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InsuranceEverything You Should Know About SBI Life Insurance Details

Everything You Should Know About SBI Life Insurance Details

SBI life insurance, with its customer-centered diverse plans, is one of the top insurance companies in India.

The company’s plans are both for individuals and groups. For their versatile clients, they get plans like insurance protection, retirement benefits, future planning for children, etc. They also cover health as well as provide plans for savings.

One highlight to notice about SBI life insurance is its 93.09 % settlement ratio as of 2020–2021.

SBI life insurance has so much in its list that it would take pages to describe them all. Rather, let’s take an easier ride to get to know their rides and all.

A little bit of history and SBI life’s journey

SBI life insurance started its way back in 2001 with the main purpose of bancassurance. They were welcomed as cosignatories between BNP Paribas Cardiff and the State Bank of India.

But soon, with an agent network and offices throughout the country, it paved its path to selling life insurance. Now it owns 970 offices with 18401 employees and 16193 individual agent networks across the country. Not to mention, SBI life insurance incorporates other partner branches and insurance marketing businesses too.

Plans and their diversity

SBI Life supplies plans for individuals and also for groups. There are subcategory plans like online, savings, protection, wealth creation, and retirement. You can find plans for a child’s future, money back as well as combo plans. One distinctive thing about SBI life insurance is its approach to meeting the diverse population.

The age range for applying is 18–70 years old (including exceptions). Of course, the premium you need to pay rises as your age rises. Also, some health factors matter in getting a minimum quote. Let’s dive in a little bit.

Individual plan

There are subcategory plans like online, savings, protection, wealth creation, and retirement. You can find plans for a child’s future, money back as well as combo plans. Traditional as well as ULIP plans for them are available as per the policies.

Protection Plan

This plan is the center of attraction of life insurance. It has several diverse policy plans merged into it.

Arogya Shield

It is a combo plan on dual policy insurance for health and life with a 5% discount. The annual premium range is Rs. 1,415 to 1,01,025.

SBI Life – eShield Next

This plan is also under the online plan. eShield Next provides a traditional plan. It has the flexibility of 3 plan options. You can customize it based on your needs. Two rider options are available. The annual premium is Rs. 3600 onwards.

SBI Life-Saral Jeevan Bima

The key feature is its simplicity in terms, just like its name. It also has time flexibility in paying the premium. The range of the annual premium is Rs. 1,415 to Rs. 1,01,025.

SBI Life: Poorna Suraksha

Just like its name, it gives full protection against 36 critical illnesses based on life stage. It is Non-linked and Non-participant life insurance. And Poorna Suraksha is a product of Pure Risk Premium. It requires an annual premium range of Rs. 3,000 to Rs. 9,32,000.

SBI Life – Sampoorn Cancer Suraksha

This product is Pure Risk Premium and non-linked as well as non-participating. It comes with three benefit structures that are Standard, Classic, and Enhanced. The patient will get to have a second opinion from another doctor through diagnosis.

In addition, there is a waiver benefit included in it. The restoration option of the Sum Assured is another plus point. The annual premium starts at Rs. 600. In this exceptional plan, the minimum entry age starts from 6 years old.

Corona Rakshak Policy

This is also a product of Pure Risk Premium. You can choose the policy term for 105, 195, or 285 days. A one-time lump-sum benefit payout is possible on hospitalization. And of course, the Covid-positive patient needs to be hospitalized for at least a continuous 72 hours. Single Premium ranges from Rs. 156.50 to Rs. 2,230.

SBI Life – Smart Shield

Smart Shield has two options for plan and ride. Two plans are assurances for a level term or an increasing term. It gives coverage for accidental death or permanent disability. It also comes with tax benefits. The annual Premium starts at Rs. 3000.

SBI Life – Grameen Bima

This micro-insurance is easy with its term and more affordable. The annual premium starting rate is Rs. 300, and the maximum rate is Rs. 2000. Its simple process makes it convenient in rural areas too.

Including these individual plans, SBI life provides various group plans. You can get details about SBI life insurance group plans by visiting their website.

What makes SBI life insurance to outstand?

First of all, any life insurance company’s main priority is to gain trust and credibility. This is what SBI life insurance has achieved in its journey. SBI life has paid almost over Rs. 147,675 crore claims as of the present time. They have 4,54,70,675 policyholders and 950 branches throughout the country.

The motto and slogan tell more about SBI life insurance that meets well in their way of making diverse policies. Its brand value includes transparency, humility, Integrity, Innovation, and Sustainability. One highlighted point is their customer-first appeal and trouble-free claim settlements.

With that being said, SBI life insurance excels in its innovative way. Nonetheless, they envision fully digitalizing their service, which is an appreciable job in the sub-continent.

Conclusion

As we have gone through an intro and a short explanation about SBI life insurance, I hope you can grasp it. I understand if it seemed a little bit confusing as the plans and policies are endless. But they got their own benefits and customization based on their needs to meet their assured clients.

All you need to do is a little bit of research on what your needs are and compare the policies based on them. However, you can contact them directly by visiting their web page or giving a missed call. They also have a presence on Facebook, Twitter, Instagram, etc.

As their agents could be just near your doorstep, you may get an in-depth explanation from them about the policies. Lastly, I hope our effort to write this piece could benefit you.

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