About SBI Life Insurance

As one of the biggest life insurance company in India SBI Life Insurance is a collaboration between French Financial Service providers BNP Paribas Cardiff, which is a multinational bank, situated in Paris and one of the leading financial service provider in India State Bank of India. The State Bank of India holds 74% of the stake whereas BNP Paribas Cardiff holds 26% of the total stake. Started its operation in the year 2001, the company has flourished as one of the top insurance providers in India.

With a claim settlement ratio of 96.69% for the year 2016-2017, the SBI Life Insurance Company offers an array of insurance solution to meet the requirements of the insurance buyers. According to one’s own requirement and suitability, the insurance seekers can purchase policies like savings plans, pension plans, protection plans, child plans, ULIP plans, etc. In years 2016-2017 the SBI Life Insurance Company has a record of 99.98% grievances settled.

Eligibility Criteria of SBI Life Insurance

  1. The minimum age eligibility criteria to purchase an SBI Life insurance policy is 18 years, whereas, the maximum age eligibility offered by most of the SBI Life insurance plans are 65 years.
  2. SBI Life Insurance plans offer a maximum tenure of 30 years.
  3. The policy buyers should be a self-employed, salaried employee, professional or a businessman to avail the policy.

Types of Plans Offered by SBI Life Insurance

SBI Life Insurance Protection Plans

SBI Life Protection Plans are low-cost insurance policies that offer life coverage to the family of the insured at a very affordable premium rate. The protection plans offered by SBI Life Insurance provides financial security to the insurance holder and their loved ones in case of any eventuality. Let’s take a look at the sbi life protection plans.

Plans Entry Age Policy Term Sum Assured Tax Benefit
SBI Life-eShield Minimum- 18 years

Maximum- 70 years , 75 years

Level Cover- 5 years

Increasing Cover- 10 years

Minimum-Rs.35,00,000

Maximum- No upper limit

Tax Benefit is applicable under section 80C and 10(10D) of Income Tax Act
SBI Life Poorna Suraksha Minimum- 18 years

Maximum- 65 years

10,15,20,25,30 years Minimum- Rs.20,00,000

Maximum- Rs.2,50,00,000

Tax Benefit is applicable under section 80C and 10(10D) of Income Tax Act
SBI Life Sampoorn Cancer Suraksha Minimum- 6 years

Maximum- 65 years

5-30 years Minimum-Rs.10,00,000

Maximum-Rs.50,00,000

Tax Benefit Applicable Under section 80D Of Income Tax Act
SBI Life-eIncome Shield Minimum- 18 years

Maximum-50 years

10-35 years Minimum- Rs.25,000 Per month

Maximum- No upper Limit

Tax Benefit is applicable under section 80C and 10(10D) of Income Tax Act
SBI Life Smart Shield Minimum- 18 years

Maximum-60 years

5-30 years Minimum- Rs.2,50,000

Maximum-No upper limit

Tax Benefit is applicable under section 80C and 10(10D) of Income Tax Act
SBI Life Saral Shield Minimum- 18 years

Maximum-60 years

30 years Minimum- Rs.7,50,000

Maximum- Rs.24,00,000

Tax Benefit is applicable under section 80C and 10(10D) of Income Tax Act
SBI Life Saral Sawdhan+ Minimum- 18 years

Maximum-55 years

10/15 years Minimum-Rs.30,000

Maximum-Rs.4,75,000

Tax Benefit is applicable under section 80C and 10(10D) of Income Tax Act
SBI Life Smart Sawdhan Plus Minimum- 18 years

Maximum-65 years

10-30 years Minimum-Rs.5,00,000

Maximum-No upper limit

Tax Benefit is applicable under section 80C and 10(10D) of Income Tax Act
SBI Life Grameen Bima Minimum- 18 years

Maximum-50 years

5 years Minimum-Rs.10,000

Maximum-Rs.50,000

Tax Benefit is applicable under section 80C of Income Tax Act

 SBI Life Insurance Savings Plans

SBI life savings plans are specifically designed with an objective to inculcate the habit of savings among the insurance buyers so that they can create a financial cushion and achieve their long-term and short-term financial goals of life. SBI life insurance offers different types of savings plan to cater to the requirement of the insurance seekers. Let’s take a look at various SBI Life savings plans.

Plans Entry Age Policy Term Sum Assured Tax Benefit
SBI Life Shubh Nivesh Minimum- 18 years

Maximum-

Endowment Option-58,60 years

Endowment With Whole Life-  50 years

 

Endowment Option-

7 years ( Regular Pay)

5 years 9Single Pay)

Endowment With Whole Life-

15 years (regular Pay), 15 years (Single Pay)

Maximum-30 years

Minimum-Rs.75,000 (X1,000/-)

Maximum- No upper limit

Tax benefit according to the Income-tax law is subject to change
SBI Life Smart Bachat Minimum- 8 years, 18 years

Maximum- 50 years

10,15,20,25 years Minimum-Rs.1,00,000

Maximum- No upper limit

Tax benefit according to Income tax law are subject to change
SBI Life Flexi Smart Plus Minimum-18 years

Maximum-60 years

5 years- 30 years Minimum- Higher of yearly premium X10/7( age <45/age>_45)

Or yearly premium X 0.50/0.25(age<45/age>_45) X Policy Term

Maximum Annualized Premium X 20

Tax benefit according to Income tax law are subject to change
SBI Life CSC  Saral Sanchay Minimum- 18 years

Maximum-60 years, 55 years

10, 15 years For entry age below 45 years- 10 X annualized premium

For entry age 45 years and above- 7X annualized premium

Tax benefit according to the Income-tax law is subject to change
SBI Life Smart Women Advantage Plan Minimum- 18 years

Maximum-50 years

10,15 years Minimum-Rs.2,00,000

Maximum-Rs.10,00,000

Tax benefit according to Income tax law are subject to change
SBI Life Smart Guaranteed Savings Plans Minimum-18 years

Maximum- 50 years

15 years Depends on the premium is chosen Tax benefit according to the Income-tax law is subject to change
SBI Life Smart Humsafar Minimum- 18 years

Maximu-46 years

10-30 years Minimum-Rs1,00,000

Maximum-Rs.5,00,00,000

Tax benefit according to Income tax law are subject to change

SBI Life Insurance Child Plans

SBI Life Child Plans are specifically designed with an aim to provide financial security to the child and help the insured to create a financial cushion for the child so that all their future expenses can be taken care of. The child insurance plans offered by SBI life insurance also secure the future of the child financially in the event of the demise of the parents. Here are the details of SBI life Child plans.

Plans Entry Age Policy Term Sum Assured Tax Benefit
SBI Life Smart Champ Insurance Life Assured- Minimum-21 years

Maximum- 50 years

Child-

Minimum – 0 years

Maximum-  13 years

8 years, 21 years Minimum- Rs.1,00,000(X1000/-)

Maximum-Rs.1,00,00,000

Tax benefit according to Income tax law are subject to change
SBI Life Smart Scholar Life Assured- Minimum- 18 years

Maximum- 57 years

Child-

Minimum-0 years

Maximum- 17 years

8 years- 25 years —– Tax benefit according to the Income-tax law is subject to change

SBI Life Insurance Retirement Plans

SBI Life Retirement Plans help the individual to secure their future financially and create a financial cushion so that they can deal with the eventualities after retirement. Retirement plans provide an opportunity for the insured to do a proper retirement planning so that they can maintain a good lifestyle and lead a stress-free life in the future. Retirement Plans offered by SBI Life Insurance are:

Plans Entry Age Policy Term Sum Assured Tax Benefit
SBI Life Saral Pension Minimum- 18 years

Maximum- 65 years, 60 years

5,10-40 years Minimum-Rs.1,00,000

Maximum-No upper limit

Tax benefit according to the Income-tax law is subject to change
SBI Life Retire Smart Minimum- 30 years

Maximum- 70 years

10,15-35 years —– Tax benefit according to Income tax law are subject to change
SBI Life Annuity Plus Minimum-40 years

Maximum-80 years

—- —- Tax benefit according to the Income-tax law is subject to change

SBI Life Insurance ULIP Plans

ULIP Plans offered by SBI Life Insurance are great investment option that provides the dual benefit of investment cum insurance coverage. SBI Life ULIP plan provides an opportunity to the insured to make wealth creation and gain high returns on investment by making an investment in market-related instruments like equity, debt, stocks, etc. let’s take a look at the ULIP plans offered by SBI Life Insurance.

Plans Entry Age Policy Term Sum Assured Tax Benefit
 SBI Life Smart Wealth Builder Minimum-7 years

Maximum-60 years, 65 years

Regular/ Limited Pay- 10,15, 30 years

Single Pay- 5-30 years

Tax benefit according to the Income-tax law is subject to change
SBI Life Smart Wealth Assure Minimum- 8 years

Maximum- 65 years

10-30 years Minimum- Age below 45 years- 1.25 X Single Premium

Age equal to above 45 years- 1.10 X Single premium

Maximum- Age below 45 years- 5 X Single premium

Age equal to above 45 years- 3 X single premium

Tax benefit according to the Income-tax law is subject to change
SBI Life Smart Power insurance Minimum- 18 years

Maximum- 45 years

10,15,30 years Minimum- higher of 10 X Annual premium or 0.50 X policy term X Annual Premium

Maximum- 20 X Annual Premium

Tax benefit according to Income tax law are subject to change
SBI Life Smart Elite Minimum- 18 years

Maximum- 60 years

5-20 years —– Tax benefit according to the Income tax law is subject to change
SBI Life Smart Privilege Minimum- 8 years, 13 years

Maximum-55 years

Regular/limited pay- 10-30 years

Single premium -5-30 years

—- Tax benefit according to the Income tax law is subject to change
SBI Life Saral Maha Anand Minimum- 18 years

Maximum- 55 years

10,15,20 years Minimum-

Age below  45 years- 10X annual premium

Age equal to or  above 45 years- 7 X annual premium

Maximum- Age below 45 years- 20X annual premium

Age equal to or above 45 years- 20 X annual premium

Tax benefit according to Income tax law are subject to change
SBI Life e-Wealth Insurance Minimum- 18 years

Maximum- 50 years

10-20 years 10X annualized premium Tax benefit according to the Income tax law is subject to change

SBI Life Insurance Money Back Plans

SBI Life money back plans are specifically designed to offers the combined benefit of insurance coverage plus money back at regular intervals of time. This plan is best for individuals who want to fulfill their short-term financial goal and wants a regular flow of income at particular intervals of time.  Let’s take a look at the SBI life money back plans offered by SBI life insurance.

Plans Entry Age Policy Term Sum Assured Tax Benefit
SBI Life Smart Money Back Gold Minimum- 15 years, 14years

Maximum 55 years, 50 years, 45 years

12 years, 15 years, 20 years, 25 years Minimum-Rs.75,000 (X1000/-)

Maximum- No upper limit

Tax benefit according to the Income tax law is subject to change
SBI Life Smart Money Planner Minimum- 18 years

Maximum – 60 years, 55 years  and 50 years

15, 20, 25 years Minimum-Rs.1,00,000

Maximum- Rs.5,00,00,000

Tax benefit according to Income tax law are subject to change
SBI Life Smart Income Protect Minimum – 8 years, 11 years

Maximum-58 years, 53 years, 50 years

7,12,15 years Minimum-Rs.1,00,000/-(X1,000/-)

Maximum- No upper limit

Tax benefit according to the Income-tax law is subject to change

Claim Process of SBI Life Insurance

SBI Life Insurance Company ensures that the interest of insurance holders is well secured and also guarantees that the timelines set by the insurance regulatory and development authority of India are met while processing the claims. The SBI life insurance company offers a simple and easy process of claim settlement.

  1. In order to file a claim, the beneficiary of the policy will be needed to visit the official website of SBI Life Insurance.
  2. The nominee will be needed to fill the claim form thoroughly.
  3. Once he/she fills the form is filled carefully, they will be required to submit the claim form along with the other important documents like policyholder’s name, address, policy number, date of birth, etc.
  4. After the submission, the insurer will verify the form along with the documents submitted and approve of the claim. The ultimate sum assured amount will be payable to the beneficiary of the plan as a death
  5. In the offline process of filling claim, the insurance holder can visit the branch office of SBI Life Insurance Company and fill the claim settlement form.

SBI Life Insurance FAQ’S

How to check the policy status of SBI Life Insurance Policy?

Ans- In order to check the status of SBI Life Insurance policy the insurance holder can visit the official website of SBI i.e. https://mypolicydotsbilifedotcodotin/login/Registration1.aspx and enter details like date of birth, policy number, and customer ID as provided in the policy documents. Once the insured enters all the details, the information related to the policy will be displayed on the screen.

What are the different ways to make the premium payment online?

Ans- The insured can make SBI Life Insurance premium payment online through Debit card, credit card and through the process of net banking.

What is a free look period?

Ans-  A free-look period of 15 days is offered by the SBI Life insurance company during which the policyholder can cancel the policy if they are dissatisfied with the term and conditions of the plan.

What are the tax benefits offered by SBI Life insurance policies?

Ans- Tax exemptions on SBI life insurance policies can be availed on the premium paid and maturity received under section 80C and 10(10D) of Income Tax Act.

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