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09 Sep 2020

SBI Life Insurance Review

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SBI Life Insurance Company- Background and Overview

SBI Life Insurance Company was established back in March 2001 and is a partnership between State Bank of India and BNP Paribas. It has its headquarters in Mumbai, Maharashtra. It has branches all over the country and offers a comprehensive range of Life Insurance and pension products.
SBI Life has been listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) from 2017.

State Bank Of India offers various types of insurance schemes, from SBI general insurance schemes like Health Insurance, Home Insurance, Motor Insurance, etc. to various SBI life insurance policies. Given below are the elaborate list of various Insurance schemes offered-

SBI General Insurance and SBI Life Insurance policies and schemes

Before dwelling into the various insurance policies and schemes offered by SBI, let us first understand what insurance is.
Insurance is a contractual risk management tool used to protect an insured individual from uncertain risks or contingent losses.
The insurance company promises to compensate for financial losses that arise, in return for a regular premium paid by the insured individual.

Nowadays, insurance does not only serve the purpose of compensating for financial losses, but can also serve the purpose of an investment with a savings element attached to the same.
Given Below are the SBI fixed deposit rates for Indian residents and Non-Resident Indians(NRI)s-

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

SBI General Insurance- Plans and Policies

SBI general insurance offers various schemes and policies for Indians and NRIs such as Health Insurance, Home Insurance, Travel Insurance, Motor Insurance, etc.

SBI Health Insurance plans and policies-

  • Arogya Sanjeevani Policy: Coverage from Rs 100,000 to Rs 500,000, AYUSH coverage, Cumulative Bonus: 5% of SI for each claim-free year, up to 50%.

  • Arogya Premier Policy: Coverage from Rs 10,00,000 to Rs 30,00,000, Cumulative Bonus: 10% of SI for each claim-free year, up to 50%, Tax Deduction: Under Sec 80D.

  • Arogya Plus Policy: Multiple Sum Insured options: INR 1, 2, & 3 Lakhs, IT Exemption: Under Sec 80 D, 142 Day Care expenses covered.

  • Arogya Top Up Policy: Wide coverage: Sum Insured from Rs 1,00,000 to Rs 50,00,000, IT exemption: Under Sec 80D, 142 Daycare expenses.

  • Retail Health Insurance Policy: Wide Coverage – Rs.50,000 to Rs.500,000, IT Exemption: Under Sec 80D, Flexible Plans: Metro Plan, Semi Metro Plan & Rest of India.

  • Critical Illness Insurance Policy: Sum Insured: Up to Rs 50,00,000, IT Exemption: Under Sec 80D, Two plans – 1 and 3 years

  • Hospital Daily Cash Insurance Policy: Daily cash benefit: From Rs.2,000 to Rs 4,000 per day, IT Exemption: Under Sec 80 D, Age of entry: 18 to 65 years.

SBI Life Insurance- Plans and Policies

SBI Life offers numerous policies pertaining to life insurance for individuals, be it from a financial loss coverage perspective or a savings/investment perspective. They cater to Indian residents as well a few to Non-Resident Indians.
They are listed below-

Savings plans-

  • SBI Life Smart Platina Assure: An individual, non-linked, non-participating endowment assurance plan ensuring guaranteed returns with an advantage of premium payment for a limited term. Annual Premium Range Rs. 50,000 onwards, Entry Age- 18 years, Premium payment for 6 or 7 years.

  • SBI Life – Shubh Nivesh: A with-profit endowment assurance plan, providing insurance cover, savings, and income, all under one single plan. Annual Premium Range Rs. 6,000 onwards, Entry Age- 18 years.

  • SBI Life – Smart Bachat: Annual Premium Range Rs. 5,100 onwards, Entry Age- 8 years, Limited premium payment term.

  • SBI Life – Smart Humsafar: Avail the dual benefits of savings and insurance cover under one single policy for both you as well as your spouse. Annual Premium Range Rs. 6,000 onwards, Entry Age- 18 years, Life insurance cover for spouses.


Protection plans-

  • SBI Life - eShield: Provides the advantage of a simple and seamless online process of procuring life insurance. Annual Premium Range of Rs. 2,779 onwards, Entry Age- 18 years, Two Benefit Structures and two Rider Options.

  • SBI Life – Poorna Suraksha: Auto-rebalance Life and Critical Illness cover as you age, for more effective protection, Annual Premium Range Rs. 3,000 to Rs. 9,32,000, Entry Age- 18 years, Term Insurance Plan with Increasing Critical Illness Cover.

  • SBI Life – Sampoorn Cancer Suraksha: Cancer Insurance Policy. Annual Premium Range Rs. 600 onwards, Easy Payout on diagnosis.

  • SBI Life – Smart Shield: Annual Premium Range Rs. 3,000 onwards, Entry Age- 18 years, Plan options to provide relief from liabilities.

  • SBI Life – Saral Shield: This pure term plan extends affordability and simplicity in the journey to dispense financial protection to your family. Annual Premium Range Rs. 2,000 onwards, Entry Age- 18 years, Choice of three plan options.

  • SBI Life – Smart Swadhan Plus: Get guaranteed return of premiums and assurance of protecting your family in the case of in-force policies. Annual Premium Range Rs. 2,300 onwards, Entry Age 18 Years, Protection at reasonable cost.

  • SBI Life – Saral Swadhan+: This term assurance plan offers fixed life cover and return of premiums at the maturity period. Annual Premium Range Rs. 1,500 to 5,000, Entry Age- 18 years, Fixed maturity benefit.

  • SBI Life – Grameen Bima: A pure term, micro-insurance plan which helps provide financial security to an individual’s family at rational costs. Single-Premium Range Rs.300 to 2,000, Entry Age- 18 Years, Option to choose your premium.


Wealth creation and insurance-

  • SBI Life - eWealth Insurance: Helps an individual increase their wealth. One can avail dual benefits of market-linked returns on one’s invested money and the security of life cover. Annual Premium Range Rs.24,000 onwards, Entry Age- 5 years, Two plan options.

  • SBI Life - Smart InsureWealth Plus: You get flexible Systematic Monthly Withdrawals with this plan along with life insurance coverage and wealth creation options. You have the option to choose between three investment strategies and nine diverse funds under the Smart Choice Strategy. Monthly Premium Range Rs. 4,000 onwards, Entry Age- 0 years, Choice of 3 investment strategies

  • SBI Life - Saral InsureWealth Plus: Unit Linked Plan, Monthly Premium Range Rs. 8,000 onwards, Entry Age- 0 years, Choice of 8 different funds.

  • SBI Life – Smart Wealth Builder- avail the benefit of enhanced investment opportunity by investing in one or many investment funds. Annual Premium Range Rs. 30,000 to 3,00,000, Entry Age- 7 Years, Enhanced investment options.

  • SBI Life – Smart Wealth Assure: One can avail of market-linked returns in addition to insurance coverage, with only a payment of a one-time premium. Single-Premium Range Rs. 50,000 onwards, Entry Age, 8 Years, Market-linked returns.

  • SBI Life – Smart Power Insurance: Annual Premium Range Rs. 15,000 onwards, Entry Age- 18 years, Unique ‘Trigger Fund Option’.

  • SBI Life – Smart Elite: allows you to maximize your savings through market-linked returns and features that empower you with greater control in managing your portfolio. Annual Premium Range Rs. 1,50,000 onwards, Entry Age- 18 Years. Wide range of funds.

  • SBI Life – Smart Privilege: Annual Premium Range Rs. 6,00,000 onwards, Entry Age- 8 years, Specially crafted for UHNIs (Ultra High Net-worth Individuals).


Money-back and Income Plans-

  • SBI Life – Smart Money Back Gold: One can make use of the dual benefits of life cover as well as periodic income to meet one’s financial requirements at important points in life. Annual Premium Range Rs. 9,500 onwards, Entry Age- 14 Years, Total survival benefits of 110% of sum assured.

  • SBI Life – Smart Money Planner: Avail dual benefits of regular income and security for your family under the same plan.Annual Premium Range- Based on Sum Assured, Entry Age- 18 years, Regular income during benefit payment period

  • SBI Life – Smart Income Protect: traditional participating savings plan, offers dual benefits of life cover and regular cash inflow over 15 years. Annual Premium Range- Based on Sum Assured, Entry Age- 8 Years, Regular annual income

What can be understood from the above plans and schemes offered pertaining to SBI general insurance policy and SBI life insurance policy is that their target audience is diversified into a wide spectrum of demographics, majorly diversified on the grounds of income and age. Although their insurance policies cater to a wide range of people, it could be fairly complex for an individual to go through the various schemes and decide what fits best. This could be all-the-more harder for NRIs which is where North Loop stands out.

North Loop checks all boxes and fits the bill for a majority of users, be it for Indian Residents or Non-Resident Indians.
For India, North Loop provides insurance policies with low premiums and provides high cover. Sign up procedure is completely online and the account can be set up within a couple of minutes.
In the case of NRIs put up in UAE, North Loop offers health and life insurance schemes with a low premium and high cover option. The process to sign up is completely online and the account gets set up within a couple of minutes. Click here to discover our products and services

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.