• SBI Life Insurance for Senior Citizens

    Reasons for Senior Citizens to go for Life Insurance from SBI Life:

    Senior citizens in India are individuals who have crossed the age of 60 years. Most senior citizens have adult children who are independent and rarely require the support of their parents, financially at least. That nearly negates the need for initiating a new life insurance plan in order to leave behind a corpus for their offspring.

    But, in hindsight, senior citizens might require an active life insurance at any given point of time. Life expectancy in India averages around 60-65 years, with people and/or spouses surviving till 100. A support plan for the future, if not already present, is a great idea to help your better half in case of any unforeseen contingency. In addition to that, some life insurance plans from SBI Life also offer a return of investment in terms of monthly income or lump sum amounts.

    Senior Citizen Life Insurance Plans from SBI Life:

    Plans from SBI Life Insurance aimed at senior citizens offer the flexibility of choosing the tenure and the cover amount and can be easily availed online or offline.

    1. Term Plans:

      Term plans from SBI Life Insurance are the easiest to apply for and can come with options that allow the return of the premium. Term plans are specifically aimed towards creating a corpus for the nominee, in case of the unfortunate demise of the insured

      • SBI Life e-Shield: A pure term insurance plan with low premium amounts and offering an option for senior citizens to avail life insurance and accidental death benefit for the nominee. Additional tax benefits might be applicable.
      • SBI Life Smart Swadhan Plus: A term insurance plan that offers variable payment options and returns the total of the basic premiums as a maturity benefit. Additional tax benefits might be applicable.
    2. Endowment Plans:

      Endowment plans from SBI Life are the next cadre of insurance products from the life insurer. These plans don’t offer the higher amounts of life cover that one receives as per term plans, but there is an added benefit of flexibility in terms of investment that can be done through the options provided. Endowment plans can also add to the initial investment and serve as a wealth multiplier.

      • SBI Life Smart Wealth Assure : A plan that comes with a single premium payment option and invests the premium to provide market linked returns upon maturity or death of insured. The returns could be as high as three times the single premium amount.
      • SBI Life Smart Wealth Builder: An insurance plan that has a single premium payment and offers as high as 1.25 times the premium amount as sum assured. Market-linked returns allow for high growth options for the maturity amount.
      • SBI Life Saral Pension: A life insurance plan that is particularly effective for senior citizens by allowing guaranteed additions throughout the policy term and offers the option to purchase an annuity plan from the maturity proceeds.
      • SBI Life Retire Smart: A life insurance cum pension policy that features many additions to boost the final fund value and offers the maturity benefit or death benefit through a purchase of an annuity plan.
      • SBI Life Annuity Plus: An insurance plan with immediate annuity that can offer 50% or 100% income with Capital Refund to the last survivor after the life cover is terminated.

    How to purchase SBI Life Insurance policies for Senior Citizens :

    The entire range of insurance plans from SBI Life can be reviewed and compared online at BankBazaar. The comparison will include key details like the premium amount to be paid, the sum assured, the maturity benefits, optional riders and details about the funds that premiums might be invested in. All the information will be presented in a concise, tabular format with pictorial references when and where needed.

    Upon deciding on a particular plan, one can fill in details pertaining to the life cover that is desired or the premium amount that one can pay and BankBazaar’s nifty online program will do the rest of the calculation and guide you further to the insurer, aiding you through every step of the process, till you get a policy in your name.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Life Insurance Reviews

  • Page 1 of 25 1 2 3 4 5
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have take life insurance from Sbi life . Am satisfied with the premium amount . This policy covers accidental coverage and critical illness . Every 3 month i had to pay through cheque. They gave the tenure period of 13 years with 55years of policy coverage. Their customer service and response is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 17, 2018
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Good insurance for life"
      0.5 4.0/5 "Great!"
      I have the life insurance policy with the SBI life and I am holding it from the last one year of time. Customer service is good one with them and the response is also good one too. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      With SBI life I hold the life insurance policy . I have got the Life insurance policy for more than 3 years. This policy has the tenure of 12 years. I get on time reminders to pay the premium . The customer support service and the response is excellent with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy from the SBI life. I pay a premium of 1300 per year. The premium gets Auto debited from the account. I never had any issues with the policy and their services. I'll have to wait and see how this policy turns out in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Best Pension Scheme"
      0.5 5.0/5 "Blown Away!"
      I started using this SBI Pension policy 4 years back. Total tenure of the policy is 10 years. I used to pay Rs. 50000 per annum. After 10 years every month i used to receive 5000 from the scheme till end of my life. Death coverage is there. My wife would be be beneficiary.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I"ve a life insuranc epolicy wiht the SBI life. I apy a premium of 1499 per year for a coverage of 10 Lacs coverage. The premium gets auto debited from my account which is pretty much convenient for me. Overall it is a good policy to have and never had any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Anand Life Insurance policy for the past 8 Years. I make Online Payments, being a Govt company the trust factor is there and I'm paying a premium of 20000 per year. I never faced any issues with the policy and its features.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 04, 2018
    • SBI Life Life Insurance
      "Better policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the life insurance policy from the SBI life around 4 years ago. This policy has the tenure of 20 years. The customer support service and the responds is good with the SBI life. The plan benefits and the policy coverage are good with the SBI life insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • SBI Life Life Insurance
      "SBI life insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance from SBI life and the premium amount is 75000 for 20 years. Actually i have taken this life insurance since i have taken a home loan from State bank of India. The customer service and response is good with them.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 17, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I am having a life insurance policy with SBI life from last 3-4 months and it is one of the good policy to use. I am not aware of the maturity period of this policy. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 06, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold the SBI life insurance policy for the past 1 year. The customer support service is good with the SBI and they give good response to the customers. This policy has the tenure of 5years. I pay the premium amount of Rs.10,000 in every year once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 04, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI life from last 2 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay my premium once in 6 months and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The SBI Life give good returns to the customers. The coordination is excellent with the SBI life . This life insurance policy has the tenure of 10years, I pay the premium amount of Rs,30,000 per annum. The plan benefits and the coverage is good with this policy,
      Was this review helpful? 0
      , allahabad
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken accidental policy with SBI Life since 2004. I have received the documents only for the first year and they are deducting some amount but am not receiving any documents. I have paid 100 or 200 rupees yearly, the premium was very low. I am not sure about other benefits.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2018
    • SBI Life Life Insurance
      "SBI life , life insurance"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from SBI LIFE. The total premium amount is 25000. I have to pay the premium for 5 years and after the maturity period i will get the sum assured plus the bonus amount. The premium amount will be directly debited from the salary account.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 15, 2018
    • SBI Life Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a savings plan and I have to pay a premium up to the age of 60 years. If anything is to happen to me my family will get a sum assured and bonus. Else I would get only the sum assured. Like wise there is a sum assured at the age of 100years too.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from SBI Life. The best about this company is that the premium is low and economical. The tenure is till the age of 60 years. After which the beneficiary will get the benefits. The sum assured is also good. I am happy with the benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with SBI Life.The premium amount is 19,000 in a year.The policy coverage is 3-4 lakhs,I have claim experience once they had covered 70 k.The policy is for 15 years.I had closed this policy and I am planning to open a new one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 26, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I have taken a Money back policy with SBI Life from last 20 years and it is a good policy to hold. The tenure of this life insurance policy is 20 years and i get a cash back after every 4 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I get good coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
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