SBI Life Insurance Plans, Premiums & Benefits | PolicyX
SBI Life Insurance logo SBI Life Insurance ★ 4.6/5

SBI Life Insurance

SBI Life Insurance is a leading life insurance company offering multiple solutions, including term plans, child plans, ...Read More

98.83%
Claim settlement ratio
84,984.63 cr
Annual Premium
2
Active plans
1.96x
Solvency ratio
🛡️ IRDAI Approved
4.6/5 · 923 reviews
98.83% claim settlement ratio
📊 1.96x solvency ratio
🌐 1154 pan-India

What you get with SBI Life Insurance

The headline features and policy mechanics, at a glance.

Annual Premium 84,984.63 cr

Affordable premium options starting from entry-level to comprehensive whole-life protection.

98.83% claim settlement ratio

Industry-leading approval rate on eligible life insurance claims in the most recent fiscal year.

1.96x solvency ratio

Well above IRDAI's 1.5× floor — strong indicator of long-term claim-paying ability.

2 active life plans

Choose from level cover, increasing cover, and return-of-premium variants.

2+ optional riders

Extend a base policy with add-on covers — critical illness, accidental death, waiver of premium and more.

1154 pan-India presence

Branch offices and claim service centres across India for easy policy servicing.

SBI Life Insurance: Overview

SBI Life Insurance Plans are categorized under savings plans, protection plans, wealth creation insurance plans, retirement plans, child plans, money back/income plans, and more, catering to individuals with different financial and protection needs. SBI Life Insurance is a collaboration between the State Bank of India and the French Financial Institution BNP Paribas Cardif. SBI Life Insurance holds a 55.50% stake in the company, and BNP Paribas Cardif owns a 0.22% stake, along with other investors.

SBI Life Insurance Company caters to your insurance needs by offering:

  • Wide range of plans
  • Reliability and trust
  • Ease of purchase
  • Tax benefits
  • Affordable insurance plans

Features of SBI Life Insurance

Choice of plan variants: Various SBI Life Insurance plans offer different variants, allowing you to choose one that fulfills your specific requirements.

Special premium rates for women or non-smokers: SBI Life Insurance plans offer special discounts for women and non-smokers, which can be availed when paying first-year premiums.

Choice of sum assured: With SBI Life Insurance, you can choose the sum assured as per your requirements.

Multiple Premium payment modes: SBI Life Insurance offers multiple premium payment modes to cater to diverse individual needs.

Video reviews

SBI Life Smart Fortune Builder Plan - Full Details | SBI Fortune Builder

SBI Life Smart Fortune Builder Plan - Full Details | SBI Fortune Builder

In this video, we dive deep into the SBI Smart Fortune Builder plan, an ideal option for long-term investors. Learn how this unique product combines the benefits of life insurance with investment growth, offering you a great opportunity to build your financial future.

How to Cancel SBI Life Insurance Policy | How to surrender sbi life insurance policy | sbi life

How to Cancel SBI Life Insurance Policy | How to surrender sbi life insurance policy | sbi life

Are you looking to cancel your SBI Life Insurance policy? In this video, we’ll guide you through the complete process of cancelling your SBI Life Insurance—whether you are still in the free-look period or planning to surrender the policy after a few years.

SBI Best SIP plan 2025 | SBI New SIP Plan 2025 | SBI Mutual Fund 2025 Best SBI Lumpsum plan 2025

SBI Best SIP plan 2025 | SBI New SIP Plan 2025 | SBI Mutual Fund 2025 Best SBI Lumpsum plan 2025

Agar aap apne future ke liye ek safe aur achha investment option dhoond rahe hain, toh SBI ka SIP plan 10 saal ke liye ek best choice ho sakta hai. Is video mein humne detail mein bataya hai ki kaise aap ₹500 se bhi shuru karke apna ek bada corpus create kar sakte hain, wo bhi systematic investment ke zariye.

SBI Best Lumpsum Plan 2025 | SBI Best Lumpsum Mutual Fund Scheme | SBI Best MF For Lumpsum Invest

SBI Best Lumpsum Plan 2025 | SBI Best Lumpsum Mutual Fund Scheme | SBI Best MF For Lumpsum Invest

Explore the best SBI lumpsum mutual fund plans for 2025. Find top-performing SBI schemes ideal for one-time investment with high returns and growth potential.

Benefits of SBI Life Insurance Plans

SBI Life Insurance Plans offer multiple benefits. Read below to understand the advantages provided by the insurer.

Wide Range of SBI Life Plans

The company provides a wide range of life insurance plans, covering individuals through various stages of life. With an SBI Life Insurance policy, customers can efficiently plan their finances and protect their loved ones. The company offers a plethora of insurance products, including pure protection plans, investment plans, money-back plans, retirement plans, and child plans. Individuals can select the plans best suited for them.

Ease of Purchase

SBI Life Insurance Plans offer multiple plans that are easily available and can be purchased via a hassle-free online process. The company offers an efficient and quick online purchase portal for its customers.

Reliability and Trust

With an impressive 97.05% claim settlement ratio, SBI Life Insurance plans are among the most reliable for customers. The company settles claims quickly within the promised timeframe. SBI Life Insurance also provides prompt customer support to resolve queries regarding the claim settlement process, aiding in a smooth settlement.

Industry Recognition

SBI Life Insurance plans are consistently awarded for their capability to provide financial protection to customers. SBI Life Insurance was recognized as an Amiable Insurer in the Life Insurance-Large Category at ET Insurance Summit and Awards. Many such awards have been bestowed upon the insurer, making it among the top recognized insurers in the industry.

Affordable Insurance Plans

SBI Life Plans offer versatile insurance plans with multiple features and additional benefits at affordable premium prices. The plans also offer flexible premium payment options, making it easy for customers to plan their finances.

Types of SBI Life Insurance Plans

Every plan currently being sold by SBI Life Insurance, shown side-by-side so you can shortlist quickly.

SBI Life Insurance Plans
SBI Life Smart Flexi Term Plus

SBI Life Smart Flexi Term Plus

SBI Life Flexi Smart Plus is a non-linked life insurance plan. This plan offers comprehensive life insurance cover along with investment opportunities...

Unique Features
  • Offers Surrender Benefit
  • Tax Benefits Available
  • 100% Guaranteed Returns
Sum assured Annual, half-yearly, quarterly & monthly
Entry age Minimum Age - 18 years, Maximum Age - 60 years
View plan

Life Plans Comparison

Side-by-side across the 2 most-bought SBI Life Insurance plans on PolicyX.

SBI Life Insurance life plan comparison
Feature SBI Life Smart Shield Premier SBI Life Smart Flexi Term Plus
Plan type Term Plan SBI Life Insurance Plans
Sum assured Limited pay, regular pay Annual, half-yearly, quarterly & monthly
Entry age 18 years-60 years Minimum Age - 18 years, Maximum Age - 60 years
Top benefits abcd Guaranteed Bonus · Partial Withdrawals

Riders You Can Avail With SBI Life Insurance Plans

Enhance your life plan with optional add-on riders for broader protection.

SBI Life Accidental Death Benefit Rider

This rider provides an additional sum assured if the policyholder dies within 120 days due to an accident.

SBI Life Accidental Total and Permanent Disability Rider

This rider offers the sum assured if the policyholder suffers from total and permanent disability due to an accident.

Documents required

For policy purchase and claim submission. Have these ready before you start.

Photo ID Proof

Age Proof

Address Proof

Medical Records

Income Proof

How to Buy a SBI Life Insurance Plan?

Step-by-step guides for the four key moments in your policy lifecycle. Click a tab to switch.

  1. Visit the PolicyX.com website or the SBI Life Insurance official website to compare and choose a suitable life plan.
  2. Enter your personal details such as name, date of birth, gender, annual income, and smoking status to get a customised quote.
  3. Compare plan options — choose your sum assured, policy term, premium payment term, and any optional riders.
  4. Fill in the proposal form with your contact details, nominee information, and medical history accurately.
  5. Upload the required documents: identity proof, address proof, income proof, and recent photographs.
  6. Pay the first premium online via net banking, UPI, debit/credit card, or cheque.
  7. Complete the medical examination if required (depends on your age and sum assured).
  8. Receive your policy document via email and registered post after underwriting approval.

Every claimant/nominee is assigned a dedicated Claims Relationship Officer to assist throughout the process. The life insurance claim settlement process at SBI Life Insurance involves the following three steps:

Online Process

1

Claim Intimation

Inform the company about the incident via email (claims@SBILife.com), toll-free number (1800-103-7766), the online claim form on its website, or by visiting the nearest branch. A claim reference/intimation number will be provided upon successful registration.

2

Document Submission

Submit the necessary documents requested by the insurer to process the claim. For natural death: death claim form, death certificate, original policy documents, claimant's identity & residence proof, medical records, and nominee's account details. For accidental death: the same documents plus FIR and post-mortem report.

3

Claim Settlement

After receiving all documents and claim forms, the insurer will verify the details as per their norms. If additional details are required, they will contact you via call or email. Upon successful completion, the claim will be settled, and the amount will be transferred to the nominee's bank account, with communication via call or email.

Offline Process

SBI Life Insurance claim settlement can be reported by visiting a local SBI Life Branch Office. For details of SBI Life Insurance branches, visit their website to locate the nearest one. Submit the essential documents at the branch for claim processing.

  1. Log in to the SBI Life Insurance customer portal or the PolicyX.com dashboard before your policy renewal date.
  2. Review your existing policy details — coverage, premium amount, and nominee information.
  3. Choose to continue with the same plan or upgrade your sum assured if eligible.
  4. Pay the renewal premium online via net banking, UPI, debit/credit card, or cheque.
  5. Download the renewed policy document from your registered email or the insurer portal.
  1. Visit the official website of SBI Life Insurance.
  2. Choose the plan category on the navigation bar that you want to purchase.
  3. Click on the 'Request a call' button at the bottom of each plan page.
  4. Select policy tenure and fill out all mandatory details.
  5. Make payment through any available payment mode. Once payment is made, you will receive a confirmation at your registered email address.

What's covered — and what's not

The standard inclusions and exclusions across SBI Life Insurance plans. Specific plans may add benefits — always check the policy wording before purchase.

✗ Exclusions

  • Death due to a pandemic such as COVID-19 or Ebola will not be covered by the company.
  • Death due to indulging in any type of adventure sports.
  • Death due to consumption of any type of drugs and alcohol.
  • Death due to any pre-existing disease not disclosed at the policy's inception.
  • If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.

Conclusion

In conclusion, SBI Life Insurance offers a range of life insurance plans to meet the financial needs of customers across India. With its pan-India presence, SBI Life Insurance could be the best life insurance policy for you. For more information on SBI Life Insurance, contact PolicyX.com 24/7. Our trusted insurance advisors will listen to your concerns and suggest the best possible solution.

Why Choose PolicyX.com?

Don't just take our word for it — check out what our happy customers say about us!

All my claims were rejected for 3 years. Then, I received a text from PolicyX team, who noticed that my claims hadn't been settled. They managed to get my claims settled, totalling ₹4.5 L. I really appreciate the efforts of the PolicyX advisors for their support in settling my claims.

Ravindra Singh

I highly appreciate the help of the PolicyX team for settling my claim of Rs. 5 Lakhs with zero deductions. I took a policy online from them in March 2024. As a customer, it's been a great experience throughout the process.

Priti Varshney

I'm very satisfied because my claim of over ₹2 L has been settled as a result of your team effort. However, I was very upset with the insurer, who delayed the claim for almost 2 months. But with your support and interaction, the claim was settled within 30 days & I appreciate it a lot.

Nisha Mary

I bought my health policy from PolicyX, and so far, it's been a very pleasant experience with the team. I really appreciate the help for renewing my health policy. I look forward to continuing my relationship with PolicyX and recommend it to everyone.

Ajay Shah

PolicyX has been a savior during a medical emergency in my family recently. My wife was admitted in the hospital, and the insurance company declined my claim request. The PolicyX team handled the situation very well and I received the claim right on time.

Vijay Rathod

I purchased a health plan for the very first time and the support by PolicyX is commendable. They helped me with the paperwork, explained the policy details to me with patience and supported me at every step of policy buying. A big thanks to you guys.

Uma Mahajan

Frequently asked questions

The 12 most-asked questions about SBI Life Insurance, answered.

Yes, you can. However, a guardian (adult) has to be provided for the Minor Nominee.
Your proposal for term insurance might be canceled or rejected based on your lifestyle condition. However, if accepted, you should know that the smoker rates are higher than the non-smoker rates. A person is considered a non-smoker if he/she has not been smoking or using tobacco in any form for at least the last 5 years.
No, Loans are not available under SBI Term Insurance because it doesn’t have any surrender value.
For non-linked products, you can surrender your policy only if it has acquired a paid-up value. For your policy to acquire a surrender value, your policy should have run for a specific period and you should have paid a minimum number of premiums.
No, they remain constant throughout the term of the policy.
In case of such an emergency, you can apply for a duplicate policy document.
The vesting age is the maturity age for a pension plan. This is the time when an annuity plan begins payouts to the policyholder.
If you survive the policy term, then you are eligible to receive maturity benefits as explained in your policy document.
By visiting the official website, choosing online services, and then selecting enrolled policies, you may find out the status of your SBI Life Insurance Plan policy.
By calling the SBI Life Insurance Company’s customer service and giving them the necessary information, you can find out your policy status.
SBI Life Insurance Plans are available to customers via flexible premium payment services at single, regular, half-yearly, and yearly premium payments making it easier for customers to purchase SBI Life Insurance Plans.
Yes, premium payment for the SBI Life policy can be done online via the official website of SBI Life Insurance. Customers can click on the "login" section present in the top right corner of the website and go to the "Pay Premiums" section wherein the website will ask for your policy number and date of birth. Once you fill in the details, you can pay your premiums online and receive premium receipts.

Customer satisfaction

Aggregate ratings from 923 verified PolicyX customers who bought a SBI Life Insurance plan.

4.6
out of 5
923 reviews
5 star
60%
4 star
25%
3 star
10%
2 star
4%
1 star
1%

Written and reviewed by

PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.

Compare Life Insurance Companies

Pick any two insurers to see a detailed side-by-side comparison.

Other Life Insurance Companies

Compare SBI Life Insurance life plans with other top insurers in India.

Share your Valuable Feedback

Rating Icon 4.6

Rated by 923 customers

Was the Information Helpful?

Select Your Rating

We would like to hear from you

Let us know about your experience or any feedback that might help us serve you better in future.

Reviews and Ratings

Do you have any thoughts you'd like to share?

📞 Call Free