SBI Life Insurance Co Ltd is a joint venture. The alliance formed by State Bank of India (SBI) and BNP Paribas Cardif S.A.(BNP Paribas Cardif). In which SBI owns 70.1% of the total capital and BNP Paribas Cardif holds 26%, the rest of 1.95% is shared by Value Line Pte. Ltd, MacRitchie Investments Pte. Ltd each.
Awarded as ‘Life Insurance Company of the Year’ in 2016
In 2016, SBI Life Insurance was awarded as ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Awards.SBI Life offers range of life insurance products to cater different segments as per their need. SBI life offers both Individual and Group plans.
| Particulars | Numbers |
|---|---|
| Percentage of Grievances Solved | 100% |
| Claim Settlement Ratio | 96.76% (No. of policies - claims paid during 2017-2018) |
| Group Death Claims | 99.35% (No. of policies - claims paid during 2017-2018) |
| Percentage of Claims Rejected | 2.63% |
| Solvency Ratio | 2.06 for quarter ended 31.03.2018 |
SBI Life insurance offers range of life insurance products with variants to provide financial protection against life’s uncertainties. Plans offered:
Unit Linked Insurance Plan is one of the financial products offered by SBI Life which is a combination of insurance and investment. They are the linked to the market. This way these products offer returns on investment and life insurance cover. The part of the premiums are invested in market - equity, debts, hybrid, based on the investor's choice which helps to build funds. And part of the premiums is kept to provide life cover.
Features
SBI Life types of ULIPs:
SBI Life - Smart privilege
Option of regular, limited, and single premium payment policies is available. Choice of 8 different funds with no premium allocation and policy administration charges with unlimited free switches.
| Parameter | Eligibility |
|---|---|
| Age at Entry | 8 years for RP and LP, 13 years for SP Maximum - 55 years |
| Age at Maturity | 18 - 70 years |
| Maturity Benefit | On completion of Policy Term, Fund Value will be paid |
| Death Benefit | Higher of Fund Value or Sum Assured is payable; with a minimum of 105% of total premiums paid till the date of intimation of death. |
SBI Life - eWealth Insurance
Automatic Asset Allocation with choice of two plans - Balanced and Growth. No premium allocation and policy administration charges. Regular payment mode option and sum assured as 10 times of annualised premiums.
| Parameter | Eligibility |
|---|---|
| Age at Entry | Minimum - 5 years Maximum - 50 years |
| Age at Maturity | 60 years |
| Maturity Benefit | On completion of Policy Term, Fund Value will be paid |
| Death Benefit | Higher of (Fund Value or Sum Assured less applicable partial withdrawal @ or 105% of total premiums received up to the date of death less applicable partial withdrawal @) is payable to the beneficiary, as on the date of intimation of death claim to the company |
SBI Life - Smart Wealth Builder
Option of regular, limited and single premium payment policies. Policy Term can be 10, 15 to 30 years. Offer the option of 7 funds. Guaranteed Additions of up to 125% of one annual premium after 10th year of policy for a policy term of 30 years under regular premium payment policy.
| Parameter | Eligibility |
|---|---|
| Age at Entry | Minimum - 7 years Maximum - 60 years for RP and LP 65 years for SP |
| Age at Maturity | 70 years |
| Maturity Benefit | On completion of Policy Term, Fund Value will be paid |
| Death Benefit | Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of total basic premiums paid till the date of intimation of death |
SBI Life - Smart Wealth Assure Only single premium payment option with an optional Accidental Death Benefit Rider. Policy Term can be 10 to 30 years and offers option of 2 funds.
| Parameter | Eligibility |
|---|---|
| Age at Entry | Minimum - 8 years Maximum - 65 years |
| Age at Maturity | 75 years |
| Maturity Benefit | On completion of Policy Term, Fund Value will be paid |
| Death Benefit | Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of Single premium paid Provides additional death benefit if the death occurs as a result of an accident |
SBI Life - SaralMahaAnand Only regular premium payment options. With an option to customize with Accidental Death Benefit Ride. Policy Term can be 10/15/20 years. Offers option of 3 funds as per the risk appetite.
| Parameter | Eligibility |
|---|---|
| Age at Entry | Minimum - 18 years Maximum - 55 years |
| Age at Maturity | 65 years |
| Maturity Benefit | On completion of Policy Term, Fund Value will be paid |
| Death Benefit | Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of Single premium paid Provides additional death benefit if the death occurs as a result of an accident |
SBI Life - Smart Scholar This plan is designed keeping child's future growth. Offer an inbuilt Waiver of Premium featured rider, while an option to customise with Accidental Death Benefit and Total Permanent Disability Rider. Option of 7 funds allocation.
SBI Life - Smart Elite Offers two protection plan - Gold and Platinum. Switch and redirect your funds.Customize with Accidental Death Benefit and Total Permanent Disability Rider. You can choose limited premium or single premium payment option.
| Parameter | Eligibility |
|---|---|
| Age at Entry | Minimum - 18 years Maximum - 60 years |
| Age at Maturity | 65 years |
| Maturity Benefit | On completion of Policy Term, Fund Value will be paid |
| Death Benefit | For Gold Option: Higher of Fund Value or Sum Assured# is payable; with a minimum of 105% of total premiums paid till the time of death For Platinum Option: Fund Value plus Sum Assured is payable; with a minimum of 105% of total premiums paid till the time of death Provides an additional benefit for Accidental Death or Accidental TPD |
SBI Life - Smart Power Insurance Offers two protection plan as increasing and level sum assured. Inbuilt Accelerated Total Permanent Disability Rider. Two fund options - Trigger and Smart Funds and flexibility of two free switches.
| Parameter | Eligibility |
|---|---|
| Age at Entry | Minimum - 18 years Maximum - 45 years |
| Age at Entry | 65 years |
| Age at Entry | On completion of Policy Term, Fund Value will be paid |
| Age at Entry | Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of total basic premiums paid till the time of death |
| Plan | Basic Sum Assured | Policy Term |
| SBI Life - Smart privilege | Basic sum assured is Regular / Limited Premium - Higher of 10 X annualized premium or (policy term x 0.5 x AP Single Premium - For ages below 45 years: 1.25 x SP For ages more than or equal to 45 years - Minimum 1.10 x SP Maximum 1.25 x SP | 10 years to 30 years for regular / limited premium policies. 5 years to 30 years for single premium policies. |
| SBI Life - eWealth Insurance | Sum Assured Multiplier Factor is 10 or 0.5 x Policy term (whichever is higher) | 10 to 30 years |
| SBI Life - Smart Wealth Builder | Sum assured: For age below 45 years, the minimum sum assured in case of regular premium and limited premium is higher of (10 x SP) OR (0.50 x Term x AP). The minimum sum assured for single premium is 1.25 x SP. For ages 45 years and above, he minimum sum assured in case of regular premium and limited premium is higher of (7 x AP) or (0.25 x Term x AP). The minimum sum assured for single premium is 1.1 x SP. | Policy term for regular and limited premium payment is 10 years, 15 to 30 years. In case of single premiums, it is 5 to 30 years. |
| SBI Life - Smart Wealth Assure | Sum assured: The minimum sum assured in case of single premium for ages below 45 years is 1.25 x SP. For ages above 45 years, the minimum sum assured is 1.10 x SP. | 10 to 30 years and offers option of 2 funds |
| SBI Life - Saral Maha Anand | Minimum - Age below - 45 years 10 x AP Age 45 years or above - 7 x AP | 10, 15, 20 years |
| SBI Life - Smart Elite | Limited Premium plans For individuals under 45 years of age: 10 x Annualised premium For individuals who are 45 years or above: 7 x Annualised Premium Single Premium policies For individuals under 45 years of age: 1.25 x Single Premium For individuals who are 45 years or above: 1.10 x Single Premium | 5 to 20 years |
| SBI Life - Smart Power Insurance | Higher of (10 x Annualised Premium) or (0.50 x Policy Term x AP) | 10 years, 15 to 30 years |
SBI Life types of Protection Plans:
SBI Insurance (SBI) offers different variants of Term insurance plan to provide financial protection against life’s uncertainties. SBI offers different non-participating, traditional income protection plan. With the help of a term plan you protect your family’s monthly income flow, on the event of unfortunate untimely death. Option to choose as lump sum, monthly income payout or annual increase in payout safeguards your family against the loss of the income.
SBI Life types of Protection Plans:
SBI Life - eIncome Shield
The premium paying term is of regular pay.Offer two plans - Level Term Assurance and Increasing Term Assurance. The Death Benefit can be chosen as Lump Sum Benefit and Monthly Income Benefit.
SBI Life - Smart Shield
The premium paying term can be single payment or regular premium. Offer two plans that allows as payout of sum assured as Level Term Assurance or Increasing Term Assurance @5%.
SBI eShield
The premium paying term can be regular pay. Comes with an option of inbuilt Accidental Death Benefit. Death Benefit can Level Term Assurance and Increasing Term Assurance.
SBI Life - Saral Shield
The minimum sum assured is Rs. 7.5 Lakh, and maximum is Rs.24 Lakh. Death Benefit can be Level Term Assurance, Decreasing Term Assurance (Loan Protection), Decreasing Term Assurance (Family Income Protection).
SBI Life Grameen
This is for people below economical line. The premium paying term - Single pay. With minimum premium Rs.300 and maximum Rs.2000. Sum assured - The minimum sum assured is Rs.10,000 and maximum is Rs.50,000*
Note: Aggregate Sum Assured under this plan will be capped at Rs.50,000 for each life.
| Plan | Basic Sum Assured | Policy Term |
| SBI Life - eIncome Shield | Minimum monthly income is Rs. 25,000 | Minimum: 10 years Maximum 35 years |
| SBI Life - Smart Shield | Minimum: Rs. 25,00,000 | Minimum: 5 years Maximum: 80 years less age at entry |
| SBI eShield | Minimum sum assured is Rs. 35,00,000 | Minimum for Level Covers: 5 years Maximum for Level Covers: 80 years less age at entry Minimum for Increasing Covers: 10 years Maximum for Increasing Covers: 75 years less age at entry |
| SBI Life - Saral Shield | Minimum: Rs. 7,50,000 | Minimum: 5 years |
| SBI Life Grameen | Minimum: Rs. 10,000 | 5 years Maximum: Depends on plan option chosen |
This plan offers to save money for child’s future. This plan helps to build funds for child’s education and marriage. Have a complete peace of mind while you celebrate life with your kids with the help of Child’s plan.
Features of Child Plans
SBI Life types of Child’s Plan:
SBI Life - Smart Scholar
This plan is designed keeping child’s future growth. Offer an inbuilt Waiver of Premium featured rider, while an option to customize with Accidental Death Benefit and Total Permanent Disability Rider. Option of 7 funds allocation.
SBI Life - Smart Champ Insurance
This plan is focuses on the child’s future growth. The policyholder is assured with Accidental Death Benefit. Provides four equal annual installments after the child attains 18 years of age. This plan offers triple protection in case of an unfortunate event during the policy term wherein something happens to the life insured - immediate payment, waiver of premiums and terminal bonus (if any).
| Plan | Basic Sum Assured | Policy Term |
| SBI Life - Smart Scholar | Minimum - 1.25 x SP for single premiums | Minimum 8 years |
| SBI Life - Smart Champ Insurance | Minimum Rs. 1,00,000 | Minimum 8 years |
A retirement plan is a way of systematic savings. This will help in building funds for your retirement. As increase in the expenses and inflation hinders in savings which makes difficult to continue the same lifestyle post retirement, this plan ensures you continue to maintain your lifestyle.
Features of Retirement Plans
SBI Life types of Retirement Plan:
SBI Life - Saral Pension
This is participating, non-linked and a traditional pension plan. Offers Guaranteed bonus for first 5 years of the policy term. This plan offers Vesting benefit with terminal bonus (if any). You can choose from regular or single payment mode. The policyholder can customized the plan with preferred term rider.
SBI Life - Retire Smart
This is linked plan and policy period can be 10, 15 to35 years. Offers guaranteed additions for the policy term of 35 years. Option of regular and limited period. Flexibility of postposing your vesting age. Get terminal additions of 1.5% of fund value.
SBI Life - Annuity Plus
A perfect traditional non-linking annuity plan. Offers wide range of annuity options. Flexibility to choose payouts from the age of 40 years. Larger annuity payouts on larger premiums. Customize with Accidental Death Benefit rider.
| Plan | Benefits | Policy Term |
| SBI Life - Saral Pension | Minimum Rs. 1,00,000 | Minimum for Single Premium - 5 years Minimum for Regular Premium - 10 years |
| SBI Life - Retire Smart | Higher of Fund Value Plus Terminal Addition or 101% total premiums paid. | 10, 15 to 35 years |
| SBI Life - Annuity Plus | Annuity Payout: Minimum monthly Rs. 1,000 Quarterly: Rs. 3,000 Half Yearly Rs. 6,000 Yearly: Rs. 12,000 | n/a |
The savings plans by SBI Life offers life cover along with savings. With the help savings plans, the family is not only protected against the financial loss in case of the breadwinner’s passing away but also helps an individual to build funds for short and long term goals.
Features of Savings Plans
SBI Life - Smart Bachat
It’s a limited premium payment term endowment plan. Offers two option as plain vanilla endowment plan and endowment plan with in-built Accidental Death and Total Permanent Disability. Premium payment period can be 5,7, 10 and 15 years and policy period can be from 10 to 25 years. As a survival benefit at the end of policy term the policyholder receives guaranteed sum assured, vested simple reversionary benefit, terminal bonus (if any).
Smart Women Advantage
As the name suggests, it is specifically designed for women. This plan offers life cover, savings and Critical Illness (CI) rider benefit with in-built premium waiver incase of any CI. Also, offers additional benefits pregnancy complication and congenital anomalies. Offers two plans - Gold and Platinum.
SBI Life - Smart Swadhan Plus
Comes with twin benefit i.e. provide life cover and 100% return of premiums. Offers single and limited premium payment (5,10, 15 years), and regular premium upto policy term. Choose life cover for a term of 10 years to 30 years. On maturity the total premiums will be paid to the policyholder.
SBI Life - Smart Humsafar
A perfect joint life insurance plan. In this plan you can cover yourself and your spouse in a single policy. A non-linked participating endowment plan. Provides financial protection in case of death of either or both the life assured. Customize with additional riders. As a survival benefit at the end of policy term the policyholder receives guaranteed sum assured, vested simple reversionary benefit, terminal bonus (if any).
SBI Life - Smart Money Planner
A non-linked with profit assurance endowment plan with guaranteed cash flow at regular intervals. A savings plan with added feature of ‘Growth period’. Option of single premium payment and limited premium payment. Offer four variants.
SBI Life - CSC SaralSanchay
A non-linked and non-participating variable insurance plan. A simple and easy savings plan with a minimum floor rate of 1% p.a. Payable throughout the policy term Offer partial withdrawal.
SBI Life - Smart Income Protect
A traditional participating plan with life cover and regular cash inflow. Offers different policy term of 7, 12, and 15 years. Premium payment same as policy term. Customize with wide range of riders. Offers different payouts options on maturity - lump sum and installments.
SBI Life - Smart Guaranteed Savings Plan
A traditional non-participating savings plan. Offer guaranteed additions at the simple rate of 5.5% or 6 % applicable to the basic premiums paid. Limited premium payment for 7 years with policy period of 15 years. Life coverage based on the premium chosen.
SBI Life - Smart Money Back Gold Plan Tailored money back options. Allocate fixed cash flows at regular intervals. Survival Benefit of 110% of sum assured paid till maturity. Customize plan with additional wide range of riders. Offers 4 types of variants with policy term of 12, 15, 20 and 25 years.
SBI Life - SubhNivesh
It has two main option, plain vanilla endowment plan and other endowment with whole life cover. A non-linked with profit endowment assurance with whole life coverage. Provides savings, income, and life cover, Option of regular or single premium payment mode. Offer 3 riders to add on. Option to receive the basic sum assured at regular intervals of pre-decided period of 5/10/15/20 years.
SBI Life - SaralSwadhan+
A non-linked, non-participating, term assurance with returns of premium on survival. Provides a fixed life cover over the policy term. It offers guaranteed maturity benefit, provided 3 annual premiums have been made. Fixed premium term of 10 years whereas policy term can be 10 or 15 years.
SBI Life - Flexi Smart Plus
A participating, variable insurance empowering you with more flexibility. Offers guaranteed bonus, Interim bonus, regular bonus, terminal bonus. Option to choose from two protection plan - Gold and Platinum. Offers partial withdrawal, flexibility to increase/decrease sum assured, and complete flexibility to increase chosen policy term.
| Plan | Basic Sum Assured | Policy Term |
| SBI Life - Smart Bachat | Minimum Rs. 1,00,000 | 10 - 25 ( for PPT 5 years and 7 years) 15 - 25 (for PPT 10 years) 20 - 25 (for PPT 15 years) |
| SBI Life - Smart Women Advantage | Minimum Rs. 2,00,000 | 10, 15 years |
| SBI Life - Smart Humsafar | Minimum Rs. 1,00,000 | Minimum 10 years |
| SBI Life - CSC Saral Sanchay | Regular Premium policies 10 x Annualised Premium if the individual is below 45 years 7 x Annualised Premium if the individual is 45 years or above Top-up premium 125% of top-up premium for individuals below 45 years of age 110% of top-up premium for those who are 45 years or above | 10, 15 years |
| SBI Life - Shubh Nivesh | Minimum Rs. 75,000 | Endowment Option - 7 years for Regular Premium plans / 5 years for Single Premium policies Endowment with Whole Life Option - 15 years for Regular Premium plans / 15 years for Single Premium policies |
| SBI Life - Flexi Smart Plus | Annualised basic premium x Sum Assured Multiple Factor | Minimum 5 years |
| SBI Life – Smart Samriddhi | Minimum per policy Rs. 98,700 | 15 years |