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SBI Life Smart Bachat Plus is an individual, non-linked, participating life insurance savings product. It combines life insurance protection with a maturity benefit and the potential to receive bonuses from the insurer’s participating life insurance business. At inception, policyholders can choose between two benefit options: Life and Life Plus. The Life option provides life cover and savings, while Life Plus additionally includes accidental death and accidental total permanent disability benefits during the policy term. The policy provides a lump-sum maturity benefit comprising the Sum Assured on Maturity, vested reversionary bonuses and terminal bonus, if declared, according to the policy terms. Buyers can choose between regular premium payments throughout the policy term and a limited premium payment structure. The official product page lists minimum annual premiums of ₹12,000 for Regular Pay and ₹15,000 for Limited Pay. The actual premium, cover, term and benefits depend on eligibility and the selected policy structure.
Choose Life or Life Plus with participating bonuses and flexible premium payment terms
Smart Bachat Plus may suit people looking for a traditional savings policy with life insurance protection and the possibility of participating bonuses. Its two benefit options allow buyers to select standard life protection or additional accidental death and disability cover through Life Plus. The maturity benefit is structured as a lump sum, making it potentially useful for planned long-term financial goals. Reversionary and terminal bonuses depend on declarations and should not be treated as guaranteed returns. Compare the policy term, premium-paying term, sum assured, surrender provisions and benefit illustration before buying. The Life Plus option offers additional protection, but buyers should understand the precise accidental disability definition and conditions. This policy is non-linked, so it is not a market-linked ULIP; however, bonus amounts are not guaranteed unless specifically stated in the contract.
SBI Life
Key Insights
Founded
2001
SBI Life was established 25 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
99.2% CSR, calculated as a 3-year average
SBI Life settles 99.2% of all claims it receives, demonstrating strong credibility.
Contact Details
1800-267-9090
Headquarters: Natraj Building, M.V. Road, Western Express Highway Junction, Andheri (East), Mumbai – 400069
Choose Option A: Life, or Option B: Life Plus at policy inception.
The selected option determines the applicable benefits.
Provides life cover during the policy term, subject to the policy remaining in force and its terms.
The payable death benefit is defined in the policy document.
The Life Plus option includes additional benefits for accidental death and accidental total permanent disability during the policy term.
Definitions, eligibility and exclusions apply as stated in the policy wording.
Eligible policies may receive reversionary bonuses declared by the insurer.
Bonus rates are not guaranteed in advance.
A terminal bonus may be payable at maturity or another eligible event if declared and payable under the policy terms.
Availability and amount depend on the insurer’s declaration and policy conditions.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
SBI Life plans and claim process
It is an individual, non-linked, participating life insurance savings product that combines life cover with a maturity benefit and the potential to receive bonuses.
The official product page lists UIN 111N170V01.
You can choose Option A: Life, or Option B: Life Plus at inception. Life Plus additionally includes accidental death and accidental total permanent disability benefits during the policy term.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official SBI Life website before purchasing.
Official Website
sbilife.co.in
Visit the official SBI Life website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
The official website lists a minimum annual premium of ₹12,000 for Regular Pay and ₹15,000 for Limited Pay. Confirm the latest product terms before applying.
Yes. The maturity benefit is the Sum Assured on Maturity plus vested reversionary bonuses and terminal bonus, if declared, according to the policy terms.
No. Reversionary and terminal bonuses depend on the insurer’s declarations and the applicable policy conditions.
Life Plus provides the benefits of the Life option and additional cover for accidental death and accidental total permanent disability during the policy term, subject to the policy wording.
Yes. The plan provides regular and limited premium payment structures. Available terms depend on the current product rules.
No. It is a non-linked participating savings product, not a unit-linked insurance plan.
Tax benefits may be available under applicable Indian tax laws, subject to eligibility and the laws in force. Consult a tax adviser for your circumstances.