SBI Life Insurance Plans

SBI Life Insurance Company offers a variety of life insurance plans to meet its customers' diverse financial needs and life stages. Here's some information about each of them:

• Term Plan: A term plan is a type of life insurance that provides financial protection for a specific period, with the insured sum transferred to the nominee if the policyholder dies. SBI Life offers term insurance products that provide cost-effective financial protection for families, ensuring their loved one's financial security in case of unforeseen events. The company also offers savings and investment plans for wealth building.
  
  
• Savings Plans: SBI Life Insurance plans are investments that help you save for both short- and long-term goals and pay for your everyday costs. Setting aside a certain amount of money every month is one of the best ways to spend because it helps your savings grow over time. Additionally, SBI Life Insurance savings plans offer tax benefits, making them a smart choice for individuals looking to save on taxes while securing their financial future. With flexible premium payment options and the ability to customise coverage based on individual needs, these plans provide a comprehensive solution for financial planning.
  
  
• Unit-Linked Insurance Plans (ULIPs): These policies allow policyholders to invest in debt and equity funds and provide life coverage. These plans are linked to the stock market and cover the entire family. ULIPs offer higher returns than traditional life insurance policies, making them attractive for those seeking protection and growth. However, it is important to assess risk tolerance and investment goals before choosing a ULIP.
  
  
• Child Insurance Plans: By combining savings and life insurance, child insurance plans provide financial security for a child's future, with an emphasis on funding higher education. These plans require premium payments from parents, which are collected over time to cover the cost of their child's college education. Similarly, these plans offer additional benefits beyond life insurance, such as premium reimbursement in case of a parent's death.
  
  
• Retirement Plans: SBI Life retirement plans are essential for saving money and maintaining a comfortable retirement standard. These plans offer flexibility in payment options, allowing for monthly or yearly payments. They also provide tax benefits, enabling long-term savings. Early investment in a pension plan ensures a secure financial future and a stress-free retirement experience.
  
  
• Wealth Creation Plans: These plans offer flexible payment options, tax benefits, and a secure financial future for a stress-free retirement experience. These plans also offer the opportunity for wealth creation through strategic investments, ensuring a comfortable lifestyle during retirement. By starting early and consistently contributing to a retirement plan, individuals can build a substantial nest egg for their future needs.
  
  
• Protection Plan: It is more like financial security designed to provide financial support to your family in case of your death, offering a lump sum to cover expenses and maintain your lifestyle. Protection plans can also provide coverage for serious illnesses or disabilities, guaranteeing overall assistance in a variety of situations.

A few of the top SBI Life insurance plans are added in the table below, along with their respective plan type, entry age, and sum assured:

The following are the specifics of every plan that was added to the above table:

1. SBI Life- eShield

Offers a range of benefits and options, including level cover and increasing cover

SBI Life - eShield Next is an online term insurance plan that provides financial protection for families. It offers various options, including a fixed sum assured throughout the policy term, increasing coverage benefits at specific life stages, and a level cover with secured future benefits.

The plan also allows customisation, with the option to choose the death benefit payment mode and a "Better Half Benefit" option. Life cover is available for up to 100 years (whole life) or 85 years (other than whole life). The plan provides security, flexibility, and reliability and fits well into financial planning with reasonable premiums.

2. SBI Life- Poorna Suraksha

It is an individual, non-linked, non-participating life insurance plan that offers complete protection. The plan is designed to provide complete protection by considering the needs of its customers. It offers dual benefits of life insurance as well as critical illness coverage, with the sum assured split in the ratio of 80:20 at policy inception.

Additionally, the plan offers a comparable increase in critical illness protection over time, which helps balance rising medical treatment costs and market prices. The waiver of premium benefit is also available for those who are diagnosed with a life-threatening illness, allowing them to continue policy benefits to the end of the policy term.

3. SBI Life- eWealth

SBI Life - eWealth Insurance is an online unit-linked insurance plan (ULIP) that combines market-linked returns with life cover. The plan offers security, affordability, flexibility, simplicity in ease of use, and finances for your future. It provides life cover for financial security for your family and offers automatic asset allocation to counter market instabilities.

The plan has two options: the Growth Fund, which invests mostly in stocks to target better returns, and the Balanced Fund, which invests in a combination of debt and stocks to balance returns and risk. The monthly premium is Rs. 2,000, and no disbursement fees exist for this plan. Starting with the sixth policy year, partial withdrawals are allowed. However, policyholders cannot surrender or withdraw their investment until the end of the 5th year. Tax benefits are also available under current tax laws and rules.

4. SBI Life- Smart Privilege

High-net-worth individuals (UHNIs) can purchase individual, unit-linked, non-participating life insurance through the SBI Life - Smart Privilege plan. It provides market-linked returns through eleven different fund alternatives, flexibility in premiums, free switching, partial withdrawals, life insurance coverage, and loyalty additions beginning at the end of the 6th policy year.

The policyholder can invest in the portfolio through the plan and earn market-linked returns over time. It also gives premium flexibility, such as premium redirection, and loyalty increases fund worth. Partial withdrawals can be made under the plan starting in the 6th year or on the policyholder's 18th birthday. Life insurance is also offered to safeguard the family's plans. However, the policyholder pays the investment risk in the portfolio, and payment is not available until after the first 5 years of the policy's term.

5. SBI Life Smart Champ Insurance

The goal of the SBI Life - Smart Champ Insurance plan is to safeguard both your child's financial security and educational needs. The plan includes coverage for Accidental Total Permanent Disability (ATPD) and Life, as well as premium waivers, instant payment of the sum assured, and smart benefits, which are payable in 4 equal annual payments from the age of 18 years to the age of 21.

It also includes terminal bonuses and simple reversionary bonuses up to the age of 18 years. One-time or limited premium payments are available for premium alternatives in flexible payment options, and depending on the applicable income tax regulations, tax benefits are also included under this plan. This plan gives your child future financial stability in addition to protecting their goals.

6. SBI Smart Scholar

The SBI Life Smart Scholar plan is an individual, unit-linked, non-participating life insurance policy designed to provide financial security for your child's future, even in your absence. The plan offers market-linked returns on your invested money, life coverage, premium waiver, regular loyalty additions, investment flexibility, partial withdrawals, and tax benefits as per current and applicable income tax laws.

Real returns depend on the state of the market conditions and other circumstances. The plan also provides financial stability, as it builds a money nest by securing investments for your child's future dreams and provides overall stability.

7. SBI Life Saral Pension

The SBI Life Saral Pension is a retirement plan offered by SBI Life Insurance. It is a single premium, individual, non-linked, non-participating, immediate pension product. The plan aims to provide regular income during retirement, guaranteeing income payouts with a return on the purchase price of the policy.

It also offers loan and surrender facilities for financial emergencies and independence. Eligibility for the plan includes a minimum entry age of 18 years and a maximum entry age of 60 years. The policy term duration ranges from 5 years to 40 years. It offers various features, which include security, return of premium options, loan facility, surrender facility, guaranteed addition bonus, as well as tax benefits.

8. SBI Life- Retire Smart

SBI Life - Retire Smart is a unit-linked pension plan created to help individuals build a retirement investment while protecting policyholders against market risks and fluctuations. The plan offers guaranteed maturity benefits, market risk protection, and flexible premium payment options. It provides guaranteed benefits such as guaranteed additions up to 210% of the yearly premium, an extension of the maturity age, security, dependability, and flexibility. The plan also provides tax benefits as per applicable laws in India, and returns are directly connected to the market.

9. SBI Life- Smart Money Back Gold

It is an individual, non-linked, participating life insurance savings product designed to provide regular cash incomes at specific intervals to meet financial goals. One of the standout features of this plan is its 15% survivor benefit of the base sum assured, with flexible options for payout frequency and policy terms. Premium payment options include single, limited, regular, and total survival benefits. The plan offers policyholders the capability to customise with three money-back options according to their life goals, which include financial security with regular cash inflows, policy terms, and frequency in payouts received. The plan also provides life cover along with regular income with premium discounts attached to it.

10. SBI Life- Smart Bachat

The SBI Life - Smart Bachat plan is a non-linked, individual life insurance savings plan with key features such as limited premium payment options, life cover with accident benefit, and premium waiver. The plan offers endowment benefits and optional options like Option A (Endowment Option) and Option B (Endowment Option with in-built Accidental Death and Total Permanent Disability Benefit). Simple reversionary bonuses are provided throughout the policy term. The plan offers flexible premium payment terms of 5 years, 7 years, 10 years, and 15 years, as well as tax benefits according to tax laws and IRDAI rules and regulations.

11. SBI Life- Smart Wealth Builder

SBI Life - Smart Wealth Builder is a unit-linked insurance plan (ULIP) that provides both life coverage and investment options. It is a regular plan with a 30-year insurance term and is available to anyone who is aged 35 years or older. The premium payment term is 30 years, with an annual premium of Rs. 50,000 each year. The fund is 100% equity and offers a base sum assured of Rs 5,00,000. There are some key advantages of buying this plan, which include market-linked returns, guaranteed increases of up to 125% of a single annual regular premium, life insurance, and flexibility in payment options. Tax benefits are also available with this plan and are subject to income tax regulations.

12. SBI Life- Smart Wealth Assure

The SBI Life - Smart Wealth Assure is a non-participating unit-linked life insurance plan that offers market-linked returns and insurance coverage at a single premium payment. This single premium payment provides a hassle-free and convenient way to secure financial protection. Some of its important features include market-linked returns, a single premium payment, partial withdrawals starting from the 6th policy year, an accidental death benefit option, a mix of funds like bond and equity, financial protection and freedom, and tax benefits as per current tax laws.

To improve the total coverage, it provides a range of rider alternatives that can be added to the selected SBI life insurance policy. The following are some of the available rider options:

• Accidental Permanent and Total Disability: Accidental Permanent and Total Disability rider provides coverage if the insured person becomes permanently and totally disabled due to an external, violent, unforeseeable, and visible cause, preventing them from earning income for the rest of their life. There are different ways to pay for premiums for this benefit, such as paying all at once or in smaller instalments. The amount of money you will receive for this benefit depends on underwriting policy.
• Accidental Death Benefit (ADB): The ADB Rider is an individual non-participating rider that offers extra coverage equal to the rider's sum assured if the insured person passes away due to an accident. To be eligible for this rider, you must be between 18 and 65 years old. The maximum age for the rider to be in effect is 75 years. You can also choose different premium payment options available with this rider. However, the rider's policy term cannot be longer than the base policy's term duration.

• Preferred Term Rider: The Preferred Term Rider is a non-linked, non-participating individual rider that protects against the death of the life assured. The preferred term rider is a non-linked individual rider that provides additional coverage beyond the life coverage provided by the chosen base policy. This rider covers the death of the life assured, offers regular or single premium options, and guarantees premiums for the chosen term. Eligibility for this rider is based on the minimum entry age of 18 years and the maximum entry age of 65 years. This rider has suicide exclusion included, which is effective within a year of the risk beginning or the rider's revival.

You can purchase SBI life insurance plans from either the InsuranceDekho website or the insurer's own website. Here are the detailed steps for both:

Buying SBI Life Insurance Plan Via InsuranceDekho

Here are the steps you need to take to buy an SBI life insurance policy through InsuranceDekho:

Step 1: You should first open your computer browser and go to the InsuranceDekho official website.

Step 2: Click "Insurance" in the menu at the top. Use the drop-down menu to find "Life Insurance".

Step 3: Give your information in the respective fields and click "View Plans for Free".

Step 4: Use filter options to find the SBI Life Insurance plan suitable ar per your needs. You can also add people to the plan to see its effect on premium amount change.

Step 5: Fill out more information on the next page, then hit "Next Step".

Step 6: Make sure the SBI life insurance plan you picked is correct, and then pay for it.

Step 7: You need to send the plan form along with some basic papers for KYC, such as proof of who you are and how much money you make.

Step 8: If you plan to get an SBI Life Term Plan, you may need a physical test. The insurance team will then decide if you can get the cover.

Step 9: If your policy is accepted, you will get your SBI Life Insurance policy sent to you and will also get a call and mail to your registered email address.

Buy SBI Life Insurance Plan Via Insurer Website

You can also buy an SBI life insurance policy through the company's website:

Step 1: Go to SBI Life Insurance's website to start.

Step 2: Do the same things listed above (starting with Step 2) to move forward. Your policy will be delivered to you without any problems.

If you want to buy an SBI life insurance contract, you need to give the insurance company the following documents:

• Proof of identity: Driver's licence, voter ID, Aadhaar card, and so on
• IDs like Aadhaar cards, Passports, Voter IDs, etc. are used to prove your address
• Proof of Income: bank records, payslips, etc.
• Passport sized Pictures
• Medical Health Report
• More details about current and past insurance policies
• More details about old medical records

Using InsuranceDekho makes it easy to upgrade your SBI Life Insurance, whether it's for renewal or any other updates:

• Renewal time: To maximise the benefits of your policy coverage renewal of your life insurance policy is the best way forward. With InsuranceDekho, you may customise your SBI life insurance plan in various ways by including adding extra riders or raising the coverage amount. As a result, when your insurance becomes due for renewal, it is recommended to consider your existing coverage and discuss further enhancements that better meet your requirements.

• Between Renewals: You may upgrade your SBI life insurance policy at any time. You do not have to wait till your insurance policy is renewed. For this, you may contact InsuranceDekho's customer service support team at 7551196989. If you find out that your current policy coverage is insufficient or your current requirements have also changed, then you should explore your choices for an upgrade.

• Benefits of Portability: If you are thinking about porting your policy from another insurance company to SBI Life, you should use InsuranceDekho's portability option. It transfers your existing policy to a chosen SBI Life plan while also retaining certain benefits. This is a simple method to further improve your policy coverage as a whole.

Ques. 1 How long is the grace period for SBI Life Insurance?

Ans. SBI Life Insurance plans have a grace period of 30 days for yearly, half-yearly, and quarterly premium modes and 15 days for monthly premium modes, which remains in effect until no premium is paid by the end of the grace period.

Ques. 2. How can I find out the status of my SBI Life insurance policy?

Ans. To check the status of your SBI Life Insurance policy, visit the official website, click on the Application Tracker, enter your policy number and date of birth, and view the status. If you prefer a more direct approach, register for their WhatsApp services at +919029006575 for updates and convenient checking.

Ques. 3 What are the tax benefits of SBI Life insurance policies?

Ans. Tax benefits from SBI Life Insurance policies include Section 80C deduction, premium deduction, and death benefit exemption. Taxable income is reduced since premiums are deducted from total income. Under section 10(10D) of the Income Tax Act, the lump payment given to the beneficiary upon the policyholder's death is exempt from taxes. SBI Life Insurance offers both tax planning and financial protection.

Ques. 4. Which insurance plans are offered by SBI Life?

Ans. The main insurance products that SBI Life Insurance offers are as follows:

• Term Insurance Plans
• Endowment Plans
• Unit Linked Insurance Plans (ULIPs)
• Retirement Plans
• Child Insurance Plans
• Wealth Creation Plans
• Protection Plans

Ques. 5. Are medical exams required for SBI life insurance policies?

Ans. Yes, SBI Life Insurance policies require medical tests for term insurance plans, which help estimate risk profiles and affect premiums and coverage. Benefits of medical tests include no claim rejection, lower premiums, and higher coverage. SBI offers a "You Only Need One" policy without medical tests or documentation.