Which Of SBI's Life Insurance Plans Are The Best?

SBI Life Insurance, one of the leading insurance firms in India, is a joint venture between the India-based State Bank of India and BNP Paribas Cardif. The insurer offers a varied range of life insurance policies, including savings plans, protection plans, retirement plans, child plans, wealth creation plans, etc. in an effort to meet the needs of their customers. The insurer also offers Cancer Care Insurance and online plans that can be purchased directly on the insurer’s website. 

Best SBI Life Insurance Plans 

1. SBI Life – Smart Humsafar Plan

The Smart Humsafar Plan from SBI Life is a participating, non-linked, endowment plan. This is a joint life insurance plan, wherein the policyholder can choose to extend the policy’s coverage to their spouse. Key Features of the SBI Life – Smart Humsafar Plan are: 

• The insurer offers a guaranteed minimum bonus for the first three policy years at the rate of 2.5% of the sum assured amount.
• In case any one of the policyholders succumb to an untimely death, future premiums will be waived off.
• Policy buyers can buy the SBI Life – Accidental Death Benefit (ADB) Rider if they wish to customise their plan.
• The policy provides a death benefit/maturity benefit to the policyholder/nominee, based on the eventuality.
• Policyholders can avail a loan against this policy after the policy acquires a surrender value.
• Policyholders can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

2. SBI Life – eShield Plan

The eShield Plan from SBI Life is a non-linked, individual, non-participating, pure term insurance plan that can be purchased in a hassle-free manner from the insurer’s website. Key Features of the SBI Life – eShield Plan are: 

• The plan provides a risk cover against death. In the event of the policyholder’s death, the insurer will pay the death benefit to the nominee.
• The policy is offered at an affordable rate, with the minimum premium amount coming up to Rs.3,500.
• The plan comes with 4 plan options – Level Cover, Level Cover with Accidental Death Benefit, Increasing
• Cover, and Increasing Cover with Accidental Death Benefit.
• The insurer offers special rewards to policyholders for maintaining a healthy lifestyle.
• Premiums towards this policy have to be paid on an annual basis.
• You can save on tax deductions for premiums paid and benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

3. SBI Life – Smart Money Planner Plan

The Smart Money Planner Plan from SBI Life is a non-linked, individual, with-profit, endowment, assurance plan that comes with four different plan options which the policy buyer can choose from. Key Features of the SBI Life – Smart Money Planner Plan are: 

• The policy provides a regular source of income throughout the benefit payment period.
• The insurer offers rebates to policyholders who opt for a high sum assured.
• Policyholders can choose between paying their premium as a one-time amount or for a limited portion of the policy tenure.
• The policy provides a life cover to the policyholder during the Benefit Payment Period, Growth Period, and the Premium Payment Period.
• The policyholder is also entitled to receive bonuses as part of this policy.
• Policyholders are entitled to receive tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, thus helping them save more.

4. SBI Life – Smart Power Plan

The Smart Power Plan from SBI Life is a non-participating, unit linked insurance policy that provides policy buyers a life cover and the option to invest in funds, as per their appetite for risk. Key Features of the SBI Life – Smart Power Plan are: 

• At the end of the policy tenure, the insurer will pay the fund value as the maturity benefit.
• This policy comes with a built-in Accelerated Total and Permanent Disability (TPD) Benefit.
• The minimum premium amount is Rs.2,000, which is payable on a monthly basis.
• The policyholder can make partial withdrawals starting from the 6th year of the policy tenure.
• Policyholders are given the option of increasing their plan cover.
• Policyholders can claim income tax rebates for premiums paid and benefits received, under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

5. SBI Life – CSC Saral Sanchay Plan

The CSC Saral Sanchay at SBI Life is an individual, non-participating, non-linked, variable insurance plan that is designed to help policy buyers achieve their financial goals. Key Features of the SBI Life – CSC Saral Sanchay Plan are: 

• The insurer offers a guaranteed interest rate of 1% p.a., which is payable throughout the duration of the policy tenure.
• Post the 6th policy year, policyholders can make partial withdrawals in order to meet their liquidity needs.
• In the event of the policyholder’s death, the nominee is paid the death sum assured by the insurer.
• After the completion of the policy tenure, a maturity benefit will be paid to the policyholder.
• Policyholders cannot avail a loan against this policy.
• Customers can avail tax benefits under Section 80C and Section 10(10D) when they purchase this policy.

Conclusion

SBI Life Insurance is now among the top life insurance providers in India. It is the largest private life insurer and was the 1st private life insurance company to become profitable. The huge customer base and the reach of its banking channel are the advantages which SBI enjoys over the other insurance companies. It has a wide array of life insurance products to adequately cater to the Indian consumer.

Also read - Is It Possible To Change The Nominees On My Term Insurance Policy?