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SBI Life Insurance Company Limited India

SBI Life is a joint venture between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardiff – a French Multi-national bank and financial services company with HO at Paris. SBI Life insurance company, one of the most trusted life insurance companies in India, was incorporated in the year 2000 and started operations after registering with Insurance Regulatory and Development Authority of India in March, 2001.

SBI Life insurance company is serving millions of customers across India with their diversified products which cater to the group as well as individual customers. The approach of banks of India SBI Life is “Customer First” which means that it places great emphasis on maintaining World class operating efficiency and providing hassle free claim settlement experience to the customers.

SBI Life insurance company limited has a vast presence Pan India through its 947 offices which are operating from different parts of the country. They have a productive individual network of 1,70,096 agents, 57 Corporate agents, a widespread Bancassurance network of 14 partners, more than 28,000 partner branches and 107 brokers and other insurance marketing firms. SBI Life was able to touch over 4.3 Lakhs direct beneficiaries through various CSR initiatives.

SBI Life insurance company has different insurance products which suite for individual as well as institutional customers. Their range of products include Term insurance, Term insurance with return of premium, Term insurance with investment, Money back plans, Annuity plans, Retirement plans, Child plans, ULIPs etc.

Key Features of SBI Life Insurance Company

Claim Settlement Ratio: An insurance company that has a good claim settlement ratio as a higher ratio indicates better claim credibility of the company. The Claim Settlement Ratio indicates how many claims have been settled out of the total number of claims submitted in a given year. As per the IRDAI the claim settlement ratio of SBI Life Insurance was 94.52 that mean your family don't have to go through any inconvenience while getting claims.

Solvency Ratio: The solvency ratio of the SBI life insurance company helps an individual to know the company's ability to meet its long-term financial duty. IRDAI declared that every life insurance company to maintain a solvency ratio of 1.5. But SBI life has 2.15 solvency ratio compared with other companies offers equity shares too.

Sales figure: SBI Life Insurance Company operates across the country with 947 offices, productive individual agents of about 170,096 agents, 57 corporate agents, 28000+ partner branches, and other insurance marketing business.

Online Availability: financial year framework and business position of any insurance company is important to estimate its market share. The company has seen growth in its annual premium over the past few years which in turn have increased its market share to 20%.

Documents required for claiming SBI Life Insurance Plans

Step1: First step is to fill the claim form and attach the photo ID proof.

Step2: Original death certificate given by local authority and original policy document.

Step3: Current address proof and credit card instructions bank account form

Step4: If required additional documents copy of FIR/ post mortem, hospital treatment certificate, employer’s certificate, and copy of police final statement report.

Types of SBI Life Insurance Plans

SBI Life Insurance is designed for individual and his family needs include Child plans, Wealth insurance plans, Savings plan, Protection plans, Retirement plans, corporate plans and Income/Money-Back plans. List of each plans are divided into different variants below:-

1.) Individual Life Insurance Plans

Protection Plans:

Protection Plans What is it? Age of Entry Annual Premium Benefits
SBI Life eShield Next This protection plan is to give financial support to present needs and also covers to the changes of life to the daily needs. 18 years Rs. 3600 Three Plan, Two Rider options and better half & Death payment mode.
SBI Life Saral Jeevan Bima This protection plan secures your family with affordable cost in unpredicted problems. 18 years Rs 1,415 to 1,01,025 Standard term plan and gives multiple premium payment options.
SBI Life Poorna Suraksha This protection plan covers you with critical illness cover. 18 years Rs 3000 to 9,32,000 Increasing Critical Illness cover and premium waiver benefit.
SBI Life Sampoorn Cancer Suraksha This protection plan is mainly for patients who are suffering with cancer. 6 years Rs. 600 Monthly Income Benefit and Easy pay out on diagnosis.
SBI Life Corona Rakshak Policy This protection plan specially designed for coronavirus/ covid-19 defeaters. 18 years Rs. 156 to 2,230 No medical Examination and easy pay out.
SBI Life Smart Shield This protection plan is for securing your families financially and keeping them safe 18 years Rs. 3000 Two Rider options and secure from liabilities.
SBI Life Smart Swadhan Plus In this Protection plan covers you from return of premiums, protect your families from active policies 18 years Rs. 2300 Refund of premiums and reasonable costs.
SBI Life Saral Swadhan+ In this Protection plan offers life insurance fixed life cover and return of premiums at maturity. 18 years Rs. 1,500 to 5,000 Fixed maturity benefit and Life cover.
SBI Life Grameen Bima This protection plan also known as micro insurance plan covers you from family financial security at affordable costs. 18 years Rs. 300 to 2,000 Easy registration process and premium choosing option

Child Plans:

Child Plans What is it? Age of Entry Annual Premium Benefits
SBI Life Smart Champ Insurance This child insurance plan is to secure child’s educational needs.

Child: 0 years

Proposer:21 years

Rs. 6,000 Pay outs are based on child’s age and premium waiver benefit
SBI Life Smart Scholar This child insurance plan covers for your children and gives returns on invested money.

Child: 0 years

Proposer:18 years

Rs. 24,000 Periodic loyalty and Marked linked returns.

Savings Plans:

Savings Plans What is it? Age of Entry Annual Premium Benefits
SBI Life Smart Platina Assure This savings plan is an individual, non-linked, non-participating assurance gives you returns for some period. 3 years Rs. 50,000 Premium payment for 6 to 7 years and monthly or yearly payments.
SBI Life New Smart Samriddhi This savings plan covers your family in unhappy situation and gives your policy rewards 18 years Rs 12,000 to 75,000 Covers you throughout the life and it has simple process.
SBI Life Smart Future Choices This savings plan is a profit assurance plan covers savings and income tax under a single plan. 18 years Rs 1,00,000 Avail Cash Bonus benefits
SBI Life Shubh Nivesh This savings plan is a profit assurance plan covers savings and income under a single plan. 18 years Rs. 6000 Whole Life Insurance and Regular flow of income.
SBI Life Smart Bachat This savings plan secures your family’s future and meet investment needs. 8 years Rs. 5,100 Benefits you with limited premium payment term
SBI Life Smart Humsafar This savings plan secures you and your spouse under single policy. 18 years Rs. 6000 Insurance cover for spouse and waiver of premium

Retirement Plans:

Retirement Plans What is it? Age of Entry Annual Premium Benefits
SBI Life Retire Smart This plan secures you with investment plan to the future with investments during earning years. 30 years Rs. 24,000 Minimum Assured maturity amount and safeguarding it.
SBI Life Annuity plus This plan covers you in single premium payment of annual/pension for life. Can Include Family member and Regular income through annuity.
SBI Life Saral Retirement Saver This plan secures you with post-retirement financial needs 18 years Rs 7,500 Build retirement plan simply and get regular bonuses.
SBI Life SBI Life Saral Pension This plan secures you with regular pension for rest of your life. Lifelong regular income with return of purchase price.

Money-Back/Income Plans:

Income Plans What is it? Age of Entry Annual Premium Benefits
SBI Life Smart Money Back Gold This insurance plan covers periodic income to meet your financial needs. 14 years Rs. 9,500 Money back plans options and sum assured is of 110% survival benefit.
SBI Life Smart Money Planner This insurance plan has benefits of security to your family and regular income. 18 years Based on Sum Assured Regular income benefits you with period payment.
SBI Life Smart Income Protect This insurance plan is savings plan covers you with life secure and regular cash over a period of 15 years. 8 years Based on Sum Assured Regular Annual income.

Wealth Creation Plans:

Wealth Plans What is it? Age of Entry Annual Premium Benefits
SBI Life eWealth Insurance This ULIPs helps to grow your wealth which benefits of market linked returns on invested money. 5 years Rs. 24,000 Buy online easy process and two plan options
SBI Life Smart InsureWealth Plus This plan covers 3 investment strategies of disciplined savings, wealth savings, and flexibility of systematic monthly withdrawal. 0 years Rs 4,000 9 diverse funds under the smart choice, easy monthly insurance.
SBI Life Saral InsureWealth Plus This ULIP plan offers flexibility in a periodic monthly withdrawal. 0 years Rs 8,000 Easy Monthly Insurance, 8 different funds.
SBI Life Smart Wealth Builder This unit linked insurance plans has one or many investment funds. 2 years Rs. 30,000 to 2,50,000 Increased investment options
SBI Life Smart Wealth Assure This plan helps to cover market-linked returns with insurance coverage with only one-time premium. 8 years Rs. 50,000 Single premium and market-linked returns.
SBI Life Smart Power Insurance This plan gives you reasonable premiums and gives returns also with current investment. 18 years Rs. 15,000 Two Plan Options and unique fund options.
SBI Life Smart Elite In this plan covers you with savings which cover through market-linked returns. 18 years Rs. 1,50,000 Broad range of funds.
SBI Life Smart Privilege In this plan contains 11 funds with infinite free switches and redirections. 8 years Rs. 6,00,000 Ultra-high Net-worth Individuals and regular add-ons.

2.) Group Insurance Plans:

Corporate Plans:

Corporate Solution Plans What is it? Benefits
SBI Life Kalyan ULIP Plus This plan is fund-based plan for employer-employee groups. One-stop solution that combines with donations. Market – Linked, allegiance add-ons.
SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana This plan covers family’s future cover 2 lakh at casual prices. Easy and Swift process.
SBI Life CapAssure Gold This plan covers the needs of Employers or State & Central government employee’s retirement benefits of donations, leave exchange, and pension. Employee benefits solutions and customized services
SBI Life Sampoorn Suraksha This plan is to cover yearly renewal group term insurance plan includes for formal and informal groups. It gives a comprehensive insurance designed for single person needs. Comprehensive insurance coverage, High degree of flexibility.
SBI Life Swarna Jeevan Plus This plan covers for corporate clients, to purchase annual liability. Single and Joint Annuity.

Group Loan Protection Plans:

Group Loan protection plan contains one variant of SBI Life RiNn Raksha plan discusses below:

SBI Life RiNn Raksha: This plan is to covers your debt and pays off your financing organization just in case any happenings. Benefits of Comprehensive Life Insurance Coverage for your loan and loan cover term.

Group Micro Insurance Plans:

Group micro insurance plan contains one variant of SBI Life Grameen Super Suraksha plan discusses below:

SBI Life Grameen Super Suraksha: This plan is to covers insurance coverage to your group term assurance members at low premiums. Benefits of this plan secure to covers amount and premium payment.

Buy SBI Life Insurance online Policy can be found online from the customer portal the life insurance policy can be known alternatively by dialling the toll-free number 1800-123-4003 or visit our portal for more information.

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