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Top Sbi Life Insurance Plans For Family In India

Our life is the sum of our conscious decisions we have taken in life. All our effort goes into making it, but we also end up breaking it at times. Life insurance, however, is a strong attempt at safeguarding what we have built for ourselves. But buying the right life insurance policy and from the right company is a challenge.

One of the top players in the market for life insurance is SBI Life Insurance. Read on the article to learn more about its insurance plans intended for both individuals and family.

What is SBI Life Insurance?

Headquartered in Mumbai, SBI Life is a private company that began its operations as a joint venture between BNP Paribas Cardiff, a French financial institution and State Bank of India- the biggest state-owned bank in India. It is was formed in 2001 and has come to develop into one of the biggest life insurance companies in the country.

Key Features of SBI Life Insurance

  • It provides a lifetime cover huge sum assured for low premium cost.
  • It has a very good Claim Settlement ratio, which is an average of 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.
  • The minimum sum assured in 20 lakhs and the maximum is subject to no limits.
  • Specific exclusions include suicide within the first 12 months of buying the policy

Benefits of SBI Life Insurance

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 satisfies 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 insuring 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.

Different types of SBI Life Insurance

There are three categories in which SBI offers life insurance. They are:

  1. Individual Plans
  • Unit linked plans
  • Child plans
  • Pension plans
  • Protection plans
  • Savings plans
  1. Group Plans
  • Corporate solutions
  • Group loan protection products
  • Group micro insurance plans
  1. Online Plans
  • SBI life – eShield
  • SBI life – eWealth insurance
  • Life – Annuity plus

Top Sbi Life Insurance Plans for Family

Given below is a list of top SBI life insurance plans which can cover your family financially when you are not around to take care of their needs and give you that peace of mind you deserve.

SBI Life Smart Shield
It provides adequate protection needed to meet the family’s needs.
Key benefits
Annual premium range
Entry age
1.Three rider options
2.Plan options to provide relief from liabilities
INR 3000 onwards
18 years

SBI Life Saral Shield
Provides a safety net to your family and is affordable as well.
Key benefits
Annual premium range
Entry age
Two rider options
Choice of three plan options

INR 2000 onwards
20 years

c) SBI Life – Smart Swadhan Plus
Key benefits
Annual premium range
Entry age
Protection at reasonable costs
Affordable premiums

INR 2300
18 years

d) SBI Life Grameen Bima
Key benefits
Premium range
Entry age
Option to choose your premium
Simple registration procedure

INR 300 to INR 3000
18 years

e) SBI Life eShield
Key benefits
Annual premium range
Entry age
Two benefit structures and two rider options
Inbuilt accelerated terminal illness benefit

INR 2,779 onwards
18 years

(f) SBI Life – eIncome Shield
Key benefits
Annual premium range
Entry age
Regular cash inflow to restore lost income
Option of increasing income to offset rising costs

4,500 onwards
18 years

(g) 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. If offers the beneficiary the benefit of the payment of the sum assured and a waiver of the premiums on untimely demise of the life assured.
Conclusion
There are myriad plans by SBI offering tremendous scope for family life insurance plans. Also, websites like Coverfox.com offer life insurance online and are extremely customer-friendly, with the user receiving the policy within minutes of his/her transaction. Therefore, research and carefully examine all SBI plans and choose the correct one for you as per your discretion.

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