20/04/2018
Benefits of SBI Life Insurance
Since inception, SBI Life has grown tremendously – so much so that it has contributed significantly towards transpiring the insurance industry in India. As a result, it is now among the key players in the market and the products and services offered by the company are versatile so that the insurance needs of a diverse customer base can be satisfied.
SBI Life has access to more than 100 million accounts throughout India and offers its products and services to every economic strata and geographic region in the country, thereby ensuring that individuals from all over the country can avail its offerings. The company is also known for boasting the most productive force so far as insurance agents are concerned, having tied up with more than 80,000 advisors. If you are looking for a life insurance policy, rest assured in the knowledge that SBI Life and its experienced and dedicated workforce will help you find one that best suits your specific requirements.
Different Types of Life Insurance Policies Offered by SBI Life:
SBI Life has a comprehensive portfolio of insurance products to meet the individual needs of a rather large customer base. Following are the plans offered by the insurance company:
SBI Life Insurance For Individuals :
SBI Life offers several different kinds of life insurance policiesto individual customers. The portfolio includes unit-linked plans, child plans, endowment plans, protection plans and savings plans.
SBI Life Unit-linked Insurance Plans:
SBI Unit-linked insurance policies are long-term protectioncum investment plans that provide customers a chance to avail market linked returns and offers life insurance protection at the same time. Based on the risk appetite of a customer, there are a number of funds to choose from. The unit-linked insurance plans offered by SBI Life are as follow:
SBI Life – Smart Wealth Builder: This is a non-participating unit linked life insurance plan that has been designed to make sure that you can invest as much as you can afford and still manage to watch your wealth grow. The design of the scheme offers policyholders the flexibility to decide their premiums, the policy tenure and even the mode of payment of premiums.
SBI Life – Smart Wealth Assure: This too is a non-participating ULIP which offers investors the advantages of a life insurance policy and an opportunity to invest in the markets via various funds to help their wealth grow. It is a single premium payment scheme that allows for partial withdrawals that can be used to meet financial obligations that 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 which allows you to invest in accordance with your appetite for risk. It even lets you decide how much insurance you want to cover yourself which is subject to certain min and max amounts.
SBI Life – Smart Scholar: This is a ULIP that is aimed at those who want to make sure that the needs of their families are taken care of even if they are not around. It offers the beneficiary the benefit of the payment of the sum assured under the policy and a waiver of premiums so that policy remains in force even in the unfortunate event of the death of the policyholder.
SBI Life – Smart Elite: This is unit linked policy that offers life insurance cover of 7 to 10 times the annual premium paid. It also allows for premiums to be paid under the single pay scheme. The benefits of this policy include the option to increase or decrease the insurance cover and cover for accidental death or accidental total permanent disability.
SBI Life – Smart Power Insurance: This ULIP offers investors life insurance cover and investment opportunities at affordable premiums. It also offers liquidity options by letting investors make partial withdrawals and a choice between a level cover or an increasing cover scheme.
SBI Life – Smart Privilege: Smart Privilege from SBI Life is a non-participating unit-linked life insurance policy that not only offers coverage, but also gives customers the flexibility to redirect their premiums between eight diverse funds while providing them with loyalty additions so that fund value increases.
SBI Life – eWealth Insurance: eWealth Insurance from SBI Life is a non-participating online unit-linked insurance policy that comes with two options – Balanced and Growth, and the Automatic Asset Allocation feature in this plan slowly and steadily increases exposure to money market or debt instruments with relatively low risk.
SBI Life Insurance Child Plans:
Planning for the future of your child at an early stage in their lives can leave you with plenty of benefits as they start to come of age. SBI Life has made available two comprehensive child insurance policies that are cut out to provide extensive benefits over time. Following are the options you can choose from:
SBI Life – Smart Champ Insurance: This is a life insurance policy that can be taken to make sure that the future of your child is secured against all eventualities. This plan offers investors benefits like lump sum payments in 4 installments once your child attains the age of 18 years, waiver of premiums and the opportunity to pay the premium in one go.
SBI Life – Smart Scholar: This insurance plan offers a double death benefit of the payment of the sum assured and a waiver of the remaining premiums. It also offers accidental death and total permanent disability benefits along with partial withdrawal benefits.
SBI Life Insurance Retirement Plans:
SBI Life Insurance retirement plans to its customers so that everyone is prepared for life after their working age. Retirement plans provide monthly payments to individuals in the form of pension so that they can carry on with things without depending on anyone for financial support. Following are the retirement plans you can purchase from SBI Life:
SBI Life – Saral Pension: It’s never too late to put something aside for retirement and that is why this plan offers investors guaranteed simple reversionary bonuses, maturity bonus which is the sum assured plus the simple reversionary bonus plus terminal bonus if any. This plan can also be associated with various riders that help enhance the life insurance cover provided.
SBI Life – Retire Smart: This is a non-participating unit linked pension plan that invests your money into various funds and guarantees a minimum return of 101% of all premiums paid. It also offers boosted fund value through additions of up to 210% of the annual premium paid subject to certain conditions.
SBI Life – Annuity Plus: The Annuity Plus is a non-participating immediate annuity plan that offers the insured a regular income from the age of 40 years with the option to choose the frequency of annuity payouts. This plan can also be enhanced by purchasing the accidental death rider. The plan also offers a return of premium or a return of balance premium options.
SBI Life Term Insurance Plans:
SBI Term insurance plans are low-cost insurance policies that are designed with a view to offer full financial stability and protection to the family of an individual in case of his / her unfortunate demise. Following are the protection plans you can avail from SBI Life:
SBI Life – Smart Shield: This is a term plan that offers a large sum assured for a nominal premium. It can also be coupled with various rides that enhance the cover this plan provides. It also includes rewards for leading a healthy life. The plan can also be taken as level or increasing term assurance or decreasing term assurance to secure a loan you may have taken.
SBI Life – Saral Shield: This is a traditional term insurance plan that can be taken to ensure that in the unfortunate event of your death, your family is well taken care of. This plan features single premium payment and regular payment options and can be enhanced by the addition of certain riders.
SBI Life – eShield: This is a non-linked and non-participating term plan that has, as its main feature, the option to purchase the life insurance plan online.It too offers rewards for leading a healthy life and accidental death benefits. It is a plan that will offer your family financial security for premiums that are very affordable. This plan is offering 1 crore life cover.
SBI Life – Grameen Bima: This is an individual, micro insurance term plan that is meant to provide the financially weaker segments of society with an opportunity to secure themselves against tough times. This insurance plan does not require health checkups and offers an insurance cover that can be as high as 60 times the total premium paid.
SBI Life – eIncome Shield: The eIncome Shield from SBI Life is a non-participating, traditional online pure term life insurance policy that ensures that your monthly income is protected so that your family / dependents can use that amount in case of your untimely death.
SBI Life Insurance Savings Plans:
In case you have future plans for yourself or for your family, planning in advance can help you in the long run, and SBI Life has made available several savings plan to help individuals save money for the future, whether it is for the education or marriage of their children, purchasing your dream home, or just taking off on a long vacation. Following are the savings plans that you can avail from SBI Life:
SBI Life – Smart Humsafar: A joint life insurance plan with savings options where a person and his/her spouse can be covered under a single policy. With death benefits, this plan also offers maturity benefits in case either or both partners survive till the policy period.
SBI Life – Smart Money Planner: A limited premium paying individual non linked plan that offers profit endowment and guaranteed cash inflows at regular intervals which also doubles up as a life cover in case of the unfortunate event of the demise of the life insured with tax benefits as per the Income Tax Act of 1961.
SBI Life – CSC Saral Sanchay: Offered through the Common Service Centre Network under the National eGovernance Plan of India, this is a non-linked, non -participating, variable insurance plan that offers an option of savings too, along with a death benefit that would be paid in case of the unfortunate demise of the life insured.
SBI Life – Smart Income Protect : This is an insurance plan that offers two benefits to the insured. The first is that they are provided with a life insurance cover and the second is that they get the benefit of a regular income. The policy also offers reversionary and terminal bonuses along with a guaranteed payouts of 11% of the sum assured for 15 years after the policy matures.
SBI Life – Smart Guaranteed Savings Plan: This is a non-participating savings plan that offers guaranteed additions that are calculated at a rate of 5.5% to 6% and are applied to the cumulative basic premiums that have been paid. They also offer the option to pay premiums only for 7 years.
SBI Life – Smart Money Back Gold: This traditional money back plan offers the advantages of a life insurance policy with an income coming in at regular intervals. The insurance cover under this scheme can be enhanced using a wide range of riders available for this plan.
SBI Life – Shubh Nivesh: This scheme is a non-linked profit endowment assurance plan that offers the flexibility to turn this policy into a whole life insurance policy. It also offers benefits like a choice between single premium payment or regular premium payment options and options to receive the basic sum assured over a period of time.
SBI Life – Saral Swadhan+: A non-linked, non-participating term assurance plan meant for individuals that provides life cover for a period of 10 years or 15 years and gives a higher return on investment upon survival of the life insured till the maturity period. The premiums and benefits under this plan are eligible for tax benefits.
SBI Life – Flexi Smart Plus: An individual, participating variable insurance product that can be custom-tailored to change as per the customer’s needs. It offers a host of bonuses on the maturity value as well as a death benefit as per the Gold or Platinum option.
SBI Life – Smart Women Advantage: The Smart Women Advantage plan from SBI Life is a participating traditional endowment policy that comes with extra protection features so that financial planning is easy for you in addition to offering valuable security.
SBI Life – Smart Swadhan Plus: The Smart Swadhan Plus plan from SBI Life is a non-linked, non-participating Term Assurance with Return of Premium policy that helps in meeting your insurance requirements while offering the extra benefit of getting back your total premium payments in maturity.
SBI Life Insurance Savings Plans:
In case you have future plans for yourself or for your family, planning in advance can help you in the long run, and SBI Life has made available several savings plan to help individuals save money for the future, whether it is for the education or marriage of their children, purchasing your dream home, or just taking off on a long vacation. Following are the savings plans that you can avail from SBI Life:
SBI Life – Smart Humsafar: A joint life insurance plan with savings options where a person and his/her spouse can be covered under a single policy. With death benefits, this plan also offers maturity benefits in case either or both partners survive till the policy period.
SBI Life – Smart Money Planner: A limited premium paying individual non linked plan that offers profit endowment and guaranteed cash inflows at regular intervals which also doubles up as a life cover in case of the unfortunate event of the demise of the life insured with tax benefits as per the Income Tax Act of 1961.
SBI Life – CSC Saral Sanchay: Offered through the Common Service Centre Network under the National eGovernance Plan of India, this is a non-linked, non -participating, variable insurance plan that offers an option of savings too, along with a death benefit that would be paid in case of the unfortunate demise of the life insured.
SBI Life – Smart Income Protect : This is an insurance plan that offers two benefits to the insured. The first is that they are provided with a life insurance cover and the second is that they get the benefit of a regular income. The policy also offers reversionary and terminal bonuses along with a guaranteed payouts of 11% of the sum assured for 15 years after the policy matures.
SBI Life – Smart Guaranteed Savings Plan: This is a non-participating savings plan that offers guaranteed additions that are calculated at a rate of 5.5% to 6% and are applied to the cumulative basic premiums that have been paid. They also offer the option to pay premiums only for 7 years.
SBI Life – Smart Money Back Gold: This traditional money back plan offers the advantages of a life insurance policy with an income coming in at regular intervals. The insurance cover under this scheme can be enhanced using a wide range of riders available for this plan.
SBI Life – Shubh Nivesh: This scheme is a non-linked profit endowment assurance plan that offers the flexibility to turn this policy into a whole life insurance policy. It also offers benefits like a choice between single premium payment or regular premium payment options and options to receive the basic sum assured over a period of time.
SBI Life – Saral Swadhan+: A non-linked, non-participating term assurance plan meant for individuals that provides life cover for a period of 10 years or 15 years and gives a higher return on investment upon survival of the life insured till the maturity period. The premiums and benefits under this plan are eligible for tax benefits.
SBI Life – Flexi Smart Plus: An individual, participating variable insurance product that can be custom-tailored to change as per the customer’s needs. It offers a host of bonuses on the maturity value as well as a death benefit as per the Gold or Platinum option.
SBI Life – Smart Women Advantage: The Smart Women Advantage plan from SBI Life is a participating traditional endowment policy that comes with extra protection features so that financial planning is easy for you in addition to offering valuable security.
SBI Life – Smart Swadhan Plus: The Smart Swadhan Plus plan from SBI Life is a non-linked, non-participating Term Assurance with Return of Premium policy that helps in meeting your insurance requirements while offering the extra benefit of getting back your total premium payments in maturity.
Documents Required for Purchasing SBI Life Insurance:
To avail a life insurance policy from SBI Life Insurance Company Limited, few of the following documents will have to be submitted to the insurer:
i. ID Proof
Passport
PAN Card
Voter’s ID
Driving License
Letter issued by the National Population Register or Unique Identification Authority of India containing information such as the name, Aadhaar number and address of the individual
Job card issued by NREGA and duly signed by a State Government official.
ii. Proof of Residence
Utility bill provided it is less than two months old (post-paid mobile phone bill, water bill, telephone bill, piped gas bill, electricity bill, etc.)
Municipal or property tax receipt
Post office savings or bank account statement
family pension or pension payment orders issued to retired individuals by Public Sector undertakings or Government Department, provided they contain the residential address of the individual
Letters issued by Mission in India or Foreign Embassy and documents issued by Government departments of foreign jurisdiction
Letter of allotment of accommodation from employer issued by Central or State Government departments, Regulatory or Statutory bodies, scheduled commercial banks, public sector undertakings, listed companies and financial institutions.
