SBI term insurance plans are the most sought after and prominent choices in the country. The protection plans by SBI Life are designed to offer financial security and relief to the family members of the policyholder in case of unforeseen and unfortunate events.
SBI Life Insurance Company Overview:
SBI Life Insurance Company laid its foundation stone in the year 2001 and is a joint venture of BNP Paribas Cardif and the State Bank of India.
Both of these are prominent service providers in the financial sphere of the country. SBI Life Insurance is the largest state-owned banking and financial services company in India. In addition, BNP Paribas is a French multinational bank and a financial services company with its headquarters in Paris.
While SBI Life holds about 74% of the total capital, BNP Paribas Cardif holds about 26%.
Together they have successfully transformed the insurance sphere in India by becoming one of the significant players in the insurance sector as on date.
The products offered by SBI Life Insurance Company are versatile enough to cater to the needs of every Indian and come loaded with expertise and reliability of the State Bank of India.
|Claims paid till date|
Over Rs. 66,000 Crore
|No. of Policyholders|
More than 2 Crore
|Claim Settlement Ratio|
2.04 (for the end of Quarter March 2017)
|Grievances Solved Percentage|
|Group Death Claims||98.95 percent|
|Claims Rejected Percentage||0.85 percent|
|Number of Branches across India||837|
SBI Term Insurance Plans
SBI life provides nine Term Insurance plans, which offer tax benefits alongside insurance. SBI term plan is available online as well as offline. One can avail these plans from various marketing channels including bancassurance channel, brokers, agents, etc.
Given below are the SBI Term Insurance plans offered by the company:
|Plan||Policy Term||Entry Age (Min – Max)||Maturity Age||Sum Assured (Min – Max)|
|SBI Life – eShield||5-30 years||18 – 65 years (level cover)|
60 years (increasing cover)
|75 years (level cover)|
70 years (increasing cover)
|Rs. 35 Lakh – No limit|
|SBI Life – Saral Shield||5-30 years (depending on undertaking)||18 – 60 years||65 years||Rs. 7.5 Lakh – Rs. 24 Lakh|
|SBI Life – Smart Shield||5-30 years||18 – 60 years||65 years||Rs. 25 Lakh (in multiples of 1 Lakh) – No limit|
|SBI Life – eIncome Shield||10-35 years||18 – 50 years||60 years|
|SBI Life – Smart Swadhan Plus||10-30 years||18 – 65 years||75 years||Rs. 5 Lakh – No limit|
|SBI Life – Saral Swadhan Plus||10/15 years||18 – 65 years||75 years||Rs. 5 Lakh – No limit|
|SBI Life Grameen Bima||5 years||18 – 50 years||N/A||Rs. 10,000 – Rs. 50,000^|
|SBI Life – Sampoorna Cancer Surakha||5-30 years||6 – 17 years (child)|
18 – 65 years (adult)
|75 years||Rs. 10 Lakh – Rs. 50 Lakh|
|SBI Life – Poorna Suraksha||10/15/20/25/30 years||18 – 65 years||75 years||Rs. 20 Lakh – Rs. 2.5 Crore|
SBI Life – eShield:
- SBI life eShield is an individual, non-participating, non-linked online pure term insurance policy by SBI Life.
- This policy offers high insurance coverage at an affordable rate of premium.
- The policy term of SBI life term plan is 18 to 65 years
- SBI term insurance eligibility: 5 to 30 years
SBI Life – Saral Shield:
- SBI Life term plan – Saral Shield is a non-participating traditional pure term plan.
- It enables the insured to create a large financial corpus in exchange for small premiums.
- Policy Term: 5 to 30 years
- Eligibility: 18 to 60 years
SBI Life – eIncome Shield:
- This is a non-participating, online traditional, income protection/pure term life insurance plan.
- It offers the security of monthly income for the dependents of the insured.
- The policy term of SBI term insurance ranges between 10 and 35 years
- SBI life term insurance – eIncome Shield eligibility: 18 to 50 years
SBI Life – Smart Shield:
- This is a non-participating traditional term insurance scheme
- SBI term plan comes with regular and singular pay options.
- The policy term of this plan ranges between 5 and 30 years.
- SBI Life term plan- Smart Shield eligibility: 18-60 years
SBI Life – Smart Swadhan Plus:
- This is a non-participating, non-linked individual term assurance plan with return of premium.
- It gives guaranteed returns of premiums.
- The policy term of SBI life term insurance is 10 to 30 years
- SBI Life term plan – Smart Swadhan Plus eligibility: 18 to 55 years
SBI Life – Saral Swadhan Plus:
- This plan is non-participating, non-linked term plan with returns on premiums.
- These premiums are returned after the policy is matured.
- Hence, the SBI life term insurance – Saral Swadhan Plus offers protection of the invested capital and provides a comprehensive cover at an affordable price.
- SBI term insurance eligibility: 18 to 55 years
SBI Life Grameen Bima:
- SBI term plan is a pure term, individual, micro-insurance plan.
- This scheme is designed to offer insurance cover to the backward masses of the society at very low premium rates.
- The policy term SBI term insurance is 5 years
- SBI life term insurance – Grameen Bima eligibility: 18 to 50 years
SBI Life – Sampoorna Cancer Suraksha:
- This is a non-participating, individual and non-linked plan.
- It is a regular premium payment insurance product.
- The policy term of SBI term plan ranges from five to thirty years.
- The eligibility criteria: Adult – 18 to 65 years, child – 7 to 17 years
SBI Life – Poorna Suraksha:
- SBI Life term plan – Poorna Suraksha is a non-linked term plan by SBI Life with an inbuilt critical illness cover.
- The Poorna Suraksha covers 36 critical illnesses.
- The term of this policy is 10, 15, 20, 25 and 30 years.
- Eligibility: 18-65 years
SBI Term Insurance Plans: Features and Benefits
Other than attractive premium rates for excellent covers, SBI Term Insurance Policies also offer the following benefits.
SBI Life Term Plan offers the convenience of buying policies online to its customers. This saves the consumers the hassle of offline purchase and they can purchase policies from the comfort of their home.
Upon maturity of the policy, policyholders of SBI Life Term Plan also receive maturity benefit.
In the case of a single premium policy, SBI Term Insurance also offers Surrender benefits to the customers.
SBI Life Insurance Plans offers tax benefits to policyholders under section 80C of the Income Tax Act, 1961, making their policies a great place to invest.
Riders of SBI Life Insurance:
SBI Life Insurance comes with various riders. They are:
SBI Life – Accidental Death Benefit Linked Rider:
If the policyholder dies due to an accident, the sum assured along with the basic term insured will be paid to the nominated beneficiary. The maximum rider benefit is Rs. 50 Lakh and the minimum is Rs. 25,000.
SBI Life – Accidental Death Benefit Rider:
If the insured dies due to an accident, the basic term assured along with the sum assured is paid to the nominated beneficiary. The maximum rider benefit is Rs. 50 Lakh and the minimum is Rs. 25,000.
SBI Life – Critical Illness Non-Linked Benefit Rider:
Thirteen major critical ailments, including Cancer, Kidney Failure, Major Burns, First Heart Attack of mentioned severity, Open Chest CABG, Major Organ Transplant, Paralysis etc. are covered under this rider. The maximum rider benefit is Rs. 5 Lakh and the minimum is Rs. 25,000.
SBI Life – Accidental Permanent and Total Disability Rider:
If the policyholder faces disability due to an accident, the nominated beneficiary will get the sum assured along with the basic term insured. The maximum rider benefit is Rs. 50 Lakh and the minimum is Rs. 25,000.
SBI Life – Preferred Term Rider:
The death of the policyholder is covered under this rider. Preferred Term Rider by SBI Life is an add-on life cover to the insured’s base cover. The maximum rider benefit is Rs. 50 Lakh and the minimum is Rs. 25, 000.
Exclusions of SBI Term Insurance:
Although SBI term insurance policy covers its policyholder for various unforeseen events, there are several exclusions of this term life plan. They are:
Exclusions for Accidental Death Benefits:
Demise caused due to the following circumstances:
- Drug Abuse
- Criminal Acts
- Self-inflicted injury
- A Civil commotion or war
If the policyholder commits suicide within a year from the issue or reinstatement date of the SBI term insurance policy, the nominated beneficiary is entitled to 80 percent of the total paid premiums, subject to the policy is in force.
SBI Life Insurance – Claim Process:
State Bank of India promises to offer the benefits at the earliest to the nominated beneficiary and within the set timelines that are laid down by the IRDA of India.
The claim process of SBI Term Insurance plan is as follows:
Intimation of Claim:
- The nominated beneficiary has to intimate the insurer by filing an online claim form.
- The beneficiary has to send this form to SBI Life Insurance office located in Navi Mumbai.
- Inform the insurance provider, i.e. SBI Life on the toll-free number – 1800-22-9090
- The claimant can also intimate the insurer by sending an email at firstname.lastname@example.org[dot]in
Assessment of Claims:
The insurer will assess the claim documents, once the necessary documents are received. The insurance provider will also assess the information given by the proposal in the form.
Approval Process of Claim:
The nominated beneficiary will get a sum insured on the approval of the Claim Acceptance. The nominee can get hold of the officials any time of claim procedure at email@example.com[dot]in.
List of Mandatory Claim Documents:
- Properly filled the Claim form
- Nominated beneficiary’s proof of address.
- Original Copy of the Policy Document
- Nominated beneficiary’s proof of identity
- Nominee’s Bank Statement/Bank Pass Book/Cancelled Cheque
- Death Certificate of the insured (issued by the local authority) – original or attested by Government Officer
Apart from the aforementioned documents, the claimant has to present the following documents under different scenario:
- Proof of address and photo ID of the nominated beneficiary
- A Statement issued by the Physician
- Hospital records or other treatment records
- FIR/Police report in event of the unnatural demise
- Chemical Viscera and post-mortem report (if performed)
SBI Life Insurance – Claim Settlement Ratio:
SBI Life being one of the prominent life insurance providers in India holds one of the best Claim Settlement Ratios in the insurance sector. The CSR for the financial year 2016-17 is as follows:
|Claims Received||Claims Approved||CSR|
SBI Life Insurance – Interesting Facts:
- State Bank Group features hold a position in the Fortune Global 500 list of the biggest corporations in the world.
- The Agency Channels of SBI Life Insurance Company comprises of more than 80,000 Insurance Advisors.
- It has a unique multi-distribution model, which includes retail agency, bancassurance, institutional alliance, etc.
- SBI was awarded as the “Life Insurance Company of the Year” in the year 2016.
How to Check SBI Life Insurance Policy Status?
An insured can check the status of their SBI Life Insurance Policy via SMS or Online.
In order to check the policy status via SMS, the policyholder has to send an SMS stating:
POLSTATUS<Policy Number> and send it to 9250001848 or 56161
If the insured wants to check the policy status of SBI Term Life Plan online, he/she can follow the steps below:
- Login to SBI Life e-portal with the respective credentials, i.e. Login ID and Password.
- Hit the ‘View Policy’ tab.
- Choose the policy number.
- The SBI Policy status will be displayed on the screen with relevant details like premium amount, renewal date, etc.
SBI Term Insurance – FAQ’s
Q1. How to make payment of premiums for the SBI term insurance plans?
A1.There are 10 modes of premium payment available, which let you, pay the SBI Term Insurance premium. These are listed below:
- Direct remittance at the branch of SBI Life by post or courier
- Mandate – Electronic Clearing Service (ECS)
- Direct debit
- Standing instructions on the credit card
- Online payments
- Through the State Bank Group ATMs
- Payment via VisaBillPay.com
- Paying the premium online through the official website of SBI Life
- SI-EFT for the account holders of the State Bank and its associate banks
- Payment via Point of Sale (POS) channels at the selected SBI Life branches
- Payment via easy access mobile application
- Payment of premium in cash at the authorized collection centers
- NACH (National Automated Clearing House)
NACH is a recently launched service, which works on the same principle as the ECS’s that requires filling a form and registering before you avail the facility.
Q2.How to check the policy status of the SBI term insurance plan?
A2. To check the status of your SBI term insurance policy online, log into the e-portal.
You have to put in details like your policy number, date of birth (DOB) and customer ID.
The policy details together with its status are showed on the next screen.
Q3.What is the process of policy renewal for the SBI Life term insurance plans?
A2. You can renew your SBI Life Term Insurance policy using the following modes:
- Through SBI Branch
- Online (After logging into the account of the policyholder, hit the ‘Renew Policy’ button to proceed with the premium payment.)
- Through SMSBy Cash
Instead, you can also renew the SBI term insurance policy by making use of the kiosk in SBI ATM and selecting the policy renewal option.
Q4. Can the SBI term insurance be revived in case the policy lapses?
A4. Yes, the policyholder can revive the SBI term policy even after it lapses. The following procedure is to be followed:
- Within 6 months of first unpaid premiums: If the unpaid premium arrears along with interest are paid by the policyholder, then the term plan is reinstated without any medical check-up.
- After 6 months of first unpaid premiums: If all the remaining arrears of premium along with the interest, then the insurance provider can reinstate the policy on the submission of relevant proof of good health.
Q5. What is the procedure to cancel SBI life term insurance policy?
A5. The policyholder can cancel the SBI term insurance plan just by submitting the filled surrender form together with the necessary documents at any SBI branch in his/her city. Once the insurer receives and verifies the documents, the term plan is deemed cancelled based on the bank account records. The insurer calculates the premium refund on the NAV pertaining to the current market rate if the policy is submitted before 3:00 PM, otherwise, the next day’s NAV is applicable.