SBI Life Insurance

SBI Life Insurance is a private company which commenced its operations in the form of a joint venture between BNP Paribas Cardiff (a French financial services provider, headquartered in Paris) and State Bank of India, which is the most significant financial service provider and state-owned bank in India. BNP Paribas Cardiff holds around 26% of the total capital in SBI Life Insurance Company while SBI holds about 74% of the stake. The authorized capital of SBI Life stands at 20 billion, while its paid-up capital is calculated at 10 billion rupees. Headquartered in Mumbai, the company was consolidated in 2001 and although it originally concentrated on bancassurance, over time, it has grown to turn into one of the largest life insurance companies which exist.

Advantages of SBI Life Insurance

Since its inception, SBI Life has grown tremendously and it has contributed significantly towards building the insurance industry in India. As a result, its now among the leading players in the market and a broad range of products and services are offered by the company so that the insurance needs of a large customer base can be met.

SBI Life Insurance has access to more than 100 million accounts throughout the country and it offers its products and services to people belonging to any economic strata and geographic region in the country, thereby making sure that the individuals from all over the country can avail its offerings. The company is also known for possessing the most productive force so and having around 80,000 financial advisors.

Types of Life Insurance Policies Which are Offered by SBI Life

SBI Life Insurance has an extensive portfolio of insurance products for meeting the individual needs of a broad customer base. The plans offered by the insurance company are described below:

SBI Life Insurance For Individuals

SBI Life grants different kinds of life insurance policies for individual customers. The portfolio includes child plans, unit-linked plans, protection plans, endowment plans and savings plans.

SBI Life Unit-linked Insurance Plans

SBI Unit-linked insurance plans are long-term protection-cum-investment plans which provide customers an option to get market-linked returns and life insurance protection at the same time. Depending on the risk appetite of a customer, this company provides many funds to choose from. The Unit Linked Insurance Plans that are offered by SBI Life are described below:

SBI Life – Smart Wealth Builder

This is unit-linked non-participating life insurance plan which is designed to ensure that you can invest to make your wealth grow. The design of the scheme provides policyholders the flexibility in deciding their policy premiums, policy tenure and the mode of payment for the premiums.

SBI Life – Smart Wealth Assure

This too is a non-participating ULIP that offers investors the benefits of a life insurance policy and a chance for investing in the markets through various funds that help in growing their wealth. It is a single premium payment scheme which allows for partial withdrawals which can be used for meeting the financial obligations which may arise at a later stage.

SBI Life – Saral Maha Anand

The Saral Maha Anand scheme is a unit linked, non-participating life insurance plan that allows you to invest according to your risk appetite. It lets you decide the portion of insurance cover which you wish to invest depending on your risk averseness.

SBI Life – Smart Scholar

This is a ULIP which is aimed at people who want to make sure that the wants of their families are taken care of even when they aren't around. The premiums are waived off if the insurer dies.

SBI Life – Smart Elite

This is unit linked policy which offers life insurance cover of seven-ten times of the annual premium paid. It also allows for the premiums to be paid under the single payment scheme. The advantages of this policy include:

• Option to raise or lower the insurance cover

• Cover for accidental death

• Cover for accidental total permanent disability.

SBI Life – Smart Power Insurance

This ULIP provides the investors life insurance cover and investment opportunities at affordable premiums. It also provides liquidity options by allowing the investors in making partial withdrawals and a choice between increasing cover scheme and a level cover.

SBI Life – Smart Privilege

Smart Privilege from SBI Life is a unit-linked non-participating life insurance policy which not only offers coverage but also provides flexibility to the customers for redirecting their premiums between eight diverse funds while simultaneously providing them with loyalty additions such that the

SBI Life – eWealth Insurance

eWealth Insurance from SBI Life is a unit-linked non-participating insurance policy which has two variants:

• Balanced

• Growth

Automatic Asset Allocation feature in this plan steadily increases the exposure to money market or debt instruments with comparatively low risk.

SBI Life Insurance Child Plans

Securing the child's life is one of the major concerns of parents. SBI Life has made two comprehensive child insurance policies available which are cut out to give extensive benefits over time. The insurance variants that you can choose from are described below:

SBI Life – Smart Champ Insurance

This is a life insurance policy which can be taken to ensure that your child's future is secured against all forms of eventualities. This plan provides benefits to the investors such as lump-sum payments in 4 installments after your child has reached an age of 18 years, waiver off the premiums and opportunity to pay the premium at one go.

SBI Life – Smart Scholar

This scheme provides a double death benefit to the beneficiary. It offers payment of the total sum assured and waiver of the remaining premiums. It also provides accidental death benefits and total permanent disability benefits along with the choice of making partial withdrawals.

SBI Life Insurance Retirement Plans

SBI Life Insurance offers retirement plans to its customers so that everyone is prepared for life even after reaching their retirement age. Retirement plans offer monthly payments to individuals so that they don't have to compromise with their living standard. Following are the retirement plans that you can purchase from SBI Life:

SBI Life – Saral Pension

This plan offers investors assured simple reversionary bonuses and maturity bonus which is the total of sum assured, simple reversionary bonus and terminal bonus. This plan can also be linked with many riders which help in enhancing the life insurance coverage provided.

SBI Life – Retire Smart

This is a unit linked non-participating unit-linked pension plan which invests your money into different funds and grants a minimum return of 101% of the sum assured. It also provides boosted fund value by additions of up to 210% of the total annual premium paid.

SBI Life – Annuity Plus

The Annuity Plus is an immediate non-participating annuity plan which offers a regular income to the insured with the option to choose the frequency of annuity premium payouts. This plan can also be bettered by purchasing accidental death rider. The plan also provides the return on balance premium options.

SBI Life Term Insurance Plans

SBI Term insurance schemes are insurance policies which are designed with an aim to offer full protection and financial stability to the family of an individual in case of their untimely death. You can avail the following protection plans from SBI Life

SBI Life – Smart Shield

This is a term plan which provides a huge sum assured for a nominal premium. It can also be linked with various rides which enhance the cover that this plan provides. It also incorporates rewards for leading a healthy life. The insured can also choose to take the level, increasing or decreasing term insurance according to their convenience.

SBI Life – Saral Shield

This is a conventional term insurance plan which can be taken to ensure that the family of the insured is taken care of in case of unfortunate death. This plan gives two payment options; single premium payment and regular payment options. The payment can be enhanced by adding more riders.

SBI Life – eShield

This is a non-participating, non-linked term plan which can be purchased online. It also offers rewards for leading a healthy life and benefits for accidental death. It is a scheme that will be offering your family financial security for premiums that are affordable. This plan can offer up to 1 crore life cover.

SBI Life – Grameen Bima

This scheme is an individual, microinsurance term plan which is meant for the financially weaker sections of the society by giving them an opportunity to secure themselves and their families in case of untimely death/life-threatening accidents. This insurance plan doesn't require health checkups and it offers an insurance cover that could be 60 times of the premium.

SBI Life – e Income Shield

The e-Income Shield from SBI Life is a conventional, non-participating, online pure term life insurance policy which ensures that your monthly income is protected so that their dependents can use that amount in case of their untimely death.

SBI Life Insurance Savings Plans

Planning the future can help you in being financially secure in the long run and SBI Life offers several savings plan for helping the individuals in saving money for the future, whether it is for their child's education, the marriage of their kids, purchasing a house or taking a long vacation. The savings plans which you can avail from SBI Life are:

SBI Life – Smart Humsafar

This scheme is a joint life insurance plan which has savings options where a person and their spouse will be covered under a single policy. This scheme also provides death and maturity benefits if one of the partners survive through the policy period.

SBI Life – Smart Money Planner

This is a non-linked plan which offers profit endowment and assured cash inflows at regular intervals that also doubles up in the form of a life cover if insured individual dies, unfortunately.

SBI Life – CSC Saral Sanchay

This scheme is offered through Common Service Centre Network under the National e-Governance Plan of India. This is a non-participating, non-linked variable insurance plan which provides an option of savings along with death benefits.

SBI Life – Smart Income Protect

This is an insurance plan which offers life insurance cover along with regular income benefits to the insured. The policy also provides reversionary and terminal bonuses with guaranteed payouts of an additional 11% of the sum assured for 15 years post the attainment of maturity.

SBI Life – Smart Guaranteed Savings Plan

This is a non-participating savings plan which provides guaranteed additions which are calculated at a rate of 5.5%-6% and this interest rate is applied to the cumulative basic premiums which have been paid out. They also give an option of paying the premiums only for seven years.

SBI Life – Smart Money Back Gold

This traditional money back plan gives the advantages of providing monthly income after the maturity of the life insurance policy. The insurance coverage under this plan can be modified by using a wide range of riders which are available under this scheme.

SBI Life – Shubh Nivesh

This scheme is a non-linked profit endowment insurance plan which offers the flexibility to turn this profit endowment policy into a whole life insurance policy. It also provides benefits such as giving a choice between single premium payment and regular premium payment.

SBI Life – Saral Swadhan+

This is a non-linked, non-participating term insurance plan that is meant for individuals who want life cover 10-15 years and it gives a higher return on investment if the insured person survives till the maturity period. The premiums and benefits under this scheme are also eligible for tax benefits.

SBI Life – Flexi Smart Plus

This plan is only for individuals, and it is a participating variable insurance plan which could be customized based on the needs of the insured. It provides a range of bonuses upon maturity of the policy as well as a death benefit under the Gold or Platinum option.

SBI Life – Smart Women Advantage

The Smart Women Advantage scheme from SBI Life is a participating, traditional endowment policy which has additional protection features so that it is easier for financial planning along with offering high security.

SBI Life – Smart Swadhan Plus

The Smart Swadhan Plus scheme from SBI Life is a non-participating, non-linked Term Assurance plan with returns on the Premium policy which helps in meeting your insurance needs while providing an extra benefit of getting back the total premium paid after the policy attains maturity.

SBI Life Insurance For Groups

SBI Life offers a large number of group insurance plans which help the organizations and companies in retaining, rewarding and encouraging their most qualified employees and they also offer a range of corporate solutions for meeting the statutory requirements of employers, strengthening the relationship between employees and employers. The group plans that you can avail under SBI Life are described below:

SBI Life Group Retirement Plans

The group retirement plans provided by SBI Life are designed to offer financial security and financial stability to the family of an employee, hence ensuring that the organization's workforce remains protected and loyal. These policies secure funds which can be used later for meeting the obligations of the organization on leave encashment, gratuity, annuity/pension and superannuation. The retirement plans offered by SBI Life are described below:

SBI Life – Kalyan ULIP Plus

This is a fund based group insurance plan. The advantages of this scheme can be acquired by the master and members of this plan likewise.

SBI Life – CapAssure Gold

This plan is offered exclusively to the employer/ employee groups.

SBI Life – Swarna Jeevan

The SBI Life Swarna Jeevan offers higher annuity rates.

SBI Life – Gaurav Jeevan

The SBI Life Gaurav Jeevan is offered to central government, state government and other government agencies who wish to buy lands from the public. This scheme covers the annuity payments that is used as a compensation to the landowners.

SBI Life Group Protection Plans

Group Protection Plans that are offered by SBI Life offer pure protection cover for employees of a company to secure the financial security of their families in case of unfortunate demise of the insured. Group Protection Plans that you can get from SBI Life are described below:

SBI Life (Pradhan Mantri Jeevan Jyoti Bima Yojana)

This scheme is a non-linked, non-participating scheme. This group term can be renewed annually and the insurance also provides a death benefit of Rs. 2,00,000 with an annual premium of Rs. 330. For getting enrolled in the plan, no medical examinations are required.

SBI Life – Sampoorn Suraksha

This is a group term insurance plan which can be renewed. It offers life protection at affordable rates.

SBI Life – Suraksha Plus

This is a group insurance scheme for government agencies or company employers.

SBI Life Group Loan Protection Plans

The group loan protection plans which are made available by SBI Life are highly affordable policies which provide significant help in distributing the burden of liabilities on the employees. There is only one group protection plan that is offered by the company, known as RiNn Raksha. This plan ensures that you can enjoy the simple pleasures of life such as enjoying vacations overseas, buying an expensive car, building a house without worrying about the liabilities etc

SBI Life Group Micro Insurance Plans

The group micro-insurance plans that are designed by SBI Life are ideal for the customers that have low household income and meager savings. The two options available to you are mentioned below:

SBI Life – Grameen Shakti

This plan can provide life insurance to the destitute sections of the society.

SBI Life – Grameen Super Shiksha

This scheme is meant for the rural and underprivileged sections of the society who wish to have life insurance protection without the maturity benefit.

How You Can Claim Insurance with SBI Life Insurance

SBI Life Insurance Company Limited is committed to ensuring that the interests of their policyholders are well protected, and it also ensures that the timelines set by IRDA are met while processing the claims. Following is the claim settlement process linked with SBI Life:

Intimation of Claim

The claimant must make an intimation of the claim at any of the branches of SBI Life by providing all the necessary documents as mentioned in the policy document.

The claimant also must also check the admissibility of the claim and if all the requirements are met.

Claiming the Amount

After you have intimated SBI Life regarding the claim and met all the statutory requirements, the claims procedure will be completed by the officials as soon as possible. You can also contact the company officials if you require assistance while claiming the insurance.

After going through the detailed description of claims in the policy document will help you experience a seamless claim settlement process.

Documents Required for Buying SBI Life Insurance

For availing an SBI Life Insurance policy, the applicant must submit the following documents:

ID Proof

• Passport

• PAN

• Voter’s ID

• Driving Licence

• Aadhar Card

• Job Card issued by NREGA signed by a State Government official.

Proof of Residence

• Utility Bills

• Municipal or Property tax receipt

• Post Office savings or bank account statement

• Pension payment orders issued to a retired employee

• Letters issued by foreign embassy or Mission in India

• Letter of allotment of accommodation issued by central or state government institutions

How to Check SBI Life Policy Status?

You can check the policy status of SBI Life insurance by following these simple steps:

• Visit the official website of SBI Life (my policy)

• Login to the website by using your credentials

• Now, you can see all the policies that you have taken from SBI Life

• Click on the policy to check its status

• After that, the status of the policy will be shown on the screen

SBI Life Insurance Online Payment

• If you'd like to select the option of making the premium payments towards your life insurance policy online, you can visit the official website of SBI Life

• On the left panel, click on pay premium online

• Provide all the details; policy number, date of birth, phone number and email ID

• After you have provided all the information, the status of your policy will be shown on the screen

SBI Life Insurance Premium Calculator

• To calculate the premium that you will be required to pay, you'll be required to visit the official website of SBI Life

• After clicking on your insurance plan, you'll be redirected to a page that will require you to provide details such as policy term, policy term, premium amount, plan type, premium frequency etc and submit all the information, after which you can get an estimation of the amount that you'll be required to pay

SBI Life Insurance Customer Care

Customer care forms an important part of providing insurance. An efficient customer care team can help in improving the status of an insurer. SBI Life, which is considered to be one of India leading insurance provider, functions by the principle of 'customer first' and it has a dedicated customer support team which can be reached 24x7. The customer care helpline at SBI Life can be contacted through multiple channels such as SMS, phone and email. Customers can also contact customer care by requesting a callback or through online chat. SBI Life has also set up a dedicated team for handling and managing complaints and feedback.

SBI Life Insurance Frequently Asked Questions:

Can I receive any benefits if I survive the policy tenure?

Individuals who have bought a life insurance policy from SBI Life Insurance Company might not get any additional benefits on maturity, but in most of the cases, customers will receive the premium payments that they have made over the policy tenure or the absolute sum assured of the policy upon maturity. In case of policies which provide bonuses to customers upon maturity, the sum assured is paid out to the individual along with the accrued bonus for the policy term. For instance, if your policy term is 25 years, the payout after maturity is the sum assured along with the bonuses accumulated over the tenure of the policy.

How can I claim the maturity amount after my life insurance policy expires?

Insurance companies generally send details linked with a maturity of a life insurance scheme in advance. After you have met the requirements of the insurance company, you'll receive the payment via post or the company can credit the amount directly to your bank account depending on your preference.

Will the insurance company pay me anything if I decide to terminate my life insurance policy?

SBI Life Insurance offers a grace period to its customers, which usually spans 30 days from the due date and the customers are required to clear their remaining premium payments in this period. If you purchased your life insurance policy less than three years ago and had failed to make the premium payments, the insurance company won't offer you anything. If you have made premium payments continuously for more than three years and then defaulted on the payment, a portion of the premium that you have paid over the years is paid to you, and the amount that you receive depends on the sum assured and bonuses that you're reckoned to receive.

Is it possible to revive life insurance policy after defaulting on premium payments?

In case of regular premium payment policies, you'll be required to clear your defaults within the grace period granted by the company. If you haven't made premium payments within the grace period, your insurance policy will lapse. After your policy lapses, you can revive it by making all the outstanding premium payments along with the penalty applicable on the policy.

What are the taxes applicable on insurance premium/ULIP charges?

Charges applicable to different types of plans are described below:

For Traditional Plans

• Base premium.

• Rider premium.

• Other charges depending on the features of the product in question.

For ULIPs

• Mortality charges.

• Fund management charges

• Partial withdrawal charges

• Discontinuance / Surrender charges

• Policy administration charges

• Other charges depending on the policy