SBI Life Insurance Co Ltd is a joint venture between SBI and BNP Paribas Cardif S.A. SBI holds 70.1% of the total capital and BNP Paribas owns 26%. MacRitchie Investments Pte. Ltd. and Value Line Pte. Ltd. hold 1.95% each. Having an authorised capital of Rs.2,000 crore and a paid-up capital of Rs.1,000 crore, SBI Life Insurance is one of the most prominent life insurance providers in the country. The company is focussed on emerging as the leading provider of a comprehensive range of insurance products at competitive prices, ensuring operating efficiency and high customer satisfaction.
The company provides a wide range of individual plans, such as unit-linked plans, child plans, protection plans, retirement plans, and savings plans. It also offers corporate group solutions, group loan protection products, and group micro insurance plans. Additionally, SBI Life Insurance has multiple online life insurance products that can be purchased through their website in a hassle-free manner involving minimal paperwork. The insurer also offers an extensive range of services through their website, including the facility to track your policy account, payment of premiums, revival of lapsed policies, SMS based services, and generation of online premium receipts.
Some of the highlights of the SBI Life Insurance plans include:
- High claim settlement ratio
- Coverage that extends up to crores of rupees
- 3-way grievance redressal process
Top plans from SBI Life Insurance in 2017
The most prominent life insurance plans provided by the insurer in 2017 are tabulated below:
|Name of the Plan||Type||Minimum Age at Entry||Maximum Age at Entry||Maximum Maturity Age||Policy Term (Minimum)||Policy Term (Maximum)|
|SBI Life – eShield||Online Term Insurance Plan||18 years||60/65 years (depending on the coverage option)||70 years||5 years or 10 years||30 years|
|SBI Life – Smart Money Planner||Traditional Money Back Plan||18 years||50/55/60 years (depending on the coverage option)||75 years||15 years||25 years|
|SBI Life – Smart Humsafar||Joint Life Insurance cum Savings Plan||18 years||46 years||65 years||10 years||30 years|
|SBI Life – CSC Saral Sanchay||Non-Participating Variable Insurance Product||18 years||55/60 years||70 years||10 years||15 years|
|SBI Life – Smart Power||Non-Participating Unit Linked Plan||18 years||45 years||65 years||10 years||30 years|
Key Features of SBI Life - eShield:
- SBI Life - eShield is an individual, non-linked, non-participating term plan designed for customers who are looking for optimum financial protection at affordable premiums.
- The plan is available for purchase in a hassle-free manner through the insurer’s website.
- The plan is unique in the fact that it rewards the policyholder for maintaining a healthy lifestyle.
- The product offers a wide variety of plan options, including level and increasing coverage.
- Policyholders can also avail Accidental Death Benefit coverage along with the plan.
- Premiums contributed towards the policy and benefits availed are subject to tax benefits under the prevailing tax laws.
- Premium payment frequency under the plan is annual, and premium payment term is the same as the policy term.
- Based on the plan option that is chosen by the policyholder, the nominee is liable to receive the Effective Sum Assured, as death benefit. There will be no survival benefit at the end of the policy term.
Key Features of SBI Life – Smart Money Planner:
- SBI Life – Smart Money Planner is an individual, non-linked, with profit life insurance plan that provides guaranteed cash inflow at regular intervals. The policy provides you financial support for the achievement of your short and long term goals in life. At the same time, you will receive life cover without having to pay premiums for the entire policy term.
- The policyholder has the flexibility to choose between Single Premium and Limited Premium payment options.
- The insurer also provides rebates for policies with large sum assured.
- The benefits received from the policy and premiums paid are subject to tax benefits under the Income Tax Act, 1961.
- The policy provides death benefit, maturity benefit, and survival benefit.
Key Features of SBI Life – Smart Humsafar:
- SBI Life – Smart Humsafar is a joint life non-linked participating endowment plan that provides multiple benefits, such as savings and insurance cover for the couple. The base plan provides simple reversionary bonuses that accumulate till the end of the policy term, as long as the policy is in force.
- The basic Sum Assured plus the accrued bonuses will be paid at the survival of one or both of the lives insured till policy maturity.
- The plan provides a guaranteed minimum bonus for the first 3 years of the policy at a rate of 2.50% of the basic Sum Assured.
- The plan also offers death benefits for both the lives assured. On first death, the Sum Assured at death is paid and the future premiums from the next policy anniversary are waived off. On second death, the Sum Assured at death plus all accumulated bonuses are paid.
- Policyholders can enhance the plan coverage through the purchase of an add-on plan, i.e., the SBI Life Accidental Death Benefit Rider, which is available at an affordable cost.
- Tax benefits are provided as per regulations under the Income Tax Act, 1961.
- The policy provides a minimum Sum Assured of Rs.1 lakh and a maximum Sum Assured of Rs.5 crore.
- Premiums can be paid at varying frequencies, such as annually, semi-annually, quarterly, and monthly.
Key Features of SBI Life – CSC Saral Sanchay:
- SBI Life – CSC Saral Sanchay is an individual, non-linked non-participating insurance plan that is available to individuals aged between 18 and 60 years of age. The policy can be purchased from an authorised CSC under the Government’s National e-Governance Plan.
- A minimum floor rate of 1% per annum is paid to the policyholder throughout the term of the plan.
- The plan also offers the flexibility to withdraw a part of the policy account from the 6th year onwards, hence providing liquidity to the invested funds.
- The plan provides death benefits and maturity benefits to the insured.
- Premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Tax exemption under Section 10(10D) is also available, subject to the premium not exceeding 10% of the actual capital Sum Assured anytime during the policy term.
- The policy can be purchased with annual, semi-annual, quarterly, and monthly premium payment frequencies.
Key Features of SBI Life – Smart Power Insurance:
- SBI Life – Smart Power Insurance is a non-participating unit-linked insurance plan that takes care of your investments needs, while providing you life insurance. The product is available at an affordable premium and offers a significant amount of flexibility, ensuring that there is a certain level of liquidity available for your investments.
- Customers can choose from two coverage options, i.e., level cover or increasing cover.
- The plan allows the policyholder to advance the Policy Benefit to become the Living Benefit through the insurer’s in-built Accelerated Total and Permanent Disability benefit.
- The policy enables the customer to choose from two fund options, i.e., Trigger Fund Option and Smart Funds Option.
- The plan provides the flexibility of 2 free switches in a single policy year.
- The policy also enables the customer to make partial withdrawals.
- Premiums can be paid at annual, semi-annual, quarterly, and monthly frequencies.
- Policyholders can avail tax benefits under Section 80C and Section 10(10D) for premiums paid towards the policy.
The above plans from SBI were the most sought-after life insurance products in 2016 among insurance-seekers. These have been doing well in the market and are expected to continue the same trend in the new year as well.
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