Top 5 SBI Life Insurance Plans in India in Year 2018

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In the uncertainties of life, it is very important to have a life insurance plan in order to safeguard the future of your loved ones. There are numerous life insurance providers in India but one leading insurance providers is SBI Life Insurance Company. SBI Life is a collaboration between the State Bank of India (SBI) and BNP Paribas Assurance. SBI Life insurance offers a wide range of comprehensive insurance products at a very affordable premium rate in order to cater to the requirement of the insurance seekers.Keeping the requirements of the customers in mind, the company offers an array of insurance plans ranging from savings plans, ULIPs, child plans, pension plans, term insurance plans, group plans and endowment plans.  To help you know more about SBI life insurance plans, in this article, we have briefly discussed best 5 SBI life insurance plans in India.

But, before we discuss the top plans offered by SBI, let’s take a look at the key highlights of SBI Life insurance plans.

  1. SBI Life insurance provides maximum coverage up to Rs.1 crore at a minimum premium rate of Rs.18 per day.
  2. The company provides a higher claim settlement ratio of 96.69%.
  3. The company has a record of 99.98% grievances settled.

5 Best SBI Life Insurance Plans in Years 2017-2018

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

Maximum-

Level Cover- 65 years

Increasing Cover-60 years

Minimum-

Level cover-5 years

Increasing cover-10 years

Maximum- 30 years

Same as policy term Minimum-Rs35,00,000

Maximum- no upper limit

Tax benefit under section 80C and 10(10D) of Income Tax Act
SBI Life Smart Money Planner Plan 1-Minimum- 18 years Maximum- 60 years

Plan 2- Minimum- 18 years

Maximum-55 years

Plan 3- Minimum-18 years

Maximum-55 years

Plan 4 minimum 18 years

Maximum- 50 years

15,20,20 and 25 years 6 years, 6 years, 10 years, 10 years Minimum-Rs.1,00,000

Maximum-Rs.5,00,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
SBI Life- Smart Humsafar Minimum- 18 years

Maximum- 46 years

Minimum- 10 years

Maximum- 30 years

Same as policy term Minimum- Rs.1,00,000

Maximum- Rs.5,00,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
SBI Life- CSC Saral Sanchay 10 years- Minimum- 18 years

Maximum-60 years

15 years –

Minimum-18 years

Maximum-55 years

10 years and 15 years Same as policy tenure For entry age >45 years -10*of Annualized Premium

For entry age <45 years- 7 of Annualized Premium

 

Tax benefit under section 80C and 10(10D) of Income Tax Act
SBI Life Smart Power Minimum -18 years

Maximum -45 years

10,15-30 years Same as policy tenure —-

 

  1. SBI Life-eShield– This is a non-participating, non-linked, pure term insurance policy. The plan offers customized benefits to the individuals who want to provide financial security to their loved ones at an affordable premium rate. According to one’s own suitability, the insured can choose from the 4 plan options offered by the policy.
  • Level Cover
  • Level Cover with Accidental Death Benefit
  • Increasing Cover
  • Increasing Cover with Accidental Death Benefit

Some of the key features of the policy are:

  • SBI Life- eShield is an online term plan that does not include any bonus facility.
  • Under the option of increasing cover, the sum assured of the policy increases by 10% at completion of every 5 years of the policy.
  • The policy also offers a rider for accidental death benefit.
  • The insured is eligible for a tax deduction on the premium paid up to the limit of Rs1.5 lakhs and on the maturity proceeds under section 80C and 10(10D) of Income Tax Act.

 

  1. SBI Life Smart Money Planner– This is a traditional, participating money back policy that offers a continuous flow of income as regular yearly payouts at specific intervals of time. Thus, this plan is most beneficial to those individuals whose income are low and want to have a regular flow of cash. The plan also provides bonus facility. Some of the salient features of the policy are:
  • SBI Life Smart Money Planner is a traditional money back policy which participates in the company profits through bonus earnings.
  • The plan offers limited premium payment tenure.
  • The plan offers a free-look period of 15 days.
  • The insured is eligible for a tax deduction on the premium paid up to the limit of Rs1.5 lakhs and the maturity proceeds under section 80C and 10(10D) of Income Tax Act.
  • The plan offers bonus benefit in form of vested simple reversionary bonus and terminal bonus.

 

  1. SBI Life- Smart Humsafar– This is a joint life insurance plan that covers the insured and his spouse under the same policy. As a participating insurance policy, it also offers a bonus facility declared by the insurance company. Some of the key features offered by the policy are:
  • The plan provides coverage for the married couple and also offers a simple reversionary bonus.
  • Maturity benefit of the policy is paid out in case the insured and the spouse survives the entire tenure of the policy.
  • The plan comes with inbuilt premium wavier rider benefit in which the entire premium of the policy is waived in case of demise of any one of the couple during the tenure of the policy.
  • The insured is eligible for tax deductions on the premium paid up to the limit of Rs 1.5 lakhs and the maturity proceeds under section 80C and 10(10D) of the Income Tax Act.

 

  1. SBI Life- CSC Saral Sanchay- This is a non-participating traditional endowment policy that provides the dual benefit of insurance protection and savings. Although this is a traditional endowment policy, it is flexible in nature and provides different options. Some of the key features of the policy are:
  • The plan provides the combined benefit of saving cum insurance coverage under the same plan.
  • Throughout the tenure of the policy, a guaranteed interest of 1% is paid every year.
  • Partial withdrawals are applicable after the completion of 6th year of the policy.
  • The insured is eligible for a tax deduction on the premium paid up to the limit of Rs1.5 lakhs and the maturity proceeds under section 80C and 10(10D) of Income Tax Act.

 

  1. SBI Life Smart Power– this is a non-participating unit-linked insurance plan that offers a dual benefit of insurance and investment under the same plan. Under this, a part of the premium is invested in the equity-linked saving scheme and the other half of premium is kept for life Some of the salient features of the policy are:
  • The insured can choose from two plan options offered by the policy i.e. (i) Level Cover Option (ii) Increasing Cover Option.
  • The plan offers free switches.
  • The plan offers liquidity through the facility of partial withdrawals.
  • The plan offers inbuilt total and permanent disability rider benefit.

These are the 5 best SBI Life Insurance Plans in India in the financial year 2017-18. You can visit the online websites of these plans and choose the most beneficial plan according to your suitability and requirements.

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