SBI Life Insurance

SBI Life Insurance

SBI Life Insurance Company Limited is a life insurance company which is a joint venture between the State Bank of India and BNP Paribas Cardiff. State Bank of India is one of the largest banks of India and BNP Paribas Cardiff is the Life and Property & Casualty insurance part of the leading bank BNP Paribas. So, both the stakeholders of SBI Life have sufficient experience of the financial market and are reputed in their segments.

The vision of the company

SBI Life’s vision is to be the most trusted and the most preferred life insurance company in the insurance market. It values trust, ambition, innovation, excellence and dynamism.

The mission of the company

The mission of SBI Life Insurance is to grow to be the leading insurance company in the market which offers a variety of life insurance and pension products to suit customer’s requirements. The company endeavours to fix competitive premiums for its plans and provide customer satisfaction.

Categories of life insurance plans offered by SBI Life Insurance

SBI Life offers life insurance products in three categories which are as follows –

• Individual life insurance plans are those plans that are offered to an individual. The plan has a single sum assured and a single premium and covers the life of a single individual.
• Group plans are life insurance plans which cover a group of individuals. A single policy is issued which covers all the members of a particular group.
• Online plans are those life insurance plans which are offered online. Customers can buy online plans by visiting the website of SBI Life Insurance or through the websites of online insurance aggregators.

Life insurance plans offered by SBI Life Insurance

Under each of the three categories, there are various types of life insurance plans which are offered by the company. These plans include the following –

• Individual plans
  Under individual plans, different types of policies are sold each of which have different benefits. The types of policies sold include the following –
  • Protection Plans – Protection plans are term insurance plans which pay a substantial death benefit if the insured dies during the term of the policy. These plans create financial security and cover the death risk of the insured during the policy tenure. SBI Life offers the following protection plans –
    • SBI Life eShield – This is a term plan which offers two types of coverage benefits and also comes with an inbuilt terminal illness benefit rider
    • SBI Life Poorna Suraksha – This is a combination of term plan and a critical illness plan. The plan offers dual coverage for death risk and critical illness risk. The sum assured is split between these two coverages and the coverage amount changes after each policy year.
    • SBI Life Sampoorn Cancer Suraksha– The plan offers coverage against cancer. It covers all stages of cancer and comes in three variants.
    • SBI Life eIncome Shield – This is a term insurance plan where the death benefit is paid in lump sum and in monthly instalments to take care of the family’s lifestyle expenses
    • SBI Life Smart Shield – A term insurance plan where you can choose coverage for uniform sum assured or increasing sum assured. The plan also allows a range of riders to be added to the base plan for a wider coverage
    • SBI Life Saral Shield – This term plan comes with three coverage options to choose from and also allows the policyholder to pay premiums either at once or regularly throughout the policy tenure
    • SBI Life Saral Swadhan Plus – This is a term plan with return of premium. The policyholder gets a refund of the premiums paid if the insured survives till the maturity of the policy
    • SBI Life Smart Swadhan Plus – This is also a return of premium term plan where 100% of the premium paid is returned to the policyholder if the plan matures and the insured is alive
    • SBI Life Grameen Bima – This is a micro term plan which is meant for individuals living in the rural sector. Premiums are very low and are payable only once for buying the policy.
  • Saving plans – Saving plans are those plans which not only provide life insurance cover but they also pay a guaranteed benefit when the plan matures and the insured survives the plan tenure. Saving plans are, therefore, aimed to create wealth for the policyholder in the form of guaranteed returns. Here are the different savings plans offered by SBI Life Insurance –
    • SBI Life – Smart Samriddhi – This is an endowment insurance plan which pays guaranteed additions of up to 6% of the sum assured. Premiums are affordable and payable for a limited period only.
    • SBI Life Shubh Nivesh – An endowment plan which gives coverage till 100 years of age, SBI Life’s Shubh Nivesh is a savings oriented endowment cum whole life insurance plan
    • SBI Life Smart Bachat – This is an endowment plan which offers two coverage options wherein one option comes with an inbuilt accidental benefit rider for a better scope of coverage
    • SBI Life Flexi Smart Plus – This is a variable endowment assurance plan which also comes in two variants of Gold and Platinum. The policy attracts both guaranteed additions and bonuses thereby enhancing the corpus payable on death or maturity
    • SBI Life CSC Saral Sanchay – This is an endowment plan with low premiums. The plan also allows payment of top-up premiums and allows the facility of partial withdrawals from the sixth policy year
    • SBI Life Smart Woman Advantage – As the name suggests, this is a savings plan meant for women. The plan has two coverage options, comes with an inbuilt coverage for critical illnesses and also allows premium waiver facility if the insured is diagnosed with any major illness.
    • SBI Life Smart Humsafar – This is a joint life endowment plan which covers the husband and wife together in one plan. The plan participates in bonus declarations and waives the premium on the death of either of the partners.
  • Unit-linked plans – Unit-linked insurance plans (ULIPs) are investment oriented insurance plans which give the policyholder the benefit of market-linked returns along with insurance coverage. The premiums under the plan are invested in market-linked funds and the money grows as per the market performance. SBI Life Insurance offers a range of unit-linked plans which are as follows –
    • SBI Life Smart InsureWealth Plus – This unit linked plan comes with three investment strategies and also offers loyalty additions besides market-linked returns. An enhanced corpus is promised under the plan as the mortality charges are also refunded on maturity
    • SBI Life Saral InsureWealth Plus – Under this plan there are eight fund options to choose from and the plan also allows systematic monthly withdrawals from the 11^th policy year
    • SBI Life Smart Wealth Builder – This unit linked plan allows the policyholder to change the sum assured and premium payment frequency from the sixth policy year
    • SBI Life Smart Wealth Assure – This is a single premium payment plan which lets the policyholder invest a lump sum amount to buy the plan
    • SBI Life Smart Power Insurance – This plan allows two fund options and two plan options and also comes with an inbuilt total and permanent disability benefit rider
    • SBI Life Smart Elite – This unit linked plan has two coverage options and allows premiums to be paid regularly or at once
    • SBI Life Smart Privilege – The plan allows eight varied investment funds and offers loyalty additions from the sixth policy year itself
    • SBI Life Saral Maha Anand – This is a simple unit linked plan which can be bought without medical check-ups.
    • SBI Life eWealth Insurance – The plan offers automatic asset allocation through two plan options of Growth and Balanced
  • Child plans – Child plans are insurance plans which are designed to create a secured financial corpus for the child. The plans are offered to individuals who are parents of minor children. There is a premium waiver benefit under the plan which promises continuity of the plan even after the death of the parent so that the child gets the corpus at the targeted date. SBI Life Insurance offers two types of child plans which are as follows –
    • SBI Life Smart Champ Insurance – The plan not only covers death, it also covers total permanent disability. The plan benefits are paid in four equal instalments after the child attains 18 years of age
    • SBI Life Smart Scholar – This is a unit-linked child plan so that the corpus can grow with the market. Loyalty additions are added for enhanced fund value and the premiums are waived if the parent dies
  • Pension plans – Pension plans are retirement-oriented insurance plans which promise to create a retirement corpus for the policyholder. These plans promise annuity payments for the lifetime of the insured so that the lifestyle expenses are taken care of even after retirement. Pension plans offered by the company include the following –
    • SBI Life Saral Pension – This is a participating pension plan which creates a retirement corpus on maturity and also lets the policyholder extend the term of the plan for enhanced savings
    • SBI Life Retire Smart – This is a unit-linked pension plan which promises at least 210% of the annual premium paid on maturity of the plan
    • SBI Life Annuity Plus – This is an immediate annuity plan which pays regular incomes throughout the life of the annuitant.
  • Money back income plans – Money back plans are a type of endowment plan with the difference that they pay the sum assured in instalments during the term of the policy rather than as a lump sum on maturity. Money back plans, therefore, create guaranteed corpus, provide insurance coverage and also provide liquidity in the form of money back payments. SBI Life offers three types of money back plans which are as follows –
    • SBI Life Smart Money Back Gold – The plan pays a guaranteed survival benefit of 110% of the sum assured on maturity and comes with four plan options
    • SBI Life Smart Money Planner – This plan requires limited or single premium payments, come in four variants and pays the sum assured in four equal instalments over the plan tenure
    • SBI Life Smart Income Protect – This is a participating money back plan which enhances the corpus with bonus additions. Once the plan matures, annual incomes are paid expressed as a percentage of the sum assured for 15 years
• Group insurance plans
  Group insurance plans offered by SBI Life also comes in many variants suitable for different types of groups. Such groups and their corresponding plans include the following –
  • Corporate Solutions Plans – These plans are developed for corporates who wish to secure insurance for their employees. The different types of corporate group plans are as follows –
    • SBI Life Kalyan ULIP Plus – This is a unit linked plan which covers employee benefit schemes. Corporates can choose a defined benefits or defined contribution scheme or a mix of both under the plan
    • SBI Life CapAssure Gold – This plan covers insurance and retirement needs of the employees of the organisation
    • SBI Life Gaurav Jeevan – This is a group immediate annuity plan which offers lifetime annuities to the employees of the company after they retire
    • SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana – This insurance plan provides affordable coverage to employees for a sum assured of INR 2 lakhs
    • SBI Life Sampoorn Suraksha – This is a one-year term plan which covers the employees against death during the term of the plan
    • SBI Life Swarna Jeevan – This is a group immediate annuity plan which offers a range of annuity pay-out benefits for the retiring employees of the company
  • Group Loan Protection plans
    Loan protection insurance plans are those plans which take care of the outstanding amount of loan if the borrower faces untimely death. These plans are, usually, chosen by financial institutions which are engaged in lending. They want to secure the repayment of their loans and thus opt for these loan protection plans to cover their borrowers. SBI Life Insurance offers one plan under this category called the Rinn Raksha plan. This plan covers borrowers as well as co-borrowers and comes in two plan options. There is also an additional rider option and the coverage tenure and the premium paying tenure are flexible.
  • Group Micro Insurance Plans
    Microinsurance plans are plans which are designed for the rural population of India. Microinsurance is mandatory for every life insurance company so that the rural population can also get the benefit of insurance cover. SBI Life offers two types of group micro insurance plans which are discussed below –
    • SBI Life Shakti – This is a group term insurance plan which returns 50% of the premiums paid if the plan matures. Premiums are affordable and coverage goes up to INR 2 lakhs
    • SBI Life Grameen Super Suraksha – This is a group term plan which can be bought without any medical tests of the insured members. Coverage is available for five years and premiums can be paid in one lump sum or throughout the policy term.
• Online insurance plans
  Online insurance plans are plans which are available online at the click of a mouse. The plans can be bought through the company’s official website or through websites of online brokers, agents and insurance aggregators. Online insurance plans are extremely easy to purchase and are also issued at the earliest. SBI Life Insurance offers a bouquet of plans through the online medium. Whether the plans are protection plans, ULIPs, savings plans, money back plans or pension plans, there are online plans of every variety.
  Here is the list of online insurance plans and their corresponding categories –

  Name of the plan	Type of plans
  SBI Life eShield	Online term insurance plan
  SBI Life eWealth Insurance	Online unit-linked insurance plan
  SBI Life Annuity Plus	Online immediate annuity pension plan
  SBI Life eIncome Shield	Online term insurance plan
  SBI Life Sampoorn Cancer Suraksha	Online cancer protection plan
  SBI Life Kalyan ULIP	Online corporate employee benefit group plan
  SBI Life CapAssure Gold	Online corporate retirement benefit group plan
  SBI Life Gaurav Jeevan	Online corporate immediate annuity group plan
  SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana	Online corporate affordable group plan
  SBI Life Sampoorn Suraksha	Online one-year renewable group term insurance plan
  SBI Life Swarna Jeevan	Online corporate group immediate annuity plan

Online facilities offered by SBI Life Insurance

Besides the variety of products offered online by SBI Life Insurance, there are other online facilities too which the company offers. These facilities include the following –

• Online premium calculator
  This is the most important and the most useful facility which the insurer offers. Online premium calculators help prospective and existing customers to find out the premium payable for a particular plan. SBI Life’s online premium calculators calculate the premiums of all SBI Life insurance plans. Customers just have to enter their details, the product and the product details and the premiums are calculated in an instant.
• Need Analysis Calculator
  Life insurance policies should be bought depending on individual needs. However, it becomes difficult for individuals to assess and quantify their needs. SBI Life’s need analysis calculator, therefore, helps individuals find out exactly what their financial needs are, the products which would suit such needs and the sum assured which they should select for meeting their individual needs.
• Retirement calculator
  Retirement calculator helps individuals plan for their retirement. When the income stops post-retirement, individuals need a corpus which would give them the financial freedom to live their lives comfortably. The corpus should be inflation adjusted and sufficient for expected expenses after retirement. The retirement calculator helps calculate the funds required after retirement taking into account the years left to retirement and the expected inflation rates.
• Child education planner
  This calculator helps parents calculate the quantum of fund which would be required for their child’s higher education. As inflation is rising, education costs are also increasing and estimating the corpus required for the child’s higher education requires proper calculation. This calculation might be difficult for average customers and so SBI Life’s child education planner helps calculate the expected education costs and the ways to meet such costs.
• Tax calculator
  Life insurance policies help in saving tax. The tax calculator offered by the insurer helps individuals calculate their tax liabilities and also guides them on how they can save tax through various life insurance products.
• Check NAV online
  Unit-linked insurance plans invest the premium in designated funds. Each fund has a Net Asset Value (NAV) which is the value per unit of the fund. The NAV determines the total units bought with the invested premium and it also determines the returns. Increasing NAVs signify positive returns from ULIP investments and vice-versa. Customers who want to check the NAV of any plan’s funds can use this tool to check the latest NAV online.
  These calculators and online facilities help customers choose the right insurance policy for their financial needs and create an ideal financial portfolio.

FAQ’s