• SBI Life Insurance Savings Plans

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    Overview

    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

    SBI Life Insurance Savings Plans Reviews

  • Page 1 of 1
    • SBI Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I got the Life insurance policy with the SBI life around 5 years ago. The customer support is good with the SBI life. This policy has the tenure of 15years. This policy comes along with my savings account. This policy has better plan benefits and good policy coverage.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 29, 2018
    • SBI Life Life Insurance
      "Good services"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy for my kid from SBI Life. The tenure is for ten years and the premium is on a monthly basis which is convenient for me and I can pay online. There is no specific benefits, I have taken this as a savings for my children.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 14, 2017
    • SBI Life Life Insurance
      "Need Improvement in process"
      0.5 1.0/5 "Really Bad"
      I pay the premium of Rs.1200 in every year. The Sbi will deduct the premium amount from my savings account. The customer service is very bad with SBI life. The managers are not at all giving response to the customer in my place. This policy has the tenure of 3 years. After 3 year If I met with some accident they told I will be getting around Rs.3 to 5 lakhs. This is the coverage of this policy. I never knew if the policy is active or not.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 14, 2017
    • SBI Life Life Insurance
      "Really good"
      0.5 5.0/5 "Blown Away!"
      SBI life insurance is really good, I am supposed to pay about 7000 per month for this insurance. I had opted for equity plan with savings account. I am supposed to pay for a period of 20 years and there is no drawback till date and there is no challenges too. I had opted for this Life insurance scheme through online.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 12, 2016
    • SBI Life Life Insurance
      "Overall good "
      0.5 3.5/5 "Pretty good"
      The executives of SBI educated me about life insurance, after I had opened a savings account in SBI. I just took it without comparing any other insurance policies. It is actually a small term policy and it is for a period of 5 years. I make an yearly payment of 1000-2000. It is not deducted from my salary as the agents would come and collect the amount.
      Was this review helpful? 0
      , jodhpur
      Reviewed on May 09, 2016
    • SBI Life Life Insurance
      "I am satsisfied...."
      0.5 3.0/5 "Satisfactory"
      I can use the life insurance for tax savings and only for the same reason I opened at the SBI life however they are good. I have not approached the customer care as I am just making the premium. This is a tradtional plan and took for one lakh. I have to pay compulsorily for five years and after that I can stop the premium and the returns will come after ten years. I planned to wind up the policy after five years but the SBI may deduct 30% to 40% so I dropped the plan.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 25, 2016
    • SBI Life Life Insurance
      "Great benefits!"
      0.5 5.0/5 "Blown Away!"
      My opinion about SBI life is, I am having the life insurance policy with them for more than 3 years. Premium payment is deducted from the savings account on yearly basis. 2L is the maximum claim done against the insurance policy. As I am having my savings account, the executive suggested me to take the policy with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 10, 2016
    • SBI Life Life Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My life insurance is with SBI Life. The services are good. They send me alerts for the payments. They have good benefits. The coverage returns is average. The tenure is for ten years. It is a small savings plan. The premium is paid on a half yearly basis. I can pay it online.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 30, 2016
    • SBI Life Life Insurance
      "satisfied..."
      0.5 4.0/5 "Great!"
      Got it on basis my savings account and I am recommending this SBI life for my colleagues as well. Three lakhs would be the coverage and every year the premium is getting through my salary account. SBI Life is very good for life insurance and they give decent coverage.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 14, 2016
    • SBI Life Life Insurance
      "Good maturity benefit.."
      0.5 4.0/5 "Great!"
      SBI Life, I took it for different perspective where that is for five years of tenure. I need to pay for first five years and after 15 years the maturity happens. Maturity benefits are high. Basically I took policy for IT and for future savings.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 08, 2016
    • SBI Life Life Insurance
      "Better to improve the customer service"
      0.5 2.5/5 "Just OK"
      I am having the life insurance policy with the SBI life insurance policy. While I opening the savings account I got this policy. Its useful for the tax savings purpose. I don't much bother about this policy. Customer service and the responsiveness are okay with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 24, 2015
    • SBI Life Life Insurance
      "Great services..."
      0.5 4.0/5 "Great!"
      Life insurance with SBI life is amazing as they are giving reminders timely and if there any new launches they update it through SMS. I think it is of money back plan where I get some 12 to 15% of every fiver years. SBI life is best for savings plans and sum assured in my plan would be double the invested amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 23, 2015
    • SBI Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      SBI Life insurance is good. Its a mixed one, everything is fine. It comes next to LIC. Benefits what they are providing is great. I pay about 50000 yearly and it provides a cover for me and my family and I have opted to pay from my savings account.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 02, 2015
    • SBI Life Life Insurance
      "Satisfactory"
      0.5 3.5/5 "Pretty good"
      It is a savings cum investment plan I had taken from SBI life. Its more or less like a money back policy for the tenure period of fifteen years. By the view of insuarnace benefits, I did approach SBI life. Their payment options are also quite flexible.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 30, 2014
    • SBI Life Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      As I am holding a savings account with SBI, They initially offered me one policy where they deduct a merger amount rs 100 or 75 very month from my account for SBI life insurance. Though I dont recall the benefits of the policy now, it was of great use for me at that point of time. It provides a coverage for one lakh and they have stopped deducting the amount from my account."
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Dec 03, 2014
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