Uncertainty revolves around us. An unfortunate event can knock your door anytime, anywhere. In such cases, it is always beneficial to be covered under life insurance. When we talk about life insurance plans in India, this one surely makes the room in everyone’s answers- State Bank of India Life Insurance. SBI Life Insurance has been ruling the charts when it comes to life insurance. This Company is a collaboration of the State Bank of India and BNP Paribas Cardif.
So, let us take a look at some of the best life insurance plans SBI offers the country today.
SBI Life Insurance Plans 2018
1. SBI eShield Life Insurance Plan
eShield, like the name implies, is an online life insurance plan. One of the best insurance plans in 2018, it has two kinds of benefit structures; level cover and increasing cover. This plan can be opted by anyone directly through the company’s website, over the age of 18 years and below the age of 60 for the increasing cover and 65 for the level cover.
SBI allows flexibility in premium payments and offers an additional cover for Accidental Death Benefit. This plan offers discount on premiums for leading a healthy lifestyle i.e. for non-smokers.
2. SBI Life Smart Humsafar Plan
Get yourself as well as your spouse secured with this insurance plan. The Humsafar plan is a joint life insurance plan that covers both the husband and the wife under the same policy. The couple would be getting into a traditional joint Life Endowment Assurance Plan which offers benefits such as waiving off the premium in case of the death of one of them.
Premiums can be paid annually, semi-annually, quarterly, and monthly and in case of one or both deaths, the assured sum will be paid to the designated signatory. A special inbuilt premium waiver rider helps waive off future premiums if one of the two people die during the plan term.
3. SBI Life CSC Saral Sanchay Plan
This is a traditional, non-participating Endowment Assurance Plan. This plan also serves as a great investment as it provides twin benefits of savings along with insurance. So, get secured under this plan to enjoy the fruits during your lifetime and provide for your family in case of your death. However, there is a lock-in period of 5 years in which you cannot withdraw the investment.
4. SBI Life Smart Money Planner
The Smart Money Planner makes sure you have your money invested in the right place with the 4 plan options it has to offer. The 4 plans differ in the premium payment period, growth period, benefit payment period, and policy term. The plan basically provides you with regular pay-outs of the sum assured along with the regular death and maturity benefits.
5. SBI Life Smart Power
The Smart Power is a non-participating unit linked insurance plan with a lock-in period of 5 years in which you are prohibited to withdraw the money both fully and partially. You can choose from their two fund options; Trigger Fund and Smart Funds. Whilst the former allows you to buy low and sell high, the latter lets you browse through 7 different funds to choose the one that suits you best. You even have access to an in-built Accelerated Total and Permanent Disability (TPD) Benefit that pays you 100% of the Death Benefit right away.
Benefits of SBI Life Insurance
SBI Life Insurance Company is undoubtedly one of the best insurance companies in the country and here are a few facts to prove the same:
- SBI Life Insurance Company is a joint venture between India’s largest bank, in terms of deposits, advances, and number of branches.
SBI Life Insurance Company has a strongest network of around 80,000 insurance advisors for your insurance needs.
- SBI Life Insurance is also India’s largest private life insurer in terms of new business premium (NBP) and was recognized amongst the Most Trusted Brands by The Economic Times Brand Equity – Nielsen survey in 2017 for the sixth consecutive year.
- SBI Life Insurance’s prestigious insurance policies are customizable for salaried, self-employed, professional, and business persons.
- Some of SBI Life’s plans such as the eShield plan can be opted directly through the website, which makes the process much faster and much more convenient.
So, in case you are wondering on which insurance plan to go for, you must take SBI Life Insurance into consideration and evaluate all the options it has. You may even discuss the plans with a few top insurance agents before you make your final decision.