Best 5 SBI Life Insurance Plans in 2017

Life insurance plans provide a financial assistance and in the event of your unfortunate demise during the term of the policy, an amount equal to sum assured is payable to the family. This payout helps your family to meet their immediate and recurring expenses such as children’s education/marriage, re-payment of debts/loans, and other family expenses.

When it comes to choosing life insurance plans, it is essential to buy a policy that provides you an adequate sum assured that can help cater to all the financial needs of the family, even when you are not around. Endowment Plans and Money Back Plans are also the life insurance plans that provide you the dual benefit of accumulation of wealth plus life cover.

In this article, we are mentioning the best top 5 SBI life insurance plans, you can opt for in the year 2017-18.

Here is the Snapshot of SBI Insurance Plans mentioned below.

Plans Age at Entry Age at Maturity Sum Assured Policy Tenure Premium Paying Term
SBI Life Saral Shield Min: 18 years

Max: 60 years

Max: 65 years Min: 7.5 Lacs

Max: 24 Lacs

Min: 5 years

Max: 30 years

Single Pay or Equal to the Policy Tenure
SBI Life eShield Min: 18 years

Max: 60 years

Max: 70 years Min: 20 Lacs

Max: No Limit

Min: 5 years

Max: 30 years

Equal to the Policy Tenure
SBI Life – Smart Money Back Gold Min: 14 years

Max: 55 years

Min: 27 years

Max: 70 years

Min: Rs 75,000

Max: No Limit

Min: 12 years

Max: 25 years

Equal to the Policy Tenure
SBI Life – Smart Humsafar Min: 18 years

Max: 46 years

Max: 65 years Min: 1 Lac

Max: 5 Crores

Min: 10 years

Max: 30 years

Equal to the Policy Tenure
SBI Life – Smart Guaranteed Savings Plan Min: 18 years

Max: 50 years

Max: 65 years Depends on the Premium Amount 15 years (fixed) 7 years (fixed)

 


1) SBI Life – Saral Shield Plan

SBI Life Saral Shield is a a traditional & non-participating pure term life insurance plan that secures the financial future of your family. It is a cost-effective term plan that offers a death benefit to the nominee in case of your death during the term of the policy.

SBI Life Saral Shield

Key Features

  • Financial Security for family
  • 3 plan options to ensure freedom from your liability
  • Convenient and easy issuance
  • Choose riders to enhance protection
  • Enjoy large sum assured rebate
  • Special premium discounts for women
  • Tax benefits under IT Act, 1961

Key Benefits

  • Death Benefit: Death benefit is payable to the nominee, depending on the plan option chosen. You have the flexibility to choose Level Term Assurance, Decreasing Term Assurance (Loan Protection) & Decreasing Term Assurance (Family Income Protection).
  • Maturity Benefit: No benefit is payable on your survival till the end of the policy term.
  • Surrender Benefit: Surrender Benefit is available for single pay policies and it is available from 2nd policy year onwards.
  • Riders: You can opt for available riders including, SBI Life-Accidental Death Benefit Rider and SBI Life- Accidental Total & Permanent Disability Rider.
  • Tax Benefits: You are eligible to receive tax benefits, subject to applicable tax laws.

2) SBI Life – eShield Plan

SBI Life eShield is one of topmost SBI life insurance plans, available with customized options to boost the protection that suits your requirement. It is a non-linked & non-participating pure term plan offering financial security of your family/loved ones, in the event of your demise.

SBI Life eShield

Key Features

  • Financial security for your family at an affordable cost
  • Convenient & seamless online process for getting life cover
  • Wide range of plan options
  • Avail additional benefit of Accidental Death Benefit
  • Rewards for maintaining a healthy lifestyle
  • Tax benefits are available

Key Benefits

  • Death Benefit: Death benefit is available and it is payable, depending on the option chosen. You can opt for Level Cover, Level Cover with Accidental Death Benefit, Increasing Cover & Increasing Cover with Accidental Death Benefit. The benefit payable will also vary, depending on the option chosen.
  • Maturity Benefit: No benefit is payable on your survival till the end of the policy term.
  • Accidental Death Benefit: You can avail additional Accidental Death Benefit under plan options- Level Cover with Accidental Death Benefit and Increasing Cover with Accidental Death Benefit.
  • Tax Benefits: You can enjoy tax benefits, as per the applicable tax laws under the Income Tax Act.

3) SBI Life – Smart Money Back Gold Plan

SBI Life Smart Money Back Gold Plan is a traditional & participating money back plan that provides you the payouts at regular intervals. With regular cash backs, this plan helps you to fulfill various financial obligations. This plan also provides the life cover throughout the policy term that ensures financial security for the family.

SBI Life Smart Money Back Gold

Key Features

  • Money Back options to suit your requirement
  • Fixed cash inflows which help to meet financial obligations
  • Survival benefit payable till maturity
  • Bonuses are payable
  • Enjoy rebates on choosing high sum assured
  • Customize the coverage through riders
  • Take advantage of tax benefits

Key Benefits

  • Death Benefit: Death Benefit payable is higher of 105% of all the premiums paid or sum assured on death plus vested simple reversionary bonuses plus terminal bonus is payable.
  • Survival Benefit: Survival Benefit is payable at regular intervals during the term of the policy. The survival benefit installments are payable as a fixed percentage of Basic Sum Assured at the end of specified intervals within the policy term, depending on the plan option chosen.
  • Maturity Benefit: Maturity Benefit payable is the sum of Final survival benefit installment, Vested Simple Reversionary Bonus & Terminal Bonus.
  • Bonuses: You can avail Simple Reversionary Bonus & Terminal Bonus under this policy.
  • Surrender Value: Surrender Value can be acquired on payment of at least three policy years’ premium.
  • Riders Benefit: Under this policy, you can opt for riders, including SBI Life – Preferred Term Rider, SBI Life – Accidental Death Benefit (ADB) Rider, SBI Life – Accidental Total & Permanent Disability (ATPD) Benefit Rider and SBI Life – Criti Care 13 Non-Linked Rider.
  • Tax Benefits: You can enjoy tax benefits, subject to prevailing tax laws under the Income Tax Act, 1961.

4) SBI Life – Smart Humsafar Plan

SBI Life Smart Humsafar Plan is a non-linked & participating Joint endowment insurance plan that offers the dual benefits of savings and insurance cover for both husband and wife. This plan helps you achieve prosperity along with the financial protection for the family. With this plan, you can fulfill dreams for every stage of your life, such as buying a car/house, children’s education & marriage, etc.

SBI Life – Smart Humsafar

Key Features

  • Joint life insurance plus savings plan
  • Guaranteed minimum bonus is payable
  • Financial protection on death of one or both the lives assured
  • Maturity benefit on survival of one or both the lives assured
  • Premium Waiver benefit on demise of any one of the lives assured
  • Avail bonuses
  • Loan benefit is applicable
  • Choose rider to enhance protection
  • Tax benefits are payable

Key Benefits

  • Death Benefit: Death Benefit (for first life assured) payable is higher of Sum Assured on Death or 105% of the all the premiums paid. All future premiums from the next policy anniversary are then waived off for the surviving life assured. Death Benefit (for second life assured) payable is higher of 105% of the all the premiums paid or Sum Assured on Death plus vested simple reversionary bonuses plus terminal bonus.
  • Maturity Benefit: Maturity Benefit is payable on survival of one or both of the lives assured till maturity. It is Basic Sum Assured plus vested simple reversionary bonuses plus terminal bonus.
  • Bonuses: You can avail Simple Reversionary Bonuses and Terminal Bonus under this policy. Simple Reversionary Bonus during the first three years is guaranteed as at least 2.5% of the basic sum assured.
  • Loan Benefit: Loan Benefit up to 90% of the surrender value can be availed.
  • Surrender Value: Surrender Value is available on payment of all due premium for at least three full policy years.
  • Rider Benefit: Either or both the lives assured have the option to choose SBI Life- Accidental Death Benefit Rider, on payment of applicable rider premium.
  • Tax Benefit: You can avail tax benefits, subject to prevailing tax laws under the IT Act, 1961.

5) SBI Life – Smart Guaranteed Savings Plan

SBI Life Smart Guaranteed Savings Plan is an individual traditional & non-participating savings plan that offers Guaranteed Additions which gives a boost to your savings. A life insurance cover under this policy ensures your family’s financial security, even in your absence. This plan ensures you a peace of mind, as it ensures a boost to your savings along with loads of add-on benefits.

smart guaranteed savings planssmart guaranteed savings plans

Key Features

  • Guaranteed Additions, at the end of each policy year
  • Avail maturity benefits
  • Limited premium payment term to enjoy cover throughout the policy term
  • Financial protection for family
  • Loan benefit is payable
  • Tax benefits are available

Key Benefits

  • Death Benefit: Death Benefit payable is the Sum Assured on Death plus accrued Guaranteed Additions.
  • Maturity Benefit: It is the sum of Basic Sum Assured and accrued Guaranteed Additions. This benefit is payable on survival of the life assured till completion of policy term.
  • Guaranteed Additions: Guaranteed Additions are added at the end of each policy year and payable on death or at maturity.
  • Loan Benefit: The loan benefit is available up to a maximum of 90% of the surrender value.
  • Surrender Value: Surrender Value can be acquired on payment of at least 2 full policy years premiums.
  • Tax Benefits: You can avail tax benefits under section 80C for the premiums paid and the policy proceeds are eligible for tax exemption under section 10(10D) of the Income Tax Act, 1961.

Conclusion

Life insurance plans aim to secure financial protection for the family, in your absence. When you are heading to buy a life insurance plan, it is recommended to buy a plan that ensures a comprehensive protection for your family. You can go for the best SBI life insurance plans such as term plans, endowment or money back plans as discussed in this article.

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

Leave a Reply

Your email address will not be published. Required fields are marked *