SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides comprehensive life insurance covers at competitive prices.
SBI Life Insurance provides Unit Linked Plans, Child Plans, Pension Plans, Term Insurance Plans, Endowment Plans and Group Plans.
SBI Life Insurance plans cater to individuals aged from 18 years up to 65 years. The company offers customized plans for salaried, self-employed, professional and business persons. Some key highlights of SBI Life Insurance Plans are:
- Cover up to Rs 1 crore (at the rate of Rs 18 per day)
- High claim settlement ratio
- Three-way grievance redressal procedure
The top five SBI Life Insurance plans/products in 2016 are:
1. SBI Life – eShield
SBI Life – eShield is an individual, non-linked, non-participating pure term plan with customized benefits for those who want the best financial protection at affordable rates.
This plan also offers security for the entire family at premiums that are affordable. It includes rewards for maintaining a healthy lifestyle.
There’s also an additional cover of Accidental Death Benefit and the minimum age for enrolling in this policy is 18 years and maximum age at maturity is 70 years.
This plan proved really lucrative in 2015 and was one of the best choices amongst insurance seekers. The minimum policy term is 5 years and maximum is 30 years. Also, the basic sum assured is Rs 20,000.
2. SBI Life – Shubh Nivesh
SBI Life – Shubh Nivesh is a non-linked insurance plan with profit endowment assurance along with an option of whole life coverage.
The main purpose of this insurance plan is to provide maximum benefits in the form of savings, income and insurance cover to you and your family.
SBI Life – Shubh Nivesh plan also offers the flexibility to receive the maturity amount as a lump sum or as a regular income for a select period, depending on your needs.
This plan has an additional rider (preferred term rider, accidental death benefit rider and accidental total and permanent disability benefit rider) benefit at an affordable cost and the insured can receive the basic sum assured at regular intervals over a stipulated time period of 5/10/15/20 years.
The basic sum assured in this plan is Rs 75,000 and has an extended life cover up to age of 100 years in case of endowment with whole life plan.
3. SBI Life – Smart Humsafar
SBI Life – Smart Humsafar is a unique plan of the company for married couples to complement their efforts to achieve prosperity along with protection.
It is a joint life non-linked participating endowment plan. It offers multiple benefits of savings and insurance cover for both husband and wife.
SBI Life – Smart Humsafar provides financial protection in the event of death of either or both the lives of the insured. There’s a guaranteed minimum bonus for first 3 years at the rate of 2.50% of the basic sum assured.
Another benefit is the premium waiver in case of death of any of the lives assured for in force policies, and has option for additional rider benefit at affordable price. The basic sum assured in this plan is Rs 1,00,000 and the minimum policy term is 10 years.
4. SBI Life – CSC Saral Sanchay
SBI Life – CSC Saral Sanchay is a joint life, non-linked, participating endowment plan with benefits of savings and life insurance cover.
This plan helps policy seekers to save so as to achieve their future goals and support their family in achieving those goals.
SBI Life – CSC Saral Sanchay offers a guaranteed interest rate of 1.00% pa, which will be applicable throughout the policy term. This plan is suitable for anyone between 18 and 60 years.
It provides the option of partial withdrawals and benefits on death of the life assured or on maturity of the policy.
5. SBI Life – Smart Power
SBI Life – Smart Power insurance plan is a simple, low premium product that caters to the changing needs of the policyholder.
This plan, launched in October 2015, comes with two options – level cover option and increasing cover option.
It has two fund options – Trigger Fund option with an advantage of buying low and selling high, and Smart Funds that has the option to choose from seven funds.
The policy term in this plan are 10, 15 and 30 years and the minimum age group to buy this plan is 18 years and maximum is 45 years with the maximum age of maturity being 65 years.
Curated from Best 5 SBI Life Insurance Plans in 2016