SBI Life Insurance Company
Highlights of SBI Life Insurance Company
Compare Top Life Plans from SBI Life Insurance Company
eShield Next
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Retire Smart Plus
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Smart Platina Plus
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Features
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Plan variants/options
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Plan customization option
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Whole life cover
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Rider options
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Terminal illness Benefit
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Tax Benefits
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Guaranteed Additions
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Features
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Plan variants/options
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Plan customization option
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Whole life cover
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Rider options
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Terminal illness Benefit
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Tax Benefits
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Guaranteed Additions
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Awards and accolades won by SBI Life Insurance Company Limited
SBI Life is recognized as the #35 Most Valuable Indian Brand by Kantar Brandz in 2023
SBI Life received the ‘Amiable Insurer-Large Category’ award at the ETNow Insurance Summit & Awards 2023
SBI Life Insurance received the ‘Highest Growth’ category award at ASSOCHAM’s 15th Global Insurance Summit & Awards 2023
SBI Life Insurance bagged the Global Performance Excellence Award (GPEA) 2023 under the 'World Class' category
SBI Life bagged an award for the campaign called ‘The Most Ignored Rider’ in the category Best CSR Initiative/Public Awareness at e4m Health & Wellness Marketing Awards 2023
Key Highlights of SBI Life Insurance Company Limited
Let’s have a look at some of the key highlights of SBI Life Insurance:
Features |
Meaning |
|---|---|
Asset Under Management |
Rs. 3,889.2 billion
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Total number of branches |
1,040 office
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Solvency ratio |
2.15 times against regulatory requirement of solvency ratio of 1.50 times
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Features of SBI Life Insurance Company Limited
Features |
Meaning |
|---|---|
Death benefit |
In case of death of the life assured, while the policy is in force, the nominee receives a death benefit which is Higher of fund value or 105% of total premiums received.
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Guaranteed Additions |
One common feature of many SBI Life insurance plans is guaranteed additions that the policyholder receives from the end of the 15th policy year and at the end of every year after that until the end of the policy term.
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Terminal Additions |
Many SBI Life insurance plans offer terminal additions of a certain percentage of the Fund Value at maturity or vesting or on earlier death.
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Pay premiums conveniently |
SBI life insurance customers can choose from multiple premium payment options- Single premium, Regular premium, or for a limited period to make premium payments
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Postpone the vesting age |
Some SBI Life insurance plans allow the option to postpone the vesting age according to the changing requirements of the policyholder with the Deferment Option.
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Maturity benefit |
On completion of the policy term, provided the policy is in force, the policyholder receives the Higher or 101% of total premiums paid.
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Tax benefit |
The policyholder can avail of tax benefits on payment of premiums under Section 80CCC of the Indian Income Tax Act 1961 as per the prevailing Income Tax Laws.
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Exclusions in SBI Life Insurance Company Limited
Below are some common policy exclusions of SBI Life Insurance Policies:
In case of death of the Life Assured due to suicide within the first year of the policy from the date of policy commencement, the nominee of the policyholder shall receive 80% of the total premiums paid
Death due to self-inflicted injuries is not covered under SBI Term insurance plans.
Death due to intoxication of a drug or drug overdose is not covered under most SBI life insurance plans.
If the policyholder is murdered by the nominee for money and the court does not acquit the person, he/she will not get any death benefit
Death due to natural calamities like tsunamis, earthquakes, floods, etc., is not covered under most SBI life insurance policies.
Life insurance plans offered by SBI Life Insurance Company Limited
SBI Life insurance company has a wide array of SBI policies to offer for SBI Life customers to choose from. These policies not just allow financial security but also allow protection against the life of the insured. Policyholders can choose from among the varied plans offered by the insurer as per their needs and requirements. In fact, the cost-effectiveness and suitability of the plans is such that it can be afforded by one and all.
The online plans offered by SBI Life are hassle-free and can be bought easily and directly from the official portal of the insurer. These are budget-friendly plans that allow greater coverage at minimal price. Here are some sbi life insurance policy details of online plans.
| Plan name | Age of entry | Tenure of policy | Min. sum insured |
|---|---|---|---|
| SBI Life eShield Next | Minimum age - 18 years Maximum age - 65 years |
5 years - whole life | INR 50,00,000 |
| SBI Life eWealth Insurance | Minimum age - 5 years Maximum age - 50 years |
10 - 30 years | 10 times of annual premium |
| SBI Life - Smart Platina Plus | Minimum age – 30 days Maximum age - 60 years |
23 - 39 years | INR 5, 50,000 |
| SBI Life - Smart Annuity Plus | Minimum age - 0 years Maximum age - 95 years |
N/A | INR 1000 annuity payout |
| SBI Life - Saral Jeevan Bima | Minimum age - 18 years Maximum age - 65 years |
5/10/15 up to 40 years | INR 5, 00,000 |
| SBI Life - Sampoorna Cancer Suraksha | Minimum age - 6 years for children, 18 years for adults Maximum age - 17 years for children, 65 years for adults |
5 - 30 years | INR 10,00,000 |
| SBI - Life Smart Wealth Builder | Minimum age - 2 years Maximum age - 55 years |
12 - 30 years | 10 times the annual pay |
| SBI Life - Smart Wealth Plus | Minimum age - 0 years Maximum age - 55 years |
10/15/20 and 25 years | 10 times the annual pay |
| SBI Life - Smart Champ Insurance | Minimum age - 21 years Maximum age - 50 years |
8 - 21 years | INR 1,00,000 |
| SBI Life - New Smart Samriddhi | Minimum age - 3 years Maximum age - 50 years |
12 - 15 years | INR 63, 500 |
The saving plans offered by SBI Life Insurance company help in achieving the financial goals of the investor. These plans can be used to buy your dream house, to plan a bright career for your child or to meet any other kind of financial goal etc.
| Plan name | Age of entry | Tenure of policy | Min. sum insured |
| SBI Life Future Choices | Minimum age - 18 years Maximum age - 50 years |
12/15/20/25/30 years | INR 6, 55,000 |
| SBI Life - Shubh Nivesh | Minimum age - 18 years Maximum age - 60 years |
5/10/15/30 years | INR 75,000 |
| SBI Life - Smart Platina Assure | Minimum age - 3 years Maximum age - 60 years |
12 and 15 years | INR 2, 40,000 |
| SBI Life - Smart Bachat | Minimum age - 6 years Maximum age - 50 years |
12/15/20 and 25 years | INR 1,00,000 |
| SBI Life - Smart Humsafar | Minimum age - 18 years Maximum age - 46 years |
10 - 30 years | INR 1, 00,000 |
| SBI Life - Smart Sawdhan Plus | Minimum age - 18 years Maximum age - 65 years |
10 - 30 years | INR 5,00,000 |
| SBI Life - Saral Sawdhan+ | Minimum age - 18 years Maximum age - 55 years |
10 - 15 years | INR 30, 000 |
The term insurance plans presented by SBI insurance policies are designed to secure the future of your family financially. Here, if due to an unfortunate event, the demise of the insured takes place, the policy covers the family well to help them survive comfortably.
| Plan name | Age of entry | Tenure of policy | Min. sum insured |
| SBI Life Arogya Shield | Minimum age - 91 days Maximum age - 18 years |
1/2/3/5/ up to 40 years | INR 1,00,000 |
| SBI Life Smart Shield | Minimum age - 18 years Maximum age - 60 years |
5 to 80 years | INR 25,00,000 |
| SBI Life - Grameen Bima | Minimum age - 18 years Maximum age - 50 years |
5 years | INR 10,000 |
ULIPs are plans known to offer life coverage along with helping the insured to carry on a disciplined savings. These plans allow wealth accumulation while allowing the flexibility of monthly withdrawal facility in a systematic manner.
| Plan name | Age of entry | Tenure of policy | Min. sum insured |
| SBI Life - Smart InsureWealth Plus | Minimum age - 0 days Maximum age - 55 years |
10/15/20/25 years | 10 times of annual premium |
| SBI Life - Saral InsureWealth Plus | Minimum age - 0 years Maximum age - 55 years |
10/15/20/25 years | 10 times of annual premium |
| SBI Life - Smart Wealth Assure | Minimum age - 8 years Maximum age - 60 years |
10- 30 years | 1.25 times of single premium |
| SBI Life - Smart Power Insurance | Minimum age - 18 years Maximum age - 45 years |
10- 30 years | 10 times of annual premium |
| SBI Life - Smart Elite | Minimum age - 18 years Maximum age - 60 years |
10/12/15 to 30 years | 7 times of single premium |
| SBI Life - Smart Privilege | Minimum age - 8 years Maximum age - 55 years |
5/10 to 30 years | 7 times of single premium |
If you are looking for a stable and stress-free life after your retirement, you must invest in the SBI Life retirement plans. These plans allow guaranteed annuity benefits and the security of a comfortable life after retirement.
| Plan name | Age of entry | Tenure of policy | Min. sum insured |
| SBI Life - Saral Retirement Saver | Minimum age - 18 days Maximum age - 65 years |
5/10 - 40 years | INR 1,00,000 |
| SBI Life - Saral Pension | Minimum age - 40 years Maximum age - 80 years |
N/A | INR 1,000 annuity |
| SBI Life - Smart Annuity Plus | Minimum age - 0 years Maximum age - 95 years |
1- 10 years | INR 1,000 annuity |
| SBI Life - Retire Smart Plus | Minimum age - 20 years Maximum age - 60 years |
5/15/20 - 35 years | N/A |
| SBI Life - Retire Smart | Minimum age - 30 years Maximum age - 70 years |
10 - 35 years | N/A |
Buy a SBI Life Child Plan to secure your Child’s future and to fulfil their dreams and aspirations by letting them choose the career they want.
| Plan name | Age of entry (Child) | Tenure of policy | Min. sum insured |
| SBI Life - Smart Champ Insurance | Minimum age - 0 years Maximum age - 13 years Minimum age - 21 years Maximum age - 50 years |
8 - 21 years | INR 1,00,000 |
| SBI Life - Saral Scholar | Minimum age - 40 years Maximum age - 80 years |
8 - 25 years | 1.25 times of single premium |
To allow the best security to your family and to enjoy the benefits of regular income, it is advisable to invest in SBI Life investment plans.
| Plan name | Age of entry (Child) | Tenure of policy | Min. sum insured |
| SBI Life - Smart Money Back Gold | Minimum age - 14 years Maximum age - 55 years |
15/20/25 years | INR 2,00,000 |
| SBI Life - Smart Money Planner | Minimum age - 18 years Maximum age - 60 years |
15/20/25 years | INR 1, 00,000 |
| SBI Life - Smart Income Protect | Minimum age - 11 years Maximum age - 58 years |
7/12/15 years | INR 1, 00,000 |
Eligibility conditions
Minimum entry age |
18 years
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Maximum entry age |
65 years
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Maximum Maturity age |
Whole Life 100 years, rest 85 years
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Term of Policy |
Minimum 5 years, maximum whole life
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Sum Insured |
up to 2 Crore
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Premium Payment Term (in years) |
7 years to 25 years
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Premium Payment Frequency |
Single, Monthly, Half-Yearly and Yearly
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Plan Options |
3 plan options
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How to buy SBI Life Insurance Company Limited?
You can buy the SBI Life Insurance policies online from the official website of the insurer. Also, you can buy them from insurance brokers and other third-party agents etc.
Or visit the Paybima portal and select life insurance from the options available:
Visit the Paybima homepage and click on the ‘Life Insurance’ tab in the dropdown menu.
Fill in your required details and request a callback.
A Paybima representative will help you buy the most suitable plan.
You may also reach us at 1800 267 67 67 from 10 AM to 7 PM, or
You can visit a Paybima branch near you.
What is the Process for Filing a Claim for SBI Life Insurance Plan?
It is very easy and hassle-free to file a claim of SBI Life insurance. It can be done in both online and offline ways. Here are the steps to follow:
Guaranteed Claim Support
When you purchase a life insurance plan through us, we support at every step until your claim is settled.
Start your claim process with us to get our support
Review of SBI Life Insurance Company
SBI Life Insurance achieved a claim settlement ratio of 95.66%, reflecting its commitment to reliable and efficient claim processing​.
As of the end of the financial year 2022-23, SBI Life Insurance had policies worth over Rs. 10,00,000 crores, indicating the trust and extensive coverage it provides to its policyholders.
SBI Life offers a variety of plans that cater to different needs and budgets. The premiums are competitively priced, ensuring affordability without compromising on the quality of coverage.
SBI Life allows policyholders to customize their coverage with optional riders, providing a more comprehensive and tailored insurance solution. These riders enhance the scope of the base policy, offering additional benefits such as critical illness cover, accidental death benefit, and more.
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