Top 7 SBI Life Insurance Plans in 2020

Founded in 2001, SBI Life Insurance is one of the most widespread Insurance Corporations undertaken by State Bank Of India (SBI) and BNP Paribas Cardif.

SBI shares 62% of the complete capital, whereas BNP shares 22% of the total capital,12% is public share and rest near about 2% of the total capital share is owned by Value Line Pte. Ltd. and another company called MacRitchie Investments Pte. Ltd.

Headquarters of SBI Life Insurance is located in Mumbai,India. SBI Life Insurance aims at providing best insurance plans and policies at affordable premium rates and giving utmost satisfaction to their customers.

Also Read: List of Top Term Plans in India

At Indian Insurance Awards Ceremony 2016, prestigious awards of ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance’ (Large Category), were provided to SBI Life Insurance Company. There are about 900 plus branches of SBI Life Insurance Company all over India.

Standing amongst one of the most trusted insurance companies, more than 2.5 crores holders have invested their money and faith in SBI.

Also Read: What is ULIP? Is ULIP a good investment tool?

Why SBI Life Insurance?

  1. Most Trusted Organisation
    This company is trusted by more than 2 crore people and its number of new insurance policies are increasing by every passing year.
  2. Additional Interest
    Various additional benefits like maturity perks are provided to the insurer at the completion period of policy or within its specific time duration.
  3. Affordable Plans
    SBI Life Insurance aims at promoting financial security amongst all sections of the society. They provide great plans for securing the future of the insurer and their families at affordable premium rates.
  4. Peaceful Claiming Process
    Doubtlessly to say, SBI Life Insurance has devoted a large number of employees to deliver efficiency in its work process and customer service. The team of SBI Life Insurance ensures an easy claim settlement.
  5. Discounted Online Policies
    Some SBI Life Insurance plans can be availed online. Additionally, purchasing a plan online will provide you a comfortable access with no involvement of agents. They even give special discounted offers on selected policies or online insures.
  6. Variety of Premium Payment Mode
    Premium can be paid through different modes including both online and offline methods.
  7. Tax Exemption
    Under Section 80C and Section 10D of the Indian Income Tax Act, premium of insurance policy and sum assured on maturity is free from tax. However, this is subjected to change as per rule of the government of India.
Also Read: Know about different types of Life Insurance Plans

Top 7 SBI Life Insurance Plans in 2020

SBI Life Insurance Company provides a wide variety of life insurance policies. These policies take almost all age groups into account. Plans offered by SBI Life Insurance focalize all different forms of policies needed by the public.

Various plans offered by SBI Life Insurance are as follows –

  1. SBI Life Child’s Plans
  2. SBI Life Saving Plans
  3. SBI Life Protection Term Insurance Plan
  4. SBI Life Unit Linked Insurance Plans (ULIP)
  5. SBI Life Retirement Plans
  6. Online Plans
  7. Group Plans

These plans cover policies generated for education of your children to the fulfillment of your desired retirement plans. Choosing a suitable SBI Life Insurance plan can definitely relieve you from facing any financial stress by paying a nominal and reasonable amount of premium.

Also Read: How much money can you make through latest HDFC RD?

1.   SBI Life Child Plans

This plan aims at securing the future of your child and is taken due to its great financial security planning for marriage and education of your children.

SBI Life Insurance Child Plan

  1. This is a non linked and participating plan.
  2. Insurers can choose different modes of premium payment under this.
  3. Benefits are provided as per the age of child.

Exemption from tax can be availed both on paying premium money and receiving sum assured on maturity of policy.

Also Read: What is Provident Fund?

List of All SBI Life Child Plans in 2020

  1. SBI Life Insurance Smart Champ

This plan is designed for providing financial assurance to the child. Additional benefits of maturity and accidental death are also provided to insurers.

Entry AgeThe child should be of minimum 30 days and the proposer must be of 21 years
Eligibility to avail benefits of policyMinimum – 21 years and maximum – 50 years
Policy Term21 years minus the age of child at time of entry in policy
Premium to be paidCan be paid as one time premium or monthly, quarterly, yearly or half yearly
Smart BenefitsPaid in 4 installments from 18 years to 21 years
Maturity AgeAge of child should be minimum – 18 years and maximum – 25 years
Accidental BenefitsProvided in case of permanent disability or death
Tax BenefitsCan be availed
Annual premium rangeStarts from Rs. 6,000/- onwards
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  1. SBI Life Insurance Child Plan Smart Scholar

It provides security to the life of the child and also gives additional returns on invested money. On the basis of the market, regular additional benefits are added into money invested.

Entry AgeMinimum – child can be of 0 years 30days and the proposer must be of 18 years
Eligibility to avail benefitsMinimum – 18 years and maximum – 57 years
Premium to be paidOn monthly, quarterly, half yearly and yearly basis
Term PeriodMinimum – 8 years and maximum – 25 years
Maturity AgeAge of the child should be minimum – 18 years and 25 years
Tax BenefitsCan be availed
Accidental BenefitsWill be given in case of death or permanent disability
Annual Premium RangeRs. 24,000/- onwards
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2. SBI Life Insurance Saving Plan

SBI Life Insurance Saving Plans gives dual benefits to the policy holder. Under this plan, one can avail life covers and saving benefits. This helps in providing financial security to the family members even in the case of an unfortunate demise of the only earner of the family. Additionally, this can also be used by the insurer in achieving their goals.

Why buy SBI Life Saving Plans

  1. They help in providing financial help to the family of the insurer.
  2. The insurer can choose different modes of premium payment.
  3. Benefits of exemption from tax can be availed both on paying premium money and receiving sum assured on maturity of policy.
Also Read: What is Zerodha Margin?

Top 10 SBI Life Insurance Saving Plans

  1. SBI Life Smart Women Advantage

SBI Life Smart Women Advantage plan is designed specially for women. Under this plan, the assured life gets benefits of life cover, savings and critical illness (CI) rider benefit along with the already set waiver premium. Additional benefits are given in case of complication in pregnancy and congenital disease.

Eligibility to avail benefitsMinimum – 18 years and maximum – 50 years
Term PeriodMinimum – 10 years and maximum – 15 years
Maturity and death BenefitsThese benefits are available under this policy
  1. SBI Life-Smart Humsafar

SBI Life-Smart Humsafar plan provides benefits to the couple as under this plan, benefits are provided in case of demise of either one or both.

Age CriteriaMinimum – 18 years and maximum – 46 years
Investment Amount  Minimum – Rs. 1,00,000/- and maximum – Rs. 5,00,00,000/-  
Premium InstallmentsOn monthly, quarterly, half yearly or yearly basis
Tenure10 years to 30 years
Tax RebateTax is exempted under section 80C and 10D. However, it is needed to be paid under some conditions
Maturity and Death BenefitsThese benefits are available under this policy
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  1. SBI Life-Smart Bachat

This is a special life insurance plan as in SBI Life-Smart Bachat, premiums have to be paid for a limited period. Term period of policy can be of minimum 10 years and maximum of 25 years. Accidental Benefits are provided in case of death and permanent disability. Survival benefits are also given to the policyholders if the insurer survives for a given period of time in duration of premium.

Age LimitMinimum – 60 years and maximum – 50 years
Sum AssuredMinimum – Rs. 1,00,000/-
Frequency of PaymentMonthly, quarterly, yearly and half yearly
Tax BenefitsFree from tax under section 10D and 80C if premium is less than Rs. 1,50,000/-
Loan FacilitiesLoan facilities can be availed under this policy and maximum loan can be 90% of premium paid
  1. SBI Life-Smart Swadhan Plus

This policy is issued by SBI Life Insurance to ensure life coverage of the assured life. SBI Life-Smart Swadhan Plus offers guaranteed return to the assured person. Plans can be started after giving a basic sum assured in a single premium or paying one premium of the limited premium period.

Entry AgeMinimum 18 years up to 65 years
Sum AssuredMinimum – Rs.5,00,000/-
Policy Term10 years to 30 years
Rider BenefitsThere are no additional rider benefits related to this policy.
  1. SBI Life – Smart Income Protect
    SBI Life – Smart Income Protect is a participating plan and its policy amount is needed to be credited within regular intervals. There are 4 different types of rider benefits available under this policy. In this plan, a regular payment is provided after 15 years. The term period for policy is 7, 12 and 15 years.
Age CriteriaMinimum – 8 years and maximum should be below 58 years
Investment AmountMinimum – should be Rs.100,000/- with no maximum limit
Tax ExemptionYes, this policy is exempted from tax under 80C and 10D
  1.  SBI Life – CSC Saral Sanchay
    This plan is designed to provide dual benefits of insurance and saving to the policy holder. You can avail additional benefits in case of maturity of policy and in condition of death. Policy is exempted from tax under section 80C and 10D. This policy works under a regular premium payment method. Minimum floor rate of premium is 1% per annum. Partial withdrawal of money is allowed under this policy. Term period of policy can be either of 10 years or 15 years.
  2. SBI Life – Smart Guaranteed Savings Plan
    Under this plan, the premium is to be paid on the annual basis. SBI Life – Smart Guaranteed Savings Plan also offers rider benefits and discounts on investing large sums of money. It provides guaranteed returns and the required premium is to be paid for a term of 7 years. You can reap benefits of life cover, which are set in accordance to the premium selected by you. Additional benefits of near about 6% rate are applied to premium paid.
Entry AgeParticipants must be between 18 to 50 years of age
Premium to be paidYearly
Term PeriodPolicy term is of 15 years with premium payment term of 7 years
Tax BenefitsOnly on basis of Income Tax Laws
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  1. SBI Life – Subh Nivesh
    SBI Life – Subh Nivesh provides protection cover along with saving benefits to its policyholders. The amount is provided to the insurer on a periodic basis. This way of payment to the insurer ensures money security at several stages of life. Death benefits are given to the nominee and maturity benefits are given to the insurer. Rider benefits can be availed by the  insurer. Three rider options are included under this policy and the policy can be of different term periods like 5 years, 10 years, 15 years or 20 years. Survival benefits are also provided to the holders.
  2. SBI Life – Smart Money Back Gold Plan
    Under this plan, the insurer gets sum assured at defined regular time intervals and survival and death benefits and additional rider benefits are also provided. This type of premium distribution can help the insurer in fulfilling their money needs at periodic intervals. Term period of policy can be of 12 years, 15 years, 20 years or 25 years.
  1. SBI Life – Flexi Smart Plus
    As the name of this policy suggests, SBI Life – Flexi Smart Plus Plan is a variable insurance plan and under this plan, the insurer can claim a change in premium as it can be increased or decreased. Flexibility to change the term period of policy is also available for the insurer.
    This plan exists in two forms and you can go ahead by either using the gold plan or the silver plan. Partial withdrawal is permissible under this plan.
    Various bonuses like interim bonus and regular bonuses are provided to the policyholder. Survival benefits are given to you at maturity of policy. Death benefits are given to the nominee.
Entry AgeParticipants must be of 18 years and a person with maximum age of 60 years at age of entry can participate in this scheme
Policy TermIs minimum of 5 years and maximum of 30 years
Premium to be paidOn monthly, yearly, half yearly and quarterly
Tax RebateOnly on basis of Income Tax laws
Also Read: What is Coverage in Car Insurance Policy?

3. SBI Term Plan

SBI Life Protection Term Insurance Plans are designed for providing financial protection to you and your family. In case of an unfortunate death of the breadwinner, your family can remain financially stable. Investment of monthly income in this plan can be very helpful for you and your family as you can avail these plans at low cost and reap benefits of financial security. Under this plan, various bonuses are also provided from time to time.

SBI Term Insurance Advantages

  1. These plans can be bought online and offline.
  2. Rider benefits are available.
  3. Affordable to purchase.
  4. Tax exemption as per income tax laws.
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5 Best SBI Life Term Plan

  1. SBI Life – Saral Shield
    This is a simplified term protection insurance plan and provides complete life cover. Rider benefits are available to the insurer. Two options of rider benefits are available.
Age CriteriaMinimum age – 18 years and maximum age – 60  years
Sum AmountMinimum sum amount must be Rs.7.5 lakhs and can reach upto Rs. 24 lakhs
Term periodTerm of policy can be of minimum 5 years to a maximum of 30 years
Premium to be paidBy single premium mode or by regular premium mode on monthly, quarterly, half yearly and yearly basis
Tax RebateTax rebate is based on the income tax laws.
Age of MaturityAge of life assured can be 65 years
  1. SBI Life – Smart Shield
    This plan can be started by paying the complete sum in a single premium or paying the first installment of limited premium. You can also avail benefits of choosing one more plan among two options along with various rider benefits. Thirteen major illnesses are included under SBI Life – Smart Shield plan. You can purchase this policy at low cost with a greater assured sum.
Age limitParticipants must be of 18 years and a person with maximum age of 55 years at time of entry, can participate in this plan
Term PeriodTerm of policy can be of minimum 5 years to a maximum of 62 years
Premium to be paidEither by single premium payment method or by monthly, quarterly, half yearly and yearly basis
Sum AssuredMinimum sum that must be assured to participate in this plan is INR 25 lakh
Maturity AgeAge of insurer should be 75 years
TaxOn the basis of income tax laws
Also Read: Latest SBI FD Rates
  1. SBI Life Grameen

SBI Life Grameen is a special protection plan designed for people who have low family incomes and are economically weak. This plan gives you freedom to choose premium according to your income.

Entry AgeThe policyholder’s age can range between 18 to 50 years
Maturity AgeThere is no defined age of maturity
Policy TermThe tenure period is of 5 years only
Tex BenefitsPremium of Rs.150,000/- is exempted from tax. Tax is to be paid in accordance of laws of Income Tax
  1. SBI e Shield

This plan promotes financial security for your family and is beneficial even in case of an unfortunate demise of the insurer because death benefits are provided to family and nominee. Discounts are given to participants who do not smoke. You can easily get this plan online and avail a comfortable policy buying option.

Age CriteriaParticipants must be of 18 years and a person with maximum age of 65 years at time of entry, can participate in this plan
Amount of InvestmentMinimum sum must be INR 7.5 lakh and there is no maximum limit
Premium PaymentMonthly, half yearly, quarterly and yearly
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  1. SBI Life – eIncome Shield

Under this plan, financial security of the family is given priority. Additionally, if you are a female, you can also get this policy at a discounted price. Participants who don’t smoke can also get off on the plan.

Entry AgeParticipants must be of 18 years and a person with maximum age of 60 years or 65 years at time of entry, can participate in this
InstallmentsMonthly, yearly, half yearly and quarterly basis
Policy Term5 years or 10 years or 80 years – age of entry

4. SBI Investment Plans

These plans give a range of flexibility for choosing premium and time period of insurance. You can get benefits of investment and insurance. Premium paid by you is divided into two parts. One out of them is secured as life cover for you and the other part is invested in market, debts and hybrid.

Also Read: What is GST? How much GST is charged on the products you buy?

Why Buy SBI Life Unit Linked Insurance Plans

  1. These plans can be renewed online or by visiting the branch office.
  2. Early claim settlement process is ensured.
  3. Partial withdrawal facilities are available.
  4. These plans are exempted from tax as per laws of income tax.
Also Read: Step by step to make Life Insurance Claim Process

Top 7 SBI Life Investment Plans

  1. SBI Life – Smart Wealth Builder

This plan works on no allocation charges. This plan is designed for ensuring financial security and the guaranteed additions are paid to the insurer. Policyholders get the maturity benefits and death benefits are provided to the elected nominee.

Entry AgeMinimum – 7 year and maximum – for single premium insurance is 65 years. For limited or regular payment modes – 60 years
Term of Policy10 years, 15 years and 30 years
Premium to be paidEither on single premium basis or through regular and limited premium basis – monthly, yearly, half yearly, yearly basis
TaxPolicy is exempted from tax as
Maturity AgeMaximum age of policyholder can be 70 years
Also Read: 4 Unpopular Reasons Why Life Insurance May Not Beneficial For Everyone
  1. SBI Life – Smart privilege

Under this plan, you can easily switch between various premium plans as per your convenience. These 11 options for plan switching can help you to get great profit. SBI Life – Smart privilege is a non participating plan and after completing 6 years of policy, you don’t have to pay premium allocation charges. Maturity benefits are provided to the insurer and death benefits are given to the respective nominee.

Entry AgeIn case of single premium paying mode, the minimum age of assured life is 8 years. In case of limited or regular premium payment mode, minimum age of assured life must be 13 years Maximum age – 55 years
Premium to be paidIn single premium or on regular and limited basis, this can be done by paying monthly, quarterly, half-yearly and yearly
Policy TermThis can vary from 5 years to 30 years
Tax BenefitsAs per the applicable laws of income tax
Age at MaturityPolicyholder should be minimum of 18 years and at maximum insurer can be of 70 years
  1. SBI Life – Smart Wealth Assure

This plan by SBI life insurance provides you an option of taking rider benefits. Maturity benefits are provided to the insurer. Refunds can be made either in the form of equity funds or in the form of bond funds.

Age CriteriaLife assured should be of 8 years and maximum age can be upto 60 years.
Premium PaymentIn single premium mode
TenureCan be in between 10 years to 30 years
Tax BenefitsPolicy is exempted from tax. But, income tax laws can change from time to time
Maturity AgePolicyholders must have completed a minimum age of 70 years.
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  1. SBI Life – eWealth Insurance

This plan can be availed by the people through online mode. There is no need to pay premium allocation charges. Insurer can avail maturity benefits and death benefits will be provided to the nominee, in case of unfortunate demise.

You can also opt for partial withdrawal. This plan can be choosed either in the form of a balanced plan or in the form of a growth plan.

Age LimitMinimum 18 years up to 50 years
Policy TermRanges between 10 years to 20 years
Premium To Be PaidMonthly or yearly basis
Tax BenefitsCan be availed under laws of income tax department
Maturity AgeAge of assurer on maturity of policy is 60 years
  1. SBI Life – SaralMahaAnand

SBI Life – SaralMahaAnand plan can be customized according to the entry age of the insurer. Allocation charges are not to be paid. Guaranteed additions are assured.

You can easily avail 3 options related to funds. You can reap benefits of enjoying your earning and saving your future. Partial withdrawal can be made.

Age CriteriaWilling person must have completed 18 years at minimum. And a person with a maximum age of 50 years can participate in this plan.
Policy Tenure10 years,15 years or 20 years
Maturity AgeAge of the policyholder can be 65 years
Premium PaymentsBy monthly, yearly, half yearly and quarterly
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  1. SBI Life – Smart Elite

You can avail investment and financial security benefits and allocation charges are not required. Premium is to be paid only for a limited period and this plan can be taken in two different plans.

You either choose the platinum plan or you can go with the gold plan. Sum investment can vary as per age of entry. You can avail the maturity benefits and death benefits will be provided to nominee or family members.

Entry Age18 years up to 60 years
Premium to be paidOn the basis of single premium payment or on monthly, half yearly, quarterly or yearly basis
Policy TermThis can vary from 5 years to 20 years
Maturity AgeThe insurer should be of 65 years
  1. SBI Life – Smart Power Insurance

This plan can be availed at low cost and the death benefits are also provided to the nominee in case of an unfortunate demise of the insurer. SBI Life – Smart Power Insurance Plan also allows making partial withdrawal. Further, two more plans are provided under this policy, you can choose one of them. Switching between different plans is allowed, and you can change according to your wish.

Entry AgeMinimum age of participants can be 28 years and maximum age attained by participants at time of entry can be 65 years
Premium to be paidOn monthly, half yearly, quarterly and yearly basis
Term PeriodThis can be of 10 years, 15 years or 30 years
TaxBenefits can be availed under laws of income tax
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5.   SBI Life Retirement Plans

These special plans are created by SBI Life Insurance Company for creating a beautiful retirement for you. You can plan a good quality lifestyle and financial strong retirement by saving your income.

Why buy SBI Life Retirement Plans

  1. These are available in two forms – deferred annuity and immediate annuity plan
  2. You can choose among different investment plans on the basis of  various risk factors.
  3. Spouse can avail assured money, in case of death of the insurer.
  4. Tax benefits are also available

3 Best SBI Life Retirement Plans

  1.  SBI Life Retire Smart

This plan is made for people who are planning to work on their retirement goals and SBI Life – Retire Smart Plan guarantees additions of about 210% p.a. You can get this opportunity to choose the term of premium payment. Insurers can exceed the vestige period according to their needs.

Entry AgeMinimum age of participant should be 30 years and maximum age of participants can be 70 years
Premium to be paidOn monthly, yearly, quarterly and half yearly basis
Sum assuredMinimum sum must be INR 1 lakh and there is no maximum limit
Term PeriodThis can be of 10 years to 30 years
Vestige AgeMinimum age should be – 40 years and insurer can be maximum of 80 years
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  1. SBI Life Saral Pension

This plan is put forward for people to enjoy their life and ensures complete life cover. Maturity benefits are provided to the insurer at the end of policy. Death benefits are given to the spouse in case of untimely death of the insurer. Rider benefits are also available. Different modes of premium payment can be selected by the policyholder.

Entry AgeMinimum age of participant should be 18 years and maximum age of participants can be 60 years or 65 years based on premium mode
Premium to be paidThrough single premium or regular payment on monthly, yearly, half yearly and quarterly basis
Sum AssuredMinimum sum must be INR 1 lakh and there is no maximum limit
Term PeriodMinimum term period is determined on the basis of premium payment mode. Minimum term period is of 5 years or 10 years and it can be maximum of 40 years.
Tax BenefitsCan be availed under laws of income tax, which change time to time.
Vestige AgeMinimum age should be of 40 years and maximum can be 70 years.
  1. SBI Life Annuity Plus

Under this plan, return is made on the periodic payment basis. High rate of annuity is offered in case of high sum assured. Rider benefits are available. Various additional benefits are also ensured for the policyholder.

Age LimitMinimum age of 40 years up to 80 years
InvestmentMinimum amount of Rs 2400/- is to be paid annually and there is no maximum limit
Premium PaymentOn monthly, yearly, half yearly or quarterly basis
Tax RebatePremium payout is free from tax under laws of Income tax which are subjected to change from time to time
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6.   SBI Online Plans

Online plans are designed to give you utmost comfort while buying your policy. Therefore, no third person or agents are involved in this. You can easily access your premium while being at home or work place. These are beneficial to those who are really busy and can invest only a little on making an investment.

Why Buy SBI Life Online Plans

Policies are available at discounted price.

  1. These are available in various options. Different policies can be compared easily.
  2. They are free from tax under the laws of Income Tax.
  3. You can get all types of plans like traditional, child care, ulip, protection and pension plans

List of SBI Life Insurance Online Plans

  1. SBI Life – Poorna Suraksha Plan

SBI Life – Poorna Suraksha Plan is made for dealing with various critical illnesses encountered by people during their lifetime. This plan provides complete protection to you and your family and you can also get dual benefits, as it acts as life cover and critical illness cover.

Age CriteriaMinimum age of 10 years and maximum is 65 years
Total SumMinimum sum must be Rs. 20 lakh and sum assured can be maximum upto Rs. 2.5 crore
TenureIt can be 10 years, 15 years, 20 years and 25 years
Payment FrequencyOn monthly and yearly basis
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  1. SBI Life – Smart Samriddhi

This plan ensures a financially stable state of you and your family and guarantees additional benefits. Maturity benefits and death benefits are also provided under this plan. In addition to this, SBI Life – Smart Samriddhi Plan is exempted from tax under the  law of Income Tax.

Entry AgeMinimum age of participant should be 18 years and maximum age of participants can be 50 years
Premium to be paidMonthly or yearly basis
Term PeriodTerm for policy is 12 years and term for premium payment is 7 years
  1. SBI Life – Smart Insure Wealth Plus

This ULIP plan gives you benefits of protection and saving and you can also choose from 3 different options of investment strategies and 9 options for diverse funds.

Criteria of AgeMinimum age of participant should be 30 days and maximum can be 55 years
PremiumOn monthly basis
DurationIt can be 10 years, 15 years, 20 years and 25 years
Maturity AgePolicyholder should be minimum of 18 years and person can be maximum of 65 years
  1. SBI Life – Sampoorn Cancer Suraksha

This plan is built-up to deal with hazardous cancer disease as its treatment is really costly and can bankrupt all your savings. This is beneficial for early and major stages of cancer. You can avail this plan in 3 different forms and they are standard, enhanced and classic. Policy term is maximum of about 30 years. There are no rider benefits related to this policy.

7.   SBI Life Group Plans

These plans are not related to an individual but they are related to a group or organization. Additional benefits are promised under these plans. These plans are further divided into protection plans, retirement solution plans, group micro insurance plans, group loan protection plans. You can also avail free look period of this plan. This plan is widespread and can reach to the people who are living in isolated and farthest places.

Why Buy SBI Group Plans

  1. If you want to quit policy within the free look period then, no substantial cost is needed.
  2. Legal advice is provided to the group.
  3. You have freedom to choose rider benefits for yourself.
Also Read: How to make GST Payment Online?

Top 8 SBI Life Group Plans

  1. SBI Life – RiNn Raksha

This plan is put forward to ensure a stress free loan service to the customer and you can get almost all types of loans under it like home loans, personal loans, education loans and car loans are available. You can also reap benefits of one more plan after choosing from the gold plan and platinum plan option.

In case of untimely death, outstanding amount is considered as death cover amount. You are free to choose terms for loan cover. Rider benefits are available under this policy.

Entry AgeMinimum age of participant should be 16 days and maximum can be 70 years
Premium to be paidBy single premium mode or by level premium – paid at 5 years and 10 years
Maturity AgeMaximum age of loan taker should be 75 years at completion of policy term
  1. SBI Life – Grameen Super Suraksha

SBI Life – Grameen Super Suraksha plan is for those who are not financially strong enough to take a policy and can be bought at low cost. Death benefits are available to the nominee. It also provides life cover.

Age limitMinimum age of participant should be 18 days and maximum age of participants can be 50 years
TenureFixed for 5 years
Premium PaymentIn single premium mode or regular premium payment mode
Maturity AgeMinimum age of policy holder should be 23 years and maximum age of policyholder can be 55 years
  1. SBI Life – Grameen Shakti

This is a micro insurance plan and aims at providing protection to the economically weaker section. Maturity and death benefits are available under SBI Life Grameen Shakti plan. However, participants are needed to submit a good health declaration. Alternation of policy is not allowed under this scheme.

  1. SBI Life – Sampoorn Suraksha

This plan is focused on the safety of your family and involves facilities like death benefits and critical illness benefits. Rider benefits are also available. You are free to choose benefits as per your needs. This can be issued for formal as well as informal groups. No maturity benefits and surrender benefits are available.

  1. SBI Life – Gaurav Jeevan

This plan ensures family income in case of the death of the policyholder. SBI Life Gaurav Jeevan plan is based on annuity and provides freedom to transfer the annuity liability.

Age of entryMinimum age of participant should be 18 days and maximum age of participants can be 85 years
Size Of GroupThe group to be insured must have 50 members and there is no maximum limit
Premium PaymentOn monthly, yearly, quarterly and half yearly
Tax ExemptionBenefits are available as per laws of Income Tax
  1. SBI Life – Kalyan ULIP Plus
    This plan is beneficial for the policyholder and other group members and promises gratuity benefits. SBI Life – Kalyan ULIP Plus Plan also provides a free look period.
Entry AgeMinimum age is 18 days and maximum is 79 years
Maturity AgeAge of policyholder should below 80 years on maturity of policy
Size Of GroupThe group to be insured must have 10 members and there is no maximum limit
Tax BenefitsOn basis of laws of Income Tax
  1. SBI Life – CapAssure Gold

Only employers and their group can apply for this policy. Gratuity benefits are assured. Free look period is available. This plan is fund based. It is beneficial for those who are willing to plan their retirement. This policy can be renewed. Easy policy claiming can be done. Newsletters are provided to the policyholders.

  1. SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana
    This is an affordable policy and you don’t need to get a medical examination done for  its application. SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana plan is renewable and also provides death benefits. Surrender and maturity benefits are offered under this policy. Any form of group can avail it.
Age limitMinimum age of participant should be 18 days and maximum age of participants can be 50 years
Premium AmountRs. 330/- and it can be increased as per your convenience
Investment AmountMaximum of INR 2 lakh
Tax BenefitsOnly as per laws of Income Tax

SBI Life Insurance Premium Payment

Premium payment can be done by both online and offline methods. Online methods are devised to provide comfort during payment. While those who want to deposit premium directly and are not willing to submit it online can choose the offline mode of premium submission.

Top 4 SBI Life Insurance Premium Payment Offline Options

  1. By using SBI Bank ATM
  2. Premium can also be paid in form of cash at concerned collection centers
  3. By using Post and courier to send money to the branch office of the insurer.
  4. Insurer can also adopt auto debit of premium through NACH

Top 5 SBI Life Insurance Premium Payment Options are

  1. By using e-wallet
  2. With help of credit card
  3. Visa BillPay can also be used to pay premium
  4. By Internet banking
  5. ‘Easy Access’ mobile application can also be used to pay.
Also Read: How to change Authorised Signatory in GST?

SBI Life Insurance Premium Calculator

Premium Calculator is a special tool designed by SBI Life Insurance Company to provide fruitful support to their customers by which a customer can get quick help in planning the policies. This facilitates users to get an idea about what minimum sum assured will be after maturity of policy.

Various types of SBI Life Premium Calculators-

  1. Child’s Education Planner – This will help in planning the minimum investment you must make to fulfil desires of the child.
  1. Retirement Planner – For planning stress free retirement.
  1. Human Life Value Calculator – This will help in planning the minimum investment for financial security of family in case of unfortunate demise of earning member.
  1. Goal Planner – For giving you an idea about minimum money to be invested for achieving your goals.
  1. Future Cost Planner – For giving an idea about what will be the cost of your goals in near future. This is also used to get a suggestion of minimum investment to be made for making your dreams come true.
  1. Need analysis Planner – As the name says,this is used to analyze the cost of your needs and for telling about the amount of insurance.
  1. Cost of smoking – This is used to calculate financial effects of smoking.
  1. Marriage Financial Planner – For calculating minimum sum to be assured for marriage of your child.
  1. Personal Tax Rate – To calculate Tax needed to be paid by you in the duration of the ongoing year.
  1. Power of Compounding – To calculate the amount of money that can be gained after compounding the minimum sum assured.
  1. Family Maintenance Planner – This is used to calculate the minimum sum to be assured for planning a better future for your family.
  1. Health Tax – For calculating minimum investment and suggesting policies for health security with tax exemption.
  1. Future Value of Monthly Saving – Calculates what your monthly savings will result in upcoming years.
  1. Risk Analyzer And Asset Allocator – Helps in selecting policy to invest by proving analysis of risk.
  1. Time To Double Your Money – Calculates minimum time taken for doubling your money under given policy.
  1. Section 80C Tax Calculator – Calculates amount of tax that is to be paid under this section in given policy.
Also Read: How to create GST Challan?

Top 4 SBI Life Insurance Riders

SBI Life Insurance gives rider benefits or amends benefits that are going to be provided in normal policy period. Rider benefits are available in different forms like long term care, term conversion and waiver premium.

  1. SBI Life Preferred Term Rider – Additional benefits of death cover are provided to the policyholder along with the basic death cover. Then, Rs. 25,000/- is the minimum amount that is issued as rider benefit.

  2. SBI Life Accidental Total and Permanent Disability Rider – In case of an accident, if life assured unfortunately gets any permanent disability then, an additional rider sum is paid. Then, Rs.25,000 is the minimum amount offered as rider benefit while the maximum amount offered is Rs.50 Lakh.

  3. SBI Life Accidental Death Benefit Linked Rider – If unfortunate demise of assured life occurs in an accident, then, nominee of the policy receives rider benefits along with minimum sum assured. Then, Rs.25,000/- is the minimum amount offered as rider benefit while the maximum amount offered is Rs.50 Lakh.

  4. SBI Life Critical Illness Non-Linked Rider – This plan covers major illnesses that includes:
    1. Cancer
    2. Kidney failure
    3. Major Organ Transplant
    4. Paralysis
    5. Burns
    6. First heart attack

Then, Rs.25,000/- is the minimum amount offered as rider benefit while the maximum amount offered is Rs. 50 Lakh.

SBI Life Insurance Claims Process

SBI Life Insurance gives you a very peaceful and prompt insurance claiming. Claim process is very easy. You need to follow procedure cited below-

  1. Claim Intimation
    The policyholder or nominee needs to intimate the insurance company.

This can be done as follows:

  1. Nominees or policyholders can fill the offline claim form and send it to the office.
    SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706.
    1. You can fill out a claim form through online mode and intimate the company.
    2. You can send a mail to intimate the company at [email protected]
    3. You can inform them by calling on toll free number of SBI Life Insurance company
      1800-22-9090
  1. Assessment Of Claim
    When SBI Life Insurance gets intimation, they start evaluating necessary documents and information provided by the claimant.
  2. Process Of Approving Claim
    If all documents and information provided by the claimant fulfills terms of insurance company then the claim is granted. After this, claimant or nominee will get the sum assured under the policy.

Documents Required For SBI Life Insurance Claim

For making an SBI Life Insurance Claim, some documents are mandatory to present before the branch officer. In absence of these you can face delay and hurdles in the claim process. Here’s is list of documents required :

  1. Original Policy Documents.
  2. Identity Proof : Driving license, voter ID, Adhar card, passport can be presented as identity proof.
  3. Age Proof : Birth certificate, PAN card, driving license, Adhar card can be used as age proof.
  4. Address Proof Of Claimant : Bank account statement and electricity bills can be used for this.
  5. Completely Filled Claim Form.
  6. Income Proof
  7. Death Certificate : In case of death of the insurer, the nominee needs to present the death certificate.
  8. Unnatural death : Nominees have to present post mortem reports, FIR reports and police reports.
  9. Hospital treatment records are needed in case of prior treatment.

SBI Life Insurance Review

SBI Life Insurance is one of the best life insurance corporations of India. It was awarded with  ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance Award’ and provides great insurance schemes. Policies launched by SBI Life Insurance Company are concerned with profit of customers. There are wide variants of insurance policies available with SBI Life Insurance ranging from individual plans to group plans. Trusted by millions of people, SBI Life has benefited a lot of people in the past and continues to do so in the given present.SBI Life Insurance Company Limited is definitely a reliable and trustworthy insurance company.

Contact Details of SBI Life Insurance

  1. For query, you can call at toll free number
    1800-267-9090
    Write an email on
    [email protected]
    You can even send an SMS to
    SMS  SOLVE at 56161
  2. For Policy Fund Details, you can give a missed call at
    022-27599901
  3. You can get Fund Details by sending SMS
    FV <<space>> (Policy Number) to 56161 OR 9250001848
  4. To contact corporate office call at
    022-6191 0000

SBI Life Insurance Address

Corporate office of SBI Life Insurance Company
SBI Life Insurance Company Limited,
Natraj, M.V. Road & Western Express Highway Junction, Andheri (East)
Mumbai – 400069.

CIN: L99999MH2000PLC129113

Also Read: What is LIC Insurance Calculator

SBI Life Insurance FAQs

Can I change my Nominee?

Yes, you can do this through offline mode. Download the ‘Change In Nominee Form’ from policy serving forms, under download center. Fill that form carefully. Attach the mandatory documents with this form and send it to the nearest branch office or to
The Manager,
SBI Life Insurance Co. Ltd.
Kapas Bhavan, Plot 3, Sector 10
CBD, Belapur , Navi Mumbai – 400614 ‘

Why should I choose accidental benefits?

Accidental Benefits gives financial protection to your family in case of unfortunate demise of the insurer.
Company pays you accidental Benefits along with other benefits in case of accidental death. Mostly these accidental benefits are near about sum assured in single premium payment mode and comprise a percentage of premium paid in regular mode.

What are the benefits of opting for a higher Sum Assured and why should I invest 1 crore?

You can achieve high savings with a small premium payment amount. Rate of interest varies with sum assured. At high sum assured you can get a high rate of interest. Several discount offers are also available at high sum assured, and you can get the policy at lower cost.

What are the tax benefits available?

 
Policy can be exempted from tax under Section 10D. Such that premium payment must not exceed 10% of total sum assured. Tax deduction under Section 80C is also available.
Tax benefits are provided as per the laws of Income Tax, which are subjected to change over time.

What will the beneficiary get in case the insured commits suicide?

If the policyholder commits suicide under 12 months from revival of policy, then no claim will be given. Policy will be considered null or void. If the policyholder commits suicide within 12 months of beginning of risk period, then 80% of premium paid will be refunded.

What are the best plans of SBI? Does SBI has any insurance plans for senior citizens?

There are many plans for senior citizens. Pension plans are considered to be the best for planning your post retirement life. You can enjoy a safe and stress free life. Some of the pension plans are as follows:
1. SBI Life – Annuity Plus
2. SBI Life – Retire Smart
3. SBI Life – Retire Smart

What is SBI Life Insurance Term Plan?

These are non linked, non participating plans. These plans aim at protecting your family against financial crises, during unfavorable conditions. Rider benefits can be availed under these plans. Some of the plans are stated below :
1. SBI Life – eIncome Shield
2. SBI eShield
3. SBI Life Grameen
4. SBI Life – Saral Shield
5. SBI Life – Smart Shield

How can I pay my SBI life insurance policy?

You can pay your premium via online as well as offline mode.
Offline mode : People who don’t want to submit their premium via online mode can submit it offline. 
This can be done by :
1. Post or courier
2. In Cash at defined centers
3. By auto debit of premium from account. 
4. By using State Bank ATM
5. By direct debit 
Online mode : Those who want to do comfortable online premium payment can opt for this mode.
This can be done by :
1. By using e-wallet
2. Through internet banking
3. By using ‘Easy access’ mobile application.
4. Through Visa Bill Pay

Can I surrender my SBI life insurance policy?

Yes, you can surrender your policy as per terms of the policy. To do so, you need to fill the surrender form and submit that form along with mandatory documents to the nearest branch of SBI life insurance company. You can also send your form and documents to
The Manager,
SBI Life Insurance Co. Ltd.
Kapas Bhavan, Plot 3, Sector 10
CBD, Belapur , Navi Mumbai – 400614


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