SBI Life Insurance, established in October 2000 and registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001, is one of India's most reputable life insurance providers. With its widespread presence throughout the nation and its 970 offices, 18,401 employees, extensive and effective individual agent network of about 161,923 agents, 56 corporate agents, 14 bancassurance partners with more than 40,000 partner branches, 119 brokers, and other insurance marketing companies, SBI Life aims to make insurance affordable for everyone.
SBI life Insurance has won many awards & accolades from various awarding bodies. Let us glance at some of the significant successes in recent history.
- The WCRC's Brand of the Year 2016–17 Award for Insurance was won by SBI Life Insurance.
- The Risk & Insurance Management Society (RIMS), USA, presented the 2018 Enterprise RISK Management (ERM) Award of Distinction to SBI Life Insurance Company.
- The Golden Peacock Award for Risk Management was given to SBI Life Insurance Company Limited in 2018.
- At the 2019 ICC Emerging Asia Insurance Conclave & Awards, SBI Life was named "Best Life Insurance Company."
- At the ET Insurance Summit, held in Mumbai on Friday, November 29, 2019, SBI Life Insurance was named the "SMART Award-Life Insurance in Large Category."
Important Features & Benefits of SBI Life Insurance
One of the best choices you can make is to purchase life insurance policies, especially for your family. Insurance is essential because it will shield your loved ones from harm in the event of an accident or untimely death, allowing you to take care of them. Let us glance at the SBI Life Insurance:
Annual Premium
The company meets the needs of people from all walks of life thanks to its extensive selection of life insurance products. SBI Life Insurance reported an annual premium of INR 50,254.17 Crores in the IRDAI report 2020-21.
Solvency Ratio
According to experts in insurance, a person can determine a company's ability to fulfil its long-term financial obligations by looking at its solvency ratio. SBI Life Insurance Company's solvency ratio for 2020–21 is 2.33.
Claim Settlement Ratio
CSR helps you to understand whether the insurance company will to pay the settlement amount when needed. A company with a good CSR is regarded as the best.
Cost-effective Plans
A person looking for insurance coverage is constantly looking for a good plan that meets their most important needs and, most importantly, fits within their budget. SBI Life provides complete life insurance on payment for a reasonable premium rate. Some plans offer a number of options at a very reasonable price.
Excellent Customer Service
One of the top insurers, SBI Life Insurance, offers plans with reasonable premium costs. The insurer values its customers and provides excellent support. Their customer service team is accessible around-the-clock on their official website and toll-free number. They make it easier for a client to communicate with the insurer and get their questions answered.
Life Insurance Plans Offered by SBI Life Insurance
SBI Life Insurance provides various life insurance plans online. So let's take a look at the classification.
Protection Plans
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SBI Life Saral Jeevan Bima |
Coverage Benefits
- Cost-efficient
- Convenience of Premium Paying Options
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 5 Lakhs - 50 Lakhs
|
SBI Life Poorna Suraksha |
Coverage Benefits
- Comprehensive Plan
- Life-Stage Rebalancing
- Waiver of Premium
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 20 Lakhs - 2.5 Crores
|
SBI Life Sampoorn Cancer Suraksha |
Coverage Benefits
- Comprehensive Cancer Insurance
- Medical Second Opinion
- Tax Benefits
Eligibility Criteria
Entry Age: 6 Years - 65 Years
sum assured: 10 Lakhs - 10 Lakhs
|
SBI Life Smart Shield |
Coverage Benefits
- Rewards for Healthy Lifestyle
- Discount of Large Sum Assured
- Two Plan Options
Eligibility Criteria
Entry Age: 18 Years - 60 Years
sum assured: 25 Lakhs - No Limit
|
SBI Life Corona Rakshak Policy |
Coverage Benefits
- No Medical Examination
- Low Premium
- Multiple Policy Term Options
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 50k - 2.5 Lakhs
|
SBI Life Smart Swadhan Plus |
Coverage Benefits
- Life Cover Benefit
- Maturity Benefit
- Cheap Plan
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 5 Lakhs - No Limit
|
SBI Life Saral Swadhan + |
Coverage Benefits
- Affordable Premium
- Value for Money
- Easy enrollment
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 30K - 4.5 Lakhs
|
sbi life grameen bima |
Coverage Benefits
- Instant Processing
- Easy Enrollment
- Single Premium
Eligibility Criteria
Entry Age: 18 Years - 50 Years
sum assured: 10K - 50K
|
SBI Life Arogya Shield |
Coverage Benefits
- Affordable Premiums
- Additional Discounts
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 5 Lakhs - 2.5 Crores
|
SBI Life eShield Next |
Coverage Benefits
- Terminal Ill Benefit
- Pay Premium as Per Convenience
- Additional Coverage
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 50 Lakhs - 99 Lakhs
Child Plans
|
SBI Life Smart Champ Insurance |
Coverage Benefits
- Guaranteed Smart Benefits
- Triple Protection
- One-Time Premium
Eligibility Criteria
Entry Age: 91 Days - 50 Years
sum assured: 1 Lakh- 1 Crore
|
SBI Life Smart Scholar |
Coverage Benefits
- Dual Protection
- Accident Benefit
- Enhanced Investment Opportunity
Eligibility Criteria
Entry Age: 91 Days - 57 Years
sum assured: Limited Premium up to the policy term: 10 x Annualized Premium
SinglePremium: 1.25 x Single premium
|
SBI Life Saral Jeevan Bima |
Coverage Benefits
- Cost-efficient
- Convenience of Premium Paying Options
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 5 Lakhs - 50 Lakhs
|
SBI Life Poorna Suraksha |
Coverage Benefits
- Comprehensive Plan
- Life-Stage Rebalancing
- Waiver of Premium
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 20 Lakhs - 2.5 Crores
|
SBI Life Sampoorn Cancer Suraksha |
Coverage Benefits
- Comprehensive Cancer Insurance
- Medical Second Opinion
- Tax Benefits
Eligibility Criteria
Entry Age: 6 Years - 65 Years
sum assured: 10 Lakhs - 10 Lakhs
|
SBI Life Smart Shield |
Coverage Benefits
- Rewards for Healthy Lifestyle
- Discount of Large Sum Assured
- Two Plan Options
Eligibility Criteria
Entry Age: 18 Years - 60 Years
sum assured: 25 Lakhs - No Limit
|
SBI Life Corona Rakshak Policy |
Coverage Benefits
- No Medical Examination
- Low Premium
- Multiple Policy Term Options
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 50k - 2.5 Lakhs
|
SBI Life Smart Swadhan Plus |
Coverage Benefits
- Life Cover Benefit
- Maturity Benefit
- Cheap Plan
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 5 Lakhs - No Limit
|
SBI Life Saral Swadhan + |
Coverage Benefits
- Affordable Premium
- Value for Money
- Easy enrollment
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 30K - 4.5 Lakhs
|
sbi life grameen bima |
Coverage Benefits
- Instant Processing
- Easy Enrollment
- Single Premium
Eligibility Criteria
Entry Age: 18 Years - 50 Years
sum assured: 10K - 50K
|
SBI Life Arogya Shield |
Coverage Benefits
- Affordable Premiums
- Additional Discounts
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 5 Lakhs - 2.5 Crores
|
SBI Life eShield Next |
Coverage Benefits
- Terminal Ill Benefit
- Pay Premium as Per Convenience
- Additional Coverage
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 50 Lakhs - 99 Lakhs
Investment Plans
|
SBI Life e Wealth Insurance |
Coverage Benefits
- Twin Benefits
- Hassle-free Investment Management
- Low Premiums
Eligibility Criteria
Entry Age: 5 Years - 50 Years
sum assured: Annualized Premium x 10
|
SBI Life Smart InsureWealth Plus |
Coverage Benefits
- Easy Monthly Insurance
- Smart Choice Strategy
- Return of Mortality Charges
Eligibility Criteria
Entry Age: 30 Days - 65 Years
sum assured: Annualized Premium x 10
|
SBI Life Saral InsureWealth Plus |
Coverage Benefits
- 8 Fund Options
- Systematic Monthly Withdrawal
- Option of Partial Withdrawal
Eligibility Criteria
Entry Age: 30 Days - 55 Years
sum assured: Annualized Premium x 10
|
SBI Life Smart Wealth Builder |
Coverage Benefits
- No Policy Administration fee
- No Premium Allocation Charge
- Enhanced Investment Opportunity
Eligibility Criteria
Entry Age: 2 Years - 55 Years
sum assured: 10 x Annualized Premium
1.5x single Premium
|
SBI Life Smart Wealth Assure |
Coverage Benefits
- Market Linked Returns
- Pay Only Once
- Customization
Eligibility Criteria
Entry Age: 8 Years - 60 Years
sum assured: 1.5x single Premium
|
SBI Life Smart Power Insurance |
Coverage Benefits
- Two Plan Options
- Two Funds Option
- Flexibility
Eligibility Criteria
Entry Age: 18 Years - 45 Years
sum assured: 10 x Annualized Premium
|
SBI Life Smart Elite |
Coverage Benefits
- No Premium Allocation Charges
- Two Protection Options Available
- Market Linked Returns
Eligibility Criteria
Entry Age: 18 Years - 60 Years
sum assured: 7x Annualized Premium
1.25x Single Premium
|
SBI Life Smart Privilege |
Coverage Benefits
- Flexibility of Premium Payment
- Choice of 11 Different Funds
- Loyalty Additions
Eligibility Criteria
Entry Age: 8 Years - 55 Years
sum assured: 7x Annualized Premium
1.25x Single Premium
Savings Plan
|
SBI Life Smart Platina Plus |
Coverage Benefits
- Two Income Plans
- Guaranteed Income Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 30 Days - 60 Years
sum assured: Annualized Premium x 11
|
SBI Life Smart Platina Assure |
Coverage Benefits
- Enjoy Guaranteed Returns
- Option to Pay Monthly or Yearly Premium
- Tax Benefits
Eligibility Criteria
Entry Age: 3 Years - 60 Years
sum assured: Annualized Premium x 10
|
SBI Life New Smart Samriddhi |
Coverage Benefits
- Simple & Swift Processing
- No Medical Examination Required
- Guaranteed Returns
Eligibility Criteria
Entry Age: 3 Years - 50 Years
sum assured: 63.5K - 5.73 Lakhs
|
SBI Life Smart Future Choices |
Coverage Benefits
- Power to Choose
- Money on Demand
- Cash Bonus
Eligibility Criteria
Entry Age: 18 Years - 60 Years
sum assured: 75K - No Limit
|
SBI Life Shubh Nivesh |
Coverage Benefits
- Flexibility
- Choice of Single or Regular Premium
- Additional Basic Sum Assured
Eligibility Criteria
Entry Age: 18 Years - 50 Years
sum assured: 6,50,000 Lakhs - No Limit
|
SBI Life Smart Bachat |
Coverage Benefits
- Premium Waiver
- Two Funds Option
- Flexibility
Eligibility Criteria
Entry Age: 6 Years - 50 Years
sum assured: 1 Lakh - No Limit
|
SBI Life Smart Humsafar |
Coverage Benefits
- Guaranteed Bonus
- Premium Waiver
- Additional Rider Benefit
Eligibility Criteria
Entry Age: 3 Years - 60 Years
sum assured: Annualized Premium x 10
|
SBI Life New Smart Samriddhi |
Coverage Benefits
- Simple & Swift Processing
- No Medical Examination Required
- Guaranteed Returns
Eligibility Criteria
Entry Age: 18 Years - 46 Years
sum assured: 1 Lakh - 5 Crores
Retirement Plans
|
SBI Life Saral Pension |
Coverage Benefits
- Security for Retirement
- Loan Facility
- Surrender Facility
Eligibility Criteria
Entry Age: 40 Years - 80 Years
sum assured:1 Lakh - No Limit
|
SBI Life Retire Smart |
Coverage Benefits
- Enjoy Guaranteed Additions
- Flexibility
- Fund Value Booster
Eligibility Criteria
Entry Age: 30 Years - 70 Years
sum assured: 1 Lakh - No Limit
|
SBI Life Annuity Plus |
Coverage Benefits
- Annuity Options
- NPS Family Income
- Life and Last Survivor 100% Income
Eligibility Criteria
Entry Age: 40 Years - 80 Years
|
SBI Life Saral Retirement Saver |
Coverage Benefits
- Guaranteed Bonus
- Maturity Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 18 Years - 65 Years
sum assured: 7,500 - No Limit
Money Back/ Income Plans
|
SBI Life Smart Money Back Gold |
Coverage Benefits
- Three Money Back Options
- Regular Cash Inflows
- Total Survival Benefit
Eligibility Criteria
Entry Age: 14 Years - 55 Years
sum assured: 2 Lakhs - No Limit
|
SBI Life Smart Money Planner |
Coverage Benefits
- Regular Income
- Discount
- Growth Period
Eligibility Criteria
Entry Age: 18 Years - 60 Years
sum assured: 1 Lakh - 5 Crores
|
SBI Life Smart Income Protect |
Coverage Benefits
- Customization
- Vested Reversionary bonuses
- Maturity Bonus in Lump Sum
Eligibility Criteria
Entry Age: 8 Years - 58 Years
Sum Assured: 1 Lakh - No Limit
What is the SBI Life Insurance Buying Process?
The buying process for Life Insurance Insurance is simple and hassle-free. Let us first look at how to purchase SBI Life Insurance online.
Buy from "RenewBuy"
- Visit the official site of "RenewBuy".
- Select the "Life Insurance Plan" tab.
- Choose the Best Life insurance policy.
- Fill in all the required details.
- Click on "Buy Now".
- Proceed with the payment.
Buy From the Official Website of SBI Life Insurance
- Go to the company's official website.
- Click on the tab “Life Insurance”
- The new page will open, and you must select the best SBI life insurance for yourself
- Fill in the required details.
- Click on “Buy now”
- Make the payment, and your life insurance policy will be sent to the registered email address.
Claim Settlement Process Online
The company offers a claim-to-submit option for your convenience. The steps for filing a claim online are listed below. Look at this:
- Visit SBI Life Insurance's official website.
- Click the "Services for existing clients" tab.
- Select "Claims & Maturity" from the menu.
- You must provide the claim type, insurance number, and date of birth in the claim notification.
After receiving the claim form and any required paperwork, the company will check the information. Post that, you will receive the acceptance or rejection letter by email or text message.
Documents Required for the Claim
In Life insurance policies, the following documents are needed to submit a claim:
- Claim Form
- Original Policy Document
- Death Certificate issued by Local Authority, Original or Attested
- Proof of the insured’s current residence
- evidence of insured’s photo ID
- Form of Direct Credit Mandate (download sign)
SBI Life Insurance Contact Details
If you would like to connect with the company, here are important company information.
Address : M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069
Email : info@sbilife.co.in
Contact : 1800 267 9090
Corporate Office : 022-6191 0000
