Top SBI Life Insurance Plan
Top SBI Life Insurance Plan

Top SBI Life Insurance Plan In India

SBI Life Insurance is a joint venture between State Bank of India (SBI) and BNP Paribas Assurance. SBI Life is currently the biggest private sector insurance company in India with a 6.12% share of the total market. The company offers its customers a comprehensive range of life insurance and pension products at competitive prices.

SBI Life operates with a unique multi-distribution model encompassing Bancassurance, Retail Agency, Institutional Alliance and Corporate Solutions distribution channels. Coupled with SBI’s access to over 100 million accounts across India, SBI Life uses this relationship to provide insurance products to customers from all walks of life.

The SBI Life insurance is legit and is safe. The only thing which worries me is the “Claims Ratio” is less than a lot of other insurance firms. However, their settlement ratio is great. If you are someone who wants to play safe with your money, then SBI is the best thing you could go for.

Also Read: SBI Life insurance Plan & benefits

Being a Govt sector bank, there are very fewer chances that your money will be at the wrong place. Although, SBI saw a fall in the stock market during 2012. The stock has been quite stable. If I were supposed to go for an insurance plan, I’d have surely opted for SBI Life.

SBI Insurance PlansPlan TypeEntry AgeMaximum Maturity AgePolicy Term
SBI Life – eShieldOnline Term Plan18 – 60/65 years70 years5/10 – 30 years
SBI Life – Smart Money PlannerTraditional Participating Money Back Endowment Plan18 – 50/55/60 years75 years15/20/25 years
SBI Life – Smart HumsafarTraditional Joint Life Insurance Plan18 – 46 years65 years10  – 30 years
SBI Life – CSC Saral SanchayTraditional Non-Participating Endowment Plan18 – 55/60 years70 years10 / 15 years
SBI Life – Smart PowerNon-Participating Unit Linked Insurance Plan18 – 45 years65 years10/ 15 – 30 years

SBI Life eShield

SBI Life eShield is a term life insurance policy which provides financial protection to a person’s family in case of his sudden demise. If the person survives until the end of the policy term, he does not get back any amount.

A term life insurance provides significant monetary protection against death at fairly low prices.

SBI Life Insurance has a claim settlement ratio of 91.06% as of 2014 which lower than that of LIC whose claim settlement ratio is 97.73%.

Also Read: Kotak Life Insurance Plan & Benefits

SBI Life – Smart Money Planner 

SBI’s Life Smart Money Planner Insurance policy is an individual, non linked, with profit endowment assurance plan with added new features of guaranteed (Conditions apply*) cash inflow at regular intervals tailored to suit your financial requirements. It provides financial support for fulfilling your long and short-term goals while providing you a life cover throughout the policy term without burdening you with premium payment for the entire policy term. 

SBI Life – Smart Humsafar

  • This is a traditional Joint Life Endowment Assurance Plan which is earned simple reversionary bonuses and covers a married couple.
  • Though bonus depends on the company performance, the plan promises a minimum bonus addition of 2.50% of the Sum Assured in the first 3 years of the plan.
  • Maturity benefit is paid when one or both the lives survive until maturity and death benefit is paid if any or both lives die during the plan term.
  • An inbuilt premium waiver rider which waives future premiums if any one of the couples dies during the plan term. 

SBI Life – CSC Saral Sanchay

  • SBI Life – CSC Saral Sanchay, is an Individual, Non – Participating, Non-Linked Variable Insurance Product
  • Life Insurance cum Savings plan
  • Guaranteed Minimum Floor rate – A minimum floor rate of 1.00% p.a. is guaranteed for the whole term.
  • Guaranteed Additional Interest rate – Interest rate of 4.00% p.a. is guaranteed for the first 5 years – Interest rate of 0.50% p.a. is payable 6th year onwards Key Highlights
  • Residual Additions from year 6 onwards in order to meet RIY requirements
  • Top – Up allowed
  • Partial Withdrawal – Partial withdrawals are allowed from the 6th policy year.
  • No Premium Allocation charges from 2nd year onwards
  • Simple and Easy Process – enrolment will be done at CSC center with information being pulled from UIDAI database (Aadhar) & upfront policy issuance.

Also read: HDFC Life Insurance & benefits

Both companies are good in their own way. However, In India, SBI is referring to be the largest and the best life insurance company. The reason behind the same is that the SBI is the first one who introduces life insurance in the Indian insurance market and since then it never looks back and keeps on gaining the trust of its customers. Its claim ratios are far better than others and it also offers a wide range of insurance policies at affordable prices. Whereas, SBI is new to the insurance market.

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