3 Best SBI Life Policies

SBI Life Insurance Company Limited is a joint venture between State Bank of India, the country’s largest lender, and BNP Paribas Cardif S.A., the international insurance subsidiary of BNP Paribas. SBI Life offers a range of insurance policies that cater to various needs of individuals such as protection, savings, and investment. In this essay, we will discuss the best three SBI Life policies based on their features, benefits, and customer reviews.

SBI Life e-Shield Policy:

SBI Life e-Shield Policy is a pure term insurance plan that provides financial security to the policyholder’s family in case of an unfortunate event. The policy provides a lump sum amount to the nominee on the policyholder’s demise during the policy term. It also offers additional benefits like accidental death benefit, accidental total and permanent disability benefit, and terminal illness benefit. The policy can be purchased online, and the premium payment can also be made online, making it a hassle-free and convenient policy.

Key Features:

1. a) High Sum Assured: SBI Life e-Shield Policy offers a high sum assured amount of up to Rs. 1 crore, which provides significant financial protection to the policyholder’s family in case of any unforeseen event.
2. b) Flexible Premium Payment Options: The policy offers two premium payment options, i.e., single premium payment and regular premium payment. The policyholder can choose the premium payment option as per their convenience.
3. c) Affordable Premiums: The policy offers affordable premium rates that make it accessible to a broader segment of people.
4. d) Tax Benefits: The policyholder can avail tax benefits under section 80C and section 10(10D) of the Income Tax Act, 1961.

Customer Reviews:

The SBI Life e-Shield Policy has received positive reviews from customers for its high sum assured amount, affordable premiums, and hassle-free online purchase process. Customers have also appreciated the policy’s flexibility in premium payment options.

SBI Life Smart Wealth Builder:

SBI Life Smart Wealth Builder is a non-participating, unit-linked insurance plan that offers the dual benefit of investment and insurance. The policy provides the policyholder with market-linked returns along with life insurance coverage. The policyholder can choose from eight different funds to invest their premium amount, based on their risk appetite and financial goals.

Key Features:

1. a) Multiple Investment Options: The policyholder can choose from eight different investment funds to invest their premium amount based on their financial goals and risk appetite.
2. b) Loyalty Additions: The policy offers loyalty additions at the end of the policy term, which enhances the policy’s investment value.
3. c) Partial Withdrawals: The policy allows partial withdrawals after the completion of the fifth policy year, which provides the policyholder with liquidity in case of any financial emergency.
4. d) Tax Benefits: The policyholder can avail tax benefits under section 80C and section 10(10D) of the Income Tax Act, 1961.

Customer Reviews:

Customers have appreciated the flexibility of investment options offered by the SBI Life Smart Wealth Builder. They have also praised the policy’s loyalty additions and partial withdrawal features, which enhance the policy’s investment value and provide liquidity to the policyholder.

SBI Life Retirement Benefit Plan:

SBI Life Retirement Benefit Plan is a non-participating, unit-linked pension plan that provides the policyholder with a regular income during their retirement years. The policy provides the policyholder with market-linked returns and a life insurance coverage, ensuring that the policyholder’s family is financially secure in case of their unfortunate demise.

Key Features:

1. a) Guaranteed Vesting Benefit: The policy offers a guaranteed vesting benefit, which is the higher of the fund value or 101% of the total premiums paid by the policy This ensures that the policyholder receives a guaranteed corpus at the time of vesting.
2. b) Flexible Premium Payment Options: The policy offers flexible premium payment options, which allows the policyholder to choose the premium payment frequency as per their convenience.
3. c) Multiple Annuity Options: The policy offers multiple annuity options that the policyholder can choose from to receive a regular income during their retirement years.
4. d) Tax Benefits: The policyholder can avail tax benefits under section 80C and section 10(10D) of the Income Tax Act, 1961.

Customer Reviews:

The SBI Life Retirement Benefit Plan has received positive reviews from customers for its guaranteed vesting benefit and multiple annuity options. Customers have also appreciated the policy’s flexible premium payment options, which allow them to choose the premium payment frequency as per their convenience.

Conclusion:

SBI Life Insurance Company Limited offers a range of insurance policies that cater to the diverse needs of individuals. The SBI Life e-Shield Policy, SBI Life Smart Wealth Builder, and SBI Life Retirement Benefit Plan are the best three policies based on their features, benefits, and customer reviews. The SBI Life e-Shield Policy provides financial security to the policyholder’s family in case of an unfortunate event. The SBI Life Smart Wealth Builder offers the dual benefit of investment and insurance, with multiple investment options and loyalty additions. The SBI Life Retirement Benefit Plan provides a regular income during the policyholder’s retirement years, with a guaranteed vesting benefit and multiple annuity options. It is important to choose the right insurance policy that suits your financial goals and risk appetite. It is advisable to do thorough research and compare different policies before making a final decision.