Life insurance plans serve as a financial backup for your family and in the event of your unfortunate demise during the term of the policy, an amount equal to the Sum Assured (life cover) 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. In this blog, we focus on the best 5 SBI life insurance plans, you can choose in the FY 2019-20.
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. You can choose SBI life insurance plans to meet you & your family’s financial goals such as Term insurance plans offering pure life cover. Endowment Plans and Money Back Plans are also life insurance plans that provide you the dual benefit of accumulation of wealth plus life cover.
Table Content
- Top SBI Life Insurance Plans in 2019-20
- 1. SBI Life – Saral Shield Plan
- Key Features
- Key Benefits
- 2. SBI Life – eShield Plan
- Key Features
- Key Benefits
- 3. SBI Life – Smart Money Back Gold Plan
- Key Features
- Key Benefits
- 4. SBI Life – Smart Humsafar Plan
- Key Features
- Key Benefits
- 5. SBI Life – Smart Guaranteed Savings Plan
- Key Features
- Key Benefits
- Conclusion
- Related posts:
Top SBI Life Insurance Plans in 2019-20
| 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 pure term insurance plan that secures the financial future of your family, in the event of your demise during the policy term. It is a cost-effective term plan that offers a death benefit to the nominee.
Key Features
- Financial cover for family
- 3 plan options to choose from
- Choose riders to enhance protection
- Enjoy a large sum assured rebate
- Special premium discounts for women
- Tax benefits under IT Act, 1961
Key Benefits
- Death Benefit: The death cover amount is payable to the nominee, as per the plan option is chosen. You can choose from Level Term Assurance or Decreasing Term Assurance.
- Surrender Benefit: Surrender Benefit is available for single pay policies and it is available from the 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, as per the prevailing tax laws.
2. SBI Life – eShield Plan
SBI Life eShield is one of the topmost life insurance plans available with customized options to boost the protection that suits your requirements. It is a pure term plan offering financial security to your family & loved ones, in the event of your demise.
Key Features
- Financial security for your family
- Wide range of plan options
- Avail additional benefit of Accidental Death Benefit
- Hassle-free process for getting life cover
- Premium discounts for maintaining a healthy lifestyle
- Tax benefits are available
Key Benefits
- Death Benefit: Death benefit is payable to the nominee, depending on the option chosen.
- Accidental Death Benefit: You can avail of additional Accidental Death Benefit under 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 life cover throughout the policy term that ensures financial security for the family.
Key Features
- Money-Back options to suit your requirement
- Fixed cash inflows help to meet financial obligations
- Survival benefit payable till maturity
- Bonuses are payable
- Enjoy rebates on choosing the 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: 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: Sum of Final survival benefit installment, Vested Simple Reversionary Bonus & Terminal Bonus.
- Bonuses: You can avail of 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 choose for various riders to enhance the coverage.
- 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 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.
Key Features
- Joint life insurance plus savings plan
- Guaranteed minimum bonus is payable
- Financial protection on the death of one or both the lives assured
- Maturity benefit the survival of one or both the lives assured
- Premium Waiver benefit on the 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 all the premiums paid.
- Maturity Benefit: Maturity Benefit is the Basic Sum Assured plus vested simple reversionary bonuses plus terminal bonus.
- Bonuses: You can avail of Simple Reversionary Bonuses and Terminal Bonus under this policy.
- 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 premiums 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 of tax benefits as per income tax laws under the IT Act.
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 peace of mind, resulting in a boost to your savings along with loads of add-on benefits.
Key Features
- Guaranteed Additions, at the end of each policy year
- Avail maturity benefits
- Limited premium payment term to enjoy life cover
- 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, payable on the survival of the life assured at maturity of the 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 is available on payment of at least 2 full policy years premiums.
- Tax Benefits: You can avail of tax benefits under sections 80C & 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 seeking to buy a life insurance plan, you are thereby advised to buy a plan that ensures comprehensive protection for your family. You can go for the best SBI life insurance plans such as term plans, endowment, money back plans, or plans to meet your & your family’s goals.