Fri. Oct 7th, 2022


State Bank of India – SBI Insurance Review

Whenever we thought of insurance the first name which strikes our mind is LIC and whenever we thought of banking the first name that strikes is SBI or State Bank of India. This is because the State Bank of India is the most prominent and leading public sector company for banking and financial services. SBI is leading bank in India and now it has also extended its wing to the insurance sector. Only in last two years, the State Bank of India has become one of the most prominent choices for insurance seeker. SBI’s market reputation, State Bank of India customer service and SBI’s customer friendly schemes are major factors for the reliability of customers.

State Bank of India (SBI) is the oldest bank in Asia. It was established in 1806 under British rule with the name Imperial Bank of India. Imperial Bank of India was formed with the merger of three major local banks, Bank of Calcutta, Bank of Madras and Bank of Bombay. Later in 1955, Imperial Bank of India was nationalized by the Government of India and name changed to State Bank of India. Reserve Bank of India was holding the 60% of stakes of SBI which was later transferred to the Government of India. State Bank of India entered in the Insurance sector in 2007 with the collaboration of private insurance institutions. SBI Insurance


SBI Life Insurance

SBI Life Insurance is one of the major associate wings of State Bank of India. SBI Life Insurance was established in 2007 as a joint venture with BNP Paribas Assurance. SBI holds the 74% stakes of the venture and rest are hold by BNP. SBI life insurance is one of the major insurance companies in India with total capital of over US$2000. Here are the SBI life insurance plans available in the market.

Individual Plans-

Unit Linked Plan – This plan is based on market strategy and therefore yields maximum profit. Under this plan, a person has to pay off his premiums which are invested in share markets and other financial institutions for better rates. It is an investment plan more than insurance.

  • SBI Life Smart Performer
  • SBI Life Unit Plus Super
  • SBI Life Saral Maha Anand
  • SBI Life Smart Elite
  • SBI Life Smart Scholar
  • SBI Life Smart Horizon
  • SBI Life Smart Wealth Assure

Child Plans – Child plan is one such plan that is most demanded these days in the market. Everyone wants to secure their child’s future and therefore this plan helps to build a bright future for your child. Under this plan, insurer guarantees to provide an assured sum of amount after the age of 15 or 18 or 20 of your child when he or she needs your money to build his or her future.

  • SBI Life Scholar II
  • SBI Life Smart Scholar

Pension Plan – The major age when you need to have your savings is when you get to retire. At this age, you assemble all your investments for a better life ahead. This plan is one such plan that makes you feel free from the tension of pension. You receive a definite amount of money in form of monthly pension which makes feel as still, you are receiving your salary.

  • SBI Life Annuity Plan

 Protection Plan – This is a traditional life coverage plan which ensures the financial security against the life of the insured person. The family or the nominee of the insured person receives the maturity amount along with bonus at the death of the insured person.

  • SBI Life Smart Income Shield Insurance
  • SBI Life Smart Shield
  • SBI Life Saral Shield

Saving Plans – This is another one of the best plans of SBI Life Insurance. This plan act as a normal saving bank account which ensures a saving amount along with maturity benefits after term period.

  • SBI Life Smart Income Protect
  • SBI Life Smart Money Back Insurance
  • SBI Life Flexi Smart Insurance
  • SBI Life Sanjeevan Supreme
  • SBI Life Shubh Nivesh
  • SBI Life Saral Life

Group Plan –SBI Insurance

Retirement Solution – This plan is especially for the corporate sector and organization under which the company provides group insurance to their employees for their better future. More and more companies are acquiring it as a pension system is not available in the corporate sector, therefore, it helps their employee to receive a pension after service period.

  • SBI Life Kalyan ULIP Plus
  • SBI Life CapAssure Gratuity Scheme
  • SBI Life CapAssure Leave Encashment Scheme
  • SBI Life Dhanrashi
  • SBI Life Swarma Jeevan
  • SBI Life Gaurav Jeevan
  • SBI Life Swarna Ganga
  • SBI Life AppAssure

Protection Plan – This is also a corporate plan and therefore it is acquired by the companies to provide life protection insurance to their employees. It provides financial assistant to the employee and his family against any mishap while in service period.

  • SBI Life Sampoorn Suraksha
  • SBI Life Credit Guard
  • SBI Life Suraksha Plus

Health Plan – This plan is for an individual that provide medical cover and protection against any health disorder or condition in future. Under this plan, insurer offers financial support against all expenses on a medical condition.

  • SBI Life Group Criti9
  • SBI Life Hospital Cash

SBI General Insurance

SBI after entering into the life insurance market, it also extended its wings to one of the most profitable areas of the insurance sector, General Insurance. SBI General Insurance came into existence in 2010 as a joint venture with Insurance Australia Group (IAG). SBI is holding about 74% of stakes and rest is with IAG. SBI General Insurance is not exactly in public area as it majorly focuses on corporate customers. SBI Insurance


Home Insurance – This plan is to secure your home against any climate or physical hazards such as fire, tornado, earthquake and many others. This plan is for every common individual with much more benefits. SBI offers financial assistant against the loss occurred.

  • SBI Long Term Home Insurance Policy

Motor Insurance Plan – This plan is for both individual and corporate sectors. Under this plan, insurer offers financial protection for your vehicle against mishaps such as accident, theft, fire, natural disaster and many others.

  • SBI Motor Private Car Insurance
  • SBI Motor Private Two Wheeler Insurance

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