SBI Life Insurance Review – Forbes Advisor India

SBI Life – eShield Next

SBI Life eShield Next is a fresh online term plan. It provides full lifetime coverage of up to 100 years along with various benefits. This term plan has three variables: level coverage, increased coverage, and level cover with a future audit feature.

Features clues:

  • Option to choose from three plan options:
    1. Level Cover Feature: In this plan, the absolute amount guaranteed is the same or at the level for the life of the policy.
    2. Increase coverage benefits: Here, the guaranteed absolute amount is increased by 10% of the guaranteed principal amount at the end of every five years policy. This increase in the amount is subject to a maximum of 100% of the guaranteed principal amount. This increase in cover is limited until age 71.
    3. Level coverage with future audit feature: This plan gives an option for guaranteed life to increase the guaranteed absolute amount when certain life stages are reached during the life of the policy. As in the case of marriage, the secured life has the option to increase the secured amount by 50% of the guaranteed principal amount, up to a maximum of INR 50. Similarly, a 25% increase in the guaranteed base amount is given at the birth of the first and second child.
  • An option to choose from two benefits such as a death payout mode or a better option with half benefits. The death benefit can be paid either as a lump sum, monthly installments, or both. The Better Half Benefit provides financial protection in the event that the husband’s life is not guaranteed. The plan cover will be the level cover that will be paid in a lump sum, regardless of which plan option the life insurance has chosen.
  • The terminal illness benefit is included in this plan. If the secured life is diagnosed with any of the communicable diseases, before the age of 80 years, they will be paid compensation equal to the amount guaranteed on death up to the date of diagnosis, subject to a maximum of INR 2 crore.
  • The option to pay the premium amount either once only or for a limited period or for the entire policy period (limited, standard or single payment option).
  • Provides lifetime coverage up to 100 years for the entire life or 85 years if other than the whole life.
  • Optional add-on feature:
    1. Accidental death benefit rider.
    2. Occasional and permanent disability.
  • Benefits:
    1. Death Benefits: For regular and limited policies, the benefit is higher than the following:
  • 10 times the annual premium, or
  • The absolute amount to be paid upon death, or
  • 105% of the total premiums received until death.
    2. For a single premium insurance policy, the interest is higher than the following:
  • 1.25 times of one premium, or
  • The absolute amount is guaranteed to be paid upon death.

Who is eligible to purchase the SBI Life – eShield Next policy?

Minimum entry age:

  • Lifespan: 45 years
  • Other than full life coverage: 18 years

Maximum entry age:

  • For one installment: 65 years
  • For regular installment: 60 years
  • For better half interest: 55 years

Maximum age of maturity:

  • For single and regular installments: 85 years
  • Lifespan: 100 years

SBI Life – Saral Jeevan Bima

SBI Life – Saral Jeevan Bima is one of the low cost standard plans. Other than death benefits, the policy does not provide any benefit for survivor, maturity, or passenger.

Features clues:

  • The option to pay a one-time premium, regularly or for a limited period (five or ten years).
  • The guaranteed base amount of the plan is a minimum of INR 5 lakh to INR 25 lakh.
  • Benefits:
    1. Death Benefit: This benefit is granted upon the death of the insured during the term of the policy to the candidate, who receives the sum insured upon death, in a lump sum. For standard and limited payment policies, the interest is higher than the following:
  • Ten times the annual premium
  • 105% of all premiums paid up to the date of death
  • The absolute amount guaranteed to be paid upon death

For a single insurance policy, it is higher than the following:

  • 125% premium one
  • The absolute amount guaranteed to be paid upon death

For a single insurance policy, the interest is higher than the following:

  • 1.25 times of one premium, or
  • The absolute amount is guaranteed to be paid upon death.

Who is Eligible to Buy SBI Life – Saral Jeevan Bima

  • Minimum entry age: 18 years old
  • Maximum entry age: 65 years
  • Duration of the document: from 5 to 40 years

SBI Life Poorna Suraksha

SBI Life Poorna Suraksha is a standard term plan that comes with Critical Illness passengers included and thus offers comprehensive coverage along with health coverage.

Features clues:

  • The guaranteed amount ranges from a minimum of INR 20 crore and a maximum of INR 25 crore.
  • Combine life cover and critical illness cover. It should be noted that critical disease cover increases with an equal reduction in life cover, under the advantage of life stage rebalancing.
  • Under the auspices of the Critical Disease Rider, this policy covers 36 listed diseases such as cancer, heart attack, and more.
  • Upon diagnosis of a serious illness, all future premiums will be waived for the remainder of the policy term.
  • There is a fixed amount of premium for the life of the policy.
  • Benefits:
    1. Death Benefit: This benefit is granted upon the death of the insured during the term of the policy to the candidate, who receives the sum insured upon death, in a lump sum higher than the following:
  • Ten times the annual premium
  • 105% of all premiums paid up to the date of death
  • The absolute amount guaranteed to be paid upon death
    2. Critical illness benefit: This benefit is paid only once and will not be paid again. The Critical Benefits Guaranteed Amount is the guaranteed amount paid to the insured, if diagnosed with one of the 34 critical illnesses listed. The initial waiting period for this feature is 90 days and nothing will be paid, if the diagnosis occurs within 90 days from the start date of the policy.

Who is Eligible to Buy SBI Life Poorna Suraksha?

  • Minimum and maximum entry age: 18 years old and 65 years old.
  • Minimum and maximum eligibility age: 28 years and 75 years.
  • The terms of the policy are 10, 15, 20, 25 and 30 years.

SBI Life – Smart Shield

SBI Life- Smart Shield is a pure type of term plan, which aims to provide comprehensive life coverage along with an increased coverage option. An incremental term confirmation ensures that the amount of coverage increases with age and more responsibilities. This plan also comes with two handy riders.

Features clues:

  • It offers two options such as Range Warranty Level and Range Warranty Increase.
  • Add on covers:
    1. Accidental death benefit rider
    2. A rider of total and permanent disability benefits due to an accident.
  • Take advantage of an attractive discount on a guaranteed huge amount.
  • Lower premiums for non-smokers.
  • There is no accrual interest shown in the policy.
  • The basic amount guaranteed for this plan is INR 25 lakh.
  • The premium can be paid once or the regular payment method can be chosen.
  • Benefits:
    1. Death Benefit: This benefit is granted upon the death of the insured during the term of the policy to the candidate, who receives the sum insured upon death, depending on the chosen plan option:
  • In a Tier Level Guarantee, the amount guaranteed on the date of death is settled by the chosen guaranteed amount.
  • In incremental term insurance, the amount guaranteed on the date of death will be the amount guaranteed increased by 5% per annum.

Who is eligible to purchase SBI Life- Smart Shield?

  • Minimum and maximum entry age: 18 years old and 60 years old.
  • Maximum age of maturity: 80 years.
  • Duration of the document: from 5 years to 80 years.

SBI Life- Arogya shield

SBI Life- Arogya shield is a standard plan that comes along with health coverage. The total lifetime guaranteed range is up to INR 25 lakh.

Features clues:

  • Provides dual protection for health and life insurance coverage.
  • As a health cover, it provides coverage for daycare procedures and pre and post hospital expenses.
  • Benefits:
    1. Death Benefit: This benefit is granted upon the death of the insured during the term of the policy to the candidate, who receives the sum insured upon death, in a lump sum, whichever is higher:
  • 10 times the annual premium
  • 105% of the total premiums paid.
  • The absolute amount is guaranteed to be paid upon death.

Who is eligible to buy the Arogya Shield?

  • Minimum and maximum entry age: 18 years old and 65 years old.
  • Minimum and maximum policy term: 5 years and 40 years

SBI Life – Grameen Bima

SBI Life – Grameen Bima is a standard plan and risk-free product. This plan has lifetime coverage which comes with a one-time premium payment. No prior medical examination is required to purchase this plan.

Features clues:

  • The guaranteed amount ranges from INR 10,000 to a maximum of INR 50,000.
  • The term of the document is five years.
  • The plan provides a death benefit, whereby the candidate receives the guaranteed amount at demise as a lump sum payment. The sum insured upon death will be higher than the guaranteed principal or 1.25 times the individual premium.
  • The waiver benefit is only payable after the first year of life coverage. The amount owed is:
    1 premium paid (excluding taxes) * 50% * Policy term not expired / Total policy term
  • There are no entitlement benefits payable under this policy.

Who is Eligible to Purchase SBI Life- Grameen Bima?

  • Minimum and maximum age: 18 years and 50 years.
  • Minimum and maximum policy term: 5 years and 40 years

SBI Life- Samburun Suraksha Cancer

SBI Life- Sampoorn Cancer Suraksha is specifically designed to provide protection against life-threatening diseases such as cancer. It offers the option of offering up to 40% of the guaranteed amount as a monthly compensation and the rest as a lump sum payment from the guaranteed amount upon diagnosis of cancer.

Features clues:

  • The benefit of a phase-level lump sum payment and monthly income benefits according to the chosen benefit structure.
  • Option to choose from three benefit structures designed based on the severity of the cancer.
  • No pre-health checks needed.
  • Option to enhance guaranteed coverage.
  • Built-in premium waiver option.
  • Insurance premiums are fixed for the first five years of the policy.
  • The option to obtain a second medical opinion from any network doctor or medical practitioner.

SBI Life- Corona Rakshak Policy

The SBI Life- Corona Rakshak policy is designed to provide protection against Covid-19. This plan provides a lump sum payment of 100% of the guaranteed amount, only in the hospital for a minimum period of 72 hours upon diagnosis of Covid-19. However, this feature can only be availed once for the entire life of the document.

Features clues:

  • The document is issued without any hassle of medical examinations.
  • The duration of the policy is 3.5 months, 6.5 months and 9.5 months.
  • The minimum premium amount is INR 156.50 and the maximum is INR 2230.

Leave a Comment