SBI Life Insurance - Ten Years Policy
SBI Life Investment Plan are those policies that are offered by the State Bank of India to the individuals, allowing them to experience dual benefits of both insurance and investment. These investment schemes cater to diverse customer needs from those with low-risk appetite to high-risk appetite, by aligning your financial goals with your risk profile.
The best way to protect your family and yourself from unforeseeable events, is to protect yourself with long-term insurance plans that will help your family even in your absence.
Many companies today both private and public offer a variety of life insurance schemes with very attractive benefits as well. These benefits can be from death benefits, and maturity benefits, to survival benefits, from providing you with income tax benefits to offering you many attractive bonuses as well.
A 10-year life insurance policy can help you deal with all of life’s uncertainties and protect you and your family with the financial support that’s required.
SBI Life Insurance - 10 Years Policy offers security, flexibility, reliability, and simplicity:
Individuals who are generally recommended to purchase these plans are individuals who have obligations to families, changes in their lifestyle in days coming soon, and individuals who are about to retire and would like to ensure the family expenses are looked after even after retirement. SBI Life Insurance has many of these products to choose from, to help you think of your and your family's requirements.
Features of SBI Life Insurance - 10 Years Policy
SBI Life Insurance provides its policyholders with a range of features, such as 10 years of coverage, accidental death coverage, and extra benefits. Some of the features of a 10-year life insurance policy offered by SBI Life Insurance are as follows:
- The policyholder may select a maximum 10-year coverage period. It suggests that the policyholder will have coverage for 10 years following the date of the accident in the case of an accidental death.
- In the unfortunate event of the policyholder’s demise, the policy will cover their family. This includes the policyholder's parents, siblings, spouse, and any other dependents.
- SBI Life Insurance policies additionally provide extra benefits like accident medical assistance, accidental death benefits, dispute resolution, etc. You can add these features to your policy as add-on benefits.
Benefits of taking a SBI Life Insurance 10 years policy:
By opting for a SBI Life Insurance 10 year life insurance policy, the policyholder can enjoy benefits to the maximum.
- A longer tenure is provided to policyholders.
- All nominees will receive benefits in case of the untimely death of the policyholder.
- Many companies allow policyholders to apply for loans against their life insurance policies.
- Many companies also allow policyholders to avail tax benefits as per the rules of the Income Tax Act 1961.
- Maturity benefits are provided to the policyholder upon completion of the policy term.
- Some even allow surrender benefits, if they wish to discontinue the policy after 2 years for a 10 year policy term.
- Rebates for large sum assured are offered.
Types of SBI Life Insurance 10 years policy:
SBI Life Insurance has several plans that help individuals protect their future along with their family members. The following are the list of SBI Life Investment Plans:
- SBI Life Smart Money Planner
- SBI CSC Saral Sanchay
- SBI Life Smart Income Protect
- SBI Life Smart Guaranteed Savings Plan
- SBI Life Smart Money Back Gold
- SBI Life Shubh Nivesh
- SBI Life Flexi Smart +
- SBI Life – Smart Women Advantage
- SBI Life – Smart Bachat
Overview of SBI Investment Plans
The following is the details about all the SBI Investment Plans:
SBI Smart Humsafar
Product Details: This is a join life plan which is a non-linked, participating, and individual life insurance savings product issued on the lives of husband and wife, offering various benefits including maturity and death benefits.
Key Highlights:
The following are some of the key highlights of this insurance plan:
o Insurance cover for you and your spouse
o Offers guaranteed minimum bonus at 2.50% of basic sum assured for first three policy years
o Provides death benefits on the death of both lives assured
o Provides maturity benefits if one or both the life assured survives till the end of the policy term
o In case of death of any of the lives assured, then the plan offers benefit of premium waiver
o Policyholders can purchase add-on riders at an affordable price
Eligibility Criteria:
The following is the eligibility criteria to avail this plan:
o Minimum and maximum entry age entry age is 18 years and 46 years, respectively
o Maximum age at maturity is 65 years
o Maximum age difference between the lives assured must be 20 years
o Minimum and maximum amount of basic sum assured are Rs.1 lakh and Rs.5 crore, respectively
o Premium payment term is monthly, quarterly, half-yearly, or yearly
o The minimum premium amount for monthly, quarterly, half-yearly, and yearly premium payment terms are Rs.500, Rs.1,500, Rs.3,000, and Rs.6,000, respectively
SBI Life Smart Money Planner
Product Details: Non-linked, participating life insurance savings product that offers guaranteed cash inflow at regular intervals and life cover. This plan helps in fulfilling financial obligations along with various long-term and short-term financial goals.
Key Highlights:
The following are some of the key highlights of this insurance plan:
o Offers discount on large sum assured
o Ensures regular income throughout the benefit payment period
o Offers limited premium payment option
o Offers growth period along with savings plan
o Offers flexibility of choosing between single or limited premium payment option
o Life cover will be provided throughout the policy term
o Offers death benefit for limited premium option
o Offers survival and maturity benefits to the single premium payment option
Eligibility Criteria:
The following is the eligibility criteria to avail this plan:
o Minimum entry age for Plan 1, 2, 3, and 4 is 18 years
o Maximum entry age for Plans 1,2, 3, and 4 are 60 years, 55 years, 55 years, and 50 years, respectively
o Eligible maturity age during maturity is 75 years
o Minimum and maximum sum assured are Rs.1 lakh and Rs.5 crore, respectively
o Premium payment mode is single, monthly, quarterly, half-yearly, and yearly
o Premium payment years offered are six and 10 years
o Growth period is four and five years
o Benefits payment period is five years and 10 years
SBI CSC Saral Sanchay
Product Details: Non-linked, non-participating, individual variable insurance product that does not offer liquidity during the first five years of the policy. This means that the policyholder will not be able to withdraw any amount whether completely or partially during this period.
Key highlights:
The following are some of the key highlights of this insurance plan:
o Simple and easy enrolment
o Offers guaranteed interest rate of 1.00% which is payable throughout the policy term
o Partial withdrawal from sixth year of the policy term
o Premium allocation charge of 20% from the regular premiums paid will be deducted
o Mortality charge will be deducted at the beginning of each policy month from the IPA
o If regular premiums paid on time, then top-up facility will be provided
o Grace period of 30 days will be provided for all payment mode
o Revival period of two years offered from the date of first unpaid premium
o Offers free-look period of 15 days
o Policyholders cannot avail themselves of loan facility under this plan
o Nomination facility is provided under this plan
Eligibility Criteria:
The following are the eligibility criteria to avail this insurance plan:
o Minimum age while applying for the plan must be 18 years
o Maximum age while applying for the pan must be 60 years
o Maximum age at maturity of the policy should be 70 years
SBI Life Smart Income Protect
Product Details: This non-linked, participating, individual life insurance savings product regular cash inflow during emergency along with life cover. The plan offers guaranteed regular annual payouts for over a period of 15 years after completing the premium payout period of seven years, 12 years, or 15 years.
Key Highlight:
The following are the key highlights of SBI Life Smart Income Protect Plan:
o The plan offers regular income along with insurance cover
o Offers the option to receive maturity benefit in lump sum
o Allows policyholder to select additional riders to customise the plan
o Premium payment term is same as policy term selected, which is seven years, 12 years, or 15 years
o Over a period of 15 years of payout period after maturity, guaranteed annual payout of 112% of basic sum assured will be provided
o At the end of the policy term on maturity, Vested Reversionary bonuses plus Terminal bonus will be paid as lump sum if declared
Eligibility Criteria:
The following are the eligibility criteria to avail this plan:
o The minimum entry age for policy terms of seven years is 11 years, and eight years for 12 years and 15 years
o The maximum entry age for policy terms of seven years, 12 years, and 15 years are 58 years, 53 years, and 50 years
o The minimum and maximum age at maturity are 18 years and 65 years, respectively
o Minimum sum assured is Rs.1 lakh and no maximum limit in sum assured
SBI Life Smart Guaranteed Savings Plan
Product Details: A non-participating traditional Individual Savings Plan that offers insurance coverage along with wealth building benefit by ensuring guaranteed savings through loyalty addition.
Key Highlight:
The following are the key highlights of SBI Life Smart Guaranteed Savings Plan:
o It offers limited premium payment option
o Premium payment term is seven years
o Depending on the instalment premium selected, guaranteed addition will be offered from the end of the first policy year
o The guaranteed addition offered will be calculated on the cumulative premiums paid till date
o The basic sum assured along with the aggregate guaranteed additions will be paid on maturity of the plan to the policyholder
o As per Section 80C, tax benefits can be availed on the premium pai
o As per Section 10(10D) of the Income Tax Act, tax benefits on the claims can also be availed by the policyholder
o Either the basic SA including Guaranteed Additions till date of death or 105% of premium paid (whichever higher) will be paid on the demise of the policyholder
Eligibility Criteria:
The following are the eligibility criteria to avail this plan:
o The minimum and maximum entry age are 18 years and 50 years, respectively
o Maximum age at maturity should be 65 years
o Policy terms is 15 years and premium paying term is seven years
o Minimum and maximum yearly premium amount is Rs.15,000 and Rs.75,000, respectively
o Premium paying frequency is annually
SBI Life Smart Money Back Gold
Product Details: A non-linked, participating, individual life insurance savings product that offers insurance coverage along with cash inflow at a wide range of policy terms. The plan provides Sum Assured on death plus Simple Reversionary Bonus, if declared, to the nominee in case of death of policyholder within the policy term.
Key Highlight:
The following are the key highlights of SBI Life Smart Money Back Gold:
o Offers Three Money Back options
o For higher premium amount the plan provides discounts
o Total survival benefit offered is 110% of sum assured
o Helps achieving your financial goals through regular cash inflow
o The plan offers regular payouts of 15% of sum assured
o Policy Term and payout frequency can be chosen from three options, such as three, four, or five years
o Premium Payment Term offered are Single, Limited Premium Payment, or Regular Premium Payment
Eligibility Criteria:
The following are the eligibility criteria to avail this plan:
o Minimum entry age for the plan is 14 years
o Maximum entry age for regular premium is 45 years, and Limited Premium and Single Premium is 55 years
o Age at maturity is 70 years
o Minimum amount of basic sum assured is Rs.2 lakh and there is no maximum limit of the plan
SBI Life Shubh Nivesh
Product Details: This is a non-linked, participating, individual endowment life insurance savings plan that offers insurance coverage along with savings and regular cash flow benefit. The plan allows the policyholder to keep a portion for their grandchildren or children and ensures that the corpus is protected from market risk.
Key Highlight:
The following are the key highlights of SBI Life Shubh Nivesh:
o Ensures financial security for family apart from building corpus and providing regular income
o Offers add-on rider at a reasonable cost
o Policyholder can avail themselves of whole life insurance as an add-on benefit
o Basic Sum Assured can be availed at regular intervals over a period of five, 10, 15, 20 years
o Under the Endowment with Whole Life Option, the policyholder is provided with additional Basic Sum Assured on death of the life assured after maturity
o Policyholder can select between Single or Regular premium payment
Eligibility Criteria:
The following are the eligibility criteria to avail this plan:
o Minimum entry age of the policy is 18 years
o Maximum entry age for endowment option for regular and single premium are 55 years and 60 years, respectively
o Maximum entry age endowment option with whole life option is 50 years for both regular and single premium
o Maximum age at maturity is 65 years
o Minimum basic sum assured amount is Rs.75,000
o There is no maximum limit for basic sum assured
o Minimum policy term for Endowment option regular and single premium are 10 and five years, respectively
o Minimum policy term for Endowment option with whole life insurance for both regular and single premium is 15 years
o Maximum policy term for endowment term is 30 years
SBI Life Flexi Smart Plus
Product Details: A participating, individual, and variable insurance product that offers security, reliability, liquidity from sixth year, and flexibility. The plan also offers guaranteed benefits with regular bonus interest.
Key Highlight:
The following are the key highlights of SBI Life Flexi Smart Plus:
o For whole term, guaranteed minimum bonus interest offered is 1.00%
o Bonus interest rate will be offered at the end of every financial year
o Chosen sum assured can be either increased or decreased which depends on the policyholder
o During the exit on account at maturity, death or surrender, terminal bonus interest will be credited to your account
o Gold and platinum protection option are available
o Policy term can be increased
Eligibility Criteria:
The following are the eligibility criteria to avail this plan:
o The minimum and maximum entry age are 18 years and 60 years, respectively
o The minimum and maximum age at maturity is 23 years and 65 years, respectively
o The minimum and maximum policy term are five and 30 years, respectively
o The premium paying term is same as policy term
o Premium frequency available are monthly, quarterly, half-yearly, or yearly
SBI Life – Smart Women Advantage
Product Details: A participating Individual Traditional Endowment Plan that offers life coverage, critical illness, and saving benefits along with financial security to the family, reliability, and flexibility of selecting between plans and coverage options.
Key Highlight:
The following are the key highlights of SBI Life – Smart Women Advantage:
o Offers benefit of Additional Pregnancy Complication and Congenital Anomalies (APC&CA)
o Provides two plan options between gold and platinum plans that comes with life cover, savings and female specific critical illness benefit and additionally other critical illness benefit for platinum plan
o Provides Critical illness payout depending on the severity of the plan
o Policyholder can select between Death cover and critical illness cover which one, two, or three times of the basic sum assured
o In the event of Major Stage critical illness, policyholder will be provided with in-built Premium Waiver benefit
o Tax benefits can be availed under Section 80D on premiums paid towards health benefits and under Section 80C under base policy
Eligibility Criteria:
The following are the eligibility criteria to avail this plan:
o The minimum and maximum entry age for the base plan are 18 years and 50 years, respectively
o The minimum and maximum entry age for Additional Pregnancy Complication and Congenital Anomalies (APC&CA) are 18 years and 35 years, respectively
o The maximum age at maturity of base plan is 60 years
o The maximum age at maturity for Additional Pregnancy Complication and Congenital Anomalies (APC&CA) is 45 years
o The minimum and maximum basic sum assured amount are Rs.2 lakh and Rs.10 lakh, respectively
o Policy term is 10 years and 15 years
o The premium paying term is policy term
SBI Life – Smart Bachat
Product Details: A non-linked, participating, individual life insurance savings product that helps in fulfilling financial needs by accumulating savings. Offers limited premium payment options, life coverage with full in-built accident benefits, and premium waiver.
Key Highlight:
The following are the key highlights of SBI Life – Smart Bachat:
o Depending on your insurance needs, customers can select between two plans, such as Endowment Option (Option A) and Endowment Option with in-built AD&TPD Benefit (Option B)
o In case of Total & Permanent Disability due to Accident, premium waiver is available only for Option B
o Life coverage will be provided throughout the policy term
o As per the prevailing norms under Income Tax Act 1961, policyholder can avail themselves of tax benefits
Eligibility Criteria:
The following are the eligibility criteria to avail this plan:
o The minimum entry age for Option A and B are six and 18 years, respectively
o The maximum entry age for both the options are 50 years
o The maximum age at maturity is 65 years
o The minimum basic sum assured amount is Rs.1 lakh and there is no maximum limit
o The minimum premium amount for monthly, quarterly, half-yearly, and yearly premiums are Rs.450, Rs.1,350, Rs.2,600, and Rs.5,100
o The premium paying term are six, seven, 10, and 15 years
Why should you buy SBI Investment Plan?
Here is the reason why you should purchase SBI investment plan:
- It is safe to invest in these plans as it is one of the leading insurance and investment solution providers in India
- Offers a wide range of products, such as savings, insurance cum investment plans, etc.
- Suitable for saving tax deduction on investment plans
- SBI investment plans offers savings cum investment benefits
Applying for SBI Investment Plans
The following are the methods to apply for SBI Investment Plans:
· Online:
Here are the steps to apply for SBI Investment plans online:
o Visit the official website of SBI Life Investment Plans
o Select the investment scheme
o Enter the required details, such as:
§ Contact details
§ Name
§ Date of birth
§ Smoking habits
§ Income
§ Expected life cover
o Depending on the frequency of payment, make the online premium payment
o Make the payment through net banking, debit or credit card, etc.
o Payment confirmation will be sent online after receiving the payment
Intermediaries: The application process will have to be completed offline through intermediaries, such as brokers, banks, agents, etc., for those plans which are not available online.
FAQs on SBI Life Insurance Ten Years Policy
- What is the company’s process to settle claim for SBI Life traditional plans?
Policyholders need to visit the nearest branch of SBI Life Insurance to inform them regarding claim settlement. They need to submit the specified set of documents, which will be verified and on successful verification the claim will be settled. Policyholders can also write to claims@sbilife.co.in for further details regarding the claim settlement procedures.
- What are the modes of premium payment available for SBI Investment Plans?
You can make the premium payment for your SBI Investment plans through 10 ways, such as Nach (National Automated Clearing House); net banking; Credit card through standing instruction; State Bank Group ATMs; Visa Bill Pay.Com Si-Eft (for State Bank And Associate Banks’ Account Holders); Electronic Clearing Service (ECS); Direct Debit; by Post or Courier at SBI branch for direct remittance; Easy Access Mobile Application; through cash at authorized collection centers; and Point Of Sales (Pos) Terminals at selected SBI Life branches.
- How can I check policy status for SBI Life traditional plans?
For registered customers, you need to log into the official website of SBI Life using your credentials, such as ID and password. Then navigate to the policy status option and enter your policy number to check the status online.
- What is the policy cancellation process for SBI Life traditional plans?
To cancel any of the plans under SBI Life, you need to visit the nearest SBI branch. Submit a written application mentioning the reason behind cancellation and provide the required details to process the cancellation of policy.
- What is the policy renewal process for SBI Life traditional plans?
Visit the official website of SBI Life and login using your ID and password. Click on ‘Pay Premium Online’ option and make the premium payment on the payment page to renew the policy automatically.
- Are riders allowed on SBI life insurance policies?
Yes, you can add riders to your SBI Life insurance plans, such as riders for critical illnesses and accidental death benefits.
- Can I use SBI Life plans to insure my children or spouse?
Yes, some plans provide options for joint life insurance or mid-term inclusion, allowing you to insure your spouse or children.
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