Best 5 SBI Life Insurance Plans in India for 2022

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5 min read

Updated on Nov 01, 2022

Life insurance – a financial product we cannot afford to take a chance with, for it is the most vital financial asset for any individual. After all, it is what would secure the future of our family and loved ones when we won’t be around to provide for them. It’s only natural that if we want the best for our family, we’d want the best life insurance policy. You can easily count on SBI term insurance for all your family’s future financial needs because SBI is clearly one of the best insurance companies in the country today.

Formed as a joint venture of the State Bank of India (SBI), a public sector bank, and BNP Paribas Cardif, a renowned global name in creditor insurance, SBI Life Insurance offers a variety of products to suit individual needs. In this blog we discuss the 5 best SBI investment plans for 5 years that are worth every penny.

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What is SBI Life Insurance?

As stated earlier, SBI Life Insurance is the result of a joint partnership between the public sector institution, the SBI, and BNP Paribas Cardif. The company has earned a name in the insurance market over the years for offering one of the best insurance products that one can think of. Some of them are in the life insurance category, while some are in car insurance. SBI term insurance is definitely the most popular product of the insurance company. The savings and investment plans, child plans, retirement plans for senior citizens, and the like, are equally in demand by the general public.

5 Best State Bank of India Insurance Plans 

While SBI has a host of insurance and other financial products in its offering, here are some of its top 5 life insurance plans that are worth investing in this year. We list here the key features of each plan along with other policy details to help you make an informed purchase.

  1. SBI Life –  CSC Saral Sanchay: The best part about investing in this SBI life insurance 5 years plan is that it offers the policyholder the benefit of availing a monetary benefit upon maturity of the policy term, i.e., 5 years. In addition to this, in case of an unfortunate demise of the policyholder, the nominee or beneficiary chosen by the former is entitled to receive a certain sum assured (monetary death benefit) by the insurance company.
  2. SBI Life – Smart Humsafar Plan: As the name suggests, this SBI life insurance plan is exclusively designed for spouses. It is therefore a joint insurance plan wherein the policyholder can opt for extended benefit coverage under the plan to their respective spouse as well. In addition, the plan also allows the flexibility of premium waive-off to the surviving spouse in case of the unfortunate demise of their partner. Besides this, extended coverage under the policy is also available in the form of the Accidental Death Benefit Rider.
  3. SBI Life-Smart Power Plan: This SBI life insurance policy details a dual benefit for the policyholder by way of offering insurance in times of eventualities as well as allowing the former to invest in the capital market and earn benefits owing to its nature as a ULIP (Unit Linked Insurance Plan). The prime advantage of such plans is that they not only offer financial protection by way of life insurance in times of crisis but also allow the insured to invest in capital funds based on their risk-taking abilities. Another key highlight of the plan is the default benefit offered with the policy, namely the Accelerated Total and Permanent Disability (TDP) Benefit. This enhances the coverage of the plan in case of a complete and permanent disability of the policyholder due to an accident. The insured needs to pay a minimum premium amount of Rs. 2,000 every month in order to receive the benefits under the plan.
  4. SBI Life-eShield Plan: This is SBI online insurance plan which is easily available at SBI’s official website for download. The online plan is a pure term insurance plan by the company which means that in case of death of the policyholder, the death benefit is provided by the insurer to the former’s chosen nominee or beneficiary, thereby covering the risk of death for the policyholder’s family. The minimum premium payable under the plan in order to receive the death benefit is Rs. 3,500. Premiums are paid annually. There are at least 4 variations of this plan available with SBI which the buyer can choose from as per their individual needs and preferences. These include Level Cover Plan, Level Cover with Accidental Death Benefit Plan, Increasing Cover Plan, and Increasing Cover with Accidental Death Benefit Plan. Another special feature of the eShield Plan is that the policyholders stands a chance to win a special reward for following healthy lifestyle habits.
  5. SBI Life-Smart Money Planner Plan: As the name suggests, the plan is specifically designed to provide the investor with smart money-planning options for a better and financially secure future. The key highlight of the plan is its assurance to the investor of regular income all through the duration of benefit payment. The policyholder is entitled to receive life insurance coverage 3 times under the plan – the Growth Period, the Benefit Payment Period and the Premium Payment Period.

In addition, bonuses are also offered to the policyholder as part of the plan. Those who choose a high sum assured under the policy are also offered rebates by the insurance company. As far as payment of premium under the plan is concerned, policyholders are given the option to pay it either as a single-time lump sum amount or for a specific limited period of the term of the policy.

SBI Top 5 Life Insurance Plans with Eligibility Criteria and Plan Type

For a better understanding on the various SBI plans, take a look at the table below that enlists SBI Life Insurance 5 years’ plan details:

Name of the Plan Type of Plan Eligibility Criteria
SBI Life – CSC Saral Sanchay Variable Insurance Plan 18-60 years (10-year policy); 18-55 years (15-year policy)
Max maturity age at 70 years
SBI Life – Smart Humsafar Endowment Plan 18-46 years; max maturity age at 65 years
SBI Life – Smart Power ULIP Plan 18-45 years; max maturity age at 65 years
SBI Life – eShield Plan Term Insurance Plan 18-65 years; max maturity age at 70 years
SBI Life – Smart Money Planner Plan Endowment Plan 18-60 years; max maturity age at 75 years

Read More: SBI Sampoorna Suraksha Plan – A Detailed Guide

Wrapping Up

In this blog, we looked in detail at the 5 best life insurance plans by SBI, mentioning in detail their key features. In order to know more about SBI life insurance 5 years’ plan interest rate or premium payable, check out PayBima for the latest updates on all life insurance plans offered by the State Bank of India. After buying the plan, make sure to be regular with the SBI life insurance policy payment to continue enjoying its benefits for a lifetime.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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