Family life insurance company. SBI Life Insurance Policy - Plan Details, Types, Benefits Features

About SBI Life Insurance Company

One of the largest insurance companies in India, the SBI Life Insurance Company was formed as a result of an alliance between the State Bank of India (SBI) and BNP Paribas Cardif S.A. (BNP Paribas Cardif) in 2016. While SBI holds 70.1 percent of the total capital, BNP Paribas Cardif holds 26 percent, while the rest is shared by Value Line Pte Ltd and MacRitchie Investments Pte Ltd each. Sbi life insurance.

SBI Life Insurance Company offers a wide variety of plans to cater to the varying and growing needs of its customers. These plans include individual life insurance policies and group insurance plans.

Benefits of SBI Life Insurance Plans

The benefits of SBI Lif plans are immense and unlike most other insurance products being sold in the market currently. While the benefits availed by the SBI Life Insurance policyholders are numerous, some of the most prominent include:-

All-round Protection

The intent and effect of this insurance company are evident in its tagline “With Us, You’re Sure”. Policyholders buying insurance from this company feel completely secure as the myriad insurance policies offered by this company promise and ensure overall financial protection to their loved ones.

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Claim Settlement Ratio

The claim settlement ratio of SBI Life is 96.69 percent, which highlights the company’s efficiency in settling the claims within the given time frame. With more than 20,000 branches across the country, policyholders feel at ease when it comes to enquiring about any insurance product or seeking claim settlements.

Premium Payment Flexibility

With this benefit in place, policyholders can pay premiums monthly, quarterly or yearly. As opposed to many other plans where the insured need to play by the insurer’s rules regarding premium payments, SBI Life policyholders can pay premiums as per their convenience.

Cheaper Online Plans

This insurance company realizes how its customers are gradually making their presence felt online. Since online buying is much easier and involves lesser hassle than the offline mode, SBI Life charges lesser premiums for plans bought in the online mode.

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Tax Benefits

Tax benefits are like icing on the cake. Beyond the benefits ensured by insurance plans, one can claim tax benefits on the premiums paid on insurance policies under Section 80C of the Income Tax Act. In addition, the amount of cover availed under term insurance is exempt from tax under Section 10(10D) of the Income Tax Act 1961.

Types of Insurance Plans Offered By SBI Life Insurance

There are a number of plans that are currently being sold by SBI Life. These plans have been classified as:-

Unit Linked Insurance Plans

These plans invest the premium for both life insurance and investment purposes. You have a list of funds to choose from when investing in these plans. Here the investment risk is to be borne by you. Moreover, you cannot do partial withdrawals before five years.

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Protection Plans

These plans come with financial protection for your dear ones in your absence. You could choose a lump sum amount, payment in installments over a fixed period or a combination of both at policy inception.
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