SBI Life Insurance

SBI Life is a private company that commenced operations as a joint venture between BNP Paribas Cardiff – a French financial services provider and multinational bank headquartered in Paris, and State Bank of India – the biggest financial service provider and the state-owned bank in India.

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 policies to 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 protection cum 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 For Groups :

SBI Life provides a number of group insurance plans which aid organizations and companies in rewarding, retaining and encouraging their best employees while also offering a variety of corporate solutions to meet the voluntary and statutory requirements of employers, thereby strengthening the relationship between employees and employers. Following are the group plans you can avail from SBI Life under each category:

SBI Life Group Retirement Plans:

The group retirement plans offered by SBI Life are designed in a manner such that they offer financial stability as well as security to the family of an employee, thereby ensuring that the workforce of an organisation remains motivated and loyal. These policies safeguard funds that can be used at a later date to meet the obligations of your organisation on gratuity, annuity / pension, leave encashment and superannuation. Following are the retirement solutions offered by SBI Life:

• SBI Life – Kalyan ULIP Plus: A fund based group insurance plan. The benefits offered by this plan can be obtained by the master policy holder as well as by each member of the group.
• SBI Life – CapAssure Gold: Offered only to employer/ employee groups i.e. to the employers/ state government/ central government who want SBI Life to manage their employees gratuity, leave encashment and superannuation benefit schemes.
• SBI Life – Swarna Jeevan: The SBI Life Swarna Jeevan provides higher annuity rates.
• SBI Life – Gaurav Jeevan: The SBI Life Gaurav Jeevan is provided for central government/ state government and government agencies who wish to purchase their existing or emerging in respect to annuity payments for compensation to landowners whose lands are being taken.

SBI Life Group Protection Plans:

The group protection plans offered by SBI Life provide pure protection cover for the employees of a company to ensure the financial security of their families in case of unfortunate and unforeseen circumstances. Following are the group protection plans that you can avail from SBI Life:

• SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana: As per the Pradhan Mantri Jeevan Jyoti Yojana, this non-linked, non-participating plan is an annually renewable group term insurance that provides a death benefit of Rs. 2,00,000 at an annual premium of Rs. 330 only. No medical examinations are required for getting enrolled in the plan.
• SBI Life – Sampoorn Suraksha: A group term insurance plan that can be renewed. It offers excellent protection at affordable rates.
• SBI Life – Suraksha Plus: A group insurance scheme like company employers or government institution.

SBI Life Group Loan Protection Plans:

The group loan protection plans made available by SBI Life are affordable policies that provide significant help in sharing the burden of your liabilities. There is only one group protection plan offered by the company, which is as follows:

• SBI Life – RiNn Raksha: plan assures that you get to enjoy the simple joys of life like taking a vacation overseas with the family, buying a dream car, building a house without having to worry about liabilities.

SBI Life Group Micro Insurance Plans:

The group micro insurance plans designed by SBI Life are ideal for customers with low household income and small savings. Following are the two options available to you:

• SBI Life – Grameen Shakti: A plan to provide life insurance to the underprivileged sections of the society.
• SBI Life – Grameen Super Shiksha: This is for the rural section and for the underprivileged parts of the society who opt for life insurance protection without maturity benefit.

How to 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 also ensures that the timelines set by IRDA (Insurance Regulatory and Development Authority) are met when it comes to processing claims. Following is the claim settlement process associated with SBI Life:

1. 1. Intimation of Claim

An intimation of the claim must be made at any branch of SBI Life along with all the supporting documents as requested in the policy document.

1. 1. Addressing Requirements

In case SBI Life Insurance has a requirement or asks you to check the admissibility of the claim, the claimant must ensure that these requirements are met.

1. 1. Claiming the Amount

Once you have intimated SBI Life about the claim and met all the requirements, the claims process will be completed much sooner. If at any time during the claims settlement process should you require any assistance, you can contact the company’s officials.

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.