SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas insurance. It is the biggest private insurance company in India with a market share of around 6.1%. For those, who want to play safe with their life insurance plans, SBI Life Insurance is the best Life Insurance plan to have. Based on the claim history, it can be said that, whatever the provider assures as a sum assured at the time of enrolment, it settles the exact amount or more as per the policy terms and conditions. Settling the claim amount is easier for the provider as the insurance company has a backup of State Bank of India. Therefore, it is secure and safe to have a SBI life term plan at an affordable pricing structure.
SBI is a key player in the market for a reason; it has grown tremendously since its inception and has managed to strongly move the insurance industry in India. Also, the plans and products sold by it are quite distinctive and therefore, satisfy its diversity of customer base. It has access to more than 100 million accounts throughout the country and has managed to reach every nook and cranny of the country, thereby ensuring all individuals can avail its products, offerings, and benefits. It also possesses the proactive and productive workforce so far as insurance agents are concerned and has tied up with more than 80,000 advisors. Needless to say, you can trust SBI Life insurance, its products, and its countrywide impact.
SBI Life Term Plan
SBI Life term plan provides financial assistance in the event of the unfortunate demise of the policyholder. An amount assured at the time of enrolment is paid out to the dependents or the nominee upon the acceptance of a valid insurance claim. This pay-out helps the loved ones to meet their immediate or future and recurring expenses such as kids’ education, marriage, re-payment of debts/loans, and other family expenses.
The life insurance plans come with three key benefits.
High Claim settlement ratio
High claim settlement ratio indicates that the company is treating its customers well in terms of claim settlement. SBI Life term Insurance has a good claim settlement ratio to ensure that your plan and premium paid are safe and secure with the company.
Coverages up to crores of rupees
If any person wants to leave a huge amount of money for his/her family when he/she will not be around, then Life insurance plans offer them a wide variety of options to choose from and enrol for the rest of their life to make sure that their family is financially stable after their lives.
3-way grievance redressal process
When there exists a product and customers use it, it is not necessarily true that the customer would like the product. There might be a situation where the customer would like to file a complaint or bring any abnormal situation to the insurance provider’s attention. The SBI Life insurance company offers its customers the flexibility to lodge the complaints through emails, visiting any of the offices or by calling the customer care.
Key Features of SBI Life term plan
• It provides coverage of a huge sum assured for a low premium cost.
• It has a very good Claim Settlement ratio, which is an average number of claims raised to claims settled. The recent ratio of SBI’s claim settlement was 96.69%.
• Its Grievances Settlement ratio amounted to 99.98%.
• The maximum tenure for its’ policies is 30 years.
• Discount on premium for non-smokers
• Additional rider options to enhance the protection in SBI term plan
• The minimum sum assured is Rs.20 lakhs and the maximum is subject to no limits.
• Specific exclusions include suicide within the first 12 months of buying the policy
SBI Life Insurance plans
SBI Life Insurance Company offers a wide variety of plans apart from SBI term plans such as unit-linked plans, child plans, protection plans, retirement plans, and savings plans. It also provides offers several life insurances plans online and offline. There is also a facility to track your policy account, payment of premiums, the revival of lapsed policies, SMS based services, and generation of online premium receipts. You will get the best deals of Life Insurance plans from SBI Life Insurance. Here is the list of some of the best plans offered by SBI Life Insurance.
SBI Life e-Shield term plan
This plan is an individual, non-linked, non-participating term plan designed for customers, who are looking for comprehensive life cover at an affordable cost. The plan offers an increase in coverage, rewards for maintaining a healthy lifestyle, accidental death benefits. However, there are no maturity benefits available in this SBI life term plan.
SBI Life – Smart Scholar
It is a ULIP child plan for people who want to make sure that their child needs are taken care of even in their absence. It offers the beneficiary the benefit of the payment of the sum assured and a waiver of the premiums on the untimely demise of the life assured.
SBI Life Smart Money Planner
It is an individual, non-linked, with profit life insurance plan that ensures the policyholders receive enough cash at a regular interval. The policy provides you with financial support to achieve your short-term and long-term goal in life. At the same time, you will receive life cover without having to pay premiums for the entire policy term. The policy offers death benefits, maturity benefits and survival benefits to its customers.
SBI Life CSC Saral Sanchay
It is an individual, non-linked, non-participating insurance plan available to individuals aged between 18 and 60 years of age. The policy is available to purchase from an authorized CSC under the e-government plan.
SBI Life Smart Power Insurance
It is a non-participating unit-linked insurance, which takes care of your investment needs, and at the same time acts as a Life Insurance plan. The product is available at an affordable premium and offers a significant amount of flexibility, ensuring a certain level of liquidity available for your investments.
There are a few other plans meeting different requirements and demands of the customers. When you have an option to stay secured with the SBI term insurance, why go for any other insurance plans. Choose the insurance provider and buy an insurance plan at an affordable price.
Different types of SBI Life Insurance
There are three categories in which SBI offers life insurance. They are:
A) Individual Plans
• Unit-linked plans
• Child plans
• Pension plans
• Term plans
• Savings plans
B) Group Plans
• Corporate solutions
• Group loan protection products
• Group micro insurance plans
C) Online Plans
• SBI life – eShield
• SBI life – eWealth insurance
• Life – Annuity plus
In a Nutshell
There are many plans by SBI offering tremendous scope for family life insurance solutions. Also, insurance websites like Coverfox.com offer life insurance online with comparison features which makes the selection process easy and hassle-free. Therefore, do your research online and get the best SBI life insurance plan which will keep the financial woes away in times of adversity.