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SBI Life Insurance Co. Ltd

SBI Life Insurance is a joint venture between the State Bank of India (SBI) and France's BNP Paribas Assurance. SBI Life Insurance offers variety of products like protection plans, savings plan, ULIP's, child plans, pension plans, and group plans.

1) Protection Plans

SBI Life - Smart Shield:

This is a pure term plan, which covers only the risk of death. It is one of the cheapest offline term plans. It has four options - Level Term Assurance, Increasing Term Assurance, Decreasing Term Assurance (Loan Protection) and Decreasing Term Assurance (Family Income Protection). Minimum sum assured of this plan is Rs.25 lakhs. Riders are also available with this plan.

SBI Life - Saral Shield:

This is a pure term plan, which covers only the risk of death. It is one of the cheapest offline term plans. It has three options - Level Term Assurance, Decreasing Term Assurance (Loan Protection) and Decreasing Term Assurance (Family Income Protection). Minimum sum assured of this plan is Rs.7.50 lakhs and maximum is Rs.24 lakhs.

SBI Life - Swadhan:

This is a pure term plan, where all the premiums paid during the term of the policy are refunded back to the policyholder on survival till the entire term. On death, the basic sum assured is paid to the nominee. Minimum sum assured of this plan is Rs.3 lakhs and maximum is Rs.1 crore.

2) Savings Plans

SBI Insurance - Smart Money Back:

This is a traditional money back plan. It has four different options depending upon the term of the plan. The benefits vary according to the option opted and term of the plan. Survival benefits range from 110% to 125% of sum assured, which are paid till maturity. Riders are also available with this plan.

SBI Insurance - Flexi Smart Insurance:

This is a traditional non-participating plan with guaranteed interest rate addition of 2.50% every year. Interim interest rate and additional interest rates are also announced every year. You have the option to choose sum assured multiple ranging from 10 times to 20 times of premium. You also have option to increase or decrease the sum assured.

SBI Insurance - Sanjeevan Supreme:

This is a traditional money back plan with four different options to choosing the survival benefits to be received during the tenure. It is a limited premium paying term plan (Single premium payment option is also available). The maximum sum assured of the plan is Rs.5 crores.

3) Pension Plans

SBI Life Annuity Plus:

This is a non-participating annuity/pension plan. This can be bought by paying a single premium, depending upon the regular pension amount you wish to receive. You can choose the frequency for receiving the pension amount. Minimum age of entry is 40 years and maximum is 80 years. On death, the single premium paid for buying the annuity is paid back to the nominee.

4) Child Plans

SBI Life Scholar II:

This is a traditional savings cum money-back child plan. The premium payment term is till the child attains 18 years of age and the policy term is till child attains 21 years of age. On the maturity (i.e. after the premium payment term), the 25% of sum assured is paid in four installments. You also have the option to receive the full sum assured in lump sum on the due date of first installment payment; the policy terminates after opting in for this option. On death of the parents during the term of the policy, the basic sum assured is paid, the further premium payment is waived and as the survival benefits are paid to the child in installments just like to maturity benefits. Riders are also available with this plan.

SBI Life Smart Scholar:

This is a ULIP, where the investment risk is to be borne by the policyholder. The premium payment term is limited depending on the premium. On death of the parent during the term of the policy, the sum assured is paid and the future premium payments are waived and the insurance company pays the future premiums till the maturity; on maturity the fund value will also be paid to the beneficiary. In case of death of the child, during the term of the policy, the fund value is paid to the parent. On maturity, the fund value is paid. There is an inbuilt accidental benefit in the plan, where additional sum assured is paid incase of an accidental death or permanent total disability.

5) ULIP's

The investment risk has to be borne by the policyholder in case of all the unit-linked insurance policies (ULIP's).

SBI Insurance Unit Plus Super:

This is a regular unit linked insurance plan with guaranteed additions to the policy after specific intervals depending upon the premium and the premium payment term. You can choose premium payment term regular, limited or single. You can choose the investment fund out of 9 different funds. The minimum premium varies depending upon the premium payment term chosen. On death during the term, the higher of sum assured or fund value is paid to the nominee. On maturity fund value is paid. Riders are also available with this plan.

SBI Insurance Smart Horizon:

This is a regular unit linked insurance plan with no premium allocation charge from 2nd policy year. You have the option to increase or decrease sum assured after 6th policy year. For selecting the investment funds you have two options Automatic Asset Allocation and Active Fund Management. On death during the term, the higher of sum assured or fund value, with a minimum of 105% of total premiums paid till death is paid to the nominee. On maturity fund value is paid. Riders are also available with this plan.

 


6 Insurance product available
Term Insurance
  • Pure risk cover plan with no survival benefit
  • Protection tool against the uncertainties of life
  • Cheapest life insurance product
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Pension
  • Provides for stable income in post-work life
  • Helps policy holder to remain financially independent post-retirement
  • Tool for systematic retirement planning
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ULIP Insurance
  • Protection tool with an investment option attached
  • Policy holder can choose from funds such as equity, debt, bonds, or a combination
  • Insurers offer partial withdrawals options
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    Endowment Insurance
  • Protection tool with savings option
  • Sum assured plus bonus accrued paid in the event of death of the insured or at maturity
  • With-profits plan that participates in the profits of insurer's life insurance business
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    Money Back Insurance
    • Provides life insurance covers for specified periods
    • Policy holder receives tax-free, fixed proportions of the sum assured at regular intervals or an option to re-invest
    • Policy holder receives lump sum payment on surviving maturity date
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    Children Plan
    • Tool to plan for children's needs in the future - education, wedding etc.
    • Tool to ensure children's future plans are not compromised in the event of parent/guardian's death
    Know More »
    42.6 Lakh satisfied customers till Oct 2014
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