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SBI Life Saral Jeevan Bima is an individual, non-linked, non-participating pure term plan sold on standard terms and conditions, aimed at first-time buyers who want a simple plan. If you die during the policy term while the policy is in force, your nominee receives the death benefit as a lump sum. There is no maturity benefit, no survival benefit and no surrender benefit. The basic sum assured is ₹5 lakh to ₹25 lakh, in multiples of ₹50,000, with the maximum subject to SBI Life's underwriting policy. Entry age starts at 18, the policy term is 5 to 40 years and cover can run up to age 70. You can pay for the whole term, for a limited period of 5 or 10 years, or pay once as a single premium, and regular and limited pay policies can be paid yearly, half-yearly or monthly. A waiting period of 45 days from the start of cover applies: during it only death due to an accident is covered, and for any other death 100% of the premiums paid is returned. The minimum yearly premium is ₹1,415 and the maximum is ₹1,01,025. The brochure lists no rider and no loan facility.
Standard term plan with simple, easy-to-understand terms and multiple premium payment options.
Finzony reads Saral Jeevan Bima as a plain, low-cost starter cover. For ₹20 lakh of regular pay cover, the brochure shows a healthy life paying ₹5,960 a year at age 30 for a 10-year term, ₹6,860 for 20 years and ₹8,460 for 30 years. You can also pay for only 5 or 10 years, or pay once. The death benefit is the highest of the sum assured, 10 times the annual premium and 105% of the premiums paid, paid as a lump sum. Know the limits. The sum assured stops at ₹25 lakh, which may fall short for families with loans or young children. A 45-day waiting period applies, and during it only accidental death is covered in full. There is no maturity or surrender benefit, no rider and no policy loan. A lapsed regular pay policy pays nothing, and a limited pay policy gets a cancellation value only after two consecutive full years of premiums. Premiums also climb with age: the 20-year term costs ₹6,860 at age 30 and ₹27,800 at age 50. If you need more than ₹25 lakh of cover or extra benefits, compare it with SBI Life Smart Shield Plus or Smart Shield Premier before you decide.
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
98.3% CSR, calculated as a 3-year average
SBI Life settles 98.3% of all claims it receives, demonstrating strong credibility.
Contact Details
1800 267 9090
Headquarters: Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai – 400 069, Maharashtra, India
SBI Life Saral Jeevan Bima is an individual, non-linked, non-participating pure risk premium plan sold on standard terms and conditions. SBI Life describes it as apt for first-time buyers who want a simple plan, and it is available for online sale.
Pure risk means cover only: there is no survival or maturity benefit.
If the life assured dies during the policy term after the waiting period, or due to an accident during it, the nominee gets a lump sum. On regular and limited pay policies it is the highest of 10 times the annualised premium, 105% of all premiums paid up to the date of death, or the basic sum assured. On single premium policies it is the higher of 125% of the single premium or the basic sum assured.
Annualised premium excludes taxes, underwriting extra premiums and loadings for modal premiums. The policy must be in force on the date of death.
During the first 45 days, only death due to an accident is covered, and it pays the full death benefit.
Death from any other cause in the first 45 days returns 100% of all premiums paid, excluding taxes.
The basic sum assured is ₹5 lakh to ₹25 lakh, in multiples of ₹50,000. The maximum basic sum assured is subject to SBI Life's Board approved underwriting policy.
A large sum assured discount applies from ₹15 lakh.
Entry age is 18 to 65 and the maximum age at maturity is 70. For policies sold through POSPs and Common Public Service Centres (CPSC-SPV), entry age is 18 to 60 and the maximum age at maturity is 65.
All ages are age as on last birthday.
A waiting period of 45 days from the date of commencement of risk applies. During it only death due to an accident is covered, at the full death benefit. If the life assured dies of any other cause in the first 45 days, the nominee gets 100% of all premiums paid, excluding taxes. The waiting period does not apply again on revival. Separately, suicide within 12 months pays only 80% of premiums paid (90% of the single premium on single pay).
Conditions or treatments that the policy clearly says it will not cover.
Not applicable. This is a life cover plan with no list of illnesses. After the 45-day waiting period, death during the policy term is covered while the policy is in force, and the brochure names the waiting period and the suicide clause as the exclusions.
Insurer
SBI Life plans and claim process
It is an individual, non-linked, non-participating pure term plan from SBI Life Insurance, sold on standard terms and conditions. The basic sum assured is ₹5 lakh to ₹25 lakh, and it pays your nominee a death benefit if you die during the policy term. It has no maturity benefit.
On regular and limited pay policies, your nominee gets the highest of 10 times the annualised premium, 105% of all premiums paid up to the date of death, or the basic sum assured. On single premium policies it is the higher of 125% of the single premium or the basic sum assured. It is paid as a lump sum, if the policy is in force.
For 45 days from the risk start date, only death due to an accident is covered, and it pays the full death benefit. If you die of any other cause in this period, the nominee gets 100% of all premiums paid, excluding taxes. The waiting period does not apply again on revival.
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 minimum yearly premium is ₹1,415 and the maximum is ₹1,01,025. For ₹20 lakh of regular pay cover, the brochure shows ₹6,860 a year at age 30 for a 20-year term, ₹12,680 at age 40 and ₹27,800 at age 50. Your own premium depends on your age, sum assured, term and payment option.
The basic sum assured is ₹5 lakh to ₹25 lakh in multiples of ₹50,000, with the maximum subject to underwriting. The policy term is 5 to 40 years.
Entry age is 18 to 65 and the maximum age at maturity is 70. For policies sold through POSPs and Common Public Service Centres, entry age is 18 to 60 and the maximum age at maturity is 65.
You can pay for the whole term (regular pay), for 5 or 10 years (limited pay), or once (single premium). Regular and limited pay can be paid yearly, half-yearly or monthly. A 5-year limited pay needs a policy term of 10 to 40 years, and a 10-year limited pay needs 15 to 40 years.
No. It is a pure term plan with no survival, maturity or surrender benefit. Single and limited pay policies get only a policy cancellation value if cancelled, and regular pay policies get none.
The brochure names the 45-day waiting period, during which only accidental death is covered, and the suicide clause. Suicide within 12 months of the risk start date or revival pays only 80% of the premiums paid, and 90% of the single premium on single pay.
You get 30 days to pay a yearly or half-yearly premium and 15 days for monthly. If the premium is not paid in time, the policy lapses, and a lapsed regular pay policy pays nothing. You can revive within 5 consecutive years from the first unpaid premium by paying overdue premiums with interest, and SBI Life may ask for proof of continued insurability.
There is no surrender benefit and no loan. A single premium policy gets a policy cancellation value straight away, and a limited pay policy gets one after 2 consecutive full years of premiums. A regular pay policy gets none.
You have 15 days from receiving the policy document, or 30 days for electronic policies and policies obtained through distance mode, to review it. If you cancel, you get your premium back less a proportionate risk premium, medical examination expenses and stamp duty.
No. The brochure says no rider benefits are available under this product.
Saral Jeevan Bima has a ₹5 lakh to ₹25 lakh range, a 5 to 40 year term, regular, limited and single pay options, and a 45-day waiting period. eShield Insta has a ₹10 lakh to ₹60 lakh range, a fixed 10-year term, yearly or monthly regular pay only, and an optional return of premium plan.
The nominee informs SBI Life of the death and submits the claim documents listed in the policy document. The toll-free helpline is 1800 267 9090 (24x7). You may get income tax benefits under the applicable laws, and the brochure notes that individual life insurance is exempt from GST from 22 September 2025.