SBI Life Insurance is one of the leading insurance companies in India and offers a difference of products that are easily customizable building on your statement financial needs.
SBI Life is a private company that has started work as a joint venture with BNP Paribas Cardiff – a French financial services provider and multinational bank headquartered in Paris and India’s largest financial services provider and the State Bank of India.
Cardiff owns 26% of BNP’s transportation to SBI Life Insurance Company, while SBI owns 74% of the shares.
The authorized capital of SBI Life is Rs 20 billion, while its paid-up capital is recorded at Rs 10 billion.
Headquartered in Mumbai, the company was formed on 2001 and although it initially focused on bancassurance, over time it has become one of the largest life insurance companies.
Benefits of SBI Life Insurance
Since its inception, SBI Life has grown steadily – so much so that it has made significant contributions to the insurance industry in India.
As a result, it is now one of the key players in the market and the products and services offered by the company are versatile so that the insurance needs of the different customer bases can be met.
SBI Life has access to over 1 billion accounts across India and its products and services are provided on every economic level and the geographical region of the country, making sure that people from all over the country can accept its offers.
The company is also known for boasting the most productive power, with alliances with more than 80,000 advisors as insurance agents.
If you are looking for a life insurance policy, be assured that SBI Life and its experienced and dedicated staff will help you to find the one that suits your specific needs.
Types of SBI Life Insurance Policy:
Rather than cater to the individual needs of a large customer base, SBI Life has an extensive portfolio of insurance products. SBI Insurance Company Following Plans:
SBI Life offers a wide variety of distinct customers. The portfolio includes unit-linked plans, child plans, endowment plans, security plans and savings plans.
SBI Life Unit-Connected Insurance Plans:
SBI unit-linked insurance policies are long-term protection and investment plans that provide customers with the opportunity to receive market-linked returns and at the same time provide life insurance protection.
Depending on the risk appetite of a customer, there are plenty of funds to choose from. The following are the unit-linked insurance plans provided by SBI Life:
SBI Life – Smart Wealth Builder: This is an uninsured unit linked life insurance plan designed to ensure that you can invest as much as possible and still manage your assets to grow.
The project design gives policyholders the flexibility to determine their premiums, policy term and even mode of premium payment.
SBI Life – Smart Assurance: This is also a part-time ULIP that gives investors the opportunity to invest in the market through the benefits of a life insurance policy and various funds to help them grow their wealth.
This is a simple premium payment scheme that allows for partial withdrawals that can be used to meet the financial charge moved at a later stage.
SBI Life – Simple Maha Anand: Simple Maha Anand Project is a single, uninsured life insurance plan that allows you to invest according to your appetite for risk.
This allows you to decide how much insurance you want to cover yourself that is subject to a certain minimum and maximum amount.
SBI Life – Smart Scholar: This is a ULIP that wants to make sure their families are being cared for even when their needs are not around.
It offers beneficiaries of premium and premium waiver under the policy so that the policy is effective even in the unfortunate circumstances of the policyholder’s death.
SBI Life – Smart Elite: This is a unit-linked policy that provides 10 times the life insurance cover up to the premium paid annually. It allows paying the premiums under the single payment scheme.
The benefits of this policy include the option to cover or reduce insurance and cover the accidental death or accidental gross permanent disability.
SBI Life – Smart Power Insurance: This ULIP offers investors the opportunity to invest in life insurance cover and affordable premiums.
It also provides investors with options for partial lifting and liquidity through a choice between a tier level or an extended cover scheme.
SBI Life – Smart Privilege: Smart Privilege of SBI Life is an uninsured unit-linked life insurance policy that simply does not provide coverage
However, customers have the flexibility to redirect their premiums across eight different funds to add value to the fund.
SBI Life – Issued insurance or debt instruments with relatively low risk.
SBI Life Insurance Child Plan:
Planning for your child’s future at the earliest stages of their life begins with the age you are left with many benefits.
SBI Life has provided two comprehensive child insurance policies that provide comprehensive benefits over time. You can choose from the following options:
SBI Life – Smart Champ Insurance: This is a life insurance policy that can be taken to ensure that your child’s future is protected against all events.
This plan offers the benefits of investing in your child’s age of 18, including premium deductions and a 4-digit single-digit payment once you have the chance to pay the premium together.
SBI Life – Smart Scholar: This insurance plan offers the double death benefit of the sum assured plus the premiums remaining.
It offers the benefit of partial withdrawal, as well as accidental death and total permanent disability.
SBI Life Insurance Retirement Plan:
SBI Life Insurance plans for retirement customers so everyone is ready for life after their working age.
Retirement plans provide monthly payments to individuals in the form of pensions so that they can continue to carry things without relying on anyone for financial assistance.
Below you can buy a retirement plan from SBI Life:
SBI Life – Simple Pension: It is never too late to put something aside for retirement and this is why the scheme offers investors a guaranteed simple reversionary bonus, maturity bonus, which is guaranteed if the insurance has a simple retro bonus plus a terminal bonus.
This plan can be linked to different riders that help improve the life insurance cover provided.
SBI Life – Retirement Smart: This is a non-supporter a unit-linked pension plan that invests your money in different funds and guarantees a minimum return of 101% of all premiums paid.
It also provides increased fund value through the addition of up to 210% of the annual premium paid under certain conditions.
SBI Life – Annuity Plus: Annuity Plus is an uninsured immediate annuity plan that allows the insured to choose the frequency of annual repayments for regular income from the age of 5, which can also be extended by accidentally buying a death rider.
The plan also provides a return on premium or a return on balance premium options.
SBI Life Term Insurance Plans:
The SBI term insurance plan is a low-cost insurance policy designed to give full financial stability and protection to a person’s family in the event of his unfortunate death.
The following are some of the security plans you can take from SBI Life:
SBI Life – Smart Shield: This is a term plan that offers a large amount of insurance for a nominal premium. This can be combined with different rides that extend the cover by providing this plan.
It also has the reward of living a healthy life. This plan can also be taken as a level or extended-term guarantee or reduced term assurance for the protection you have accepted.
SBI Life – Saral Shield: This is a traditional term insurance plan that can be taken to ensure that your family is well-taken care of in the unfortunate circumstances of your death.
This plan features single premium payment and regular payment and can be increased by the addition of a fixed rider.
SBI Life – eshield: This is a non-linked and unpartitioned term plan with the option of buying life insurance plans online as a key feature. It also provides rewards for a healthy lifestyle and accidental death benefits.
This is a plan that will protect your family financially for your affordable premiums. The scheme is providing 1 crore life cover.
SBI Life – Rural Insurance: This is a standalone, a micro-insurance term plan that provides economically weaker sections of society a chance to protect themselves against difficult times.
This insurance plan does not require health checks and provides an insurance cover that can be up to 60 times the total premium paid.
SBI Life – E-Shield: SBI Life’s E-Shield is a partless, traditional online pure term life insurance policy that ensures your monthly income is protected so that your family/dependents can use that amount in case of your premature death.
SBI Life Insurance Savings Plan:
If you have a future plan for yourself or your family, planning ahead can help you in the long run, and SBI Life has provided various savings plans to save people money for the future, whether it be in education or marriage, between their children, buying your dream home. Or simply going on a long vacation.
Below are the savings plans you can take from SBI Life:
SBI Life – Smart Humsafar: A joint life insurance plan with savings options where an individual and his / her spouse can be covered by a single policy. In addition to the death benefit, the plan also offers maturity benefits for either or both partners surviving over the policy term.
SBI Life – Smart Money Planner: A limited premium that offers regular breakthrough profits and guaranteed cash flows, which doubles as life cover in the event of the unfortunate event of the death of insurance with tax benefits.
SBI Life – CSC Simple Communication: Provided through the Common Service Center Network under the National Insurance Scheme of India, it is a linked, uninsured, variable insurance plan that also offers a savings option, with a death benefit, the insurance will be paid in case of unfortunate death.
SBI Life – Smart Income Protection: This is an insurance plan that offers two benefits for insurers.
The first is that they are provided with a life insurance cover and the second is that they receive regular income benefits. The policy also provides for introductory and terminal bonuses, with a guaranteed payment of 11% for the insured for 15 years after the policy is matured.
SBI Life – Smart Guaranteed Savings Plan: This is a partless savings plan that offers guaranteed additions that are calculated at the rate of 5.5% to 6% and applied to the accrued basic premiums. They also offer the option of paying a premium for 7 years only.
SBI Life – Smart Money Back Gold: This traditional money back plan offers life insurance policy benefits at regular intervals.
The insurance cover under this scheme can be improved by using a wide range of riders under this scheme.
SBI Life – Happy Birthday: This scheme is a Non-Linked Profit Endowment Guarantee Scheme that provides the flexibility to turn this policy into a full life insurance policy.
It also offers benefits such as choices between single premium payment or regular premium payment options, and overtime to receive an increased amount of basic fundamentals.
SBI Life – Simple Freedom Plus: An unlinked, uninsured term insurance plan that provides life cover for 10 years or 15 years and gives you a higher return on an investment after saving the insurance till maturity.
The premiums and benefits under this plan are eligible for tax benefits.
SBI Life – Flexi Smart Plus: A separate, participating variable insurance products that can be custom-made to suit customer needs.
It offers a Death Benefit as a Gold or Platinum option in addition to the host bonus on mature value.
SBI Life – Smart Women Advantage: SBI Life’s Smart Women An advantage plan is a participatory traditional endowment policy that comes with additional security features to make it easier for you to provide valuable protection as well as financial planning.
SBI Life – Smart Freedom Plus: SBI Life’s Smart Freedom Plus the plan is a non-linked, part-term term guarantee of premium returns that offers the added benefit of getting your total premium payment back, as well as helping you meet your insurance needs.