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SBI Life Insurance

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SBI Life Insurance

Overview
SBI Life Insurance Co. Limited started functioning after it got the IRDAI license in the year 2001 and was formed as a joint venture organization by the biggest bank in India, SBI and BNP Paribas Cardif which is one of the biggest global insurance companies. The company has more than 801 Indian branches and has crossed Rs. 1, 00, 000 crore in AUM (assets under management) for the financial year 2017-18.

The company offers several insurance products to customers like retirement plans, term plans, wealth creation plans, child plans and savings plans among others. It has its corporate office in Mumbai.

SBI Life Insurance at a glance
  • Insurance period flexibility ranging from 0-40 years
  • Easy on pocket premiums starting as allow as Rs.1000 / year
  • Wide network presence with 801 branches
  • 97.98% Claim Settlement Ratio in 2017.
SBI Life Insurance Co. Limited Term Plans
There are several savings plans available including the Shubh Nivesh plan which helps in systematic build-up of savings along with profit-Term assurance schemes. There is Smart Bachat which secures the financial future of your family and Flexi Smart Plus which helps in changing insurance plans as per requirements with regular bonuses available as well.

Documentation needed to apply for SBI Life insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph
SBI Life Term Insurance Plans
  • SBI Life – Smart Shield: A pure term plan to keep your family is financially secured. Premium starts from INR 3000 and has options to provide relief from liabilities along with three rider options.
  • SBI Life – Saral Shield: With SBI Life – Saral Shield you can create a safety cover to safeguard your family's dream and future. This pure term plan offers you affordability and simplicity in your bid to provide financial protection to your family.
  • SBI Life – Saral Swadhan+: Get protection with the added benefit of getting your premiums back. SBI Life - Saral Swadhan+ is a term assurance plan that offers fixed life cover and return of premiums at maturity.
  • SBI Life – Grameen Bima: Protect your family at an affordable cost with SBI Life – Grameen Bima. SBI Life – Grameen Bima is a pure term, micro-insurance plan that helps you provide financial security for your family at reasonable costs.
  • SBI Life – eShield: Shift the load of securing your family’s future from your shoulders to your fingertips. SBI Life – eShield now gives you the advantage of an easy and seamless online process of obtaining a life insurance.
  • SBI Life - eIncome Shield: This is a pure term, income protection plan that provides the security of regular monthly income for your dependents. The plan also factors in the need for increase in income benefit as living expenses rise.
1: SBI Life – Smart Shield: This is a pure term insurance plan available for individual between 18 to 60 years offering a minimum sum assured of Rs. 25, 00,000.

Advantages and benefits
  • Level Term Assurance: Effective Sum Assured as on date of death will be level Sum Assured opted.
  • Increasing Term Assurance @ 5%: Effective Sum Assured as on date of death will be Sum Assured increased at simple 5% per annum.
  • Pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance
  • Get comprehensive coverage at an affordable cost with three rider
Feature Description
Min/Max Age at entry 18-60 years
Maturity Age 65 years
Minimum Sum Assured Rs. 25,00,000
Coverage Period 5-30 years
Premium paying term (PPT) Same as coverage period

2: SBI Life – Saral Shield: SBI Life Saral Shield is pure term plan offers you affordability and simplicity in your bid to provide financial protection to your family. The minimum sum assured starts from INR 7,50,000.

Advantages and benefits
  • In case of the unfortunate demise of the life assured during the term of the policy, the nominee will receive the benefits, depending on the plan option chosen.
  • Comprehensive coverage through three plan options
  • Two premium payment terms – Single Premium and Regular Premium
  • Get comprehensive coverage at an affordable cost with two rider options
  • Rebates for large sum assured
  • Special premium discounts for women
Feature Description
Min/Max Age at entry 18-60 years
Max. age at maturity 65 years
Sum Assured Min – 7,50,000; Max – 24,00,000
Policy Term Min – 5 years; Max – 30 years
Plan options Level Term Assurance, Decreasing Term Assurance (Loan Protection), Decreasing Term Assurance (Family Income Protection
Premium paying options Yearly, Half-Yearly, Monthly & Quarterly, Single Premium

3: SBI Life – Saral Swadhan+: This is an individual, non-linked, non-participating, term assurance plan with return of premium plan with annual premium ranging from INR 1500 – 5000.

Advantages and benefits
  • Maturity benefits of 100% or 115% of the premium paid, based on the policy term
  • Policy term options - 10 years and 15 years
  • Choose the premium amount you wish to pay between INR 1500-5000
  • Simplified proposal form
Feature Description
Min/Max Age at entry 18-55 years
Maturity Age 28-70 years
Minimum Sum Assured Rs. 30,000
Premium Paying Frequency Yearly
Premium Paying Term (PPT) 10 years

4: SBI Life – Grameen Bima: This is an individual, pure term, micro-insurance plan with low premiums and premium return policy.

Advantages and benefits
  • Life cover with one time premium payment
  • Simple registration procedure with no medical examination required
  • Choose from a range of premiums in multiples of 100
  • In the unfortunate event of death of the life assured during the policy term, the nominee will receive the Sum Assured.
  • Surrender is allowed from 2nd year onwards.
Feature Description
Min/Max Age at entry 18-50 years
Policy term 5 years
Sum Assured Min - Rs. 10,000; Max – Rs. 50,000
Total premium amount Rs. 300 – Rs. 2000
Premium frequency Single

5: SBI Life – eShield : This is a pure term insurance with accidental death benefit and a a minimum sum assured of Rs. 20, 00,000.

Advantages and benefits
  • Four plan options, namely Level Cover, Level Cover with Accidental Death Benefit, Increasing Cover and Increasing Cover with Accidental Death Benefit
  • Seamless online application process
  • Discount on premiums for non-smokers and female lives
  • Level Cover and Level Cover with Accidental Death Benefit: Effective Sum Assured on any day is equal to the Basic Sum Assured
  • Increasing Cover and Increasing Cover with Accidental Death Benefit : Effective Sum Assured on any day will be the Basic sum assured increased at the rate of 10% simple interest after every 5th policy year without increasing the premium
Feature Description
Min/Max Age at entry 18-65 years
Maturity Age 70 years
Minimum Sum Assured Rs. 20,00,000
Coverage Period 5-30 years
Premium paying term (PPT) Same as coverage period

6: SBI Life - eIncome Shield: SBI Life – eIncome Shield, is a pure term, income protection plan that provides the security of regular monthly income for your dependents. The plan also factors in the need for increase in income benefit as living expenses rise.

Advantages and benefits
  • Life insurance coverage
  • Immediate lump sum payment and monthly income for a minimum of four years
  • Four benefit options and choice of monthly income
  • Convenient online application process
  • Lower premium for women and for non-smokers
  • The monthly income payouts will commence on the death of the life assured from the 1st day of the next policy month and will be payable for the outstanding period of the policy term. For policies where the outstanding policy term is less than 48 months, series of monthly income payouts will continue to be paid even after the end of the policy, till the 48th installment.
Feature Description
Min/Max Age at entry 18-50 years
Maturity Age 60 years
Minimum Sum Assured Rs. 25,00,000
Monthly Income Min - Rs 25,000 p.m.; Max – No limit
Policy Term Min - 10 years; Max – 35 years
Premium paying term (PPT) Same as policy term