SBI Life Insurance has a lot of plans to offer that are centered around traditional insurance plans like term insurance along with other endowment, participating and non-participating plans. Some of these plans give policyholders the chance to get high sum assured without having to pay premiums that are very high and some of the plan don’t offer any limits on the sum assured too. For the payment of premiums these plans can offer a variety of modes all designed to make paying the premiums more convenient for the policyholders. These insurance plans are a good option when it comes to ensuring that the financial future of your family is secure. These SBI Life Insurance plans can also be coupled with various riders that can help enhance the cover provided by the parent policy. Another benefit of these plans is that investments made in them are eligible for tax benefits under the relevant section of the IT Act.
List of SBI Life Insurance Savings Plans
Some of the savings insurance plans offered by SBI are:
SBI Life - Smart Swadhan Plus
This is a term assurance policy with the maturity benefit of the return of all premiums paid up until maturity. It offers a minimum sum assured of Rs. 5 lakhs and the option to pay premiums in monthly instalments or lump sums. It also offer life insurance cover for periods as long as 30 years.
SBI Life - Smart Humsafar
This is a joint insurance plan that allows the policyholder to cover themselves and their spouse under the same plan. It offers guaranteed bonuses, insurance pay outs in case one of the life assured passes away and it can also waive off future premiums in such a case. It also offers maturity benefits in case policyholders survive the policy.
SBI Life - Smart Money Planner
This is an insurance plan that offers the advantages of a life insurance policy along with those of a source of regular income. The premiums for this policy can either be paid for a limited period or as a lump sum when the policy if purchased. This plan also offers a maximum sum assured of up to Rs. 5 crores.
SBI Life - CSC Saral Sanchay
This is a plan that can be taken by individuals and offers a sum assured that is at least 10 times the annual premium. The premiums for this policy can also be paid every month and the least amount payable is Rs. 200. In case policyholders wish to increase the coverage, this policy also provides a top-up premium facility that will increase the cover by 125% of the top-up premium paid. This policy will also allow for withdrawals from the policy and offers maturity benefits of the premiums paid with an interest rate of 1% per annum.
SBI Life - Smart Income Protect
This is a plan that provides policyholders with a guaranteed annual income once the premium paying term is over. It also offers various bonuses like vested reversionary and terminal bonuses. It offers both death and maturity benefits where the maturity benefits can either be taken in a lump sum or in annual instalments.
SBI Life - Smart Guaranteed Savings Plan
This is a plan where in the policyholder only has to pay premiums for 7 years and still enjoy the benefits of the policy for a maximum tenure of 15 years. It comes with both maturity and death benefits. The death benefits are the payment of the sum assured along with any additions as applicable. The maturity benefits under this plan consist of the payment of the basic sum assured on maturity, along with guaranteed additions as applicable.
SBI Life - Smart Money Back Gold
This too is an insurance plan that offers death and maturity benefits to the policyholders. It also offers rebates when the sum assured is high. The maturity benefit of this plan is payment of the survival benefits in additions to bonuses like simple reversionary and terminal bonuses. The death benefit under this policy is a minimum of 105% of the premiums paid. It can also be paid with the addition of things like simple reversionary and terminal bonuses.
SBI Life - Shubh Nivesh
This is an endowment insurance plan that can provide insurance cover for as long as 100 years or age. This policy will pay the basic sum assured as the maturity benefit when the policyholder turns 100 years old. Its death benefits include the payment of the sum assured according to the options chosen by the policyholder.
SBI Life - Saral Swadhan+
This is a traditional term insurance product that also gives policyholders the assurance of a maturity benefit which is the return of up to 115% of the premiums paid, depending on the policy term. It also brings them the advantages of a reduced paid up policy where, if premiums are not paid, than, instead of lapsing the policy will turn into a paid up policy with reduced cover.
SBI Life - Flexi Smart Plus
This is a participation insurance plan that offers variable insurance. The death benefit with this policy will be a minimum of 105% of the annual premiums paid. The maturity benefit for this policy is the value of the policy account with any additional bonuses as applicable. The policy also offers a guaranteed minimum bonus of 1% per annum.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017