SBI Life is a joint venture between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardiff – a French Multinational bank and financial services company with HO in Paris. SBI Life insurance company, one of the most trusted life insurance companies in India, was incorporated in the year 2000 and started operations after registering with the Insurance Regulatory and Development Authority of India in March 2001. The cost of SBI life insurance varies depending on the type of policy that you choose to buy.
SBI Life insurance company is serving millions of customers across India with their diversified products which cater to group as well as individual customers. The approach of banks of India SBI Life is “Customer First” which means that it places great emphasis on maintaining World-class operating efficiency and providing a hassle-free claim settlement experience to the customers. SBI Life insurance company has different insurance products that suit individual as well as institutional customers.
SBI Life insurance company limited has a vast presence in Pan India through its 947 offices which are operating from different parts of the country. They have a productive individual network of 1,70,096 agents, 57 Corporate agents, a widespread Bancassurance network of 14 partners, more than 28,000 partner branches, and 107 brokers and other insurance marketing firms. SBI Life was able to touch over 4.3 Lakhs direct beneficiaries through various CSR initiatives.
About SBI Life Insurance Highlights
| Claim Settlement Ratio |
93.09% |
| Inception |
2001 |
| Branches |
947 |
| Death Benefit Paid For |
21,257 Policies |
| Solvency Ratio |
2.15 |
| Market Share |
20% |
| Annual Premium |
16592.49 Crores |
SBI Life Insurance Key Features
- Claim Settlement Ratio: An insurance company that has a good claim settlement ratio as a higher ratio indicates better claim credibility of the company. The SBI life insurance Claim Settlement Ratio indicates how many claims have been settled out of the total number of claims submitted in a given year.
- Solvency Ratio: The solvency ratio of an SBI life insurance company helps an individual to know the company's ability to meet its long-term financial duty. IRDAI declared that every life insurance company to maintain a solvency ratio of 1.5. But SBI life has a 2.15 solvency ratio compared with other companies that offer equity shares too.
- Sales figure: Life Insurance of SBI Company operates across the country with 947 offices, productive individual agents of about 170,096 agents, 57 corporate agents, 28000+ partner branches, and other insurance marketing businesses.
- Online Availability: financial year framework and business position of any insurance company are important to estimate its market share. The company has seen growth in its annual premium over the past few years which in turn has increased its market share to 20%.
SBI Life Insurance Benefits
- Variety of Products: SBI life insurance provides its customers with a wide range of products. You can choose the plan that fits your needs and budget. Every plan differs from each other and they can fit your requirements and budget as well.
- Affordable Plans: SBI Life Insurance provides comprehensive life cover at an affordable premium rate. Some SBI Life Insurance plans provide many options at a very affordable premium rate.
- Excellent Customer Service: SBI Life Insurance Company is one of the leading life insurance providers of affordable policies. It provides excellent customer service to its customers. Their customer care service is accessible 24x7 on their website this helps the customer to stay connected with the insurance provider.
- Tax Advantage: In the SBI Life insurance policy, tax benefits can be claimed under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
SBI Life Insurance Plans List
- SBI Life Insurance Individual Plans
- SBI Life Insurance Online Plans
- SBI Life Insurance Savings Plans
- SBI Life Insurance Protection Plans
- SBI Life Insurance Wealth Creation Plans
- SBI Life Insurance Retirement Plans
- SBI Life Insurance Money Back/Income Plans
- SBI Life Insurance Combo Plans
- SBI Life Insurance Group Plans
- SBI Life Insurance Corporate Solution Plans
- SBI Life Insurance Group Loan Protection Plans
- SBI Life Insurance Group Micro Insurance Plans
SBI Life Insurance Protection Plans:
| Protection Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| SBI Life eShield Next |
This protection plan is to give financial support to present needs and also covers the changes of life to the daily needs. |
18 years |
Rs. 3600 |
Three Plan, Two Rider options, and better half & Death payment mode. |
| SBI Life Saral Jeevan Bima |
This protection plan secures your family with affordable cost in unpredicted problems. |
18 years |
Rs 1,415 to 1,01,025 |
Standard term plan and gives multiple premium payment options. |
| SBI Life Poorna Suraksha |
This protection plan covers you with critical illness cover. |
18 years |
Rs 3000 to 9,32,000 |
Increasing Critical Illness cover and premium waiver benefit. |
| SBI Life Sampoorn Cancer Suraksha |
This protection plan is mainly for patients who are suffering from cancer. |
6 years |
Rs. 600 |
Monthly Income Benefit and Easy payout on the diagnosis. |
| SBI Life Corona Rakshak Policy |
This protection plan specially designed for coronavirus/ covid-19 defeaters. |
18 years |
Rs. 156 to 2,230 |
No medical Examination and easy payout. |
| SBI Life Smart Shield |
This protection plan is for securing your families financially and keeping them safe |
18 years |
Rs. 3000 |
Two Rider options and secure from liabilities. |
| SBI Life Smart Swadhan Plus |
This Protection Plan covers you from the return of premiums, protect your families from active policies |
18 years |
Rs. 2300 |
Refund of premiums and reasonable costs. |
| SBI Life Saral Swadhan+ |
In this Protection plan offers life insurance fixed life cover and return of premiums paid at maturity. |
18 years |
Rs. 1,500 to 5,000 |
Fixed maturity benefit and Life cover. |
| SBI Life Grameen Bima |
This protection plan is also known as the micro-insurance plan covers you from family financial security at affordable costs. |
18 years |
Rs. 300 to 2,000 |
Easy registration process and premium choosing option |
SBI Life Insurance Child Plans:
| Child Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| SBI Life Smart Champ Insurance plan |
This SBI Life child plan is to secure the child’s educational needs. |
Child: 0 years
Proposer:21 years |
Rs. 6,000 |
Payouts are based on the child’s age and premium waiver benefit |
| SBI Life insurance child plan Smart Scholar |
This child insurance plan covers for your children and gives returns on invested money. |
Child: 0 years
Proposer:18 years |
Rs. 24,000 |
Periodic loyalty and Marked linked returns. |
SBI Life Insurance Savings Plans:
| Savings Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| SBI Life Smart Platina Assure |
This savings plan is an individual, non-linked, non-participating assurance that gives you returns for some period. |
3 years |
Rs. 50,000 |
Premium payment for 6 to 7 years and monthly or yearly payments. |
| SBI Life New Smart Samriddhi |
This savings plan covers your family in an unhappy situation and gives your policy rewards |
18 years |
Rs 12,000 to 75,000 |
Covers you throughout life and it has a simple process. |
| SBI Life Smart Future Choices |
This savings plan is a net profit assurance plan that covers savings and income tax benefits under a single plan. |
18 years |
Rs 1,00,000 |
Avail Cash Bonus benefits |
| SBI Life Shubh Nivesh |
This savings plan is a profit assurance plan that covers savings and income under a single plan. |
18 years |
Rs. 6000 |
Whole Life Insurance and Regular flow of income. |
| SBI Life Smart Bachat |
This savings plan secures your family’s future and meets investment needs. |
8 years |
Rs. 5,100 |
Benefits you with limited premium payment term |
| SBI Life Smart Humsafar |
This savings plan secures you and your spouse under a single policy. |
18 years |
Rs. 6000 |
Insurance cover for spouse and waiver of premium |
SBI Life Insurance Pension Plans:
| SBI Life Retirement Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| SBI Life Retire Smart plan |
This plan secures you with an investment plan to the future with investments during earning years. |
30 years |
Rs. 24,000 |
Minimum Assured maturity amount and safeguarding it. |
| SBI Life Annuity plus |
This plan covers you in a single premium payment of annual/pension for life. |
|
|
Can Include Family members and Regular income through an annuity. |
| SBI Life Saral Retirement Saver |
This plan secures you with post-retirement financial needs |
18 years |
Rs 7,500 |
Build a retirement plan simply and get regular bonuses. |
| SBI Life Saral Pension plan |
This plan secures you with a regular pension for the rest of your life. |
|
|
Lifelong regular income with the return of purchase price. |
SBI Life Insurance Money-Back/Income Plans:
| Income Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| SBI Life Smart Money Back Gold |
This insurance plan covers periodic income to meet your financial needs. |
14 years |
Rs. 9,500 |
SBI life insurance Money back plans options and sum assured is of 110% survival benefit. |
| SBI Life Smart Money Planner |
This insurance plan has benefits of security to your family and regular income. |
18 years |
Based on Sum Assured |
Regular income benefits you with period payment. |
| SBI Life Smart Income Protect |
This insurance plan is savings plan covers you with life-secure and regular cash over a period of 15 years. |
8 years |
Based on Sum Assured |
Regular Annual income. |
SBI Life Insurance Wealth Creation Plans:
| Wealth Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| SBI Life eWealth Insurance |
These ULIPs help to grow your wealth which benefits market-linked returns on invested money. |
5 years |
Rs. 24,000 |
Buy sbi online life insurance easy process and two plan options |
| SBI Life Smart InsureWealth Plus |
This plan covers 3 investment strategies of disciplined savings, wealth savings, and flexibility of systematic monthly withdrawal. |
0 years |
Rs 4,000 |
9 diverse funds under the smart choice, easy monthly insurance. |
| SBI Life Saral InsureWealth Plus |
This ULIP plan offers flexibility in a periodic monthly withdrawal. |
0 years |
Rs 8,000 |
Easy Monthly Insurance, 8 different funds. |
| SBI Life Smart Wealth Builder |
This unit-linked insurance plan has one or many investment funds. |
2 years |
Rs. 30,000 to 2,50,000 |
Increased investment options |
| SBI Life Smart Wealth Assure |
This plan helps to cover market-linked returns with insurance coverage with only a one-time premium. |
8 years |
Rs. 50,000 |
Single premium and market-linked returns. |
| SBI Life Smart Power Insurance |
This plan gives you reasonable premiums and gives returns also with current investment. |
18 years |
Rs. 15,000 |
Two Plan Options and unique fund options. |
| SBI Life Smart Elite |
This plan covers you with savings which cover through market-linked returns. |
18 years |
Rs. 1,50,000 |
A broad range of funds. |
| SBI Life Smart Privilege investment plan |
This plan contains 11 funds with infinite free switches and redirections. |
8 years |
Rs. 6,00,000 |
Ultra-high Net-worth Individuals and regular add-ons. |
SBI Life Insurance Group Plans:
SBI Life Insurance Corporate Plans:
| Corporate Solution Plans |
What is it? |
Benefits |
| SBI Life Kalyan ULIP Plus |
This plan is a fund-based plan for employer-employee groups. One-stop solution that combines with donations. |
Market – Linked, allegiance add-ons. |
| SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana |
This plan covers the family’s future cover 2 lakh at casual prices. |
Easy and Swift process. |
| SBI Life CapAssure Gold |
This plan covers the needs of Employers or State & Central government employees’ retirement benefits of donations, leave exchange, and pension. |
SBI Life Employee benefits solutions and customized services |
| SBI Life Sampoorn Suraksha |
This plan is to cover yearly renewal SBI group term insurance plan including for formal and informal groups. It gives comprehensive insurance designed for single-person needs. |
Comprehensive insurance coverage, High degree of flexibility. |
| SBI Life Swarna Jeevan Plus |
This plan covers for corporate clients, to purchase annual liability. |
Single and Joint Annuity. |
SBI Life Insurance Group Loan Protection Plans:
Group Loan protection plan contains one variant of SBI Life RiNn Raksha plan discusses below:
SBI Life RiNn Raksha: This plan is to cover your debt and pay off your financing organization just in case of any happenings. Benefits of Comprehensive Life Insurance Coverage for your loan and loan cover term.
SBI Life Insurance Group Micro Insurance Plans:
Group micro-insurance plan contains one variant of SBI Life Grameen Super Suraksha plan discussed below:
SBI Life Grameen Super Suraksha: This plan is to cover insurance coverage to your group term assurance members at low premiums. The benefits of this plan are secure to cover the amount and premium payment.
SBI Life Insurance Riders
- SBI Life Accidental Death Benefit Rider
- SBI Life Accidental Death Benefit Linked Rider
- SBI Life Accidental Total and Permanent Disability Rider
- SBI Life Critical Illness Non-Linked Rider
- SBI Life Term Rider
- SBI Life Insurance Premium Waiver Benefit Rider
- SBI Life Insurance Accelerated Extended Critical Illness
SBI Life Insurance Calculator
SBI Life insurance price calculator is a helpful tool that offers a premium you should be paid based on the sum assured from your policy. It helps you obtain premium quotes in minutes without any documentation. While several factors need to be taken into consideration, including your income, age, and lifestyle, if you follow the steps given below and use an accurate insurance calculation, you will be able to get an actual calculation of how much insurance premium you should be pay for the policy chosen. The premium calculators available on the SBI Life Insurance website are:
- Human Life Value Calculator
- Child Education Planner
- Retirement Planner
- Need Analysis Planner
- Goal Planner
- Cost of Smoking
- Future Cost Planner
- Future value of monthly savings
- Personal Tax Rate
- Power of Compounding
- Family Maintenance Planner
- Health Tax Saving
- Marriage Financial Planner
- Present Value of Future Income
- Risk Analyzer & Asset Allocator
- Section 80C Tax Calculator
- Time to Double Your Money
- Your Personal Financial Planner
How to Buy SBI Life Insurance Policy at PolicyBachat?
The process of buying an SBI life insurance Schemes online has become simple with PolicyBachat. For buying a life insurance plan online please visit Life Insurance and follow the below steps.
- Step1: Enter the details such as Gender, Annual income from all sources, Alcohol consumption and tobacco consumption, Salaries or Self-employed, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
- Step2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc., and submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
- Step3: The next step is to select the best life insurance plan and pay the premium to the insurance company before proceeding to fill out the proposal form details.
SBI Life Insurance Renewal
The renewal of a life insurance policy from SBI Life Insurance Company can be done either online or offline. Let us understand the process of renewal of a life insurance policy from SBI:-
Online Renewal:
- Visit the online portal and enter the basic details of your policy
- Once you are on the website or customer portal page of the respective company, you will get an option to pay the premium.
- You will have to provide certain details like the policy number and your date of birth. After the information is entered, the page will display the amount that has to be paid for renewal.
- Use the mode of payment provided to pay the premium amount needed to renew the policy. The Receipt number will be displayed on successful payment.
Offline Renewal:
- To renew the term policy offline you will have to get in touch with the agent who sold the policy or visit a branch of the insurer.
- You will have to provide details like name, policy number, and date of birth for the insurance business company to fetch the details of renewal.
- The insurer’s executive will inform you about the premium you will have to pay to renew the policy.
- After you pay the renewal amount, you will be issued a premium payment receipt stating the renewal of the policy. The receipt can be used to avail of tax benefits.
How to Claim SBI Life Insurance Policy?
At SBI Life insurance, you can enjoy your present worry-free for the future. Through our claim Intimation and Settlement Process, we strive to honor this commitment. We make every effort to ensure that you receive the claim amount that you or your family are entitled to, quickly and easily. There are two types of claim settlement process online process and offline process.
Online Process
- Visit the official website of SBI Life Insurance.
- Click on ‘Services for Existing Customers’.
- Click on ‘Claims and Maturity’.
- Enter details like policy number, date of birth, and type of claim.
- Click on ‘Submit’.
Once you have submitted it, the insurance company will verify the details if the details are found to be correct, the claim application will get approved. If need help? Call SBI life insurance customer care number: 1800 267 9090.
Offline Process
- Visit the nearest SBI Life Insurance Company branch.
- Carry documents required to get the claim.
- Submit the duly filled claim application form.
If the insurance company finds all the documents to be correct, the policyholder will deposit the claim amount to your bank account.
Documents required for claiming SBI Life Insurance
- Photo ID Proof
- Original Death Certificate
- Current Address Proof
- Bank Account Form
- FIR/ post mortem Report
- Hospital Treatment Certificate
- Employer’s Certificate
- Copy of Police Final Statement Report
List of Life Insurance Companies:
SBI Life Insurance FAQs:
Can I Get my Premium Paid Amount at Sbi Life Smart Bachat Plan?
Yes, you can get 105% of the premium paid amount received up to the date of death on the Sbi Life Smart Bachat Plan.
How Can I Check SBI Life Insurance Policy Details With Policy Number?
You can check SBI Life Insurance policy details with policy number easily in simple steps
- Step1: Visit the official website of SBI Life Insurance
- Step2: Click on the Login portal and then enter the details such as register email id, mobile number, user id, etc.
- Step3: OTP will receive the registered mobile number
- Step4: After successful SBI life insurance login, enter the policy number. You can check the policy details displayed on the screen. If need help? Call SBI life insurance toll-free number.
How Much Amount will be given by SBI Life Insurance Policy after Maturity?
The amount offered by SBI Life Insurance Policy after completion of the term life insurance. If you are perfect after the maturity period, the company will pay the extra sbi life insurance payment amount to the increased percentage of total premiums paid or 100% premium paid.
How to Cancel SBI Life Insurance Policy?
Cancel the SBI life insurance policy by the policyholder at any point time after the policy start date by writing to the insurance company and filling out the cancellation form. If the policy is to be canceled within the free look period, it can be done without any premium deduction by the insurance company. If the policy is to be canceled after the free look period, a pro-rata premium would be charged by the insurance company from the customer.
How to Pay SBI Life Insurance Premium Online?
You can pay the SBI life insurance premium payment online in multiple payment options such as
- Net Banking
- Credit card
- Debit card
- UPI Wallets
- Bill Pay, Etc.
How to Download SBI Life Insurance Premium Receipt?
For downloading the SBI life insurance Premium Payment Receipt login to the website and then enter the required details such as Policy Number, Name, Phone number, etc. Go to Policy Document download options as Premium Receipt, Premium Notice, Unit Statement, Premium Paid Certificate, and GST Invoice. Select which policy document to download and print.