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Sbi life insurance project

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-SABBAR TUNVAR
-CHINTAN KABRA
-DIPEN VARYANI
-ADITYA MEHTA
SBI LIFE INSURANCE
• SBI Life Insurance is a joint venture between State
Bank of India and BNP Paribas Cardif .
• SBI owns 74% of the total capital and BNP Paribas
Cardif the remaining 26%.
• SBI Life Insurance has an authorized capital of Rs.
2,000 crores and a paid up capital of Rs 1,000
crores.
1.SBI LIFE-SMART SHIELD
UIN: 111N67VO2 PRODUCT CODE:45
• SBI Life - Smart Shield is a traditional non-participating pure
term plan, which is a one stop solution that meets all your
insurance needs.
• With Options and benefits specially tailored for those who
want best financial protection at an affordable cost, this is
the perfect plan from your preferred insurance provider.
Now your family stays protected, even when you are not
around.
• KEY FEATURES:
• Establishes a solid foundation for a lifetime of financial
security for your family.
• Rewards you for maintaining a healthy lifestyle.
• Wide variety of plan options to give you freedom from your
liabilities.
• Large Sum Assured rebates.
• You can also customize your coverage by choosing from a
wide range of additional benefits such as SBI Life -
Accidental Death Benefit Rider, SBI Life - Accidental Total
and Permanent Disability Benefit Rider and Accelerated
Critical Illness cover option.
• Tax benefits as per prevailing norms under the Income Tax
Act, 1961.
PRODUCT SNAPSHOT
Age limit Min.: 18yrs Max.: 60yrs
Age maturity Max.:65yrs
Plan options •Level Term Assurance
•Increasing Term Assurance
•Decreasing Term Assurance (Loan Protection)
•Decreasing Term Assurance (Family Income
Protection)
Sum Assured Min: Rs 25,00,000 (in multiples of Rs.1,00,000)
Max: No limit
Premium paying
term
Regular Premium - pay premium till the chosen
policy term
Single Premium - pay premium once for coverage
till the chosen policy term
Policy
Term
Min: 5 years
Max: For Level Term Assurance and Increasing Term
Assurance and Decreasing Term Assurance (Family Income
Protection): 30 years
For Decreasing Term Assurance (Loan Protection): Equal to
the outstanding loan term subject to maximum of 30 years
Premium
Modes
For Level Term Assurance, Increasing Term Assurance:
Single Premium (SP), or Regular Premium(RP) (Yearly /
Half-yearly / Quarterly / Monthly)
For Decreasing Term Assurance (Loan Protection)and
Decreasing Term Assurance (Family Income Protection) :
Single Premium
Premium
Amount
Min. Max.: No Limit
Single premium: Rs. 15000
Regular Premium: Rs. 5000
Half yearly: Rs. 2500
Quarterly: Rs.1250
Monthly : Rs. 450
Ad

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Sbi life insurance project

  • 1. -SABBAR TUNVAR -CHINTAN KABRA -DIPEN VARYANI -ADITYA MEHTA
  • 2. SBI LIFE INSURANCE • SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif . • SBI owns 74% of the total capital and BNP Paribas Cardif the remaining 26%. • SBI Life Insurance has an authorized capital of Rs. 2,000 crores and a paid up capital of Rs 1,000 crores.
  • 3. 1.SBI LIFE-SMART SHIELD UIN: 111N67VO2 PRODUCT CODE:45 • SBI Life - Smart Shield is a traditional non-participating pure term plan, which is a one stop solution that meets all your insurance needs. • With Options and benefits specially tailored for those who want best financial protection at an affordable cost, this is the perfect plan from your preferred insurance provider. Now your family stays protected, even when you are not around.
  • 4. • KEY FEATURES: • Establishes a solid foundation for a lifetime of financial security for your family. • Rewards you for maintaining a healthy lifestyle. • Wide variety of plan options to give you freedom from your liabilities. • Large Sum Assured rebates. • You can also customize your coverage by choosing from a wide range of additional benefits such as SBI Life - Accidental Death Benefit Rider, SBI Life - Accidental Total and Permanent Disability Benefit Rider and Accelerated Critical Illness cover option. • Tax benefits as per prevailing norms under the Income Tax Act, 1961.
  • 5. PRODUCT SNAPSHOT Age limit Min.: 18yrs Max.: 60yrs Age maturity Max.:65yrs Plan options •Level Term Assurance •Increasing Term Assurance •Decreasing Term Assurance (Loan Protection) •Decreasing Term Assurance (Family Income Protection) Sum Assured Min: Rs 25,00,000 (in multiples of Rs.1,00,000) Max: No limit Premium paying term Regular Premium - pay premium till the chosen policy term Single Premium - pay premium once for coverage till the chosen policy term
  • 6. Policy Term Min: 5 years Max: For Level Term Assurance and Increasing Term Assurance and Decreasing Term Assurance (Family Income Protection): 30 years For Decreasing Term Assurance (Loan Protection): Equal to the outstanding loan term subject to maximum of 30 years Premium Modes For Level Term Assurance, Increasing Term Assurance: Single Premium (SP), or Regular Premium(RP) (Yearly / Half-yearly / Quarterly / Monthly) For Decreasing Term Assurance (Loan Protection)and Decreasing Term Assurance (Family Income Protection) : Single Premium Premium Amount Min. Max.: No Limit Single premium: Rs. 15000 Regular Premium: Rs. 5000 Half yearly: Rs. 2500 Quarterly: Rs.1250 Monthly : Rs. 450
  • 7. • For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card). • For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction.
  • 8. • Benefits: • Death Benefit: In case of the unfortunate demise of the life assured during the term of the policy, the nominee will receive the benefits, depending on the plan option chosen. • Maturity Benefit: No survival benefit available at the end of the term. Other Benefits: •Cover Option •Accelerated Critical Illness benefit: You have the option to further enhance your Level Term Assurance and Increasing Term Assurance by opting for the Accelerated Critical Illness benefit. • This option is available with Level Term Assurance and Increasing Term Assurance benefit.
  • 9. Riders: • SBI Life - Accidental Death Benefit Rider (UIN: 111B015V02) In case of death due to an accident, the Rider Sum Assured is payable in addition to normal death benefit. • SBI Life - Accidental Total and Permanent Disability Benefit Rider (UIN: 111B016V02) The Rider Sum Assured will be paid on the Life Assured being found eligible for the Total Permanent Disability Benefit as defined in the policy document.
  • 10. TAX BENEFITS • Tax deduction under Section 80 C is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured. • Tax deduction under Section 80D is available for premiums paid for Accelerated Critical Illness cover. • Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt. • Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.
  • 11. 2.SBI LIFE – GRAMEEN BIMA UIN:111NO87VO1 PRODUCT CODE:1F • The objective of this product is to provide life cover to the deprived sections of the society at affordable costs thereby aiding them tide over difficult times in case of an unforeseen event. • SBI Life - Grameen Bima is an individual, pure term, micro-insurance plan for the socially deprived and economically vulnerable segments of the population.
  • 12. • KEY FEATURES: • Choose your premium: correspondingly your life insurance cover will be determined. • Prompt Processing & Enrolment : • No medical examination, acceptance would be based on satisfactory health declarations in the proposal form • Registration based on a simple form
  • 13. ELIGIBILITY: Age at Entry Min.: 18 yrs Max.: 50 yrs Policy Term 5 years Total Premium Amount Min.: Rs.300 Max.: Rs.2000 Premium amounts will be in multiples of Rs.100 Premium Frequency single Sum assured Min.: Rs.10000 18-39 40-44 45-50 Max.: Rs.50000 60 times Total premium paid 40 times Total premium paid 20 times Total premium paid
  • 14. BENEFITS • Death Benefit :In the unfortunate event of death of the life assured during the policy term, the nominee will receive the Sum Assured. • Maturity Benefit :There is no maturity benefit under this plan. • Surrender Benefit : •Surrender is allowed from 2nd year onwards. •No surrender benefit is payable in the last year of the policy.
  • 15. TAX BENEFITS • Alongside other features, this product also offers you the following tax benefits: • u/s 80C of the Income Tax Act 1961 on your base premium. • u/s 10 (10D) of the Income Tax Act 1961 on the death proceeds.
  • 16. 3.SBI –Shubh Nivesh • SBI Life - Shubh Nivesh is a non- linked, with profit Endowment Assurance product with an option of Whole Life coverage. The basic purpose is to provide Savings, Income and Insurance Cover to you and your family. • Not only you can save regularly for your future but you also have the flexibility to receive the maturity amount as a lump sum or as a regular income for a chosen period, depending upon your needs.
  • 17. KEY FEATURES: • A savings plan with flexibility of availing whole life insurance as an add-on benefit. •Benefits including Wealth Creation, Insurance cover and Regular flow of income. •Flexibility to choose between Single or Regular premium payment •Additional rider benefits at an affordable cost •Option to receive the Basic Sum Assured at regular intervals over a stipulated time period of 5/10/15/20 years •Comprehensive risk coverage through 3 Riders: •SBI Life - Preferred Term Rider •SBI Life - Accidental Death Benefit Rider •SBI Life - Accidental Total & Permanent Disability Benefit Rider •Tax benefits as per prevailing norms under the Income Tax Act, 1961
  • 18. Product Snapshot Age* at Entry Min.: 18 years Max.: Endowment Option: RP - 58 years SP - 60 years Endowment with Whole Life option - 50 years Maximum Age* at Maturity 65 years, which increases to 100 years if the Endowment with Whole Life option is taken Sum Assured Min: Rs.75,000 (x 1,000/- ) Max: No Limit
  • 19. Premium Frequency Loading Half-Yearly: 52% of annual premium Quarterly: 26.5% of annual premium Monthly: 8.9% of annual premium Premium Min. Max. Based on the minimum Sum Assured No Limit Yearly: Rs.6,000 No Limit Half yearly: Rs. 3,000 No Limit Quarterly: Rs. 1500 No Limit Monthly: Rs. 500 No Limit Policy Term Min. endowment option 7 (RP)/5(sp) years Endowment with whole life option 15(RP)/(SP) years Min. 30 years endowment term
  • 20. How does it work ? SBI Life – Shubh Nivesh has two options: • Endowment Option: ▪ The base plan is a traditional endowment plan with simple reversionary bonuses which accrue till the end of the endowment term. The sum assured with all accrued bonuses will be paid on survival till the end of the endowment term or on earlier death. • Endowment with Whole Life Option: ▪ If you opt for a policy term of 15 years or more you also have an option to extend your cover for the whole life (or 100 years of age). The option gives you an Endowment + Whole life plan whereby, in addition to the Endowment plan benefits you are entitled to an additional amount equal to the basic sum assured on survival till age 100 years or on earlier death during the extension period.
  • 21. Tax Benefit • Tax deduction under Section 80(C) is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured. • Tax exemption under Section 10(10D) is available, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. • Tax benefits, are as per the Income Tax laws & are subject to change from time to time.
  • 22. 4.SBI LIFE-SARAL PENSION UIN:111N088V02 PRODUCT CODE: 1E •Retirement - means giving up work and continuing to Celebrate Life! •SBI Life - Saral Pension is an Individual, Participating, Non Linked, Traditional Pension Plan, which offers you complete safety from market volatility, by providing you a secure future and a joyous retirement.
  • 23. • Key Features: • Guaranteed Bonus: Guaranteed simple reversionary Bonuses for first 5 years; @ 2.50% for first three years and @2.75% for the next two years, of the Sum Assured. Guaranteed bonus will be applicable only to in-force policies. • Vesting (Maturity) benefit: Sum Assured plus vested simple reversionary bonuses plus terminal bonus, if any. The sum assured carries an implicit guaranteed interest rate of at least 0.25% p.a. compounding annually on the total premiums. • Death Benefit: Higher of total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually plus vested reversionary bonus plus terminal bonuses, if any or 105% of total premiums paid.
  • 24. • Key Features: • Life Cover: Option of additional life cover through SBI Life - Preferred Term Rider (UIN: 111B014V02). • On Vesting, you can buy immediate annuity from your entire proceeds or commute upto one-third of the policy proceeds and buy annuity with the rest. • Flexibility: You can defer the vesting date upto age of 70 years or extend the accumulation / deferment* period of your policy.
  • 25. PRODUCT SNAPSHOT Age Entry Min.: 18years Max.: For Single premium:65years For regular premium:60years Age at maturity Min.:40 years Max.:70 years Policy Term Min.: For Single premium: 5 years Max.: 40 yrs For Regular Premium:10 years Sum Assured Min.: Rs.1,00,000/ Max.: No limit Premium Frequency Single/half yearly/yearly/monthly Monthly premium-8.4% of annual premium Half –yearly premium- 5.2 % of annual premium Premium Min.:Rs.7500 p.a. Max.: No limit
  • 26. • 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card]. • For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction. • Sum Assured is always greater than or equal to Total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually
  • 27. BENEFITS • Vesting Benefit: On attaining the vesting age, the vesting benefit proceed will be the Sum Assured plus Vested Simple Reversionary bonus plus Terminal bonus, if any. You have the following options: • To purchase immediate annuity from the entire policy proceeds. • To purchase immediate annuity with an option to commute upto one-third of the policy proceeds as per current Income Tax* rules. • To utilize the entire proceeds to purchase a Single premium deferred pension product. • To extend the accumulation period or defer the vesting date, provided you are below age of 55 years on vesting. The maximum extended period will be up to age 70 years.
  • 28. • Death Benefit: In an event of death of the policyholder, the death benefit proceed will be higher of total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually plus vested reversionary bonus plus terminal bonuses, if any, or 105% of total premiums will be paid to the nominee. • The nominee will have the following options: • To receive entire proceeds as lump sum • Utilize the entire proceeds of the policy or part thereof for purchasing an annuity at the then prevailing rate. • The annuity should be purchased from SBI Life only. • The annuity rates available for the purchase of this annuity will be based on the prevailing annuity rates on the immediate annuity product.
  • 29. TAX BENEFITS • Premium paid under this policy is eligible for tax deduction u/s 80CCC of the Income Tax Act. • On vesting, the policy holder can currently commute up to one-third of the policy proceeds as per Income Tax Act, 1961. This commuted value is exempted from tax under section 10(10A) (iii) of the Income Tax Act 1961. The non commuted pension amount taken in the form of immediate annuity is currently taxable. • Under section 10(10D) of the Income Tax Act 1961, the lump sum death proceeds are not taxable.
  • 30. 5.SBI Life - Smart Guaranteed Savings Plan • Presenting SBI Life - Smart Guaranteed Savings Plan, a traditional Non-participating Individual Savings Plan that provides your savings a boost with Guaranteed Additions (Conditions Apply#). • In addition, your family has total peace of mind as you have a protection of insurance cover. • while you enhance your good habit of saving, we reward you with loads of add on benefits.
  • 31. • KEY FEATURES: • Get Guaranteed Additions (GAs)#, at the end of each policy year, depending upon the installment premium amount chosen. • Guaranteed Additions are added at the simple rate of 5.5% or 6% and will apply to the cumulative basic premiums paid. • Pay premiums only for a limited period of 7 years and enjoy the benefits throughout the policy term of 15 years . • Get Life Insurance coverage, based on the premium chosen.
  • 32. • For basic premium band Rs 15,000-29,000, the % of GA is 5.5% & for basic premium band Rs 30,000-75,000, the % of GA is 6%. • For paid-up policies, GAs would be paid on a proportionately reduced rate. • Basic Premium is the premium excluding Service Tax, any underwriting extra etc.
  • 33. PRODUCT SNAPSHOT Age at Entry Min. 18yrs Max.:50 yrs Maximum Age at maturity 65 years Policy Term 15 years Premium Payment Term 7 years Premium frequency Yearly Premium amount Min. : rs.15000 Max.: Rs.75000 Sum assured Depends on the premium chosen
  • 34. • BENEFITS: • Maturity Benefit (For In-force policies): On completion of Policy Term, Basic Sum Assured Plus accrued Guaranteed Additions, will be paid. • Death Benefit (For In-force policies): In the unfortunate event of death of the Life Assured, ‘Sum Assured on death’ along with accrued guaranteed additions will be payable to the beneficiary. Where, Sum Assured on death is Higher of (Basic Sum Assured or 10 times the Annualized Premium or 105% of total premiums paid as on the date of death).
  • 35. • Tax Benefits: • Tax deduction under Section 80C is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured. • Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt. • Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time.