• SBI Life Insurance - Compare Plans, Benefits & Premiums Online

    Life Insurance
    • 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 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.

    Highlights of SBI Life Insurance Updated on 26 Jun 2019

    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)

    Why Choose SBI Life Insurance?

    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.

    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 has won multiple awards at the ‘Fintelekt Insurance Awards of 2017’ in various categories.
    • 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
    5. SBI Life – Poorna Suraksha
    6. SBI Life – Sampoorn Cancer Suraksha
    7. SBI Life – eIncome Shield
    8. SBI Life – Saral Swadhan+
    9. SBI Life – Smart Swadhan Plus
    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 Elite
    6. SBI Life - Smart Power Insurance
    7. SBI Life - Smart Privilege
    1. SBI Life - Smart Bachat
    2. SBI Life - Smart Women Advantage
    3. SBI Life - Smart Humsafar
    4. SBI Life - Smart Money Planner
    5. SBI Life - CSC Saral Sanchay
    6. SBI Life - Smart Income Protect
    7. SBI Life - Smart Guaranteed Savings Plan
    8. SBI Life - Smart Money Back Gold
    9. SBI Life - Shubh Nivesh
    10. 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:

    2. SBI Life - Kalyan ULIP Plus
    3. SBI Life - CapAssure Gold
    4. SBI life - Swarna Jeevan
    5. SBI Life - Gaurav Jeevan
    6. Group Protection Plans:

    7. SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana
    8. SBI Life - Sampoorn Suraksha
    9. SBI Life - Suraksha Plus
    10. Group Loan Protection Products:

    11. SBI Life - RiNn Raksha
    12. Group Micro Insurance Plans:

    13. SBI Life - Shakti
    14. 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 - 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 - 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 – 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:
    • The policy term for this cover ranges from 10 years to 30 years.
    • The critical illness benefit of this policy will be payable only after a survival period of 14 days.
    • The critical illness part of this policy provides coverage for up to 36 critical illnesses.
    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:
    • This policy provides financial security to policyholders through stage wise lump sum payout.
    • This policy also comes with in-built premium waiver benefit following the diagnosis of cancer.
    • Being a protection cover, there is no maturity benefit available at the end of the policy term.
    • This policy provides coverage only against cancer. Death due to any other reason is not covered by this policy.

    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 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:

    • 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

     

    • SBI sells 45 stake in a general insurance arm for Rs.4.81 billion

      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.

    Claim Settlement Ratio of SBI Life Insurance

    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%

    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.

    News About Life Insurance

    • SBI Life Insurance launches new campaign for Father’s Day

      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 introduces new breast cancer awareness campaign

      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

    • SBI Life Insurance branch inaugurated in Uttarakhand

      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 makes donation to school in Odisha to address malnutrition concerns

      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

    • https://bankbazaar.sharepoint.com/:w:/r/teams/SEO-India/_layouts/15/Doc.aspx?sourcedoc=%7b89f99032-184f-40ea-9b1b-a3c21e1cba52%7d&action=editnew&cid=0bb61e00-35a8-4b10-8037-dd9d310c7ad5

      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

    • State Bank of India Life Insurance makes a valuable donation in Hyderabad

      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

    • SBI Life Insurance shares rise after Carlyle Group’s purchase of 9% stake from BNP Paribas Cardif

      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

    • Cheteshwar Pujara stars in SBI Life Insurance latest campaign

      To give their latest brand campaign a realistic twist and show the care a person has for his/her loved one, SBI Life Insurance has reissued their ‘Main Se Hum’, has featured cricket legend Cheteshwar Pujara and his wife Puja Pujara. The campaign was created by WATConsult, and the idea behind the ad campaign is to show the audiences how one cares for his loved one and his wife and the importance of life insurance. The campaign takes the audience through an insight in the cricketer’s personal life and how he puts his wife and family first. By taking the positive approach, SBI Life insurance looks to tug the heart strings of its audience and make them make the right the right financial decisions for the future of their loved ones, which is a possibility through a life insurance policy.

      20 February 2019

    • SBI Life records 13% increase in profits for first 9 months of FY2018-19

      The private life insurance company, SBI Life, recorded a profit-after-tax of Rs.870 crore in the first nine months of FY2018-19, a 13% increase from the year-ago period. The new business premium increased by as much as 32% from Rs.7,200 crore to Rs.9,470 crore. The gross written premium, on the other hand, increased by 34.5% from Rs.16,060 to Rs.21,660. Thus, the net worth of the insurer increased by 14% and assets under management by 20.2%. The thirteen-month persistency ratio, which indicates the total business the company without lapses of any policies in a year, increased from 81.51% to 83.33%. There was a marginal increase in the solvency ratio i.e. the cash inflow that helps fulfil short-term and long-term expenses, from 2.06% to 2.23%. In case of the total protection new business premium, the increase was from Rs.390 crore to Rs.1,060 crore – a 170.1% rise. However, the return of equity went down by a small margin i.e. from 17.1% to 16.7%. The value of shares ended at Rs.619.80 on BSE on Friday, 0.77% lower.

      21 January 2019

    • SBI Life Insurance launches new digital campaign with WATConsult

      As part of the recent ‘Main Se Hum’ campaign launched by the Life Insurer, SBI Life Insurance along with WATConsult has launched a brand-new innovative campaign – what they have labelled as a digital programmatic out-of-home - the first of its kind. The goal of the campaign that was launched as a New Year’s special was particularly to bridge the gap between online and offline for its customers. According to SBI Life Insurance, for a long-time marketers have been trying to bridge the gap between offline and online audience, to holistically target consumers. Using the existing advertising ecosystem, the programmatic digital out of home campaign (DOOH) successfully bridges the offline to online audience gap, by simple yet intelligent application of technology.” He further added, “At SBI Life we take great pride in being the early adopters of upcoming technologies and are extremely thrilled to start 2019 on an innovative note. We believe this will mark a transformation in the evolution of digital marketing. The founder of WATConsult said that SBI Life Insurance is exploring dynamic avenues to spread its message and the recent campaign is a revolution in the outdoor industry. They said that the campaign will help connect audiences to the digital world.

      10 January 2019

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