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SBI Life Insurance

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. While SBI owns 70.1% stake at the company, the life and property insurance branch of BNP Paribas Group that is BNP Paribas Cardif owns 26%. Founded in 2001 as a bancassurance company, SBI Life Insurance banks on its 18,000 strong network of branches, 80,000 door-to-door insurance advisors and access to 100 million accounts as leverage for furthering their goal.

Why Choose SBI Life Insurance?

SBI Life Insurance has 16 glorious years of providing great service to its customer base. 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.

Some of the reasons that make SBI Life Insurance an obvious choice are:

  • SBI Life has the backing by State Bank of India, plus 5 banks associated with the State Bank Group.
  • It was the 2016 winner of ‘Life Insurance Company of the Year’ at last year’s Indian Insurance Award.
  • It was also the winner of ‘Bancassurance Leader Life Insurance (Large Category) at the same award ceremony.
  • SBI Life Insurance offers a wide range of financial services and insurance products.
  • It has a number of easy and simple online premium payment solutions.
  • SBI Life Insurance arranges for home visits by Insurance Advisors on request.
  • It has some great tools like the Retirement Planner, Child Education Planner and Tax Calculator to make insurance planning easy for potential policyholders, helping them make an informed decision.

Different Types of Plans Available with SBI Life Insurance?

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
  1. SBI Life - Smart Shield
  2. SBI Life - Saral Shield
  3. SBI Life - eShield
  4. SBI Life - Grameen Bima
  1. SBI Life - eWealth Insurance
  2. SBI Life - Smart Wealth Builder
  3. SBI Life - Smart Wealth Assure
  4. SBI Life - Saral Maha Anand
  5. SBI Life - Smart Scholar
  6. SBI Life - Smart Elite
  7. SBI Life - Smart Power Insurance
  8. SBI Life - Smart Privilege
  1. SBI Life - Smart Bachat
  2. SBI Life - Smart Women Advantage
  3. SBI Life - Smart Swadhan Plus
  4. SBI Life - Smart Humsafar
  5. SBI Life - Smart Money Planner
  6. SBI Life - CSC Saral Sanchay
  7. SBI Life - Smart Income Protect
  8. SBI Life - Smart Guaranteed Savings Plan
  9. SBI Life - Smart Money Back Gold
  10. SBI Life - Shubh Nivesh
  11. SBI Life - Saral Swadhan+
  12. SBI Life - Flexi Smart Plus
  1. SBI Life - Saral Pension
  2. SBI Life - Retire Smart
  3. SBI Life - Annuity Plus
  1. SBI Life - Smart Champ Insurance
  2. SBI Life - Smart Scholar
  1. Retirement Solutions:
    1. SBI Life - Kalyan ULIP Plus
    2. SBI Life - CapAssure Gold
    3. SBI life - Swarna Jeevan
    4. SBI Life - Gaurav Jeevan
  2. Group Protection Plans:
    1. SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana
    2. SBI Life - Sampoorn Suraksha
    3. SBI Life - Suraksha Plus
  3. Group Loan Protection Products: SBI Life - RiNn Raksha
  4. Group Micro Insurance Plans:
    1. SBI Life - Grameen Shakti
    2. SBI Life - Grameen Super Suraksha Plan
  1. SBI Life - eIncome Shield
  2. SBI Life - eShield
  3. SBI Life - eWealth Insurance
  4. SBI Life - Annuity Plus

Different types of Policies Provided by SBI Life Insurance?

SBI Life Term Insurance/Protection Plans:

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.
  • Age Requirements: 18 to 60 years at entry.
  • Sum Assured: Upward of Rs.25 lakh.
  • Policy Term: 5 years to 30 years.
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.
  • Age Requirements: 18 to 60 years at entry.
  • Sum Assured: Rs.7.5 lakh to Rs.24 lakh.
  • Policy Term: 5 years to 30 years, up to loan term for Loan Protection option.
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.
  • Age Requirements: 18 years to 50 years at entry.
  • Sum Assured: Rs.10,000 to Rs.50,000.
  • Policy Term: 5 years.

SBI Life ULIP Plans:

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.
  • Age Requirements: For single premium policies, the minimum age is 13 years. For regular/limited premium policies, it’s 8 years. Maximum is 55 years.
  • Premium Amount: The minimum amount is Rs.6 lakh (single premium), with no set maximum limit.
  • Policy Term: 10 years to 30 years for regular/limited premium policies. 5 years to 30 years for single premium policies.
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.
  • Age Requirements: Minimum of 7 years at entry. Maximum 60 years for regular premium and limited premium and 65 years for single premium.
  • Premium Amount: Minimum of Rs.30,000 and Rs.40,000 annually for regular premium and limited premium; Rs.65,000 for single premium. Maximum of Rs.3 lakh for all plans.
  • Policy Term: 10 years or regular, 15 to 30 years for limited and 5 to 30 years for single premium.
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.
  • Age Requirements: Minimum 8 years and maximum 65 years at entry.
  • Premium Amount: Minimum Rs.50,000, no maximum limit.
  • Policy Term: 10 years to 30 Years.
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.
  • Age Requirements: Minimum 18 years and maximum 55 years at entry.
  • Premium Amount: Minimum Rs.15,000 and maximum Rs.29,000 annually. Minimum Rs.2,000 and maximum Rs.2,400 monthly.
  • Policy Term: 10, 15 or 20 years.
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.
  • Age Requirements: Minimum of 18 years and maximum of 60 years at entry.
  • Premium Amount: Minimum single premium Rs.2 lakh. Minimum yearly premium Rs.1.5 lakh. No maximum limit.
  • Policy Term: 5 to 20 years
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.
  • Age Requirements: Minimum 18 years and maximum 45 years at entry.
  • Premium Amount: Minimum Rs.15,000 paid annually and and Rs.2,000 monthly. No set maximum limit.
  • Policy Term: 10 years and 15 to 30 years.

SBI Life Savings Plans:

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.
  • Age Requirements: Minimum 8 years for Endowment Option and 18 years for Endowment Option with in-built AD&TPD Benefit. Maximum 50 years
  • Sum Assured: Minimum Rs.1 lakh with no limit on maximum amount.
  • Policy Term: 10 to 25 years with 5 to 15 years of premium paying.
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.
  • Age Requirements: Minimum 18 years and maximum 50 years at entry.
  • Sum Assured: Minimum Rs.2 lakh and maximum Rs.10 lakh.
  • Policy Term: 10 years and 15 years.
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.
  • Age Requirements: Minimum 18 and maximum 65 years at entry.
  • Sum Assured: Minimum Rs.5 lakh with no maximum limit, subject to proposal underwriting.
  • Policy Term: Minimum 10 years, maximum of 30 years.
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.
  • Age Requirements: Minimum age of 18 and maximum age of 46 years.
  • Sum Assured: Minimum of Rs.1 lakh and a maximum of Rs.5 crore.
  • Policy Term: 10 years to 30 years.
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.
  • Age Requirements: Minimum 18 years. Maximum 50 to 60 years depending on the Plan (1, 2, 3, 4) option chosen.
  • Sum Assured: Minimum of Rs.1 lakh and a maximum of Rs.5 crore.
  • Policy Term: 15 to 25 years depending on the Plan (1, 2, 3, 4) option chosen.
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.
  • Age Requirements: Minimum 18 years and maximum 55 years for 15-year term policy and 60 years for 10-year term policy.
  • Sum Assured: 10 x AP for policyholders aged less than 45 years; 7 x AP for those aged more than 45 years.
  • Policy Term: 10 years and 15 years
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.
  • Age Requirements: For 7-year policy, minimum 11 years and maximum 58 years; for 12-year and 15-year policy, the minimum age at entry is 8 years, and the maximum is 53 and 50 years respectively.
  • Sum Assured: Minimum Rs.1 lakh, no maximum limit.
  • Policy Term: 7 years, 12 years and 15 years.
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.
  • Age Requirements: Minimum 18 years and maximum 50 years.
  • Sum Assured: Depends on the chosen premium amount.
  • Policy Term: 15 years
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.
  • Age Requirements: The minimum entry age is 14 or 15 years depending on the term period chosen. The maximum age is 45, 50 and 55 years for different term plans.
  • Sum Assured: Minimum is Rs.75,000, with no maximum limit.
  • Policy Term: 12, 15, 20 and 25 years (Option 1, 2, 3 and 4 respectively).
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.
  • Age Requirements: Minimum 18 years. For Endowment options, the maximum for regular premium is 58 years and for single premium is 60 years. Maximum entry age for Endowment with Whole Life option is 50 years.
  • Sum Assured: Minimum is Rs.75,000, with no maximum limit.
  • Policy Term: For Endowment option, minimum 7 and 5 years (RP and SP respectively). Endowment with Whole Life option the minimum term is 15 years. The maximum term is 30 years for Endowment option, and 100 years for for Whole Life option.
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.
  • Age Requirements: Minimum age 18 years and maximum 55 years at entry.
  • Sum Assured: Minimum Rs.30,000 and maximum of Rs.4.75 lakh.
  • Policy Term: 10 years or 15 years.
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.
  • Age Requirements: Minimum of 18 years and a maximum of 60 years at entry.
  • Sum Assured: Annualised Basic Premium + Sum Assured Multiple Factor (SAMF, which can be maximum 20)
  • Policy Term: 5 years to 30 years.

SBI Life Retirement Plans:

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.
  • Age Requirements: Minimum age at entry 18 years, maximum 65 years and 60 years for single and regular premiums respectively.
  • Sum Assured: Minimum of Rs.1 lakh with no upper limit.
  • Policy Term: For single premiums the minimum is 5 years, for regular premiums it’s 10 years. The maximum is 40 years for both.
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.
  • Age Requirements: Minimum 30 years and maximum 70 years.
  • Policy Term: 10 years, 15 to 35 years.

SBI Life Child Plans:

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.
  • Age Requirements: Minimum 21 years and maximum 50 years of the policyholder; maximum 13 years of the child nominee.
  • Sum Assured: Minimum of Rs.1 lakh and maximum of Rs.1 crore.
  • Policy Term: 8 years to 21 years (21 - child’s age at entry).
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.
  • Age Requirements: 0 to 17 years for the child; 18 to 57 years of the proposer.
  • Sum Assured: Minimum of 1.25 x SP, maximum 5 x SP for age below 45, and 1.25 x SP for those greater than 45 years in age.
  • Policy Term: Minimum 8 years, maximum 25 - child’s age at entry.

SBI Life Group Plans:

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.
  • Entry Age: 35 to 85 years for members, 18 to 85 years for spouses.
  • Group Size: Minimum of 50 persons (10 for Group Superannuation plans)
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.
  • Age Requirements: Minimum of 18 years and maximum 85 years.
  • Annuity Terms: Minimum 5 years, up to 35 years.
  • Group Size: Minimum 50, no maximum limit.
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.
  • Age Requirements: Minimum 18 years and a maximum of 50 years at entry.
  • Sum Assured: Rs.2 lakh
  • Policy Term: 1 year (renewable)
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.
  • Age Requirements: 18 years to 79 years at entry.
  • Sum Assured: Minimum of Rs.1,000 and a maximum of Rs.25 crore per group member.
  • Group Size: Minimum of 10 members.
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.
  • Age Requirements: Minimum of 18 years and a maximum of 69 years at entry.
  • Sum Assured: Minimum Rs.1,000 and no maximum limit (per member).
  • Policy Term: Maximum of 30 years.
  • Group Size: Minimum of 50 members.
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.
  • Age Requirements: Minimum of 16 years and maximum of 70 years at entry.
  • Sum Assured: Minimum of Rs.10,000 with no maximum limit (per member).
  • Policy Term: Up to 30 years.
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.
  • Age Requirements: Minimum of 18 year and maximum of 50 years at entry.
  • Sum Assured: Minimum amount of Rs.10,000 and maximum of Rs.50,000.
  • Policy Term: 5 years.
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.
  • Age Requirements: Minimum of 18 year and maximum of 50 years at entry.
  • Sum Assured: Minimum amount of Rs.10,000 and maximum of Rs.50,000.
  • Policy Term: 5 years.

SBI Life Online Plans:

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.
  • Age Requirements: Minimum 18 years and maximum 50 years at entry.
  • Sum Assured: Minimum Rs.25,000 per month, no maximum limit.
  • Policy Term: 10 years to 35 years.
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.
  • Age Requirements: Minimum of 18 years. Maximum 65 years for Level cover and 60 years for Increasing cover.
  • Sum Assured: More than or equal to Rs.20 lakh.
  • Policy Term: Minimum of 5 years for Level cover, 10 years for Increasing cover. Maximum 30 years.
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.
  • Age Requirements: Minimum 18 years and maximum 50 years at entry.
  • Sum Assured: 10 times of annual premium amount.
  • Policy Term: 10 years to 20 years.
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.
  • Age Requirements: Minimum age 0 years for product conversion; 40 years for all others. Maximum age 80 years at entry.
  • Annuity Payout: Minimum of Rs.1,000 monthly and Rs.12,000 yearly. No maximum limit.

How to Make a Claim with SBI Life Insurance?

Claim Settlement Ratio:

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:

  • Online claim form available at the SBI Life website.
  • Visiting any SBI Life branch.
  • Via email: claims@sbilife.co.in.
  • By posting a fully filled claims form along with all required documents to the main SBI Life branch located at the following address: SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706

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

  • Required for Individual Death Benefits
    • Mandatory Documents:
      • Duly filled Claim Form.
      • Policy Document (Original).
      • Death Certificate (Original) issued by the local authority or an attested copy of the Certificate.
      • Current Address Proof of the Claimant(s).
      • Photo ID Proof of the Claimant(s).
      • Bank Statement/Pass Book/Cancelled Cheque of the Claimant(s).
    • Additional Documents:
      • Certificate from Medical Attendant.
      • Certificate of Hospital Treatment.
      • For Salaried Individuals, Employer’s Certificate.
      • Copy of Post Mortem/FIR/Panchanama Report.
      • Copy of Final Police Report/Magistrate’s Verdict/Inquest Report/Report of Chemical Analysis.
  • Required for Living Benefits
    • Individual Maturity:
      • Policy Document (Original).
      • Discharge Voucher on Maturity.
      • Current Address Proof of the Insured.
      • Photo ID Proof of the Insured.
      • Bank Statement/Pass Book/Crossed Cheque of the Insured.
      • Pan Card (for applicable TDS as per 194DA Section of the Income Tax Act, 1961).
    • Pension Maturity:
      • Policy Document (Original).
      • Discharge Voucher on Maturity.
      • Option Sheet 3 months prior to due date (get from SBI Life Branch).
      • Current Address Proof of the Insured.
      • Photo ID Proof of the Insured.
      • Bank Statement/Pass Book/Crossed Cheque of the Insured.
      • Pan Card (for applicable TDS as per 194DA Section of the Income Tax Act, 1961).
    • Annuity (Group and Individual):
      • Existence Certificate.
    • Survival Benefits:
      • Current Address Proof of the Insured.
      • Photo ID Proof of the Insured.
      • Bank Statement/Pass Book/Crossed Cheque of the Insured.
      • Pan Card (for applicable TDS as per 194DA Section of the Income Tax Act, 1961).
    • NRIs have to provide the following additional documents:
      • Tax Residency Self Declaration.
      • Residency Proof issued by the government of the country residing in.
      • Form 10 F.

Step 3: Final Settlement of Claim

Documents Required for Buying SBI Life Insurance Policy:

The documents required to process any SBI Life Insurance Policy include:

  • Age Proof: Driving License, School/College Leaving Certificate, PAN Card, Passport, Birth Certificate
  • Identity Proof: Passport, Voters ID Card, Letter from Recognised Public Authority or Public Servant with photograph verifying the identity and residence, PAN Card, Driving License, Aadhar Card, Job card issued by NREGA, National Population Register (NPR) Card
  • Address Proof: Telephone Bill, Electricity Bill, Bank A/C Statement, Letter from Recognised Public Authority, Passport, Voter ID Card, Aadhar Card
  • Income Proof: I.T. Return, Assessment Order, Employer’s Certificate

Other acceptable documents are:

  • Identity card with applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions.
  • Letter issued by a gazetted officer, with a duly attested photograph of the person
  • Utility bill which is not more than two months old of any service provider (electricity, telephone, postpaid mobile phone, piped gas, water bill)
  • Property or Municipal tax receipt
  • Bank account or Post Office savings account statement
  • Pension or family pension payment orders (PPOS) issued to retired employees by Government Department or Public Sector undertakings, if they contain the address
  • Letter of allotment of accommodation from employer issued by State or Central Government departments, Statutory or Regulatory bodies and public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation
  • Documents issued by Government departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in lndia.

How to Check Policy Status?

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

  • Net Banking: Net banking customers of State Bank Group can register for online payment facility. They can add SBI Life as their registered biller and provide their policy details. Once activated, the service will a display a premium due advice on login mentioning the due date and the premium due. Policyholders can choose to pay the premiums immediately or schedule payments as per their convenience before the premium due date.
  • Billdesk: Online payments can also be made via www.billdesk.com.
  • SBI Life Website: Payment of renewal premium by logging in at SBI Life website. Customer can pay the premium if he is a holder of valid Visa/MasterCard/American Express/Diners credit card or having a net banking account with the listed banks on the website. For these payments no registration is required and no extra premium is being charged. Premiums will be accepted 10 days in advance for monthly and 25 days in advance for non-monthly policies. Similarly the customer can pay the premium up to 5 months and 25 days after the due date of premium.
  • Easy Access Mobile App: Policyholders can also pay their renewal premium online by using SBI Life’s mobile application. Download SBI Life Easy Access Mobile App. Press on the Renewal Premium Payment option on the Home Page, and submit your Policy Number, Date of Birth & email. The payment acknowledgement will be sent to the registered email ID of the policyholder.
  • eWallets: Policyholders can pay your insurance premium online using the following e-wallets:
    • SBI Buddy:
      • Step 1: Download State Bank "Buddy" App on your mobile
      • Step 2: Click "Recharge & Bill Pay" & go to "Bill Pay" option
      • Step 3: Select Biller Category as "Insurance" and choose "SBI Life Insurance" as biller
      • Step 4: Enter Policy Number & Date of Birth and complete the transaction
    • JioMoney Wallet:
      • Step 1: Download JioMoney App on your mobile
      • Step 2: Click "Recharge & Bill Pay" & go to "Bill Pay" option
      • Step 3: Select Biller Category as "Insurance" and choose "SBI Life Insurance" as biller
      • Step 4: Enter Policy Number & Date of Birth and complete the transaction
  • Visa Bill Pay: All SBI Life customers having a VISA credit card issued in India can register for payment of premiums through this facility. For registering for this facility please log into www.visabillpay.com, add SBI Life as your biller and provide your policy details for registration. After verification this service will be activated and a premium due advice will be sent to you. The Premium bill will be displayed in your login indicating the due date and the premium due. You can either choose to pay the premiums immediately or schedule the payment to convenient date before the premium date.
  • Credit Card Autopay: Instructions on credit card (Master/Visa Credit card) via MyPolicy portal of SBI Life.

SBI Life Premium Calculator:

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:

  • Proposer Name
  • Whether a J&K resident
  • Selection of Plan options (if available)
  • Gender, Age, Date of Birth
  • Policy Term
  • Premium Frequency
  • Premium Amount
  • Premium Payment Term (if different than policy term)
  • Sum Assured/Annuity Amount
  • Percentage distribution of premium in different fund options (if applicable)
  • Options to select different riders (if any)
  • Loan Interest Rates (for loan insurance coverage)
  • Discount (staff, women etc. if applicable)
  • Name and age of child for Child Plans
  • Number of years elapsed since inception
  • Channel Details (for annuity transfer)
  • Annuity Options (if applicable)
  • Annuitant details like name, gender, DOB etc. in case of annuity plans

SBI Life Insurance FAQs:

1. Can SBI Life policy be revived if the policy lapses?

A. Yes, an SBI Life policy can be revived even after it lapses if it follows the following procedures:

  • Within 6 months of the First Unpaid Premium: If the policyholder pays all unpaid premium arrears with interest, then the policy is reinstated without the need of any health check-up.
  • After 6 months of the First Unpaid Premium: If the policyholder pays up all remaining premium arrears with interest, then the policy can be reinstated on submitted requisite proof of good health.

2. What is the registration process at the SBI Life website?

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.

3. What are the charges/taxes applicable on ULIP linked insurance policies?

A. The three main charges applicable on SBI ULIP Linked insurance plans are as follows:

  • Premium Allocation Charges.
  • Policy Administration Charges.
  • Fund Management Charges.

Besides these 3, there are other charges which may be applicable only under certain conditions, such as:

  • Discontinuance Charges.
  • Partial Withdrawal Charges.
  • Mortality Charges.
  • Medical Expenses on Policy Revival.

4. Where can one check the current fund value of their SBI Life ULIP policies?

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.

5. How much time does SBI Life take to settle a claim?

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,

  • Within 30 days of receipt of all required documents if no investigation is required.
  • Within 180 days of receipt of all required documents if the matter requires investigation.

6. Who can lay a claim on insurance benefits from an SBI Life Policy?

A. The following people can be benefited from an SBI Life Policy claim:

  • The nominee or an appointee (in case the Nominee is a minor) for death claim settlements.
  • The benefit is payable to the policyholder in case of Living Benefits such as Maturity Benefits, Survival Benefits, Rider Claims etc.
  • To the Assignee, in case the policy is assigned.
  • To the legal heirs of the policyholder if there is no clear and valid nomination registered under the policy.