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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.

Benefits of SBI Life Savings Plans:

  • SBI Life Insurance Savings Plans provides both protection and asset generation for the future of the policyholder and their loved ones.
  • Savings plans come with a number a varied options for the policyholders to choose from.
  • Most SBI Life Savings plans comes with additional benefits like bonus, riders etc. over and above the usual benefits like death benefits and tax benefits.
  • Savings Plans allow policyholders to claim tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961 on the premium paid for purchasing the insurance plan and on the maturity benefit.

List of Savings Plans Provided By SBI Life:

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.

Benefits and Features of SBI Life - Smart Bachat Plan:

  • Flexibility to choose from two options depending on your insurance needs
    • Option A: Endowment Option
    • Option B: Endowment Option with in-built AD&TPD Benefit
  • Convenience of choosing
    • Premium Payment Term of 5, 7, 10 and 15 years
    • Policy Term from 10 to 25 years depending on your financial goals
  • Premium waiver in case of Accidental Total & Permanent Disability (under Option B)
  • Life cover throughout the policy term i.e. even after the end of Premium Payment Term
  • Rebate on Large Sum Assured
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Bachat Minimum:
  • Endowment option: 8 years.
  • Endowment option with in-built AD&TPD benefit: 18 years.
Maximum: 50 years, for both options.
Maximum: 65 years Minimum as per payment frequency:
  • Monthly: Rs.450.
  • Quarterly: Rs.1,350.
  • Half-yearly: Rs.2,600.
  • Yearly: Rs.5,100.
Maximum: No limit.

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.

Benefits and Features of SBI Life - Smart Women Advantage Plan:

  • This Insurance plan is designed to provide comprehensive coverage to females including Life Cover plus Critical Illness Benefit plus Savings.
  • The plan comes with an additional benefit of the optional Additional Pregnancy Complication and Congenital Anomalies (APC&CA), providing cover for complications related to pregnancy and abnormalities related to childbirth.
  • The plan has two options to choose from:-
    • Gold Plan: Providing benefits like Savings, Cover for Life and against Critical Illnesses which are female specific.
    • Platinum Plan: Providing benefits like Savings plus, Life Cover, plus coverage against Critical Illnesses specific to females, along with cover for other Critical Illnesses as well.
  • The plan gives a payout for Critical illness depending on how severe it is, on diagnosing of the CI specified in the plan.
  • There is the benefit of Premium Waiver in case of a CI at Major Stage in-built within the plan.
  • The plan comes with the flexibility to select how much Death & CI cover the policyholder needs. It can be once, twice or thrice of the Sum Assured (Basic).
  • Sum Assured Rebate: Policyholders get large discounts on the rates of premium for those opting for a higher amount of Sum Assured (Basic).
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Women Advantage Base Plan:
  • Minimum: 18 years.
  • Maximum: 50 years.
APC&CA Plan:
  • Minimum: 18 years.
  • Maximum: 35 years.
  • Maximum age for Base Plan: 60 years.
  • Maximum age for APC&CA Plan: 45 years
Minimum premium as per payment frequency:
  • Monthly: Rs.1,500.
  • Quarterly: Rs.4,000.
  • Half-yearly: Rs.7,500.
  • Yearly: Rs.15,000.
Maximum: Based on the Sum Assured.

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.

Benefits and Features of SBI Life - Smart Swadhan Plus Plan:

  • The plan comes with twin benefits of:
    • Protection: Life coverage against any unforeseen circumstance.
    • 100% Premium Return: In the happy event of the policyholder surviving till policy maturity, the return is equal to the total Premiums (Basic) paid for the Policy.
  • The plan gives the option of premium payment through single payment or limited period payment (5 or 10 or 15 years) or regular payment throughout policy term.
  • It comes with the flexibility to choose the protection period required by the policyholder. The protection term can be between 10 to 30 years.
  • Sum Assured Rebate: Policyholders opting for greater protection level get to enjoy high discount on the rates of premium.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Swadhan Plus
  • Minimum: 18 years.
  • Maximum: 65 years.
  • Minimum: Not applicable.
  • Maximum: 75 years.
Minimum premium as per payment frequency:
  • Single premium: Rs.21,000.
  • Monthly: Rs.250.
  • Quarterly: Rs.650.
  • Half-yearly: Rs.1,200.
  • Yearly: Rs.2,300.
Maximum: No limit.

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.

Benefits and Features of SBI Life - Smart Humsafar Plan:

  • This is joint plan comprising of both life insurance coverage and savings where the policyholder can get insurance cover for both themselves and theirs within the ambit of this single policy.
  • This plans offers guaranteed bonus amounting to a minimum of 2.50% of the Sum Assured (Basic) during the first 3 years of policy commencement.
  • This plan protects financially in case of the unfortunate demise of one or both of the lives assured.
  • A maturity payout at the end of the term of the policy is bestowed on survival of either or both of the lives assured.
  • The benefits under this plan also includes waiver of premium in the event of death of either of the joint-policyholders as long as the policy is in force.
  • The plan comes additional riders provided at a very affordable cost.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Humsafar
  • Minimum: 18 years.
  • Maximum: 46 years.
  • Minimum: Not applicable.
  • Maximum: 65 years.
Minimum premium as per payment frequency:
  • Monthly: Rs.500.
  • Quarterly: Rs.1,500.
  • Half-yearly: Rs.3,000.
  • Yearly: Rs.6,000.
Maximum: Based on the Sum Assured.

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.

Benefits and Features of SBI Life - Smart Money Planner Plan:

  • The plan offers regular income to the policyholder throughout Benefit Payment Period tailored specifically to suit the requirement of the policyholder.
  • This plans comes with a special feature known as ’Growth period’ throughout which the maturity benefit increases aggressively.
  • This plan provides for life coverage throughout the policy term including the Premium Payment Period, the Growth Period and the Benefit Payment Period.
  • It gives the flexibility to opt between payment terms - Limited Premium or Single Premium.
  • This plan also offers rebates on premium for high Sum Assured policies.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Money Planner
  • Plan 1: Minimum 18 years and maximum 60 years.
  • Plan 2: Minimum 18 years and maximum 55 years.
  • Plan 3: Minimum 18 years and maximum 55 years.
  • Plan 4: Minimum 18 years and maximum 50 years.
  • Minimum: Not applicable.
  • Maximum: 75 years.
Depends directly on the Sum Assured.

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.

Benefits and Features of SBI Life - CSC Saral Sanchay Plan:

  • This plan offers the twin benefit of Life Insurance and Savings with a simple process of enrolment.
  • A Floor rate of minimum 1.00% p.a. is paid to the policyholder throughout the entire policy term.
  • This plan also comes with the advantage of Partial Withdrawal, a facility that allows the policyholder to withdraw a part of their funds from the policy account after the completion of 5 years of the policy, to meet emergency liquidity requirements.
Plan Name Entry Age Maturity Age Premium
SBI Life - CSC Saral Sanchay Minimum:
  • For a policy term of 10 years: 18 years.
  • For a policy term of 15 years: 18 years.
Maximum:
  • For a policy term of 10 years: 60 years.
  • For a policy term of 15 years: 55 years.
  • Minimum: not applicable.
  • Maximum: 70 years.
Minimum: For the payment frequency,
  • Yearly: Rs.2,400.
  • Half-yearly: Rs.1,200.
  • Quarterly: Rs.600.
  • Monthly: Rs.200.
Maximum: For the payment frequency,
  • Yearly: Rs.20,000.
  • Half-yearly: Rs.10,000.
  • Quarterly: Rs.5,000.
  • Monthly: Rs.1,600.

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.

Benefits and Features of SBI Life - Smart Income Protect Plan:

  • This plan provides both Life Cover and a Regular Income to the policyholder.
  • The plan gives flexibility of policy terms wherein the policyholder can choose from 7, 12 or 15 years as their policy term.
  • In this plan, the premium payment term is the same as the chosen policy term of the policyholder.
  • At the end of the term of the policy, a maturity benefit equaling to Vested Reversionary bonus plus Terminal bonus, is payable as a lump sum to the policyholder.
  • After policy maturity, the policy continues to pay in the form of guaranteed yearly payouts amounting to 11% of the Sum Assured (Basic) or Sum Assured (Paid up) spread across a period of 15 years.
  • The policyholder also has an alternate option to get the maturity entire benefit in a lump sum, equal to 110% of the Sum Assured (Basic), plus Vested Reversionary bonus, plus Terminal bonus.
  • The policy comes with the option to choose from the following riders to increase the range of cover:
    • SBI Life - Accidental Death Benefit Rider.
    • SBI Life - Accidental Total and Permanent Disability Benefit Rider.
    • SBI Life - Criti Care 13 Non Linked Rider.
    • SBI Life - Preferred Term Rider.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Income Protect Minimum:
  • For a policy term of 7 years: 11 years.
  • For a policy term of 12 years: 8 years.
  • For a policy term of 15 years: 8 years.
Maximum:
  • For a policy term of 7 years: 58 years.
  • For a policy term of 12 years: 53 years.
  • For a policy term of 15 years: 50 years.
  • Minimum: 18 years.
  • Maximum: 65 years.
Depends directly on the Sum Assured.

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.

Benefits and Features of SBI Life - Smart Guaranteed Savings Plan:

  • Depending on the chosen premium amount, policyholders can enjoy Guaranteed Additions, at the end of every year the policy is in force.
  • The above-mentioned Additions will be added at simple rate of interest of 5.5% or 6%. This interest will apply to the sum of the paid-up basic premiums.
  • Policyholders need to pay premiums for a limited period (7 years only) and reap the benefits over the entire 15 year term of the policy.
  • The life insurance cover associated with this plan varies with the amount of premium chosen by the policyholder.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Guaranteed Savings Plan
  • Minimum: 18 years.
  • Maximum: 60 years.
  • Minimum: Not applicable.
  • Maximum: 65 years
Minimum: Rs.15,500. Maximum: Rs.75,000.

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.

Benefits and Features of SBI Life - Smart Money Back Gold Plan:

  • This plan comes with options for getting Money Back on the premiums paid which are tailored specifically to suit the requirements of the policyholder.
  • The plan provides fixed cash payments to the policyholder allowing them to meet any of their financial obligations.
  • The Survival Benefit offered under this plan is equal to 110% of the Sum Assured, with premiums paid up till maturity.
  • This plan also offers rebates on premium for high Sum Assured policies.
  • The policy comes with the option to choose from the following riders to increase the range of cover:
    • SBI Life - Accidental Death Benefit Rider.
    • SBI Life - Criti Care 13 Non-Linked Rider.
    • SBI Life - Accidental Total and Permanent Disability Benefit Rider.
    • SBI Life - Preferred Term Rider.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Money Back Gold Minimum:
  • For 12 year term: 15 years.
  • For 15 year term: 15 years.
  • For 20 year term: 14 years.
  • For 25 year term: 14 years.
Maximum:
  • For 12 year term: 55 years.
  • For 15 year term: 55 years.
  • For 20 year term: 50 years.
  • For 25 year term: 45 years.
  • Minimum: 27 years.
  • Maximum for 12 year term: 67 years.
  • Maximum for all other terms: 70 years.
Minimum:
  • Monthly PPT Rs.400.
  • Quarterly PPT Rs.1,200.
  • Half yearly PPT Rs.2,400.
  • Yearly PPT Rs.4,500.
Maximum: No limit.

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.

Benefits and Features of SBI Life - Shubh Nivesh Plan:

  • Shubh Nivesh is a savings plan which comes with the flexibility of availing an add-on benefit of whole life insurance.
  • The Benefits associated with this plan include Insurance cover, Wealth Creation and Regular income inflow.
  • The plan offers the flexibility to select either a Single premium payment or a Regular premium paying mode.
  • The plan also allows the policyholder to choose to receive the Sum Assured (Basic) at regular intervals of 5 years, 10 years, 15 years or 20 years over a stipulated period of time.
  • The policy comes with the option to choose from the following riders to increase the range of protection under this plan:
    • SBI Life - Preferred Term Rider.
    • SBI Life - Accidental Death Benefit Rider.
    • SBI Life - Accidental Total and Permanent Disability Benefit Rider.
Plan Name Entry Age Maturity Age Premium
SBI Life - Shubh Nivesh
  • Minimum: 18 years.
  • Maximum: 58 years for Regular Premium and 60 years for Single Premium.
  • Maximum 50 years for Endowment with Whole Life.
  • Maximum for SP and RP: 65 years.
  • Maximum for Endowment with Whole Life: 100 years.
Minimum:
  • Monthly: Rs.500
  • Quarterly: Rs.1,500
  • Half yearly: Rs.3,000
  • Yearly: Rs.6,000
For SP mode, Minimum: Depends on the minimum Sum Assured. Maximum: No limit for any of the options.

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.

Benefits and Features of SBI Life - Saral Swadhan+ Plan:

  • This is a simple insurance cum savings plan which can be availed at an affordable cost.
  • The plan facilitates easy enrollment into the policy with a proposal form simplified for the masses.
  • The plan provides a maturity benefit of on surviving till the end of policy period. This benefit is equal to:
    • For policy term of 10 years: 100% of cumulative premium paid.
    • For policy term of 15 years: 115% of cumulative premium paid.
  • In the unfortunate event of the death of the policyholder, the nominee gets a death benefit equal to the Sum Assured under the policy.
Plan Name Entry Age Maturity Age Premium
SBI Life - Saral Swadhan+
  • Minimum: 18 years.
  • Maximum: 55 years.
  • Minimum: 28 years
  • Maximum: 70 years
Minimum: Rs.1,500 p.a. Maximum: Rs.5,000 p.a.

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.

Benefits and Features of SBI Life - Flexi Smart Plus Plan:

  • Interest rate for Guaranteed Bonus: A minimum bonus at the tune of 1.00% p.a. interest rates is guaranteed with this plan for the entire term.
  • Interest rate for interim bonus: SBI Life declares an interest rate for interim bonus at the start of every financial year. This bonus is applicable on all the policies which are set to exit during the said financial year.
  • Interest rate for Regular Bonus: This plan also provides regular bonus to the policyholder at rate of interest declared by SBI Life at the end of each financial year.
  • Interest rate for Terminal Bonus: Terminal bonus, if applicable, is credited to the policy account of the policyholder when exiting the policy on maturity, surrendering the policy or on the death of the policyholder.
  • This policy comes in 2 options: the Gold and the Platinum option.
  • Partial withdrawals: This policy allows its patrons to withdraw part of their funds to meet emergency liquidity requirement after the completion of 5 years of the policy.
  • This plan also comes with the dual flexibility to change both the Sum assured and the policy term as per the convenience of the policyholder.
Plan Name Entry Age Maturity Age Premium
SBI Life - Flexi Smart Plus
  • Minimum: 18 years.
  • Maximum: 60 years.
  • Minimum: 23 years.
  • Maximum: 65 years.
Minimum:
  • Yearly Rs.50,000.
  • Half-yearly Rs.30,000.
  • Quarterly Rs.20,000.
  • Monthly Rs.9,000.
Maximum: No Limit.

Why do you need SBI Life Savings Plans?

SBI Life Savings Plans provide for greater security for your investment by virtue of being provided by an institution that represents the largest nationalised banking service in the country. These plans come with a great number of options to choose from, whether it be the funds for investment, the Sum Assured, the premium payment terms and most other variables. Anyone, from the poorest of the poor or the well-earning can opt for one of these plans and enjoy the benefits of a financially safe future for their loved ones.