About SBI Life Insurance

SBI Life Insurance, founded in the year 2000, is a leading life insurance conglomerate in India. The company was established as a collaborative scheme between State Bank of India (SBI) and a French Financial Institution called BNP Paribas Cardiff where SBI holds about 55.50% stake, while 0.22% stake is owned by the French company.

Over the years, SBI Life insurance has been serving millions of people in India with its diverse insurance products on investments, savings, protection, health, pension and so on. With a claim settlement ratio of 93.09%, SBI Life is one of the most trusted insurers in the country.

Claim settlement ratio 93.09%

Critical Illness Benefit Available

Tax Benefit Amount As per prevailing tax laws

Accidental Death Benefit 100%

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Top Plans

SBI Life Insurance Plan Plan Type Entry Age
Retire Smart Plus Plan Type : Annuity/Pension Entry Age : 20-60
Smart Platina Plus Plan Type : Endowment (GRP) Entry Age : 30 Days- 60 Years
e-Shield Next Plan Type : Term Entry Age : 18-65 Years

5 Benefits Offered by SBI Life Insurance

1. Offers wide ranging plans –

The insurer allows a comprehensive range of plans which include ULIPs, term insurances, retirement policies, child plans and money back policies among others which the investor can choose as per their budget and requirement

2. Online availability –

The plans offered by SBI life insurance are available online and can be purchased by the investor quickly and in a hassle-free manner. Each policy offered by the insurer is unique and is available with wide options so that the insured can buy as per their requirement and budget

3. High CSR or claim settlement ratio –

With a CSR of 93.09% (FY 2020-21), SBI Life is one of the trustworthy insurers in the country. With a high CSR, SBI Life is categorized among the reliable insurers in the country

4. Award winning insurance company –

SBI Life has been bestowed with the award of ‘Life Insurance Company of the Year 2019’ by FICCI. The company is also the recipient of awards in other categories like ‘Customer Orientation in Life Insurance’ 2021 by Outlook Money and ‘Golden Peacock National Training Award’ 2021 by Golden Peacock Awards etc.

5. Cost- effective plans –

The insurer is known to offer comprehensive life coverage at low premium rates. Some of the available plans are in the easily affordable category

SBI Life Insurance Plans

SBI Life insurance company has a wide array of SBI policies to offer for SBI Life customers to choose from. These policies not just allow financial security but also allow protection against the life of the insured. Policyholders can choose from among the varied plans offered by the insurer as per their needs and requirements. In fact, the cost-effectiveness and suitability of the plans is such that it can be afforded by one and all.

10 Popular SBI Online Plans 2023

The online plans offered by SBI Life are hassle-free and can be bought easily and directly from the official portal of the insurer. These are budget-friendly plans that allow greater coverage at minimal price. Here are some sbi life insurance policy details of online plans.

Plan name

Age of entry

Tenure of policy

Min. sum insured
SBI Life eShield Next

Minimum age – 18 years

Maximum age – 65 years

5 years – whole life

INR 50,00,000

SBI Life eWealth Insurance

Minimum age – 5 years

Maximum age – 50 years

10 – 30 years

10 times of annual premium

SBI Life – Smart Platina Plus

Minimum age – 30 days

Maximum age – 60 years

23 – 39 years

INR 5, 50,000

SBI Life – Smart Annuity Plus

Minimum age – 0 years

Maximum age – 95 years

N/A

INR 1000 annuity payout

SBI Life – Saral Jeevan Bima

Minimum age – 18 years

Maximum age – 65 years

5/10/15 up to 40 years

INR 5, 00,000

SBI Life – Sampoorna Cancer Suraksha

Minimum age – 6 years for children, 18 years for adults

Maximum age – 17 years for children, 65 years for adults

5 – 30 years

INR 10,00,000

SBI – Life Smart Wealth Builder

Minimum age – 2 years

Maximum age – 55 years

12 – 30 years

10 times the annual pay
SBI Life – Smart Wealth Plus

Minimum age – 0 years

Maximum age – 55 years

10/15/20 and 25 years

10 times the annual pay

SBI Life – Smart Champ Insurance

Minimum age – 21 years

Maximum age – 50 years

8 – 21 years

INR 1,00,000

SBI Life – New Smart Samriddhi

Minimum age – 3 years

Maximum age – 50 years

12 – 15 years

INR 63, 500

Top 7 SBI Life Saving Plans 2023

The saving plans offered by SBI Life Insurance company help in achieving the financial goals of the investor. These plans can be used to buy your dream house, to plan a bright career for your child or to meet any other kind of financial goal etc.

Plan name Age of entry Tenure of policy Min. sum insured
SBI Life Future Choices

Minimum age – 18 years

Maximum age – 50 years

12/15/20/25/30 years INR 6, 55,000
SBI Life – Shubh Nivesh

Minimum age – 18 years

Maximum age – 60 years

5/10/15/30 years INR 75,000
SBI Life – Smart Platina Assure

Minimum age – 3 years

Maximum age – 60 years

12 and 15 years INR 2, 40,000
SBI Life – Smart Bachat

Minimum age – 6 years

Maximum age – 50 years

12/15/20 and 25 years INR 1,00,000
SBI Life – Smart Humsafar

Minimum age – 18 years

Maximum age – 46 years

10 – 30 years INR 1, 00,000
SBI Life – Smart Sawdhan Plus

Minimum age – 18 years

Maximum age – 65 years

10 – 30 years INR 5,00,000
SBI Life – Saral Sawdhan+

Minimum age – 18 years

Maximum age – 55 years

10 – 15 years INR 30, 000

SBI Life Term Insurance Plans 2023

The term insurance plans presented by SBI insurance policies are designed to secure the future of your family financially. Here, if due to an unfortunate event, the demise of the insured takes place, the policy covers the family well to help them survive comfortably.

Plan name Age of entry Tenure of policy Min. sum insured
SBI Life Arogya Shield

Minimum age – 91 days

Maximum age – 18 years

1/2/3/5/ up to 40 years INR 1,00,000
SBI Life Smart Shield

Minimum age – 18 years

Maximum age – 60 years

5 to 80 years INR 25,00,000
SBI Life – Grameen Bima

Minimum age – 18 years

Maximum age – 50 years

5 years INR 10,000

SBI Life ULIP Plans 2023

ULIPs are plans known to offer life coverage along with helping the insured to carry on a disciplined savings. These plans allow wealth accumulation while allowing the flexibility of monthly withdrawal facility in a systematic manner.

Plan name Age of entry Tenure of policy Min. sum insured
SBI Life – Smart InsureWealth Plus

Minimum age – 0 days

Maximum age – 55 years

10/15/20/25 years 10 times of annual premium
SBI Life – Saral InsureWealth Plus

Minimum age – 0 years

Maximum age – 55 years

10/15/20/25 years 10 times of annual premium
SBI Life – Smart Wealth Assure

Minimum age – 8 years

Maximum age – 60 years

10- 30 years 1.25 times of single premium
SBI Life – Smart Power Insurance

Minimum age – 18 years

Maximum age – 45 years

10- 30 years 10 times of annual premium
SBI Life – Smart Elite

Minimum age – 18 years

Maximum age – 60 years

10/12/15 to 30 years 7 times of single premium
SBI Life – Smart Privilege

Minimum age – 8 years

Maximum age – 55 years

5/10 to 30 years 7 times of single premium

2023 Best 5 SBI Life Retirement Plans

If you are looking for a stable and stress-free life after your retirement, you must invest in the SBI Life retirement plans. These plans allow guaranteed annuity benefits and the security of a comfortable life after retirement.

Plan name Age of entry Tenure of policy Min. sum insured
SBI Life – Saral Retirement Saver

Minimum age – 18 days

Maximum age – 65 years

5/10 – 40 years INR 1,00,000
SBI Life – Saral Pension

Minimum age – 40 years

Maximum age – 80 years

N/A INR 1,000 annuity
SBI Life – Smart Annuity Plus

Minimum age – 0 years

Maximum age – 95 years

1- 10 years INR 1,000 annuity
SBI Life – Retire Smart Plus

Minimum age – 20 years

Maximum age – 60 years

5/15/20 – 35 years N/A
SBI Life – Retire Smart

Minimum age – 30 years

Maximum age – 70 years

10 – 35 years N/A

SBI Life Child Plans 2023

Buy a SBI Life Child Plan to secure your Child’s future and to fulfil their dreams and aspirations by letting them choose the career they want.

Plan name Age of entry (Child) Tenure of policy Min. sum insured
SBI Life – Smart Champ Insurance

Minimum age – 0 years

Maximum age – 13 years

Minimum age – 21 years

Maximum age – 50 years

8 – 21 years INR 1,00,000
SBI Life – Saral Scholar

Minimum age – 40 years

Maximum age – 80 years

8 – 25 years 1.25 times of single premium

SBI Life Investment Plans 2023

To allow the best security to your family and to enjoy the benefits of regular income, it is advisable to invest in SBI Life investment plans.

Plan name Age of entry (Child) Tenure of policy Min. sum insured
SBI Life – Smart Money Back Gold

Minimum age – 14 years

Maximum age – 55 years

15/20/25 years INR 2,00,000
SBI Life – Smart Money Planner

Minimum age – 18 years

Maximum age – 60 years

15/20/25 years INR 1, 00,000
SBI Life – Smart Income Protect

Minimum age – 11 years

Maximum age – 58 years

7/12/15 years INR 1, 00,000

How to buy SBI Life insurance plans?

You can buy the SBI Life Insurance policies online from the official website of the insurer. Also, you can buy them from insurance brokers and other third-party agents etc.

Buy insurance from the insurer

Here are the steps to buy insurance from the official website of SBI life insurance co ltd:

  1. Go to the official portal of the SBI life insurance company
  2. Tab the ‘online plans’ button on the main menu and choose the category of plan you would like to buy
  3. Now, click on the ‘buy now’ button and offer the necessary details
  4. Proceed ahead tapping the next button and choose a plan as per your need
  5. Carefully choose the cover option you are seeking and make the payment
  6. Once the payment is successfully done, you will receive a payment notification at your email id that is registered with the insurer

Buy insurance from Paybima

  • Go to the website and fill the necessary details in the insurance buying form
  • Choose income and city and proceed ahead
  • Update details of occupation and others as mentioned in the form
  • Choose the policy you want to buy and click on ‘Buy Now’ tab
  • At this stage, select the tenure of policy, premium, as well as riders (in case needed) and proceed ahead
  • Now, make the SBI life insurance payment. Once the payment is successfully done, you will get notified on your email ID that is registered with the insurer

How to file for SBI Life Insurance Claims?

It is very easy and hassle-free to file a claim of SBI Life insurance. It can be done in both online and offline ways. Here are the steps to follow:

Intimating the insurer about the claim

  • This first thing to do is to intimate the insurer about the claim as soon as possible by filling a claim form online
  • Go to the claims section of the insurer in the official portal to find the online claim form
  • Now, fill the claim form nicely along with the supporting documents and visit the nearest branch of the insurer
  • Alternatively, you can email the documents to claims@sbilife.co.in
  • Once the claim is registered successfully, you will get a reference number for further procedure

Submission of Documents

You will have to submit the required documents while raising the claim as mentioned below:

  • Claim intimation form which is duly filled and attested by the nominee/claimant
  • Copy of your policy document
  • Original and photocopies of the death certificate issued by the concerned authority
  • Claimant’s ID and address proof
  • A copy of cancelled cheque
  • Hospital records
  • Post mortem of the deceased (insured)
  • Copy of FIR

Claim settlement

  1. Once the claim application is received by the insurer, they will assess the form and the documents to verify them
  2. If the application gets approved, the nominee/claimant will receive the claim amount as per the terms and condition of the policy

Read More about other Life Insurance Companies:

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Frequently asked questions

You would need: 1. Policy bond original 2. ID and address proof 3. Proof of bank account for direct credit mandate (cancelled cheque original)

Yes, you can easily do that by following the simple procedure. Log on to MyPolicy account and choose transactions online. Now change the address and fill the required fields. Now submit the address proof in the prescribed format of PDF/JPEG.

No, this facility is not there.

Yes, it is possible to revive your plan by paying the outstanding premium along with the interest. You also have to submit proof of your good health to the SBI Life insurance.

Yes, you can easily change the nomination by submitting the required form to the insurer.

Yes, that is possible. But you would need an adult person as the guardian of the minor nominee.

Yes, smokers might have less chances of their proposal getting accepted. This is because the lifestyle of a person is a factor considered for term insurance proposal acceptance and

* Tax benefits are subject to changes in tax laws.
#All savings are provided by the insurance company as per the IRDAI approved insurance plan. Standard T&C apply.