SBI Life Insurance Policies under ₹50,000 (Top 6 Plans)

Are you looking for a low cost insurance policy that provides life insurance coverage for less than ₹50,000? Well, SBI Life Insurance offers many such life insurance plans.

SBI Life Insurance offers a range of life insurance plans that extend life insurance coverage for a small premium of ₹50,000. The company also offers a one time premium payment option.

SBI Life Insurance also offers a variety of life insurance plans with varied premium payment terms. For instance, under the SBI Life Retire Smart policy, a policyholder will have to pay a minimum premium of ₹50,000 for 5 years and he or she will receive life long insurance coverage.

There are a variety of such plans offered by SBI Life Insurance, explore them below:

• SBI Life Smart Platina Assure
• SBI Smart Wealth Assure
• SBI Life Grameen Bima
• SBI Life Shubh Nivesh
• SBI Life Smart Wealth Builder
• SBI Life Retire Smart

Policies under ₹50,000

SBI Life Smart Platina Assure

SBI Life Smart Platina Assure is a non-linked, non-participating individual life insurance product designed to provide financial stability to the policyholder in the form of comprehensive life coverage and guaranteed returns. The minimum premium amount a policyholder can choose to pay under this plan is ₹50,000.

Key features of SBI Life Smart Platina Assure Plan

Some of the key features of the plan are as follows:

• Life Cover: This plan offers life insurance coverage, that will assist in securing the financial future of the family members in case of the unfortunate death of the insured individual.
• Guaranteed Additions: This plan offers guaranteed additions of 5.25% or 5.75%, increasing the sum assured at the end of each policy year.
• Maturity Benefit: The policyholder will receive a lump sum payout of the total sum assured plus accumulated bonuses at the end of the policy tenure.
• Flexible Premium Payment: The policyholder can choose to pay the premium for a limited term of 6 or 7 years and avail the benefits of the plan for a longer term of 12 or 15 years.
• Tax Benefit: The policyholders can avail of a tax benefit on the premium paid by them under Section 80C of the Income Tax Act, 1961.

SBI Smart Wealth Assure

This unit linked, non-participating life insurance product offers the dual advantage of both life insurance coverage and an investment benefit. Along with offering life coverage, this plan aims to offer higher returns to the policyholders by investing in market-linked securities, debt funds, and so on. The policyholder can choose to pay a single premium and avail of life coverage during the whole policy tenure. The minimum premium amount under this policy is ₹ 50,000.

Key features of Wealth Assure Plan

Some of the key features of the plan are as follows:

• Life cover: This plan offers life insurance coverage to the policyholder, offering financial security in case of any unfortunate event.
• Investment Options: This plan offers a choice of seven investment funds, ranging from equities to debt funds and so on.
• Suicide Claim: In case of death of the life assured due to suicide within 12 months from policy inception, the nominee under the policy will be entitled to a lump-sum payout equal to the fund value.
• Partial Withdrawal: Since this is a ULIP policy, there is a locking period of 5 years. The policyholders can choose to make partial withdrawals from the policy after the completion of the lock-in period.
• Additional Riders: This plan can be purchased with other additional riders, such as accidental death cover or so on, for better insurance coverage.
• Tax Benefit: You can avail of tax exemptions on the premiums paid by you under Section 80 C of the Income Tax Act.

SBI Life Grameen Bima

This is a micro-life insurance policy designed to provide life insurance coverage to individuals belonging to the rural sector of the country at an affordable premium. The policyholder can choose to pay a single premium and avail of the benefits during the whole policy tenure.

Key features of SBI Life Grameen Bima

Some of the key features of the plan are as follows:

• Death Cover: This plan offers financial security to family members in case of the unfortunate death of the insured.
• Suicide Claim: In case of suicidal death of the insured within 12 months of policy inception, 80% of the total premiums paid will be payable to the family members of the policyholder.
• Affordable Premium: The minimum premium under this plan starts at ₹300 and the maximum premium under this plan is ₹50,000.
• Tax Benefit: The policyholders can avail themselves of a tax benefit under the Income Tax Act.

SBI Life Shubh Nivesh

SBI Life Shubh Nivesh is a non-participating, non-linked savings life insurance plan offered by SBI Life Insurance. This plan is designed to offer life insurance coverage and savings benefits to its policyholders. The minimum premium amount under this policy is ₹ 43,000 with no upper limit cap.

Key features of SBI Life Shubh Nivesh

Some of the key features of the plan are as follows:

• Death Cover: This plan provides a lump sum payout to the beneficiary of the policy in case of the unfortunate demise of the policyholder.
• Maturity Benefit: The policyholder will be paid the sum assured plus any accrued bonuses as a maturity benefit upon the maturity of the policy tenure.
• Additional Riders: Policyholders can boost their coverage by adding riders like Accidental Death Benefit, Accidental Total and Permanent Disability Benefit, and Preferred Term Rider to the base plan.
• Premium Flexibility: The policyholders have the option of paying a one-time single premium or making regular payments.
• Tax Benefit: The policyholder can avail of tax benefits as per the provisions of the Income Tax Act.

SBI Life Smart Wealth Builder

This is a unit linked, non-participating life insurance plan that not only offers life coverage but also guaranteed returns from market-linked investments. SBI Life Smart Wealth Builder is an ideal plan for individuals who want to accumulate wealth over the long term while securing their family’s financial future. This plan gives the choice of a single, one-time premium payment or a regular payment option. The minimum premium under the single premium payment option is ₹65,000.

Key features of SBI Life Smart Wealth Builder

• Death Cover: In the event of the untimely passing of the life insured, this plan offers a lump sum payout to their nominee.
• Maturity Benefit: A lump sum payout equivalent to the fund value will be payable on policy maturity.
• Fund Options: The policy provides various fund options, including equity funds, debt funds, and so on.
• Partial Withdrawals: The policyholder will be eligible to make partial payment withdrawals from the policy in the 6th year of policy completion.
• Tax Benefit: A tax exemption on premiums paid by the policyholder will be applicable.

SBI Life Retire Smart

As the name suggests, this is a unit-linked, non-participating individual pension plan ideal for individuals seeking a stable income source post-retirement. The minimum premium payable under this plan is ₹30,000 for the regular payment option and ₹1,00,000 for a single, one-time premium.

Key features of SBI Life Retire Smart

• Death Cover: In the event of the untimely passing of the policyholder, this plan offers a lump sum payout to their nominee.
• Guaranteed Additions: At the end of the policy term, the plan provides guaranteed payouts that the policyholder can receive in the form of a lump sum.
• Premium Flexibility: The policyholders have the choice to pay a single premium or make regular payments, depending on their preferences.
• Loyalty Addition: The plan offers a loyalty addition benefit that is added to the policy fund value at the end of every fifth policy year, provided that the policy is in force.