SBI Life vs Future Generali
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SBI Life vs Future Generali Life Insurance 2024

SBI Life and Future Generali both are one of the top life insurance providers in India. Both the companies offer comprehensive life insurance plans offering life cover from 10 to 99 years of age. The product portfolio of both of them is vast and caters to unique needs of the customers. The claim settlement ratio of SBI Life is 97% whereas Future Generali has 96.15% CSR for the FY 2022-23. The companies provide benefits such as high sum assured, flexible premiums, customizable coverage, rider benefits, options for premium payment terms, maturity benefits, online discounts, non-smoker discounts and various plan options to choose from.

PLAN DETAILS Edit SBI Life

SBI Life

 Edit future-general-life

Future Generali
Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-65 years 18-65 years
Policy Term 5 to 80 years 10-75 years
maturity Age (Min-Max) 23 to 75 years 80 years
Claim settlement ratio (CSR) 97% 96.15%
Asset under managment (AUM) 307300 Crores 6748 Crores
Solvency ratio 2.1 1.7
Policy Type
  • Term insurance
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
  • Term insurance
  • Whole life policy
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 10 Lakh
  • Maximum- No Limit
  • Minimum- 50 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Premium waiver benefit rider
  • Accidental death benefit rider
  • Critical illness rider
  • Premium waiver benefit rider
  • Accidental death benefit rider
  • Critical illness rider
Number of term plans 6 2
Exclusions Suicide or self inflicted Injury Suicide or self inflicted Injury
Death Benefit Yes Yes
Survival Benefit Yes No
Claims procedure Both (Online+offline) Both (Online+offline)
Type of the insurer Private Private
Online buying facility for life plans Yes Yes
Premium payment options Single/limited/Regular Single/limited/Regular
Online claim facility Yes Yes

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Sbi Term Insurance Plans

SBI Life Arogya Shield

SBI Life Arogya shield is a dual protection plan that covers health along with the life insurance cover. The plan comes with affordable premiums and offers discounts also.

Unique Features

  • 5% Discount on Premiums
  • OPD Coverage
  • Maternity Cover

SBI Life Arogya Shield (Pros)

  • Mental Illness Cover
  • Pre & Post Hospitalization
  • HIV/AIDS Cover

SBI Life Arogya Shield (Cons)

  • No Loans Allowed
  • No cover for suicide
  • No rider Benefits

SBI Life Arogya Shield (Other Benefits)

  • 141 Day Care Procedures
  • Tax Saving on 80D and 80C (Health & Life Premiums)
  • Multiple Sum Insured (1, 2 & 3L )

SBI Life Arogya Shield (Eligibility Criteria)

  • Entry Age - 90 Days (Health) 18 Years (Life)
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - 70 Years
  • Premium Payment Term - Regular Premium (Annually)

SBI Life e-Shield Next

A protection plan offering 3 plan options to choose from along with a Terminal Illness Benefit that allows you to enhance your protection with Riders.

Unique Features

  • Online Plan
  • Increasing Cover on Life Stages
  • 100 Years Life Cover

SBI Life e-Shield Next (Pros)

  • 2 Rider Options
  • Better Half Benefit Option
  • Guaranteed Surrender Value

SBI Life e-Shield Next (Cons)

  • No Loans Allowed
  • No Maturity Benefit
  • Suicide no covered

SBI Life e-Shield Next (Other Benefits)

  • Life Cover with Future Proofing Benefit
  • Death Benefit Options
  • Terminal Illness Cover on all Variants

SBI Life e-Shield Next (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 85 Years
  • Premium Payment Term - SP/RP/LP

SBI Life Saral Jeevan Bima

An Individual, Non-linked Pure Risk premium product, that offers complete protection to the family members.

Unique Features

  • Life Cover with Future Proofing Benefit
  • 100 % Death Benefit
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Spouse Cover
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Easy Claim Settlement Process
  • Avail Tax Benefits
  • Flexible-Premium Payment term

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured-5 L
  • Maximum Maturity Age- NA
  • Premium Payment Term-RP/SP/LP(5&10 Years)

SBI Life Sampoorn Cancer Suraksha

This plan provides extensive coverage from Minor Stage Cancer to Advanced Stage Cancer, offering up to 150% of the Sum Assured, while maintaining fixed premiums for 5 policy years.

Unique Features

  • Stage-wise Lumpsum Payout Benefit
  • Early Stage 30% SA
  • Major Stage 100% SA

Sampoorn Cancer Suraksha (Pros)

  • Sum Assured Reset Benefit
  • Medical Second Opinion Benefit
  • 50L Maximum Sum Assured

Sampoorn Cancer Suraksha (Cons)

  • No Loan Benefit
  • No Spread to Lymph Nodes Cover
  • No Maturity Benefit

Sampoorn Cancer Suraksha (Other Benefits)

  • No Medical Examination
  • Premium Waiver Benefit
  • Large Sum Assured Discount

Sampoorn Cancer Suraksha (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured-10 L
  • Maximum Maturity Age- 75 Years
  • Premium Payment Term - 5 to 30 Years

SBI Life Smart Shield

SBI Life Smart Shield is a pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance and offers additional riders for enhanced protection.

Unique Features

  • Coverage at an affordable cost.
  • Lower premiums for non-smokers.
  • Discount on larger sum assured.

SBI Life Smart Shield (Pros)

  • Two Plan Options
  • Accidental Total and Permanent Disability Benefit Rider
  • Accidental Death Benefit Rider

SBI Life Smart Shield (Cons)

  • Premium Loading
  • No Loan Benefit
  • No Survival Benefit

SBI Life Smart Shield (Other Benefits)

  • Covers Suicide
  • Death Benefit
  • Accelerated Critical Illness Benefit

SBI Life Smart Shield (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 80 Years
  • Premium Payment Term - 5 Yeras SP/RP

SBI Life Grameen Bima

A Life Insurance Pure Risk Premium Product. It provides a life cover with a one-time premium payment. It is an affordable plan with surrender benefits.

Unique Features

  • Death benefit available.
  • Surrender allowed after 1st year.
  • No medical examination required.

SBI Life Grameen Bima (Pros)

  • Easy Enrolment
  • Suicide Cover
  • Fast Processing

SBI Life Grameen Bima (Cons)

  • No Loans Allowed
  • No Maturity Benefit
  • No Rider Benefits

SBI Life Grameen Bima (Other Benefits)

  • Min Single Premium Amount Rs 300
  • Max Sum Assured 50K
  • Tax Benefits

SBI Life Grameen Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 50 years
  • Minimum Sum Assured - 10 K
  • Maximum Maturity Age - NA
  • Premium Payment Term - One-Time Payment at Inception

Future Generali Term Insurance Plans

Future Generali Care Plus

This term insurance plan offers two different options to choose from like life cover and life cover with an accidental death benefit.

Unique Features

  • Affordable premiums
  • 48 hours Claim Settlement
  • Discounts for women

Future Generali Care Plus (Pros)

  • Discount on Higher SA
  • Accidental Death Rider
  • Customizable Plan

Future Generali Care Plus (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Policy Loan Allowed

Future Generali Care Plus (Other Benefits)

  • 2 Indicative Premium Rates
  • 1 Cr Sum Assured Plan
  • Suicide Cover After 1 Year

Future Generali Care Plus (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - 25 Yrs (RP)

Future Generali Saral Jeevan Bima

This policy will cover death due to accident only, during the waiting period of 45 days from the Date of Commencement of Risk.

Unique Features

  • Flexible premium payment terms
  • Death benefit
  • Tax Benefits

Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Max Sum Assured 25L
  • Choose To pay Premium Once

Saral Jeevan Bima (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Suicide Cover
  • Spouse Cover
  • Policy Revival Within 5 Yrs

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - RP/SP/LP (5&10 Yrs)

Future Generali Express Term Life Plan

Comes with several variants like life cover option, extra life cover option, life plus health cover option, and all-in-one cover option.

Unique Features

  • 4 plan variants
  • Flexible premium payment
  • Death benefit

Express Term Life Plan (Pros)

  • 34 Critical Illnesses Covered
  • Terminal Illness Cover
  • Accidental Total and Permanent Disability

Express Term Life Plan (Cons)

  • No Rider Benefit
  • No Surrender Benefit
  • No Policy Loan Allowed

Express Term Life Plan (Other Benefits)

  • Discount For Women
  • Suicide Cover After 1 Year
  • Tax Benefits (Section 80C and 10(10D))

Express Term Life Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - 5 To 10 Yrs

Future Generali Flexi Online Term Plan

The plan offers life cover up to the age of 75 years and lower premium rates for women and non-smokers with 4 payout options.

Unique Features

  • Online Available Plan
  • Accidental Benefit Rider
  • 105 % Death Benefit

Flexi Online Term Plan (Pros)

  • Flexible Coverage Option
  • High Sum Assured Rebate
  • Maturity Benefit

Flexi Online Term Plan (Cons)

  • No Paid Up Value
  • No Surrender Benefit
  • No Policy Loan Allowed

Flexi Online Term Plan (Other Benefits)

  • Discount For Women
  • Suicide Cover After 1 Year
  • Tax Benefits (Section 80C and 10(10D))

Flexi Online Term Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 55 Years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - Equal to Policy Term

Future Generali Jan Suraksha

Coverage in a single premium payment (at low costs). It helps the family of the life assured to deal with the liabilities in case of his/her unfortunate death.

Unique Features

  • Safeguards against loans
  • One-time premium
  • Tax Benefit

Jan Suraksha (Pros)

  • Death Benefit: 5 times the SP
  • Surrender Benefit
  • Affordable Premium

Jan Suraksha (Cons)

  • No Policy Discount
  • No Rider Benefit
  • No Policy Loan Allowed

Jan Suraksha (Other Benefits)

  • Plan For Lower Income Group
  • Easy Claim Settlement
  • Suicide Cover After 1 Year

Jan Suraksha (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 50 Years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 8 Yrs
  • Premium Payment Term - SP

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.