank of India offloaded 4% stake in SBI General Insurance to Premji Invest and Axis Asset Management Company for a total of Rs.4.81 billion.
The lender selling the stake is a part of its pre-offer valuation exercise by SBI General Insurance as it looks to get listed in the year 2019.
SBI General Insurance is a joint venture between Australia based Insurance Australia Group and State Bank of India. While the former continues to hold a 26% stake in the venture, the Indian bank’s stake has dropped down to 70% after selling 4% of its stake to Axis Asset Management Company and Premji Invest.
Out of the 4% stake sold, Premji Invest will hold a total of 2.35% stake, while the rest of the 1.65% will be held by Axis Asset Management Company.
SBI Chairman Rajnish Kumar said that SBI’s subsidiaries are doing extremely well and they see a huge potential for growth in the insurance sector which is still young in India. SBI, which is one of the leading banks in India are planning to sell a share in SBI Capital Market and SBI Card.
SBI, which announced the sale of the stake in August saw interests from KKR, Temasek Holdings, and Canada Pension Plan Investment Board (CPPIB) who are considered to be the three largest private equity investors in the world.
However, in order to ensure that the sale of the stake happens in a smooth manner, the State Bank of India will have to seek approval from the Insurance Regulatory and Development Authority of India (IRDAI).
J Sagar Associates were the legal advisors, while Kotak Mahindra Capitals were the financial advisors during the stake selling process.
SBI saw a 126% y-o-y growth in their net profit at Rs.1.13 billion for the quarter which ended on June 30, 2018.
SBI Life is one of the renowned life insurance companies in the country. The company has one of the best claim settlement ratios in the industry. Its claim settlement ratio for the fiscal year 2017-18 is as follows:
No. of claims received | No. of claims approved | Claim settlement ratio |
18,885 | 18,274 | 96.76% |
Claim settlement ratio trend over the years:
Year | 2011-12 | 2012-13 | 2013-14 | 2014-15 | 2015-16 | 2016-17 | 2017-18 |
Settlement Ratio | 95% | 94% | 91% | 89% | 93% | 97% | 97% |
The documents required to process any SBI Life Insurance Policy include:
Other acceptable documents are:
A policyholder can check their policy status via sending an SMS to 56161 or 9250001848. The text of the SMS has to be:
POLSTATUS (Policy Number).
Online Payment Options
SBI Life has different premium calculator for different products. Each calculate the premium somewhat differently than for other products. Some of the fields in the premium calculator are:
A. Yes, an SBI Life policy can be revived even after it lapses if it follows the following procedures:
A. In case a nominee misplaces the original Policy Document, he/she can submit an Indemnity Bond in lieu of the lost document. The bond should be executed on a notarized stamp paper along with a Surety Form that is properly executed.
A. The three main charges applicable on SBI ULIP Linked insurance plans are as follows:
Besides these 3, there are other charges which may be applicable only under certain conditions, such as:
A. To know the current value of your ULIP funds, you can SMS the following message to 56161 or to 9250001848:
“FV (Your Policy Number)”.
You can also find out about the current fund value by logging in to the ‘MyPortal’ policy management portal of SBI Life Insurance.
A. SBI Life generally settles a death claim within 10 to 15 days of receiving the claim on the policy, provided the claim doesn’t call for an investigation. As per the IRDAI regulations, SBI Life has to settle an insurance claim,
A. The following people can be benefited from an SBI Life Policy claim:
The shares of SBI Life Insurance Co. Ltd. has risen up by about 4.2% and touched an all-time record high recently. The company has also reported a rise of 5% in the June-quarter profit. The life insurance company is the most well-spread one in the market in terms of creating a presence all across the country.
The price target has been raised from Rs.745 to Rs.918. Although this has been done while maintaining a ‘buy’ rating on the stock. 24 out of 26 brokerages which cover the stock have a ‘buy’ rating. On the other hand, one has ‘sell’ and one has ‘hold’. The stock has earned 18.9% this year at the close of 23 July 2019. The direct competitors like HDFC Life Insurance Company had a rise of 5.3% and ICICI Prudential Life Insurance Company had a rise of 2.2%.
31 July 2019
In what is a record for SBI Life Insurance, its stocks rose to Rs.780 per stock on Friday, up by 3% as per the BSE stocks results. For the first time, the value of the SBI Life Insurance stock rose past Rs.760. As a result, SBI Life Insurance even outperformed the market and rose by 34% on Friday. According to an expert, FY20 has begun on an encouraging note with first 2 months (April and May) of total annual premium equivalent (APE) growing at 47 per cent year-on-year (YoY). Similar trends are sustaining in June as well. First 2 months generally form 7-8 per cent of full year total APE and we do not impute such supernormal growth to full year. Nonetheless, the start to the fiscal year has been strong. SBI Life expects protection segment to witness stronger growth and gain share in overall product mix. According to JP Morgan, SBI Life is the largest private sector insurer with around 13% market share. Considering its strong distribution network in both the agent (around 125K persons) and bancassurance channel, ULIP which accounted for 53% of FY19 first year premium, is likely to benefit from cost efficiencies/operating leverage with rising scale.
16 July 2019
The value of the shares of SBI Life Insurance Company has climbed to a 52-week high. It now stands at Rs.714.80 per share as on 26 June 2019. The main reason for this has been attributed to the fact that Deutsche Bank, the foreign research organisation, has maintained a buy rating on these shares. The target price per share is now Rs.830.
The company’s higher management is sure that they will be able to push the value of their shares even further up this financial year. They aim to achieve this through higher growth. They also expect a decline in RoP products having a lower margin in the protection mix.
According to Deutsche Bank, the VoNB margin is expected to expand by 100 bps in the financial year 2019-20.
28 June 2019
SBI Life Insurance has recently launched a new campaign called the “#PapaHainNa – MeraPapaFormula” in time for Father’s Day this year. The insurer will be facilitating an interactive micro website that will give fathers around the country an opportunity to check their “PapaFormula”. Users can do this by navigating to the micro website and selecting the various personal traits which define them as a father.
Post this, the micro website will create a personalized formula which can then be downloaded in a musical video format, thus providing users the option to share the video with their loved ones.
SBI Life Insurance’s “#PapaHainNa” is a digital property that was launched in the year 2015. The campaign was rolled out on the insurance company’s social media platforms, which include YouTube, Facebook, Instagram, and Twitter, in addition to certain on-ground efforts that will further increase the reach of the campaign.
12 June 2019
SBI Life Insurance has launched a unique breast cancer awareness campaign to encourage women to conduct self-examination to detect lumps. Interested individuals can order a self-training module, to learn how to carry out the examination, through the corporate website of SBI Life. The module is free of cost and provides the users with quizzes and puzzles through the learning card. The shapes of lumps are recreated in 3D forms, using a special algorithm, through a language inspired by the Braille. The module will improve the tactile capacity of women and thus help them carry out proper self-examination for lump detection.
The awareness campaign initiated by SBI Life will be executed by the social media partner of SBI Life Digital – WATConsult. The company will communicate the campaign through various media. The initial stage of the breast cancer campaign was started on Women’s Day with the launch of a video.
8 April 2019
A branch of SBI Life Insurance was inaugurated in the city of Kashipur in Uttarakhand. This was the first branch of the life insurance company in the state. The branch is in the commercial hub of the city which makes it easy for people to have access to the branch.
The branch was inaugurated by Ravi Krishnamurthy, president- Zone 1, SBI Life Insurance in the presence of Manvendra Singh, regional manager- Banca, SBI Delhi Circle, Romesh K Makkar regional director, Delhi region, and Prabneet Singh, deputy regional manager, SBI Life Insurance.
26 March 2019
SBI Life Insurance, a trustworthy life insurance company, has taken up an initiative to help malnutrition children by providing them with necessary funds. The company has given Anand Marga, a school in Balasore, Odisha a cheque of Rs.10 lakh to provide the 70 underprivileged children in the school with two meals and three snacks every day.
Speaking about the CSR initiative, Mr.Ravindra Kumar, President of the company, said that the company believes that each child is an asset to the country and it is important to ensure malnutrition conditions are addressed. This will pave the way for a better future for the children. Previously, the company had made a donation to aid the school in building washrooms for the children.
22 March 2019
SBI Life Insurance launched ‘Thanks A Dot’, a breast awareness campaign and is supported by the SBI Life Insurance, one of India’s largest private life insurers, has launched ‘Thanks A Dot’, an innovative breast cancer awareness initiative that is supported by the Women’s Cancer Initiative -Tata Memorial Hospital. The main objective of this campaign is to ensure that the women become aware of breast cancer and are also able to detect the medical condition at the earliest.
SBI Life Insurance has taken help of multiple digital platforms in order to promote this campaign.
22 March 2019
Though health insurance penetration is increasing as every day passes, the infrastructure of hospitals has become a hurdle in the country. To do their bid, State Bank of India Life Insurance has made a donation of 13 ICU beds to the Pediatric Intensive Care Unit and the Pediatric Day Care Unit to the MNJ Cancer Hospital in Hyderabad. As per the source, State Bank of India Life Insurance has collaborated with MNJ Cancer Hospital to improve the facilities of the hospital and ensure that more patients are granted good service and accommodated. According to the director of MNJ Cancer Hospital in Hyderabad, Jayalata, with five per cent and more pediatric cancer cases being diagnosed and reported, enhancing bed capacity for intensive care would be of great help for needy patients who cannot afford high out-of-pocket expenses. In addition, apart from joining hands with MNJ Cancer Hospital to improve the facilities, State Bank of India Life Insurance has also collaborated with Helping Hand Foundation to improve the facilities in various health care centers.
15 March 2019
The SBI Life Insurance saw their shares rise at the close after Carlyle Group purchased 9% stake in the insurance company from BNP Paribas.
The shares of the insurance company closed 5.47% or 31 points higher at 612.25. SBI Life Insurance has seen its shares rise by 8.54% in the last three days. The insurance company also saw its stock rise by 1.52% since the year 2019 began and lose 2.17% in the past one year.
Following the share purchase, BNP Cardif’s stake in the insurance company has come down to 12.85 from the earlier 22% with Carlyle Group holding 9% via CA Emerald Investments. State Bank of India (SBI) remains the major shareholder as it holds 62.1% stakes in the insurance company.
5 March 2019
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