Best 5 SBI Life Insurance Plans in India for 2024-25

What is SBI Life Insurance?

Life insurance – a financial product we cannot afford to take a chance with, for it is the most vital financial asset for any individual. After all, it is what would secure the future of our family and loved ones when we won’t be around to provide for them. It’s only natural that if we want the best for our family, we’d want the best term insurance plan. You can easily count on SBI term insurance for all your family’s future financial needs because SBI is clearly one of the best insurance companies in the country today.

Formed as a joint venture of the State Bank of India (SBI), a public sector bank, and BNP Paribas Cardif, a renowned global name in creditor insurance, SBI Life Insurance offers a variety of products to suit individual needs. In this blog we discuss the 5 best SBI investment plans for 5 years that are worth every penny.

As stated earlier, SBI Life Insurance is the result of a joint partnership between the public sector institution, the SBI, and BNP Paribas Cardiff. The company has earned a name in the insurance market over the years for offering one of the best insurance products that one can think of. Some of them are in the life insurance category, while some are in car insurance. SBI term insurance is definitely the most popular product of the insurance company. Savings and investment plans, child plans, retirement plans for senior citizens, and the like, are equally in demand by the general public.

List of Best SBI Life Insurance 5 Years Plan Details

While SBI has a host of insurance and other financial products in its offering, here are some of its top 5 SBI life insurance plans list that are worth investing in this year. We list here the key features of each plan along with other policy details to help you make an informed purchase.

1. SBI Life – eShield Next (Term Insurance)

SBI Life – eShield Next is a pure term insurance plan designed to provide financial security to your family in case of an unfortunate event. This plan offers multiple coverage options, allowing you to choose the level of protection that best suits your needs. The policy also provides the option to increase coverage at different life stages, ensuring your financial security grows with time.

Key benefits include a high sum assured at affordable premiums, tax benefits under Section 80C and 10(10D), and additional rider options for extra protection. The policy term is flexible, and you can choose between single, limited, or regular premium payment options.

This plan is ideal for individuals who want a simple but effective life cover without any investment component. It ensures that your loved ones are financially secure even in your absence.

2. SBI Life – Smart Swadhan Plus (Term Plan with Return of Premium)

SBI Life – Smart Swadhan Plus is a term insurance plan that not only provides financial protection but also returns the total premium paid at the end of the policy term if no claims are made. This plan is perfect for individuals looking for life insurance with a maturity benefit.

The policy offers a flexible term ranging from 10 to 30 years, and the sum assured remains fixed throughout the policy duration. In case of the policyholder’s death during the term, the nominee receives the sum assured. If the policyholder survives the term, the total premiums paid are refunded.

The plan also provides tax benefits on both premium payments and maturity benefits under Sections 80C and 10(10D) of the Income Tax Act. This is a great option for those who want life cover along with the assurance of getting their money back at the end of the policy term.

3. SBI Life – Smart Platina Plus (Savings Plan)

SBI Life – Smart Platina Plus is a non-linked, non-participating savings plan designed to offer guaranteed returns along with life insurance protection. This plan is suitable for individuals looking to grow their savings while securing their family’s financial future.

It offers guaranteed additions that are accrued at the end of each policy year, ensuring steady financial growth. The policy term ranges from 12 to 25 years, and policyholders can choose between a limited premium payment term of 6 or 7 years.

The plan provides flexibility in premium payment, tax benefits under Section 80C, and a death benefit to protect your family’s future. It is ideal for those who want the dual advantage of life cover and guaranteed savings without market risks.

With SBI Life – Smart Platina Plus, you can systematically plan your long-term financial goals while ensuring financial security for your loved ones.

4. SBI Life – Smart Elite (Unit Linked Insurance Plan - ULIP)

SBI Life – Smart Elite is a Unit Linked Insurance Plan (ULIP) that combines investment with life insurance. This plan is best suited for individuals who want to grow their wealth while ensuring financial security for their family.

The policy offers multiple fund options where you can invest your premiums based on your risk appetite. You have the flexibility to switch between funds to maximize returns. It also provides the option to enhance coverage with additional riders such as accidental death and disability benefits.

In case of the policyholder’s demise, the nominee receives the sum assured or fund value, whichever is higher. If the policyholder survives the term, they receive the total fund value based on market performance.

With a policy term of 5 to 30 years, this plan is ideal for those looking to create long-term wealth while maintaining life insurance protection. Tax benefits are also available under Sections 80C and 10(10D).

5. SBI Life – Smart Champ Insurance (Child Insurance Plan)

SBI Life – Smart Champ Insurance is a child insurance plan designed to secure your child’s future by providing financial support for their education and other important life goals.

The policy covers both the child and the parent, ensuring that the child’s education is not disrupted in case of the parent's unfortunate demise. In such a situation, the future premiums are waived, and the child receives the planned benefits.

The plan provides survival benefits in four equal annual payouts after the child turns 18, ensuring financial assistance for higher education. Additionally, it includes life cover for the parent throughout the policy term, offering complete security.

This policy is a great option for parents who want to systematically save for their child’s future while ensuring financial protection in case of unforeseen events. Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act.

SBI Top 5 Life Insurance Plans with Eligibility Criteria and Plan Type

For a better understanding on the various SBI plans, take a look at the table below that enlists SBI Life Insurance policy details online:

Plan Name	Plan Type	Entry Age	Maximum Maturity Age	Key Features
SBI Life – eShield Next	Term Insurance	18 to 65 years	Up to 85 years	Pure protection plan with multiple coverage options. Riders available for enhanced benefits.
SBI Life – Smart Swadhan Plus	Term Plan with Return of Premium	18 to 65 years	75 years	Life cover with return of premiums at maturity. Flexible policy terms and premium payment options.
SBI Life – Smart Platina Plus	Non-Linked Savings Plan	3 to 60 years	65 years	Guaranteed additions every policy year. Provides life cover along with savings benefits.
SBI Life – Smart Elite	Unit Linked Insurance Plan (ULIP)	18 to 60 years	65 years	Investment and insurance combined. Multiple fund options with the flexibility to switch funds.
SBI Life – Smart Champ Insurance	Child Insurance Plan	Parent: 21 to 50 years, Child: 0 to 13 years	70 years	Financial support for child’s education. Life cover for the parent (life assured) during the policy term.